Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-09-29
Change in the metallic Carrency Of
the limited States.


In a suit which was recently tried,
Joshua Snowden, formerly Director Of
the Mint in Philadelphia, while acting as
one of the counsel, presented some inter-
esting information respecting the history
of the metallic currency of the United
States. The first coinage of the United
States was executed under the act Of
1892. BY that Act the silver dollar and
the lower denominations in proportion
were of the weight of 4l6 grains, and
contained 37l4 grains o pure silver; this
6neness is not easily expressed in deci-
mails, but it is very nearly 1924 thou
sandth /; this coinage continued until the
Act of January Is, 1887, when the weight
of the dollar was fixed at 4l21 grains,
and fneness at 900 t~housandths. The
dollar called for in the deeds were under
the former law thus continued the silver
coinage until the passage Of the Act OF
March 8, 1858, and by that Act the halt
dollar was reduced from 206t grains 1.-THE
weight under the act of 1880 to l93
grains, this was a reduction of l44 grains
to the half dollar, or lS1 grains to the dol
lar. Lower denominations Of silver coin
were reduced to the same proportion. A
popular error prevails that these coins
were decreased in ineness, hut the only
change is in the reduced weight the ap-
probation in silver rendered this alteration
necessary; the large production OF gold
from California and Australia has some
what changed the proportional value OF
the two metals. Before the mines of gold
were opened, the proportion of the pro-
duction of gold and silver was about as
one ounce of gold to seventeen OF silver.
But the proportion now is about as
ounce of gold to a little over four
ounces of silver. Compared with gold,
silver has appreciated in value as a
metal, and is therefore worth more as bull
lion than coin. The silver dollar OF 1882
is no longer issued from the mint, and can
not be obtained. So also the dollar OF
1887 is no longer o coin of circulation. 1t
has ceased to be a current coin since the
passage of the Act Of March 8, 1858, be-
u it became too valuable for circula-
ton, when two half dollars, although
weighing 2S1 grains less than the whole
dollar, would pass as an equivalent.
Neither of these dollars are quoted in the
market, because they are not to be OBJ
tanned; the only silver coins which have
a market price are the half dollars and
those of less denomination /; these last are
quoted at a lower rate, because they were
generally more worn, and have conse-
ouently less weight. Besides the in
stances already given, there is the Act of
June %, 1884, known as Benton's BILL
which reduced the weight Of the eagle
from 27O grains to 26S grains, and the
lower denominations in proportion. Be-
fore the passage Of that Act gold coins did
not circulate because they were under
valued the gold contained in the eagle
was worth more than $40 as bullion. If
a deed made in 1888 called for eagles OF
the weight then established. ought not the
paper be permitted to pay in the gold coin
which are made a legal tender at the time
the payment is made: The former coin
no longer exists the latter takes its place
by authority of the sovereign power which
has the constitutional control over the
subject matter. Fixing of the weight and
fneness is not within the control of an in.
dividual, but is the p~rerogative OF the
sovereign power; the coinage OF a country
is an act of the highest sovereignty. Our
Constitution vests this power in the Con-
gress of the United States they alone can
fix what shall be a legal tender in the pay
ment of debts.-BankerS' Magazine.