ted or they had disappeared in melting pots.
Such was the commercial demand for American silver coins that in 1853
Congress authorized the debasement of the subsidiary silver coins as
the only means of securing their circulation.

It is quite doubtful whether in the year 1860 there was a person living
who had seen an American silver dollar doing duty in the channels of
trade. From 1806 to 1873 the business standard of the country was the
gold standard. Silver had been recognized in the Coinage Act, but
practically it had not played any part in the financial policy or
fortunes of the country.

The choice of gold as the standard was not due to hostility to silver
or to the silver mining interests, but to the well grounded opinion
that gold was a universal currency, while in some countries, as in
England and Germany, silver coins were not a debt-paying currency.

These--within the limits of a statement--are the reasons for the
demonetization of the silver dollar and the adoption of the single gold
standard. The measure was in accord with my policy, and it was in
accord with the unbiased judgment of the commission.

It is a singular instance in legislative proceedings that a measure
that had no active support and that was free from opposition at its
enactment should be assailed vigorously after the lapse of years and
through a long period of time. The measure was soon followed by the
depreciation of silver and coincident with that change came the
attacks upon the Mint Bill, and the denunciation of the "Crime of 1873."

The charges were two:

First: The authors of the change had been corrupted by English gold
through one Ernest Seyd, a writer on economic topics. It was alleged
that Seyd came to this country at the time when the measure was under
consideration. Seyd was not living when the charges were made, but the
fact of a visit to this country was denied by his son. Hon. Samuel
Hooper was chairman of the Committee on Coinage. In the search for
information Mr. Hooper invited Mr. Seyd to give him his opinion. Seyd
was a writer, a man of good reputation, and a bimetallist. In a letter
to Mr. Hooper, which is still in existence, and which is printed in the
_Congressional Record,_ Seyd condemned the demonetization of the silver
dollar. His letter was dated at London, February 17, 1872.

The second charge was secrecy. The answer to this charge was to be
found in historical facts.

The evidence is this: Mr