The Hazel Green herald. [volume] (Hazel Green, Wolfe County, Ky.) 1885-19??, 1891-07-31
FACTS ABOUT SILVER.
IL Has Continued to ne Money From Abra-
hams Time It's First Use.

III hOTuHhn Llnt, uuu nus CohIiHucu
to be money without limit throughout
the world until within n short period.
1 Is still the money of n large part Of
the worlds population.
The first use of the metals as money
was by weight.
Silver was coined at an early period
in Greece, but no gold coins were struck
till Philips time, about 800 years be-
fore Christ
In ancient Rome copper was weighed
out by the pound but later coined
money came into use.
Silver was coined in Rome about $50
years before the Christian Era, and
gold about 80 years later.
Silver was the standard money in
England till early in the last century,
and was full legal tender until 1916,
when the gold standard was adopted
From 1857 to 1864 the value of gold
coins, as compared with silver, was reg
ulated in England from time to time by
proclamation. From 1864 to 1717 silver
was the only legal tender money, and
gold coins fluctuated according to the
market value of gold. In 1Tl7 the re-
latons of the coins of the two metals
was fixed at 81 shillings for guinea.
BY this law gold was overrated, the
market ratio being about eos. Sd, and
gold, therefore, became at this time the
principal currency of England.
Spain, before the revolution which
led to the independence of the Spanish
American states, controlled nearly all
the gold and silver mines of the new
world, and her coins circulated in near
ly every country where commerce was
known. The Spanish milled dollar, or
piece of eight--eight reels-became a
standard coin in both hemispheres.
During the colonial period of this
country the metallic money consisted
entirely of foreign coins. OF these the
Spanish milled dollar came to be recog-
nized as the money unit and standard
of value in all colonies ......
BY the articles of confederation, be-
fore the formation of the new constitu-
ton, the Spanish miled dollar was
made the unit of value and money of
account ..
At the close of the revolutionary war,
when the continental paper money
passed out of use, foreign coins again
became the principal full legal tender
money in this country.
Thus, when the constitution was
formed, the money of the United States
consisted of gold and silver coins who'll
ly of foreign mintage, the recognized
standard being the Spanish milled dol
lar. .
BY the constitution the right Ito coin
money, regulate the value thereof, and
of foreign coin" is given to the general
government, and the states are prohib-
tied from making anything but gold
and silver coin tender in payment of
debts" ..
The first law relating to coinage un-
der the new constitution, was the act
of April 2, 1909, establishing a mint
This act provided for striking cold
coins, called eagles, leach to be Of the
value of ten dollars, or units"
The weight of the eagle, by this act,
was made 2471G grains of pure gold, or
"a. IS grains to the dollar This act also
provided for coming dollars, or units,
each to be of the value of Spanish
millcd dollar, as the same is now cur
rent"
Hamilton, the first secretary of the
treasury, had u number of the old
Spanish milled dollars, as then in cir
culation, assayed, and they were found
to contain 371l4 grains of pure silver,
and therefore the new dollar was made
to contain 37l4 grains of pure silver,
so that the money unit Of the colonies,
as at that time in circulation, was con-
tinued as the money unit under the
new constitution.
The first gold coins were ll-l2ths fine.
The full weight of the eagle was 247. so
grains pure gold and 22. 80 grains of al
10y. making the total weight of the
eagle 27O grains The silver dollar con-
tanned 37l,25 grains of pure silver and
44.75 grains of alloy, making the full
weight OF the dollar 4l6 grains.
The act OF 1892 also provided for half
dollars, quarter dollars and dimes of
silver. weighing, respectively, one-half.
onc-fonrth and one-tenth the weight of
the dollar.
AS gold coins contained 2iT IS grains
Of pure metal 20 the dollar and the sill
yer dollar contained 35l % grains, the
ratio ut this time was exactly 10 10 1.
The same act which established the
mint and fixed the weight and fineness
OF the coins OF the United States also
provided that any person might take
either silver or gold TO the mint and
have it coined i'free OF EXPENSE and
the said coins were made equally legal
tender for all debts, public and private
by this act fractional coins were also
full legal tender
Thus. the first coinage law enacted