St. Landry democrat., 1878-02-16
THE CURRENCY QUESTION.
History of tEle legal American Dollar
from lSTH to 1ssS-fhe Gold Nollar
Born i'm 1870.


The following is the history of the
" dollar" in this country from its estab-
lishment by the colonial government to
the present time:
The congress Of the confederation, by
act passed August s, 1776, and ordinance
passed October 16, 1856, authorized and
established as "the unit of account" a
silver dollar, to consist of 375.6 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 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 2, 1892, provides for
"dollars, or units" which shall contain
37l.25 grains of pure, OF 4l6 grains of
standard silver. Il also declares that
every fifteen pounds weight of pure sill
yer shall be 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 decima!s thereof.
It creates gold coins, which are enumera-
ted as follows: Eas les, half eagles and
quarter eagles, the value of which it
expresses in "dollars or units" 1t does
not provide for a gold dollar.
The act of February 9, 1898, declares
that all foreign coins, except Spanish
milled dollars, shall cease to be legal
tender.
The act of April 10, 1906, establishes
Rates at 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 25, 1894, makes the
silver dollar of Mexico, Peru, Chill and
Central America legal tender when
weighing 4l5 grains each.
The act of January IS, 1887, provides
that "The standard for both gold and
silver coins of the United States shall
hereafter be such that Of 1000 parts by
weight 900 shall be of pure metal, and
100 of alloy, and the alloy of silver coins
shall be of copper, and the alloy 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 4123 grains
900 fine, and subsidiary silver coins in
proportion, to-wit. dime All grains. 1t
then declares that ell the silver coins
from dollars to half dimes, shall be legal
tenders of payment according to their
nominal value for any sum whatever,
after which it makes the same provision
respecting the gold eagle, half eagle and
quarter eagle, that they shall be legal
tender for all sums.
The act of March 8, 1849, provided for
the first coinage of two new coins, the
double eagle and the gold dollar, both to
be legal tender for all sums, and to 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 3, 1851. created new
silver coin, to 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 21, 1858, reduces
the weight of the subsidiary silver coins
from the half dollars down, and limits
their legal tender function to sums not
exceeding $5. It also creates new gold
coin, to be Of the value of "three dollars,
or units"
The act of February 81, 1857, repeals
all former acts which made foreign gold
or silver coin a legal tender.
The act of April %, 1864, makes the
one cent coin legal tender to the
amount of ten cents, and the two.cent
coin for twenty cents.
| The act of March 8, 1865, provides for
three-cent piece of copper and nickel,
which shall be legal tender tethe amount
of sixty cents, and limits The legal tender
function OF the one and tWo-csnt pieces
to sums not exceeding four cents.
The act of May l6, 1866, creates five
cent coin of nickel and copper, and
makes it a legal tender to the amount
of ST..
The act of March 5, 1871, provides
q that the secretary of the treasury is re-
ouired 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, 1878, (eonl.
menly known as the demonetizing ACT, J
provides that "THE GOLD DOLLAR OF
| THE UNITED STATES OF TWENTY-FIVE