The United States Since the Civil WarLingley, Charles Ramsdell
History
The United States Since the Civil War
Lingley, Charles Ramsdell
United States -- History -- 1865-1921
But silver was not in common use except as a subsidiary coin. For many
years the value of the bullion necessary for coining a silver dollar had
been greater than the value of the coin. Nobody therefore brought his
silver to the mint but sold it instead in the commercial markets. Indeed
so insignificant was the amount of silver usually coined into dollars
that an act of 1873 systematizing the coinage laws had omitted the
silver dollar completely from the list of coins. The omission was later
referred to by the friends of silver currency as the "Crime of 1873." At
the same time a remarkable coincidence was providing the motive power
for the demand that silver be more largely used as currency. Early in
the seventies Germany and the Latin Monetary Union, (France,
Switzerland, Belgium, Italy and Greece), had reduced the amount of their
silver coinage, thus throwing a large supply of bullion on the market.
Simultaneously, enlarged supplies of silver were being found in western
United States. A Nevada mine, for example, which had produced six
hundred and forty-five thousand dollars' worth of ore in 1873 had turned
out nearly twenty-five times that amount two years later. Naturally the
market price of silver fell and the mine owners began to seek an outlet
for their product. Thus the people who were convinced that the volume of
the currency was insufficient for the industrial demands of the nation
received a new and powerful reenforcement from the producers of silver
ore. There arose what the New York _Tribune_ referred to as "The Cloud
in the West."
Public-domain text, read in full here on John Shaqi.
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