Speech of Senator Frank Hiscock in Opposition to the Free Coinage of Silver

Washington, D.C., 1890. Staining, age spots, small holes in cover.. 15pp. Transcript of speech given by New York Senator Frank Hiscock (1834-1914) before the Senate on June 5, 1890 opposing the free coinage of silver. He was speaking against Bill S.2350, authoritizing the issue of Treasury notes on deposits of silver bullion. "Free Silver," or the unlimited coinage of silver by the U.S. government for anyone bringing the metal to the U.S. Mint, was a common political slogan in the second half of the 19th century, with proponents pushing for an increase to the money supply. The "Silverites" pushed for bimetallism, or the use of both silver and gold in coins, at a ratio of 16 ounces of silver worth one ounce of gold. The actual ratio was about 32 to 1, so economists feared cheaper silver would drive gold out of circulation because people would hoard it. The Bland-Allison Act of 1878 required the Treasury to buy only $2 million to $4 million of silver annually and coin it at the standard 16 to 1 ratio to gold, far short of a "free silver" mandate. However, it was replaced in 1890 by the Sherman Silver Purchase Act, which enlarged the government's monthly silver purchases to 4.5 million ounces and stipulated payment for 2 million of those ounces in Treasury notes redeemable in coins. In this speech before the Senate, Hiscock argues that most Americans were opposed to "free coinage," i.e. the unlimited issue of silver coins. President Grover Cleveland forced Congress in 1883 to repeal the act because of a serious depression. The Gold Standard Act of 1900 made the gold dollar the gold standard, ending the free silver campaign. Hiscock served in the Senate from 1887 to 1893 but did not win relection and returned to his law practice in Syracuse. Approx. 5 1/2 x 8 1/2"