The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-03-18
N ITS HISTORY.
Gold and Silver.
BY L FOGY.
No. !.

A&LlOue low
GREssTvE FARMER, and IN other papers
of a like character, and the statements
made have been called in question by
some; by others freely quoted, only
again to be denied.
Many have written to me personally
asking for such proofs as would Sc
the matter at rest.
Those Of my readers that desire tc
investigate this subject will find in the
series of articles under this head the
data for the conclusions which vii
follow, and in order that those who
desire to burn the midnight oil may
know what value the facts have,
will give the name as well as the page
In many instances, so that the public
speakers and writer's may investigate,
as | have, for themselves.
In Genesis, I'd chapter and 18th
verse, we read of gold. In the 10th
chapter and 18th verse silver pieces
are spoken of and the inference is that
Abimelech had silver in abundance.
Genesis 23d chapter, 9th verse, Abra-
ham says he will give money for the
care of Machpelah. In the 10th verse
of the same chapter Abraham weighs
to Ephriam 400 sheckels of silver,
current money wGM the merchant In
the oath chapter, 22d verse, reference
is made to governmental coin (the
Hebrew shekel.)
The Jews, Phgnicians, the CONNER
cial towns of Greece, Carthage and
Rome made use of money of account,
and that after the downfall of Rome
the Jews introduced a system of bills
of exchange.
However, the first historical account
-pfve6 in detail is of the Bank of Ven
ice. This was organized in the 18th
century. Marquis GARNER, the author
of History of Money" says: We
distinguish between two kinds "+
money; real. money or coins and
: money of account, which is the ex-
preston of values. "-HIstOric de la
MOmnate, par Marquis GARNER, Tome l
PIP. e.
Sir James Stewart thus defines an
ideal or money of account: "Money of
account is a scale of equal parts, in.
vented for the purpose of measuring
values of things rendible."
Money of account is a different
thing from coin and might exist if
there was no such thing as any sub
stance proportionately equivalent for
every commodity.-SteaOGrtS Political
Economy, B. 8, Chap. l, VOL l 4h
Edition, PIP. 226.
The law of the United States of
April I'd, 1892, made 81 grains of
gold, ll-12ths fine, equal to 374 grains
pure of silver, which, with the alloy,
was made by the same law the unit of
value and of the money of account
throughout the United States. On
the 18th of June, 1884, the law of
Congress of that date made 25 and
8-1Oths grains of gold, 9-10ths fine,
one dollar or equal in legal value to the
silver dollar or 37l4 pure or 4128
grains alleged silver.
The British sovereign under the
law of 1892 was worth $4,56.56;
under the law of 1874 it was worth
&4,86.56, a difference of 80 cents.
From 1892 to 1857 gold and silver
coins of Europe, Mexico, Central and
South American States were full
legal tender in the United States, and
our Congress fixed their l~egal-tender
values. Congress enacted a law
Feb. 9th, 1857, that demonetized all
foreign coins in the United States.
It is clear then that legislation was
had to make the coins le~galtenders,
and that Legislation was had to un-
make coin legaltenders.
Under the law of 1892 one pound
troy of gold was By law made worth
only Is pounds of silver. The metals
of silver and gold were bought and
sold at these rates in the United
States from 1892 to 1884.
At the same time the laws in Eng
land made one pound of gold worth
ISL pounds of silver.
Prior to 1853 the minor coins
dimes, quarters and halves) were of
corresponding weight with the silver
dollar and were full le~gal-tenders. In
1853 these minor coins were reduced
in weight Z per cent, and were made
legaltenders up to SIS. That is to
say, that they were worth up to the
amount stated just as much as gold,
but beyond that point they were bull
lion 7 per cent. light. Law, therefore,
makes and unmakes.
Mcleod, in his treatise on banking,
says: "When nations advanced be-
yond the stage of direct barter, and
began to use metals as money, mer-
chants carried scales about with them
to weigh out the metal; but this was
tedious and irksome and the necessity
grew and public authority put stamps
on the metals. Values we're then
estimated by the number of the pieces
of bullion called coins, and they were
reckoned by vGLue, that is bv count.