lar, worth in the
market $1.02-13/100 in gold, was designed for the use of trade in
China, where silver was the only standard. By the joint resolution
of July 22, 1876, passed when the trade dollar in market value,
had fallen greatly below one dollar in gold, it was provided that
it should not be thereafter a legal tender, and the Secretary of
the Treasury was authorized "to limit the coinage thereof to such
an amount as he may deem sufficient to meet the export demand for
the same." Under these laws the amount of trade dollars issued,
mainly for exportation, was $30,710,400.

In October, 1877, it became apparent that there was no further
export demand for trade dollars, but deposits of silver bullion
were made, and such dollars were demanded of the mint for circulation
in the United States, that the owner might secure the difference
between the value of such bullion in the market and United States
notes. At the time the mints were fully occupied by the issue of
fractional, and other coins, on account of the government. Therefore,
under the authority of the law of 1876 referred to, I directed that
no further issues of trade dollars be made until necessary again
to meet an export demand. In case another silver dollar was
authorized, I recommended that the trade dollar be discontinued.

The question of the issue of a silver dollar for circulation as
money had, previous to my report, been discussed and carefully
examined by a commission organized by Congress, which had recommended
the coinage of the old silver dollar. With such legislative
provisions as would maintain its current value at par with gold,
its issue was recommended by me. I thought a gold coin of the
denomination of one dollar was too small for convenient circulation,
while such a coin in silver would be convenient for a multitude of
daily transactions, and in a form to satisfy the natural instinct
of hoarding.

I discussed the silver question to some length and said that of
the metals, silver was of the most general use for coinage. It
was a part of every system of coinage, even in countries where gold
was the sole legal standard. It best measured the common wants of
life, but, from its weight and bulk, was not a convenient medium
in the larger exchanges of commerce. Its production was reasonably
steady in amount. The relative market value of silver and gold
was far more stable than that of any other two commodities--still,
it did vary. It w