Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-10-05
MORE HISTORY As TO THE CRIME


MORE HISTORY As TO THE CRIME
OF 'T3.
An important contribution to the his
tory of the damonetization Of silver in.
The United States has been made by the
publication Of letter by Col. Geo. c.
Gorham. of Washington, D. c., in an
swer to recent statements by Senator
+ Sh uman concerning the circumstances
under which the act Of 1873 was passed.
Col. Gorham is lifelong Republican,
WHO has been high in the councils of the
party. and from 1868 TO 1881 was secre-
.cary Of the United States Senate. No
man. therefore, is better qualified TO
speak with authority concerning the,
proceedings in The Senate during those
eyenrful years.
The letter is of great lsngth, the in
formation given in it being minute in
detail and the statements verified by eX-
tracts from official records. Col. Cor
ih5m saws The rJcord leaves it "impossi-
bic TO reach any other conclusion than
that the confidence of the House was
abused by Mr.. Hooper, that the conf
ldance Of the Senate was ABUSED by Mr..
Sherman, and that by their joint efforts
uGe most important piece Of legislation
of the century was carried through Con-
grsss by STEALTH and ~in the interest
or aliens" The chief offender was Sen
ator sherman. Who is charged with hay-
ing made three attacks upon the double
standard before he accomplished his pur-
pose by stealth. Col. Gorham says:
The national debt at the close of the
civil war; was about twenty-five hunuEeu
millions the principal being payaple IN
any legal tender money and the interest
in coin Certain great banking houses OF
Europe following the example SET pS thesr
pred .cessors i'm England Immediately al
f.r inc fan OF Napoleon. and setting an
example which was followed by their class
iu Germany after the tranco-f rQSsldIi
war. iuaucur3ted scheme 10 greatly en-
hgnce the value of this vast obligation by
making ID PAYABLE in gold and thus IN
Crcasing the value of gold.
Two stems were necessary to this pur-
pose. a change in the law which would
compel the payment OF bonds in coin only
and the demon tizadon of silver so that
the only legal tender coin would be gold.
The first was accomplished by the pas
. sage Of the act Of March, 1869, 80
sreng hen the public credit" Icy which,
fwi. hou. any consideration whatever, the
principal OF The bonds OF the government.
then payable in any lawful money was
made payable in coin only. But the coin
of the statute was either gold OF 25.S
grains to the dollar or the silver dollar
Of 1922 grains. Col. Gorham says:
The advantage this gave to the bond
holders Will be apparent when W. cons!q-
.r chat the major portion of the bonds
were by law redeemable in any lawful
money ri the pleasure or the United
States after five years though they We're
NOT Nuyl b'e until twenty years after ddte.
I THE lVe years bad expired IN 1869 on $780,
ola.ooJ and was to expire the following
scar ON StU.UO.o01 more. The act or lN0s.
To strengthen tine purses or the hondhold-
ers. surrendered this privilege ana bound
the government 10 redeem In coin then
.t an enormous premium or to continue
the paymeut OF interest until the resump-
ticu of specie payment. 10 years later in
tro refuudjue act under which the exist
fue bonds were authorized 10 Doe converted
into bonds payable. principal and interest.
sim the coin of the United States of the
present standard value. That is to say.
/ The value OF July IA. 1870. Silver dollars
/ we're nj chat time. equally with gold, a
! full legal tender.
Col G0rham narrateS at length the
several efforts Of Senator Sherman to
fMrid Of the silver dollar and leave the
/ 5ondholders' coin of gold only. Hars
are the chief points:
ON the 18th of May 1861 being then on a
visit TO- Paris. and haviug jus; visited Lon
don. he addressed letter 70 the United
1 States commissioners 10 the international
conference of coinage, weights and meas
? ures then In session I'm the former city.
/ I'm that letter. which was published, he
/ strongly urged the adoption of the gold
standard. and said Of his own country:
: AS coin is not now in general circulation.
Z We can easily tx by law The size. weight