New-York tribune., 1904-10-24
LETTERS 10 THE EDITOR.
TIE COINAGE OF SILVER.
How the Denial Of Mintage Reduced Value
of Precious Metal.
the Editor q The Trlbune.

= o the Editor OF The Tribune.
Sly: A communication from the zen % Alexander
Del Mar addressed the Bimetallic Leagues OF the
United States appeared recently in The Tribune. in
which be claimed that the Silver Party. consisting
of both Democrats and Republicans, passed the
Bland bin and saved the honor ot the country and
enabled US 10 renew coin payments.
M Del Mar seems 70 have fallen into an error
that has been entertained by myself included.
who profess TO understand the monetary situation
An amateur may be excused FOR harboring delu-
sion but it s more serious in the case Of author
and teacher so distinguished as Mr. Del Mar The
bill referred not the Bland. but the Allison
bl OF 1885, & compromise measure not satisfactory
silver men, and whatever credit Or blame may
sTtsch 10 il does moi belong 10 them. 1 do not ask
your readers to accept my statement alone but ask
The Tribune 10 publish The following letter ! re-
ceived correcting a statement l made in letter
originally published in The Tribune and copied in
The Silver Dollar" the Official organ Of the FL
metallic League. I submit II as a good answer to
the claim OF Mr.. Del Mar. / hope that be will
ospt It in the same kindly spirit that did
C. p Benedict, Esa.
Dear Sir: Your letter published in The Silver
Dollar OF October contains an allosion 10 the
act OF Congress Of ls7S, and yog designate the
same as the Bland Hlll TIE Bland bill, which
n the Senate by the votes OF SILVER men such
out Of ms very questionable proceeding came The
Alison bill 5assgd % & ne Ss2a,e ana House in
and unlimited coinage of silver and just the
Ilsat oi - n0inlqs @ eaSl 70 = or 0sJer mas oeen @
less 10 pass either branch of Congress.
matter As all such measures ere fun Of mischief
TIE parties Who brought about tie compromise
have compromised themselves and injured the good
cause
non nope q s q s @ a2 m 9F y Sg og e gSi nlege 9e
you take in the restoration Of free coinage. re-
Of comr-,,,.55 5TAE "A ,,,S.. G M5G9ELs. 155 NI5a..
United States Senate OcEober .. 1888.
I DO not care 10 notice the political illusions made
I. Is ciSen 70
only as an economic aud scientific subject. and 10
she historical facts connected With it.
II we accept the act Of 1873 which substituted
the trade dollar with unlimited coinage, but re-
sTicted legal tender functions for the old dollar
ali the so-called silver bills have restricted and
obstructed the coinage OF siver. and prevented
large proportion Of our silver product from being
ninte6 and converted 20 monetary use and forcing
s. upon the worlds market. he sold for what IL
WOULD bring as metal
The law OF July .. lS16 which declared that the
trade Collar should no longer be legal tender and
The amount be coined should BE limited TO such
amount as the Secretary of the Treasury should
deem sufficient for the expert tra6s," inaugurated
reputation Of the nstions coins. and authorized
single Cabinet ojoeNto coin silver into pieces that
were not legal tender Had not this act been
passed, the trade dollar would have been the dollar
Of commerce in tie Eastern world. Our entire
ysle of the silver mines would have been absorbed
ano there would have been silver question 10
NeA and disturb The Allison bin OF lg7S' re-
stored the old dollar, but under limited coinage
and fuil iegGI oeEder power circulate as money
Under this law the Secretary Of the Treasury was
compelled 20 bay 1900 90 worth OF silver month
and coin into standard dollars. He could however.
~ his option. 6ouble this amount but no Secretary
ever exercised this power, and only the minimum
amount named in the bn was ever coined.
During the continuance Of this act and the so.
called Sherman ec5 s225 10000 worth OF our silver
Sooinilg value) was denied mintase ana thrown