Crittenden press. [volume] (Marion, Ky.) 1879-1907, 1895-04-25
MONEY.

Ia 1892 the American Congress
Eprof,ing by the wisdom and expert
|. euce of the European countries dur
ing the preceding three centuries and
being determined ~ place this coun.
try on n safe and sound financial ia.
sis, passed an act making both gold
and silver the money Of redemption,
and upon the combined supply of both
metals all commo dities were to be val
ud. The act Of 1892, after estab-
fishing L. ;. Mint, fixed the ratio
between liver and gold at 10 To As
follows: And be il further enacted,
that the proportional value of gold
T. silver in all coins which shall by
Law be current ms money within the
United States, shall be ~ ID to nc.
cording 10 quality and weight, Of pure
gold or pure silver, that is TO say,
every - pounds weight Of pure silver
shalt be Of equal value in ali pay
ments with one pound weight of pu' e
g'ld, aud 50 in proportion rs 10 any
greater or less quantities Of the res
pec,ive metals.
IL next provided in the same act
for the free aud unlimited coinage of
Y the two metals IN the following Ian.
goage, BE il further enacted, That
1t shall be lawful for any person or
persons to bring 10 the said mint gold
aud silver bullion, in order 10 their
being coined; aud that the bullion 80
brought shall he there a.ssyed and
coined as speedily as may be alter the
receipt thereof, and that free Of sx-
. pAss ss.ehs .rerson ~ psssons By
whom the sime shall have been
brought; aud as soon as the said bull
lion shall have been coined, the per.
son or persons by whom the same
shall have been delivered. shall upon
demand receive in lieu thereof coins
Of the came species of bullion which
y shall have been 80 lie iyered, weight
for weight of the pure gold or pure
silver therein contained"
The act then fixed the size of the
silver dollar aud made it the unit or
standard OF value, in the following
language: dollars or units, each 10
be of the value Of Spanish mil ed
coin as the same is now current, and
q contain 81 4 10 grains Of pure
silver"
This is the statute that fixed the
unit or standard of vIlue, aud is the
only statute on the subject until we
come to 1873. Ii will be observed
that the act provided for the coinage
of both gold aud silver at fixed ra
ito in unlimited quantities, but fixed
but one unit, or rather made n single
standard, silver. The act sp ,aking
for itself aud so plainly ON this point
Is in striking contradiction to the
charges made by the gold bugs, that
the people Of today who desire a re-
turn of the coinage system under this
at as it existed till 1873, favor dou-
be standard Of values. A single
STANDARD is all that is wanted, and
that as provided in the act Of 1892.
This act fixed the unit, silver dollar,
and regulated the weight and value
of gold coins aud fractional silver
from this unit; tor instance section 8
of the bill reads; Eagles each tc be
OF the value of ten dollars or units. "
In other woids, ten dollar gold
piece shall be of the value of ten sill
yer dollars
The previous section having fixed
the ratio for the coinage of the two
metals, and determined the number
of grains in the silver dollar, or unit,
the quantity Of gold in the eagle and
in the other gold coins provided for
wer. regulated by this fixed ratio.
The law then fixed the legal tender
character Of the two metals, by pro
viding that "they shall be a law.u
tender in all payments whatsoever,'
II will thus be seen that these laws
gave the county free and unlimited
bimetallic coinage system, and that
our patriotic iorefathers regarded sill
yer az the more favored o. the two.
Besides this, they invited silver from
all the world 10 come to us, as shown
by numerous laws making silver coins
ofvarious foreign nations legal tender
in this country.
The coinage laws just quoted were
formulated by Alexander Hamilton
the greatest fnancier of his day. and
it seems rs il he was now without a
peer. The man above oil others whom
the worthy Washington selected Ia
head the Treasury department, and Il
pilot the government clear Of The &