The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-15
at a fxed ratio has and always will be

was because the value of Is ounces of
silver was equal to one ounce of gold.
At the time neither gold or silver was
found in any considerable quantities
in the 13 states then forming the union
The revolutionary war had been con-
Quoted with paper money which be-
came worthless and the coins of Spain,
England and other countries had been
made a legal tender and continued so
for many years after the adoption Of
sfWhen the new American coins were
issued the old and abraided coins of
other countries remained, and the new
bright dollars of the United States
were exported.
IN the meantime France and other
countries adopted the ratio OF 1512
ounces of silver as equivalent to one
of gold. To avoid those embarrassing
conditions the congress of 1906 adopt
ed gold as the single standard and sill
yer as the subsidiary coin. AS silver
was thus slightly underVaIued II was
not largely coined. Silver could be
coined in France at the ratio of Is to
/ and an owner of silver could send
it to France and have it converted into
coin at that ratio, thus receiving about
3 Der cent more for his bullion than If
coined at the American ratio OF 10 to L
Gold became the only American coin
in circulation and the avOWed purpose
of the passage Of the law of 1884 was to
make gold the standard This was de
clared by the committee of the house of
representatives who had charge OF the
bin who said in their report; The COM
mittee think the desideratum in the
monetary system is a standard OF uni
form value They cannot ascertain
that both metals have ever circulated
simultaneously, cOncurrently and in
discriminatory in a country where
there are banks or money dealers and
they entertain the conviction that the
nearest approach to an invariabIe
standard is the establishment of one
metal which shall compose exclusively
currency for large payments.
This law should properly be called
by the silver men the crime of 1884. In
1853 upon the action of Senator Hunter
when Pierce was president and when
all branches of the government were
under Democratic control, congress re
duced the quantity of silver in the frac-
tional coins, half dimes dimes, quar-
ters and half dollars more than six per
cent, directed the purchase OF silver Tor
their coinage on government account,
abolished the law for their free coinage
and made them a legal tender United
States coin. At this time silver dol
lars had disappeared from the current
coins of the United States and were
practically demOnetized-
The purpose of this act is thus sta
ted by the chairman of the committee
having the bill in charge in the house
of representatives: We propose so FAR
as these coins are concerned to make
silver subserVient to the gold coin of
the county We intend to do what the
best writer's on political economy have
approved; what experience where eX-
pertinent has been tried has demOnStra-
ted to be the best and what the com
mittee believes necessary and proper
to make but one standard currency and
to make all others subserVlent TO II:
We mean to make gold standard coin
ssrThis / suppose would be called The
crime of 1881 Silver was practically
demonetized by this act and the act of
1884
.sTt Is DIain that from 1901 when Mr..
Jefferson became president to the close
of Buchanan's administration in 1861
the Democratic party was gold party
opposed to silver and all forms OF paper
money. As I have already stated Mr..
Jefferson in 1906 suspended the coin
age of silver dollars and it remained
suspended for more than 20 years. Ine
act of congress of 1884 established gold
as practically the only coin in circula-
ffOn Gold coins were 'BentOnS s Mint
droDs' All Democrats were then Gold
bugs Senator Hunter in 1858 during
Pierce's administration urged the pas
sage of a law which read silver in half
dimes dimes. quarters and half dollar
coins abolished their free coinage and
limited their legal tender to five dol
lars The silver dollar was not men
toned and practically was excluded
from coinage or circulatiOn-yet now
the Democratic party upon the demand
Of the Popullst party ana Wnen sIVef
has fallen in market value to nearly
half it's value seeks to demonetize gold
and to establish silver as the sole stand
are of value.
into power in 1861 by the election of
Mr.. Lincoln it had to face a formidable
rebellion. Gold and silver were alike
banished from circulation and ire
deemable paper money of all denOmi-
nations from 10 cents to 81. 900 was sub
stituted in place of coin. w hen the war
was over the Republican party sought
to restore specie payment as soon as
practicable In March, 1869, it pledged
the faith of the nation to payment in
roin or its equivalent of all bonds of the
United States and to redeem notes at
the earliest practicable moment in coin.
In order to carry out the pledge it be-
came necessary tC 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 secreta-
ry Tt was thoroughly considered by
the experts of that department and was
printed and submitted to all persons in
the United States who were supposed
TO be familiar with coinage laws
The bill containing 81 sections, accom-
panied by a mass Of information that
fills volume was sent to congress
April 25, 1870, by Secretary Boutwell,
and its passage was strongly recon-
mended by him. This bill omitted
from the coins of the United States the
silver dollar, precisely as was done in
1853, but provided for the coinage of
fractional parts of the dollar in ac-
cordance with the act of that year
This bill was pending in congress |
for three years for three years, was
carefully considered in both houses and
attention was called to the omission of
the 41272 grain silver dollar. which |
was never in the bill at any stage, and |
the reasons for this omission given. It |
was finally determined at the urgent |
of members from the Pacific |
coast to insert as a coin the trade dol
lar containing 42O grains of standard |
silver, but this dollar was made like |
minor coins, legal tender for S5 only
There was but one yea or nay vote, and /
that was on the proposition to repeal |
the charge made by the mint for the 4
coinage of gold The bill passed both |
houses and became a law February 70 |
1873. by practically a unanimous vote 4
Of both parties and was specially sup |
nnrte1 and untad fnI. nv h - 1