The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-07-05
THE UNIT or MONEY.

108 ONII " "ONe1s
Il ID Ideal, Abstract and Imaginary-Th
Coin We Call tho Silver Dollar II Mate.
rial Embodiment Of Il.
In 1889 the constitution Of the United
States was adopted. which specifically
gave congress the power ITO coin
money and regulate the value thereof"
In consequence Of this the act of 17e6,
by the consent Of congress, was ig-
nored, and another act conforming to
tho suggestions Of Mr.. Hamilton was
passed April, 17o2. It will be noticed
in this connection that tho dollar, or
unit Of money is q certain number Of
grains Of silver and its ratio Is a certain
number Of grains Of gold, both
having the Same debt-paying power
and the Same rights to coinage and
circulation. That this has been
changed to our disadvantage will be
shown later on. In order that
this point may Be clearly under
stood and the authority undisputed,
reasons for this will appear further in
this work. as discussion Of the sub
ject makes this proposition an impor-
tant one in relation to our financial
system. This act established the orig
inal unit of money in the United States,
designated it's material and weight,
and also made provision for it's ratio in
gold and copper. It should be studied
with much care, as the whole monetary
system of the nation is founded pri-
marily upon it. It was passed after
thorough discussion, and all the old
statesmen were entirely satisfied with
the result. I quote the sections gov
erning the coinage of the first United
States dollar, with its ratios and subdi-
visions.
Sec g. And be it further enacted, That there
shall be from time to time struck and coined at
the said mint coins Of gold, silver and copper
OF the following denominations, value and do
scription. viz: Eagles-Each to be OF the value
OF ten dollars or units, and contain two hun
dred and forty-seven grains and four Fights of
grains Of standard. gold Half eagles-Each
to be Of the value Of FIVE dollars ana to contain
one hundred and twenty three grains and six
eighths OF grain Of pure. or one hundred and
thirty'nve grains OF standard, gold Quarter
eagles-Each to be Of the value OF two dollars
grains and seven-eights Of q grain of pure, or
sixty-seven grains and four-eighths OF
. grain Of standard. gold Dollars,
or units-Ea to be Of the value Of Spanish
milled dollar, as the same Is now current and
to contain three hundred and seventy one
grains and four-sixteeth parts of pure, or four
hundred and sixteen grains of standard silver.
Half dollars-Each to be OF one-half the value
OF the dollar or unit, and to contain
one hundred and eighth.five grains
and ten-sixteenth part of grain Of
pure, or two hundred and eighty grains Of
standard, silver. Quarter-dollars- to be
Of one-fourth the value Of the dollar, or unit
and to contain ninty-two grains and thirteen.
sixteenth parts OF grain Of pure, or one hun
dred and four grains Of standard silver Dimes
Each to be the value Of ne-tenth OF q dollar,
or unit, and to contain thirty seven grains and
two-sixteenth parts OF grain of pure, or forty
one grains and three-ffths parts of grain OF
standard, silver. Half-dimes-Each to be OF
the value OF one-twentieth Of dollar, and to
contain eighteen grains and nine. sixteenth
parts OF grain Of pure, or twenty grains and
four fifths parts OF grain OF standard, silver.
Cents-Each to be of the value Of the one-hun-
dredth part Of a dollar, and to contain eleven
pennyweights OF copper. Halfcents-Each to
be of the value OF half a cent, and to contain
i've pennyweights and ene-half pennyweight
of copper.
Sec. 20 And be it further enacted, that the
money of accounts Of the United States shall
be expressed in dollars or units, dimes or
tenths, cents or hundredths, and mills or thous-
andths; dime being the tenth part of dol
lar cent the hundredth part Of dollar,
mill the thousandth part of a dollar And that
all accounts in the public offices and all pro-
ceedings in the courts Of the United States
shall be kept and had in conformity to this
This act of congress should have for
ever settled the question as to what
was the unit of money. 1t distinctly
says: The eagle, the ten-dollar gold
coin, shall be of the value of ten dollars
or units. These units consisted of
81 25-100ths grains of pure silver. At
that time this ten units of silver was
worth 2471a grains of pure gold; that is,
one unit of silver contained 3714 grains
of pure silver and it's corresponding
ratio, one unit of gold, contained 24A
grains of pure gold. The ratio was
fixed at Is to 1. This was the decision
of the founders of the constitution and
lawmakers at the beginning of our ma
tional existence, and that conclusion
should have been final. That it has
not we will discover in the progress of
our Investigations. This act became
law April 2. 1792.-Dunning, in History
of U. S. Dollar.