o be
coined to not less than two millions nor more than four millions
per month, but did not limit the aggregate amount nor the period
of time during which this coinage should continue. The market
value of the silver in the dollar, at the date of the passage of
the act, was 931/4 cents in gold coin. Now it is about 86 cents in
gold coin. If it was intended by Congress to adopt the silver
instead of the gold standard, the amount provided for is totally
inadequate for the purpose. Experience not only in this country,
but in European countries, has established that a certain amount
of silver coin may be maintained in circulation at par with gold,
though of less intrinsic bullion value. It was, no doubt, the
intention of Congress to provide a coin in silver which would answer
a multitude of the purposes of business life, without banishing
from circulation the established gold coin of the country. To
accomplish this it is indispensable either that the silver coin be
limited in amount, or that its bullion value be equal to that of
the gold dollar. If not, it use will be limited to domestic
purposes. It cannot be exported except at its commercial value as
bullion. If issued in excess of demands for domestic purposes, it
will necessarily fall in market value, and, by a well-known principle
of finance, will become the sole coin standard of value. Gold will
be either hoarded or exported. When two currencies, both legal,
are authorized without limit, the cheaper alone will circulate.
If, however, the issue of the silver dollars is limited to an amount
demanded for circulation, there will be no depreciation, and their
convenient use will keep them at par with gold, as fractional silver
coin, issued under the act approved February 21, 1853, was kept at
par with gold.

"The amount of such coin that can thus be maintained at par with
gold cannot be fairly tested until resumption is accomplished. As
yet paper money has been depreciated, and silver dollars, being
receivable for customs dues, have naturally not entered into general
circulation, but have returned to the treasury in payment of such
dues, and thus the only effect of the attempt of the department to
circulate them has been to diminish the gold revenue. After
resumption these coins will circulate in considerable sums for
small payments. To the extent that such demand will give employment
to silver dollars their use will be an aid to resumption rather
than a h