Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-07-18
Coinage Laws of the United States.
NUMBER V.

In this article we Will discuss the
coinage act of Feb. -, 1872, commonly
known as the demonetiZation act. The
first section of this law established tie
United States mint as bureau of the
treasury department. "embracing in its
organization and under its control all
mints for the manufacturer of coin, and
all assay officers for the stamping of
bars which are now or may be hereaf-
ter authorized by law" The chief Of
fcer was denominated the director of
the mint, who is under the general di-
rection of the secretary of the treasury.
Sections to - inclusive specified
the duties of officers and treated of 9TH
er detoils of the mint.
Section Is fixed the standard of fine
ness at 900 parts fine to 100 of alloy
the same standard of fineness that was
fixed by the act of 1884.
Section / 4 provided that 1.-The gold
coins of the United States shall be a
oNE-DOLLAR piece. which at the stand
ard weight of 25.S grains shall be the
UNIT OF VALUE" a three-dollar piece;
quarter eagle, or two and half dol
lar piece; the half eagle, and double
eagle. These gold coins were made
full legal tender This act made the
gold dollar instead of the silver dollar
the unit of value, not because the silver
dollar was ..cheap dollar" for silver
then was at per cent. premium.
Section Is provided that 1.-The silver
coins of the United States shall be a
trade dollar dropped the standard dol
lar from the coinage) half-dollar. a
quarter-dollar, dime" The weight
of the trade dollar was to consist of 42O
grains of standard silver, which was
seven and one-half grains more than
the standard dollar contained, and al
so in the face of the fact that the gold
dollar was only worth 81 cents while
the silver dollar was worth 100 cents.
This was, to say the least, inconsistent,
but il was evidently the initial step OF
a premediated and diabolical scheme.
| The proposition TO coin a large silver
dollar was probably to quiet the own
ers of silver, and make it easier to get
the standard dollar out the way with
out anybody discovering the trick, and
| the gold owners who were weaving the
| web foresaw that to increase the size
of the silver dollar as compared with
gold would be the first stroke at the
white metal. for in fact it was prac-
tical depreciation of silver and an ap-
probation of gold irrespective of the
commercial values of the two metals.
In other words at the very time that
silver was at a premium this lac re-
duced this price of silver as compared
with gold, by putting more silver in
the silver dollar. The enemies of sill
yer have never yet given an honest and
satisfactory reason for changing the
unit of value, anG dropping the stand
ard dollar from the coinage, and sub
stituting a more valuable one when the
silver dollar was already more intrtn-
sically valuable than the gold dollar.
As we proceed in the discussion of sub
sequent coinage laws some reasons will
appear.
The same section referred to above
provided that the silver coins should
not be legal tender to exceed five
dollars. This was another stroke at
the white metal: The silver was linn
tied in legal tender quality, while gold
was not. 1t is evident TO any thinking
mind that the effect of this provision
was to appreciate gold and depreciate
silver. The legal tender quality OF
either money metal constitutes their
chief value. and the more it is limited
the less valuable it becomes.
Section IL prohibited the issue OF any
other coins than the gold and silver
coins named in Sections IA and Is.
Section IS specified the device 10 be
put upon coins. Section Is authorized
the casting and stamping of gold or
silver bars.
Section 20 provided that sang own
er of gold bullion may deposit the
same at any mint. to DE formed into
coins or bars for his benefit"
Section 81 provided that .'any owner
of silver bullion may deposit the same
at any mint. to be formed into bars, or
into dollars of the weight of 420 graius,
Troy. designated trade dollars, and no
deposit of silver for other coinage shall
be received"
Sections %, 23. and "a pertain to de-
tails of mint operations.
Section % provided that the charge
for coming gold bullion should be one
fifth of one per ceat. The charges for
coming silver into trade dollars. it was
provided, should not exceed the cost
to the mint. Section 90 provieed for
the purchase of bullion for minor coin
age. Sections so to 65 inclusive, per-
tanned to officers. and other details of
the mints. Section &C named the diff
ferent mints and assay Offices. United