The independent., 1903-04-09

SLAMS, Greeks and Romans to the mid
die age-when the Jews, in some way,
contrived to get this power into their
own hands. 1t is supposed that free
coinage commenced in Spain and that
it gradually worked its way into
France, Holland and other countries
Of Europe. | think it must have
commenced in Spain about a thou
sand years ago, when that country
was in the hands of the Moors and
Mahommedans At any rate there was
no such thing as free coinage among
the Romans. y,
In 1866 the silver pieces had be-
come worn so much, or had been
filed and clipped SO much, that, on
an average. they did not represent
half as much silver as they ought to
contain by law. Besides, they were
hammered by hand, and were nearly
square and it was very easy for each
person to file off a little and pass it
on to the next person without the fl
ing being observed This was the
kind Of currency that was in circula-
tiOn in 1866, when the new law of free
coinage went into effect. There was
no law by which the worn and clipped
currency could be taken out of circu-
lation. Free coinage made no provi-
sion for this. Yet the old money was
receivable for taxes and, although
there were many disputes, 1t contin-
ued to circulate as the money of the
people. 1t determined the price Of all
commodities, and, by that price the
value OF the money was determined.
BY the same price the value of any
one commodity with respect to any
other commodity was determined. This
currency therefore, was a measure
of" value" for the people, although
a very poor measure.
Perhaps it was supposed that, by
opening the mint to free coinage 4of 4
silver, the worn and clipped crowns,
half-croWns and shilliIgs would be
driven out, and that the new crowns,
half-crowns and shillings would take
their place. But, if such was, their
thought, it did not so turn out, for
the old crowns, .half-eroWas and shill-
ings continued to circulate and the
new crowns ha4lf-erewns AID ;shtsllings
would not circulate. This puzzled !
even the wise men of the time. '
These things went on FROM bad to-
worse until 1896. {4,e. 1880
], From 1866 to 1896, a period OF thir-
ty years, there were great changes in
Thereswas airevolution DUR,
ing this time, known as the >revolu-
tion Of 1888. Charles f. died nat-t
ural death on the throne in, 1856. ]
James H., his brother, undertook to
rule England, but he remained king |
but three years. Then, after a short |
lnterreggnum Of few months, came
William Ill.,, prince of Orange and
his wife Mary. William had not been
on the throne a year before his min
listers began to give attention to the |
From 1859 to 1896 the agi- /
tation continued, the result Of which !
was that day was fixed, after which |
the clipped currency would not be re-
ceived, except by weight, for taxes.
This put an end to it's circulation, be-
cause it would require two shillings
Df the old money to make one of the
new. This made the old, no better
than the new, for paying debts. In
fact the old and the new were Just
alike because they both. passed by
weight The new had a little advant- !
age, in that it did not need weighing;
having come fresh from the mint, the |
new coin was a certification and proof
Of its weight.
The change from the old money to
he new produced the greatest money
panic known before or since. Lord
gives very full account of
t in the 21st and 22nd chapters of his
History of England There is one
strange thing, however. namely: The
historian does not mention or allude
% the fact that free coinage was then
n operation and had been for thirty
years. This he oyerlooks entirely. l
cannot account for it, except upon /
he ground that free coinage did not
90 into effect much until the old mon
" was demonetized by not receiving
t for taxes.
The retirement of the old coins and
he substitution of the new was con-
;idered reformation Of the currency. I,
IN one respect it was: it gave the
country what were called "milled''
,oins instead of the old-fashioned
'oins hammered out by hand. sup
nose thew were called "milIedo hp-