Page:The World's Famous Orations Volume 10.djvu/236

 THE WORLD'S FAMOUS ORATIONS

During this period silver rapidly fell in mar- ket value below gold at the ratio of 16 to 1. Prior and subsequent to 1873 many changes were made in coinage by the leading countries of the world. Germany, in 1812, changed its standard from silver to gold. France, Italy, Switzerland and Belgium had, in 1865, entered into a treaty called the Latin Union, to which other nations became parties, and by which the coins of each of these countries were received and paid out by all of them. This important arrangement was first modified, and finally aban- doned and gold became the standard of value in those countries, but in all silver was coined and largely used as a subsidiary coin, precisely as in the United States.

In anticipation of the resumption of specie payments the Resumption Act of 1875 provided silver coins of dimes, quarters and half dol- lars for the redemption of the fractional cur- rency then in general use in our country. The new silver coins gave great satisfaction. They were limited in legal tender qualities to $10. At this time Mr. Bland of Missouri, introduced his bill for the free coinage of silver at the ratio of 16 to 1, on the demand of the holders of silver bullion. Silver had then declined below that ratio. One ounce of gold was worth more than 16 ounces of silver. The Bland bill, if it had become a law as it passed the House, would have demonetized gold. Such was not the pur- pose of Congress.

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