The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-03-09
From the ILter-Ocean March, 2.
FINANCE.
THE STANDARD ,''DoLLAR. J"

-
American silver dollar. containing 4l21:
grains of standard silver (now worth
about SO cents in gold)s- was the tru,
standard dollar of the United States, the
unit of values and the money of &C
count, and that the arbitrary change
made In the money of account by The
coinage and mint law of February, 1878
has increased the value Of allldebts con,
traeted prior to 1872 about 8 per cant
over what they would be if no such
change in the standard of values had
been made. A consideration Of the facts
will make the impression that the mint
and coinage law of February, 1878, was
blunder.
THE UNIT OF VALUES
established By Congress in April, 1892,
was the "dollar" which itiwas specified
should be of the value of the Spanish
mllled dolla rs then current, and which,
it was specified, should contain 81 d
grains of pure silver, besides the alloy
The silver dollar vas legal tender for
any sum of money, and continued to be
so until the passage of the coinage law
IL February, 1878. The fractional parts
of the silver dollar, as authorized by
the law Of 1892, were also legal tend
er for any sum until February, 1868,
when law was passed reducing the
weights of the fractional coins so that
two half dollars, or four quarters, should
contain only 1857 grains. At the same
time February, 1862 it was enacted
that these fractional silver coins should
not be legal tender for any amount
above So but this did not extend to the
silver dollar, which continued to be not
only legal tender for any sum. but the
legal unit of value, She true "dollar Of
the United States" until tho actof Feb
ruary, 1873, went into operation.
Thus the unit of values which had
been the accepted standard for eighty
one years was suddenly changed, and
the value Of all debts increased nearly
per cent. for no reason whatever, ex-
cept an insane notion of few theorists
who consider it their mission to increase
the value of the greenbacks. This was
great injustice to all debtors at shat
time. The greenbacks were issued Ehen
silver dollar of the United States, con-
tanning 81 ID grains of pure silver. was
the standard coin dollar" the unit of
value; aud this was the only dollar
for which the greenback is q promissory
note. This was only promise to
pay an amount of silver that is now
worth about ninety-three centsin gold,
but the coinage law of Feb. IL, 1878,
practically abolished the American dol
lar and changed the unit of value from
sri d grains of pure silver to gold
dollar of 20 $40 grains standard gold,
The results Of this is that the new GOLD
dollar unit is worth ~ per cent more
in gold than the old silver dollar unit.
This is nothing in the world but en-
arbitrary, unjust enactment that for ea ch
dollar of greenbacks there shall be paid
III per cent. more in gold than was
promised at the time the greenbacks
were issued and accepted as the money
of account.
The manner ia which this unjust
change was made was as follows, viz:
The coinage law of Feb. 10, 1878
provides, firss that the one dollar gold
piece shall contain % $40 grains Of
standard gold, and Shall be the unit q
value" Next it specifies that "the sill,
yer coins of the United States shall be q
trade dollar, half-dollar. a quarter.
dollar, and dime, and the weight Of
the trade dollar shall be 420 grains troy
and the weight of the half-do.lar shall
be 1919 grams Cor 1872 grains troy")
And in another section it is provide
that ".hes silver coins of the United
States shall be legal tender at their
nominal value for any amount not exceed.
ing five dollars in any one payment"
! Throughout the whole Of this coinage
law of Feb. IL, 1873, the American dol
lar of 81 Il grains Of pure silver t4121S
grains of standard sllver.) which had
been the unit Of value for eighty-one
yeals, is ignored, and by the clause las