The “Crime of 1873” refers to a controversial decision by the United States Congress to demonetize silver and effectively place the U.S. on a de facto gold standard through the Coinage Act of 1873. The term “crime” was coined later by critics who felt the move hurt farmers, miners, and debtors in favor of bankers and industrialists.
⸻
Background:
Prior to 1873, the U.S. operated under a bimetallic standard, where both gold and silver were used as legal tender, with a fixed ratio between the two. This allowed people to use either metal to back currency.
⸻
What the Coinage Act of 1873 Did:
• Ended the free coinage of silver, meaning individuals could no longer take silver bullion to the mint and have it struck into legal tender coins.
• Removed the silver dollar from the list of authorized coins.
• Introduced new coins (like the Trade Dollar) and reorganized the mint system.
Although the Act itself was not secretive, the implications weren’t widely understood at the time, especially among silver miners and the agricultural population.
⸻
The Aftermath:
• The U.S. shifted toward the gold standard, which contracted the money supply.
• This hit debtors and farmers hard because it made money scarcer and more valuable, increasing the burden of debt.
• Western silver miners, in particular, were furious because demand for silver dropped sharply.
• Critics—especially in the populist and free silver movements—labeled it the “Crime of 1873”, claiming it was a conspiracy by Eastern bankers and politicians.
⸻
Political Impact:
• The issue of silver vs. gold became central to American politics for decades.
• It fueled movements like the Free Silver Movement and influenced figures such as William Jennings Bryan, who famously gave the “Cross of Gold” speech in 1896.
As Del Mar documented, it was a Legal
subterfuge orchestrated by Gold to remove Silver as Legal Tender, greatly
devaluing Silver which was widely used by the populace (middle class), and caused strife to the populace. Huzzah!
So, just how widespread was this Legal Subterfuge?
Yes — several other countries made similar moves during the late 19th century, transitioning away from bimetallism (gold and silver) toward a gold standard. The U.S. “Crime of 1873” was part of a broader global trend, often referred to as the “move to gold”. Here’s how it played out elsewhere:
⸻
Global Shift Toward the Gold Standard
1. Germany (1871–1873)
• After its victory in the Franco-Prussian War, Germany received a large gold indemnity from France.
• In 1871, Germany began demonetizing silver and adopted the gold mark as part of the Coinage Act of 1873, effectively going on a gold standard.
• This move influenced other countries to follow suit.
2. France and the Latin Monetary Union
• France, along with Belgium, Italy, and Switzerland, formed the Latin Monetary Union (LMU) in the 1860s, which was based on a bimetallic standard.
• However, the LMU suspended silver coinage in 1874, due to the declining value of silver.
• Over time, these countries effectively shifted to gold monometallism, even though the LMU didn’t formally abandon silver until much later.
3. The Netherlands
• The Netherlands adopted the gold standard in 1875, ending free coinage of silver and shifting away from bimetallism.
4. Scandinavia
• Sweden, Denmark, and Norway formed the Scandinavian Monetary Union in 1873, adopting a gold standard and abandoning silver.
5. United Kingdom
• The UK was already on a de facto gold standard since 1821, formalized with the Gold Standard Act of 1844.
• Britain’s early adoption of gold influenced global economic policy.
There’s only one book where I’ve seen a list and that’s by author Alexander Del Mar’s History of Monetary Systems 1895 listed above. ChatGPT missed Italy, Turkey, Russia, Japan, India and all of South America according to Del Mar, hmm. Still, ChatGPT confirms the Legal subterfuge was orchestrated on a global scale by Gold to screw Silver.
So, Gold orchestrated a worldwide cartel of Lawyers to make The Crime of 1873 happen. These Lawyers were already embedded in these countries to pull this off, an amazing feat of long term planning and Legal subterfuge. Who were/are they, what firms did/do they work for?
Gold's last hurrah isn't over yet, it now has a new messiah with ambitions, and governs an apparatus, far exceeding that of past Gold kingdoms. Midas would be jealous. Silver needs a revival.
