Common Sense with Paul Jacob

On February 16, 1878, the Bland-Allison Act, which provided for a return to the minting of silver coins, became U.S. law. Today, the value of American money is secured only by public faith in the stability of the government; during the 19th Century, money was backed by actual deposits of silver and gold.

That is, money was silver and gold. But that did not mean that all was right with the monetary system.

Five years earlier, when Congress had stopped buying silver and minting silver coins — following the lead of European nations — a financial panic ensued. Reasons for the suspension lay in the fact that the exchange value of silver and gold had retained an old, out-moded fixed ratio that favored silver producers. Had the United States Treasury let the two standards freely float, making a distinction between silver dollars and gold dollars, none of the political strife over bimetallism would have occurred.

As it was, with silver over-valued, the silver coins increasingly “drove” gold out of circulation, as well as out of the Treasury and into private hands.

In 1893, in the midst of another financial panic, this time as a result of depletion of gold reserves in the U.S. Treasury, President Grover Cleveland called a special session of Congress to repeal the bimetallic standard. He was successful, though agrarian inflationists took over the Democratic Party and offered up, for the next election, William Jennings “Cross of Gold” Bryan as a counter to Cleveland’s old-fashioned fiscal conservative/social liberalism.

On Feb. 15, 1898, the USS Maine, a battleship, exploded in the Cuba’s Havana harbor, killing 260 American sailors. An official U.S. Naval Court of Inquiry ruled in March 1898 that the ship was blown up by a mine, without directly blaming Spain. Nonetheless, Congress declared war and, within three months, the U.S. had decisively defeated Spanish forces. On December 12, 1898, the Treaty of Paris was signed between the U.S. and Spain, granting the United States its first overseas empire with the ceding of such former Spanish possessions as Puerto Rico, Guam, and the Philippines.

In 1976, a team of American naval investigators concluded that the Maine explosion was likely caused by a fire that ignited its ammunition stocks, not by a Spanish mine or act of sabotage.

On Feb. 14, 278 A.D., Valentine, a priest in Rome during the reign of Emperor Claudius II, was executed. In order to facilitate the raising of an army for his unpopular military campaigns, the emperor outlawed all marriages and engagements. Valentine defied Claudius’s order and continued to perform marriages for young lovers in secret. Once discovered, Valentine was arrested and condemned by the Prefect of Rome to be beaten to death with clubs and to have his head cut off. The sentence was carried out on February 14.

Valentine was named a saint by the Roman Catholic Church after his death.

Though February 14th is celebrated as “St. Valentine’s Day,” in today’s vernacular, the 14th of February, 278, was, ahem, “not his day.”

On Feb. 13, 1633, Italian philosopher, astronomer and mathematician Galileo Galilei arrived in Rome to face charges of heresy for advocating Polish astronomer Nicolaus Copernicus’s theory that the Earth revolves around the Sun. In April, Galileo pled guilty before the Roman Inquisition in exchange for a lighter sentence. Put under house arrest indefinitely by Pope Urban VIII, Galileo spent the rest of his life at his villa in Arcetri, near Florence, dying in 1642.