debate, in which he favored the unlimited coinage of a silver dollar of 425 grains.  Preceding the Congressional action there had been much public discussion on the subject throughout the country.  A Monetary Commission had been organized, by joint resolution of August 15, 1875, for the purpose of making an examination into the silver question.  This Commission made an exhaustive report to Congress on March 2, 1877, the majority of the Commission recommending the resumption of silver coinage.  Also, previous to the discussion of the Bland-Allison Act in the Senate, the celebrated Matthews Resolution was passed by that body.  This asserted that “all bonds of the United States are payable in silver dollars of 412 and 1/2 grains, and that to restore such dollars as a full legal tender for that purpose, is not in violation of public faith or the rights of the creditors.”  The de-bate on this resolution was a notable one.  It was chiefly under these aspects that the financial question was discussed in the years 1877-1878.

The Bland-Allison Act was in operation from 1878 to 1890, during which time $2,000,000 in silver were coined per month, the minimum amount authorized by law.  On July 14, 1890, the so-called Sherman Act stopped the coinage of silver dollars and provided for the purchase of silver bullion to the amount of 4,500,000 ounces per month.  Against this bullion Treasury notes were to be issued, redeemable in gold or silver coin at the option of the Secretary of the Treasury.  These notes were made a legal tender in payment of all debts, public and private, and receivable for all customs, taxes, and all public dues.  It was also declared in this Act to be the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law.  On account of this language in the law the Secretary of the Treasury under Mr. Cleveland has not deemed it advisable to exercise the discretion which the law gives him to redeem these notes in silver, and these new Treasury notes have been treated as gold obligations.  By November 1, 1893, when the silver purchase clause of the Act of July 14, 1890, was repealed, Treasury notes to the amount of $155,000,000 had been issued, though some of these have since been exchanged for silver dollars at the option of the holders.  It has been by these Treasury notes and the outstanding greenbacks that gold has been withdrawn from the Treasury, thus depleting the gold reserve and making bond issues necessary.  It has been deemed advisable by successive administrations of the Treasury Department to maintain a gold reserve of $100,000,000 against the $346,681,000 outstanding greenbacks, though no law requires that such a reserve should be maintained further than that the Act of March 18, 1869, pledges the faith of the United States that its outstanding notes should be redeemed in coin.