Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1896-08-06

many, France, Austria, Sweden, Nor
way, Denmark, Turkey and Portugal /;
IN fact, ell the principal commercial nJ=
tion- - ttn world. Russia is preparing
formally TO adopt the gold standard and
Austria and Chilli have recently done SO.
The silver men shy this wholesale change
was dictated by England aud the money
po",. Common sense says il Was
dictated by natural laws and enlightened
soif-ihter.s /.
As has been shown. the gold standard
was, for all practical purposes, adopted in
the United States in 1881. For 10 years
from that date there never was day
when the silver dollar was not wort h
more rs bullion than as coin; therefore,
nosilver dailar- circulated. In 1861 a re
form in the coinage laws was proposed by
the director of the mint, who recon-
mended dropping from the coinage the
silver dollar or making it subsidiary coin.
But Congress had no time then to bot her
with the coinage question, and shortly
after specie payments were suspended;
50 that it was not until 1866, when the
country was looking forward to the re-
sumption of specie payments, that the
subject WAS taken up again. The director
Of the mint at that time repeated the rec
concentrations OF his predecessor. For
four years the matter was in allegiance.
In $50 bill was drafted revising gen
orally the laws relating to the mint
and dropping the silver dollar from the
currency. 1t passed the Senate in Jan
uarv, ISL, but never came to vote in he
House. 1t came up again in the next
Congress, WAS debated, explained and re-
yised, md on May p, 1872, it passed he
House 10y vote of 10 to 13. In the fol-
lowing January it passed he Senate with
out dissenting vote. This was the
"crime of 1S73.' Not a word of com
plant was heard p bout it until the price
of silver fell below the former coinage
ratio, and it would have been profitable
at last, after so years, to coin a silver dol
lar. Senator Stewart, now one OF the
!iereest denouncers of he bill, was in be
Senate then and voted for it. His views
ut the time are we'll set forth in a speech
he delivered in the Senate year later, on
Feb. II, 1874, when he said:
Let US do Ms all the people of the world
have been doing from the beginning,
measure our values by gold. ] want the
gold standard, and no paper not redeem
able in gold. Gold is the universal stand
ard of the world. Everybody knows
what a dollar in gold is worth.
On the resumption Of specie payne ants
gold began to circulate once more in this
country, and the amount has steadily
risen until nov 1t is over 5000. 900, 900.
Silver, too, has been added to the cir
culatiun by purchase and coinage on
government account, until now the coun-
try's supply of silver money is Si20. 900, 900
coined into dollars and 1i0, 900. 900 ounces
stlll uneoincd, but represented in circula-
ton by treasury notes.
In spite of these enormous purchases.
perhaps partly because OF them, the out
put has continued to increase, and the
price of silver has continued to decline
until now the commercial rat o is 81 to | ,
but still! the silver men cry fer free
coinage at Is to !. They say that
that would raise the price of silver
to is old level. The gold standard men
- P'S nv ''i '''''' ''''' oelne the case
'"' ''''A LA i''"'. "o"iu De 'he eA-
VI "ii E''" rom t'Feu'atioh, IN
i" H." VI 9i'"'i Jaw, "h4ch
ven Mo" II 70 mn III us
"perat ION, mud, Of course, cannot fail.
Tine silver advocates say there is not
'''"''S' II S''' III me "of'o Tor use as
"''' ~ ne SAME "re"'h h'u mat
'''' ''''uS 9l'Ner ''o''uceu TO
we T., ''''''"'' " S"'"' me soIo
''' ''''' me- '''"uH' average out
t"' VI si'' "'tA" solo mines at the
INNING "i 'h'9 'ei'uf "heh England
''' ''' ne So'a 9'ai''afa' was 57@93'
VI 'oi"FEe value ol e""o,Hp;
PIT ne" Mas i''"N2''o3 ounces OF com
'Et van VI 81 -, ~ b't.