put upon the government the expense of manufacturing coins
with no advantage. The evil grew so great that in 1806 the further
coinage of our silver dollars was prohibited by President Jefferson,
in an order issued through the state department, as follows:

"Department of State, May 1, 1806.
"Sir:--In consequence of a representation from the director of the
Bank of the United States, that considerable purchases have been
made of dollars coined at the mint for the purpose of exporting
them, and as it is probable further purchases and exportations will
be made, the President directs that all the silver to be coined at
the mint shall be of small denominations, so that the value of the
largest pieces shall not exceed half a dollar.

"I am, etc.,
"James Madison.
"Robert Patterson, Esq., Director of the Mint."

The coinage of the silver dollar at our mint was not resumed until
1836. The small and worn Spanish pieces, being legal tender, also
drove from circulation our fractional coins coming bright and plump
from the mint. Bank notes and these worn pieces furnished the
circulation of the country.

The condition of the currency became so objectionable that in 1830
the subject was taken up by a special committee of the House of
Representatives, appointed for the purpose. Three reports were
submitted, in one of which the committee stated that of $37,000,000
coined at our mints only $5,000,000 remained in circulation. A
bill was submitted to the House fixing the ratio at 15.625 to one,
and was strongly urged. There appeared no special opposition to
the measure for a time, but the feeling of opposition to the
circulation of bank bills had become very strong among the people
and was reflected by the administration.

In the Senate the opposition to bank bills was headed by Thomas H.
Benton, who openly advocated so changing the coinage ratio that
gold would circulate to the exclusion of the notes, and perhaps
incidentally of silver also. The matter of providing for silver,
however, received little attention. The ratio was changed to
sixteen to one, John Quincy Adams and Daniel Webster joining with
Calhoun and Benton in bringing it about. It was well understood
at the time that the operation of this act would banish silver.
The object of the change was distinctly stated, especially by Mr.
Benton, who said:

"To enable the friends of gold to go to work at the right place to
effect the recovery of that precious