Daily Texarkana Democrat., 1893-07-19
MONETARY INFORMATION.
Some Pertinent Questions Asked and
Valuable Answers Given.

and a special desire for knowledge on
the subject, among the great masses
of the people of this nation, is fully il !
lustrated by the following questions,
the answers to same, made by the
Pittsburg Pa) Dispatch, being also
given:
l. By what authority is money |
coined?
2. Does the constitution of the
United States say of what material
money shall be made or coined?
8. If not, has the United States
Supreme court made any decisions?
If SO, what is the decision2
4, Give the kinds of legal tender
3. Are national bank bills legal
tender?
6. Was the trade dollar once a le-
gal tender? Please give the law. l
am told it is short, only eight or ten
lines.
Z. In paying balances between
countries, does the money go by count
or by weight and fineness?
s. Is there any money of the world,
or in other words, is there any money
that is legal tender in payment of
debt in every other country the same
as in the country that made it?
9. What makes money, the law or
material. An Old Soldier.
l. Money is coined by authority of
Congress under the constitution, Art.
l, Sec. VII, clause 5.
2. 1t does not 1t forblds the
states to make anything but gold and
silver legal tender, but evidently
leaves it to common agreement that
gold and silver are the best for the
purpose. If any material should be
discovered in the future, that would
be better for purposes of coinage than
gold and silver, Congress would have
authority to adopt it.
3. The Supreme court has, so far
as we are aware, made no decision
concerning the power of Congress to
specify the material for coinage. 1t
has made decisions with reference to
the power of Congress to make the
treasury's promises to pay legal ten
der, which is different subject.
4. The various kinds of illegal ten
der money" strictly speaking, are
"gold coins and silver dollars" Legal
tender currency, or paper representa-
tives of money, include the old United
States treasury notes, or greenbacks,
gold certificates, silver certificates and
the treasury notes of 1890.
5. National bank bills are not le-
gal tender except for limited pur-
poses.
6. The trade dollar from 1873 to
1878 was limited legal tender; that
is, for payments not exceeding five
dollars.
Z. In the settlement of information
al balances money goes by weight and
fineness. But, when the coins are
those of well-known mints, the count
can be taken as a means Of ascertain
ing the weight aud fineness of the en-
tire amount.
8. There is no money of the world
in the sense of being legal tender all
over the world. Gold is 80 universal
ly accepted that it can be used in any
civilized country; but to make it a
legal tender with it it must be con-(
verted into the coin of the country
where the offer Of payment is to be
made. -
Q. 1t is the material that is by me
universal appraisement given moneta-
ry value that gives coin its value. All
the statutes Of the world cannot coin
money out of bricks of Bessemer steel,
although those materials have wider
and more universal utility than either
gold or silver.
These questions, it will be seen,
bear mainly on the power of govern
ment to select it's material for coinage.
1t is pertinent in that connection to
repeat what has often been said that,
while the legal power may exist there
is no power in law which will make
the people accept coin at more than
the market value of the metal contain
ed in it.
A Delightful Luncheon.