In this article, we pick out a couple of those facts. Readers are recommended to read the full report.
Merchants Magazine & Commercial Review, New York, September 1842, page 270, observed the matter of coinage debasement in Ireland—“The silver coins in Ireland had by this time (1804) become so light, that twenty-one shillings were not intrinsically worth more than nine.”
The North American Review, February 1889 had an article entitled, “Shall We Banish Silver Coin?” by Edwards Pierrepont (name sounds like an elitist!) He began by discussing the Royal Commission on Precious Metals in London which, after two years of alleged deliberations, reported in September 1888 (page 227) that the use of silver in the monetary system was — “A chimerical proposal, unworthy of serious consideration” and warned that to use silver as money would be to “risk creating evils exceeding those which we at present experience.” In response to their conclusion, Pierrepont reflected— “Of all the subtle devices which the wit of man has contrived to despoil the community of their property, nothing equals the contrivance of laws which limit the currency to gold and require all debts to be paid in legal tender money.”
Roger Quarles Mills (1832 through 1911) was a Texas Democrat in the House of Representatives, March 4, 1873 (after the bad act of 1873 was passed) through March 28, 1892, when he became a Senator, until 1899. He was chairman of the House Ways & Means Committee of the fiftieth Congress. He was a far better Texan for silver, than the repugnant President Johnson. In the North American Review, May 1890, pages 572 through 585, Mills, in an excellent article called, “What Shall We do With Silver?” commented — “Some persons are easily alarmed by the danger of inflation; but the increase of the circulation by any addition of gold and silver cannot produce inflation. It is permanent, not vacillating. It is not, like paper money, suspended in the air—money which sooner or later must collapse and bring disaster to the whole country.”However—oops! In 1893, when President Grover Cleveland, a Wall Street operative, sought repeal of the Sherman Silver Purchase Act, Mills defected and supported Cleveland’s position, which is the usual explanation as to why Mills was defeated for re-election in 1898, because his constituents felt betrayed. How sad to reach the end of your days, disgraced by wrong actions. Cleveland became a charter member in 1903 of The Pilgrims Society, New York branch—the world’s top banker organization.
Source GoldSilver Worlds
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