The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-16

| Dy our POpUllS-1c lflSDlS the CriZrfz or
1906" In the meantime. France and
other countries adopted the ratio OF So
ounces of silver as the equivalent OF
one ounce of gold To avoid those en-
barassing changes, England, in 1916,
adopted gold as the single standard in
that country and silver as subsidiary
coin.
THE FIRST IS TO COIN.
In 1894, during the administration of
President Jackson and under the lead
ership OF Daniel Webster and Thomas
/ II. Benton, congress adopted the ratio
OF Is ounces of silver 10 one of gold by
reducing the number Of grains in the
! gold coin. AS silver was thus slightly
| uadervaiued L was not largely coined.
Silver could be coined in France at
! the ratio OF Is TO l, and the owner Of sill
Yer bullion could send il to France and
! have it converted into coin at that ratio.
thus receiving about per cent more
I for his bullion than II coined at the
/ American ratio Of Is to I.
THE CRIME OF 1884.
! Gold became the only American coin
/ in circulation and the avowed purpose
of the passage OF the law OF 1884 was
! 10 make gold the standard. This was
declared by the committee of the house
of Representative who had charge of
+ the bill, who said in their report:
THE committee think that the desid-
eratum on the monetary system Is a
standard of uniform value. They can
not ascertain that both metals have
/ ever circulated simultaneously, con-
currently and indiscriminately in any
t country where there are banks or
! money dealers and they ascertain the
& hot +tav >ecro
an invariable standard is its establish
ment in one metal, which metal shall
/ compose exclusively the currency for
large payments
! This law, heartily approved by An
/ drew Jackson, would now be called 1.-The
crime of 1884,
THE CRIME OF 1853.
In 1853. upon the report OF Senator
when all branches of the government
were under Democrat tic control, con-
gress reduced the quantity of silver in
the fractional coins (half-dimes, dimes,
quarters, and half-dollars) more than s
per cent, directed the purchase of the
silver for their coinage on government
account, abolished the law for their free
coinage and made them a legal tender
for So only. leaving gold still practical
iy the only full legal tender, United
States coin. At this time, the silver
dollar had diappeared from the current
coins of the United States and was
practically and purposely demonetized.
The purpose Of this act is thus stated
by the chairman of the committee hav-
ing the bill in charge in the house OF
representatives:
1--WE propose, so far as these coins are
concerned, to make silver subservient
TO the gold coin of the country. We in
tend to do what the best writers on po-
iitica1 economy have approved; what
experience, where the experiment has
been tried, has demonstrated to be best
and the committee believes to be neces-
sary and proper-to make but one stan
dard currency and to make all others
subservient to it. We mean to make
the standard coin"
This, l suppose would now be called
the crime of 1883" Silver was pract-
cally demoneized by this act and the
act OF 1884
DEMOCRATS A GOLD PARTY.
1t is certain that from 1901. when Mr..
Jefferson became president, to the close
OF Buchanan's administration in 1861,
the Democratic party was gold party.
money. AS / have already stated, Mr..
Jefferson in 1906 suspended the coinage
of silver dollars and it remained sus-
pended for more than thirty years. The
act of congress Of 1884 established gold
as practically the only coin in circula-
ton. Gold coins were Benton'S mint
drops"
All Democrats were then 'goldbugs-'
Senator Hunter in 1853, during Pierce
administration, secured the passage OF
a law which reduced the 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 silver dol
lar was not mentioned and practically
was excluded from coinage or circula-
ton. Yet. now, the Democratic party,
upon demand of the Populist party and
when silver has fallen In market value
to nearly one-half its former value,
seeks to demonetize gold and 20 estab-
lisn silver as the sole standard of value.
THE RESUMPTION CAME.
When the Republican party came In
to power in 1861 by the election OF Mr..
Lincoln, il had to face formidable re-
bellion. Gold and silver We're alike
banished from circulation and ire
deema bic paper money OF all denomi-
nations from 10 cents TO $1,000 was SUBJ
f,tituted in place of coin. When the war
was over. the Republican party sought
to restore specie payment as soon as
practicable. in March, 1869, IL pledged
the faith OF the nation TO payment in
coin or its equivalent OF all bonds OF the
United States and 10 redeem the United
States notes ct the earliest practicable
moment in coin.
In order TO carry out this pledge Il
became necessary to revise the various
coinage laws of the United States. This
was promptly and very carefully done,
by bill framed in the treasury depart
ment while Mr.. Boutwell, was secretary.
It was thoroughly considered by the ex-
perts OF that department and was
printed and submitted 10 all persons in
the United States who were supposed
to be familiar with the coinage laws.
The bill, containing sixty-seven sec
tons, accompanied 10y a mass OF infor-
nation that fills a volume. was sent TO
congress. April %, 1870. by Secretary
Boutwell, and its passage was strongly
recommended by him This bill omit
ted from the coins OF the United States.
the silver dollar, precisely as was done IN
1853, but provided for the coinage Of the
fractional parts OF the dollar in accord
ance with the act OF that year.
THE CRIME OF 30.
This bill was pending in congress for
three years-was carefully considered
IN both houses and special attention
was called to the omission OF the COZ
grain silver dollar. which was never in
the ban at any stage and the reasons
for this emission were given. Il ives
finally determined, at the urgent 70
quest OF members from the Pacific
coast, 20 insert among the silver coins
2 IA r.,- t~,a sa1