The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1895-05-18
GOLD AND SILVER
A Bet by Chicago Democrats on the
Unit of Value

A Bet by Chicago Democrats on the
Unit of Value.
CHWAGo. MAY s-Wiliam y Vincent
has decided bet made hy tive well known
Democrats of this city-ex Mavor Hopkins
and VIM :. Forest-a> L" the unit Of
value from 1892 To- 1873 Mr. Vincent
wa at one time chief justice If the Su-
prrme C"ar5 of New Mexico
JUDGE VINCENT DECISION
The following l. Judge Vincent deci
sion of the bet
During the recent discussion At the lra-
luoi> Club between Washington HeSsin.
John Z. Hopkins. Sigmund Zei>ler and
W :. Forest the truthfulnesS Of certain
statements in regard to the unit of value
in the nited States from 1892 {" 1873
was questioned Thi- argument resulted
in controversy. which. by agreement Of
the parties. Nas referred to me for deei-
sioa At nay request the question to he
determined wa reduced to writing aud !,
a, follow,
Sigmund Zei,ler states that under the
statute of l1a9 bath g,ld aud silver were
made units 1T value in the 'nited States.
John z Hopkins denies the proposition.
While | had settled conviction a> Il
the inexpe,iiency of the free coinage OF
silver nv the 'nited States without inter
national agreement al the ratio of Ii to /,
which wa~ we'll known To- he parties at the
time. had absolutely ne opinion a> 10 tn,
precise technical question involved IN ,h,
,vnirOyersy above stated
IN my consideration 1t this subject
have bad the heueh, Of the views nf advu-
rate> Of both sides. and It seems to me that
the matter ha> been CAREFUL, and eXhauS
ri,ely presented
ALEXANDER HAMILTON Ql"TEh.
In April. l790. Congress referred Ger
tain matter. relating TO the establishment
of mint 20 Alexander Hamilton, then
Secretary Of the Treasury January p.
1874 he communicated the result Of hiS
inquiries and reflection. io the House Of
Representatives This repou i an rx-
har.,ivr treatise nu the subject pf curren-
~. 90 which Hamilton was slmest miver
,aIly conceded Ia be the hest informed and
n,,vs profound student Of the nation.
Hamilton evidently asked Thomas .lef
fet-rn ro examine the report and express
his Judgment upin IT, because IN February
1872 rr tWo months before the passage oi
the act under discussion, Jefferson wro,e
to Hamilton. Il return YOU the report or
The mint. which have read over with d
great deal of satisfaction ! eoncur with
vuu IN thinking that the unit must stand
ON bath metals. that the alloy should he
the same in both, al>o IN the proportion
yuu establish between the value nf the tw,
metals
l'nler the question what ought To b,
the nature Of the money unit oi the nited
State, Hamilton ,ay> among other
thing, ~ hong A. gold, either tr"n
it, intrinsic superiority ~ metal from IT.
greater rarity or from the prejudices oI
manki ind. retains ~ considerable preem-
inence in value over silver, as it hitherto
had. natural consequence Of this seem
Ia he thar it, condition will remain NOR,
stationary The revolutions. therefore,
which may take place in the state Of th,
latter than in that Of the former. .
But. upon the whole, It seems to he mnsi
advisable. as has hcen observed, not t,
attach the unit exclusively tn either of the
metal, because this cannot be done effect
uaIly without destroying the office ant
character of one of them aS money and II
lucing it to the situation IT mere mer
ehandise. which accordingly At different
times has been proposed from different anO
very respectable quarters but which would
probably be a greater evil than occasional
variation, IN the unit from the Auctuation,
in the relative value of the metals espec
ially il care be taken to regulate the pro
portion between them with an eye tn then
average commercial value
The conclusion to be drawn from the
observations which have been made ON the
subject Is that the unit in the coin> Of the
United States ought To correspond with ; I
grains and I Of grain Of pure gold and
with 81 grains and of grain of pure
silver. each answering Ia dollar in the
money of account
lnaSmuch aS the number Of grains in a
silver dollar was suggested to be exactly
fifteen times the number of grains in a
cold dollar. Mr. Hamilton report neces-
sarily recommends the adoption of hime
tallic system at the ratio of Is 10 /. and
his reflections are certainly of greater value
than those made by Others years before
that time.
THE Act OF 1872.
Based upon the Hamilton report Con
sress enacted the law of April ,, 1892,
sections 9 and II of which read as follows;
Section 9.-There shall be from time to
time struck and coined at the said mint
coins of gold silver and copper. of the fol
lowing denominations values and descrip
tions. viz
Eagles-Each to be of the value of ten
dollars or units. and to contain two hun
dred and forty grains and four
eighths of grain Of pure, or two hundred
and seventy grains of standard gold
Half Eagles-Each TO be of the value
of five dollars. and to contain one hundred
and twenty three grains and six-eights of
a grain of pure or one hundred and thirty
five grains of standard gold,
Quarter Eagles-Eaeh to be of the
value of two dollars and half dollar and
to contain sixty-one grains and seven