Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1896-09-03
THE CRIME OF 1873"

been made p%ersistently durinS
the past few years than that a crime"
OF some kind was committed in 1873
when congress passed the act discon-
tinuing the coinage Of the silver dollar
piece..as q unit OF value, and establish
ing the gold COLLAR as the sole unit of
value. When first made the charge
was that the passage OF the act was
the work of a conspiracy" by some
English and other foreign bankers,
who Q II an agent to this country with
half a million dollars with which to
bride members of congress. This was
soon abandoned, and in its place WAS
started the charge that the act of 1873
had been passed ''by strength" One
silver writer said it went through
congress like the "stealthy tread OF a
cat" Another said it was passed ''sur-
reptitiously," and q hundred silver ad-
vocates echoed the charge. One
silver advocate, who is n writer of
history, put it in one of his books as a
historical fact, that the silver dollar
was SILENTLY demonetized." Others
added secretly to SILENTLY" or ''sur-
re~ptitiOusly," and all accompanied the
charge with the assertions that the pas
sage of the act took one half of our
money out of circulation, and that re-
mOnetization would restore the loss
half.
One would think, from reading this
charge, that the act in question was
before con- ress for II very brief time,
and that it passed without it's meaning
and effect being known to more that a
few members. This is the only way in
which q bill can pass SILENTLY or ''by
stealth" Now, what are the facts?
The bill Was first introduced in April,
1870; was urged upon congress by the
secretary OF the treasury in II special
communication recommending its pas
sage; was subsequently urged by the
secretary in three annual REPORTS
those of 1871, 1872, and 1873, was before
congress for nearly three years, and for
five successive sessions; was printed by
order thirteen different times: the de-
bates upon it in the senate filled sixty
six closely printed columns of the
Congressional Globe" and those in the
House seventy. eight columns. If that
be secrecy" and'stealth', what would
constitute publicity?
There is abundant testimony also
that the meaning Of the bill was at no
time concealed, or sought to be con.
cealed. Mr.. John X. Knox, who was
then deputy-comptroller Of the cur
rency, prepared the bill and accompa-
MED it with a communication, which
stated distinctly three times that its
provisions discontinued the coinage Of
the silver dollar piece. He had pre-
viOusly submitted the bill to the board
of trade, chambers Of congress, pro-
fessOrs in colleges. mint officials, and
other experts, and persons best com
petent to pass judgment upon ii, and
the replies of these authorities were in
cluded in the communication to con-
gress. Mr.. Knox said subsequently, in
regard to the charge of STEALTH" that
it has NO foundation in fact" that sit
is moi probable that any act passed by
any congress ever saw more care in its
preparation, or vas YER submitted to
the criticism OF a greater number Of
practical and scientific experts"
Ex-senator Edmunds, who was q men,
Der OF the senate during the three years
In question, said many years later,
when asked il it was generally UNDER
stood at the time that the bill put the
country upon the single gold standard:
Certainly. All the nations with which we did
business-Or the most Of them = were going gold
standard alone; and the tenden y Of all trade
pointed to that as the inevitable basis OF values.
But the strongest evidence against
the stealth charge is to be found in the
speeches made in both Houses while
the bill was under consideration. In
January 1872, the bill IA before the
House, and was debated for nearly two
whole days. Congressman Kelley of
Pennsylvania, made Ia long speech in
explanation Of its provisions giving q
detailed account of the authorities to
whom it had been submitted for
opinion. saying that It's only object was
to provide for the ''integrity of the
coinage, 'and adding:
would like to follow the example OF England
and make a wide difference between our gold
and silver coins, and make the gold dollar uni
form with the French system of weights, taking
the grain as the unit.
Congressman Hooper, of Massachu-
sets, when the bill was again before
the House in February, 1872, explained
the coinage and other sections of the
bill in a speech which fills ten columns
of the "Globe," and in the course OF
which he said of the silver dollar
which the bill discontinued:
The silver dollar IL 4l2a grains. by reason OF
its bullion or intrinsic value being greater than
its normal value, long since ceased to be Il coin
OF circulation, ami Is melted by manufacturers OF
silverware.
Congressman Potter. of New York,
who opp,sed the bill, said:
This bill provides for the making NJ changes
In the legal tender coin OF che country, and for
substituting Is legal tender coin Of only one
metal. instead, as heretofore, OF two.
Mr.. Potter opposed the bill, not he
cause he objected to its effect, but be-
cause, as the country had not at that
time resumed specie payment, it was
premature legislation.
In n recent letter to the manufacture
ers Mr.. w. F. Benjamin, editor of the
Spectator, RushlOrd, N. Y, says: ut