The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1896-07-23

we're the provisions of the act of Feb.
81, 1853 Why did it omit from COIN
age the old standard silver dollar? Be-
cause that had been the intent OF the
act of 1853 In 1853 the dollar was
entirely out OF circulation, and no at
tempt was made to bring it back into
circulation. Why did it make the gold
dollar the unit of value? Because it
had really been the metallic unit since
1884 And this was the avowed in
tention Of the act of 1858.
The truth was that in 1872 the silver
dollar was worth for bullion 3A cents
more than the gold dollar and that
silver dollars had not been in circula-
ton for many years. AS Congress
man Hooper said on April 8, 1872, when
discussing the silver dollar: 1T does
not circulate now in commercial trans
actions with any country, and the con-
venience of these manufacturers in
this respect can better be met by sup
plying small stamped bars Of the same
standard, avoiding the useless expense
of coming the dollar for that purpose .
And Mr.. Kelley, who is reported AS
having said afterward that he did not
know that the bill omitted the stand
ard silver dollar said on the same
day: st is impossible to retain the
double standard. The values of gold
and silver continually fuctuate. You
be the relative values Of gold and sill
yer next year. They were Is to l q
short time ago. They are 16 to now.
Hence all experience has shown
that you must have one standard coin
which shall be legal tender for all
others, and then you may promote your
domestic convenience by having sub
sidiary coinage of silver, which shall
circulate in all parts of your country
as legal tender for a limited amount
and be redeemable at it's face value by
your government"
In another place in the same speech
Mr.. Kelley said, Every coin that is not
gold is subsidiary"
Even Mr.. Stewart, then, as now. a
senator from Nevada, said on Feb. 20,
1874
"By this process we shall come to
specie basis, and when the labOrlng
man receives a dollar it will have the
purchasing power Of dollar and he
will not be called upon to do what Is
impossible for him or the producing
classes to do, figure upon the exchanges,
figure upon the fluctuations, figure up
on the gambling In New York. But he
will know what his money is worth.
Gold is the universal standard of the
world. Everybody knows what dol
lar in gold is worth.
The remarks of Mfr. Kelley in the
house in 1872, and those OF Senator
Stewart in 1874 show that at that time
before the tremendous output of silver
turned mems heads, there was practi-
cally undivided opinion ON the subject
The bill had been before congress three
years, it had been repeatedly discussed
there was nothing new or startling in
it, and hence there was no call for any
extended notice of s.s 9assage.
But the facts are seen to be that the
bin was passed openly and honestly
It emhodies the principles of sound
mintage, and 1t undoubtedly saved us
from going to silver basis on the re-
sumption of specie payment. And
therefore the man who framed it and
those who passed 1t deserve and will
receive the grateful thanks of ourselves
and our posteC4fy.
After becomtug acquainted with the
facts how ridiculous seems the follow
ing staAamAnA fu1m COINS Financial
SchGai: I'm G1p Language of Senator
Dan&ea m VtrS1RA, Il etAe act of 1873
seems to hs1D gone through con-
gTess like The af1em tread Of cat
The fDllow2ng Summary of procedure
!! indicates how ~HR The silent tread OF
| a cat" thu asa of E879 stole through
congress: