The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-05-26
EARLY USE OF SILVER
Facts of Interest Concerning Money in
Ancient Times.
THEY WERE ON THE LEVEL
Gold and Silver We're Used To-
gether From Earliest Times
Free Coinage Under
the Constitution.

the Greeks in the time of Homer: but
oxen were still the standard by which
other things were estimated.
Second-The first use of the metals
as money was by weight, and in some
parts of the world their use in this way
continued for a long time. Lenormant
says: Great and fiourishing empires
like those of Egypt, of Chaldea and of
Assyria. have existed thousands of
years in wealth and prosperity. with
commercial relations as extensive as
those of any people of antiquity, max
ing use constantly of the precious met
ais in their business transactions. but
entirely ignorant of the employment of
(coined) money"
In this form silver was money cur
rent with the merchant" in Abraham's
time.
Third-At what time and place coined
money first came into use is involved
in doubt.
Herodotus credits the Lydians with
the invention of the art of coming
money.
Pheidon of Argos. is said to have
coined silver at Aegina in the eighth
century, before the Christian era.
Silver. at any rate. was coined at an
early period in Greece. but gold coins
were probably not struck till Philips
time.
There seems to be good evidence,
however, that both gold and silver
Were coined in India prior to the date
assigned for the first coin Of Greece or
Lydia.
Fourth-In ancient Rome copper was
weighed out by the pound. but later.
coined money came into use.
Silver was coined in Rome about go
years before the Christian era and gold
about so years later.
The earliest coins were formed by inn
pressing seals on one side OF discs of
the metal as a certifcation of weight
and fineness.
Fifth-For centuries before the art of
coming was known gold and silver
were recognized as precious metals,
and In definite proportions had become
the common medium Of exchange wher-
ever commerce was carried on.
Sixth-The ratio at which gold and
gilvcr were first coined was the ratio
at which they had previously gone in
to use by weight This, i'm Lydia. i'm
the Greek cities of Asia Minor and in
the Greek cities of Asia Minor and in
Greece. was about 80 1-3 of silver to
of gold. but the ratio fell to 10 to
! after the conquest of Alexander.
In India and the far East the two
metals were early used as money in
the proportion in which they were
found in the mines, which was or )
to ].
In Philips time. and pehaps earlier
gold seems to have been the more
abundant metal in Persia. Macedonia
and Asia Minor; but in most parts of
the world silver was the measuring
metal.
a 4 g ~, "A
Solomon was valued In silver. which
was the standard money of Palestine
and the Phoenician cities Of the Med
iterranean.
Even down to Locke's time silver
was considered as the measuring met
al Of nearly all nations.
In his celebrated essay on silver,
Locke says: Il have spoken of silver
coin alone. because that makes the
money of account and measure Of trade
all through the worh.
Sevepth-Silver was tho standard
money of England till early In the last
century, and was fun legal tender un-
til 1916. when the gold standard was
adopted.
Eighth-Spain before the revolution
which led to the Independence Of the
Spanish American states. controlled
nearly all the gold and silver mines of
the New World: her coins circulated
known.
Ninth-In this country during the CO.
lonial period the metallic money con-
sisted entirely Of foreign coins. or
these, the Spanish milled dollar came
to be recognized as the money unit and
standard of value of all the colonies.
Tenth-By the articles of confedera-
ton. before the formation of the new
constitution, the Spanish milled dollar
was made the unit of value and money
of account.
Public loans were made specifically
payable in Spanish milled dollars. or
the equivalent of the same I'm gold or
silver.
Eleventh-The articles Of confedera-
ton were framed in view Of all the
common law rights as possessed by the
people before the articles were pre-
pared. BY these articles the right to
coin money was reserved to the states.
congress having the right to regulate
the alloy and value OF coins to be
made.
Twelfth-At the close of the revolu-
tionary war, when the continental pa
per money passed out of use. foreign
coins again became the principal fun
legal tender money in this country.
NATURALIZATION the constitution
was framed the money of the United
states consisted Of gold and silver
coins wholly of foreign mintage. the
recognized standard being the Spanish
milled dollar.
Fourteenth-By the constitution the
right 10 coin money Is given the gem
eral government and the states are
prohibited from making anything but
gold and silver coin a tender IN pay
ment of debts.
Fifteenth-The first law relating to
coinage under the new constitution was
the act Of April ,, 1872. establishing the
mint This act provided for striking
gold coins called eagles. each 10
be Of the value of $40 or units ."
This act also provided for coming
dollars or units. each to be of the
value Of Spanish milled dollar. as tho
same is now current" containing 371L
grains Of pure silver.
Sixteenth-As gold coins contained
.475 grains Of pure metal To the dollar.
and the silver dollar contained 37li I.
grains. the ratio at this time was eN-
actly Il to /.
Seventeenth-The same act which g.
tablished the mint and fixed the weight
nd fuenpgs Of the. coins of the IFuifeI