The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-09
GROVER CLEVELAND. 4"
The Judges Decision.

The following is Judge Vincent's decision
Of the bet:
During a recent discussion at the Iro-
quois Club between Hon. Washington Hes
ing, Hon. John p. Hopkins, Sigmund Zeis-
Ter and w. :. Forest the truthfulness OF
certain statements in regard 10 the unit
of value i'm the United States from 1892 TO
1873 was questioned. This argument result
ed In 4 controversy, which, by agree ment
of the parties, was referred 10 me for de-
cision. At my request the question TO be
determined was reduced 10 writing. and Is
as follows: 'Sgmund Zeisler states that un-
der the statute OF 1892 both gold and silver
were made units or value In the thted
States. John +. Hopkins denies the propo-
while I had a settled conviction as to
the inexpedency of the free coinage OF
national agreement at the ratio OF is 10 l,
which was well known 10 the parties at
the time 1 had absolutely no opinion as to
the precise technical question involved in
the controversy above stated. In my con-
sideration of this subject i have had tho
benefit Of the views of advocates or each
side and il seems 10 me that the matter
has been carefully and exhaustively pre-
sented.
I'm April $780, Congress referred certain
matters relating to the establishment OF
mint to Alexander Hamilton, then Sec
retary OF the treasury Jan. - l.si; -
communicated the result OF his inquiries
and reflections to the House OF Represent
atives. The report is an exhaustive treat
ise on the subject of currency. on whicn
Hamilton was almost universally conceded
TO be the best-fnformed and most profound
student of the Nation. Hamilton evidently
asked Thomas jefferson TO examine the
report and express his judgment on it.
because, i'm February. lI92, or two months
before the passage of the act under disI
cussion. jefferson wrote 10 Hamilton; L
return you the report on the mint, which
I have read over with great deal OF satts-
faction. i concur with YOU IN tnlhnlihs
that the alloy should be the same IN Doin.
also in the proportion you establish De
tween the value of the two metals
Under the question. What ought 10 ne
the nature of the money unit Of the nifed
States Hamilton says. among other thlheS-
AS long as gold, either from its intrin-
sic superiortty as a metal from its greater
rarity or from the prejudices cf manklnd.
retains so considerable a pre-eninence IN
value over silver. as II has hitnerio hth,
a natural consequence OF this seems 70 be
that it's condition VIII remain more sta
tionary The revolutions, therefore, wnicn
may take place In the comparative Naibt 81
gold and silver will be changes IN the state
az the latter. rather than IN mat OF tite
former But upon the whole n
seems TO be most advisable. as has been
observed. not TO attach the unit exclusively
to either OF the metals. because TINS cannot
he done efTectually without destroying the
the Office and chracter Of one OF them as
money and reducing Il 10 the situation or
p mere merchandise which accordingly ~
different times has been proposed from IL
fersnt and very respectable quarters. but
which would probably be greater eFli
then occasional variations in the Unit Jron
metals especially If care be taken 10 Tegu-
late the proportion between them Win an
eye 10 their average cornnleTsslaI s,a., sr'r,
the observations which have been made on
the subject is this: That the unit III the
coins of the United States ought 10 COT
resDond with twenty-fOur grains and three
quarters OF a grain OF pure gold ana VIII
37 grains and cne-quarter OF a gram OF
pure silver. each answering 10 uoilA1 AZ
the money of account
LAWS PASSED BY CONGRESS.
..Inasmuch as the number Of grains In
silver dollar was suggested TO be exactly
fifteen times the number OF grains in gold
dollar. Mr. HamiltOn's report necessarily
recommends the adoption Of bimetaliio
system at the ratio OF Is to /, and his re-
fections are certainly Of greater value
than those made by others years befors
that time Based on the Hamilton report
Congress enacted the law OF April ? u.s..
Sections and IL or which read as follows:
..section 9-There shall be from time TO
time struck and coined at said mint coins
of gold, silver and copper. OF the following
DETERMINATIONS. values and descriptions.
namely eagles. each TO be or the value or
ten dollars or units, and 10 contain Two
hundred and forty-Seven grains anu fouf-
eirhths of a grain OF pure. or two hundred
and seventy grains OF standard gold hall
eagles each 10 be OF the value OF nve dol
lars and 10 contain one hundred and tWen-
ty-three grains and six-eighths OF grain
OF pure or one hundred and thirty-five
grains of standard gold, Quarter eagles
each TO be OF the value OF two dollars and
half dollar. and TO contain sixty grains
and seyen-eighths OF "A grain OF pure OF
grain of standard gold. Dollars. or units.
each TO be OF the value OF Spanish milled
dollar as the same Is now current and 10
contain three hundred and seventy-ons
grains and four sixteenth parts of grain
OF pure or four hundred and sixteen grains
OF standard silver. Half dollars. each 10 bs
and TO contain one hundred and eiehty-five
grains and ten sixteenth parts OF grain