The Act Of 1873

The advocates of the f ree coi n age of silver, have, for years, been reiterating the statements that the act of 1873, stopping the coinage of the silver dollar, was surreptitiously passed; that the members of congress, even, did not know what they were voting for, and that the act was passed at the instigation of men who were interested in forcing a corner on gold. They have repeated these statements so of ten that many have convinced themselves of their truth. Even so well-informed a man as F. A. Baker, in his recent ratification speech at the Auditorium in Detroit, declared that it was a "stealthy" act. They alsospeak of the law as having lLdemonetized" silver. An inquiry as to the exact facts in the case is pertinent at this time. There had been no general revisión of the coinage acts since 1837, and no amendments adopted since 1S53. In 1870 the secretary of the treasury, Mr. Boutwell, framed a bilí intended to bring under one chapter all the acts relating to the coinage since the mint was established in 1793. This was printed and copies of it sent to experts throughout the country; and after their suggestions had been considci-ed it was introduced in the senate and referred to the committee on fin anee April 28, 1S70. It did not pass the senate until Jan. 10, 1871, having been for some months upon the files of members in printed form. Previous to te passage, vvhich was by a vote of 36 to 14, it was discussed for two days, Senators Sherman, Sumner, Morrill, Bayard and a number of others having taken part in the discussion. The bill did not pass the house of that congress, but was introdueed in that branch of tlie next congress March 9, 1871, by Hon. Win. D. Kelley, of Pennsylvania. Ten months later, Jan. 9, 1872, it was favorably reported by the house committee on coinage, weights and measures, Mr. Kelley saying that, in that comraittee, "it received as careful eonsideration as I have ever known a committee to bestow upon a measure." It was discussed in the house by Messrs. Keljey, Garfield, Maynard, Dawes, Holman and others, and May 27, 1872, it was passed by a vote of 110 to 13. It went to the senate and, with amendments, passed that body Jan. 17, 1873, after a discussion which took up 19 columns of the congressional Globe. In the house it was again printed, with the senate amendments, in some of which the lower body failed to concur. Conference committees were appointed and their report was agreed npon by both houses, the bilí becoraing a law Feb. 12, 1873. It will thus be seen that the bill was before congress and its committees nearly three years. It was printed as a congressional document 11 times, and in the report of hedeputy controller of the eurency twice, making 13 times in all. !t was considcred by the finanee com mittee of the senate and thecommittee on coinage, weights and measures of the. house duriny five different sessions, and the debates on the measure n the sonate filled (j5 columns in the Congressiional Globe, and those in the louse 7G columns. Surely there is nothing surreptitious nor "stealthy" about this As to the so-called "demontization" of silver, neither that nor any other act of congress ever took away f rom a single Standard silver dollar any legal tender quality once given to it. The silver dollars coined before that time were then, and have been ever since, a legal tender for their face value. The law simply discontinued the coinage of the silver dollar, and its use as a standard. The reason given by the director of the mint, II. R. Linderman, in recommending the bill, was that "having a higher value as bullion than its nominal value, the silver dollar long ago ceased to be a coin of circulation, and being of no practical use whatever, its issue should be discontinued." The comptroller of the currency gave a similar view, when, referring to the fact that the silver dollar disappeared from circulation long before 1873, he said: "The coinage act of 1873 simply registered in the forming of a statute, what had been really been the unwritten law for 40 years." ïhere was no trick and no secrecy about the passage of the law. It was a well-cousidered measure, and under the conditions then existing, a wise measure. It established by law a Standard which was already the standard in fact, and it aided in the resumption of specie payments, which. was brought about by legislation adopted two years later. The fact ' that enormously increased production of silver has since depreciated the value of that metal, does not discredit the judgment of the congressmen of all parties, who were considering the subject before that increased production any efEect.