St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1896-09-25

and unlimited and it was to bear legal
tender power. In the act OF 1884, chang
ing (reducing) the weight THE gold coins,
the weight of silver remained unchanged.
But by the act of 1887 the weight of the
dollar was reduced to412h grains, while
the quantity OF silver remained the same,
viz: 81 Ale grains. This year began
the ratio OF 16 to /. All the silver dol
lars coined up to this date had disap-
peared from circulation. They were
worth more than 100 cents for bullion
and so had been melted or hidden. Down
to 1873 the government had coined only
about $8,000,000. So stood the law
when the "great crime" as it was called
by the free silver party, was committed.
The 'crime" consisted in saying that the
government would coin no more silver
dollars. At this time each dollar was
worth as bullion from $1.O2 to $1.03.
1t did not destroy the legal tender OF the
dollars already issued. 1t was some
time before anyone discovered "crime"
had been deliberately committed by con-
gress. Silver mines had been opened and
the price of silver bullion had decreased
in the great markets OF the world. Then
began the great struggle between the
gold and silver parties OF the union. Had
men like Senators Sherman, Morrill, and
Thurman stood squarely up to the fight
at the outset and displayed the same
courage that the sound money men of
both parties now display, we should not
be in our present financial condition.
One man, President Hayes, displayed the
qualities of statesman and when the
BLAND law" Of 1878 reached him he
promptly vetoed the same. His message
reads like a prophecy. The bill was
passed over the veto, such republicans as
Mr.. Mckinley voting with the western
and southern men for its passage. This
law directed the secretary of the treasury
to purchase of silver bullion not less than
$2,000,000 nor more than $4>000,000
worth each mouth and to coin the same
into the standard dollars (412 12grains),
which are to be legal tenders. The act
OF 1873 provided for the trade dollar"
so called, 420 grains, but with legal ten
der power. But in 1876 an act took
away the legal tender quality.
This BLAND law" was in full force
until 1890, when the Sherman law was
passed. This was another sop thrown
to the silver men, another attempt to
compromise. By this act the secretary
of the treasury was to purchase 1900
600 ounces of silver bullion each month,
but to pay no more than $1.00 for each
81 "A grains OF fine silver; and to pay
for same was to issue what are known
as the coin certificates" In this sngu-
lar and unfortunate act of 1S90congrcss
made declaration that has been the
cause of much discussion over the whole
world. 1t declared ut is the established
policy of the government to keep the
two metals, gold and silver, upon a
parity with each other upon the present
ratio, 16 to 1, or such other ratio as
as may be provided by law" Since 1878
free coinage of silver has not been per-
mitted at our mints. From 1873 to
1873 no silver dollars were coined. For
S0years only Is, 045, 1873 had been coined.
Since 1892 the silver dollar has been a
legal tender.
The Sherman act of 1890 was repealed
in 1898 and since that date the govern.
ment has purchased no more bullion but
has coined that on Aend. The past six
months it has coined almost 100000
silver dollars. If the government were
now to sell the silver bullion it has pur
chased since 1873 and paid for in goot
money the loss would be more thar
$20O,000,000.