The Canton times. (Canton, Miss.) 1893-1906, 1896-07-17
the bill give gold unlimited coinage and

the bill give gold unlimited coinage and
tender? Because all mint laws in ex-
istence did SO. Why did it restrict the
coinage of subsidiary silver and limit
its tender to five dollars? Because these
were the provisions Of the act Of Feb
ruary 81, 1853. Why did it omit from
coinage the old standard silver dollar?
Because 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? Becauseit had
really been the metallic unit since 1884.
And this was the avswed intention Of
the act of 1853.
The truth was that in 1872 the silver
dollar was worth for bullion 81 cents
more than the gold dollar and that sill
yer dollars had not been in circulation
for many years. AS Congressman
Hooper said on April 8, 1879, when dis
cussing the silver dollar: "It does not
circulate now in commercial transac-
lions with any country, and the con-
venience of these manufacturers in this
respect can better be met by supplying
small stamped bars of the same stand.
ard, avoiding the useless expense of
coming the dollar for that purpose"
And Mr.. Kelley, who is reported as
having said afterward that he ibid not
know that the bill omitted the standard
silver dollar" said on this same day:
10 al To t,s, 10
standard. The values of gold and silver
continually fuctuate. You cannot de-
termine this year what will be the rela-
tive values of gold and silver next year.
They were fifteen to one short time
ago. They are sixteen to one 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 domes-
tic convenience by having subsidiary
coinage of silver, which shall circulate
in all parts of your country as legal
tender for limited amount and be
redeemed at it's face value by your gov
eminent" La.
In another place in the same speech
Mr.. Kelley said: Every coin that is
not gold is subsidiary"
Even Mr.. Stewart, then as now
senator from Nevada, said on February
20, 1874:
by this process we shall come to
specie basis, and when the laboring
man receives dollar it will have the
purchasing power of dollar and he
will not be called upon to do what is
for him or the producing
classes to do, figure upon the exchanges,
figure upon the fluctuations, figure upon
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 Mr.. Kelley in the
house in 1879 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
notice of it's passage.
But the facts are seen to be that the
bill was passed openly and honestly.
1t embodies the principles of sound
mintage, and it undoubtedly saved us
from going to a silver basis on the re-
of specie payments. And,
the men who framed it and
those who passed it deserve and will
receive the grateful thanks of our
selves and our posterity.
After becoming acquainted with tho
facts, how ridiculous seems the follow
ng statement from Coins Financial
School: "In the language of Senator
Daniel, of Virginia, it (the act of 1879 |
seems to have gone through congress
like the silent tread of cat" Yet |
this is but sample of the false state
ncnts made by most of the leading sill
yerites. The following summary of pro- |
,edure indicates how "like the silent |
read of cat" the act of 1873 stole
through congress: