The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-16


one ounce OF gold. The greatest care was
taken to ascertsin this ratio by Thomas
Jefferson, then Secretary of State, and
Alexander Hamilton. then Secrei ary of the
Treasury. These two distinguished states
men. who disagreed upon nearly all other
questions, did agree upon the then relative
value of the Two metals and that both
should be coined into money at that ratio.
AT that time neither gold nor silver was
found in any considerable tquantity in the
The revolutionary war had been conducted
with paper money which became worthless
and the coins of Spain. England and other
had been made legal tender and
continued so for many years after the
adoption of the Consultation.
When the new American coins were
issued ii was found that the abraded and
worn coins Of other countries filled the
chanrsls of circulation and the new and
bright dollars OF the United States were
exported. This led to the discontinuance
in 1876 by President Jefferson of the coin
age of the silver dollar. and after that date
years. This order of Jefferson, 1 suppose.
would be called by our Populistic friends
and other countries adopted the ratio of
l5l2 ounces OF silver as the equivalent of
one ounce of gold. To avoid these en-
gold as the single standard in that country
and silver as subsidiary coin. In 1884 dur
g sn tle and nndar the ieadersbJn % Jack
adopted the ratio of sixteen of silver to
grains in the gold coin. As silver was thus
slightly undervalued. 1t was not largely
coined.
"Silver could be coined in France at the
ratio of 15l5 /. and the owner of silver
bullion could send il TO France and have Ii
converted into coin at that ratio. thus re-
bullion than if coined at the American
ratio Of 16 TO l. Gold became the only
American coin in circulation, and the
avowed purpose of the passage of the law
of 1884 was TO make gold the standard
This was declared by the committee of the
House of Representatives who had charge
of the bill, who said in their report: The
committee think that the desideratum in
the monetary system is standard of uni
both metals have ever circulated stimuli
tareodsly, concurrently and indiscriminate-
ly in any country where there are banks
or money dealers. and they entertain the
conviction that the nearest approach to an
invarable standard is its establishment In
one metal. which metal shall compose ex-
clusively the currency for large payments
THE CRIME OF 1884"
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 re-
duced the quantity OF silver in the frac-
tonal coins (half dimes, dimes, quarters
and half dollars) more than per cent. di-
rected the purchase OF the silver for their
coinage government account abolished
the law for their free coinage and made
lnem legal tender for IS only. leaving
gold stil practically the only full legal
tender United States coin AT this time the
silver dollar had disappeared from the cur
rent nrn coins of the United States and
Ihe purpose of this act Is thus stated
by the chairman of the committee having
the bill in charge in the House of Repre-
f~-
CONS are concerned, to make silver sub
servlent TO the gold coin of the country
we intend to do what the best writer's on
pontical economy have approved; what ex-
perience, where the experiment. has been
tried, has demonstrated to be the best and
what the committee believes to be neces-
Sary and proper-to make but one standard
OF currency and TO .Hake all others sub
servlent to It, We mean TO make gold the
now be oSIIed tb nrir sTDnose f Tsss Soud
was practcaly demonetzed by this act and
the act of 1894
IT is certain that from 1901. when Mr..
Je1erson became President. to the close of
Buchanans administration in 1861 the
temperate party was a gold party op-
money AS have alceady stated, Mr.. JEFF
ferson, in 1896 iusp. s.4i the coinage of
silver dollars and It remained suspended
Congress of 1884 established gold as practi-
cally the only coin in circulation Gold
COINS CONS were Benton's mint drops All
senator
fiunter, In lS53. during fierce's administra-
ton, secured the passage of a law which
reduced the silver in the half dimes,
dimes, quarters and half dollars malinG
them subsidiary CONS. abolished their free
coinage end limited their legal tender to s5
The silver dollar not mentioned and
iPrtacIicalIy excluded from coinage or clrcu-
laton-yet now the Democratic party upon
the demand of the Popuist party and
When silver has fallen in market value to
nearly One-half its former value seeks to
n est q lizh ell
the sole standard of value
When the Republican party came into
power in 1861 by the election of Mr. lincoln
1t had to face a formidable rebellion. Gold
and silver were alike banished from circu
lation and irredeemahle paper money of all
denominations. from 10 cents 10 81 900 was
substituted in place of coin. When The
war was over the Republican party sought
10 10 restore specie payment as soon as prac-
faith OF the Nation to payment I'm coin or
It's equivalent of all bonds OF the limited
states and 10 redeem the United States
notes at the earliest practicable moment
in coin.
THE CRIME OF 1873"
In order TO carry out this pledge it be-
came necessary to revise the various coin
age laws of the United States. This was
promptly and very carefully done bv y bin
framed in the Treasury Department while
Mr.. Boutwell, was Secretary It was thor
oughly considered by the experts of that
department and was printed and submitted
to all persons in the United States who
were supposed TO be familiar with the coin
age laws. The bill. containing sixtv-seyen
sections, accompanied by mass of infor-
nation that fills a volume was sent IN
Congress April %. 1870. by Secretary Rout-
Well, and its passage was strongly RECON-
mended by him. The bill omitted from the
coins of the United States the silver dollar
precisely as was done in 1883 but provided
Tor the coinage of the fractional parts of
accordance he
that year. This bill was pending in Con-
gress for three years-was carefully con-
sldered in both houses and special arren-
ton was called TO the omission of the 4l2ia
grains silver dollar which was never in the
bill at any stage and the reasons for this
omission given. 1t was finally determirSed
at the urgent request of members from, the
Pacifc coast to. insert among the silver
coins trade dollar containing 400 grains of
standard silver, but this dollar was made
ike the minor coins, a legal tender for s.
only. There was but one yea and nav vote
on the bill and that was on the proposition
10 repeal the charge made by the mint for
the coinage of gold.> voted against its re-
peal. The bill passed both houses and be-
came. law Feb. IL, 1919, by practically a
unanimous vote Of both parties and was
specially supported and voted for bv the
Senators and members from the silver
States. This has been called the crime of
1873. and as the bill was under my charge
in the Senate. / was held TO be the chief