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0 t t 0 m s t i m a l llccont.
F I F T Y - T H I R D

C O N G K R E S S ,

The Midsummer Money Panic of Ninety-Three.

S P E E C H

or
H O N .

M.

N

OF NORTH

J O H N S O N ,
DAKOTA,

I N THE H O U S E OF REPRESENTATIVES*

Thursday, August

1893.

The House having under consideration the bill (H. R.1) to repeal a part of
an act, approved July 14, 1890, entitled "An act directing the purchase of
silver bullion and the issue of Treasury notes thereon, and for other purposes"—

Mr. JOHNSON of North Dakota said :
Mr. SPEAKER: Among the representatives on this floor, and
among the people of this country, there are two kinds of monometallists. On one extreme we have the very few who really believe that gold alone is worthy of use and confidence as a money
metal. On the other extreme, we have the free silverites, some
of them avowed monometallists, and all of them supporting a
doctrine which, if enacted into law, would as surely as night follows day drive gold out of circulation as money and bring about
silver monometallism.
Neither of these policies, can command the approval of my
judgment. I believe that for the transaction of the business of
this country we not only need to use all our silver and all our
gold and all our paper, and in addition thereto such expansion
of each as shall keep pace with the growth of population and
business, but more than anything else wq need such an expression and execution of the legislative power of the nation as shall
guarantee not only the stability but also the parity of all our
nine differing kinds of money at all times and in all places, utterly regardless of the ever-fluctuating values of the materials
out of which the money is made.
I do not know what Pickwickian meaning the gentleman from
Missouri [Mr. BLAND] may attach to such expressions as "struckdown silver,11 44 demonetized silver^'.'idestroyed.one-half of the
money metal of the country," etc., but I do know that such expressions, constantly reiterated in speech and in print, have
created the very erroneous impression in the public mind that
the silver legislation of the last twenty years has had a tendency
to diminish the use of silver money in this country.
The first so-called and falsely called "demonetizationof silver
act" was passed in 1853. It applied only to the subsidiary coinshalf-dollars, quarters, dimes, and half-dimes.
On account of a slight undervaluation of silver between 1834
and 1853—2 or 3 per cent—it was almost impossible with free
coinage to get enough of these coins into circulation to do the
business of the country. Up to that time the subsidiary coins
contained as much metal proportionally as the dollar piece.
It was profitable to export them or to melt them at home and
use the bullion in the arts.
241




F I R S T

S E S S I O N " .

To meet this difficulty three radical changes as to these coins
were enacted in the act of 1853:
First. The amount of silver' put into a dollar's worth of these
small coins was reduced from 412i to 384 grains.
Second. Free coinage .on private account was stopped, and unlimited coinage on Government account was substituted therefor.
Third. The legal-tender character of these coins was limited
to amounts of $5. (In 1878 the limit was raised to $10.) The intention and purpose of Congress in making these changes was
to preserve and increase that kind of silver money. The effect
was magical. The result fully justified the hopes and expectations of Congress. The law has worked so satisfactorily that
from that day to this no man in Congress, or out of Congress, has
ever seriously proposed to go back to the old method of freecoinage as applied to these coins.
Where free coinage was a failure, unlimited coinage has proven
a success. For forty years the Government has not only furnished the people an abundance of small change by always standing ready to manufacture it in unlimited quantities for any person who wanted it and was willing to give an equivalent for it,
but has also maintained its parity with our best money by always
standing ready to redeem it in any other kind of money, at the
option of the holder.
The free coinage of silver dollars continued for twenty years
longer, and came to an end in 1873. Then for five years we coined
the trade dollar of 420 grains on Government account only, and
in limited quantities.
In 1878 we restored the legal-tender character of the silver
dollar to any amount and resumed its coinage, but on Government account and in an amount limited to $2,000,000 worth per
month, instead of the former practice of free coinage on private
account.
In one respect the abandonment of free coinage had the same
effect upon the silver dollars as it had formerly produced on the
subsidiary coin, namely, to enormously incroase the use of silver
as money. There were only 8.015,838 silver dollars coined at
our mints during all the eighty-one years that free coinage was
the law of the land, and the bulk of these eight millions went,
not into circulation, but straightinto the melting pots of the silversmiths.
Since that time, since silver was ''demonetized," "destroyed,"
and " struck down,'! as these men tell us, we have poured into the
circulation of the country 427,390,637 of silver dollars, and about
$150,000,000 worth of silver bullion, not a dollar of which has been
melted, except by accident, and every dollar of which, either bodily or by its paper representative, has actually entered into the
channels of trade. The * dollar of the daddies," for the return to
*
which we are now so lustily called upon, never entered as a practical factor into our coinage or our commerce.
There^ were only a very few of them in circulation at any time.
I would like very much to know how many members of th is House
ever saw a silver dollar of a date earlier than 1873. Many of you
have been in business forfiftyyears, and several of you were members of Congress more than ten years before the free coinage of
those dollars ceased, and yet I very much doubt if there are
three men in this House who can stand up here and state from
memory whether the eagle on that dollar was represented with
wings pointing up or down, or whether the image of Liberty was
represented -by a head or by a full figure. If there is a man here
who can do that simple thing I shall be very happy to yield him

2

CONGRESSIONAL RECORD.

time to do so from the few moments allotted to me in this debate. [After a pause.] There are 356 members of this House,
and not a man of you has a clear and distinct recollection of what
a free-coinage silver dollar looked like.
I venture the assertion that there is not a public school in the
land where half the scholars could not without previous notice
go right to the blackboard and draw from memory a fairly good
representation of the buzzard oagle on the Bland silver dollar
with which the people have become so familiar since we " destroyed," "demonetized," and " struck down " silver. You may
by some mental reservation attach in your own minds incomprehensible meanings to these words, but you shall not forever deceive the people by coining and sounding phrases.
I inquired of the Acting Director of the Mint the other day if
he could give me an estimate as to how many of the eight million silver dollars coined prior to 1873 were in circulation at that
date. He could not. There were no official figures; probably
less than half a million.
When the people once understand that the effect of the silver
legislation since 1873 has been to increase the amount of silver
money in circulation among- them a thousandfold, then you can
talk at them till the end of time aboutthe "crime of 1873," " destroying half the money of the people," "contracting the currency," "doubling the purchasing power of money," and "demonetizing silver," or even yell " gold bug," " Wall street," and
"plutocrats," and thoughtful men will never wink an eye. : Not
only have we by this legislation increased the amount of silver
money a thousandfold, but we have throughout all the mutations and fluctuations of these eventful years kept that money
steadily at par with gold and all our other money, while silver
bullion has fallen in value over 40 percent.
Wo were often threatened in the last Congress, as we have
been twice in this Congress, by the gentleman from Missouri
[Mr. BLAND], the chairman of the Committee on Coinage, that
if we voted against his judgment of what was for the public welfare we would be overtaken by the vengeance of the people at
home, and not one would ever be honored with a return. It is
not necessary to withhold approval from such methods as-ideals
of statesmanship or to draw inferences of unsoundness in a cause
that needs to be bolstered up by such substitutes for argument;
but the survivors might be pardoned now for calling attention
to the fact that that prophecy has proven untrue in at least
eighty-seven individual instances. I observe many familiar
names and faces of men in the Fifty-third Congress who stood
up and were counted against the Missouri idea on the famous
tie vote of March 24,1892. The only Democrats returned from
the great agricultural States of Iowa and Minnesota [Messrs.
H A Y E S and H A L L ] voted with us. Fidelity and ability in the
cause of free coinage of silver did not save either the two Republicans f ?om Colorado and Nevada or the Democrat from Montana.
The only party that made the campaign on a free-coinage platform, and voted solidly for it in Congress, cast 9 votes for Mr.
Watson for Speaker of the Fifty-second Congress, but could only
muster 7 votes for Mr. S I M P S O N for Speaker of the Fifty-third.
The Republican party, nine-tenths of whose Representatives
were opposed to free coinage in the Fifty-second Congress; has
gained forty additional seats in the Fifty-third.
In my own great agricultural district, a district that produces
one-tenth of the entire wheat crop of the United States, equal
in value to the entire annual silver product of the United States,
the free-coinage candidate got only 7,434 votes out of a total of
36,150.
These results call not for more terrifying threats, but for more
convincing arguments from the gentleman from Missouri."
The SPEAKER. The time of the gentleman from North Dakota has expired.
On motion of Mr. PICKL.ER and Mr.- TRACEY, the time of
Mr. JOHNSON of North Dakota was extended.
Mr. JOHNSON of North Dakota. These sturdy, level-headed
wheat-raisers want every cent of good money they can possibly
get. But they draw the line at good money. They are not
tempted by the offer to revolutionize ourfinancialsystem in such
a way as to give them 58-cent dollars, even if they are offered a
few more of them. They know that in every country in the
world where there is free coinage of silver there is no gold
money in circulation, and the silver money is worth exactly the
same per pound as the bullion, and fluctuates with it. They do
not want any such money, and do not believe in any kind of
monometallism, least of all silver monometallism.' There is not
a country in Europe to-day whose mints are open to the free
coinage of silver.
Germany demonetized silver in 1871-1873. contains people
42,000,000
France stopped silver coinage in 1874 and has filled up with gold,
people
88,000,000
241




Italy stopped silver coinage in 1874 and has filled up with gold,
people
Belgium adopted gold standard ten years ago, p e o p Y o V " " " "
Switzerland and Greece adopted gold standard ten years ago,
people
Scandinavia demonetized silver in 1872, people
Holland demonetized silver in 1875, people
)le
Austria-Hungary demonetized silver in 1879, filling np "with gold,
people
Roumania adopted gold standard in 1890, people
Russia stopped silver coinage in 1876 and is filling up with gold,
l>eople
British India stopped silver coinage in 1893, pgopfe
I.
Great Britain demonetize! silver in 1816 and all its colonies have
followed the example, people

30,000.000
6,000,000

4,000,000

10,000,000

4,000,000

38,000,000
5,000,000
100,000,000

280,000,000

50,000,000

Total, 000,000,000 of people, besides those in the United States.
The late action by British India leaves the United States and
Mexico as the only countries in the world which continue to
purchase silver and coin it into legal*tender money, and Mexican silver coinage really cuts no figure, because those coins are
largely melted down by persons who use them at their bullion
value.
I use the term '* demonetized " here to designate a method of
coining, circulating, and sustaining silver as money, other than
by free coinage on private account.
A glance at the following table, taken from the evidence given
by the Director of the Mint before the Coinage Committee of
the last Congress, shows conclusively that free coinage means
monometallism, and that coinage of silver on Government account only, limited or unlimited, means bimetallism. In Europe
and the United States we find enormous amounts of silver and
also gold money, while in India and China there is no gold in
circulation, and in Mexico not enough to be worth taking into
account.
Table exhibiting approximately the stoclc of gold and silver in the principal
countries of the world.
[Furnished the Committee on Coinage, Weights, and Measures by E. O.
Leech, Director of the Mint,]
Stock of silver.
Countries.

Stock of gold.

Full legal
tender.

Limited
tender.

*f686,845,000 tS4G5,512,003 $76,560,000
United States
550,000,000
100,000,000
United Kingdom
900,000,000
650,000,000
50,000,000
France
500,000,000
102,000,000 102,000,000
Germany
05,030,000
48,400, C O
O
6,000,000
Belgium
140,000,000
25,800,000
34,200,000
Italy
15,000,000
11,400,000
3,600,000
Switzerland
2,000,000
1,800,000
2,290,000
Greece
100,000,000
90,000,000
35,000,000
Spain
40,000,000
10,000,000
Portugal
40,000,000
90,0C0,000
Austria-Hungary..
25,000,000
3,200,000
61,800,000
Netherlands
32,000,000
10,000,000
Scandinavian Union.
190,000,000
38,000,000
23,001), 000
Russia
50,000,000
45,000,000
Turkey
100,000,000
7,000,000
Australia
100,000,000
15,000,000
5,000,000
50,000, C O
O
Mex?co
500,000
Central America. - 25,000,000
45,000,000
South America
50,000,000
90,000,000
Japan
900,000,000
India
700,000,000
China
100,000,000
The Straits
5,000,000
16,000,000
Canada
800,000
1,200,000
20,000,000
Cuba, Haiti, e t c —
Total

3,711,815,000 3,395,412,000

•Includes $82,212,000 in gold bars.

Total.5542,078,000
100,000,000

700,000,000
204,000,000
55,000,000
60,000,000
15,000,000
4,000,000
125,000,000
10,000,000
90,000,000
65,000,000
10,000,000
60,000,000
45,000,000
7,000,000
15,000,000
50,000,000
500,000
25, C O G O
O, O
50,000.000
900,000,000
700,003, C O
O
100,000,000
5,000,030
2,000,000

544,160,000 3,939,578,000

t Includes $53,969,000 in silver bars.

The advocates of free coinage state that wheat and silver are
both cheaper now than in 1873, which is true; that the fall of
silver has caused the fall of wheat, which has not been piwrea
and may be true or false; and that the fall has been simultaneous,
like the mercury in two thermometers placed side by side,which
is false. I have raised wheat on my farm in North Dakota for
the past nine years, and always marketed it at the same place,
Petersburg, to the same buyer, JohnH. Terrett, direct from
the thrashing machine, in the fall. In 1884 I got 52 cents a
bushel for my No. 1 hard wheat. Some of my neighbors who
held their wheat until winter had to sell for 42 cents. Silver
was then worth about $1 an ounce. In 1888 I sold my No. 2
northern for $1 a bushel. My neighbors who had No. 1 hard
got $1.10. Silver went down about 18 per cent, while wheat went
up over 100 per cent in those four years.
Silver is now worth 72 cents and wheat on my place 44 cents,
but can be contracted for October delivery (our usual thrashing
time) for 50 cents, only 2 cents less than in October, 1884. In
1873 we exported no wheat from North Dakota. Now we raise
from forty to sixty million bushels annually. May not the law
of supply and demand have something to do with prices? In

CONGRESSIONAL BECOED.

3

1884 I paid $250 for a Piano binder. This year I bought a Buck- deposited in banks. To remove the latter fear and give the same
eye, a bettor machine, for $150 (both sales on time payments). absolute confidence in a certificate of deposit as in a national
In 1884 I paid 22 cents a pound for my twine; this year I bought bank note, I am in favor of Government guaranty of certificates
it for H i cents. In 1884 I paid my harvest hands $2 a day; now of deposit, the same as of bills with a national bank tax on deI pay $1.50, and at Casselton and Valley City, N. Dak., I see by posits sufficient to pay all depositors in failed banks promptly.
my home papers that going harvest wages are from $1.25 to $1. Probably a tax of one-fourth of one per cent per annum on deThe cheapening and improvement of machineryTand the fall posits would be ample.
To remove the fear that money invested in industrial enterof 50 per cent in wages and in the price of binding-twine are
ample causes to account for the result, if indeed the slight de- prise will be lost requires time and patience to remove the cause
that threatens our industrial life. An economic system, under
cline of from 2 to 7 cents a bushel in nine years calls for any exwhich we have increased our national wealth from sixteen bilplanation at all.
The tables published by the free silverites to prove that wheat lions in 1860 to sixty-three billions in 1890, has been declared by
has gone steadily down in sympathy with silver must be manu- the party now for the first time in thirty-three years in full confactured to fit a theory. The report of the statistician of the trol of the Government to be a "robbery," a "fraud," " unconAgricultural Department for 1892, page 59, gives the following stitutional," and a £ (culminating atrocity," which they are solas the average farm price of wheat in North Dakota from 1884 emnly pledged to repeal. That pledge will never be redeemed;
to 1891: 1884, $0.46; 1885, $0.63; 1886, $0.52; 1887, $0.52; 1888, $0.91; but for another year it will remain a standing menace, intimidating capital and paralyzing labor.
1889, $0.60; 1§90, $0.70; 1891, $0.72.
Until there is a chance to reverse all this by the election of a
Wheat was, as every farmer in North Dakota knows, higher
Republican Congress in the fall of 1894 there is an inviting field
in 18S8,1890, and 1891 than in 1884,1885,1886, and 1887. The
price of silver, as reported by the Director of the Hint, for the in which to train the noble virtues of pious humility and philsame years is as follows: 1884, $1.11; 1885, $1.06; 1886, $0.99; osophic fortitude while we endure temporary tribulation in the
severe school of adversity. [Applause.]
1887, $0.97; 1888, $0.93; 1889, $0.93; 1890, $1,04; 1891, $0.98.
Under the general leave to print I shall take the liberty to inThe prices of the two commodities show little sympathy,
sert a few extracts and tables.
much less the relation of cause and effect.
It has often been said that free coinage would make the United
The existing debts in North Dakota were all contracted since
1873 for dollars as good as gold. I know of no man there who States the dumping ground for the silver that foreign countries
wish to get rid of.
wishes to pay back a poorer dollar than he received, and a bushel
As an illustration of the extremes to which fanaticism will
of wheat will go just as far now in paying debts as it would in
1884. Nearly all the mortgages made in North Dakota in recent lead men in the support of a wicked cause, and to show how utyears are made payable " i n gold coin," while the $5,000,000,000 terly unscrupulous these men have become in presuming upon
due the depositors from the banks of this country are all payable the ignorance and child-like faith of those who have trusted to
their leadership in the wilderness, I call attention to the method
" in current funds."
The liabilities of the life-insurance companies, amounting to employed by the Populists to answer the "dumping-ground"
$8,000,000,000, and all similar obligations of the great, rich debt- argument north of latitude forty-six.
In a manifesto, dated "Attorney-General's Office, Bismarck,
ors due to the "poor" creditors are all payable in current funds.
I am not yet ready to cast my vote in favor of a legalized rob- July 26,1893," and published in the columns of some of the leading dailies, and as a supplement to scores of the weekly papers
bery that will enable the banks and insurance companies to
swindle the poor people who have trusted them out of $5,000,- of the State, the Populist attorney-general of the State of North
000,000. by coining ior them, free of charge, 58 cents' worth of Dakota, a man by the name of Wm. H. Standish, deliberately
silver bullion into a legal-tender dollar to take the place of the states that it was the free-coinage law of this country prior to 1873,
100-cent gold dollar, or its equivalent, which they have received the practice of the mints, and also the provisions of the Bland
free*coinage bills pending in recent years, for the Government
as deposits and premiums.
The purchasing clause of the Sherman law is designated by to take out one-tenth of the pure silver or gold bullion brought
the Republicans as a "temporary expedient," and by the Demo- to the mints for coinage as Government toll and substitute therecrats as a 4' cowardly makeshift." It has disappointed the hopes for a like weight of cheap alloy. The least investigation of the
of it3 friends, and fulfilled the evil prophecies of its enemies. law and the practice of the mints will show that there is not a
Nobody thinks that we could go on forever buying 154 tons of word of truth in the attorney-general's statement of law or fact.
silver every month and piling it up in the Treasury vaults. We
THE FABLE ABOUT ERNEST SEYD.
have reached and passed the danger point. It is time to call a halt.
That part of the Sherman law which authorizes the coining of
Ernest Seyd was one of the ablest champions of silver and
the silver bullion in the Treasury it is not proposed to repead in bimetallism produced in Europe during this century. In fact he
the pending bill. Let us sustain every dollar of our silver laid down his life on the altar of silver and for the cause of silmoney at par, and coin every pound of our bullion. It will take ver by rising from a sick bed, when he was unfit to be up* and
the mints several years to do that. In the meantime there going to attend the Paris Monetary Conference of 1881, where
would be no'harm and a vast expansion of the currency in allow- he died in harness, fighting for the cause of silver.
ing national banks to issue bills up to the par value of their bonds.
When he had been many years in his grave a lot of unscruI also have great hopes of the pending so-called Johnson bill, pulous men in this country, ignorant of his works and heedless
which authorizes any holder of Government bonds to deposit of his honor, invented and circulated a cunningly devised fable
the same in the ^Treasury and receive Treasury notes in ex- to the effect that Ernest Seyd had come to this country in 1873
change, with right to return the same and recover the bonds at with $500,000 in English gold, and by bribing the American
will. Such a law, coupled with a law for unlimited coinage of Congress had caused silver to be secretly demonetized.
silver dollars on Government account, like the law that has
In
story they published what pretended to be
worked so admirably for the last forty years inrelation to dimes, an exsupport of this Banker's Magazine of August, 1873, to the
quarters, and halves, would give us not only a sound and stable effecttract from the
that Ernest
been successful in his mission to demoney system, but b>flexiblecurrency capable at almost instan- monetize silver ih Seyd had by bribing Congress with $500,000.
Ameriea
taneous and indefinite expansion or contraction, according to the This story, supported with such prima facie evidence, was used
needs of commerce as registered in the pulsating arteries of with great effect throughout the West in the campaign of 1892.
trade.
The Populist leaders were perfectly safe in assuming that no
it is unreasonable to expect to sustain all our paper and silver
in North Dakota could reach up on
top shelf of his
on a gold reserve of only a hundred millions, when that reserve is farmer and take down the back numbers of the Banker's Magalibrary
the
subject to encroachments, as has actually taken place this sum- zine ol twenty years ago and for himself verify the truth or exmer. I am in favor of authorizing the Secretary of the Treas- pose the falsity of their brazen fabrication until after the votes
ury to sell bonds at his discretion whenever necessary to redeem were counted and they had made off with the spoils of office seany of our outstanding obligations and to keep our gold, silver,
and paper currency at par. Nothing that we can do will go cured as the fruits^of falsehood and fraud.
The back
the
iarther to restore confidence. We are the richest nationin the accessible tonumbers of timeBankers' Magazine for 1873 were not
me at
in the West, so I cut out the preworld and can afford the best and safest currency. Let us serve tended extract as itthe
appeared in the official organ of the Popunotice on all the world that we mean to have our full share of list party in North Dakota and sent it to Mr. Spofford, the Lithe gold. That would bring England to time, and open the way
the examinafor international bimetallism and a free coinage that would be safe. brarian of Congress, and requested him to makekind was to be
tion for me. His reply was that nothing of the
It should be borne in mind, also, that our present unhappy lot found either in the Banker's Magazine of New York or of Lonis not due to a scarcity of money, but to a stoppage of its circula- don for August, 1873.
tion ; not to any lack of confidence in the quality of the money
I did the best I
to stem the tide
meet falsehood with
itself, but to a fear of losing it, whether invested in business or truth, by reading couldSpafEord's letter and my audiences, but I
Mr.
to
241




CONGRESSIONAL RECORD.

4

am sure that the fake cost us hundreds of votes. How long can
a political party stand built upon such sand?
In order to show that the dropping of the silver dollar from
the coinage act of 1873 was neither secret nor accidental, but deliberate, and in order to show how earnestly and eloquently Mr.
Ernest Seyd pleaded for the retention of the silver dollar, I will
give an extract from a letter written by him to Mr. Samuel
Hooper, chairman of the Committee on Banking: and Currency,
in charge of the bill.
The bill was before Congress for three years and printed for
the information of Congress and the country thirteen times.
Copies of the bill were sent to hundreds of the leading financiers
and economic writers of this country and Europe, asking them
to examine it and send in their criticisms and suggestions,
among them Ernest Seya.
Mr. Seyd in reply wrote a long letter, covering nine columns
offineprint in the C O N G R E S S I O N A L RECORD, making many important suggestions.
The writer of the letter discusses, as a master of the subject,
various practical questions, among them the question of the
proper size of gold pieces, their value and denomination, questions relating to mintage, the question of mint charge, the question whether the coin should be milled or shpuld be surrounded
by a rim cast separately, all of which are very instructive.
But Mr. Seyd then goes on to say that the fifteenth section of
the bill is the part which after all is of the greatest importance.
He says it is a matter of giganticlmportance; that it is the great
question of the century. He avows himself earnestly in favor
of the free coinage of silver at the ratio of 14 to 1—a little less
than the rate then existing in the United States.
He implores Mr. Hooper to reconsider the subject, and says
the great fault of Mr. Hooper's bill is that it abolishes the coinage of the silver dollar with the full legal-tender quality; and
he says that America, being a producer of both metals, is the nation upon whom the world must depend to resist the enormous
danger which menaces mankind by the threat of adopting a single gold standard. He says that, although many of the English
writers are monometallists, several English and continental
writers whom he names have recently, he thinks, come around
to his own views.
No advocate of the doctrine of bimetallism, if that doctrine
means the coinage of both metals on an equality freely at the
old rate, could express more earnestly, more powerfully, more
persuasively the importance of that doctrine.
I will here insert so much of the letter as relates to the dropping of the silver dollar out of our coinage:
L A PRINCESS STREET BANK, London,

February

17,1872.

DEAR SIR: YOU were kind enough to forward to Mr. Alfred Latham a copy
of your coinage bill for the United States, to be sent to me. and you expressed a wish to receive criticisms on its provisions.
*

*

*

*

*

*

r

SEC. 15. I now come to the most important part of the hill—that of the valuation—which, according to section 15, omits the coinage of the silver dollar,
and confirms the debased silver coinage of half dollars and below, tinder the
tender limit of £5. I am aware, of course, that through the amendment of
1853 the same debased coinage was already established; but, although the
actual coinage of the silver dollar had practically ceased, still that piece was
not abolished by law. As this new bill presumably repeals all previous enactments, X suppose that the total abolition of the silver dollar is contemplated.
In my book (Suggestions) I enter fully into the discussion of this matter
and show the gigantic consequences to international as well as national trade
through the demonetization of silver, to which the United States would thus
lend a helping hand, and for a number of years this subject of the abolition
of silver as tender coin has occupied the attention of European economists.
It is the question of the age and takes precedence of every other matter involved in monetary science.
Unfortunately the subject requires not only a thoroughly practical knowledge of exchange matters, the principles of valuation, for which very few
people have inclination, and so it happens that even the framers of ihint bills
do not grasp its importance, as I have found before. You yourself; 111 your
letter to Mr. Latham, referring to my book, made the remark, "As to the
theory of the double valuation, I do not understand it." I infer from this
that you have remained a stranger to the controversy; that you hare not as
yet formed an opinion as to the merits of it, and that you have framed your
bill in favor of the absolute gold valuation according to that which has been
of late the practice in the United States, if not the law.
Permit me to beg that you will first investigate the question of double vs
single valuation. Chapter3of my book, "Suggestions, etc. "opens the Question; appendix, notes 8 (page 201), the consequences of the gold valuation
and 9 (page 212), the injustice of the gold valuation, Treat the matterin their
international and national aspects, and they may furnish you sufficient -materials for reflection.
Other writers, such as Mr. Wolowski,ln France, and several other French,
Itatch^ and German authorities, defend the double valuation on the same
The great portion of English economists defend the gold valuation, but
several of them have lately come over to my views; ana one -of them, the
most important and a staunch defender of English institutions, to whom I
shall presently allude, has agreed with me as to the advisability of modifying the English gold valuation, which is even less strict than that adopted by
yoar bill for America. These pages do not afford room for the whole discussion of the subject, therefore I beg you will read the parts of the books quoted,
so as to form an opinion of it.
Apart from the theory, why should America have given up her silver dollar? The cause of its disappearance from circulation is due to the original
error of there being too much silver in the piece (see page 52 of Suggestions);
that cause would have been removed if the dollar weighed 400 grains, that
241




being the true proportion of 1 to 15* gold to silver, instead of 412} grains, as
by the old law.
Why should it nofc be reintroduced at its true full weight of 400 grains and
become again one of the active agents of commerce? The charge of weight
as against the individual piece does not hold good when two half-dollars are
of nearly equal weight and same value. Railways and steam transport large
masses with great facility when compared with previous times.
Do you fear its undue exportation? If so exported, America will get its
equivalent for it, and the rich silver mines of the country can give any fresh
supply of it; therefore, the more it is exported the better it is for America.
I think that the United States, with both her gold and silver milieu, is in
the eminently favorable position of upholding the full use of both gold and
silver, and that the double valuation (as it existed before) would be of great
benefit to the country; but you may, nevertheless, giving way to the onesided arguments of English economists, incline to the gold valuation and
express the fear "that if America adopts the silver dollar and lays itself
open to the coining of these pieces for the public to whatever quantitv of
silver may be sent in for coinage from abroad, and if full legal-tender value
is given to such pieces, it may be placed in danger of losing gold and obtaining too much silver currency."
That is the only fear to be apprehended, and certainly as long as England
and other countries are in conflict as to the systems of valuation this may be
the case.
France, however, by her system of double valuation, accumulated more
gold bullion than any nation has ever had; having within the last twenty
years coined two and a half times as much as England, and if the universal
valuation wab'the double one, i . b o t h metals in equal use, these fluctuations
would altogether cease.
Against this danger of too much silver America can guard itself without
the total abolition of the full valued silver dollar. It is but necessary so to
modify the severity of the gold valuation as to admit of a reasonable use of
silver dollars. Supposing that a certain amount of silver dollars of full value
(400 grains) were issued, coined for the owner at a charge of, say, 1 per cent
mintage, and that the limit of tender for such pieces were fixed at, say, fifty
to one hundred dollars, would this in any way interefere with the supremacy
of the gold valuation? I contend that the gold valuation would remain supreme with either of these restrictions, viz, either a certain limited issue
and giving full tender weights to the coin, or with unrestricted issue limiting
the tender value.
Both restrictions combined will undoubtedly prevent any excess, and if under them certain amounts were so issued and used the issue of more might
be made dependent thereon; so that while for the present the gold valuations
were maintained in full force the door would not be shut abruptly and forever on silver, and pending the future international settlement of a universal system of valuation the pure double valuation might be found not only
practicable, but necessary. I urge this upon you not only on cosmopolitan
grounds, but also in the interests of American silver mines; for if America, so
important a part of the world, rushes blindly and irrevocably into the gold
valuation, and thus contributes to the general terrible error, the value of silver must fall greatly (see appendix, note 8, the consequence of the gold valuation) , and all the arrangements made even with the debased silver coinage
fall to pieces.
America, then, should hesitate to enter upon this course without a full
previous investigation of the immensely important considerations appertaining thereto.
The proper issue of silver dollars might be provided for in the bill by the
introduction between sections 14 and 15 of some such—
SECTION—. "That of the silver coin the weight of the one-dollar piece
shall be 400 grains, which coin shall be legal tender at its denominational
value to any amount not exceeding one hundred (or fifty) dollars," and this
would have to be followed between sections 21 and 22 by—
SECTION—. "That the charge for converting standard silver into silver
dollars whenever the mint is ready, according to section —, to coin such silver dollars shall be 1 per cent."
The object of these clauses will be apparent to you. The Secretary of the
Treasury may commence, for instance, by authorizing the coining of one
million of silver dollars. The holders of the silver bullion would gladly pay
the 1 per cent charge rather than send the bars to Europe. What risk
would the holders of these dollars run? Even supposing that the public positively refused to take these coins, the holders could sell them as silver to
Europe; but I believe that they would be welcomed, even without the law of
tender. And if you succeed by the force of legal tender in compelling people
to take in payment coins debased by 4 to 5 per cent to the ampunt of So, why
should not you succeed in placing coins of full and honest value into healthy
^ ^ t f t h e first million succeeded, the Secretary then might authorize more,
encouraging it even, while at any time, by ceasing his advertisement, he
could foreclose the mint against an excessive importation of silver from
a l ? o u w i l l also perceive that the relntroduction of the silver dollar, is a
necessity, seeing that the one-dollar gold piece is an unsuitable coin, and
that it can take place without disturbing clauses 14 and 15, the latter providing for the issue of debased half dollars, quarters, and dimes, as they are now.
Indeed, I must wish also that the half dollar should be of full value, so that
the issue of those pieces should not be guided by the more or less faulty
human iudgment of the Secretary of the Treasury, but by the pure action
between supply and demand. I put the u supply " first as the active "demand*creatlngElement iii all miOters of commercial intercourse. But as
the debased half dollar is already in use it may be nest not to dlssupb it now,
whilst the whole silver dollar can be introduced again without any disturbance in the other coinage.
*
*
#

I am, dear si^, yours, very obediently,

ERNEST SEYD.

T o SAMUEL HOOPER, E s q . , M . C.

•p o —I have sent to you in parcels by book post, addressed "Samuel
Hooner Eso M C . B u l l i o n and Foreign Exchanges, Suggestionsion Ameri c a C o i ^ Demonetization of Silver, several pamphlets, reference to
which is made in this letter.

This letter not only proves that there was nothing secret about
omitting the silver dollar from the act of 1873, but how vigorously Mr Seyd argued with the committee about it.
From the action of Congress in 1834 in purposely undervaluing
silver and in'1353 overvaluing our subsidiary coins, we are driven
to the'conclusion that our fathers purposely adopted the gold
standard in 1834. That we were upon that standard from that
time until the suspension of specie payments during the war there
can be no controversy. The silver dollar, about which we have
heard so much, was practically no part of our circulation up to
1873. From the time we first opened the Mint to 1873 there was

5 CONGRESSIONAL RECORD.
Here we have the remarkable and unprecedented situation of
coined but 8,031,000 silver dollars, while there was coined $137,1,000,000 of people, with a total annual production worth at mar000,000 of minor coins and $852,214,507 in gold.
When the question of a change of ratio was under considera- ket price $42,000,000, demanding free-coinage privileges which
will enable them at the present prices to get for their product
tion in the Senate Mr. Benton said:
He aid not think it necessary to descant and expatiate upon the merits and 40 per cent more than its present market value, while 64,000,000
advantages of a gold currency. These advantages had been too well known of their countrymen must drink the dregs of misfortune and bear
from the earliest ages of the world to be a subject of discussion in the nineteenth century; but, as it was the policy of the paper system to disparage the burdens of hard times in order that 1,000,000 may be prosthat metal, and as that system in its forty years' reign over the American perous and grow rich.

people had nearly destroyed a knowledge of that currency, he would briefly
enumerate its leading and prominent advantages. ,
1. It had an intrinsic value, which gave it currency all over the world, to
the full amount of that value, without regard to laws or circumstances.
2. It had a uniformity of value, which made it the safest standard of value
of property which the wisdom of man had ever yet discovered.
3. Its portability, which made it easy for the traveler to carry it about with
him.
4. Its indestructibility, which made it the safest money the people could
keep in the houses.
5. Its inherent purity, which made it the hardest money to be counter,
felted and the easiest to be detected, and, therefore, the safest money for
the people to handle.
6. its superiority over all other money, which gave to its possessor the
choice and command of all other money.
7. Its power over exchanges; gold being the currency which contributes
most to the equalization of exchange, and keeping down the rate of exchange to the lowest and most uniform point.
8. Its power over the paper money; gold being the natural enemy of that
system, and, with fair play, able to hold it in check.
9. It is a constitutional currency, and the people have a right to demand
it for their currency as long as the present Constitution is permitted to exist.

"Tot only was gold recognized as the standard from 1834 to 1860,
but it was so recognized after the war and even after the act of
1873, about which so much has been said. On the 11th of February, 1874, Senator S T E W A R T of Nevada said:
I want the standard gold, and no paper money not redeemable in gold; no
er money the value of which is not ascertained; no paper money tl^at
organize a gold board to speculate in it.

a the 20th of the same month, on a resolution to instruct the
On

Committee on Finance to report a bill providing for the convertibility of the Treasury notes into gold coin or bonds, he said:

By this process we shall come to a specie basis, and when the laboringman
receives a dollar it will have the purchasing power of a dollar, and he will
not be called upon to do what is Impossible for him or the producing classes
to do, figure upon the exchanges, figure upon the fluctuations, figure upon
the gambling in New York, but he will know what his money is worth. Gold
is the universal standard of the world. Everybody knows what a dollar in
gold is worth.
On the 1st of April of the same year, Senator JONES, of the

same State, said:

* Does this Congress mean now to leave entirely out of view and discard
forever a standard of value? Did any country ever accumulate wealth,
achieve greatness, or attain a high civilization without such a standard?
And what but gold can be that standard? What other thing on earth possesses the requisite qualities? Gold is the articulation of commerce. It is
the most potent agent of civilization. It is gold that has lifted the nations
from barbarism. So exact a measure is it of human effort that when It is
exclusively used as a money it teaches the very habit of honesty. It neither
deals in nor tolerates false pretenses. It can not lie. It keeps its promises
to the rich and poor alike.

These two Senators are still in the Senate from the State of
Nevada. They both voted for the act of 1873. Then they wanted
gold monometallism. Now they want silver monometallism.
Then gold was the cheaper metal at 16 to 1. Now silver is the
1
cheaper metal.
.
Then they wanted Congress to favor their gold mines. Now
they want us to make laws for the benefit of their silver mines.
Then they urged upon Congress the adoption of a gold standard.
Now they are tireless in talking about the crime of 1873, when
silver was secretly demonetized.
This S T E W A R T of Nevada who voted for the act of 1873, and
who so eloquently praised the gold standard in the United States
Senate on the 11th of February, 1874, is the same Senator S T E W ART who told the constitutional convention at*Bismarck. N. Dak.,
on the 5th of August, 1889, that " In 1873 a bill waB Bmusrgled
through Congress demonetizing silver in this country~ (Debates, page 403.)
Our country produced last year 58,000,000 ounces of silver,
worth at present about $42,000,000. One million ounces of this
was produced in small lots by several States. All the rest was
produced in seven States and Territories, as follows:

Statement showing the amounts of gold and silver coins and certificates, United
States notes, and national-bank notes in circulation July i, 1893.
General
stock,
coined or
issued.

8513,743,623 $110,109.923 $403,633,700 $408,767,740
419,332,450 362,302,707 57.029,743 56,799,484
77,256,212 11,855,944 65,400,268 62,3H6,518
94,041,189 1,071,170 92,970,019 141,235,339
330,957,504 4,468,339 326,489,165 326,880,803

Gold coin
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasury notes, act July 14,
United States notes
Currency certificates,
June 8,1872
National-bank notes
Total

Amount in
In Treas- circulation Amount in
circulation
ury.
July 1, 1893. July 1,1892.

147,190,227 6,528,533 140,661,694 98,051,657
346,681,016 25,805,333 320,875,683 311,814,840

act

12,365,000
178,713,872

430,000 11,935,000 29,830,000
3,982,733 174,731,139 167,306,957

2,120,281,093 626,554,682 1,593,726,411 1,€03,T)73(338

Cost of recoining the standard silver dollars to change the ratio from l to 16 to
1 to 20.
TREASURY DEPARTMENT, OFFICE OF THE SECRETARY,

Washington, D, C., August 19,1893.
SIR: Referring to our conversation relative to the probable cost incident
to the change from the present coining ratio between gold and silver (1 to 16
for the standard silver dollars, and 1 to 14,95 for subsidiary silver) to a ratio
of 1 to 20, you are respectfully informed that the number of silver dollars
coined since 1878 aggregate 419,332,450.
Without any allowance for abrasion and loss Incident to melting the same,
the coinage value of these dollars at a ratio of 1 to S would be 833,222,162, or
O
184,110,228 less than their present face value.
To recoin these dollars at a ratio of 1 to 20 would require the addition of
81,376,700 ounces of new bullion, which, at the average price paid for silver
under the act of July 14,1890 ($0.93i), would cost 175,883,700.
In addition to this I estimate that there would be a loss from abrasion and
in the melting of these dollars of at least $3,000,000, which amount, together
with the difference in the face value of the coins ($84,110,28^), would have to
be reimbursed to the Treasury by an appropriation for that purpose.
From the fact that the silver dollars are distributed throughout the country it would be necessary, as they are redeemed at the several subtreasuries, to transport them to the mints, and the expense of transportation for
$300,000,000, the amount outside of the stock on hand atthesubtreasuries and
mints at Philadelphia, San Francisco, and New Orleans, would average at
least U per cent, or $4,600,000.
I therefore estimate the cost of recoining the silver dollars already coined
as follows:
New bullion to be added
Loss by abrasion and melting
Cost of the coinage (labor, materials, etc.)
Copper for alloy
Transportation of dollars to mints

175,883,700
3,000,000
6,290,000
68,200
4,500,000

Total

89,741,900

The stock of subsidiary silver coin in the country is estimated at 577,000.000,
which at full weight would contain 55,699,875 ounces of fine silver. This
amount at a ratio of 1 to 20 would coin $55,843,802, or $21,156,197 less than the
present face value.
To recoin $77,000,000 of subsidiary sttver into an equal amount of fractional
coin at a ratio of 1 to 20 would require the addition of 18,797,625 fine ounces,
which, at 93± cents per fine ounce, the average price paid for silver .under the
act of July 14, 1890, would cost 817,528,785.
The*wTO>Mia Toe a lass
aboutSf per cent by abrasion from the face value,
or about $1,925,000.
I would, therefore, estimate the cost of recoining the subsidiary silver in
the country, at a ratio of 1 to 20, as follows:

New bullion
Loss by abrasion...
Cost of coinage (labor, material, etc.)
Copper for alloy
Table showing the States and Territories, with their population, which produced Cost of transportation
the silver for the year 1892.
Total
Ounces of
PopulaStates and Territories.
silver.
tion.

617,528,785
1.925.000
2,500, ooo
15,636
1,155,000
23.124,421

RECAPITULATION.

Arizona
Colorado

..

Montana
Nevada .
New Mexico . . . . . . . . . . . . . . . . . . . . . . . . . .
Utah
Totals
241




-

!.._.„..._
...
.....
-

1,062,220
24,347,017
3,164,269
17,405,093
2,244,000
1,075,000
7,762,257

59,620
412,198
84,385
132,159
45,761
153,593
207,905

57,059,856

1,095,621

Estimated cost of recoining silver dollars
Estimated cost of recoining subsidiary silver...
Total

—Very respectfully,

-

112,866,321
J. G. C A R L I S L E ,

Hon. DANIEL W . VOORHEES,

United States Senate.

$89,741,000
23,124,421

Secretary.

CO^GBESSIOSTAIi BECORD.

6

Monetary systems and approximate stocks of money in the aggregate and per capita in the principal countries of the world.

Countries.

liatio between gold
and limited Population.
tender silver.

Ratio between gold
and full
legal-tender
silver.

Monetary system

United States..
Gold and silver.
United Kingdom .. Gold...
Franco
Gold and silver.
Gold
Belgium
Gold and silver.
Itafv
Switzerland
....do
Greece
Spain
....do
Gold
Portugal
Austria-Hungary.. ....do
Gold and silver.
Netherlands
Scandinavian Union Gold
Russia
. . Silver
Gold and silver.
Turkey
Gold
Australia

1 to 15.98 l t o 14.95
l t o 14.28
1 to 14.38
1 to 15£
l t o 13.957
1 to 14.38
1 to 15J
1 to 14.38
1 to 15 J
l t o 14.38
1 to 15J
1 to 14.38
1 to 15J
l t o 14.38
ltol5J
l t o 14.08
1 to 13.69
l t o 15
'ltd
l t o 14.88
l t o 15
1 to 15$
l t o 15.1
l t o 14.28
1 to 15.68
Mexico
Silver
1 to 16J
Central America... — d o
1 to 15£
....do
South America
1 to 15J
Gold and silver. 1 to 16.18
India
Silver.....
1 to 15
China
The Straits
Canada
Gold
l t o 14.95
Cuba, Haiti, etc
do
1 to 15J

Stock of
gold.

Stock, of silver.
Full tender.

limited
tender.

67,000,000 $604,000,000 $538,000,000 $77,000,000
38,000,000 550,000,000
100,000,000
39,000,000 800,000,000 *65O,"6OO"666' 50,000,000
49,500,000 600,000,000 103,000,000 108,000,000
6,100, O D 65,000,000 48,400,000 6,000,000
O
31,000,000 93,605,000 16,000, 000 34,200,000
3,000,000 15,000,000 11,400,000 3,600,000
2,200,000
2,000,000
1,800,000 2,200,000
18,000,000 40,000,000 120,000, 000 38,000,000
5,000,000 40,000,000
10,000,000
40,000,000 40,000,000 "90*666*666*
4,500,000 25,000,000 61,800,000 "3,266*666"
8,600,000 32,000,000
10,000,000
113,000,000 250,000,000 "22*666*666" 38,000,000
33,000,000 50,000,000
45,000,000
4,000,000 100,000,000
7,000,000
7,000,000 100,000,000
15,000,000
11,600,000
5,000,000 50,000,000
3,000,000
500,000
35,000,000 "45" ooo,"666* 25,000,000
40.000,000 90,000,000 50,000,000
255, O O 000
C,
900,000,000
400,000,000
700,000,000
100, ooo, 000
4,500,000 16,000,000
5,000,000
2,000,000 20,000,000
1,200,000
800,000

Total.

Total.
$615,000,000
100,000,000
700,000,000
211,000, 000
55,000, 000
50,200,000
15, 000,000
4,000, 000
158,000,000
10,000,000
90,000,000
65,000,000
10,000,000
60,000,000
45,000,000
7,000,000
15,000,000
50,000,000
500,000
25,000,000
50,000,000
900,000,000
700,000, 000
100,000,000
5,000,000
2,000,000

Uncovered
paper.

Per capita.
SilGold. ver.

$412,000,000 $9.01
50,000,000 14.47
81,402,000 20.52
107, 000,000 12.12
54,000,000 10.06
163,471,000 3. 01
14,000,000 5.00
14,000,000 .91
100, ooo, 000 2.22
45,000,000 8.00
200,000,000 1.00
40,000,000 5.55
27,000,000 3.72
500,000,000 2.21
1.52
14.29
2,000,000 .43
2,000,000
600,000,000 T26"
56,000,000 2.25
28,000,000

$9.18
2.63
17.05
4.20
9.02
1.62
5.00
1.82
8.78
2.00
2.25
14.42
1.10
.53
1.30
1.75
2.14
4.31
.17
.71
1.25
3.53
1.75

Paper. Total.
$6.15
1.32
2.09
2.16
8.85
5,27
4.67
6.36
5.56
9.00
6.50
8.89
3.14
4.42
.17
.67
17.14
1.40
.11

$24.34
18.42
40.56
18.54
25.53
9.91
14.67
9.09
16.56
19.00
9.75
28.88
8.02
7.1C
2.88
26.75
10.43
4.91
.84
19.14
4.90
3.64
1.75

40,000,000 3.56 1.11 8.89 13.56
40,000,000 10.00 LOO 20.00 31.00

3,582,605,000 3,469,100,000 553, C O 000 4,042,700,000 2,635,873,000
O,

TREASURY DEPARTMENT, Bureau of the Mint,, August 16,1893.

Statement of the production of gold and silver in the world since the discovery of America.
[From 1493 to 1885 Is from table of averages for certain periods compiled by Dr. Adolpk Soetbeer. For the years 1886-1892 the production is the annua
estimate of the Bureau of the Mint.]
Gold.
Annual average of period.
Fine ounces.
1493-1520
1521-1544
1545-1560
1561-1580
1581-1600.
1601-1620
1621-1640
1641-1660
,
1661-1680
1
1681-1700
1701-1720
3721-1740
1741-1760. ..
1761-1780
1781-1800
1801-1810..
1811-1820
1821-1830
1831-1840
1841-1850
1851-1855
1856-1860...
1861-1865
1866-1870
1871-1875....
1876-1880
1881-1885
1886
1887
1888*-,
1890
1891....
1892.....

„

186,470
230,194
273,596
219,906
237,267
273,918
266,845
281,955
297,709
346,095
412,163
613,422
791,211
665,666
571,948
571,563
367,957
457,014
652,291
1,760,502
6,410,324
6,486,262
5,949,582
6,270,080
5,591,014
5,543,110
4,794,755
5,127,750
5,093,984
5,316,412
5,746,950
5,473,631
5,830,107
6,328,272

Value.

Total for the period.
Fine ounces.

$3,855,000
4,759,000
5,656,000
4,546,000
4,905,000
5,662,000
5,516,000
5,828,000
6,154,000
7,154,000
8,520,000
12,681,000
16,356,000
13,761,000
11,823,000
11,815,000
7,606,000
9,448,000
13,484,000
36,393,000
132,573,000
134,083,000
122,989,000
129,614,000
115,577,000
114,586,000
99,116,000
106,000,000
105,302,000
109,900,000
118,800,000
115,150,000
120,519,000
130,817,000

Total

Silver.
Annual average of period.
Fine ounces.

Value.

5,221,160 1107,931,000
5,524,656 114,205,000
4,377,544
90,492,000
4,398,120
90,917,000
4,745,340
98,095,000
5,478,360 113,248,000
5,336,900 110,324,000
5,639,110 116,571,000
5,954,180 123,084,000
6,921,895 143,088,000
8,243,260 170,403,000
12,268,440 253,611,000
15,824,230 327,116,000
13,313,315 275,211,000
11,438,970 236,464,000
5,715,627 118,152.000
3,679,568
76,093,000
4,570,444
94,479,000
6,522,913 134, &il 000
17,605,018 363,928,000
32,051,621 662,566,000
32,431,312 670,415,000
29,747,913 014,944,000
31,350,430 648,071,000
27,955,068 577,083,000
27,715,550 572,931,000
23,973,773 495,582,009
5,127,750 106,000,000
5,093,984 105,303,000
5,316,412 109,900,000
.6,745,950 * 118*666,000
5,473,613 113,150,000
5,830,107 120,519,090
6,328,272 130.817,000

1,511,050
2,899,930
10,017,940
9,628,925
13,467,635
13,596,235
12,654,240
11,776,545
10,834,550
10,992,085
11,432,540
13,863,080
17,140,612
20,985,591
28,261,779
28,746,922
17,385,755
14,807,004
19,175,867
25,090,342
28,488,597
29,095,428
35,401,972
43,051,583
63,317,014
78,775,602
92,003,944
93,276,000
96,189,000
109,911,000
105,830,000
133,213,000
144,426,000
153,062,000

Coining
value.
SI, 954,000
3,749,000
12,952.000
12,450; 000
17,413,000
17,579,000
16,361,000
15,226,000
14,008,000
14,212,000
14,781,000
17,924, C O
O
22,162,000
27,133,000
36,540,000
37,168,000
22,479,000
19,144,000
24,793,000
32,440,000
36,824,000
37,618,000
45,772,000
55,663,000
81,864,000
101,851,000
118,955,000
120,600,000
124,366,000
142,107,000
162,690,000
172,235^000
186,733,000
196,605,000

Percentage of production.

Total for the period.
Fine ounces.
42,309,400
69,598,320 :
160,287,040
192,578,500
269,352,700
271,924,700
253,081,800
235,530,900
216,691,000
219,841,700
228,650,800
277,261,600
342,812,235
419,711,820
565,235,580
287,469,225
173,857,555
148,070,040
191,758,675
250,903,422
142,442,986
145,477,142
177,009,862
215,257,914
316,585,069
393,878,009
460,019,722
92,276,000
96,183,000
109,911,000
125,830,000
133,213,000
144,426,000
152,062,000

Coining
value.

By weight.

By value.

Gold. Silver. Gold. Silver.
11.0
7.4
2.7
2.2
1.7
2.0
2.1
2.3
2.7
3.1
3.5
4.2
4.4
3.1
2.0
1.9
2.1
3.0
3.3
6.6
18.4
18.2
14.4
12.7
8.1
6.6
5.0
5.2
5.0
4.6
4.4
4,0
3.9
4.0

89.0
92.6
97.3
97.8
98.3
98.0
97.9
97.7
97.3
96.9
96.5
95.8
95.6
96.9
98.0
98.1
97.0
97.0
96.7
93.4
81.6
81.8
85.6
87.3
91.9
93.4
95.0
94.8
95.0
95.4
95.6
96.0
96; I
96.0

66.4
55.9
30.4
26.7
22.0
24.4
25.2
27.7
30.5
33.5
36.6
41.4
42.5
33.7
24.4
24.1
25.3
33.0
35.2
52.9
78.3
78.1
72.9
70.0
58.6
53.0
45.5
46.8
45.9
43.6
42.2
50.7
39.2
40.0

33.6
44.1
69.6
73.3
78.0
75.6
74.8
72.3
69.5
66.5
63.4
58.6
57.5
66.3
75.6
75.9
74.7
67.0
U.B
47.1
21.7
21.9
27.1
30.0
41.4
47.0
54.5
53.2
54.1
56.4
57.8
60.3
60.8
60.0

7,522,507,716 9,726,072,000

397,191,823 8,204,303,000

554,703,000
89,986,000
207,240,000
218,990,000
3i8,254,000
351,579,000
327,221,000
304,525,000
280,166,000
284,240,000
295,629,000
358,480,000
443,232,000
542,658,000
730,810,000
371,677,000
224,786,000
191,444,000
247,930,000
324,400,000
184,169,000
188,092,000
228,861,000
278,313,000
409,322,000
509,256,000
594,773,000
120,600,000
124,366,000
142,107,000
162,690,000
17^239^000
186,733,000
196,605,000

5.0

95.0

45.8

54.2

Silver coinage of the mints of the United States from 18U to 1392.
[From the report of the Director of the Mintf or 18320 *
Trade
dollars.

Year.
1844
1845
184 6
1847
184 8
184 9
1850
1851

"

1

1853

II

„„i/iiriiii
241




I

"
" ~

Dollars.
$20,000
24,500
169,600
140,750
15,000
6?, 600
47,500
1,300
1,100
40,110

Half dollars.
$1,885,500.00
1,341,500.00
2,257,000.00
1,870,000.00
1,880,000.00
1,781,000.00
1,341,500.00
301,375.00
110,565.00
2,430,354.00

Quarter
dollars.

Twenty
cents.

$290,300.00
230,500.00
127,500.00
275, S O 00
C.
38,500.00 IIIIIIIIIII
85,000.00
150,700.00
62,000.00
63,285.00
4,146,555.00

Dimes.
87, m o o
198,500.00
3,130.00
24,500.00
45,150.00
113,900.00
214, m o o
142,650.00
196.550.00
1,527,301.00

Half dimes.
$32,500.00
78,200.00
1,35a 00
63,700.00
63,400.00
72,45a 00
82,250.00
82,050-00
63,025.00
785,251.00

Three cents.

$185,022.00
559,905.00
342,000.00

7

OOlTOBHSSIONAIi RECORD.
Silver coinage of the mints of the United States from 1844 to
Year.

Trade
dollars.

33,140

1854..
I855_
1856.,
1857..
1858..
1859..
18(30..

26,000

63,500
94,000
""636,500"
733,030
78,500
12,090
27,660
31,170
47,000
49,625
60,325
182,700
424,300
445, m
1,117,136

1861..
1802.,

1863..

1861..
1865..

1866..

1867.,
1868..

1869..
1870..
1871..
1872..
1873..
1874..
1875..
1876.,
1877..
1878.,
1879.,

18S0..
1881..
1882..

1SS3..
1884.,
1885,.

Dollars.

"-firssrooo

4,910,000
6,279.600
6,192,150
13,092,710
4,259,900
1,541
1,987
960
1,097
979

1886..
1887..
1888,,

1889..
1890..
1891..
1892..
35,965,924

1,118,600
296,600

22,495,550
27,560,100
27,397,355
27,927,975
27,574,100
28,470,039
28,136,875
28,697,767
31,423,886
33,611,710
31,990,833
34,651,811
38,043,004
23,562,735
6,333,245
425,908,223

Half dollars.
4,111,000.00
2.228,725.00
1,903,500.00
1,482,000.00
5,998,000.00
2,074,000.00
1,032.850.00
2,078,950.00
802,175,00
709,830.00
518,78c. 00
593,450.00
899,812.50
810,162.50
769,100.00
725,950.00
S29,758.50
1,741,655.00
866,775.00
1,593,780.00
1,406,650.00
5,117,750.00
7,451,575.00
7,540,255.00
726,200.00
2,950.00
4,877.50
5,487.50
2,750.00
4,519.50
2,637.50
3,065.00
2,943.00
2,855.00
6,416.50
6,355.50
6,295.00
100,300.00
*1,652,136.50
124,587,271.50

Quarter
dollars.
3,466,000.00
857,350.00
-2,129,500.00
2,726,500.00
2,002,250.00
421,000.00
312,350.00
1,237,650.00
249,887.50
48,015.00
28,517.50
25,075.00
11,381.25
17,156.25
31,500.00
23,150.00
23,935.00
53,255.50
68,762.50
.414,199.50
215,975.00
1,278,375.00
7,839,287.50
6,024,927.50
849,200. C
O
3,675.00
3,738.75
3,243.75
4,075.00
3,859.75
2,218.75
3,632.50
1,471.50
2,677.50
306,708.25
3,177.75
20,147.50
1,551,150.00
2,960,331.00
43,365,893.50

•Continued.
Twenty-

Dimes.
624,000.00
207,500.00
703,000.00

712,000.00

$265,598
5,180
102

10
2

189,000.00
97,000.00
78,700.00
209,650.00
102,830.00
17,196.00
26,907.00
18,550.00
14,372.50
14,662.50
72,625.00
70,660.00
52,150.00
109,731.00
261,045.00
443,329.10
319,151.70
2,406,570.00
3,015,115.00
1,735,051.00
187,880.00
1,510.00

Half dimes.

Tliree cents,

365,000.00
117,500.00
299,000.00
433,000.00
258.000.00
45,000.00
92,950.00
164,050.00
74,627.50
5,923.00
4,523.50
6,675.00
0,536.25
6,431.25
18,295.00
21,930.00
26,830.00
82,493.00
189,247.50
51,830.00

20,130.00
4,170.00
43,740.00
31,260.00
48,120.00
10,950.00

4,880,219.40

1,282,087.20

8,610.00

14,940.00
10,906.50
643.80
14.10
255.00
681.75
138.75
123.00
153.00
120.00

127.80
58.50
18.00

1497." 50
391,110.00
767,571.20
393,134.90
257,711.70
658,409.40
1,573,838.90
721,648.70
835,338.90
1,133,461.70
2,304,671.60
1,695,365.50
271,000

27,645,852.40

*'Includes $475,000 in Columbian coins.
SILVER IN INDIA.

[Extract from speech of Senator Dolph.]
India, one of tlie countries until recently having free coinage of silver or
coining silver on private account, has hitherto been a great consumer, of silver bullion for ornaments and coinage, and has been pointed to by the advocates of free coinage as an example of prosperity with free coinage of silver. The amount coined has been large, but not uniform, some years being
a hundred per cent more than others. The following table shows the amount,
expressed in dollars, of silver annually minted during the period of sixteen
years, and shows the consumption of silver in India f o r coin:
187 5
$23,830,686 1885
848,487,114
1876
12,410,636 188 6
27,121,414
1877
30,518,415 1887
44,142,013
1878
78,741,556 188 8
36,297,132
187 9
28,122,004 188 9
37,927,814
188 0
40,003,173 1890
57,931,323
188 1
20,682,625 189 1
32,670,498
1882..
29,386,322
1883
24,927,400
Total 17 years
590,. _ ,
1884
17,353,531 Annual average
34,150,744
The amount coined in 1890 is estimated at 530,000,000. The silver rupee of
India contains 186 grains of pure silver; the half, quarter, and eighth rupees
are of corresponding weights. The coinage of both metals until the recent
241




action of the India government was practically free, provided the amount
presented was equal to 50 tolos of gold or a thousand tolos in silver. There
was a duty of 1 per cent upon all gold and silver brought to the mints. Gold
was not comed in any considerable amount, and the business of the country
was conducted upon a silver standard. The stoppage of the coinage of silver
on private account in India is not an abandonment of the silver standard.
Silver is still the standard;and will continue to be whether the government
coins silver on its own account or not.
It is said this action of the government of India is intended to have the effect to prevent the further decline of the value of the rupee, but upon what
this expectation is based is not stated. The value of the rupee will be fixed
hereafter, as heretofore, by its value as silver bullion in the London market.
It will still be measured in all London and in all foreign transactions by
gold, and the discontinuance of free coinage by throwing the silver bullion
heretofore coined in India on private account on the world's markets has
depreciated, and will continue to depreciate, the intrinsic value of the rupee.
The claim sometimes made that silver has not fallen in value in India, and
that the silver rupee in the interior of India will purchase as much wheat or
as much of the other products of labor is absurd; it is incredible. The price
of wheat in London is fixed in gold by the world's supply and demand. It is
impossible that there could be to the exporter of wheat from India a profit
equal to the fall in the price of silver since 1873. Such a state of things could
not exist ten days in any country under the sun. Competition among English wheat-buyers would speedily raise the price of wheat in India to an
approximation of its gold price in London.