New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-19
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States in 1884. For forty years from that date
there never was a day when the silver dollar was
not worth more bullion than as coin there
fore no silver dollars circulated. In 1861 re-
form in the coinage laws was proposed by the
Director Of the Mint. who recommended drop
ping from the coinage tn" silver dollar, or max
ing 1t a subsidiary coin. Dut Congress had no
time then to bother with the coinage question.
and shortly after specie payments were sus-
pended so that II was not until 1896. when the
country was looking forward TO the resumption
Of specie payments. that the subject was taken
I'D again. The Director OF the Mint az that uHls
repeated the recommendations OF his prede'
cessor For four years the matter was IN aoey'
ance. In 1870 bill was drafted revising gen
orally the laws relating to the Mint and drop
ping the silver dollar from the currency. II
passed the Senate in January. 1871. but never
came 70 a vote in the House. 1t came UP AGAIN
in the next Congress. was debated. explained
and revised, and on MAY -. 49,. II passed me
House by vote OF 10 to -. IN the following
January it passed the Senate without dissent'
ing vote This was tho Crime OF 1879 Not
word of complaint was heard about it until the
price Of silver fell below the former coinage
ratio. and il would have been profitable ut last
after eighty years 10 coin silver dollar sena-
tor Stewart now one o. the iiercest den0dncers
Of the BILL was in the Senate then and voted ioE
IT, His views ~ the time well SCI soEtn 10
speech he delivered In the Senate year later. "a
February H. 1874. when he said
Let us do as all the people ot the uo.a na' 1'
been doing from the beginning measure Vsa -.
paper not redeemabie in gold. Gold is the uni.
versal standard OF he word EVERYBODY An'"'
what dollar in gold * worth
PRODUCTION OF GOLD AID SILVER
On the resumption Of srccle payments sola
hogan to circulate once more IN this COUNTY,
and the amount has steadily risen until 10" "
is over s6OO.0r.0n Silver. TO. has been addea
to the circulation by purchase and coinage On
Government account until now the countE!
supply of silver money Is St2nopo'A" cOl'e0
into dollars and l4o.T0o.W0 ounces still IN
coined. but represented in circulation Ivy Irea'-
ury notes In spite Of these enormous pur'
chases. perhaps partly hecauTe % tneih 'h'
output has continued 10 In and the price
OF silver has continued To decline. until 10" 'i'
commercial ratio is 80 to l. but still the rlI7c'
men cry FOR free coinage at 10 TO !. lhey Sd!
that that would raise the price Of saver 70 w
old level. The god-standard men reply tnas
far from that being the case. the inevitable ~
suit would he the expulsion ~ ali soio 1--WE
circulation. in accordance With GrShan's law.
which has never N"t p.*U htf'"h ~ A"'' -"
operation and Of course cannot fail Ire s4l-
yer advocates say there is not enough so'o l."
the world for Use as money ard IN the SIN"
breath add that there is not enough silver pr
duced 10 cause the expulsion Of gold TIE g''u
men retort that the annual average output w
the worlds gold mines at the beginning OF inns
century. when England adopted the sold-stana-
ard was 367.9J1 ounces Of coinage value O.
81 COG 600 and that the average annual sli'e'
output then was Il $50 I55 ounces Of coinsss
value OF 600 40 600 In 1874 when the nI1eo
States went upon the gold basis de facto' 'hs
average annual output OF gold was c'-'-'i
ounces of a coinage value Of Si3is+""; ana Wv
average annual silver output was l9l'aSo'
ounces of the coinage value Of S2iiHW" -!
tho time of the Crime Of 1873" the gold output
had Increased to 1891 Ola ounces annually Oh
coinage value Of Sll5.5II.00o. and the sli'e.
outpnt to CD 317O14 ounces - coinage value VI
ISL S64 900 In 1894 the output OF gold wa
s 100 sag ounces Of a coinage value Of Sl7'so"'
600 and the silver output V az l66.Col,S 9O o1hoe
of a coinage value at the ratio Of IL to "
$2l5. 10000.
The god-standard men think this shows con.
clusively that the worlds supply Of gold Is NV
shrinking to any alarming extent. ana 'ha' W.
output Of silver is not small that II nia'
ignored In the light OF historys teachinsS
to the movements OF the precious metals