The clarion. [volume] (Jackson, Miss.) 1883-1888, 1886-05-19
The Coin Laws.
From the Indianapolis Ion,

from the indianapolis Journal
The act of April 2, 1892, establisha4 IL
mint and regulated the coins OF the T-n;,-5
States. This act provided that the 60
should be OF gold, silver aud Copper IN
the gold coins should be eagles ; l0i' i L,y
eagles (S5l, and quarter eagles - 50 Ia. .ial
the silver coins should be the doua- tl1t "a.
dollar, quarter dollar, dime and half l 'au
that the dollar or unit should h. ~
value OF the Spanish milled dollar A. me
current that the proportional vsl- '''7l
gold 10 silver should be as fifteen 10 Oh
that ali gold coins should be eleven , 9'iy
fine 10 one part alloy that ali III
coins shonld be AS parts fne ., 3Si
parts alloy; that the alloy OF tba ~, -is
coins should be composed of silrs- s1'l
copper, half aud hall, and the allov ~ az,
yer wholly copper; shat the eagle sb.-I5
contain pa As grains pare, OF pa -,--.l-
Of standard gold, and the silver an
| 81 4-l6 grains pure, or 40 grain. IN
dard silver that the lesser gold and =
yer coins should contain the sqma
portions according TO value: ana r.
| all the gold and silver coins sb51Is
| legal tender for all payments what's
Il Statutes, PIP. 246-25l.
| The act of June 2S, 1884 Is Stat e..
reduced the gold coins so that the-z,f
the eagle $50 contained % grains -o.
and 25S grains of standard gold. and \.
| half and quarter eagles were pron.,-
atelv reduced, but their legal tender o-.-
ity was retained for all payments vb..-
| ever.
The act of January is, 1887 > STAT
| l36-l42) provided that thereafter ths.,tt.
dard for both gold and silver eaiss .b,'1,
be 900 fine, that Is 500 parts pure ms,i
and 100 parts alloy, and reduced lbsv.I.--
Of the silver coins SO that taeralf-a- .t
silver dollar contained 4I2t grain. u
standard silver and the smaller esio. ,l.s.
relative proportion OF the -3ua. se7.ri-
to value, but their legaI-leuler o1er.ss
was retained for ali paymente
The act OF February p. 1888. 5eb,..
the subsidiary silver coins tha, is IN
half ard quarter dollars, the dimes ,-5
hall dimes, so that thereafter The s1--.
half dollar contained 1872 grains Of saw.
, dard silver, and the quarter dollar 5i-.
and half dime were debased I'm Ike r--
portion, according their value. ana ib
legal tender capacity was reduced ,o r.r.
meuts of 50. This act left ghe gold e.i..
and the silver dollar legal-,euJer fo- M
payments whatsoever.
On the l2.h Of February, ls-3 III S,a
J 424, 4o6),a sct revising aad amending m.
laws relating 10 the mint and Carn8g. ,s-.
r pas ed, which Is known and designated by
law as the coinage act OF 1873" ami II
other acts and parts of acts ingon.is,sr,
i, Herewith are repealed.
This act provides tina. the standard E..
both gold aud silver coirs SHOULD he On,
fine; that Is, that all coins shall De- 900 MARI,
J.. pure and 100 parts alloy that the sjl.v.f
ii, I s.all H., ..rf 2
yer in no case to exceed Uue-trDtb nj a.
d whole alloy; and the alloy OF the ,ilys,
e coins to be wholly copper
This act provides thHt the gold coip. a.
a the United States shall bee a 81 piece. which
n at the standard weight. Is $40 qrsio.
shall be the unit Of value. aquarter eggs
or 81 piece IS piece; half eagle nj,
s. piece; an eagle, or SO piece, and double
eagle. or $50 piece, and that these po8
coins shall be legal tender iu nh payments.
n that the silver coins shall De q trade dollar
n a half dollar or 50-Cent piece: a quarter
2 dollar, or 25-cent piece, and dime. or TO-
a cent piece that the weights of the trade
= dollar shall tie 42Q grains troy. and IN.
:. half dollar t25 grammes. and the qnsrte-
4 dollar and dime, respectively, oue-halfarg
. One-ffth the weight of the half d01ls-
h aud that the silver coins shall be Er-f
tender for any amount not exceeding ssh
any one payment and the coinage ii aBr
l. other gold or silver coins than those uarzf
u above is prohibited.
e The Revised Statutes of the United
States were passed June -. lS74. aud AFT
h inteni ed to embrace the statutes of ,b=
n United States in force on the LIST 3av Of
Is December, 1878, as revised and causoHdat
ed by the commissioners appointed for ibs,
n purpose. The Revised Statutes re-ensc-
n the Statute OF February L, 1873, without
d change.
The act OF July %, 1876. provides lha,
the trade dollar shall not thereafter be a
!, legal tender. and the coinage OF the trade
:, dollar is limited to the export demand
= Any owner OF gold bullion can deposit tue
! same at any mint and have it converted
into coin for his benefit without charge
4 The Revised Statutes provides that any
} owner OF silver bullion may have il con
" verted at the mint into bars Or trade dollar.
II of 420 grains troy, but for no other coin
age, on payment Of the actual cost Of CON-
e age. But as by the act OF July y 1876.
d the Secretary OF the Treasury is auth0rl-
e ed to limit the coinage OF trade dollars 10
d the export demand, it would now seem to
be optional with him whether owners Of
( silver bullion could have il converted into
a trade dollars or not.
.s This law limits the coinage OF the subs.-
Y diary silver coins. that is The diane, guar
ter and half dollars, $ that il shall not
exceed at any one time S50.000G00.
The act of February y, 1873, provide
y that the mints shall coin silver dollars Of
the weight OF 4l23 grains troy, AS proyd
( ed by the act of 1887; that The same shall
h. iagoI tapIar f,.r 4 he, v,rffIfg M MI
1t vate that the Secretary OF the Treasury
|, shall purchase not less than s. 1000
', worth of silver bullion at the market price
g nor more than $4,000 900 worth monthly
and cause the same to be coined Into such
i dollars az fast as purchased, the gain or
: seigniorage thereon 70 20 to the United
i States Treasury; that Dlder- OF such dol
: lars can exchange them for silver certih-
Gates, which certificates shall he receivable
. for customs, taxes and all public dues
h This is the last general coinage act, and d
q still in force and effect. The foregoing il a
I complete summary Of all the coinage acts
1t will be noticed that the orIgiua. uuh
, OF value was the Spanish mHlei dollar
!. then il792, A. D. current, OF which the
! original dollar of the daddie-" oi 4lt
= grains standard silver was the equivalent
i. e., the silver dollar was the original unit
OF value in this country, aud the re--iloa
: of silver to gold was Is 10 ] that Che 81
g yer dollar so remained the unit of vd.-'
1 until the let OF February. 1873, whereby
d the gold dollar, at the standard weight a.
p $40 grains, was made the uuIJ OF value.
:, 1t will also be noticed that both the e3.d
e and silver coins were reduced iu lnrinsH
! value as compared with tine original Issue
e under the first act Of 1882. The trade dol
J. lar is the most valuable silver dollar M
trinsically, ever coined IN the United
States. 1t contains 40 grains troy. The
original silver dollar contains +IG grains
E and the present current ones contains AZ