Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-08-29

promptly anu very CdTeIulll4 uOne o.
q bill framed In the treasury department
while Mr.. Boutwell, was secretary. /
was thoroughly considered by the ex
perts Of the department and was prInte,
and submitted to all persons In the Unit
ed states who were supposed TO be ia
miliar with the coinage laws. The bill
containing siXty-seven sections, accom-
panied by a mass of information tina
fills n volume, was sent to congress Apri
%. 1870, by Secretary Boutwell, and IT.
passage was strongly recommended b,
him. This bill omitted from the coin.
of the United States the silver dollar
precisely as was done In 1853. but pro
vlded for the coinage OF the fractional
parts OF the dollar In accordance Will
the act Of that year. This bill was pend
ing in for three years-wa.
carefully considered in both houses ant
special attention was called to the omis
sion Of the 4121a grain silver dollar
which was never In the bill at any stage
and the reasons for this omission given
1t was finally determined at the urgent
request OF members from the Pacific
coast, to insert among the silver coins
n trade dollar containing 420 grains o1
standard silver, but this dollar was
made. like the minor ~coins-legal tender
for IS only. There was but one yea and
nay vote on the bin, and hal was on the
proposition to repeal the charge made
by the mint for the coinage of gold. ]
voted against its repeal. The bill passed
both houses and be came d law Febfuai
~ IL, 1873. by practically in unanimous
vote of both parties and vas specially
supported and voted for by the senators
and members from the silver states
This has been called the crime ot
1873" and as the bill was under my
charge in the senate I was held to be the
chief criminal. 1T was, in fact, a wise
measure Of public policy, carefully dis
cussed and considered during three
years. When we test the cutlery
against this act with the sober facts
, shown by official records 1t appears
simply ludicrous. The total number of
silver dollars coined from 1892 to 1873
was S,031, 23S, while 30. number of trade
dollars issued under tfe coinage act of
1873, containing sever and one-half
grains more silver than the old dollar,
was 49, 49,, 1924, and the number Of stand
ard silver dollars coined under the
Bland-Allison act of 1878 was 430. 100. OIL,
or ffty-four times the number issued
before 1873,
senator Jones.
1t Is strange that the very men who
supported and urged this coinage law Of
1873 and demanded the exclusive coi1-
age OF gold are the very mon who now
demand the free coinage of silver and
denounce as "goldites' and robbers
all those who believe in the coinage Of
both gold and silver.
1t has been said that the dropping Of
the silver dollar in the coinage of 1873
was surreptitiously done. This charge
is shown to be false by the debate in
congress, and especially by the declara-
ton of the men who nov make the
charge. Sixteen months after the pas
sage of that act Senator Jones of Ne
vada, in debate in the senate. June II,
1874, said: II am opposed to any propo-
sition, come in whatever form IL may,
that attempts 10 override what God
himself has made for money. i believe
the sooner we come 10 a purely gold
standard the better it will be for the
country"
Senator Stewart of Nevada. in the
same debate, on the 18th of June. 1874,
said: 'Sir, the laboring man and the
producer is entitled to have his product
and his labor measured by the same
standard OF the world that measures
your national debt. You require from
the laboring man gold to pay the inter
est on your national debt. which Is
right, which cannot be avoided If you
mean to save this nations honor, but
then give him the same money with
which to pay that debt. There have
been a great many battles fought
against gold, but gold has won every
Gold never has compromised"
GAnntArg TAt,ag anl S.an.nNt n,I all
the representatives and senators of the
silver states were honest in saying hat
gold was the best and only standard of
but they changed their minds
the largely increasing production
silver In Nevada and other states re-
il Ia i nm they wamtei a martet TX
their silver. They wanted to pay exist
ing debts and obligations contracted
upon the gold basis, in silver, but took
care in their contracts to stipulate for
the payment Of gold TO them, and this
has been and now is the general prac-
tiCe in the silver states.
Mr.. Sherman then recounted the more
recent efforts of congress TO increase
the amount OF silver in circulation, clos
ing with an appeal TO democrats and
republicans alike to stand by the declar-
Nv 1oliNalilsu III Nft otN tNINsbfitAo NAAS
silver purchase law, to the effect that 1t
Is the policy of this country 10 continue
the use of gold and silver as standard
money, with such safeguards of legisla-
ton as will secure the equal power Of
every dollar at all times in the markets
and in the payment Of debts. He hen
proceeded:
A silver Standard,
We are now brought face to face with
a proposition which, IL agreed to, will
make silver the sole standard Of value
for all debts and credits, for the wages
of labor and the purchase of and sale of
property. The democratic party at its
recent convention in Chicago adopted a
resolution in favor of the free coinage OF
silver at the ratio Of l6 parts of silver to
l of gold. We know that In the United
States and in all the countries In the
world thirty ounces or more of silver
car be purchased by one ounce of gold.
With the free coinage of silver gold will
be demonetized. Nothing can be more
certain than that the cheaper money
only will circulate. The United States
has thus far maintained it's silver coins
at parity with DID coins only by it's ex-
elusive monopoly Of coinage and by linn
ting the amount, but with free coinage
there could be no limitation. Silver bull
lion in every form will be pressed upon
the minis m with the mandatory duty
of free coinage silver dollars will soon
fill the channels of circulation and the
gold dollar will be boarded or will be
quoted and sold as a commodity at
about 1874 cents of the silver coin. Sill
yer will stand as the par of value and
gold will be quoted at its commercial
value.
Let us contemplate for a while the in
evitable result Of the free coinage of sill
YER, ever If / repeat what I say. II
would violate every contract for the
payment of money mad since January
1. 1873. The resumption act which went
into operation IN that day provided for
the payment of coin on demand of all
United States notes presented for re-
demption. All forms Of money, whether
silver or gold OF paper, were then MAIN
tanned at par with each other and have
been SO maintained ever since. During
all this period gold and silver coins at
par with each other have been the
standards of value of all loans, con-
tracts or purchases and the faith Of the
United States was pledged for their
maintenance at parity with Zach other.
Although silver bullion has declined in
market value, the coins made from 1t
have been kept at par with gold coins
at the legal ratio of 16 to /. But II the
the free coinage OF silver Is authorized
then the market value of silver bullion
becomes the standard for payments on
all contracts made in the past. the pres
ent or the future; 412h grains of stand
ard silver bullion. worth now So cents,