7. During the year 1877 the public mind was greatly agitated concerning
the REMONETIZATION OF SILVER. By the first coinage regulations of the
United States the standard unit of value was the silver dollar. From
1792 until 1873, the quantity of pure metal in this unit had never been
changed, though the amount of alloy contained in the dollar was altered
several times. In 1849 a gold dollar was added to the coinage, and from
that time forth the standard unit of value existed in both metals. In
1873-74 a series of acts were adopted by Congress bearing upon the
standard unit of value, whereby the legal-tender quality of silver was
abolished, and the silver dollar omitted from the list of coins to be
struck at the national mints.
8. In January, 1875, the RESUMPTION ACT was passed by Congress. It was
declared that on the 1st of January, 1879, the Government should begin
to redeem its outstanding legal-tender notes _in coin_. The question
was now raised as to the meaning of the word "coin" in the act; and,
for the first time, the attention of the people was aroused to the fact
that the privilege of paying debts in silver had been taken away. A
great agitation followed, and in 1878 a measure in Congress was passed
over the President's veto, for the restoration of the legal-tender
quality of the old silver dollar, and for the compulsory coinage of
that unit at a rate of not less than two millions of dollars a month.
[Sidenote: =Yellow Fever Epidemic.=]
9. In the summer of 1878 several of the Gulf States were scourged
with a YELLOW FEVER EPIDEMIC. The disease made its appearance in New
Orleans, and from thence was scattered among the towns along the
Mississippi. A regular system of contributions was established in the
Northern States, and men and treasure were poured out without stint to
relieve the suffering South. After more than twenty thousand people had
fallen victims to the plague, the frosts of October came and ended the
pestilence.
10. By the Treaty of Washington (1871), it was agreed that the right
of the United States in certain sea-fisheries in the neighborhood of
the Gulf of St. Lawrence, hitherto claimed by Great Britain, should be
acknowledged and maintained. The government of the United States agreed
to relinquish the duties which had hitherto been charged on certain
kinds of fish imported by British subjects into American harbors; and,
in order to balance any discrepancy, it was further agreed that any
total advantage to the United States might be compensated by a gross
sum to be paid by the American government. This sum was fixed at five
million dollars in November, 1877, and a year later the amount was paid
to the British government.
[Sidenote: =Chinese Embassy.=]
Public-domain text, read in full here on John Shaqi.
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