, 1876-08-10
HISTORY OF THE AMERICAN DOLLAR.


There zcems 10 bo general misunderstand-
ing in regard to the prcsont Legal status Of
the silver dollar aa affected by tho different
acts of Congress- in relation Thereto.
It seems to DO conceded, however, md is
really tho fact, that from tho foundation Of
tho Government until tho passage OF tho net
Of Feb. II, 1873, the silver dollar containing
3714 grains Of pnre silver, with moro or loss
alloy, was tho unit Of value Of the money OF
tho United states. Unti1 1887 the weight
Of tho dollar was 41G grains OF standard silver
of tho fnonosa Of 9O3 10 0thousandths, but by
tho net Of Jan. IS, 1857, the standard flnc-
mesa Of tho dollar Of tho United States was
fixed at 1000 parts by weight, Of which quo
parts were Of puro metal and 100
parts Of alloy, the nlloy to consist Of
copper. Tho weight Of the silver
dollar was fixed ut 412l grains, and
tho dollar Of this weight continued until 1873
to bo tue money unit Of tho United States,
tho palus Of gold coins being adjusted thereto
and determined Mersly. There was in all
this legislation no double standard ostab-
lishod, nor was there over o gold tlo'iar coined
until such coinage was authorized by tho act
OF 1S49, "conJ0rma1h IN all rtspeets to Tho
standard ef gold coins 'so,o (thon) authorized
ly la,o," md It's woight was tl1od ut 25.8
grains Of tho fnenesa Of niue hundred
thonsandths. This did not establish dou5h
standard, but tho stlper dollar continued to
be tho anst Of value until tho act Of Fob. IL,
1879. That act declares as followg: "TAe
gold coins Of tho United States shall he q
QUO dollar piece, which, at tho standard
weight Of twenty-five anu eight-tonths
grains, shall be the unit OF value, :"
"Tho silver coin Of the United States shall
10 trade dollar" half dollar, quarter
,lollar, and dime. Tho weight Of tho trade
dollar To bo four hundred and tu<nsy grains,
troy. Tho standard of tiueness for both
metals Is fixed at 1000 parts by weight, 600
parts OF pure 1netnl.
No other gold OF silver coins to DO isanea
except Us not forth In tho title, Tho act also
provides that " tbs gold coina Of tho United
States shall be lcgal.tendor at their noninal
value" mud " the silyor coinB Of the United
shall DO a logal.tendor for any amount not
exceeding J7es dol1ars in my one payment"
This net worked complete revolution iu
tho relative status Of gold aud silver coins.
It deprived tho silver dollar both OF It's legal.
to1dar quality and It's unit Of value quality,
aud transferred thu latter quality to tho gold
dollar. It also abolished the old silver dollar
Of 412l grains and substituted therefor
q trade dollar OF AGO gralns. At tho
time this WAS done, the silver dollar was
worth mors than tho gold dollar, and It Seems
to US TINT the 1oadhoAers might then have
complained, aud with good reason, that tho
act was ono nf repudiatiun. Thoy wore en-
tstlod to laye thu silver dollar continued a.
ths unit Of value; and bud gold, instead Of
silver, depEeoiatal In veluo, VIZ should Aayo
heard howl fro1n them over the 6atl fnith
Ut uur Government. They would, no doubt,
have demanded that the lottes Vt tho bond
should bs complied with, aud tho status OF
tho silver dollar restored, in Ill respects, as
before Tho act was pu4asd
Now, haye not the 1topl. who must pay
thaas bonds tia sams 1iYhs n oesnt:s'n and
to make tl1a aams delnaud lI,ut suppose Ill.
vor should be remunstizad, aud sjlv.r dol
lara coinsl for all who might bring bullion Ia
tho snints Of ths United Btatos. Is It probable
tl.at the bondEoldsr Glass would be 10 ter.
ribly injured thoroby2 II the demand TO,
fifty millions for subsidisry coin has senl
silver up in tho market or per cent
would not demand for two or three hun
tlrcd millions Laya the effect to bring the
valuo Of gold and silyer very nsar together