The Green Forest tribune., 1896-07-16

recorded IN history as one OF the w1sest
and best pieces of legislation ever en-
acted by the congress of the United
States. It's details may be changed,
but it's fundamental principles will en-
dure.
Occasionally we hear a man ask:
''Why didn't the newspapers say more
about the act at the time of it's pas
sage?" The answer is plain. twas be-
cause of their being newspapers, not
ancient histories. There was nothing
new in principle or practice in the bill.
It was largely reenactment of exist
ing law, properly codifed. Why did
the bill give gold unlimited coinage and
tender? Because all mint laws in en-
istence did SO. Why did It restrict the
coinage of subsidiary silver and limit
its tender to five dollars? Because these
ruary 81, 1858. Why did It omit from
coinage the old standard silver dollar?
Because that had been the intent of
the act OF 1853. In 1858 the dollar was
entirely out OF circulation, and no at
tempt was made to bring it back into
circulation. Why did it make the gold
dollar the unit of value? Because it had
really been the metallic unit since 1894
And this was the avowed intention of
the act of 1853
The truth wes that in 1872 the silver
dollar was worth for bullion 314 cents
more than the gold dollar and that s1l-
yer dollars had not been in circulation
for many years. AS Congressman
Hooper said on April s, 1872 when dis
cussing the silver dollar: "Tt does not
circulate now in commercial transac-
tions with any country, and the con-
venienee Of these manufacturers in this
respect can better be met by supplying
small stamped bars OF the same stand
ard, avoiding the useless expense Of
coming the dollar FOR that purpose"
And Mr. Kelley, who is reported as
having said afterward that he did not
know that the bill omitted the standard
silver dollar" said on this same day:
TT is impossible to retain the double
standard The values Of gold and silver
continually huotuate~ You cannot de-
termine this year what will be the rela-
tive values of gold and silver next year.
They We're fifteen to one short time
ago. They are sixteen to one now"
"Hence all experience has shown that
you must have one standard coin which
shall be a legal tender for all others,
and then you may promote your domes-
tic convenience by having a subsidiary
coinage Of silver, which shall circulate
in all parts of your country as legal
tender for limited amount and be
redeemed at its face value by your gov
ernment.'
In another place IN the same speech
Mr.. Kelley said every coin that is
not gold Is subsidiary
Even Mr.. Stewart, then as now a
senator from Nevada, said onsFebruary
20, 1874:
"By this process we shall come to
specie basis, and when the laboring
man receives q dollar it will have the
purchasing power of dollar and he
viii not be called upon to do what is
impossible for him or the producing
classes to Go, figure upon the exchanges,
figure upon the fluctuations, figure upon
the gambling in New York. But he
will know what his money is worth.
Gold is the universal standard of the
world. Everybody knows what dol
lar III gold is worth"
The remarks Of Mr. Kelley in the
house in 1872 and those of Senator
Stewart in 1874 show that at that time,
before the tremendous output of silver
turned mems heads, there was practi-
eally undivided opinion on the subject
The bill had been before congress three
years, it had been repeatedly discussed,
there was nothing new or startling in
it, and hence there was DO call for any
extended notice of its passage.
But the facts are seen TO be that the
bill was passed openly and honestly.
It enlbodies the principles Of sound
nsinta3e, and it undoubtedly saved us
from going to silver basis on the re-
sumption OF specie payments. And,
therefore, the men who framed it and
Shs9se VINO passed it deserve and will
receive the grateful thanks of our
selves and our posterity.
After becoming acquainted with the
facts, how ridiculous seems the follow
ing statement from Coins Financial
School: ''In the languages of Senator
Daniel, OF Virginia, it (the act Of 1879
seems to have gone through congress
like the silent tread OF eat" Yet
this is but sample of TIE false state
naents nude by most Of the Leading sill
ve1ites. The following summary of pro-
cedure Indicates how like the silent
tTaad Of q cat" the act of 1873 stole
through congress-: