The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-08-16
issued 1t was found that the abraded


new and bright dollars OF the United
States were exported. This led to the
dlscontinuance, In 1906, by President
jefferson. of the coinage OF silver dol
lars. and after that date none were
coined for more than 30 years. nais
order Of jefferson, I suppose. would be
called by our populstic friends The
crime of 1906 In tne meantime France
and other countries adopted the ratio
15la ounces of siler as equivalent TO one
OF gold. To avoid those embarrassing
changes England. In 1861. adopted gold
as the single standard In that country
and silver as subsidiary coins. In 1884.
during the administration of President
jackson and under the leadership OF
Daniel Webster and Thomas III. Ben
ton, congress adopted the ratio of Is Of
silver 10 one of gold by reducing the
number of grains In the gold coin. As
silver was thus slightly undervalued.
IT was not largely coined. Silver could
be coined In France at the ratio OF is
| to l and the owner of silver bullion
could send IL to France and have II
converted into coin at that ratio. thus
receiving about per cent. more for his
| bullion than IL coined at the American
ratio OF Is to I. Gold became the only
| American coin In circulation, and the
! avowed purpose OF the passage of the
law OF 1884 was TO make gold%he stand
ard. This was declared by a committee
! OF the house OF representatives who
had charge OF the bill.
This law, heartily approved by An
drew Jackson, would now be called
'the crime of 1874 In 1853. upon the
report Of Senator Hunter. when all
branches OF the government were un-
1 a a A..
duced the quantity OF silver In the
fractional coins more than 6 per cent,
directed the purchase of silver for their
free coinage and made them legal ten
der for s. only. leaving gold practically
the only legal tender, At this time the
silver dollar had disappeared from the
current coins of the United States and
was practically and purposely de-
| monetized. This, l suppose. would now
be called the crime of 1852 Silver was
practically demonetized by this act and
the act Of 1884. II Is certain that from
1901, when Jefferson became president.
to the close of Buchanan's adminlstra-
tion In 1861. the democratic party was
a gold party, opposed to silver and all
forms OF paper money. All democrats
were then goldbugs' Senator Hunter.
In 1854, during Pierce's administration.
secured the passage OF a law which re-
duced the amount of silver In half
dimes, dimes, quarters and half dollars
making the subsidiary coins. abolished
their free coinage and limited their lc-
gal tender to IS. The silver dollar wac
not mentioned and practically exclud-
ed from coinage or circulation. yet now
the democratic party. upon demand OF
the populist party. and when silver has
fallen In market value to nearly half
Its former value. seeks to demonetlze
gold and to establish silver as the sole
standard of value.
when the republican party came
into power by the election Of Lincoln
1t had TO face a formidable rebellion.
Gold and silver alike were banished
per money Of all denominations, from
per money OF al denominations, from
10 cents 10 $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.
In March, 1869, 1t pledged the faith OF
the nation In payment In coin. or Its
equivalent. Of all bonds Of the United
States and to redeem United States
notes at the earliest practical moment
In coin. In order TO carry out this
pledge, " became necessary TO revise
the various coinage laws Of the United
States. This was promptly and very
carefully done by a bill framed In the
treasury department while Boutwell,
was secretary. 1t was thoroughly con-
sidered by experts OF the department,
and was printed and submitted to all
persons In the United States who were
supposed TO be familiar with the coin
age laws. The bill. containing 81 Sec
tions, accompanied by q mass of infor-
! tts... Al l. a..
congress on 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 1853. but provided for the
coinage OF fractional parts OF n dollar.
In accordance with the act OF that year.
This bill was pending In congress for
three years. was carefully considered In
: both houses and special attention was
called to the omission of the ti2ts grain
silver dollar. which was never In the bill
at any stage. and reasons for this omIs-
sion were given. II was finally deter
mined, at the urgent request OF members
from the Pacific coast. to insert amone
the silver coins the trade dollar. contain.
Ing 40 grains. standard silver. but this
dollar was made. like minor coins. legal
one yea and nay vote on the bill and thai
! 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 Law
Feb. u. ls73. by practically a unanimou:
= vote OF both parties and was especially
} supported and voted for by members and
. senators from silver states. This has beer
? called the crime OF 1873. and as the bill
: was under my charge In the senate. I wa,
: held to be the chief criminal. II was, In
fact a wise measure Of public policy
carefully discussed and considered dur
] Ing those three years.
e when We test the outcry against thi,
act with the sober acts. shown by offic!a
records. IL appears simply ridiculous. Tn,
total number OF silver dollars co!neS
I from 1192 to 1873 was s.03l ,23s. while tn,
2 number OF trade dollars issued under tn,
D coinage act OF 1878. containing IA grain.
more silver than the old dollar was 35
G 9f5.s2a and the number OF standard silve
e dollars coined under the Bland-Allisoi
, act OF ls7s was 43O 7s0.0ii or 50 times tn.
] number issued before 1873 II is strang.
T that the very men who supported auS
e urged this coinage law OF 1873 and de
5 manded the exclusive coinage OF gold an,
y the very men who now demand free coin
( age Of silver and denounce as 'goldltes
n and robbers are those who believe II
o both the coinage Of gold and silver. II ha