The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-09-03

coins Of the United States the silver dol
lar, precisely as was done In 1853, but pro-
vided for the coinage of the fractional
parts of the dollar in accordance with the
act Of that year.
.1rhis bill was pending in congress for
three years, was carefully considered in
both houses and special attention was
called to the omission of the 4121z-grain
silver dollar, which was never In the bill
at any stage, and the reasons for this
omission given. It was finally determined,
at the urgent request of members from
the Pacific coast. to insert among the sill
yer coins trade dollar containing 40
grains of standard silver, but this dollar
was made, like the minor coins, a legal
tender for IS only. There was but one
yea and nay vote on the bill, and that
was on the proposition to repeal the
charge made by the mint for the coinage
OF gold. I voted against its repeal. The
bill passed both houses and became a law
February IL. 1873, by practically a unani-
nous vote of both parties and was espe-
cially supported and voted for by the SEN
ators and members from the silver states
sThis has been called the crime of 1873, ,
and as the bill was under my charge in the
senate, was held to be the chief crimi-
nal. It was, in fact, wise measure of
public policy, carefully discussed and con-
sidered during three years.
When we test the outcry against this
act with the sober facts shown by official
records, 1t appears simply ludicrous. The
total number of silver dollars coined from
1882 to 1873 was &, ,0S1 ,2S8, while the number
Of trade dollars issued under the coinage
act of 1873, containing 7h grains more sill
yer than the old dollar. was Sc, 965, ,929, and
the number of standard silver dollars
coined under the Bland-Allison act of 1878
was 430. 790,041, or "a times the number is
sued before 1873
.It is strange that the very men who
supported and urged this coinage law OF
1873 and demanded the exclusive coinage
of gold, are the very men who now de-
mand the free coinage of silver and de-
nounce as tgoldites' and robbers all-those
who believe in the coinage of both gold
and silver.
ut has been said that the dropping of
the silver dollar in the coinage act of 1873
shown to be false by the debate in CON
gress and especially by the declarations
of the men who make the charge. Six
Senator Jones, of Nevada, in debate in
the senate, June II, 1874, said:
- am opposed to any proposition. in
to override what GOD himself has made
for money. believe the sooner we come
down to a purely gold standard the better
it will be for the country
April l. 1874. he said:
entirely out of view and discard forever a
be that standard? What other thing on
earth possesses the requisite qualities?
Gold Is the articulation of COM
meree. It is the most potent agent OF
nations from barbarism. It is the COM
mon denominator of values. It makes pos
interchange of commodities. Gold has
interviewed in bargains made between men
since the dawn of civilization and 1t has
never failed to faithfully fulfill its part
M mankind. G ~ fHn The value u ss Of gold Is IS
not affected by the stamp of the govern
'senator Stewart, of Nevada. on the
same subject. on the 18th Of June. 1874,
:. Sir, the laboring man and the producer
is entitled to have his product and his
labor measured by the same standard of
debt. Give him such standard:
give him money as you require from him.
reoure Il II the
to pay the interest on your national debt.
which is right. which cannot be avoided II
but then give him the same money with
which to pay that debt. The question
will never be settled until you determine
the simple question whether the
laboring man is entitled to have
gold dollar II he earns 1t. or
something else. That Is the upshot Of the
whole thing. Everybody has to say that
dollar. That was fought over. They will
fight It over again and the same party
VII Win. N49h2re have been great many
battles fought age inst gold, but gold has
Mem issdry S5 Goid sas mads eG% the
world respect it all the ,,d time The & Englltsbh
come ea TS.a Back 1a to it. "n'ie' 0o' 'nes nao 10
Stewart and all the Representatives and
senators of the silver states were urgent
and honest in saying that gold was the
best and only standard of value, but they
chqnQad their minds Uhpn the LARGELY in
creased and increasing. production Of sill
yer in Nevada and other states reduced
the market value of silver below that of
gold at the established ratio Of 16 to l.
They then wanted a market for their
ana to e eod
basis in silver, but took care in their con-
tracts to, stipulate for the payment, of
now the general practice in the silver
states.
when the coinage law of 1873 was en-
the Pacific coast. conducted their business
upon the basis of greenbacks or United
States notes. being o6 about is
used in domestic. transactions, but we coll
lected our customs duties in gold coin,
gold, the money Of the world. It was not
until January. 1875, that the first step
was It taken to resume specie payments. @
During this period silver rapidly fell
In market value below gold at the ratio
OF 10 10 i. fTlOr anu subsequent TO 1875
many changes were made in coinage by
the leading countries of the world. Ger
many, in 1871, changed its standard from
silver to gold. France, Italy. Switzerland
and Belgium had in 1865 entered into a
treaty called the Latin union. to which
coin of each of these countries was re-
ceived and paid by all of them. This inn
portant arrangement was first modified
and finally abandoned, and gold became
the standard of values of those countries,
but in all silver was coined and largely
used as subsidiary coin. precisely as in
the United States.
I'm anticipation of the resumption of
specie payments, the resumption act of
1875 provided silver coins of dimes, quar-
ters and half dollars for the resumption
of the fractional currency then in general
coins gave great satisfaction. They were
limited in legal tender, qualities to $40.
troduced his bill for the free coinage of
silver at the ratio of 16 to / on the de-
mand of the holders of silver bullion.
Silver had then declined below that ratio.
One ounce of gold was worth more than
16 ounces of silver.
"The Bland bill. II 1t had become
law as 1t passed the house, would have de-
gold. Such was not the purpose