The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1896-07-30

The address defending the action OF
silver delegates, which was prepared by
J. Dockery in behalf of himself and his
associates, contains the following:
The integrity of this American, this
Democratic monetary system was re-
lig1ously preserved by all American leglS-
lators from 1892 to 1873. In this latter
year when the attention of the American
people was diverted from the subject,
dishonest legislators surreptltlously de-
monetlzed silver, the peoples money"
These assertions have been made again
and again with the expectation that con
slant repetition of a false statement
may eventually carry conviction with it.
Honesty Of purpose should actuate ali
discussions Of political or economic
nature. No question is settled definitely
unless settled right. The people at large
desire the truth because it is their ardent
hope that legislation on every subject
shall reflect the honest sentiment Of the
masses.
Why should the monetary system
adopted in 1872 when the Federalists were
in power, be now styled democratic
system" when the teuets Of the party
responsible for the legislation were nearly
identical with those of the Republican
party of to-day? But that is of less
consequence.
Was this monetary system, whether
Democratic or Republican, religiously
preserved from 1872 to 1873? The question
is absurd in the light of historic events.
Only few years after blmetalllsm was
adopted natural causes were at work
lowering the price of silver and thus
driving gold from circulation and intro
ducing the silver period. There was no
| blmetalllsm ID the United States from
about 1912 to 1894.
When gold had driven out silver by
1874, was bimetallism sreligiously pre-
served? Did the American legislators
even make the attempt by the coinage
act of 1853 to bring the silver dollar into
circulation again? They did not because
they felt convinced that it could not be
done The Legislators" who enacted
| this law are the ones to blame for the de-
monetization Of silver. And yet they
were but rejecting public opinion In
| letting the silver dollar go. In fact they
| had no choice. Silver refused to come to
the mint for coinage because t was wor, n
more as bullion than as coin.
The act of 1873 was not dubbed the
SIIlDe VI 1910 llLlbIl SOllt years ulItI
the supposed crime was committed. So
| long as silver was worth 103 cents In gold
congress had not committed a crime by
dropping the silver dollar from the list
of legal com. But when the rapid de-
cline in silver came in 1876 there was
! heard at the same time the cry of the
western mine owner for free coinage at
the ratio of :l6, Why? Because than
there would be greater profit in coming
silver than IN selling 1t in the bullion
market.
The charge that the act of 1873 was
surreptitiously passed can easily be dis
! proved by reference to the history of
the passage of that act. 1t was intro
| duced into the Senate in April 1870. 1t
was submitted to the House June %,
1870. 1t was reported ana debated In
the Senate IN December 1870 and January
| 1871, and passed by a large majority
January 10, 1871. It's passage through
the house was even slower, taking IN all
fifteen months. In the House the bill
was amended, and as amended it passed
by nearly unanimous vote May 81, 1872.
1t then went back to the Senate where it
was again passed January II, 1873. The
debates on the bill occupy IA columns
of the Congressional Globe" And this
bill with its snail like progressthrough
the two houses consuming in all nearly
three years, was passed by frauds