The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-07-23
BASIC FACTS.

1t is always well. in political Discus
sions. to get down to solid facts. These
are facts, for the wording of which we
are indebted to the Pittsburg Dispatch:
THAT the act Of 1873 did not demonet-
lie a single silver coin then In monetary
use by the people of the United States.
THAT the real act of demonetizng
silver took place in 1853 when the frac-
tional silver coin, which, up to that time.
had been legal tender, and constituted
" per cent. of all the silver coined in
the country, up to 1850. was restricted in
legal tender and denied free coinage.
THAT as declared on the floor of con-
gress in 1858. and shown by memorials,
the country was then on Il gold stand
ard. and the purpose Of the act Of 1853
was to keep 1t on gold standard, re-
taining fractional silver as subsidiary
coin, and leaving the silver dollar, OF
which s2,l6oOoo We're then coined. in the
words used at that time. ''aS an article
of merchandise"
THAT the effect of this act was to
increa Sc the coinage Of silver for subsid-
iary use, S62.2 2SS 100 being coined in the
twenty three years from 1850 to 1873 against
S72, 46l .0Uy in the fifty-three years prior to
1850; while the fact that the silver dollar
was not In monetary use prior to the sus-
pension of specie payments Is shown by
lHc raw tHa. why Ntlt SOIHch
during the ten years. 1863 to lsG2, inclu-
sive.
THAT when the act of 1873 was passed
the country was using neither gold nor
silver, except on the Pacific coast, where
silver was only used for small change;
and that the only change which that act
made in the coinage In use was to sub
stitute for the silver dollar which. up TO
that date. had not been one-hundredth
part of the total coinage OF the country.
the trade dollar of greater weight, TO
make ii more advantageous for export,
the only purpose for which silver dollars
We're then coined at all.
THAT the act Of 1873 had that effect.
the silver coinage In the Subsequent f1ve
years under It's provisions being $780,
UoJ. aginst $9.2S10OO for the five years
prior to its enactment: that the acts OF
1878 and subsequent legislation Immensely
increased the total silver coinage. being
s7s2 900. 600 in twenty years after 1873, against
sl42 900. coo in the eighty years prior to 1873;
that of silver dollars the United States
coined 422.Voo,OOO since 1873 and s,oC0,0O0
before lSfa that of the coinage OF the
country greater than fractional silver
prior to 1873 gold coin constituted w per
cent. and silver dollars less than ! per
cent that Of the coinage since 1878 sill
YER constituted nearly one-third and gold
a little over twU-thirds
Il / Il
These facts show conclusivsly that the
allegation that the United States has ny
its action in 1873 and since struck down
and Disseminated against silver is a
monstrous fabrication. The act Of 1873
did nothing but provide for tn. coinage
that had been in actual use prior to the
suspension of specie payments. and was
then in actual Use in California. 1t de.
monetized nothing but coin that was not
and had never been in use, and 1t substi-
tuted for 1t a silver dollar that was coined
in the next few years, at an annual rate
thirty-six times that Of the silver dollar
before its passage. OF all silver coinage
in the United States since 1873 the annual
rate has been seventeen times as great as
before that year: and Of the slver dollars
which are the especial subject CT the free
silver grievance the annual coinage mas
been 257 times as great since 1878 as before
In brief. silver was not used in the United
States except as subsidiary coinage prior
to 1873: since then its use has been i'm
menseiy Increased.
With regard 10 the action of foreign
governments II Is worth while to note:
THAT by the immense increase in the
production of gold after ls4S the p,r-
chasing power of gold declined Gold be-
came the cheaper metal.
2-That by this decline silver advanced
to a premium of to per cent, the adj
vance in commodities being much greater
The force of a policy of International bi- |
me.allism was recognized in the fact |
that while gold drove silver to preml- !
um and out Of such bimetallic countries |
as France. silver did not advance in gold |
values to the full degree that commodities
did.
3-That after this movement had in
duced Germany. Austria and some other |
countries to adopt the single silver stand. |
aid, an international movement was |