The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1891-07-17

- 1ns 1NDlANAs
lFrom the Nsaon.s Esscusivs Silver Committed
i FACTS ABOUT SILVER.
/ Early Use OF silver a. Money.
1. The exact date when silver W.
|nrst used % money ID not known, but ]
lWae money "current with the merchant
,Iin Abrahams time, and has continued 4
.lbe money Without limit throughout thl
lIwOrld until within short period. IL Il
'lstill The money OF large part OF th'
|worldS population.
i 2. The first use Of the metals q mon
ey va BY weight.
Silver VA coined at au early period Ia
'|Grsece, but no gold coins we're struci
tIIl PHILIPPE time, about 800 years before
lChrist.
1 In ancient Rome copper W. weighed
out By the pound, but later coined mon.
10y came into use.
1 Silver was coined In Rome about 25o
years before the Christian Era, and gold
about fifty years later.
! 8. Silver Was the standard money 0l
England till early In the last century,
and was full legal tender until 1876,
1 when the gold standard was adopted.
| From l257 TO 1854 the value OF gold
,coins, g compured with silver, We reg
Iulated 10 England from time to time By
proclamation. From 1864 to l7l7 silver
1 Was the only lengal tender money, and
cold coins huctuated according to the
market value OF gold. In l7l7 the rela-
lion Of the coins OF the two metals VA
6xed It 81 shillings for . guinea.
| By this law gold was overrated, the
market ratio being about zoe. 3d., and
gold, therefore, became ct THE time the
principal currency OF England.
/ 4. spain, bsfore the revolution which
lied 70 the independence OF the Spanish
American States, controlled nearly Ill
ihe gold and silver mines OF the new
world, and her coins circulated 10 every
|c0untry where commerce Wa known.
The Spanish milled dollar, or piece ol
reals-became : standard
colin ID both hemispheros.
| COLONIAL PERIOD.
! s. During The colonial period Of thia
Icou ntry the metallic money consisted
entirely or foreign coins.s or these the
6pauIsh miiled dollar came TO be recog-
lnized q the money unit and standard ol
value 10 al the colonies.
| 8. By the Articles Of Confederation,
before the formation OF the new Oonsti.
tuition, the Hpsnish mIlled dollar va
made the unit Of value and money Of 90.
count.
| AZ The close OF the Revolutionary War,
whom the Continental paper money
passed out Of use, ioselgn coins again
became the principal full legal tendo1
'|money % thlo eo0nlry.
uHDHs ruE coHsTl1uT1oH.
4 z. Thus. when the Cosstltution Wsl
the money OF the UnIted otoeoG
onsistod OF gold and oliver oolns,
WHOLLY OF foreign mlutage, the rooog.
uized standard being The spanish millsd
dollar.
| 8. By the Constitution the right TO
coin money, regulate the value thereof
land OF foreign coin" is given 70 The Gen.
sral Government. and the 6tatesare pro.
hlbited from making "sny thing but
gold and silver coin tendsr 10 payment
0f debts"
n FIRST COINAGE LAW
! 8. The frst law relating to coinage
under tho new Constitution, Wa the acl
Iof Al prii 2, l702, establishing . mint. Thil
oct provided for striking gold coins
called eagles, "each 70 b Of the value ol
ten Dollars, or Units."
i The weight Of the eagle, by this act,
vas made 247A grains OF pure gold, OF
24 IS grains 10 the dollar. This oct als0
provided for coming "O0llsrs, or Units,
each 10 be Of the value Of . Spanish
millcd dollar, as the same 10 now cur.
Trent"
! To- namilton. the flrst Secretary Of
lhe Treasury, bad . number Of the old
l6panish milled dollars, o then 10 cir.
1culation, sasayed, and they were found
Ito contain Sill grains Of pure silver, and
Therefore The new dollar We made %
contain exactly s7I3 grains Or pure ell
ver, 90 that the money unit Of the colo
nies, q at that time IN circulation, VA
ICON tinued q the money unit undor The
new constitution.
| IL. The first gold coins we're ll-l2tha
line. The full weight Of the eagle waa
247 so grains pure gold and ~ 50 gratne
of alloy. making the total weight Of the
eagle 40 grains. The silver dollar con.
tsined al .26 grains Of pure silver snd
|44.75 grains Of alloy, making the full
| weight or the dollar 4lo grains.
| IL. The sct Of 1882 also provided for
Ihalf dollars, quarter dollars, and dimes
|of silver, weighing. respectively, one
half, 0ne-fourth. and one-tenth the
weight Of the dollar.
IL. Az gold coins contained 94.75
lgrsins Of pure metal to the dollar and
the silver dollar contained 37l4 grains,
the ratio q this time was exactly IS to J.
FREE COINAGE AND LEoAL.TENDrR.
u. The same act which established
lthe mint and fixed the weight ana fins-
mess Of the coins Of the United States,
also provided that any person might
take either silver or gold 70 the mint
and have it coined Tor bic benefit sfree
lof oxpense.7 and the saId coins wers
made EQUALLY LEGAL TENDEn roR ALL
lDEBTs, PUBLIC AND PRIVATE. By shiG
|sct fractional coins we're also full legal