, 1876-07-27

two half-dollars But tho coinage Of tho
dollar, for obvious reasons, ceased.
Tho American silver dollar, Of the woight
Of 4l2a grains, continued q lcgal-tendar for
all debts, public aud private, until Feb. -,
1873, whom the Coinage acts Of tho United
States were consolidated and revised. This
act provides that the gold dollar, weighing
25.8 grains, shall bo tho unit Of value. Tho
other gold coins contain rroporttona1ly
greater weight, md nre all 1egal-tendor to any
amount. The silver coins nra'n trnde dol
lar" weighing 42o grains half-dollar,
weighing 1919 grains; and quarters
md dimes, proportionats in weight to
tho half-dollar. Tho old American ailvor
WIS thereby dropped from tho list Of Au,eri-
can coins, and all coins savo those enunor-
atcd are prohibited. The silver coinage is
lcgal-tondor only to the amount Of 81.
It will be soon by this that tho American
silver dollar weighing 419} grains was
logal-tender for all amounts from 1909 to
1871, or over eighty yoars. There WAS no
particular rcason in 1873 for lemonatizing
tho standard silver dollar, md tlicro were
but fow persons in tho country who knew
TINT sueh an net had pissed, until tho subso-
quent decline In tho value Of silver; and
thero is no reason now why 1t should not 10
restored, mud mailo q logal-tender. Tho
value Of silver per standard ounce In En-.
gland in 1851 WINS Ct pence; 1t ranged from
G1 to Gla ponce until 1859, when it stood at
c. ponce. It fell to COZ In 1860, aud closed
in 1879 at COT. Since thon thu prices havo
been: 1870, SOL; 1874, est; 1876, 5G1.
Since January last 1t has boen rs low at
times as 10 ponce, and Is now ut Ill.
The bills before Congress provide for tho
coinage Of dollars at the old standard of 4124
grains, or nt tho increased weight Of 42O
grains, and to mako them lcgal-tenders as
dollars. A few days ago VIC commented upon
Tho statement Of Gen. GARFIELD that to
mike silver q legal.tender 10 discharge tho
present standard Of coinage as dishonest,
and we 80 think now. When Congress, in
1850, debnsod tho silver coin, 1t very properly
took away from 1t its previous character as q
lega1-tender. But It left tho standard dollar
legal-tender as before. That dollar Ind
been lega1-tender for sixty-eight years be-
fore tho War, and every dobt, public and
private, contracted between 1893 aud 1879
WIS legally payable In dollars Of that
standard. In looking over the various
acts creating public dobts, there is
no provision for tho payment Of tho
dobta Of tho United States, or the
interest thereon, in gold. In every instance
tho contract ID to pay "in coin" Of the
United States. We repeat wlat We said
few dnys ago, that It would DO dishonest to
compel creditors to accept in payment of
debts money not known ut tho time Of tho
creation Of the debt, or not then, because Of
its lack of value, legal-tender. But tho
American silver dollar was the unit Of yaluo
from 1702 to 1878, covering the whole period
In which the Governmental debt Of oil kinds
was contracted, and was fegal-tender to any
amount during the Same period. We see no
wrong, morally or legally, in restoring the
silver dollar in it's ancient weight, or
TO the increased weight Of tho trade
dollar, md making it legal-tendcr, as
it Inns been since tho foundation Of tho Gov
ernmenL OF course We do not think 1t either
advisable OF honest TO mike tho present sub
silinry ailver change legaLtender beyond
the sur, Of sc.
Tho va1uo Of silver is not likely to re1uoin
ut it's present decline. The President has
signed the bill directing tho coinage of $50.
| 100000 of the smaller coins to soryo au
cllauRe In placo OF the fractional currency.
This whole sum, and probably $50, ,ooo. 600
more, con DO rendi1y absorbed by tho couu.
try, THIS fact alone will have tondenov to
incroaso the yaluo of silver. It will. ennnl
mora thsn one yoar,s produotion Of our
mines, II, in addition to this. tle cotunpo Of
80. ,o.,1 ..,do. ,,o s,;;tto,;~oa r. sTs-1
av H. .sa,s - ,;,.ss .,;,, - ,a,,t,a 10 o1ees
W ~ ~ ''A'o sA',:, ~. w uoe'1su' IL
4ooo' "A'.4 so:a 19S"nsu - 'A'.' 4n pso-