The star. (Reynoldsville, Pa.) 1892-1946, 1893-08-02
THE COUNTRYS COINAGE
HISTORY OF THE LEGISLATION
On the Subject. The Acts of 1853 and
1878 and the Reasons Inducing Them.


our coinage system was the reduction
made in the weight of the fractional
silver coins by the act of February 81,
1859. BY the law of 1909 they had
contained the proportional parts of
dollar, 412le grains gross weight after
1887. BY the act of 1853 they were re.
duced in weight TO parts of 8st grains to
the dollar and coined only on Govern.
ment account. The provision for the tree
coinage of the silver dollar was not
changed. The effect of this act was to
restore the subsidiary silver coins to
circulation. From 1894 to 1863 it may
be remarked that but about 100000
silver dollars were coined, and from 1888
TO 1871 about 3.O00,O 900, making total
eince 1893 of less than 100000
During the same period. however. about
el25,OO0. 900 OF silver subsidiary Going
W,re issued.
The Civil war led to the suspension OF
specie payments and the disappearance
Of gold and silver coin from circulation.
The place of the former was taken by
the United States treasury notes known
as greenbacks. and the national bank
notes, and of the latter by the postal and
small note currency, or notes OF less value
than one dollar. In his report in 1859
the director of the mint urged the restor.
alton of silver coinage for change in lieu
of the postal and small note currency as
the iirst step toward and an important aid
to a general resumption of specie pay.
ments. A year later he expressed the be.
lief that the product of silver In Nevada
and Colorado would be sufficient to meet
the demand. lie proposed a very much
more debased kind of coin than that
formerly in use in order to assure its not
r.. Ia el.n.
the small paper currency and SO that II
would drive out the latter. The draft
of bill embracing his IDEAS
in the senate April as, 1870.
II passed that body January 10, 1871,
and the House discussed 1t exactly one
year later and recommitted IL. On Feb
ruary o, 1872. II was again introduced
Its 10th section provided for a dollar
coin of 8S4 grains of silver 9-10 fine,
making II a subsidiary coin IN harmony
with the silver coins of less denomina.
tons to secure its concurrent circulation
with them. IL was stated In the debate
that the office of the silver or subsidiary
coins was to supply the public want for
small change. They were TO be made
tokens OF value, not the value itself and
were designed only for exchange and
circulation at home up to, but
never in excess of the requirements
27, 1872, BY a vote of 40 to 49, 1t was
not till January IL, 1873. that 1t passed
the Senate with go amendments. Con.
ference Committee came to an agreement
and the bill became law.
A month or two before the fnal passage
Of the act OF 1873, the Secretary or the
Treasury urged such alterations in It as
would prohibit the coinage of silver for
circulation in this country. He held that
no attempt should be made TO introduce
| the use OF silver as currency, but that the
| coinage should be limited to CONNER.
| cial purposes and designed ex.
| clusively for commercial uses with
other nations. Silver at this time had
begun to depreciate and its use as cur
| rency had been discontinued by Germany
| and some other countries. In accordance
with the Secretary's idea authority was
| incorporated in the bill TO manufacture
| the TRADE dollar" Section 21st of the
| bill provided that any owner of silver
| bullion might deposit the same at any
| mint to b, formed into bars or into dol
| lars of the weight of d2O grains Troy
| and no deposit of silver for other coinage
should be received, the charges simply to
be the actual cost. II was made legal
tender up to s5, but this provision was
| of these coins were made after
this date as before. From 1873 to 1875
they cost somewhat more than z each to
manufacture, and no one could use
them to advantage here, so that it was
only by exporting them to China and the
East that the expenses OF their coinage
could be met. In 1876 and 1877 they
cost less than dollar to manufacture,
and as the public continued to receive
| them at their face value, holders OF bull
lion found 1t profitable to have 1t minted
Into them. OF the total amount coined
t36 6,965,924 one-ftth was redeemed al
Its face value In exchange for standard
silver dollars or subsidiary coins under
the act of March 3. 1887. Nearly all the
remainder has been permanently ex
ported, SO that as far as our country II
concerned the trade dollar has become
thing OF the past.
The silver dollar for some wears prior
% ,sza h,d hear worth ahont a, IA I,
uAu oss" W." ao -
gold since the passage OF the goid coii
bill Of 1884 the fine silver in silver dol
lar had been worth somewhat more thar
the pa 90 Grains of fine GOLD In a COLI
sana oa,..oran ,h. s,,r.,