Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-07-20

YER dollar contained then 416 grains of
standard silver.
For forty-fve earssbusiness was con-
Quoted on that basis in this country.
In 1887 the weight of the silver dol
lar was fixed az 41212 grains, and was
| continued at that standard as a legal
tender for the payment of all debts until
1853.
By tie Act OF February 2. 1858, tio
weight OF the silver half dollar was re-
duced 10 1872 grains, and the legal ten
DER quality of these coins was liE. ted
10 sums MOI exceeding FIVE dollars.
Fly the Coinage Act of 1873, the stand
ard silver dollar vas Omittet from the
! coinage OF the United States. The ef-
feet OF this was to make the gold COL
lar Of 25.S grains standard unit of value
in this country.
In January, 1875 what was known as
I the Resumption Act was passed BY Con-
gress. II declared that on January l,
1879 the government should begin to
redeem :ts outstanding legal tender
notes in coin.
The question was then raised as to
gold and silver or gold alone? Gold
| triumphed, and the reconciliation Of
silver became an issue.
IN 1878 Congress passed an act for the
| restoration Of the legal quantity of the
old silver dollar, and by the act Of Feb
ruary IS, 1878 it again became lawful
20 coin silver dollars CT the weight of
1922 grains Troy, CT standard silver
as provided in the act of January s,
1887.
This act was passed over President
Hayes's veto. both parties voting for it.,
and coinage was begun al the mint I'M
der the act of 1878, at the rate of not
less than $2,OOO,OOO a month.
The old double standard was re-
stored.
Monetary affairs became more settled,
! the resumption Of specie payments was
formally accomplished and Legitimate
business became possible.
If anything has occurred since 1873.
when both political parties deemed it
wise TO remOnetize silver. that makes
il d.sgraceful in the Democratic party
! 10 revive such action now, the press
should inform the people in plan Ian
guage what such reason is.
Mr.. Whitney decries the present move
because Ihe thinks the subject should
be left TO international action, and that
bi-metalliSm should be taken up in the
future. when the great nations in Eu-
rope willlconsent TO ii. He thinks that
if our people will determine the ques-
ton in advance foreign nations will
consider it presuming, and refuse TO
Join in the movement. All great peO-
pie do not agree with Mr.. Whitney.
Mr.. MOreton Frewen, the great Eng
liSh bimetalliSt, in writing 10 a friend
IN this country, which letter was pub
lished IN the Sun on the 1st inst, says
in effect that "he rejoiceS in the revolt
Of the Democratic party. and he VEN
lures to predict that if that party be
successful in electingla free silver Pres
ident and Congress before Mr.. Cleve-
land goes out of the White House, an
| international agreement will have been
secured" The difficulties with which
the friends of bimetalism have had to
contend. in the opinion of Mr.. Frew-
en-. have been largely increased by Mr..
Cleveland's interference and by tha
action of his friends.
Whethelthe be wise or otherwise, the
dasire for the remOnetizing of silver on
/ the old basis is making rapid strides in
/ the Eastern and Middle States, and can
/ not be checked by any argument as yet
used.
In,regarG to the question Of a bimet-
all.st league, c. F. Bastable, Professor
CT Political Economy in Trinity Col
/ lege. Dublin. writes in the EncyclOpe-
/ dia Britannica, underithe title Money"
" that the chances of such a league in
the immediate future are very small,
and that monetary evolution will be
ruled rather by the course of events and
the pressure of circumstances in each
saDarate State than by the conscious
deliberations of an international con-
/ ference.
/ JOLIN n TOW-NSEND