The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-08-20

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statesmen. who disagreed upon nearly all
other questions. did agree upon the then
| relative value Of the TWO metals and that
| both should be coined into money az that
ratio. At that time neither gold nor sill
yer was found in any considera Dle guam
tity in any Of the thirteen states then
forming the Union. The revolutionary
war had been conducted with paper
money. which became worthless. and
the coins Of Spain. England and other
countries had been made legal tender
and continued 80 for many years after the
adoption OF the constitution. When The
new American coins We're issued il was
found that the abraiied and worn coins
Of other countries filed the channels Of
circulation. and the newer, bright dol
lars Of the United States were exported.
his led 10 the disconIiuuauce in 1906 by
President Jefferson Of the coinage Of the
silver dollars and after that date none
were coined for more than thirty years
This order Of jefferson. | suppose, will
be called by our gCpulistic friends the
crime Of 1906 In the meantime
France and the other countries adopted
the ratio Of II ID ounces Of silver a.
the equivalent Of one ounce OF gold. To
avoid these emharra SSlng changes Eng
land. in 1916. adopted gold a. the single
standard in that country and silver a.
subsidiary coin. In 1894, during the
administration Of President Jackson. and
under the leadership Of Daniel Webster
and Thomas II. Benton. congress adopted
the ratio Of IL ounces Of silver 10 l ounce
Of gold 10y reducing the number OF grains
in the gold coin. A. silver was thus
slightly UNDERMINED it was not largely
coined. Silver could be coined in France
at the ratio Of II 10 / and the owner Of
silver bullion could send il L. France and
e. Es.r TOD my coin a la
thus receiving about ) l-r cent more for
his bullion than II coined 81 the Amcri-
can ratio Of Ii 10 /. Gold became the
only American coin in circulation. and
the avOWed purpose of the passage Of
the law Of 1884 was 70 make gold the
standard. This was declared by the
committee Of the house Of representa-
tiye9s who had charge Of the bill. who
said in their report: The committee
think that the desideratum in the none
tary system is standard Of uniform
value, they can not ascertain that both
metals have circulated simultaneously.
cOncurrently or Unfortunately in any
country where there are banks
or money dealers, and they en-
terrain the conviction that the near
est approach 10 i universal standard
Is lts establishment in one metal. which
metal shall become the basis for large
payments
The law therefore approved by Andrew
jackson would now be called the crime
Of 1871. In 1853. upon the report Of
Senator Hunter. when peace was flour
ishing. when all branches Of the govern
ment was under democratic control. con-
gresS reduced the quantity of silver in
the fractional coins half dimes. dimes
quarters and half dollars more than &
per cent. directing the purchase of the
silver for their coinage on government
account. also abolished the law for their
free coinage and made them a legal ten
der for 50 only. leaving gold still prac-
ucally the only full legal tender of United
states coin. At this time the silver dol
lar had disappeared from the current
coins Of the United States and was prac-
'!caIy ana purpOSely demOnetiZed. The
purpose of his act is thus stated 10y the
oh" irman Of the COMMITTEE having the bill
IL charge IL the house Of representatives
I'VE propose. so far as these coins are
Corc"ll Cd. 20 make silver subServienr to
the gold com of the county. We intend
to do what the best writers on political
economy have approved we experience
where the experiment has been tried and
demonstrated TO be the best and which
the committee believed To be necessary
and proper 10 make but one standard Of
currency and TO make all others subSer-
Went to it. We mean to make gold the
standard coin This. | suppose. would
now he called THE crime of 1SJ3.' sill
yer was practically demOnctized by this
act and the act of 1884. 1t is certain
that from the time jefferson became
president 10 the close of Buchanan'S adj
ministration the democratic party was
a gold party opposed TO silver and all
forms Of paper money.
As | have stated. in 1906 Mr.. jefferson
suspended the coinage of silver dollars.
and it remained suspended for more than
thirty years. The act of congress of
1854 establishing gold as practically the
only coin in circulation. Gold coins
were Benton's mint drops" All demo
Gratis We're then gold bugs. Senator Hun
ter. during Pierce's administration. Sc
cured the passage of law which reduced
silver in the half dimes, dimes, quarters
and half dollars. making them subsidiary
coins, abolished their free coinage and
limited their legal tender TO S.. The sill
vCr dollar Was practically excluded from
coinage and circulation. yet now the dem
Ccratic par y. upon the demand of the
populistS, aid when silver has fallen in
market to nearly one-half its former
value. seeks to GUST gold and establish
silver as the standard of value.
When the republican party came into
power in 1861 by the election of Lincoln.
it had 70 face a formida BILE rebellion.
Gold and silver were alike baniShed from
circulation and paper money of all de-
nominations from 10 cents TO $1,000 was
substituted in place of coin. When the
war was over the republican party sought
to restore specie payment as soon as prac-
ticahle. In March. 1859. r edged the
faith of the nation TO payment in coin
or ITS equiv aient all bonds of the United
States and to redeem the NOES of the
United States at the earliest PRACTICAL
moment. In order to carry out this it
/ ecanlc neCt ssary to revise the various
coinage laws of the United States. This
was promptly and very cheerful, done
by bill framed in the treasury depart
ment. where Mr.. Boutelle was secretary
l. was II en- thoroughly considered los
the experts of that department and was
printed and submitted to all persons i'll
coinage laws of the United STATES. This
the United States who were supposed to
be familiar with the coinage laws. The bill
siXty-seven sections accom-
panied Ivy Il mass of information which
fills volume, was sent to congress. April
Is. 1870, by Secretary Boutelle. and its
passage was strongly recommended by
him his bill omitted from The coins
Of the United States the silver dollar pre-
cisely the same as was done in 1853. but
provided for the coinage of the fractional
pre- cisely the same as was done
in that year. The bill was pending in
congress for three wears was Snpciollv