How to use Free coinage in a sentence
The basis of the system adopted was the double standard with a fixed relation of I to 15.09, and free coinage.
The heavy depreciation in silver causing large losses to the government, free coinage was suspended in 1880, and the nominal value of the mejidie was reduced by decree to 19 piastres (105.26 piastres thus = £T1), while in the same year the debased currencies were reduced, altilik, the 6-piastre piece to 5 piastres, the 3-piastre piece to 22 piastres, the 12-piastre piece to 14 piastre; beshlik, the 5-piastre piece to 22 piastres, the 22-piastre piece to 1;-piastre; metallik, the 1-piastre piece to 2 piastre, the 2-piastre piece to 4 piastre, the *-piastre piece to a piastre - these values representing approximately the intrinsic value of the silver, at mejidie standard, contained in the debased coins.
In the Democratic national convention at Chicago in 1896, during a long and heated debate with regard to the party platform, Bryan, in advocating the "plank" declaring for the free coinage of silver, of which he was the author, delivered a celebrated speech containing the passage, "You shall not press down upon the brow of labour this crown of thorns; you shall not crucify mankind upon a cross of gold."
This latter Act he approved only as a means of escaping the free coinage of silver, and he supported its repeal in 1893.
Finally in 1816 the free coinage of silver was brought to an end.Advertisement
At the same time the free coinage of silver was suspended, the government reserving to itself the sole privilege of coining money.
In 1879, owing to the continued depreciation of silver, the free coinage of silver was suspended.
In 1893 the Indian mints were closed to the free coinage of silver, and in 1899 the British sovereign was made legal tender at the rate of 1 s.
Accordingly in June 1893 an act was passed closing the Indian mints to the free coinage of silver.
The convention adopted a tariff plank drafted by McKinley, and, of far greater immediate importance, a plank, which declared that the Republican party was "opposed to the free coinage of silver, except by international agreement with the leading commercial nations of the world, which we pledge ourselves to promote, and until such agreement can be obtained the existing gold standard must be preserved."Advertisement
Before 1897 the administration of the state was controlled by the Republican party; but in 1896 Democrats, Populists and those Republicans who believed in free coinage of silver united, and until 1902 elected a majority of all candidates for state offices.
He was a member of the committee on finance throughout his service in the Senate, and his first speech in that body was a defence of the free coinage of silver and a plea for the preservation of the full legal tender value of greenback currency, though in 1893 he voted to repeal the silver purchase clause of the Sherman Act.
In 1900 he was nominated for the presidency by the Democratic, Silver Republican, and Populist party conventions; but although "imperialism" was declared to be the paramount issue, he had insisted that the "platforms" should contain explicit advocacy of free-coinage, and this declaration, combined with the popularity of President McKinley, the Republican candidate for re-election, again turned the scales against him.