The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1895-05-18

eighths of a grain of pure or sixty-seyen
grains and four eighths of grain of stand
ard gold.
Dollars or 'nits-Each I'd be of the
value of a Spanish milled dollar as the
same Is now current. and to contain three
hundred and seyenty-one grains and four
sixteenth parts of grain Of pure or four
hundred and sixteen grains of standard
silver
Half Dollars-Each to be of half the
value of the dollar or unit and to contain
one hundred and eighty-fve grains and
ten n-sixteenths parts of grain of pure or
two hundred and eight grains of standard
silver
Quarter Dollars-Each to be of one
fourth the value of the dollar or unit and
to contain ninety-two grains and thirteen
slxteenths parts of a grain of pure, or one
hundred and four grains of standard silver
Dimes-Each to be of the value of one
tenth OF dollar or unit, and to contain
thirty seven grains and two-sixteenths parts
of Il grain of pure or forty-one grains and
three-hfths 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-sixteenths parts
OF grain OF pure or twenty grains and
four-ifths parts of a grain of standard sill
yer.
Cents-Each to be of the value of one
hundredth part of dollar and to contain
eleven penny weights of copper
Half Cents-Each to be of the value of
half a cent and to contain FIVE pennyweights
and a half a pennywheight of copper.
Section That the proportional value
of gold to silver in all coins which shall.
by law, be current as money within the
l'nited States. shall be as | ) to |, accord
ing to quantity in weight Of pure gold or
pure silver; thar is to say. every fifteen
pounds weight of pure silver shall be of
equal value in all payments with one pound
weight of pure gold, and 50 in proportion
a. to any greater or less quantities of the
respective metals
INIT OF VALUE.
\ careful reading of Secretary Hamilton
report and-the act of April , 1892, can
not fail to convince that Congress substan-
TALLY adopted and enacted all of his views,
which agreed with those of Thomas Jeffer-
son Il is true Congress did not provide
for the coinage OF a gold dollar a grains
and three quarters of grain. probably for
the reason that it would be too small to be
practicable for use. and because. as sug-
gested by Hamilton in the same report.
IN small payments II is not perceived that
any Inconvenience eau accrue from an en-
tire dependence ON the silver and copper
coins The chief indueement To the es-
tablishment Of the small gold piece is to
have sensible object in that metal. as
well as in silver to express the unit Fifty
thousand At time in circulation may suf-
fee for this purpose
II has been suggested and seems TO be
true. that if the provision for the silver
dollar in the act Of | S92 had been omitted
We would still have had unit of one tenth
Of the eagle, or twenty -four and three
fOurths grains Of gold. a. recommended By
Mr. Hamilton. a the idea was to have the
value Of the denomination made equal in
gold in silver 1t was intended by Hamil-
ton report and the act of 1892 to have
free and unlimited coinage Of gold and
silver after deductins one-half Of l per
cent u in said act provided. at the ratio
Of , to the then commercial values Of
the two metals, and both were made a
legal tender for all debts
II Is undoubtedly true that the Spanish
milled dollar a It was then current, was
the starting point and the number of
grains to compose gold dollar was aseer-
tanned by dividing the number Of grains in
the silver dollar by l5 bur this does not
alter the fact that units were expressed in
gold and silver On the contrary. it seems
to show that both were made units of fyalne.
The word 'unit was employed as the
equivalent Of dollar and the dollar was to
consist of either one of two different things.
one tenth part of 2I74 grains of gold or
81 grains Of silver, just equal values
NIGH, be embodied in given weights of any
two given commodities such as wheat or
corn. \ unit Of value Is the unit In which
values are expressed; the value of both
gold and silver are expressed in the act of
1892 - we had two units of value. Ii
both had not been ~ expressed we could
not have had bimetallism
The unit Is simply the starting point in
the reckoning of money. In England the
unit is the pound sterling in France the
franc in Germany the mark. while section
"a Of the act Of l792 provides that the
money Of account of the nited States shall
be expressed in dollars and units. &e.
The language Of the proposition sub
nitted for decision is not as clear and sat
islactory as NIGH, be desired but | am
under the opinion that under the act of
192 the unit was to be the dollar. The
value of this unit was 10 be measured in
both gold and silver 81 grains being the
quantity of silver and 2i grains being the
quantity of gold. which were to equally
express the measure and value of the unit
adopted As | conceive this to be the
point At issue as understood by the parties
to the controversy, and which was intended
to be expressed in the written statement
thereof, | decided in favor of the afiirma-
tive of the proposition.
WILLIAM \. VINCENT,
A Strategic Son-in-Law,