Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-02-20
OLD AND NEW SILVER DOLLARS

OLD AND NEW SILVER DOLLARS.
A corespondentrequests the DEMocRA AT
10 fpfnish some data in regard to the
ofginal American silver dollar, its
weight, the amount Of pure silverit con-
tained, and how it compared in weight
and number of grains of pure silver with
the dollar of to-day. He is also desirous
of being enlightened as to the relative
value of gold and silver at the time the
first American dollars were coined, and
asks for other Information of like
nature. Since large proportion OF the
readers of the DEMOCRAT are directly en-
gagged in the work OF furnishing the mar
ket with silver, it may be interesting to
them, as well as to the gentleman who
now writes us, to follow up brief review
of the coinage acts of this country, espec-
ially in view of the present silver agita-
ton both in this country and in Europe.
s. The first coinage acts were passed in
1892. The silver dollar was the original
unit OF frnoney, and it contained the same
amount of fine silver as the Spanish mllled
dollar, its weight being 4l64 grains with
the ALLOW. The same act also established
the relative value of gold and silver, de-
claring one pound of gold be equal to
fifteen pounds of silver. The effect of
this law was to drive gold from the
country, for fifteen pounds of silver would
buy one pound of gold in this country,
and that pound OF gold would sell in
Enrope for fifteen and one-half pounds of
silver. ns-l
In 1884 an act was passed changing the
relative value of gold and silver and,
making one pound of gold equal to six
teen pounds of silver. The law of 1892
mad the effect OF driving gold from the
country. This law went to the opposite
extreme and drove silver from the coun-
try-a pound Of gold, which could be pur-
chased in Europe for fifteen and one-half
pounds of silver, being exchangeable in
this country for sixteen pounds of silver.
BY the act of 1892 the gold eagle was
made to contain 24711a grains of pure gold,
In 1884 this law was changed, and
eagles were made of 232 grains
of pure gold. The legal value
of the two coins remained unchanged,
but the value Of the metal in the eagles
of 1884 was &c cents less than that of the
eagle OF 1892. The effect of this act of
1884 was to demonetize the eagles of 1892,
and they were bought and sold as bullion
at their commercial value and measured
by silver. 4HTlf.s
In 1897 the amount of pure gold in the
gold coins was slightly increased in order
to make the proportion OF alloy the same
as that of the silver dollar. The silver
dollar continued unaltered and the stand
ard from the time it was first authorized
until 1873, when by a trick it was dropped
from the list of coinages lin Il new coinage
act. The gold was, during that time,
several times changed.
In 1S49 an act was passed authorizing
the coinage OF gold dollars, kind of
money which had never existed. These
dollars contained 1922 grains of pure
gold. and with the alloy weighed 25.OS
grains. With the exception OF the three
cent piece, these coins were the most in
significant little nuisances ever invented
in the shape of money. They were, how
ever, a full legal tender.
LIN to 1esa--H -:i.-o-, gold and copper
coins of the United States were a legal
lender. In that year the first subsidiary
silver coins were authorized, which were
legal tender only for sums of and under
five dollars. The silver in these subsidiary
coin (halves, quarters and dimes) is as
pure as that in the dollars, but they are
seven per cent. light. Two llalf-dollars
contain 2Sla grains less of silver than a
silver dollar
The act of February 18th, 1873, which
surreptitiously dropped from the list OF
coinage the old silver dollar, was one of
the boldest acts of the gold ring, sufficient
10 brand its authors and abettors with
raud. The act of 1878 rescued the old !
silver dollar from the oblivion into which !
the shameful act of '73 had thrown it,
md made it once more the equal OF gold
The. silver dollar in use to-day contains |
the same amount OF pure silver
rs did that of 1892. In 1887, however,
IN act was passed reducing the amount
,f alloy, making it 4l2ls grains standard
silver instead of 4l6l4 as in 1892. So
that, the dollar of to-day is the old "dol-
ar of the daddies," the original Ameri-
IAN unit OF money. 1t is an honest dol I
ar, all the asseverations of the goldtes
o the contrary Notwithstanding.
KNOW WHEREOF THEY SPEAK. !