Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-11-01

spanish millpd dollar and contained
81 grains of pure silver and Az grains
of alloy. This was "A lineness of SOB
thousandths, the balance being copper,
and the ratio to gold was as IL to |. 1t was
called the dollar or unit and was legal
tender for all purposes. The coinage Was
free and unlimited. Section | of this law
provides that every fifteen pounds weight
of pure silver should be Of equal value in
all payments to one pound weight of
pure gold, and so prOportionally.
By act of June Is, 1881, the amount Of
pure gold in gold coins was lessened, the
alloy increased, changing the ratio be-
tween silver and gold from II to | to
1G.OO2 to |.
The act of Jan. Is, 1897, enacted that
in both gold and silver coins after that
date of 1000 parts by weight, 900 parts
should be pure metal and 100 alloy.
making lineness of 800 thousandths
Leaving the amount of pure silver in the
ductiUn in the alloy of 81 grains. In the
gold coins the full or standard weight
was left the same and the pure metal re.
duced. This changed the ratio between
silver and gold from lG.002 to l to lj.9SS
to |, popularity called lG to | and which
still remains the ratio.
The ace Of 1873, rs we have seen. surrcp-
titiously omitted the standard silver dol
lar from the list of authorized coins, and
took away its legal tender quality. The
act of Feb. Is. 1873. again authorized its
coinage, similar TO that of 1887, but limit
ed the amount. 1t also restored its legal
tender character except where other
wise expressly stipulated in the contract"
This last clause ought not to have been
admitted in the law. being derogatory to
its character and hence out of place. 1t
would also be unnecessary if sound law.
The act of July II, 1890, provided for
the purchase of silver bullion, and coin.
age of a part of it into standard silver
dollars the remainder being held as bull.
lion in the treasury.
The act of March 3, lSS7, directed that
trade dollars. when redeemed. should be
coined mo standard silver dollars The
coinage of silver dollars from 1893 to
July |, 1891, was as follows
Prior to ls}7..........-. ..... ......... l,iio5l
ISL to lS11................. ......-.... 6.Hub32
linden act of Observation-Disclosures. 1885, ~
From trade dollars rcdccmcd.... ... juI-I1
hdcr act OF $3.50. ..... ............... 36'u>'"I
Ioial .......... ..................s i2I.319tN
From July /. lS94, to January l. lS95
about $1,000 600 additional were coined.
GOLD CERTIFICATES.
The act of Mar. 3, 1863. authorize,
the secretary of the treasury to receiv,
deposits of gold coin and bullion and t,
issue certificates therefor; the coin aut
bullion deposited for, or representing
the certificates. 10 be retained in tn,
treasury in payment for the same on de
mand. This act also authorized certiii
ticates representing coin IN the treasur,
to he issued in payment of interest OF
public debt the amount of both thes
certificates not at any time to eXcee,
20 per cent beyond the amount of coli
and bullion in the treasury. The certifi
Gates were not legal tender, but were re
ceivable for duties. The issue begal
Nov. ID. 1860 and was suspended Dee.
1873.
The act of July II, 1852, authorized AN
other issue of gold certificates. DepOs
its were TO be received in gold coin
which was to be retained in the treas
ury in payment of these certificates o
demand. This issue is TO be SuSpcnde,
whenever the amount of gold coin AM
bullion in the treasury reserved for III
redemption of United States notes fall
below SlOO.0OO,OOO These certificate
are in denominations from $50 To So
600. are not legal tender but rcceivabl
for customs. taxes and all public dues
and when SO received may be reissucd
they are also available for the reserve
of national banks. There were out
standing of them June 30, 1891. SGG, 3S7.
500, of which about S250,0 900 were of tn
Old series.
SILVER CERTIFICATES.
These are certificates issued to the de
positor of silver dollars COR upon Silve
dollars held in the treasury under nc
of Feb. Is. 1873. which authorized tn
coinage of silver dollars, discontinue
by act of Feb. II, 1873. The coin de
! posted for or representing the ccrtili
Gates was to be retained in the treasur.
for their payment on demand. The ceI
tiiicates ART not legal tender, but are re
ceivable for customs, taxes and all pub
lie dues and when so received may b
ressued. The law creating them ais
directed the purchase of not less tina
81 900, 600 or not more than $1,000, 90
worth per month of silver bullion to b
coined into dollars as fast rs purchased
aot Of Iul,- 1890 ithaca oortitiaa tn