The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1895-05-25
The Laws of Coinage.

| WIN IL VIII llDi
stood, or are Intentionally miSrcprc-
scntcd. The laws passed by congress
| providing for and regulating the coinage
of money are not familiar To The people.
AS the question of silver coinage is Ia
be The burning one, in the campaign of
next year, will, with Your consenl.
give II synopsis of the coinage laws of
/ he United States.
Article /, section 8 of the constitu-
ton, in summing mp the power given
TO congress, includes the following
among other powers: s'To coin money,
regulate the value thereof, and OF
foreign coins, and 10 fix the standard
OF weights and measures
In section 10 OF the same article ii is
provided: ..No state shall coin money,
emit bills of credit, or make anything
but gold and silver coin Il tender in
payment of debts
1t will be noted that silver and gold
are the only money known or referred
to in the constitution, and that the
right To coin money was reserved 10
the general government. \ state is
prohibited from coming money and il
can not make anything but silver and
gold CONS II legal tender. No differ
cnce is made III the constitution be-
tween gold and silver, and the claim OF
democrats that both silver and gold are
the money OF the constitution Is laid on
a solid foundation.
In 100, congress having them under
consideration the subject of the estab-
| lishment of mint and the coinage of
money, referred it 10 Alexander Ham
Ilton, who was one of the ablest and
best informed statesmen of that period.
lie consulted with Mr.. jefferson,
who agreed with him that the unit
ought To be on both metals. aud made
a report 10 congress in l19l. But
congress did not agree with him rs to
the unit as will be shown hy the act
passed.
On the 2d day of April, 1892, con
gress passed the coinage act. Section
. of that act provides:
"There shall be, from time To time,
struck and coined, at the state mint,
coins of gold, silver aud copper of the
following denominations: Eagles, each
to be- of the value of $40 or units and
10 contain 3i1 grains and four-eighis
nf grain Of pure, or 2S0 grains of
standard gold. Half-eagles-each To
he of the value of So and to contain
l23 grams and six-eights of grain of
pure, or l35 grains of standard gold.
Quarter eagles-each TO be of the value
of - so and TO contain sixty-one grains
and seven-eights of a grain of pure, or
sixty-seven grams of standard gold.
Dollars or unils-each 10 he OF the
value of Spanish mill dollar as The
same is now current and To contain 33II |
and four sixteenihs parts OF a grain OF
pure, or 4l6 grains of standard
silver
The act further provides for coming
half and quarters of dollar, and
dimes of silver and one cent and hall
cents of copper. The ratio csiab-
lished then was fifteen grains of silver
t6 one of gold.
No change was made in the law
until 1884 when the gold dollar was
changed by reducing the amount OF
gold in II and increasing the ratio ia
fifteen and half to one. In 1887 con-
gress again changed the amount OF
gold in u dollar to 23.6 grains of pure
and 25.S gIains of standard, making
the ratio ID yS to one, or rs is gen
orally stated sixteen to one; but no
change mt either time was made in the
amount of silver in n dollar. There
has not been any change since 1887 in
| ha ,r,l.l or stltnr dollar In q 20.
In 1878 a republican congress passed
an act, seriously affecting the status OF
silver. 1t provided that 25S grains OF
standard gold should be n dollar and
the unit Of value. 1t also stopped the
!, coinage of silver and provided that
silver dollars should not be n lega
, tender in the payment of debts for any
amount over So.
In 1873 congress passed an ac'
! known rs the Bland, Allison act. Tn,
| law required that the government
should purchase and coin each montl
not less than 2,000,0 900 nor more thar
1000, GOO ounces of silver. This ac
i, remained in force until 1890, perio,
T of twelve years, AZ Il during the tim,
. about 81 ,UUO, 900 were coined.
In 1890 the Sherman act was passed
This act provided that the government
= should purchase monthly 4,500,00t
ounces of silver bullion and issue lega
: tender treasury notes in payment there
4 for. 1t also provided that suflicien
I amount of the silver purchased shoul,
be coined each month to redeem III,
treasury notes issued in payment fo
n the silver.
e The above is an epitome of the coin
l age laws for a period of one hundre,
0 and three years. Now, few NOR
comments and am done
Ii will be seen that the silver dolla
. provided for in the act of 1892 con
+ tanned 3Il "a grains of pure and IL,
grains of standard silver. The Al
y grains of alloy contained in the dolla
! of 1892 was afterwards reduced to 1 /
= grains, making the weight of the silvc
i dollar 4I2l. grains. This is the onl
4 change that has ever been made in th
Y weight of fineness of the dollar. Ever
g dollar ever coined by the government
a in the one hundred and three year
y since the first act was passed containe
:. The same amount of pure silver, an
a the few dollars which Secretary Car
s Isle says he is now coming has th
same amount-that is, 31li, grains
) There has never been any change i
= the silver contained in a dollar Th
a changes made in the two instance
: mentioned were in the gold dollar, an
not in the silver dollar.
e Another fact of much importance is
: that from the time of the passing c
9 the act of 1892 until 1879, when silve
v vas demonetized, - period of eight,
o ic years, silver was the UNIT q
e VALUE. The opponents OF silver coir
.; .; age deny this, but il is only necessar
p" To again read section y oi the law 4,
1892 to he convinced that il is correct
Y That law says: DOLLARS OK UNI1
!. shall contain 81 "A grains of silver
!. which with the alloy, shall he dollar
y IL also says: An eagle of gold shall 1
of the value of so, or UNITS. OF tl
m gold CONS provided for IN the act, III
81 lowest is 81 30, and there Is nothing
N the act providing for the coinage of
gold dollar or for II gold unit but ii
act does provide, in plain and unmi
Mt taxable terms, that the SILVER noLI.A
III SHALL EE THE UNIT OF VALUE.
v, Archer fact connected with IL
OF history of coinage should have bee