The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1895-08-24
COINAGE VALUES.
Some Mistakes Of Leading Free 6ilvog
Advocate.

ASOybNA0G WSAeV60s
Some Mistakes of . Leading Free silvss
Advocate.
In the course of his speech at Mem
phis the other day Senator Turpie said:
There has always been difference
between the commercial or bullion
value of the two metals and the legal
or coinage value. No denomination OF
the gold coinage of the United States
has bullion value equal to the legal
value thereof. The whole series OF
these gold coins is made from bullion
only nine-tenths fine. The missing
tenth is what is called alloy" And he
said further that according to the test
that the legal value of coined money
must be the same as the commercial or
bullion value of the metal in it there
is not and cannot be an honest dollar
of either silver or gold"
BY this Mr.. Turpie seems to have
meant that when a man takes gold
bullion to the mint to be coined the
government conflscates one-tenth of
it and puts base meta, in its place, and
returns to the owner of the bullion
coin containing only nine-tenths of that
bullion. If he did not mean this it IL
impossible to find out what he did
mean. But il that was his meaning,
he was very greatly mistaken. 1t is
not true that there has always been,
or that there has ever been, differ
ence between the commercial and the
coinage value of the standard
metal equal 10 the proportion
of alloy contained In the coin.
The first coinage law of the United
States contained this provisions: That
it shall be lawful for any person or
persons to bring to the said mint gold
and silver bullion in order to their be-
ing coiued. And as soon as
the said bullion shall have been coined
the person or persons by whom the
same shall have been delivered shall
upon demand receive in lieu thereof
coins of the same species of bullion,
which shall have been SO delivered,
weight for weight of the pure gold or
pure silver therein contained"
This continued to be the law as to
all gold and silver coins until 1858,
when the government ceased to coin
fractional silver ON private account 1t
continued to be the law as to all gold
coins and silver dollars until 1878, and
1t has been the law as to all gold
COINS from the establishment of the
mint to this hour. No gold coin of full
legal weight loses any value by being
melted.
Mr.. Turpie further. said: THE half
dollar has but 1872 grains, good deal
less than half the number of the whole
dollar; the quarter dollar has only
ninety-six grains; the dime has only
thirty-eight grains. The holder of ten
dimes has only $50 grains, yet he can
get halves or quarters for the whole Of
those dimes, Notwithstanding the COM
mercial price of the metal in them is
very far below its lawful value"
Mr.. Turpie is mistaken again. The
existing law is that 1.-THE weight of the
half dollar shall be twelve grams and
oae-haf of gram; the quarter dollar
and the dime shall be respectively
one-haf and one-fifth of the weight
of said half dollar Ten dimes
do not and never did by law contain
less silver than two halves or four
quarters.
1t is true, as Mr.. Turpie says, that
the half dollar weighs less than half as
much as the standard" dollar. The
fractional silver coins contain between
and per cent. less silver, dollar for
dollar, than the dollar of 4l21s grains.
And it is true that these coins are cur
rent at their face value, although their
bullion value is much below their face
value. But it does not follow, as Mr..
Turpie seems to wish us to infer, that
government can by its mere fat make
q small quantity of metal worth as
much as a large quantity. The frac-
tional silver coins circulate at par be-
cause the government redeems them in
full legal tender money Mt the Office of
the treasurer or any assistant treas
urer of the United States. Before the
passage of the law making them so re-
deemable, June 0, 1879, they were at a
discount.
The nickels and cents also are re-
deemable at par. Therefore, the fact
that the fractional silver and minor
coins circulate at par does not prove
that government can increase the value
of piece of metal of any kind to any
extent by simply enacting that it shall
be worth more as coin than it is in the
mass, weight for weight.
Government must do more than ut
ter its fat in order to make anything
exchangeable for more than its worth.
1t must practically redeem at the ficti-
tious valuation in order TO accomplish
that feat. 1t can make dimes pass for
dollars by redeeming them in dollars,
but not otherwise Chron-
icle.
What They Say Down South.