Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-06-26

The answer is plain. 1t was because Of
their being newspapers, not ancient his
tories. There was nothing new in prln-
ciple or practice in the bill. 1t was
largely a re.rnachncnt Of existing law,
properly codified. Why did the bill give
gold unlimited coinage and tender: Be
cause all mint laws in existence did so.
Why did it restrict the coinage Of sub
sidiary silver and limit its tender to 50?
Because these were the provisions Of the
net Of Feb. 81, 1853. Why did it omit
from coinage the old standard silver
dollar? Because that had been the intent
of the act Of 1853. In 1858 the dollar
was entirely out Of circulation, and no
attempt was made to bring it back into
circulation. Why did it make the gold
dollar the unit of value? Because 1t had
really been the metallic unit since 1884.
And this was the ayowod intention Of
the act Of 1858.
The truth was that in 1872 the silver
dollar was worth for bullion 81 cents
more than the gold dollar and that sill
yer dollars had not been in circulation
for many years. A. Congressman Hoop
or said on April o, 1872, when discuss
ing the silver dollar: 1T does not circu-
late now in commercial transactions
with any country, and the convenience
Of these manufacturers in this respect
can better be met by supplying small
stamped bars Of the same standard,
avoiding the useless expense Of coming
the dollar for that purpose. "
And Mr.. Kelley. who Is reported as
having said aftcrward that he did not
know that the bill omitted the standard
silver dollar, said on this same day:
1T is impossible TO retain the double
standard. The values Of gold and silver
continually fuctuate. You cannot de-
termine this year what will be the rela-
tive values Of gold and silvernext year.
They were Is. TO l short time ago.
They are 16 10 1 now
Hence all experience has shown that
you must have one standard coin which
shall be a legal tender for all others,
and then you may promote your domes-
tic convenience by having Il subsidiary
coinage Of silver, which shall circulate
in all parts Of your country as legal ten
der for a limited amount and be re-
deemable at its face value by your gov
eminent.
In another place in the same speech
Mr.. Kelley said, Every coin that is not
gold is subsidiary.
Even Mr.. Stewart, then as now a sen
ator from Nevada. said on Feb. 20, 1874:
"By this process we shall come to
specie basis, and when the laboring
man receives a dollar it will have the
purchasing power Of a dollar and he
will not be called upon to do what is
impossible for him or the producing
classes 10 do, figure upon the exchanges,
figure upon the fluctuations, figure upon
the gambling in New York. But he
will know what his money is worth.
Gold IS the universal standard Of the
world. Everybody knows what dollar
in gold is worth. "
The remarks Of Mr.. Kelley in the
house in 1872, and those Of Senator
Stewart in 1874 show that at that time,
before the tremendous output Of silver
turned mems heads, there was pracu-
cally undivided opinion on the subject
The bill had been before congress three
years. it had been repeatedly discussed,
there was nothing new or startling III
it. and hence there was no call for any
extended notice Of its passage.
But the facts are seen to lie that the
bill was passed openly and honestly. 1t
embodies the principles Of sound mint
age, and it undoubtedly saved us from
going to silver basis on the resumption
Of specie payments. And, therefore, the
men who framed it and those who passed
il deserve and will receive the grateful
thanks Of ourselves and our postcrity.
After becoming acquainted with the
facts how ridiculous seems the following
statement from Coins Financial School:
I'm the language Of Senator Daniel of
Virginia, it (the act of 1879 seems TO
have gone through congress like the
silent tread Of a cat. " Yet this is but
a sample Of the false statements made
by most Of the leading silverites. The
following summary Of procedure indi-
Gates how like the silent tread Of a
cat" the act Of 1878 stole through con-
,.--o~r.