The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1878-02-08
TIE CURRENCY QUESTION.
EEis;o-y or tie Legal American Dollar
from Is7I to Is7s-Ehe Gold soiiar
Born In 1912

Esisso-y or u,e Legal America" Doitar .
from 1874 TO Is7s-Ehe Gold Eoiiar
Born In 1870
The following is the history of the
" dollar" in this country from its estab-
iisbment by the colonial government 10
the present time:
The congress of the confederation, by
act passed August 6, 1875, and ordinance
passed October Is, 1886, authorized and
established as "the unit OF account"
silver dollar, TO consist of 375 81 grains
Of pure silver. bat none Of these coins
were ever made.
The constitution OF the United States
was adopted September II, 1887. On the
subject of money it provides as follows:
" Congress shall have power to coin
money and regulate the value Thereof,
and Of foreign COIN" also, that no
state shall coin money, emit bills Of
credit, or make anything but gold and
silver coins a tender in payment Of
debts" thereby plainly reserving this
latter right TO congress.
Now commences the history of the
dollar under the present government:
The act of April >, 1892, provides for
" dollars, or units" which shall contain
37I.25 grains of pure, or 416 grains Of
standard silver. IL also declares that
every fifteen pounds weight of pure sill
yer shall DC OF equal value in all pay
ments with one pound weight OF pure
gold; that the money OF account IN the
United States shall be expressed in
- dollars, or units and decimaIs thereof.
It creates gold coins, which are enumera-
ted a. follows: Ea1 les, half eagles and
quarter eagles, the value OF which II
expresses in " dollars or units" 1t does
not provide for gold dollar.
The act of February 9, 1898, declares
that all foreign coins, except Spanish
milled dollars, shall cease to be a legal
tender.
The act Of April 10, 1906, establishes
ates at which certain foreign gold and
silver coins shall pass current as money
and be a legal tender fer the payment OF
debts.
The act of June %, 1884, makes the
silver dollar of Mexico, Peru, Chill and
/ Central America s legal tender when
weighing 4l5 grains each.
. The act Of January IS, 1897, provides
+ that "The standard for both gold and
silver coins of the United States shall
/ hereafter be such that Of l 1000 parts by
weight goo shall be of pure metal, and
/ 100 OF alloy, and the alloy of silver coins
| shall be of copper, and the ALLOW of the
/ gold coin shall be OF copper and silver
/ provided that the silver DO not exceed
one half the alloy" It then fixes the
weight of the silver dollar at 412t grams
500 fine, and subsidiary silver coins in
proportion, to- wiz, dime All grains. 1t
then declares that all the silver coinsi
from dollars to half dimes, shall be lega
Z -.
nominal value for any sum whatever,
altar which it makes the same provision
respecting the gold eagle, halt eagle and
quarter eagle, that they shall be a legal
tender for all sums
The act of March 8, 1s49, provided for
the first coinage of two new coins, the
double eagle and the gold dollar, both TO
De legal tender for all sums, and 10 be OF
the respective value of twenty dollars,
or units, and "one dollar, or unit" This
is the first gold dollar.
The act of March 8, 1851, created a new
silver coin, D be of the legal tender value
of three cents, and to be legal tender
for all sums of thirty cents and under.
The act of February 81, 1853, reduces
the weight of the subsidiary silver coins
from the half dollars down, and limits
their legal tender function to sums not
exceeding S.. 1t also creates a new gold
coin, to be of the value of '"three dollars,
or units
The act of February q, 1857, repeats
all former acts which made foreign gold
or silver coin a legal tender.
The act of April %. 1864, makes the
one cent coin a legal tender to the
amount of ten cents, and the two cent
coin for twenty cents.
The act OF March 8, 1865, provides for
a three cent piece of copper and nickel,
which shall be legal tender to the amount
OF sixty cents, and limits the legal tender
function of the one and twO-cent pieces
to sums not exceeding four cents.
The act of May is, 1866, creates FIVE
cent coin of nickel and copper, and
makes it a legal tender to the amount
of$1.
The act of March 8, 1871, provides
&" that the secretary of the treasury is re-
quired to redeem in lawful money all
copper, bronze, copper-nickel, and base
metal coinage, of every kind hitherto
authorized by law, when presented in
sums OF not less than $40
The act of February II, 1873, (com.
monty known as the demonetizing act,)
provides that "THE GOLD DOLLAR OF
TIE UNITED STATES CT TWENTY FIVE
AND EIGHT TENTHs GRAINS SHALL DE
THE UNIT OF VALUE" IL creates the
trade dollars of 420 grains weight, 900
fine and changes the weight of the halt
dollar. quarter dollar. and dime, by use
of the French word "Gram," making
the half dollar 124 grams. which is said
to be about 164 grains Troy although
according to Webster gram IS one. /
twel ty-fourth of an ounce, is silent about /
the 4124-grsin dollar, and the hall dime;
and reduces the legal tender function OF .
all silver coins of the United States TO 4
sums not exceeding So.
The act of March 3, 1873, declares the I
legal value Of the English pound sterling
shall be deemed equal to 81 1865, and all I
contracts made after the first. day of Jan
uary, 1874, based on an assumed par of
exchange with Great Britain of 81 pence
10 the dollar, or S444 9 cents to the
sovereign or pound sterling, shall be null
md void The act of March 3, 1875
creates silver coin Of 20 cents, contain
Dg five "grams," and makes it legal
ende: 20 the amount of So.
The act of July ID, 1876, ESPECIALLY
THE TRADE DOLLAR OF 420
TRAINS, 600 FINE, in the following words
: That the trade dollar shall not hereafter
,e legal tender, snd the secretary of
he treasury is hereby authorized to
init from time to time the coinage 10
UGH an amount as he may deem suffi-
lent 10 meet the export demand for the
anne.
This brings the question Of what is and
that was dollar down to the present