The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-19
"REAsoNs PLAINLY GIVEN"

Several days ago a letter was received
from calling himself silver Re-
publican" but his name does not APP
pear in the Indianapolis directory, where
he claims his residence, he could not be
answered, as direct response cannot be
given. The writer first observes that he
has net seen "a reason plainly given why
Congress stopped the coinage of the silver
dollar in 1873. when it was worth more than
the gold dollar" 1t may be assumed that
"a reason plainly given would satisfy the
writer and consequently that he is an
ception to most of those who proclaim
themselves in favor of the free and unlim
tied coinage of silver. In the first place,
there was at that time scarcely any silver
coinage to stop. More silver dollars have
been coined the past four months than
from 1893 to 1873. If the writer is honestly
seeking for "a reason plainly given" he can
find one in the report of the Deputy Con-
troller sent to Congress April 25, 1870, by
Secretary of the Treasury Boutwell,. The
reason there given is as follows:
The coinage of the silver dollar piece is
discontinued by the proposed bill. Assum-
ing the value of gold to be fifteen and
ratio for the past six years. the silver dol
lar is worth in gold premium OF about
per cent. The present laws consequently
authorize borh gold-dollar unit and a sill
ver-dollar unit differing in intrinsic value.
The present gold-dolar piece is made the
dollar unit in the proposed bill.
The foregoing quotation seems to be "a
reason plainly given" We were not using
coin in this country at that time except in
foreign exchanges and in the payment of
interest on the public debt. and the coin
thus used was gold. If two yardstcks of
different lengths were in use, reason
plainly given, and sufficient. would be that
it is necessary to select one of them as a
standard. Two dollars of different intrinsic
or commercial value being in USE Congress
was warranted in selecting one of them.
and it was warranted in selecting the one
in use rather than one which had not been
in use since 1893. Representative Hooper.
explaining the bill in the House April g.
1870, said:
1t declares the gold dollar of 25.S grains
of standard gold the unit of value, gold
practically having been in this country
many years the standard or measure of
value. The silver dollar does not bear a
correct relative proportion to the gold dol
lar. Being intrinsically worth S1.03 in gold,
it cannot circulate concurrently with the
gold coins.
Representative Stoughton. of Michigan,
who was also member of the coinage com
nttee of the House, during the debate
said
The only change in the present law is in
more clearly specifying the gold dollar as
and perhaps the effect of the act |
of March 3, 1S49 but it ought not to be left |
e, inference, or Implication The value Of
fluctuations of the market and the supply |
and demand. Gold is practically the stand |
ard of value among the civilized nations.
Here is another reason plainly given
and to it one more is added-that of Repre- |
Kelley, of Pennsylvania, member |
of the House committee on coinage:
Japan within the past year put, her silver
coin. and for this reason: it is impossible |
to retain the double standard. The values |
You cannot determine this year what will |
be the relative values of gold and silver |
next year Hence, all experience has shown |
which shall be a legal tender for all others, |
and then you may promote your domestic |
by having a subsidiary coin |
age of silver which shall circulate in all |
parts of the country as a legal tender Tor |
a limited amount and redeemable at its |
face value by your government.
Another reason plainly given is that of |
Senator John p. Jones, of Nevada the |
ablest and one of the wealthiest of the sill |
T.
Senator Jones said:
| am opposed to any proposition. come in |
whatever form it may. that attempts to |
override what God himself has made for |
money. l believe the sooner come down
to a purely gold standard the better it will |
be for the country.
Still another reason plainly given was
that of Senator Stewart another silver
multi millionaire, in the Senate June T.
1874. 1t is in part a follows.
The question VIII never be settled until
you determine the simple question whether
he iaboring man is entitled to have a gold |
dollar if he earns it or whether you are
going to cheat him with something else
That is the upshot of the whole thing. |
Everybody has to say that the laboring
nan was entitled to good dollar.
The Journal has no expectation that all
IF the above reasons will have any weight
With men who silverites, because they
ire in favor of deprecated currency, but