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


A correspondent requests the DEMOCRAT
o furnish some data in regard TO the
'riginal American silver dollar, its
weight, the amount of pure silver ii con-
aimed, and how it compared in weight
and number of grains OF pure silver with
the dollar OF to-day. He is also desrous
Of being enlightened as 10 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 rs to the gentleman who
now writes us, to follow up brief review
of the coinage acts OF this country, espec-
tally in view OF the present silver agta-
ton both in this country and in Europe
The first coinage acts were passed in
1892. The silver dollar was the original
unit of money, and ii contained the same
amount of fine silver as the Spanish milled
dollar, its weight being 4l6i5 grains with
the alloy. The same act also established
the relative value OF gold and silver, de-
claring one pound OF gold TO 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
IL. Of Ia
and that pound OF gold would sell in
Europe for fifteen and one-half pounds OF
silver.
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 1902
had the effect OF driving gold from the
country. This law went to the opposite
extreme and drove silver from the coun-
try-l pound Of gold, which could be pur-
chased in Europe for fifteen and onc-half
pounds OF silver, being exchangeable in
this country for sixteen pounds OF silver.
BY the act of 1902 the gold eagle was
made to contain 2471a 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 GO 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 rs bullion
at their commercial value and measured
by silver.
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 n trick it was dropped
from the list OF conages in 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 ol
money which had never existed. These
dollars contained 1922 grains of pure
gold, and with the alloy weighed 25.0s
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, n full legal tender
Up to 1858 all silver, gold and copper
coins of the United States were Il lega
tender. 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 Il.
pure as that in the dollars, but they are
seven per cent. light. Two half-dollars
contain 2Sla grains less OF silver than Il
silver dollar.
The act OF February 18th, 1873, which
surreptitiously dropped from the list o
coinage the old silver dollar, WAS one oi
the boldest acts OF the gold ring, sufficient
to brand its authors and abettors with
fraud. The act OF 1873 rescued the ole
| silver dollar from the Oblivion into whicl
the shameful act OF '73 had thrown it,
and made it once more the equal OF gold
The silver dollar in use to-day contains
precisely the same amount oi pure silver
as did that OF 1892. In 1887, however
an act was passed reducing the amour
OF alloy, making it 4l2ls grains standar'
silver instead OF AGA as in 1892. s.
that, the dollar OF to-day is the old "dol
lar OF the daddies," the original Ameri
can unit OF money. 1t is an honest dol
lar, all the asseverations OF the goldite