The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-08-11
T'I,e silver Dollar.

The recent remarkable decline
in the price of silver has called
the attention of the country to a
change made in our coinage laws
in 1873, whereby the monetary I'M
it of value was changed from the
silver dollar to the gold dollar and
the silver dollar was dropped from
the list of American coins.
The original act of Congress
establishing the mint and regula
ting the coins of the United
States, passed in 1892, made the
silver dollar the unit of Federal
money. That dollar weighed 416
grains of which 3711 grains were
pure silver and IA 3 4 grains, were
alloy.
In 1887 the amount of alloy
was diminished 3 IL grains, the
total weight of the dollar being
reduced to 412a grains, but the
quantity of pure silver in it re-
naming as before.
In 1873 the coinage acts were
revised and consolidated and the
gold dollar weighing 25.S grains
was made the unit of Federal
money, and the old silver dollar
was dropped from American coius.
Why this was done is not now
apparent. The act passed almost
without discussion and was voted
for indiscrlminately by all parties.
1t certainly was not because the
silver dollar was worth less than
the gold dollar, for at that time
the silver dollar was worth 103
cents in gold, the large decline in
silver having occurred since that
date.
1t is worthy of remark that
while the silver dollar thus re
NAMED the unit of Federal mon
ey from 1892 down to 1873, there
had been little or no coinage of
the silver dollar for the twenty
years preceding '73. The reason
of this was that our mint yalua-
ton of silver was too low, as com
pared with gold, so that silver was
coin. The real ratio of value OF
the two metals was one to fifteen
and one half, while our coinage
law made it one to sixteen. The
consequence of this was that cur
silver coin was drained out of the
country or went into the melting
pot. To remedy this, Congress
in 1858 provided for the coinage
of subsidiary" coin, that Is half
dollars, quarter dollar, dimes and
half dimes-of a reduced value,
so that they should not be export
ed or melted. The half dollar was
reduced in weight to 1872 grains,
and the other coins in proportion,
and they were made legal tender
for $500. But the old silver dol
lar was left unchanged and full le-
gal tender and the unit of values.
In 1873 the act was passed I'M
der which our present silver coin
is minted. This law provides that
the silver coins of the United
States shall be a half dollar. a
quarter dollar etc. The weight of
the half dollar is fixed at 1928
grains, and the others in proper.
ton, and they are legal tender
for sums not to exceed five dol
lars. BY this act the old silver
dollar, the unit of value from
1892 to 1873, was dropped from
our coinage.
The value of silver per standard
ounce in England in 1854 was 81
pence; it ranged from 81 to GIL 4
pence until 1859, when it stood at
} 60 pence. 1t fell to 60 4 in l GO
and closed in 1872 at 20 L 4
| Since then the prices have been
t 1873, 50 Ii; 1874, % Ia; 1T5,
56 rs. Since January last it has
been as low at times as 40 pense
and is now at 81. We can sec nc
,, rea son in equity or in policy, why
the old silver dollar should not be
restored to the place which it held
from 1892 to 1873. The Chicago
: Tribune in this connection says
2 In looking over the various acts crea
ting public debts. there Is no provision
for the payment Of the debts of the UnItet
G States. or the interest thereon, in GOLD
| IN every instance the contract is TO DAY
M coin'' Of the United States. We re
= peat what We said q few days ago, that /
" Guild be dishonest to compel creditor
touaccept in payment of debts money no
known at the time of creating the debt
andnot then, because of its lack Of value
4 9egal-tender. But the American sIIyel
dollar was the unit of value from 1892 {,
1873. covering the whole period in whicl
Z the Governmental debt Of all kinds wa
! contracted and was legal-tender TO an,
amount curing the same period. We sei
7 no wrong, morally or legally, in restorin.
:. the silver dollar in its ancient weight
and making 1t a legaI-tender, as Il la
D been since the foundation OF the Govern
ment.
Ii silver has declined in value
as it undoubtedly has, that is til,
good fortune of the government
A debt that is payable in either
of two articles, confers necessaril,
I upon the debtor the right te
G choose which of the two he viii
pay in, and he of course viii