New-York daily tribune., 1844-02-10
For The Tribune.
,rhe Coins. Or the Standard of value


No. II.
In precise and explicit language, what IS
money, and of what does it consist
assume as incontrovertible, that IT consists
of the Precious Metals, in the shape OF Com, and
of nothing else. That paper does not now tha'
il never has, and that it never can, constitute
money for the simple reason that 1t has no Vaile
in itself; copper to a certain extent Is tolerated.
and is by law recognized as a tender to the
amount of four cents, but strictly speaking, cop
per coins cannot be called money, because they
do not contain within themselves the amount
they purport TO be; one hundred cents as to mat
ter Of fact, contain in value but about 81 cents.
They are tolerated, SO long as the issue OF them
does not exceed what is required for change IN
sums Of less than five cents; properly speaking
the copper coins of the United States are tokens.
Let Legislators assume that copper is currency
and issue it in quantity, as they do the precious
metals, and it will soon find It's level, and COM
rnand less than 80 cents in silver for 100 cents
OF copper coin.
The American half eagle prior to 1884, con-
cams fraction over l34 grains standard gold, and
1873 grains OF fine gold; these at 1 c3l-l0O are
SIS 80.
The American half eagle, by the law OF 1854
contains l29 grains of standard gold, and l6
grains of pure gold these at c3l-100 are S.
The standard weight Of the English sovereign
IS 1913. 5. 1t contains Of pure gold ll3 grams;
this at c3l.100 are 81 81.
The standard weight of the American silver
dollar is 39S grains. 1t contains of pure silver
366 3 grains; these at 2 mills 72 cents give
fraction over 81.
The Spanish Dollar contains Of standard silver
400 grains 1t contains Of pure silver 37O grains;
these at mills 72.l00 are ..,.......,......l 005
The alloy in coins is Of no value
BY the above statement it will be seen that the
half.eagle, prior to 1884, contained grains of
gold more than the coins as now established by
law. that these grains at &c. 3l-l00 are worth
30 cents, and that the coins prior to 1884 are
worth just this much more than the coins as at
present regulated
BY reference to The daily price -currentsit will
seen that the coins are worth in the market Just
about what the above calculation gives, showing
concuslvey that it is the quantity of pure metal
in them that fixes their value, and nothing else
The change of the standard of gold by the
law of 1884 had, at an after period, more sen.
slble and extended effect, on the business of this
country and Great Britain than politicians and
others seem to be aware of, but this is not the
place to treat of this subject
The factofthe coins being valued for the guam
tity of metal contained in them and this quantity
being fixed by law, and the COINS themselves be.
ing by legislative enactment legal tender in all
payments of debt, constitute them THE STANDARD
by which all exchanges of property are governed,
and are appropriately termed THE STANDARD or
VALUE.
A portion, and portion only, of the currency
is required for coins for all the coins that can
be used are just SO many as will settle the
balances between individuals and nations
The unco'ned currency Of the ,corld is valued
or measured by the coins, as we'll as the hun
dreds Of millions OF other property that is con-
stantly changing hands.
Prior to the Revolution, the Colonies, now in
c!uded within the United States, each for itself,
regulated its Currency hence one denomination
of money in New York, another in Massachu.
sets, another in Pennsylvania, and SO on. The
inconvenience resulting from the want of uni.
tormity was powerful motive for the power to
coin money and regulate the value thereof
being confided to Congress alone. This impor
tant trust, confided to them by the Constitution.
was executed, when they by law fixed the amount
of pure metal, and the weight OF standard metal
that should constitute the United States Coin and
the divisions thereof, and provided for the coming
OF them. Had the Constitution left this all open
question, and had Congress neglected action on
II, the duty to coin money and regulate the value
fhereol would then have devolved on the States,
as 1t had previously on the Colonies and the
question might have arisen, whether it Of ricbt
belonged to them or individuals or the States
might have thought it expedient to confde to in
dividuals and Corporations the power to coin
money and regulate the value thereof, as they
now trust individuals and Corporations to issue
circulating notes and make exchanges. We can
readily perceive the confusion attendant on such
s state OF things; and it was, no doubt, seen by
those who adopted the Constitution.
Banking Is In itself legitimate business, Of
great antiquity; bat in no sense do those en-.
gagged In il coin money and regulate the value
thereof But Of this Shall have occasion to
speak more at large hereafter; merely promising
that Bank notes are circulating medium and
the only circulating medium known to the United
States. p
ATEW ORLEANS PACKAGE EXPRESS
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