The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1896-07-23
"THE CRIME OF '73.'
TO THOSE WHO DO NOT KNOW
THE FACTS.
Congressman McCIeary Exposes the ABB
surd Publications About the Act OF
1873. BIZ Was Discussed For Three
Years.

that crime was committed 6urrepll-
tiously against silver in 1873, Congress.
man ]. T. McCleary of Minnesota de-
voted considerable time, in his great
speech of Feb. IL, to presentation OF
the important facts connected with the
passage of the coinage act OF 1873.
The facts stand out so clearly and tell
such a straightforward story that 1t
would seem impossible that any fair
minded man should, after reading
them. continue to believe that there
was any conspiracy" by anybody that
caused the passage Of this act. We
can give but a few of the more salient
points from Mr.. McCreary's speech on
this point:
The original bill was prepared in the
treasury department in the winter OF
| 1869-7O, by John Jay Knox, then dep
uty comptroller of the currency, under
the direction of George S. Boutwell,,
then secretary of the treasury The
laws relating to the mint had not been
revised for more than a gener alton,
and much confusion existed. This Dill
| was largely a codification of existing
law, with such improvements as ex-
perience suggested
The first draft of the bill was sub
mitted to leading experts on coinage
and currency in this country, and to
some in Europe. In this way the views
of more than 80 men were obtained.
Their answers were transmitted to the
house in June, 1870, as supplement-
ary report on the bill. The consensus
of opinion of these experts, and OF
those who discussed the bill in con-
gress, was that it was simply to recog-
nize legally what had practically ex-
listed, since the act of 1853 made gold
the single standard of value and made
silver subsidiary and legal tender only
for sums not exceeding $5.
The bill as introduced distinctly dis
continued the silver dollar. One OF the
eight headings to the divisions in the
reports accompanying the bill was as
follows: "(0 DISCONT1NUANCE OF
SILVER DOLLAR" This was printed
| in capitals. The disconttnuance OF the
silver dollar was specifically referred to
in four places in this report.
Contrary to the suggestions and
statements of many leading free silver
ties. the old standard dollar Of 41212
grains was never in the coinage bill
passed in 1873, and therefore it could
not, as they allege, have been omitted
surreptitiously. In May, 1892, silver
dollar containing 3S4 grains was in
troduced into the bill. Like the silver
half dollars it did not have free coin
age or full tender This was the doh
lar which was afterward dropped out Of
the bill and in place of which the trade
dollar of 420 grains, with unlimited
coinage, but limited tender, was sub
stituted.
From the contemporary records it is
clear that the bill was before congress
for about three years; that it was
printed II times separately and twice
In reports OF the comptroller Of the
| currency; that it was consndeTed at
length by the finance committee Of the
senate and by the coinage committee Of
the house during five different SEES
ssons; that it was carefully debated in
both houses, the debates In the senate
occupy ring So columns and those In the
house occupying 78 columns OF The
Congressional Globe, and tt finally
passed substantially as it was orig
fnaIly introduced EVERY feature Of the
bill was thoroughly explained IN the
original report accompanying the bill,
and repeatedly afterward In the de-
bates on the bill itself.
/ IN f4nfES
houses who did not pay attention to
either the report or the discussions,
| for at that time such subjects were re-
garded as of interest only TO experts,
but it certainly cannot be truthfulfy
said that they did not have full oppor-
tunity to know all about it.
So far as concerns the coinage Of
gold and silver, there were just two i'm
portant provisions in the act of 1873
namely, the unlimited coinage of gold
and the limited coinage of silver. Both
of these provisions have endured and
will endure, because, as / have shown
already, this is the only way in which
we can have the use of both metals as
money at the same time. And though
| some very GACGllGuL S0uC10lACu III CUu-
gress in 1878, when the wave of free
silver threatened to overwhelm every
one opposed to it, may have said some
foolish things about the act of 1873, it
| is significant fact that not a single
republican of those quoted as saying
these things, unless he lives in silver
producing state, has ever voted to re-
peal the essential provisions of the act
of 1878 above cited. Except as to the
trade dollar (Which was inserted as a
special concession to the silver pro-
ducers), the act of 1878, based upon the
experience of centuries, framed by men
| pre-eminent for ability and integrity
discussed in all its phases during the
three years when it was before con-
gress will be recorded in history as
one of the wisest and best pieces of leg
islation ever enacted by the congress of
the United States. The details may be
changed, but it's fundamental princi-
pies will endure.
Occasionally we hear a man ask,