THE HALF DOLLAR Our new half dollar will be nearly indistinguishable in appearance from the present half dollar. This type of coin was selected because, alone among practical alternatives, it can be used together with our existing silver coins in the millions of coin-operated devices that Americans now depend upon heavily for many kinds of food and other goods. The new dime and quarter will, therefore, outwardly resemble the nickel, except in size and design, but with the further distinction that their copper core will give them a copper edge. They will have faces of the same copper-nickel alloy used in our present five cent piece, bonded to a core of pure copper.
The new dime and the quarter-while remaining the same size and design as the present dime and quarter-will be composite coins. THE NEW COINAGE I propose no change in either the penny or the nickel. Much as we all would prefer to retain the silver coins now in use, there is no practical alternative to a new coinage based on materials in adequate supply. It can be maintained indefinitely, however much the demand for coin may grow. The legislation I am sending to the Congress with this Message will ensure a stable and dignified coinage, fully adequate in quantity and in its specially designed technical characteristics to the needs of our Twentieth Century life. We must take steps to maintain an adequate supply of coins, or face chaos in the myriad transactions of our daily life-from using pay telephones to parking in a metered zone to providing our children with money for lunch at school. Although we have a large stock of silver on hand we cannot continue indefinitely to make coins of a high silver content-in the required quantity-in the face of such an imbalance in the production of silver and the demand for it.
FREE COINAGE OF SILVER FREE
That is far more than total new production of silver expected in the entire Free World this year. We expect to use more than 300 million troy ounces-over 10 thousand tons-of silver for our coinage this year. To maintain unchanged our high silver coinage in the face of this stark reality would only invite a chronic and growing scarcity of coins. Silver is becoming too scarce for continued large-scale use in coins. The United States is not exempt from that shortage-and we will not be exempt as it worsens. There has been for some years a worldwide shortage of silver. I am, therefore, proposing certain changes in our coinage system-changes dictated by need-which will help Americans to carry out their daily transactions in the most efficient way possible. We should not hesitate to change our coinage to meet new and growing needs. The long tradition of our silver coinage is one of the many marks of the extraordinary stability of our political and economic system.Ĭontinuity, however, is not the only characteristic of a great nation's coinage. For 173 years, we have maintained a system of abundant coins that with the exception of pennies and nickels is nearly pure silver. Our coins, in fact, are little changed from those first established by the Mint Act of 1792. We are today using one of the few existing silver coinages in the world. Harvey became an enthusiastic supporter of Bryan, and it has even been suggested that he was the ghost writer for that famous speech.From the early days of our independence the United States has used a system of coinage fully equal in quantity and in quality to all the tasks imposed upon it by the Nation's commerce. That candidate was William Jennings Bryan, who won the nomination after his stirring “Cross of Gold” speech. But Harvey suggested instead that silver supporters unite around a democratic candidate who would select a populist running mate and promise cabinet seats to populists and silver republicans.
Some proposed creating yet another new party. As the election of 1896 neared, leaders in the movement discussed how the friends of Free Silver in the Democratic, Republican, and Populist Parties could all be united. This increased his influence even further. Free Silver Movementīy 1895 Harvey was so associated with the Free Silver movement that he was selected to champion the cause in several debates. Sale of this and other books also brought Harvey wealth. His 1894 book Coin’s Financial School brought him fame and his nickname. Soon he became nationally known for his financial theories. It was against this backdrop that William Harvey became a spokesman for reform. Most supporters of Free Silver also called for regulation of railroad rates, breaking up of monopolies, and other reforms to benefit farmers and workers. One of its key demands was the unlimited coinage of silver at a ratio of 16 to 1 (that is to say, 16 ounces of silver would have the same value as 1 ounce of gold).
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