The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-06

SILVER tpiia ti"N' Ai' tNiN nvii"A 'N-
Of circulation. and until 1884 we had sill
yer monomctallism-the whole money OF
the United states was silver.
The important lesson to be learned here
IS that a difference between the value OF
the silver dollar and the gold dollar OF
only is CT a cent was sufficient 10 end
the Joint circulation Of the two dollars
and TO drive an the gold away ana to
make the entire money Of the country
silver
Very well. We had coined about FIVE
million Of silver dollars when it. was dis
covered that certain foreign silver del
lars which Congress had made legal ten
der for debt being worn by use and
abrasion, so that they had become less
valuable than our new silver dollars.
were driving them out Of circulation. so
that President jefferson. in 1s)f, by o
great stretch Of authority, forbade tho
mints 20 coin any moro silver-colar
pieces. and only three millions more
Of these pieces were coined from
that day until 1873. when the act de-
monotzing silver. rs it - called. was
passed So that IN all q our history
prior 70 1873 we never had but oisht
millions Of silver dollars.
I'm 1894 and 1891 in Andrew Jsckson's
administration, Congress resolved 70
bring gold back into circulation. and.
consequently. by acts PASSED IN those
years. they left the silver dollar as it
had been. but provided that the gold
dollar should have n diminished quantity
of gold in it, establishing the ratio be-
tween them what it has over since been
and now is. az i6 90 i.
This oil silver am injustice, az The
act Of 1892 had gone eold an Injustice "y
fits ratio Of Is 90 i. 1t caused the f.l-
yer dollar 10 be worth about cent and
half more than the gold dollar The
consequence WAS gold drove all The sill
yer out Of circulation, and we went
upon q gold basis in 1887 ard remained
on 81 until the war. when there was
ma coin Of any SORT used, and. in 1873.
,ybue we were WORKING under a sus-
rension Of special payments. o. revision
~ ell the mint laws was made and th8
rrovislon for coininR silver dollars was
dropped. for che reason that as the ail-
yer dollar was more valuable than the
gold dollar. none Of them were coined
and IL was decided % be useless 20 main
tain provision for O coin that the pub
Ne would not use. But the point 60 he
oeneciallv noted f.. that. as silver when
slightly ovcrvolued. drove gold out Of
circulation. so gold when slightly over
,.oi,od drown eriver ont i-, srrn.
,rto ori,. othe- fact ,,ortb particular
At. =. ..,. connection 90 ehis. The
o., - "a, rroot,ad for subsdi,ry silver
.o,,s hoi-,e o,,arte-s. dimes. ctc.-and
O.. --o~,dod t,,+ thov sho,ld bo ratiails
- - r,o ,,,,o~ 9ori,r TINT is that
,o,.... s,o..,d co,+ain os much sic
..... .r,,,.. end go OH. cr -oouont
u. .-non .,e cold dollars coined after
,s., 49, .ho oliver dollars out of cir
..,..,o, r.ov ole, dro-e the halves crd
..,.,.,~s o,f An these ola hlvc= onI
,.orts,. were exported as bullion 20 Dee
cold. consequently the country was de-
--i,oo of chance. and the ora Of shine
casters davnel Congress dealt with
t,,s evil bv M act passed 500 Is-2 which
nroyiaea that Che subsidiary c,.msse
should contain considerably less silver
than it purported 20 contain and all or
the halves quarters etc.. coined since
1853 has stmd i'm the country We DAD
coined of this subsidiary silver Irloi ID
1853 $50 H3.7ne9 an Of which leil 'He
country between 1885 and 1913. " ~ COM
between 1873 ana I,'' '''''''.'.'
This subsidiary cyina-a' '-l vi "
s.aid here. So uat this' ana 'lo l'.-
oign silver here was ail t1e s-'''i COM -''
the United SiA''' ]" 1870.
I'm 1913 Congress lt'--i l-' i-'''u
providing for the puf,i. anna
az }2o0oo0 worth or silver e"oA i"''''''
and la 1890 IT. passed iAe 0.'iiD'l i'"'
which was repealed in l'.5' p'''.-'. il'
the purchase OF 4''''y1 ounces ol '.'
YER each month ui'ae' ''' '"' $500.
have coi"eu ABOUT '''''
dollars that no ono WIZ 'ol''..'''' '
and have nearly S-l'''.'''' 90
bullion stacked up IN tNe 4-1-- -
o.. D. N