The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-16
THE SINGLE GOLD STANDARD.

THE SINGLE GOLD STANDARD.
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 COM
mittee of the house of representatives who
had charge of the bill, who said in their re-
port:
'.The committee think that the disderatum
In the monetary system is a standard of uni
form value. They cannot ascertain that both
metals have ever circulated simultaneously,
concurrently and indiscriminately in any
country where there are banks and money
dealers, and they entertain the conviction
that the nearest approach to an invariable
standard is it's establishment in one metal
which metal shall compose exclusively the
currency of large payments
This law, heartily approved by Andrew
Jackson, would now be called 1.-The crime of
1884. In 1859. upon the report of Senator
Hunter. when Pierce was president and when
all branches of government were under dem
ocratic control congress reduced the quantity
of silver in the fractional coins (half dimes
dimes, quarters, and half dollars) more than
8 per cent, directed the purchase of silver
abolished the law of free coinage and made
them legal tender for $5 only, leaving gold
still practically the only legal tender United
States coin. AT this time the silver dollar
had disappeared from the current coins of the
United States and was practically and pur-
posely demonetiZed. The purpose of this act
is thus stated by the chairman of the com
mittee having the bill in charge in the house
OF representatives: I'VE propose so far as
these coins are concerned, to make silver
subservient to the gold coin of the country
political economy have approved what ex-
perlence, where the experiment has been
tried. has demonstrated to be the best. and
what the committee believes to be necessary
and proper-to make but one standard Of
currency, and to make all others subservient
to It,: We mean to make gold the standard
coin.''
THE THIRD CRIME.
This, | suppose, may be called s.The crime
of 1853. Silver was practically demonetized
by this act and the act of 1884 1t is certain
tnat from 1901 when Mr.. Jefferson became
president, to the close of Buchanan's adminis-
tration in 1861. the democratic party was q
gold party. opposed to silver and all forms of
paper money AS | have already stated MT.
JeHerson IN 1906. suspended the coinage of
silver dollars, and 1t remained suspended for
more than thirty years. The act of congress-
OF 1874 esta bished gold as practically the only
coin in circulation. Gold coins were Ren,
tons mint drops" All democrats were then
gold bugs oA
SPECIE PAYMENTS.
Senator Hunter, in 1856 during .Pierce,s
administration, secured the passage of a 10 w
S;I,c Mnlcn reduced the silver in the half dimes,
them subsidiary coins abolished their frae
coinage and limited their legal tender tn *
uoiiars. me silver dollar was not mentioned
and practically was excluded from coinage or
circulation. Yet now the democratic party m
on the demand of the populist party and whan
silver has fallen In market value to nearly
one-half its former value, seeks to demonetize
gold and to establish silver as the sole stand
ard of value. When the republican nartv
came into power in 1861 by the election of Mr.
Lincoln 1t had to face formidable rebellion
Gold and silver were alike banished from cir
culatlon and irredeemable paper money of all
denominations. from 10 cents to 81 900 was
substituted in place of coin When the war
was over the republican party sought tn re-
store specie payment as soon as Ilracticable
In March, 1869, it pledged the faith Of the ma
N in i+o
all bonds of the United States and to redean,
the United States notes at the earliest Drac
ticabe moment in coin.
THE CRIME OF 1873.
In order to carry out these pledges. It be-
came necessary to revise the various coinage
laws OF the United States. This was promntjv
and very carefully done by bill framed in
the treasury department while Mr. Routveii
,' vas 2 secretary. 1t. was thoroughly considered
printed and submitted to all persons in the
United States who were supposed to he
familiar with the coinage laws. The bill con-
tanning sixty-seven sections accompanied hv
a mass of information that fills a volume
was sent to congress April 25 1870 by Sec
retary Boutwell, and its passage was strongly
recommended by him. This bill ommitfed
from the coins of the United States the silver
dollar precisely was done in 1853 but nro
ylded for the coinage Of fractional parts of
dollar in accordance with the act of that
year This bill was pending in congress for
three years, was carefully considered in both
houses and special attention was called to the
omission OF 41212 grains of silver which was
never in the bill at any stage, and the reason
for this omission given.
1t was finally determined at the urgent re-
quest of members from the Pacific coast To
insert among the silver coins trade dollar
containing 420 grains of standard silver. but
this dollar was made like the minor coins
legal tender for S. 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. / voted
against its repeal. The bill passed both
houses and became a law Feb. II, 1873 By
practically unanimous vote of both parties
and was specially supported and voted for by
the senators and members from the silver
states
This has been called the "Crime of 1873.
ana as the bill was under my charge in the
senate l was held to be the chief criminal
1t was, in fact, wise measure of public
policy. carefully discussed and considered