ased upon gold.

"Fourth. That the demonetization of silver tends to add to the
value of gold, and that though the relative value ebbs and flows
it is more stable compared to gold than any other metal, grain, or
production. Its limit of variation for a century is between fifteen
to seventeen for one in gold.

"Fifth. That both coins are indispensable, one for small and the
other for large transactions.

"Sixth. That the causes of the decline of silver are temporary.
It is still used by a great majority of mankind as the standard of
value. Its use in France and the United States will, on resumption,
more than counteract its decline in Germany.

"Seventh. The general monetizing of silver now, when it is
unnaturally depreciated, would be to invite to our country, in
exchange for gold or bonds, all the silver of Europe, and at last
it would leave us with a depreciated currency.

"Eighth. The decline of silver enables us now to exchange silver
coin of the old standard for fractional currency, leaving the
exchange optional with the holder, until we have the courage, as
we now have the ability, to redeem it in gold.

"Ninth. More silver can be maintained at par than we have now of
fractional currency.

"Tenth. The redemption of a part of our currency would advance
its purchasing power, while the silver in circulation will counteract
the contraction of the currency."

This bill became a law on the 17th of April, 1876. The second
section provided:

"That the Secretary of the Treasury is hereby directed to issue
silver coins of the United States of the denomination of ten,
twenty, twenty-five and fifty cents of standard value, in redemption
of an equal amount of fractional currency, whether the same be now
in the treasury awaiting redemption, or whenever it may be presented
for redemption; and the Secretary of the Treasury may, under
regulations of the treasury department, provide for such redemption
and issue by substitution, at the regular sub-treasuries and public
depositaries of the United States, until the whole amount of
fractional currency outstanding shall be redeemed. And the fractional
currency redeemed under this act shall be held to be a part of the
sinking fund provided for by existing law, the interest to be
computed thereon as in the case of bonds redeemed under the act
relating to the sinking fund."

A joint resolution for the issue of silver coin was introduced in
the House by Mr. Frost,