History

Benefits, as they well knew Post Date: Sun, 10 Aug 2008 12:06:10 +0000
If the act should prove to be successful their hostility to it might be forgotten, and they could well arraign their opponents for so long neglecting to enact it. If, on the other hand, it should prove unsuccessful, it would remain a standing reproach to the financial policy of the Republican party. Benefits, as they well knew, are soon forgotten, while injuries are tenaciously remembered; and this they believed was as true of parties as of persons.

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This was the measure Post Date: Sun, 10 Aug 2008 11:53:23 +0000
In short, as the leaders of the Democracy viewed it, the Resumption Act, passed over their combined vote, could do them no harm, while the chances were that it would inure to their advan- tage." Closely allied with the Resumption Act, as it turned out when the time came for resumption, January 1, 1879, was the Coinage Act of 1873. This was the measure that many years afterward became so conspicuous in party politics as " the crime of 1873.

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The weight of the " Post Date: Sun, 10 Aug 2008 11:39:19 +0000
" The act omitted the standard silver dollar from the coinage of the United States. The silver coins authorized in this act were: the " trade dollar," the half- dollar, quarter dollar, and dime. The weight of the " trade dollar " was fixed at 420 grains troy; of the half-dollar at twelve and one-half grammes; of the quarter dollar at six and one-fourth grammes, and of the dime at one-fifth of the half-dollar.

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These gold and silver coins Post Date: Sun, 10 Aug 2008 11:23:22 +0000
The standard for both gold and silver coins was not changed, except that the allo3for the gold coin might be wholly of copper, or have one-tenth part of it silver. The weight of the gold coins was fixed at 510 grains for the double eagle, 258 grains for the eagle, 129 grains for the half- eagle, seventy-seven and four-tenths for the three-dollar piece, sixty-four and one-half grains for the quarter-eagle, and twenty-five and eight-tenths for the gold dollar. These gold and silver coins, and none other, were thereafter to be issued; and except the " trade dollar " and silver for the sum of five dollars, gold was the only coinage that had a legal tender quality affixed to it by law, under this act.

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Did it mean gold Post Date: Sun, 10 Aug 2008 11:08:06 +0000
By the joint resolution, approved July 22, 1876, the legal tender quality of the "trade dollar" was abolished, and the Secretary of the Treasury was authorized to limit its coinage " to such an amount as he may deem sufficient to meet the export demand for the same." With resumption the question arose as to the meaning of the word " coin " in the Resumption Act of 1875. Did it mean gold and silver, or gold only? It was found that demonetization had been accom- plished by the omission of the standard silver dollar from the coinage of the United States.

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After that remonetization became Post Date: Sun, 10 Aug 2008 10:56:22 +0000
The omission had attracted no attention and had met with no opposition. When the legal tender quality of the " trade dollar " was withdrawn in 1876, silver, as a standard of value, disappeared from the coinage. After that remonetization became an issue, as will be found in the subsequent chapters of this work.

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As a result Post Date: Sun, 10 Aug 2008 10:38:52 +0000
Unfriendliness of Europe During the Civil War England's Hostility The Trent Affair English and French Neutrality Mr Day- ton's Indignant Protest Recognition of the Southern Confed- eracy Ocean Belligerency Failure of the Johnson-Clarendon Treaty President Grant's Recommendations Hamilton Fish The Joint High Commission Treaty of Washington Settlement of Pending Difficulties with Great Britain Purchase of Alaska Opposition to the Treaty in the House The United States and Russia Treaty for the Annexation of San Domingo Mr Sum- ner's Hostility to the Treaty Sumner and Grant Reactionary Influences of the Period. HE diplomatic relations of the United States were skillfully managed by Secretary Seward during the long period be- tween the inauguration of President Lincoln and the retire- ment of President Johnson. As a result of the Civil War many delicate and dangerous controversies had arisen with powers hostile to the Union, especially Great Britain and France.

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There is no other possible Post Date: Sun, 10 Aug 2008 10:21:12 +0000
Without provocation of any kind Lord John Russell exhibited an unfriendly spirit toward the incoming Administration even before Mr Lincoln took office. The cause of his haste was, no doubt, the supposed foreign policy of Mr Seward for averting the war. There is no other possible explanation of Lord John's threats, when he undertook to " warn a government which was making political capital out of blustering demonstrations, that our patience might be tried too far.

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So eager was Her Majesty's Post Date: Sun, 10 Aug 2008 10:08:42 +0000
" The gov- ernment of which he spoke so hotly had not yet an existence. This spirit entered into all the diplomatic relations of Great Britain and the United States at that time. So eager was Her Majesty's Govern- ment for a dissolution of the Union that it did not wait for the arrival of Charles Francis Adams, the new American Minister, in England before issuing a proclamation recognizing the belligerency of the confederated Southern States.

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No opportunity was presented for Post Date: Sun, 10 Aug 2008 9:49:03 +0000
At the same time Lord John Russell concerted measures looking to virtual intervention with France, and actual negotiations were conducted with the Confederate Government during the summer of 1861. France recognized the Southern Con- federacy with a like precipitation, and in all these transactions acted as an ally of Great Britain. No opportunity was presented for Great Britain to be dangerously arrogant and aggressive until the affair of the " Trent " occurred, near the close of 1801.

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