The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-08-04
THE COINAGE LAWS.
The Many Changes That Have Taken
Place Since Is92 and the Legal Tender
Qualities of Gold and Silver-At No Time
has There Been Free Coinage.

and when coined could receive coins of
the same species of bullion, weight for
weight of the pure gold or silver con-
tanned therein The standard for gold
was II parts pure goldssto one part alloy,
and for silver, 1886 parts pure silver to
179 alloy.
Therefore the mint retained one-twelfth
of the pure gold and little more than
one-ninth of the silver toward the ex-
pense of the alloy and rcoining, in addi-
tion deduction of one-half per cent was
to be made in case of immediate delivery
of coins for bullion. The ratio of gold to
silver was Is to 1. Both gold and silver
coins were to be lawful tender for all
payments.
BY the law of March 8, 1875, the treas
urer of the mint must retain 2 cents per
ounce from every deposit of silver bull
lion below the standard, and 4 cents per
ounce from deposits of gold bullion be-
low the standard, and if so far below as
to require the test, cents per ounce for
melting, refining and coming.
BY the law of April 81, 1900, there was
to be retained from every deposit in the
mint of gold or silver bullion below the
standard such sum as should be equiva-
lent to the expense incurred in refining
the same.
By the law of May 10, 1928, it was pro-
vided that when silver bullion required
the cooperation of the test the expense of
the materials employed in the process
with a reasonable allowance for the
wastage, should be retained from each
By the law of June IS, 1884, a deduction
one-haf per cent. was to be made from
all standard gold and silver deposited for
coinage, if paid for in coin within I'VE
49, T. Of cIv1 dnn0S1t
By the law of January Is, 1887, the
standard gold and silver and one-tenth
alloy, and all gold and silver coins were
to be legal tender of payment for any
sum, whatever.
The dollar weighed 412 1-3 grains.
The only subjects of charge by the
mint to the depositor were the following !:
For refining when the bullion was be-
low standard; for toughening; for copper
used for alloy when the bullion was
above standard; for silver in the alloy of
gold and for separating gold and silver
when these metals existed together in
the bullion; and the rate of these charges
was to be fixed SO as not to exceed the
actual expense to the mint of the mater
ial and labor.
By the law of February 81, 1858, the
weight of the half-dollar was reduced
from 206 Ia to 1872 grains, and other lesser
silver coins in the same proportion, and
these were made legal tender in payment
of debts not exceeding SIS.
No private deposits for coinage with
these coins were to be received at the
| mint, and the director of the mint was
authorized to purchase bullion for such
coinage and to exchange such coins for
| gold coins at par in sums not less than
In all cases, when gold or silver was
| deposited to be coined, there was to be
charge made for refining or parting the
metals of 10 of per cent.
By the law of February 10, 1878, the
weight of the trade dollars was to be 400
| grains while the old dollar was 412 1-2
grains The weight of the half-dollar
was to be IL 10 grams, equal to about
1893 75-100 grains, while the old half dol
lar was 2o6 IA grains, and then later 1872
grains These silver coins were to be
legal tender for IS.
Silver bullion could be deposited to be
coined in trade dollars and for no other
coin.
Gold bullion could be deposited to be
coined into coins for the benefit of the
depositor.
The officers of the mint were authoized
to purchase silver bullion for the coinage
of silver coins of less than 81.
The charge for converting standard
gold bullion into coin was to be one
fifth of l per cent, and for converting
standard silver into trade dollars; for
melting and refining; for toughning;
for copper; for alloy and for separating
gold and silver to equal the average set
of the material, labor, wastage and use OF
machinery.
Silver coins Except trade dollars) We're
to be exchanged for gold coins at par in
sums not less than 500.
By the law of January IA, 1875, no
charge was to be made for converting
standard gold bullion into coin.
| By the law of July %, 1877, the trade
| dollar ceased to be legal tender.
By the law of February %, 1878, silver
| dollars of the weight of 412 10 grains
were made legal tender for all debts and
| dues except when otherwise expressly
| stipulated, and the secretary of the
| treasury was authorized to purchase sill
yer bullion at the market price not less
than 81, 600, 900 worth per month or more
than 81, OO0, 900 worth to be coined into
such dollars.
By the law June Q, 1879, silver coins
of less than 81 were made legal tender in
all sums not exceeding $40, in full pay
ment of all dues, public and private.
By the law of July IA, 1890, the secre-
tary of the treasury was directed to pur-
chase silver bullion at the market price
to the amount of 100000 ounces OF
SO much thereof as might be offered per
month and to issue in payment thereof
treasury notes of the United States, said
| treasury notes to be a legal tender, except
! when otherwise expressly stipulated in
the contract, and the secretary was also
| directed.t to coin as much of such bullion
as might be necessary for the redemption
| of such notes, and the act requiring the
! monthly coinage of from 50, 600, 900 to 81,
| 900, 600 was repealed.
| 1t will thus be seen that at no time
| snce the organization of this government
has there been free coinage of either gold
or silver, except that since July IA,
| 1875, there has been no charge for con-
verting standard gold bullion into coin.
Silver dollars of 412 1-2 grains, wherever
coined, have always been and are now a
legal tender for all payments.
| There does not seem to be any good
reason why the government should accept
| Csc worth of silver and issue 81 for it.
| 1t would benefit no one except the owner
| of silver bullion.
/ The law of February 10, 1873, did not
| demonetize silver, and the demand to
| have silver remonetized is mere nonsense,
| and the demand to have silver free and
unlimited coinage of silver is an unmiti-
| gated humbug 1t cannot be shown that
| the law of February 10, 1873, SO far as ii
relates to silver coinage, had any injuri-
| GUS effect upon the business of the coun-