The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1896-08-28

pr1cttcAtty the only coin In circulation.
Gold coins were Benton's mint drops."
Senator Hunter. In 1853. during Pterce,s
administration, secured the passage OF
o law which reduced the silver In the
half dtmes. dimes, quarters and half
dollars making them subsidiary coins,
abolished their free coinage and limited
their legal tender 10 IS. The silver DOL
lar was not mentioned and practically
was excluded from coinage or circula-
don-yet now the Democratic party
upon the demand of the Popuiist party
and when silver has fallen In Its mar
ket value TO nearly one-half its former
value, seeks to demonetize gold and
establish silver as the sole standard of
value.
When the Republican party came into
power In 1861 by the election Of Mr.. Lin
coin. II had to face a formidable rebel
lion. Gold and silver were alike BAN
ished from circulation and irredeemable
paper money of all denominations. from
10 cents to $1,000. was substituted in
place OF coin. When the war was over
the Republican party sought to restore
specie payment as soon as practicable.
the nation to payment In coin or It's
equivalent OF all bonds OF the United
States and TO redeem the United States
notes at tie earliest practicable mo-
ment in coin. 3
In order to carry out this pledge IL
became necessary TO revise the various
coinage laws Of the United States This
by Q bill framed In the treasury depart
ment while Mr.. Boutwell, was secretary.
1t was thoroughly considered by the ex-
perts OF that department and was print
ed and submitted to all persons In the
United States who were supposed to be
familiar with the coinage laws. The
bill, containing 81 sections. accompanied
ume, was sent to congress April rs. 1870.
by Secretary Boutwell,, and its passage
was strongly recommended by him.
This bill omitted from the coins OF the
United States the silver dollar. precisely
as was done in 1858, but provided for
the coinage OF the fractional parts OF
the dollar in accordance with the act Of
that year. This bill was pending In con-
gress for three years-was carefully
considered by both houses and special
attention was called to the omission OF
the 412h grains 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 re-
quest of members from the Pacific
q trade dollar containing 420 grains OF
standard silver. but this dollar was
made like the minor coins, a legal ten
der for IS only. There was but one yea
and nay vote on the bill. and that 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 became a
law Feb. II. 1873. by practically unan-
imous vote OF both parties and was spe-
clally supported and voted for by the
senators and members from the silver
states.
This has been called 'the crime of
1873" and as the bill was under my
charge in the senate, I was held to be
wise measure of public policy. carefully
discussed and considered during three
years.
When we test the outcry against this
act with the sober facts shown by offi-
cial records, 1t appears simply ludi-
crous. The total number Of silver dol
lars coined from 1882 to 1873 was S0S1, 23S.
while the number OF trade dollars issued
under the coinage act of 1873 containing
III grains.more silver than the old dol
lar, was $685.. 1924 and the number OF
standard silver dollars coined under the
Bland-Alilson act Of 1878 was $780,
OIL. or "a times the number issued before
1873
1t is strange that the very men who
supported and urged this coinage law
of 1873 and demanded the exclusive
coinage Of gold, are the very men who
now demand the free coinage of silver
and denounce as "goldites" and rob
bers." all those who believe in the coin
age OF both gold and silver.
1t has been said that the dropping OF
the silver dollar in the coinage act of
1873 was surreptitiously done. This
charge is shown to be false by the de-
bates In congress and especially by the
declarations Of the men who now make
the charge. Sixteen months after the
passage Of that act Senator Jones of Ne
vada, in debate in the senate June II,
1874. said:
II am opposed to any proposition,
come in whatever form 1t may. that at
tempts to override what God himself
has made for money. I believe that the
sooner we come down to a purely gold
standard the better 1t will be for the
country"
On April 1, 1874, he said:
Does this congress mean now to
leave entirely out of view and discard
forever a standard OF value? And what
but gold can be that standard? What
other thing on earth possesses the
requisite qualities? Gold Is the
articulation of commerce. It Is the most
potent agent of civilization. It Is gold
ism.
at is the common denominator of
values. It makes possible the classifi-
cation of labor and the Interchange of
commodities. Gold has interviewed in
bargains made between men since the
dawn of civilization, and 1t has never
failed to faithfully fulfill its part as the
universal agent and servant of man
kind. The value of gold is not
affected by the stamp Of the govern
ment."
Senator Stewart of Nevada said in the
same debate on the 18th of June, 1874:
"Sir, the laboring man and the pro-
Queer is entitled to have his product
and his labor measured by the same
standard Of the world that measures
your national debt. Give him
such a standard. give him money as
you require from him. You require It
the laboring man gold. to pay the In
terest on your national debt, which Is
right, which cannot be avoided. IL you
mean to save national honor; but then
give him the same money with which
to pay that debt"
"The question will never be settled I'M
til you determine the simple question
have a gold dollar II he earns 1t, or
whether you are going to cheat him
with something else. That is the upshot
OF the whole thing. Everybody has to
say that the laboring man was entitled
to gold dollar. That was fought over.
They will fight 1t over again, and the
same party will win. There have been
great many battles fought against
gold, but gold has won every time. Gold
never has compromised. Gold
has made the world respect It all the
time. The English people once thought