Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1896-08-27

ascertain that both metals have ever cir
cuiated simultaneously concurrently and
indiscriminately in any country where
there are banks or money dealers, and
they entertain the CONVICTION tnht tue
nearest approach to an invsriable stand
aT1 ! Il e4t&liish:Aent IN GRO metal
which metal shall compose exclusively
the currency for large payments"
This law, heartily approved by Andrew
jackson, would now be called
THE CRIME OF 1884"
In 1853, upon the report of Senator
Hunter, when Pierce was President, and
when all branches OF the government
were under democratic control, Congress
reduced the quantity OF silver in the sill
yer coins half dimes, dimes, quarters
and half dollars-more than 8 per cent,
directed the purchase OF silver for their
coinage on government account, abol-
ished the law for their free coinage and
made them a legal tender for %, only
leaving gold still practically the only full
legal tender United States coin. At this
/ time the silver dollar had disappeared
from the current coins OF the United
States, and was practically and purposely
demonetized.
The purpose OF this act is thus stated
by the chairman OF the committee having
the bill in charge in the House of Repre-
sentatives:
/ We propose, SO far as these coins are
concerned, to make silver subservient to
the gold coin OF the country. We intend
4 to do what the best writer's on political
economy have approved by experience,
/ where the experiment has been tried, has
demonstrated to be the best, and what
the committee believed to be necessary
and proposed to make but one standard
OF currency and to make all others sub
servient to it. We mean to make gold the
standard coin.
This ! suppose, would now be called
THE CRIME OF 1853"
Silver was practically demonetized by
this act and the act OF 1884. 1t is certain
that from 1901, when Mr.. Jefferson be-
came President, to the close OF Buchanan's
administration in 1s6l the democrat &c
party Was a gold party, opposed to silver
already stated Mr. jefferson, in 1906, sus
pended the coinage OF silver dollars, and
it remained suspended for more than
thirty Years. The act of Congress of
1884 established gold as practically the
only coin III circulation. Gold coins
were "Bentun's mint drop All dem
ocrats were then gold bugs" Senator
Hantor, ~ 1s53, during Pierce's admin
i-t~etio", secured the passage Of law
which reduced the silver in the half
dine, dimes, quarter dollars and half
dollars, making them subsidiary coins
abolished their fee coinage and limit, d
their legal tender to -. The silver dollar
was not mentioned and practically was
excluded from coinage or circulation
yet now he democratic party, upon the
demand Of the populist party and when
silver has julien in market value to nearly
one-half is former value, seeks to de-
monetize gold and to establish silver rs
the sole standard of value.
When the republican party came into
power i'll 1851 by the election of Mr..
Lincoln it had to face n Formidable re-
bellion. Gold and silver We're alike ban
ished from circulation, and irredeemahle
paper Of all denominations from ten
cents to Il O,0 was subs ,ituted in place of
coin. W hen the war was over ne repub-
lcan party sought 10 restore specie pay
mcI.t rs soon as practicable. In March,
1h69, it pledged the faith OF he nation to
payment III coin, or Its equivalent, OF all
bonds OF the United States, and to redeem
at the earliest practical moment in coin.
In order to carry out this pledge it
became necessary to revise the various
coinage laws OF the United States. This
was promptly and very carefully done
by blll framed in the treasury depart
ment while Mr.. Boutwell, was secretary.
1t was thoroughly considered by the
experts OF that department and was
printed aud submitted to all persons in
the United States no were supposed to
be familiar with the coinage laws The
bill, containing siNty-seven sections,
accompanied by mass OF Information
that ILLS volume, was sent to Congress
April p, 1870, lay 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 1888, but provided for the
coinage of the fractional parts OF the dot
lar 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 4l24s grains
silver dollar, which was never III the blll
at any stage, and the reasons for this
omission given, 1t was finally determin-
ed at the urgent request of members from
the Pacific coast to insert among the sill
yer coins trade dollar containing 42O
grains of standard silver, but this dollar
was made, like the silver coinss legal