Page:Coin's Financial School.djvu/25

From Wikisource
Jump to navigation Jump to search
This page has been proofread, but needs to be validated.
COIN'S FINANCIAL SCHOOL.
9

people seldom handled it, and the very poor people seldom ever saw any of it."


THE FIRST INTERRUPTION.

Here young Medill, of the Chicago Tribune, held up his hand, which indicated that he had something to say or wished to ask a question. Coin paused and asked him what he wanted.

He arose in his seat and said that his father claimed that we had been on a gold basis ever since 1837, that prior to 1873 there never had been but eight million dollars of silver coined. Here young Wilson, of the Farm, Field and Fireside, said he wanted to ask, who owns the Chicago Tribune?

Coin tapped the little bell on the table to restore order, and ruled the last question out, as there was one already before the house by Mr. Medill.

"Prior to 1873," said Coin, "there were one hundred and five millions of silver coined by the United States and eight million of this was in silver dollars. When your father said that 'only eight million dollars in silver' had been coined, he meant to say that 'only eight million silver dollars had been coined.' He also neglected to say—that is—he forgot to state, that ninety-seven millions had been coined into dimes, quarters and halves.

"About one hundred millions of foreign silver had found its way into this country prior to 1860. It was principally Spanish, Mexican and Canadian coin. It had all been made legal tender in the United States by act of Congress. We needed more silver than we had, and Congress passed laws making all foreign silver coins legal tender in this country. I will read you one of these laws—they are scattered all through the statutes prior to 1873." Here Coin picked up a copy of the laws of the