The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-05-17
NO. 49,.


w hat descriptions 0i money are le-
gal tender in the United States is 9ues-
ton frequently asked, and one which few
are able confidently to answer. For co.
gent and obvious reasons. the power TO
coin money, regulate the value thereof,
aud of foreign coin, and fix the standard
of weight and measure,'* is, by the con-
stituiion of the United States, conferred
on congress: and the states are expressly
forbidden to make any thing but gold and
silver coin tender in the payment of
debts In pursuance Of the above men
toned power, an act was passed soon al
ter the organisa,iouof the government to
establish a min. for the purpos of ma
tional coinage. BY this act oar present
decimal denominations of gold, silver aud
copper coins were introduced and all
accounts in public offices, and all proceed
ings in the courts of the United States;
were required to be kept in dollars, dimes,
cents and mills and the gold and silver
coin struck at the mint, were declared 10
be a lawful tender in all payments what
ever. But by an act passed in 1887, reor-
ganizing The mint, and slightly modifying
the standard and weight of our gold and
silver coins, the gold coins issued prior
to July 81, 1884, are excluded as a legal
tender.
In relation 10 foreign gold and silver
coins, great caution has beed exercised
and a great number of acts have from
time to time been passed, to suit the ever
varying eXigencies of commerce. Ilay-
ing just completed the somewhat laburi-
Gus, and perplexing task of examining
these several acts for the purpose Of as
cerainng with certainty the existing
state of the law on the subject, proceed
to state the result, in the hope that ltmay
be useful to others.
The following foreign COLL coins
are now legal tender within the Uni
ted States, by weight, at the following
rates
|. The gold coins of Great Britain of
not less than nine hundred and fifteen
and half thousands in fneness, at
ninety-lour cents and syteenths of cent
per pennyweigh,.
2. The gold coins Of France, Of no less
than eigh huudred and ninety lhousandlhs
in lineness, ninety-two cents and nine
leenths ola cent per pennyweiglt.
3. The gold coins of Portugal and
Brazil, of no less than twenty-five carets
fine, at the rate Of nine,y.two cents and
eight tenths of cent per pennyweight.
4. The gold coins of Spain, Mexico
and Columbia, of the ineness of twenty
carets and three grains and seven six
,eenihs of grain, at the rate of eighty
nine cents and nine slxleenlhs of cent
per pennyweight.
The following foreign siiuer coins
are now legal tender within the Uni
ted States, by ioie, at the following rates ::
!. Spanish milIed dollars, and the parts
thereof, a, the rate Of one hundred cents
for each dollar, the actual weight whereof
shall not be less than seventeen penny
weights and seven grains, and in proper
ton for the parts thereof.
2. The Spanish pillar dollars and the
dollar of Mexico, Peru and Bolivia, Of no.
less Than eight bundled and nineiy-seven
lhousandths in tineness and four hundred
and fifteen grains in weight, at one hund-
red cents each.
3.The dollar of Chill and CentralAmeri-
ca, of no. less weight than four hundred
aud fifteen each. and those re-stamped in
Brazil Of the like weight, of no less fine
ness than ten ounces, fifteen pennyweigms
Of fine silver, in The troy pound of twelve
ounces, of standard silver.
A. The five franc pieces Of France, o?
no less Gneness than Ten ounces and Sc
r venteen pennyweighls in twelve ounces
= troy weight of standard silver, and weigh
ing no less than three hundred and eighty
four grains each, at The rate Of ninty-three
cents each.
The secretary OF the Treasury is requi-
red by law to cause essays to be had at
the Mint, at least once in every year, Of
all the gold coins and of all The silver
coins, except Spanish mllcd dollars, and
to report the result to congress.
Cents are not, and never have been, a
legal tender, except by implication, fer
sums under the lowest denomination If
silver albany Jouraai
This last power. owing TO the inherent diff.
culiis. nf Tho suhinct mas not vet been executed.