, 1878-02-16
THE AMERICAN DOLLAR.
I,s History from 1871 to ihe Present Time

Its History from 1871 10 the Present Time
The following is the history of the "dol
lar" in this country from its establishment
by the colonial government to the presen
time.
The congress of the confederation by ac
passed October 10th, 1857, authorized ant
established as the "unit OF account" sill
ver dollar, to contain 1864 grains Of pur,
silver. but none of these coins were eve
made
The constitution of the United States wa
adopted September 18th, l7S7. On the sub
ject Of money It provides as follows: "COn
gress shall have power to coin money ant
regulate the value thereof, and of foreigl
CON-" also that "no state shall coin money
emit bills of credit, or make anything bu
gold and silver coins tender in payment o
debts, thereby plainly rcserving this latte
right to congress.
Now commence the history of the dolla
under the present government:
The act of April ID, 1892, provides 70
"dollars, or units" which shall contain
37l.25 grains of pure, or 4l6 grains of silve
standard silver 1t also declares that ever,
fifteen pounds weight of pure silver, shall b,
of equal value in all payments with on,
pound weight of pure gold; that the money
account in the United States shall be ex
pressed in dollars, or units" and decimal.
thereof 1t creates gold coins. which ar,
enumerated as follows, eagles, half eagles
and quarter eagles, the value of which il
expresses in ''dollars OF units" 1t does nOt
provide for gold dollar
The act of February 9th, 1893, declares
that all foreign ccins except Spanish milled
dollars shall cease to be legal tender
The act of April 10, 1906, establishes rates
a. which certain foreign gold and silver coins
shall pass current as money and be legal
tender for the payment of debts.
The act Of June 25th, 1884, makes the
silver dollars of Mexico, Peru, Chill, and
Central America a legal tender when weigh.
ing 4l5 grains each.
The act of january 18th, 1887, provides
that 1.-The standard for both gold and silver
coins OF the United States shall hereafter bt
such that of one Thousand parts by weight
nine hundred shall be of pure metal, one
hundred of alloy, and the alloy of silver
coins shall be copper, and the alloy OF the
gold coins shall be copper and silver, provld
ed that the silver do not exceed One-haif the
alloy" 1t then fixes the weight of the sil
yer dollar at 4l24. grains 900 fine, and the
subsidiary silver coins III proportion; tO-wlt,
4 dime fl grains 1t then declares that al
the silver coins, from dollars to half dimes
shall be legal tenders of payment according
to their nominal value for any sums what
ever, after which it makes the same provis.
ion respecting the gold eagle, half eagle, and
quarter eagle, that they shall be legal ten
der for all sums.
The act OF March 3d, lS49, provided foI
The first coinage of two gold COINS, the
double eagle and the gold dollar, both to be
a legal tender for all sums, and to be OF
.'twenty dollars or units, and ''one dollar
or unit" This is the first gold dollar.
The act of March 81, 1871, created new
silver coin to be of the legal value of three
cents, and to be 4 legal tender for all sums
OF three cents and under.
The act of February y, 1858, reduces the
weight of the subsidiary silver COINS from
TIE half dollars down, and limits their legal
tender function to Sums rot exceeding five
dollars. 1t also creates a new gold com, to
be Of the value of three dollars or units. "
The act of February 81, 1887, repeals all
iOi Hiti ssCJS W I'LL SoAN Va
silver coin a legal tender.
The act OF April -, 1864, makes the one
cent coin q legal tender to the amount of ten
cents, and the two cent coin to twenty cents.
The act OF March Sd, 1860, provides for a
three cent piece or copper and silver and
nickel, which shall be legal tender to the
amount of sixty cents, and limits the legal
tender of one and two cent pieces to sums
not exceeding four cents
The act of May 10th, 1856, creates FIVE
cent coin of nickel and copper, and makes
it legal tender to the amount OF one dollar.
The act of March ;, 1871, provides q that
the secretary OF the treasury is required to
redeem in lawful money; all copper, bronze,
copper-nickel, and base metal coinage, oi
every kind hitherto authorized by law, when
presented in sums Of not less than twenty
dollars
The act of February II, 1873, commonly
known as the demonetizing act, provides that
1.-The gold dollar OF the United States OF
twenty-five and eighteenth grains shall be
the unit of value" 1t creates the trade
dollar, OF $40 grains weight. 900 fine; and
changes the weight of the half dollar. quar-
ter dollar, and dime, by the use Of the
French word "Gram," making the half dol
lar ll2l Grams, which is said to be about
l64 grains troy although according to Web
ster gram is one twenty ty-fOurtho of an ounce,
is silent about the 4l2It grain dollar, and the
half dime; and reduces the legal tender
functions of the silver COINS of the United
States to sums not exceeding five dollars.
The act of March 81, 1873, declares the
legal value of the English pound sterling,
shall be deemed equal to four dollars, eighty
six cents and six and one-half mills, and all
contracts made after the first day Of January
1874 based on an assumed par of exchange
with Great Britain of t;fty-four pence to the
dollar, or four dollars, forty-four cents and
four -ninths cent to the sovereign or pound
sterling, shall be null and void.
The act Of March ;, 1875, creates silver
coin of twenty cents, containing five
"grams." and makes it a legal tender to the
amount of five dollars.
The act of July 18th, 1876, especially de-
monetizes the trade dollar Of 420 grains, 800
fine, lii the following words, "that the trade
dollar shall not hereafter be legal tender
and the secretary OF the treasury is hereby
authorized to limit from time to time the
| coinage thereof to such an amount as he may
deem sufficient to meet the export demanded
for tine same"
This brings the question Of what is and
what was dollar down to the present time
-~~~-~o>--Os~~D~~~
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