The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-02-13
Silver Standar,

Cents to be of the one hundredth part of a
dollar. and TO contain IL pennyweights of
copper; half cents to contain 5IE penny
weights of copper.
This act establishes the relative value of
gold to silver as 10 to 1, according to guam
tity in weight, of the pure metals, viz: Every
Is pounds weight of pure silver to be exactly
equal in value, in the payment of debts, to
one pound weight of pure gold, and so in
the same proportion for greater or lesser
quantities. No alloy is mentioned in this
act, and coins of both metals are directed to
circulate as legal tenders in payment of all
sums whatsoever.
Act of 18th January, 1887, regulated the
composition of gold and silver coins of the
United States as follows: That for every
1000 parts, by weight 900 shall be of pure
metal and 100 of alloy, the alloy of gold to
be copper and silver, the silver not to ex
coed one-half of the whole alloy. The alloy
of the silver to be copper.
Up to the passage OF this act gold and silver
coins had remained in circulation on the
basis of weight and fineness prescribed by
act of ID of April, 1892; but now congress
made general, though trifling reduction in
the standard weight of all the coins for fu-
ture circulation, viz:
The gold eagle to weigh 25S grains.
The gold half eagle to weigh 100 grains.
The gold quarter eagle TO weigh 81 grains.
The silver half dollar to weigh 206X grains.
The silver quarter dollar to weigh 1885
grains.
The silver dime to weigh Az grains.
The silver half dime to weigh 205s grains.
Aud declared all the foregoing COINS legal
tenders, according to their value, for any
sums whatever.
The next step in the coinage was the intro
duction of two new coins, under act of con-
gress 9Th March, 1919. viz double eagles, or
$50 gold pieces and one dollar gold pieces;
both to be struck and received ar the mint
of the United States, upon the standard of
composition fixed and declared in the act of
1887
Act Sd March, 1851, authorizes the issue of
the next coin in the calendar being the
three cent piece, to weigh 1875 grains, and be
composed OF three fourIhs silver and one
fourth copper and declaring it legal tender
in payment OF any sum not exceeding thirty
cents.
This may be looked on as the first step
towards demonetizing silver, for hitherto all
coins OF the United States had gone arm in
arm with. gold without limitation.
Act of Dist of February, 1858, inaugurated
a new era in the history of the coin of the
United States. Whilst this act did not i'm
pede the circulation of gold coin or the
silver dollar, it changed the weight of the
following: The halfdollar TO weigh 1872 grains,
the Quarter dollar, dime and half dime to
be respectively ~ and lilo the weight of
the half dollar, and still further demonet-
lied the silver currency by declaring that
the coins mentioned be henceforth legal
tender tor any amount not exceeding So. 1t
also fixed the weight of the three cent piece
at $50 of the half dollar and of the same
standard of fineness.
Act 81 February, 1857, fixed the standard
weight of the cent piece to- be coined at the
mint at ~ grains or 3 20 of the ounce troy,
the composition to be 80 per cent of copper
and II of nickel. 1t also enacted that no
foreign gold or silver coins shall be legal
tender in payment of any debts within the
United States. Section 1854, revised stat
utes
Act % April, 1864, again changed the COM
position and weight of the one cent piece to
As grains, or lilo of the ounce troy, 10 be
composed OF 95 per cent. of copper and per
cent. of nickel, and directed the coinage of a
two cent piece to weigh 30 grains.
The one cent piece to be a legel tender for
sums not exceeding 10 cents. and the two
cent piece a legal tender to the amount of 20
cents.
Act Sd March, 1865, ushered in a new
three cent coin. to consist of copper and
nickel, not to exceed % per cent. in nickel
alloy, to weigh 80 grains, and be legal ten
der to the amount at 60 cents.
Act 18th May, 1866. authorized the issue
Of the 5 cent nickel, to weigh a l6 100