Act for the coinage of silver dollars. The subject had been
discussed in the Senate and House and before the people, with increased
zeal, ever since the movement for resumption of specie payment took
decided form. For those who had not given special attention to the
question, arguments were at hand from an official source. It would be
more difficult to find a more exhaustive examination into the silver
question than is embodied in the report of the Monetary Commission
(organized under the joint resolution of August 15, 1875), presented
to Congress on the 2d of March, 1877. It has permanent value for the
compact and lucid form in which the history of the precious metals is
presented, and for the clear statement of conflicting theories in
regard to monetary systems.

--Three members of the Commission, John P. Jones and Louis V. Bogy of
the Senate, and George Willard, a representative from Michigan,
believed that the United States should remonetize silver without
regard to the future policy of Europe, and that a law should be passed
fixing 15-1/2 to 1 as the standard of relative value between silver and
gold in this country.

--Mr. William S. Groesbeck favored the remonetization of silver at the
old relation in the United States of 16 to 1, and was joined in this
suggestion by Mr. Richard P. Bland of Missouri.

--Senator George S. Boutwell expressed the opinion that it was not
expedient to coin silver dollars to be a legal-tender, and that the
introduction of silver as currency should be postponed until the effort
to secure the co-operation of other nations had been faithfully made.

--Professor Francis Bowen and Representative Randall L. Gibson thought
that a double standard was an illusion and an impossibility, and
declared the proper place for silver in the monetary system to be that
of subsidiary or token currency, considerably overvalued by law and a
legal-tender only within certain minor limits. They advocated the
coinage of silver dollars of 345-6/10 grains, to be legal-tender for
sums not over twenty dollars, and to take the place of all paper
currency of less denomination than five dollars.

President Hayes presented the subject in his message, December 3, 1877.
He did not believe that "the interests of the Government or the people
would be promoted by disparaging silver," but held that it should be
used only at its commercial value. "If," said he, "the United States
had the undoubted right to pay its