The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-22


ship OF Daniel Webster and Thomas H.
Benton congress adopted the ratio OF is
OF silver 10 OF gold. by reducing the num-
Der VI grains I'm the gold coin As silver
was thus slightly undervaiued. Y was not
largely coined
silver could be coined IN France at the
ratio OF l5sk 90 I. and the owner OF silver
bullion could send IL to France ana have
II converted into coin az that ratio. thus re-
ceiving about 3 per cent. more for his bull
lion than n coined nj the American ratio OF
iG TO l. Gold became the only American
coin I'm circulation. and the avowed pur-
pose OF the passage OF the law OF 1894 was
to make gold the standard. This was de-
clared by the committee OF the house or
representatives who had charge or the
bill, who said In their reports
1.-THE committee think that the desid-
cratum In the monetary system is a stand
ard OF uniform value; they cannot ascer-
tain that both metals have ever circu-
lated simultaneously, concurrently ana In
discriminatory I'm any country where there
arc banks or money dealers. and they en-
terrain the conviction that the nearest APP
proach TO an lnvariablo standard Is it's es-
adjustment In one metal, which metal
shall compose exclusively the currency for
large payments.
This law. heartily approved by Andrew
Jackson, would now be called "the crime
OF 1894" In 1862. upon the report OF Senator
Hunter. when Pierce was president and
when all branches OF government were
under democTntic control. congress re-
duccd the quantity OF silver IA the frac-
tlonal coins (half dimes, dimes. quarters
and half dollars) more than G per cent.
directed the purchase OF silver for their
coinage on government account, abolished
the law for their free coinage and made
them legal tender for 81 only. leaving
gold stlll practically the only fun legal
tender United States coin. AT this time the
ofIt haH a rod br oar
rent coins OF the United States and was
practically and purposoly dcmonetized.
The purpose or this act IS thus stated by
the chairman OF the committee having the
bin in charge in the house OF representa-
tives
I'VE propose, so far as these coins are
concerned. TO make silver subverslve 10
tho gold coin OF the country. We Intend TO
do what the best writer's on political econo-
my have approved what experience where
the experiment has been tried. has demon
strnted TO be the best ana what the COM
mittce believes 10 be necessary and proper
Ito mako but one standard OF currency
and 20 make all others subservicnt 10 A..
We mean TO make gold the standard coin"
This, l suppose, would now be called
| "the crime OF 1853" Silver was practi-
cally demonetized by this act and the act
OF 1894
II Is certain that from 1901. when Mr. Je-.
| ferson became president. 20 the close Of
| Buchanan's administration In 1861. tho
democratic party was gold party. OPP
| posed to silver and all forms OF paper
money. AS have already stated. Mr.. JEFF
| ferson I'm 1906 suspended the coinage of
| silver dollars, and IL remained suspended
| for more than so years. The act OF con-
| gross OF 1884 established gold o. practically
| tho only coin I'm circulation. Gold coins
were Bcntons mint drops" All demo-
Gratis wero then 'goldbugs" Senator Hunt
err in 1853 during Pierce's administration
secured the passage or a law which re-
| duced the silver in the half dimes, dimes.
! quarters and half dollars. making them
subsidiary coins. abolished their free coin
age and limited their legal tender 10 S.
The silver dollar was not mentioned. and
| practically was excluded from coinage or
| circulation-yct now the democratic party
upon the demand OF the popullst party
and when silver has fallen I'm market value
10 nearly one-haif It's former value. seeks
| TO demonetize gold and 10 establish silver
| as the sole standard OF value.
| when the republican party came into
power In 1861 by the election or MIR. Lin
coin IL had TO face formidable rebel
lion. Gold and silver were alike ban
ished from circulation. and irrcdecmablc
paper money OF all denominations. from
/ 10 cents 20 81 900. was substituted in
| place OF coin. When the war was over the
republican party sought 10 restore specie
| payment as soon as practicable. In March,
1862. II pledged the faith OF the nation TO
| payment ia coin or its equivalent OF all
bonds OF the United States and 10 redeem
| the United States notes at the earliest
| practicable moment in coin.
| In order to carry out this pledge Il be-
came necessary TO revise the various COIN
age laws OF the United States. This was
| promptly and very carefully done by a
bill framed In the treasury department
| while Mr.. Boutwell, was secretary. IL
was thoroughly considered by the experts
OF that department and was printed and
submitted TO all persons In the United
States who were supposed 10 be familiar
with the coinage laws. The BILL contain
| ing 81 sections, accompanied by mass OF
| information that fills volume, was sent
| 20 congress April Is. 1870, by Secretary
| Boutwell, and It's passage was strongly
| recommended by him. This bill omitted
| from the coins OF the United States the
silver dollar, precisely al was done In 1853.
| but provided for the coinage or the frac-
| tional parts OF the dollar I'm accordance
/ with the act OF that year. This bill was
i pending In congress for three ycars--was
\ carefully considered In both houses. and
/ npecial attention was called 10 the oTnls-
sion OF the Fzis grabs silver dollar. which
| was never IN the bill at any stage, and the
| reasons for this omission given. 10 was
finally determined az the urgent request
| OF members from the Pacific coast TO In
| sert among the silver coins trade dollar
| containing go grains or standard silver.
but this dollar was madc like the minor
coins. legal tender for g. only. There was
| but one yea and nay vote upon the bill. and
that was on the proposition TO repeal the
| Charge made by the mint for the coinage
| OF gold. I voted against It's repeal. The
| bill passed both houses and became a law
February r. 1873. by practically n unani-
nous vote OF both parties and was special
~ supported and voted for by the senat tors
and members from the silver states.
This has been called the 'crime OF 1879. .
and as the bill was under my charge IN the
senate I was held 10 be the chief criminal.
IL was, I'm fact. wise measure OF public
policy. carefully discussed and considered
during three years.
When we test this cutlery against this act
with the sober facts shown by Official rec
ords, IL appears somewhat ludicrous. The
total number OF silver dollars coined from
l's2 To 1913 was S,0si,23S while the number
| or trade dollars Issued under the coinage
act OF 1873. containing 7ik grains more sill
yer than the old dollar. was q, 965.92i. and
the number OF standard silver dollars