Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-08-17
ONO CAMPAIGN
Continued from page ~

| bullion could Senu IL 10 FRANCE anu have
| it converted into coin at that ratio, thus
| receiving about per cent. more for his
bullion than If coined In America. Gold
| became the only American com in circu-
lation and the avowed purpose of the
| pa ssage of the law of 1894 was to make
| gold the standard.
This law, heartily approved by Andrew
| Jackson would now be called 1.-THE crime
of 1894" In 1853. when Pierce was Presi-
dent and when all branches of the gov
| ernment were under Democratic control,
| Congress enacted law reducing the
quantity of silver in the fractional coins
more than per cent, abolished the law
| for their free coinage and made them a
legal tender for 81 only, leaving the gold
| still practically the only full legal tender
! United States coin. At this time the sill
yer dollar had disappeared from the cur
rent coins of the United States and was
| practically and purposely demonctiZed.
This. | suppose, would now be called the
'crme of 1888" Silver was practically
| demonetiZed by this act and The act Of
| 1881
1t is certain that from 1901. when Mr.
jefferson became President. to the close
Of Buchanan's administration in 1861. the
Democratic party was It gold party. OF
posed to silver and all forms of paper
money. Yet now. the Democratic party
upon the demand of the Populist party
seeks to demonotize gold and to establish
SILVER as the sole standard of value.
When the Republican party came into
power IN 1881 by the election of Mr.. Lin
coin, 1t mad to face Il formidable rebellion.
Gold and silver We're alike hanished from
circulation ana irredeemable paper money
of all denominations from 10 cents to
Sl0ON was substituted in place of coin.
Then when the war was over. the Re
publicans sought to restore specie pay
menl as soon as practicable. In March.
1869. it pledged the faith of the nation to
payment in coin or its equivalent of all
bonds of the United States and to redeem
the United States notes at the earliest
practicable moment in coin.
In order to carry out this pledge it be-
came necessary to revise the various
coinage laws of the United States. This
was promptly and very carefully done by
bin framed in the treasury department
While Mir Routwcll was secretary
lS7o, by Secretary Boutwell, This Hill
omitted from the coins of the United
States the silver dollar, but provided for
The coinage OF the fractional parts of the
or three years. and special attention was
'alled to the omission of the i12ie grains
silver dollar. which was never in the bin
1t any stage. and the reasons for this
omission given II WAS finally determined
II the urgent request of members from
he Pacific coast. to insert among the sill
Ner coins q trade dollar containing go
,rains of standard SILVER. ana this dollar
vas made. like the minor coins. a legal
tender for s. only.
The bin passpd both houses and became
law Feb. H. 1873. by practically a unan-
nous vote of both parties
This has been called the crime OF 1875. "
The bill was in fact a wise measure of
luhlic policy. carefully discussed ana con-
:idcrcd during three wears
When we test the outcrv against this
lct with the sober facts shown by Off
ial records it becomes simply ludicrous
The total number OF silver dollars coined
rom 1902 to 1913 WIS s OBI 23S while the
number of trade dollars issued under The
,oinacta act of lS73 containing Il, grains
more silver than the old dollIr was -
- ~ ana the nIn1ne,, Of standard silver
lollars coined under the Blaud-Allson