The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1877-12-08
faE aDoLLAR OF our PADDLES, :

ing q natl0n9l coinage. Inc ACT 0e
clares that the "money Of account shall
be expressed in dollars or units, dime
or tenths, cents or hundredths, and mill
or thousandths." The dollar Was takeI
Is the unit or standard, from the fac
that prior to the establishment of on
independence, the old, (silver) Spanisl
dollar was largely in use in the colonies
and for many years, had practically beer
the unit of value in most commercia
transactions.
Prior to the passage Of this act, tn,
question as to whether the money of th,
country should consis. of q double Of
single coinage was discussed by Alexan
der Hamilton and other eminent fnan
ciers, and it was decided that both the
precious metals should be used, As eithel
alone was thought to be insufficient
The act also placed the relative value Of
the metals at Is to l. The weight of the
silver coins was fixed at 371.25 grains Of
pure silver per dollar, and gold coins
at 245 grains of pure gold to the dollar.
No gold dollar pieces we're coined under
this act. Silver alone was used for the
coinage of the dollar, and the fractions
thereof, except cents and half cents,
which were made of copper.
At the time the relative values of the
two metals we're fixed for coinage, silver
judged by the bullion markets of the
world, was slightly overrated as COM
pared with gold. In 1903 the French
government placed the relative value of
the metals at 151 to l, and this proper
ton was also adopted by the Latin Un-
ion in 1865.
No change in the weight or ineness of
our coin occurred until 1884, when gold
coins were reduced in weight to 1920
grains.- This change made the relative
value of the metals 16 to 1. which over
rated gold little. The silver dollar
the unit of value-was not changed.
Silver had not fallen, but gold had risen
Sigh ly.
During this period of forty-two years,
although silver was a little overrated,
there was no unhealthy influx of this
metal, nor was there any perceptible
drain of gold. The two metals circu-
lated side by side, and practically, were
Of equal value.
In 1887, a slight change was again
made in gold coins. Their fneness was
increased from .S99, 225 to 900, making
the coins contain 1922 grains of pure
gold per dollar, instead of 1920. The
ineness of standard silver was also made
900, and the weight of silver coin lin
Guiding alloy was 4l2l grains. The
amount of pure silver, however, remain
ed the same-371.2 % grains to the dollar.
The most radical change in our silver
coinage occurred in 1853. As before
stated, the change in the relative values
of the metals made in 1884, slightly I'M
pervalued silver, and this in connection
with the vast influx of gold following
the unprecedently rich discoveries of
this metal in California and Australia,
produced scarcity of silver coin. The
therefore, reduced the
weight of the subsidiary silver coins to
1874 grains of standard silver per dollar !;
their legal tender use to the
payment of sums of SIS or less, and dis
continued the practice of coming silver
for individuals. Up to this time all sill
yer coins had been legal tender to any
No change was made in the
weight or fineness of the silver dollar
piece, and its legal tender property was
not restricted by this act, but its COM
mercial value was about A per cent.
more than its nominal worth, and some
Z per cent. above that of the new subsid-
larry coin. Of course, the government
found it more profitable to coin the
) mailer pieces, and the coming of the
dollar was abandoned.
The weight of pure silver in the old fash
Toned "dollar of our daddies." was never
changed. 1t is perhaps, the only piece
Of coin, Except, possibly, the copper
cent? ever issued from our mint that has
not been changed. In 1873, however,
its coinage was discontinued by act of
Congress. and the gold dollar substituted
in its place az the unit of value. At
this time the fractional silver coins
we're increased in weight from 1884 to
1858 grains of standard silver to the
dollar, to make them correspond with
The Latin five franc piece. Their legal
tender value was also restricted to the
payment of sums of five dollars, or less.
: There is nothing, however, in the act
If 1873 destroying the legal tender prop
critics of the old silver dollar, but in
1874, a revision of the United States
statutes was made, and the wording of
The original act was so changed by the
revisers as to limit the legal tender power
# the dollar to the same extent that the
subsidiary coins had been restricted in
1873. The committee making the revis-
on we're instructed to make no changes
q the laws then in force. Its duty was
imply to condense and simplify the stat
ties by throwing out laws which from
line to time had been repealed. Instead,