The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1896-08-15
srHE CRIME OF .7s."
IL Exists Only In the Minds CT Those who
DO Not Know Facts.

IL Exists Only In the Minds CT Those Who
DO Not Know Facts.
For the benefit of the thousands of
intelligent people who honestly believe
that crime was committed surrepti-
tiously against silver in 1873, Congress-
man j. L. McCleary, of Minnesota, de-
voted considerable time, in his great
speech of February 10, to presentation
of the important facts connected with
the passage of the coinage act of 1873.
The facts stand out so clearly and tell
such straightforward story that it
would seem impossible that any fair
minded man should, after reading them,
continue to believe that there was any
conspiracy" by anybody that caused
the passage of this act. We can give but
a few of the more salient points from
Mr.. McCleary's speech on this point:
The original bill was prepared in the
treasury department. in the winter of
1S69-70, by John Jay Knox, then deputy
comptroller OF the currency, under the
direction of George S. Boutwell,. then
secretary of the treasury. The laws re-
lating to the mint had not been revised
for more than a generation, and much
confusion existed. This bill was largely
a codification of existing law, with such
improvements as experience suggested.
The first draft of the bill was sub
mitted to leading experts on coinage
and currency in this country, and to
some in Europe. In this way the views
of more than 80 men were obtained.
lot I'D 49,
house in June, 1870, as a supplementary
report on the bill. The consensus of
opinion Of these experts, and of those
who discussed the bill in congress, was
that it was simply to recognize legally
what had practically existed, since the
net of 1853, made gold the single stand
ard of value and made silver subsidiary
and legal tender only for sums not cx-
ceeding five dollars
The bill as introduced distinctly dis
continued the silver dollar. One of the
eight headings to the division in the
reports accompanying the bill was as
follows: "t5) Discontinuance of the sill
yer dollar" This was printed in capi-
tails. The discontinuance of the silver
dollar was specially referred to in four
places in this report.
Contrary 10 the suggestions and
statements of many leading free silver
ties, the old standard dollars of 412H
grains was never in the coinage bill
passed in 1878, and therefore it could
not, as they allege, have been omitted
surreptitiously. In May, 1892, the silver
dollar containing 3s4 grains was in
troduced into the bill. Like the silver
half-dollars it did not have "free coin
ngc" or full tender. This was the dol
lar which was afterward dropped out of
the bill and in place of which the trade
dollar of 420 grainss with unlimited
coinage, but limited tender, was substi-
tuted.
From the contemporary records it is
clear that the bill was before congress
for about three years; that it was print
Cd II times separately and twice in re-
ports of the comptroller of the curren-
cy; that it was considered at length by
the finence committee of the senate and
by the coinage committee of the house
during five different sessions; that it
was carefully debated in both houses.
the debates in the senate occupying 66
columns and those in the house occupy
ing rs columns of the Congressional
Globe, and it finally passed substantial
ly as it was originally introduced.
Every feature of the bill was thorough
~ explained in the original report ac.
companying the bill, and repeatedly
afterward in the debates on the bill it,
self
There doubtless were persons in both
houses who did not Pay attention to
either. the report or the discussions, for
at that time such subjects were re-
garded es of interest only to experts,
but it certainly cannot be truthfully
said that they did not have full oppor-
tunity to know all about it.
So far as concerns the coinage of gold
and silver, there were just two i,npor-
tant provisions in the act of 1873
namely, the unlimited coinage of gold
ana the limited coinage of silver. Both
of these provisions have endured and
viii endure, because, as I have shown
already, this is the only way in which
we can have the use of both metals as
money at the same time. And though
some very excellent gentlemen in con-
gress in 1878, when the wave of Stree
silver" threatened to overwhelm every
one opposed to it, may have said some
foolish things about the act of 1873, it is
significant fact that not a single re-
publican OF those quoted as saying these
things, unless he lives in silver-pro-
ducing state, has ever voted TO repeal
the essential provisions Of the act of
1873 above cited. Except as to the trade
dollar (which was inserted as special
concession to the silver producers), the
act of 1873. based upon the experience
OF centuries, framed by men preeminent
for ability and integrity, discussed in
all its phases during the three years