rom any source whatever and shall belong to the United States, they
shall not be retired, cancelled, or destroyed, but they shall be
re-issued and paid out again and kept in circulation." When this Act was
passed there were $346,681,016 of United States notes outstanding, and
there has been no change in the amount since.

As to the silver policy of the Government since the war it is expected
that the purport of certain important acts of legislation should be
understood by all who would have an intelligent conception of our
financial controversies.

The Act of February 12, 1873, suspended the coinage of the standard
silver dollar of 412 and 1/2 grains. This Act authorized the coinage of
the trade dollar of 420 grains, making it a legal tender for $5. This
is the Act which has been called the "crime of 1873," on which tomes of
controversy have been called forth. It is discussed at some length in
the speech of Mr. Morrill, found in our text.

On February 28, 1878, the Bland-Allison Act was passed over the veto of
President Hayes. A bill providing for the free and unlimited coinage
of silver, of 412 and 1/2 grains to the dollar, had passed the House
in November, 1877, under a suspension of the rules. At this time the
bullion in the silver dollar was worth about 92 cents. When the Bland
free-coinage Act came to the Senate, it was amended there on report
of Senator Allison, of Iowa, Chairman of the Finance Committee of
the Senate, by a provision that the Government should purchase from
$2,000,000 to $4,000,000 worth of silver bullion for coinage into
dollars. Holders of the coin were authorized to deposit the same with
the United States Treasurer and to receive therefor certificates of
deposit, known as silver certificates. These certificates are not legal
tender, although receivable for customs, taxes, and all public dues, and
are redeemable only in silver. This Act called forth an exhaustive
and able debate. Senator Morrill, of Vermont, opened the debate in
opposition to silver coinage. Senator Beck, of Kentucky, was one of
the ablest advocates of silver coinage, while Mr. Blaine made a notable
contribution to the debate, in which he favored the unlimited coinage of
a silver dollar of 425 grains. Preceding the Congressional action there
had been much public discussion on the subject throughout the country.
A Monetary Commission had been organized, by joint resolution of August
15, 1875, for the purpose of making an examin