Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-08-06
"THE CRIME OF 10"
II Exists Only Ia the Minds of Those VINO
Do Not Know Facts.

that crime was committed surrepfi-
tioasly against silver in 1873, Congress
man j. Z. AcCleary, OF Minnesota. de-
voted considerable time, in his great
speech Of February u, to a presentation
Of the important facts connected with
the passage OF the coinage al. of 1873
The fscts stand out 50 clearly nd tell
such a straightforward story tsas it
would seem impossible that any fair
minded man should. after reading then,
continue to believe that there was any
conspiracy By anybody that caused
the passage Of thisact. We can give but
/ a few OF the more salient points from
Afr. McCleary's speech on this point.
The original bin was prepared IN the
I treasury department il the winter Of
lS69-70, by John Jay KncN. then deputy
I comptroller o. the currency, under tile
direction Of George S. Boutwell,. then
+ secretary q the treasury, The laws re-
lating to the mint had not been revised
/ for more than a generation, and much
+ confusion existed. This bill was largely
/ q coslifeation of existing law, with such
t Improvements as experience suggested.
THE first draft OF the bill was sub
mitted TO leading experts on coinage
and currency III this country, and to
SOME ~ Europe. In this way the views
/ Of more than 30 men were obtained.
Their answers were transmitted to the
house ia June. 1870, as a supplementary
report on the bill. The consensus OF
opinion Of these experts, and Of those
who discussed the bill in congress. was
that il was simply to recognize legally
what had practically existed, since the
act Of 1853, made gold the single stand
ard Of value and made silver subsidiary
and legal tender only for sums NOT ex-
ceeding FIVE dollars
The bill as introduced distinctly dis
continued the silver dollar. One of the
eight headings 10 the division in the
reports accompanying the bin was as
follows ~l5) Discontinuance of the sill
yer dollar" This was printed in capi-
tails. The diseontinuance Of the silver
dollar was specially referred to in four
places in this report.
Contrary to the snppositions and
statements Of many leading free silver
ties, the old standard dollars of 4I2B
grains was never in the coinage bin
passed in 1878, and therefore it could
not, as they allege, have been omitted
surreptitiously. In May, 1892, the 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 dol
lar which was afterward dropped out of
the bill andAin place of which the trade
dollar of 420 grains. with unlimited
coinage, but limited tender, was substi-
tuted.
From the contemporary records it is
clear that the bill was before congress
for about three years; that it was print
ed II times separately and twice in re-
ports of the comptroller OF the curren-
cy; that it was considered at length by
the finence committee of the senate and
by the coinage committee of the house
during i've different sessions; that it
was carefully debated in both houses,
the debates in the senate occupying 66
columns and those in the house occupy.
ing 70 columns of the Cong ressional
Globe. and it finally passed substantial
ly as it was originally introduced.
Every feature of the bill was thorough
ly explained in the original report &C.
companying the bill, and repeatedly
afterward in the debates on the bill it.
self.
There doubtless were persons in both
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 truthfully
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 impor-
tant 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 l 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 excellent gentlemen in con-
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 single re-
publican of those quoted as saying these
things. unless he lives in silver-pro-
ducing state, has ever voted to repeal
the essential provisions of the act of
1873 above cited. Except as to the trade
dollar (Which was inserted as a special
concession to the silver producers), the
act of 1878. based upon the experience
of centuries, framed by men prominent
for ability and integrity, discussed in
all its phases during the three years
when it was before congress, will be
recorded in history as one OF The wisest
and best pieces of legislation ever en-
acted by the congress of the United
States It's details may he changed,
but its fundamental principles will en-
dure.