Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-06-19
WOODSTOCK. VIRGINIA.
FRIDAY. JUNE 10. 1898.
The GREAT CRIME OF 1878

have been widespread anu l"i'''"
all classes of society.
In order that all may be fully informed
unon this subject, we propose 10 snow
a. wlat the so called crime consls'eu
.rd further to show thatinstead Oh Dc
ing a crime the bill biased upon The
experience Of centuries, framed oS n''"
nre-eminent for ability and integrl'y'
,,.;u ha recorded in history as one OF the
Uise.t and best pieces OF leg'si"'io"
aver enacted by the Congress OF the
limited States. Its details may DC
changed but its fundamental Pnnclpl"
will endure
The facts which we give can Dc
,or;fsd nv reference 10 the Congress
ion,l Globe. and this article will be
oorposed almost entirely OF facts, not
OF argument. n.o
The original bill was prepared in the
Treasury Department in the winter Oh
1sse-ls7o. by John J. Knox, then
Deuutv Comptroller of the currency
under the direction Of Geo. 5. Boutwell,
then Secretary of the Treasury lie
laws relating to the mint had not oeeli
revised for more than generation anu
,,rob confusion existed. This bill was
oodi6cation of existing law, with
sucb improvements as experience sus
gested. The bill was before congress
for about three years. Its provisions
were fully and freely discussed TIE
debates in the Senate occupying 10 COZ
umns and those of the House % cO'"n'nS
Of the Congressional GLOBE
The crime. over which the Snver''es
rant and become indignant is embraced
IN two sections Of the bill. The first Is
=, follows: Sec. Is. THAT the silver
coin. Of the United States shall De
trade dollar. a half dollar or fifty cent
niece. a quarter dollar or twenty-five
cent niece, a dime or ten cent piece; ana
tho weight of the dollar shall be 42o
rains troy; the weight of the hall dol
lar shall be l2} grams; the quSrIsr'uo'-
l.rand the dime shall be, respectively
.ne-balf and one-fith Of the weight oil
the said half dollar; and said coin snail
be legal tender at their nomlnsi VSiue
for sny amount not exceeding % In any
one payment
1t will be noticed that this seetion
omits the three cent piece ana hSh-
dime TO which objection was made Oh
account Of their size, and the old stand
ard dollar which was never IN the Dill
Its omission was clearly pointed out anu
the reasons for its omission were plainly
given. =, 1ord
The objections to the old standard
dollar were that by reason Of its bullion
value being greater than its nominal
valuc il had long since ceased to De d
coin Of circulation and was melted by
manufacturers of silver ware. 1t ana not
circulate in commercial transactions
with any country and it did not pay the
Government to 90 to the useless expense
Of coming dollars to be used as bullion
tho manufacturers of silverware.
Tho trade dollar was substituted as
snecial accommodation to the miners III
order that they might find market Tor
their silver in the Eastern countries
wber. il was used as currency.
II will be clearly seen that the whole
OF this awful and horrible crime consist
ed i'm disseminating the coinage oil a
dollar which did not circulate as money
but was melted by manufacturers OF
silverware as fast as they could get
them.
But the Silverites claim that it de-
uonetized our silver coins. 1t did not
The same provision making the COINS
a legal tender in sums undertive dollars
was copied from the law then IN eX-
istence. as will clearly appear by refer
ring to section and of the Act OF Feb.
81, 1853.
The other section TO which they object
Sec. IA provides that the gold one dollar
piece shall be the unit Of value.
Upon the two sections above quoted
the average silver declaimer daily emp
ties the vials Of his wrath. A careful
consideration Of the subject will convince
every candid man that when Silverlte
denounces the "great and horrible
crime of 1873. it is evident that he Il
either talking to be heard or docs moi
understand the subject upon which hi
pretends to talk.
Was il q crime to make the golo
dollar unit Of value? Read the words
Of Senator Stewart one OF the greatest
advocates of free silver, uttered on Feb
20 1874 and published on page 1871
vol. 2 part 2, Congressional Record:
.'Ry this process we shall come L
snecie basis. and when the labOring maj
ree.ives.a dollar it will have the purchas
ing mower OF a dollar, and he will not b.
calico UDOi " uO Ni0s -
him or the producing class to do, fgur
upon the exchanges, figure uPen TIT
gambling in New York: but he vii
Knew what his money is worth. Got
/, The universal standard Of the rorta
Everybody kaO,cs 'ohGt dollar ." gold
porth."
Hon. Saml. B. Ruggle', representativ
ofths limited Statss to the Internationa
Monetary Conference of lS67-irom tn
official report Of which the followln
extract Is taken-said "thst this douol
standard did not practically exist, an
that therefore the United States did nc
seem to him TO be in position 10 0
comprised among the countries havin
q double standard"
'sIn 1853, the double standard va
practically abolished by the reduction
about seven per cent in the weight
the fractional pieces Of the silver dollar
and by the declaration that all the diyis