The Monitor-register., 1896-07-24
How Far it is Demonetized.


Sir:-It is claimed by large portion
of the public press and political leaders
generally that silver has been demone-
tized. II so, when was it demonetized,
and If demonetized how could it oircu-
late as legal tender and silver oertifica tes
be made redeemable?
Alburtis, July s, '66. CO. BEERS.
The United States Government no
longer permits all comers to dump their
silver bullion in the mints and have it
coined free of charge into United States
money. To that extent, and that only,
is silver demonetizsd In the United
States.
Formerly the United States mints were
open to the free and unlimited coinage
of silver. AS long as there was not too
much silver, and other nations treated
the metal with the same liberality, this
free silver coinage worked we'll enough,
but there came time W hen the Govern
ment thought it wise to discontinue it,
This was in 1858, when the Government
stopped coming subsidiary silver for
private account. Since that date our
half dollars, quarters and dimes have
been coined from bullion purchased by
the Government at the market rate, and
whatever profit there was In the coinage
went into the National Treasury. The
act of l 853 related only to subsidiary
coinage. The Government did not leg
islate on the subject of the silver dollar
because that was not q current coin.
There was very little demand for its
coinage, and when coined it went abroad
or was melted, because the silver in 1t
was worth more than one dollar. None
remained in circulation, and twenty years
later, with no one objecting, the aim ost
never. seen silver dollar was dropped from
our list of legal tender coins.
This is called the demonetization of
silver, and yet since that time the
United States has coined 429, ,289, ,916
silver dollars against s,O71 1888 min ted
under the long period of free silver
coinage. Since the foundation of the
Government until 1877 the United States
coined $190, ,8s6,461 in silver money of
all denominations. Since that time,
with the coinage of silver not free but
kept under the control of the Govern
ment, the United States has addsd to it's
silver coinage total of $471. 1927, 729
It has ceased coming silver very freely
because we have In circul alton about all
the silver money the country needs and
can keep at q parity with gold. The
silver that has been coined is not demone-
tized but is maintained by the Govern
ment at twice It's bullion value by being
made exchangeable for gold. The Govern
mont in ceasing to add largely to its store
of silver coin and in refusing to resume
the free coinage of silver after a lapse of
forty three years is only protecting it's
currency against depreciation for the
benefit of those who use it.
This is the alleged demonstration of
silver so loudly complained Of by the
-Altgeld-P Populist- -Democratic-A
arohist crowd, who wish to depreciate and
cheaper our currency in the interest of
silver mine owners, and those who wish
to cheat their creditors by paying them
in money of less value than that bor-
rowed. In this they are supported by
great horde of the uninstructed, the mis-
instructed, the muddle.hesded and the
foolish, who somehow imagine that the
value of a currency and its beneficial use
depends on its quantity and not on it's
quality.