The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-02-02
THE COIN LAWS.

Compiled for the journal by Charles L. Holstein.
In order to properly understand the pending
silver controversy, it is necessary to know the
legislative history of the gold and silver coins of
the country.
The act of April 2 1892, established the mint
and regulated the coins of the United States.
This act provided that the coins should be of
gold, silver and copper; that the gold coins
should be eagles ($10l, half eagles 1857 and
quarter eagles $3.50; that the silver coins
should be the dollar, half dollar, quarter dollar,
dime and half dime; that the dollar or unit
should be of the value of the Spanish milled dol
lar. then current that the proportional value of
gold to silver should be as fifteen to enc; that
all gold coins should be eleven parts fine to one
part alloy; that all silver coins should be 1885
parts fine to l79 parts alloy that the alloy of the
COLA coins should be composed Of silver and cop
per, half and half, and the alloy of silver wholly
copper; that the eagle should contain 247 As
grains pure, or 270 grains of standard gold, and
the silver dollar 371 4-16 grains pure, or 416
grains standard silver; that the lesser gold aud
silver coins should contain the same proportions
according to value; and that all the gold and
silver coins should be legal tender for all pay
ments whatsoever. Il Stat, Up. 246-251.)
The act of June %. 1884 "a Stat, 500, reduced
the gold coins so that thereafter the eagle ($l0)
contained 232 grains pure and 258 grains of
standard gold, and the half aud quarter eagles
were proportionately reduced, but their legal
tender quality was retained far all payments
whatsoever
The act of JAN is. 1887 Is Stat. pp. 136-l42),
provided that thereafter the standard for both
gold and silver coins should be 900 fine, that is
900 parts pure metal and 100 parts alloy andre
duced the value of the silver coins so that there
after the silver dollar contained 4l2a grains of
standard silver and the smaller coins their rela-
i've proportion of the same. according to value,
but their legal-tender quality was retained for
all payments.
The act of Feb. q. 1853, debased the sub
sidiary silver coins. that is. the half and quarter
dollars the dimes and half Dimes so that there
after the silver half dollar contained 1872 grains
of standard silver and the quarter dollar, dime,
and half dime were debased in like proportion,
according to their value, and their legal-tender
capacity was reduced to payments of So This
act left the gold coins and the silver dollar legal
tender for all payments whatsoever.
On the 18th of February 1873 III Stat, 424,
1861, an act revising and amending the laws re-
lating to the mint and coinage was passed,
which is known and designated by law as the
coinage act OF 1872 and all other acts and
parts of acts inconsistent Herewith are re-
pealed.
This act provides that the standard for both
gold and silver coins should be 900 fine, that is,
parts alloy: that the alloy of the gold shall be
silver and copper, the silver in case to exceed
one tenth of the whole alloy; and the alloy of the
silver coins to be wholly copper.
This act provides, that the gold coins of the
United States shall be onedollar piece, which
at the standard weight, 25810 grains, shall be
the unit of value; quarter eagle, or two and-a-
half-doilar piece a three-dollar piece; a half
eagle, or five-dollar piece; eagle or ten-dolar
piece, and double eagle. or twenty dollar piece,
and that these gold coins shall be legal tender in
all payments; that the silver coins shall be a
trade dollar. half dollar. or ifty-cent piece: a
quarter dollar, or twenty-five cent piece and
dime, or ten-cent piece that the weight of the
trade dollar shall be 420 grains troy and the
weight of the half dollar l24 grammes, and the
quarter dollar and dime, respectively one-half
and one-ffth the weight OF the half dollar: and
that the silver coins shall be legal tender for any
amount not exceeding So in any one payment;
and the coinage of any other gold or silver coins
than those named above is prohibited
The Revised Statutes of the United States
were passed June, %, 1874, and are intended to
embrace the statutes of the United States in
force on the lst day of December 1873. as revised
and consolidated by the commissioners appointed
for that purpose The Revised Statutes re enact
the statute of Feb. IL, 1873. without change.
The act of July %, 1876, provides that tho
trade dollar shall not thereafter be legal
tender and the coinage of the trade dollar is
limited to the export demand. Any owner of
gold bullion can deposit the same at any mint
and have it converted into coin for his benefit
without charge. The Revised Statutes provides
that any owner Of silver bullion may have it con-
verified at the minis into bars or trade dollars of
420 grains troy. but for other coinage on pay
ment of the actual cost of coinage But as by
the act OF July %, 1875 the Secretary of the
Treasury is authorized to limit the coinage of
J trade dollars to the export demand, ii would now