Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-07-25

coin after January 1, 1879, and the Sc
cretary of the treasury was authorized
to sell bonds to provide means for re-
deeming the United States notes.
By the act of March 8, 1875. the
coinage of twenty-cents silver piece
was authorized, which was to be le-
gal tender for any amount not exceed
ing $500.
By act of April II. 1876. the secre-
tary was authorized to issue silver
coin in exchange forlegal tender notes.
Section ? provided that the trade dol
lar should not be legal tender, and
the secretary was authorized to limit
the coinage of the same to such an
amount as he deemed sufficient to meet
the export demand for same. Section
4 provided that the silver bullion re-
quired for subsidiary coin should be
| purchased at the market rate; and any
grain or seigniorage arising should be
turned into the treasury. The act of
January 16 had provisions regarding
counterfeiting.
The act of Feb. %, 1873, known as
the s.Bland-Allison act," authorized the
coinage of the standard silver dollar
of the weight of 412! grains. said coins
to be '.legal tender at their nominal
value for debts and dues, both public
and private, except where otherwise
expressly stipulated in the contract. -"
The secretary of the treasury was
authorized and directed to purchase,
from time to time, silver bullion, at the
market price thereof, not less $2,OOO.-
900 worth per month nor more than 81
O00, 900 worth per month, and cause the
same to be coined monthly, as fast as
so purchased. into such dollars. and
all gain or seigniorage was directed to
be turned into the treasury. Section 2
directed the president to invite the
governments of the countries compos-
ing the Latin Union, so-called. and
such other European nations he thought
advisable, to .'join the United States
in conference to adopt common ra-
ito between gold and silver. fer the
purpose of establishing, International
ly, the use of bimetallic money, and
securing fixity of relative values be-
tween those two metals
Section 3 provided that any holder
of silver coins authorized by this act
could deposit with the treasurer of the
United States and receive therefor cer-
tifcates OF not less than ten dollars.
The coin deposited to be retained in
the treasury for the payment of the
said certificates on demand. The pres
ident Uetoed this measure, but congress
by two-thirds vote passed it over his
veto, thus restoring the standard silver
dollar to limited coinage.
The principal changes since the law
of 1873 were: The resumption of specie
Pehy I'Oheo LII AOscs uOPi iFAhS IhO u e1oO
dollar of the legal tender quality; linn
iting the price to be paid for silver bull
lion; the restoration of the standard
silver dollar to limited coinage over
President Hayes veto. Under the act
of 1878 the government purchased 291,-
292, ,010 ounces of silver at an average
price of $1.O5S per ounces. The de-
mand was limited to $4,O00,OO0 per
month, and at the discretion of the Sc
cretary it could be limited to 81. 900. 600
per month, and the secretary then, like
all secretaries of the treasury since, |
used his discretion against the white
metal and limited the purchase and |
coinage to the extent of his power. IF
the amount to be purchased and coined
had been unlimited. the price per
ounce would have been $1.29 instead
of $1.O5S. In the discussion of subse-
1uent laws we shall see how the gold
owners and mortgage holders through
government officials conspired to beat
The price of silver down by discrimina-
ling against it, and in favor of gold.