The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-09-03

Uut III tili SILVER was COlneu anu largely
used as subsidiary coin precisely as
in the United States.
In anticipation of the resumption OF
specie payments, the Resumption act
Of 1875 provided silver coins, of dimes,
quarters and half dollars, for the re-
demption of the fractional currency
then in general usein our country. These
new silver coins gave great satisfac-
ton. They were limited in legal tender
qualities to $40. At this time Mr.. Bland
of Missouri, introduced his bill for the
free coinage of silver at the ratio of 1G
to / on the demand of the holders Of
silver bullion. Silver had then declined
below that ratio. One ounce of gold
was worth more than sixteen ounces of
silver. The Bland bill, if 1t had become
a law as it passed the house, would
have demonetlzed gold. Such was not
the purpose of congress.
When the bill came to the senate an
amendment was made, on the motion of
Senator Allison, which changed the
scope of the bill and authorized and
directed the secretary of the treasury
to purchase from time to time silver
bullion at the market price, not less
than 100000 nor more than A,OOO,0OO
worth per month, and cause the same
to be coined into silver dollars as fast
as purchased. 1t also provided that any
holder of the coin authorized by that
act might deposit the same with the
treasury of the United States in sums
not less than $40 and reseive certificates
therefor of not less than $40 each, and
that coin deposited should be retained
in the treasury for the payment of the
certificates on demand. This bill so
amended passed both houses. 1t was
known as the Bland-Allison act. 1t
greatly added to the difficulties of re-
sumption, and for that reason was
vetoed by President Hayes, but be-
came a law over his veto. Under its
provisions the United States purchased
over 291, ,OOO, 900 ounces of silver at the
cost of $3OS, ,279, ,26O. 1t was hoped that
this enormous purchase would arrest
the decline of silver, but in spite of it
silver steadily declined in market value,
and at the present price the loss to
the government on the purchase of sill
yer under the act amounts to over $780,.
600 900.
When congress met in December, 1889,
there was strong desire in both houses
to utilize silver as legal-tender money
under conditions that would not de-
monetize gold. AS the result of long
discussions in both houses and after q
conference between them a bill was
passed July IA, 1890, by which the secre-
tary of the treasury was directed to
purchase from time to time silver bull
lion to the aggregate of 4,50000O ounces
a month at the market price, and to
issue in payment of such purchases
treasury notes of the United States,
which was made a legal-tender in
payment of all debts, public and pri-
vate, and were redeemable by the Sec
retary of the treasury in gold or silver
coin at his discretion. This measure, it
was thought, would arrest the decline
in the market value of silver and enable
the secretary to maintain the two met
ais on a partly with each other at the
ratio of 16 to |. But the market value
of silver continued to decline. The
government purchased under the act
of July IA, 1890, 16SOOO,OOO ounces at u
cost of $156, 100000. This proved to be an
expensive experiment, and the act was
repealed November l, 1893. This repeal
was accompanied by the following
declaration, made part of the repeal
ing act:
And it is hereby declared to be the policy
of the United States to continue the use OF
both gold and silver as standard money,
and to coin both gold and silver into
money of equal intrinsic and exchange
able value, such equality to be secured
through international agreement, or by
such safeguards of legislation as will in
sure the maintenance of the parity in
value of the coins of the two metals and
the equal power of every dollar at all
times in the markets and in the payment
of debts. And it is further declared that
the efforts of the government should be
steadily directed to the establishment of
such a safe system of bimetallism as will
maintain at all times the equal power of
every dollar coined or issued by the United
States, in the markets and in the payment
of debts.
This declaration, made by congress
and approved by the president at time
when the public mind was centered upon
the silver question, is wise statement
Of public policy that ought to be acted
upon without regard to party divisions.
This bill passed a house of representa-
tives fresh from the people by the vote
of 239 yeas to 11S nays, and the senate
by the vote of 43 yeas against SO nays.
This act was not party vote, but it is,
l believe, the expression of opinion of
q majority OF the two great parties of
the country. And here we ought to
stand.
GOLDEN NUGGETS.