The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1886-03-04
OUR MONETARY SYSTEM.
DIN Laws Enacted by the United States
Since Its Foundation.

DIN Laws Enacted by the United states
Since Its Foundation.
The act of April 2. 1892, established
i the mint and regulated the coins of
the United States. This act provided
that the coin should be of gold, silver,
and copper; that the gold coins should
be eagles ($10). half eagles ($5), and
quarter eagles ($2.50); 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 dollar then
current; that the proportional value of
gold to silver should be as fifteen to one;
that all gold coins should be eleven
| parts fine to one of alloy; that all silver
coins should be l, 485 parts fine to I79
parts alloy; that the alloy of the gold
coins should be composed of silver
and copper. half and half. and the
alloy of silver wholly copper; that
the eagle should contain 267 4-8 grains
pure, or 270 grains of standard gold,
and the silver dollar 81 4-16 grains
pure, or 446 grains standard silver
that the lesser gold and silver coins
should contain the same proportions ac-
cording to value; and that all the gold
and silver coins should be legal tender
for all payments whatsoever. a Sta
tutes, PIP. 246-251.)
The act of June %. 1884 G Statutes
See1s reduced the gold coins so that
thereafter the eagle ($10) contained 2S2
grains pure and 25s grains of standard
gold, and the half and quarter eagles
were propOrtionately reduced, but their
legal-tender quality was retained for all
payments whatsoever.
The act of Jan. Is. 1887 6 Statutes
Al IL
the standard for both gold and silver
coins should be 900 fine; that is
800 parts pure metal and 100 parts
alloy, and reduced the value of sill
yer coins SO that thereafter the
silver dollar contained 412k grains
of standard silver and the smaller coins
their relative proportion of the same ac-
cording to value, but their legal-tender
quality was retained for all payments.
The act of Feb. 81. 1853, debased the
subsidiary silver coins, that is, the half
and quarter dollars, the dimes and half
dimes, so that thereafter the silver half
dollars contained 1872 grains of stand
ard silver and the quarter dollar, dime,
and half dime were debased in like pro-
portion, according to their value, and
their legal tender capacity was reduced
to payments of So. This act left the
for all payments whatsoever.
On the 18th of February, 1873 az Sta
tutes. 424436), an act revising and
amending the laws relating to the mint
and coinage was passed, VIII ich is
known and designated by law as the
coinage act of 1875" and all other
acts and parts of acts inconsistent
Herewith are repealed.
This act provides that the standard
for both gold and silver coin should be
900 fine; that is that all coins shall be
$50 parts pure and 100 parts alloy; that
the alloy of the gold shall be silver and
copper, the silver in no case to exceed
one-tenth of the whole alloy, and the
alloy of the silver coins to be wholly
copper.
This act provides that gold coins of
the United States shall be 81 piece,
which at the standard weight, % $40
grains, shall be the unit of value; a
quarter eagle, or $3.50 piece; a half
eagle, or 8 piece; an eagle, or SO
piece, and a double eagle, or $50 piece;
and these gold coins shall be legal ten
der in all payments; that the silver
coins shall be trade dollar. half dol
lar, or 80 cent piece; a quarter dollar, or
25 cent piece; a dime, or 10 cent piece;
that the weight of the trade dollar shall
be 420 grains troy, and the weight
of the half dollar 124 grammes, and the
quarter dollar and dime respectively,
One-half and one-fifth the weight of the
half dollar; and that the silver coins
shall be legal tender for any amount
not exceeding 81 in any one payment;
and that the coinage of any other gold
or silver coins than those named above
is prohibited.
Tho RauiSaI Statutas &c ,Lo Trn;.o1
States were passed June %, 1874. and
are intended to embrace the statutes of
the United States in force on the LIST
day of December, 1873. as revised and
consolidated by the commissioners APP
pointed for that purpose. The Revised
Statutes re-enact the statute of Feb. u,
1873, without change.
The act OF July -, 1876. provides
that the trade dollar shall not thereafter
be legal tender, and the coinage of the
trade dollar is limited to the export de-
mand. Any owner of gold bullion can
deposit the same at any mint and have it
converted into coin for his benefit with
out charge. The Revised Statutes pro-
vide that any owner of silver bullion
may have it converted at the minis into
bars or trade dollars of APO grains troy,
but for no other coinage, on payment of
COSG Oh SOiHd9t- ID DN tic
act of July %. 1876. the secretary of the
treasury is authorized to limit the coin
age of trade dollars To the export de-
mand, it would now seem to be optional
with him whether owners of silver bull
lion could have it converted into trade
dollars or not.
The law limits the coinage of the sub
sidiary silver coins, that is the dime,
quarter and half-dollar. so that it shall
not exceed at any time S50.000,00o.
The act of Feb. %, 1873, provides that
the minis shall coin silver dollars of the
weight of 4121 grains troy. as provided
by the act of 1887; that the same shall
be legal tender for all debts. public and
private; that the secretary of the treasury
shall purchase not less than S2,000,000
worth of silver bullion at the market price
nor more than q, OOO, 900 worth month
", and cause the same TO be coined into
such dollars as fast as purchased. the
gain or seignioragc thereon to go to the
United States treasury; that holders of
such dollars can exchange them for sill
yer certificates, which certificates shall
be receivable for customs, taxes, and
all public dues. This is the last general
coinage act, and is still in force and
effect The foregoing is a complete
summary of all the coinage acts.-In-
- II