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McDonald of Indiana thought that "if no change had been made in our coinage laws, no proposition would be made to change them now. The Act of 1873 demonetizing the silver dollar made the pending measure necessary." Mr.
In the course of the discussion the history of the Demonetizing Act of 1873 was brought out, and the degree of attention, or rather inattention, which was given to its passage, On proceeding to vote the Senate rejected an amendment by Mr. Morrill, providing that for the first year only 25 per cent, and for the second year only 50 per cent, of the duties should be receivable in silver.
In view of this, as all the Government bonds outstanding in 1873 had been made payable in coin, it was as good as universally believed in most sections of the Union that the demonetizing of silver, if persisted in, would work hardship to taxpayers in liquidating the national debt.
In 1867 the International Monetary Conference of Paris had pronounced itself in favor of a single gold standard of currency, and the principal countries of Europe had preceded the United States in demonetizing silver or in limiting its coinage.
The old silver dollar, "the Dollar of the Fathers," had, until 1873, never ceased to be full legal tender, although it had since 1853 been too valuable as compared with the gold dollar to circulate much. In 1873 a law was passed demonetizing it, and making gold the exclusive form of United States hard money. The new German Empire did the same this very year.
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