The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1896-05-14
BUCK ALEW ON SILVER.
CONTINUED.

this amendment, TWO SeCtlonS WSIS
added to the bill one providing for
an international conference on silver
coinage; and the other that any person
might deposit silver coin authorized
by the act in sums not less than ten
dollars each and obtain therefor cert-
ficates of not less than ten dollars
each corresponding with denomina-
tons of United States notes, and that
the coin so deposited should be re-
tanned in the treasury for payment of
the certificates. The bill in its amend.
ed form being sent to President Hayes
was vetoed by him but, upon recon
sideration, was passed over his veto
by two-thirds vote in each house of
congress, on the aSth of February,
1873, and so became law.
An argument greatly pressed by
the advocates of the Bland bill was
that if the government took silver
bullion freely and coined it freely both
its commercial or market price and
its merit as a coin in parity with gold
would be maintained: it would form
valuable currency for use by the people
and at the same time perform with
gold the function of legal standard
for all commercial and monetary
transactions. How illusory these
expectations were is shown by results.
Although the government has pur-
chased silver and coined dollars by
hundreds of millions, yet the price of
silver has greatly fluctuated year by
year, showing on the whole steady
and sure decline in value until point
of extreme depreciation was reached,
in 1904, which startled and troubled
every commercial country OF the
world. The rates of decline, will be
shown hereafter in the present paper.
THE SHERMAN ACT.
So called Sherman Act was in fact
supplement to the Bland Act Of
1873, repealed the provision of the
former statute which provided for a
purchase of not less than 100000,
nor more than 100000 dollars
worth of silver bullion per month and
coming the same into silver dollars as
therein provided and substituted
therefor the following
"That the Secretary of the Treas
ury is hereby directed to purchase,
from time to time, silver bullion to
the aggregate amount of 1850, 900
ounces, or so much thereof as may
be offered in each month, at the
market price thereof, not exceeding
one dollar for 37I.25 grains of pure
silver, and to issue, in payment for
such purchases of silver bullion, treas
ury notes of the United States to be
prepared by the Secretary of the
Treasury, in such form and of such
denomination, not less than one dol
lar nor more than 1000, as he may
prescribe, ard a sum sufficient to
carry into effect the provisions of
this Act is hereby appropriated out OF
any money in the treasury not other
wise appropriated"
The second section of the act pro-
vided - That the treasury notes
issued in accordance with the provi-
sions of this act shall be redeemable
on demand, in coin, at the treasury OF
the United States, or at the Office OF
any assistant treasurer of the United
States, and when SO redeemed may
be reissued but no greater or less
amount of such notes shall be out
standing at any time than the cost OF
the silver bullion, and the standard
silver dollars coined therefrom, then
held in the treasury, purchased by
such notes; and such treasury notes
shall be legal tender in payments
of all debts, public and private, ex-
cept where otherwise expressly stlpu
lated in the contract, and shall be
receivable for customs, taxes, and al
public dues, and when so received
may be reissued and such notes
when held by any national banking
association, may be counted as par
of its lawful reserve. That, upon de
mand of the holder of any of the
treasury notes herein provided for
the Secretary of the Treasury shall,
under such regulations as he may pre-
scribe, redeem such notes in gold Of
silver coin, at his discretion, it being
the established policy of the Unitec
States to maintain the two metals or
a parity with each other upon the
present legal ratio, or such ratio "a
may be provided by law"
Sec. 3. "That the Secretary o
the Treasury shall each month coir
100000 ounces ofthe silver bullior
purchased under the provisions o
this act into standard silver dollar
until the Ist day of July, 1891, anC
after that time he shall coin of thl
silver bullion purchased under the