The Providence news. (Providence [R.I.]) 1891-1906, 1896-10-06
NO CRIME AT ALL.

The Law of 1873, Passed Openly, Was
Considered Unimportant Then.
It is alleged that the law of 1878 was
enacted surreptitiously. Mr.. Bryan is
quoted as having said that the free coin
age men only ask for a restoration Of
'that system that we had until il was
stricken down in the dark without dis
cussion. Within the last ten years the
facts of the legislative history of that
law have been published over and over
again. They are 10 be found in the re-
port of the comptroller of the currency
for 1876, page 40; in Macpherson
Political Manual" for 1890, page 157.
and in "Sound Currency" volume 8,
No. 13. The bill was before congress
three years; was explained and debated
again and again. The fact that the sill
yer dollar was dropped was expressly
pointed out. 1t is not now justifable
for any man who claims TO be honest
and responsible TO assert that il was
passed sin the dark and without dis
cussion. The fact is that nobody cared
about it, 1t is noteworthy that the act
is not in "Macpherson's Manual" for
1874. 1t was not thought to be Of any
importance. 1t was not until after the
panic of 1878 that attention began to be
given to the currency. To that who
write can testify, since / tried in vair
before that time to excite any interest
in the subject. / was once in the gallery
of the house Of representatives when q
question of coinage was before the
house. / counted those members who as
far as / could judge were paying any
attention. There were six. What is it
necessary to do in such case in order
to prevent the claim 20 years later.
when countless interests have vested
under the law, that the law is open to
reversal" because it was passed "in
the dark?'
The act Of 1S7" ed not affect any
rights or interes took away an OPP
tion which had tA d since 1884, but
had never been used. and for ten years
before this act was passed had sunk en-
tirely ont Of sight under paper money
initiation. Secretary Boutwell,, when he
first brought the matter to the attention
of congress in 1870, explained the pro-
posed legislation as a codification of ex-
listing coinage laws. Later it took the
shape of complete simplification of ex-
listing law, history and fact, in order to
put the coinage on the simplest and best
system as a SSsis for resumption. AS
we had then no coin, we had free hand
to put the system on the best basis,
there being no vested rights or interests
to be disturbed. That this was a wise
and sound course to pursue under the
circumstances is unquestionable Three
years later, by the rise in greenbacks
and the fall in silver, it came about
that 412H grains of silver nine-tenths
fine was worth a little less than a
Rreenback dollar. The old option would.
therefore, if still existent, have been an
advantage TO debtors. Complaint and
clamor for the restoration Of the option
then began, but to give such an option
after the market had changed would be
playing with loaded dice. The European
countries which still retain the option
abolished it as soon as silver began to
fall, and we, if we had retained ii open
until that time, ought to have done the
same. Professor w. G. Sumner in
Harper's Weekly.