358 THE QUKSTIONS OF THE DAY. 



was a quarter of a dollar; if not, it was ten cents. This dis- 

 appearance of small coin is not likely to occur again, as all 

 commercial nations now introduce alloy into small coins, so 

 that their metal value is much less than tlieir face monetary 

 value. This renders it unprofitable to melt or export them, 

 and they remain in tlie country for the use of the people. If 

 they were issued greatly in excess of requirements for small 

 change, they would depreciate to their metal value. 



During tlie Civil War, and for some years after, we had an 

 irredeemable currency, neither silver nor gold being in circula- 

 tion except on the Pacific Coast, where a strong local sentiment 

 kept them in use. Even our small change was paper. This 

 was the first thing to be remedied, as the gradual appreciation 

 of the paper brought the debased subsidiary coins into circu- 

 lation, while the silver dollar aud the gold coins were still at 

 a premium. 



As the time for resumption of specie payments approached, 

 it became necessary to revise our coinage laws, which were 

 antiquated and in many respects inconvenient. We were 

 coining some pieces, as the three-cent piece and the twenty- 

 cent piece, which were not found desirable. At that time we 

 had become used to ])aper money of small denominations, and 

 there seemed to be no desire for silver dollars. It was at any 

 rate useless to coin tliem, as they were worth more than their 

 face value in gold, and consequently would not circulate, but 

 go to the melting pot as fast as made, thus keeping our mints 

 at work absolutely for nothing, with a loss to the country of 

 from $20 to $40 upon each $1,000 coined, as the silver bullion 

 cost the nation so much more than could be obtained for it when 

 coined. This, of course, government would not permit, and 

 as no owner of bullion would offer it for coinage, no silver 

 dollars had been coined for many years. In 1861, when the 

 silver dollar was worth $1.03 in gold, the director of the mint 

 recommended either a change in the ratio or the abolisliment 

 of the coin. The breaking out of the war, however, prevented 

 action at that time. 



In 1871, however, when, after some years of investigation 

 by committees, Congress set about enacting a new coinage law, 



