Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1896-09-24

49,
was defeated by a Senator from New
York.
"The movement for a gold stand
ard was not renewed in any quarter
until nearly two years afterward, and
more than a year after the expiration
of Senator Morgan's term Of Office.
CONGRESS TAKES ACTION.
Meanwhile, in obedience to the
concerted newspaper clamor, inspired
by the operators in bonds, Congress
passed the act of March, 1869, to
strengthen the public credit by
which, without any consideration
whatever, the principal Of the bonds
of the government, then payable In
any lawful money, was made payable
in coin only. The advantage this
gave to the bondholders will be ap-
parent when we consider that the
major portion Of the bonds we're by
law redeemsble in any lawful money
at the pleasure Of the United States
after five years, though they were not
payable until twenty. years after date.
The five years had expired in 1869 on
$500, 100000, and was to expire the
following year on $6OO,OOO,OOO more.
The act of 1859, to strengthen the
purses Of the bondholders, surrend-
cred this privilege and bound the
government to redeem in coin, then
at an enormous premium, or to con-
tinue the payment of interest," until
the resumption of specie payment, ten
years later, in 1879.
This was followed July IA, 1870,
by the refunding act, under which-ex!
listing bonds were authorized to be
converted into bonds payable, princi-
pal and interest, in the coin of the
United States of the present standard
value.' That is to say, the value Of
July IA, l870 fiSiIver dollars were at
that time, equally with gold, q full
legal tender, ..sF
"a second unsucdsssful attempt at
the demonstration of silver was in
augurated on April 25, 1870, by the
introduction in the, senate by Senator
Sherman of "A bill mo. S59) revising
the laws relating to the mint, assay
officers and coinage Of the United
States According to this statement
the bill was framed in the Treasury
department by distinguished body
Of experts 1t contained seventy-one
sections, the fifteenth of which gave a
list of all silver coined to be there
after issued, and the eighteenth Of
which prohibited the issuance of any
not named therein, The silver dollar
was omitted from the list, and the
mints were thereby to be closed
against deposits of silver bullion for
coinage. But the bill continued no
reference to this fact, which might be
said to appear only by not appearing.
Nor did Mr.. Sherman call the atten-
ton of the senate to this proposed
momentous revolution in our none
tary system. On the contrary, he re-
ported a deceptive amendment to the
bill imposing a charge Of three.tenths
of l per cent for coinage, whether
the gold and silver deposited be COIN
ed or cast into bars or iDgots.' He
vigorously supported this amendment,
which contained, by necessary impll-
cation, the assertion that under the
bill SILVER bullion could still be der os-
tied for coinage, when he knew that
section IS expressly provided that it
could not. No better proof could be
needed that the senators he addressed
we're unaware Of the omission by him
of the silver dollar than the fact that
no one appeared to observe this gross
inconsistency.
WAS NEVER ACTED UPON BY THE HOUSE.
The bill passed the senate January
10, 1871, but was never acted on by
the house.
"The third and finally successful
movement for the demonstration Of
silver was the introduction in.'the
house Of representatives on March g.
1871, of a bill mo. 1920, revising and
amending the laws relstiue to mints,
assay officers and coinage Of the
United States. 1t was introduced by
Mr.. Kelley of Pennsylvania, chairman
Of the committee on coinage, and re-
ported by him favorable from that
committee on January 3, 1872 He,
informed the house that 1t mad been
ereDaredsin the Treasury department