Reminiscences of Sixty Years in Public Affairs, Vol. 2Boutwell, George S. (George Sewall)
History
Reminiscences of Sixty Years in Public Affairs, Vol. 2
Boutwell, George S. (George Sewall)
Boutwell, George S. (George Sewall), 1818-1905; United States -- Politics and government
It is a singular instance in legislative proceedings that a measure
that had no active support and that was free from opposition at its
enactment should be assailed vigorously after the lapse of years and
through a long period of time. The measure was soon followed by the
depreciation of silver and coincident with that change came the
attacks upon the Mint Bill, and the denunciation of the "Crime of 1873."
The charges were two:
First: The authors of the change had been corrupted by English gold
through one Ernest Seyd, a writer on economic topics. It was alleged
that Seyd came to this country at the time when the measure was under
consideration. Seyd was not living when the charges were made, but the
fact of a visit to this country was denied by his son. Hon. Samuel
Hooper was chairman of the Committee on Coinage. In the search for
information Mr. Hooper invited Mr. Seyd to give him his opinion. Seyd
was a writer, a man of good reputation, and a bimetallist. In a letter
to Mr. Hooper, which is still in existence, and which is printed in the
_Congressional Record,_ Seyd condemned the demonetization of the silver
dollar. His letter was dated at London, February 17, 1872.
The second charge was secrecy. The answer to this charge was to be
found in historical facts.
The evidence is this: Mr. Knox's report contained two specific
statements that it was a purpose of the bill to prohibit the coinage
of the silver dollar; the report of the Secretary of the Treasury for
the year 1872 made a specific recommendation to that effect; the bill
was printed six times; it was considered in each House during the
Forty-first and Forty-second Congresses; the precise question in
controversy was the subject of discussion, and two years and ten months
were given to the consideration of the bill.
The bill was discussed in the House of Representatives. Mr. Reed has
stated that the report of the debate covers one hundred and ninety-six
columns of the _Congressional Record_. Senator Jones, in his report
of 1876, as chairman of the Silver Commission, refers to the debate in
these words: "In the brief discussion on the bill in the House of
Representatives, the principal reason assigned in favor of those
sections which interdicted the future coinage of the silver dollar was
that its value was three per cent greater than the value of the gold
dollar." Thus Senator Jones admits that the debate in the House of
Representatives was upon the question of the abolition of the silver
dollar, and he recognizes his knowledge of the fact of the debate.
Finally the bill passed the Senate without one dissenting vote.
The downfall of silver has not been due to any legislation in America
or Europe, nor to any decrees or despotic policy in Asia, but to the
inventive faculties of one Charles Burleigh, of Fitchburg,
Massachusetts, the inventor of the power drill.
Public-domain text, read in full here on John Shaqi.
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