Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1896-06-25

act of Feb 81, 1858. 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 it had
really been the metallic unit since 1884.
And this was the avowed intention of
the act Of 1853.
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. As Congressman Hoop
er said on April 8, 1872, when discuss
ing the silver dollar: 1T docs 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 afterward 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 silver next year
They We're 10 TO l Il short time ago
They are 16 to / now
"Hcnce all experience mas shown that
you must have one standard coin which
shall be Il legal tender for all others,
and then you may promote your domes-
tic convenience by having a subsidiary
coinage Of silver, which shall circulate
III all parts OF your country as legal ten
der for limited amount and be re-
decmablc at its face value by your gov
ernmcnt.
In another place i'll 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 dollar it will have the
purchasing power Of Il dollar and he
will not be called upon to do what is
impossible for him or the producing
classes to do, figure upon the exchanges,
figure upon the fluctuations, figure upon
tho gambling il New York But he
Will know what his money is worth.
Gold is the universal standard of the
world Everybody knows what Il dollar
III gold is worth.
The remarks Of Mr.. Kelley III the
house i'll 1872, and those Of Senator
Stewart III 1874 show that at that time,
before the tremendous output of silver
turned mems heads, there was practl-
cally undivided opinion on the subject.
The bill had been before congress three
years, it had been repeatedly discussed
there was nothing new CT startling in
it, and hence there was no call for any
extended notice of its passage.
But the facts are seen to be that the
bill was passed openly and honestly. 1t
cmbodics the principles of sound mint
age, and it undoubtedly saved US from
going W SllNcI bttSlS vi lll' assumption
of specie payments. And, therefore, the
men who framed it and those who passed
it deserve and will receive the grateful
thanks of ourselves and our posterity.
After becoming acquainted with the
facts how ridiculous seems the following
statement from Coin Financial School:
"In the language of Senator Daniel Of
Virginia, it (thc act Of 1879 seems to
have gone through congress like the
silent tread of cat e" Yet this is but
II sample of the false statements made
by most Of the leading silveritcs. The
following summary of procedure indi-
Gates how like the silent tread Of a
cat" the act of 1878 stole through con-
Gress: