Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-08-01
Coinage Laws of the United States
NUMBER VII.

From the St. Louis Journal of Agriculture.
By act of Congress May 2. 1873, the
coinage of the twenty cent piece was
prohibited.
| Under the act passed June s. 1873,
the secretary of the treasury was au-
thorized to constitute any superinten-
dent of a mint. assayer of any office, an
assistant treasurer of the United States
without additional compens alton to
receive gold coin and bullion on de-
posit for coinage.
The act of June 10. 1873, made pro-
vision for the payment of deposits at
mints.
By the act of March, 3, 1879, the act
of June 10, 1878. authorizing the Sc
cretary of the treasury to issue coin
certificates in exchange for bullion
deposited, was repealed.
The act of June 8, 1879. provided
for the exchange of subsidiary coins
for lawful money of the United States,
and made coins of smaller denomina-
tions that one dollar legal tender for
amounts not exceeding ten dollars, in
| full payment for all dues, public and
private.
The act of May &c. 1882, authorized
uperintendents OF mints 70 receive
United States coins from any holder
| thereof in sums not less than $4,000
| and to pay and deliver in exchange
gold bars of equal value.
The act of August I, 1882, author
lied the secretary of the treasury to
transport silver coin free of charge.
| By act of August 4. 1886. the secre-
| tary of the treasury was authorized and
required to issue silver certificates in
denomination of one, two. and five.
dollars, the certificates to be redeema-
able and payable in like manner and
for like purposes as was provided for
silver certificates by act of February
%, 1873.
The act of February 10, 1887. pro-
| vided for the retirement and recoinage
of the trade dollar. The law auth Dr.
izing the coinage of trade dollars was
| repealed.
By act of March ?, 1889, it was made
! unlawful to use the silver profit fund
f., Of lo11
The law of July IA, 1890, known as
the Sherman silver purchasing act,
directed the secretary of the treasury
to purchase from time to time silver
bullion to the aggregate amount OF
4, 500. 900 ounces, or so much thereof
as may be offered in each month at the
market price thereof, not exceeding |
one dollar for 3714 grains of pure sill
yer. and to issue in payment of such
purchases of silver bullion, treasury
notes of the United States to be pre-
pared by the secretary of the treasury
in such form and of such denomina-
tions, not less than one dollar nor
more than $1,000 as he may prescribe.
Section provided that ''the treas
ury notes issued in accordance with
the provisions of this act shall be re-
deemable On demand in coin at the
treasury of the United States" 1t was
provided that the amount of such notes
at any time should equal {
the cost of the silver bullion and the
silver dollars coined there :
from, and held in the treasury pur-
chased by such notes; said treasury 6
notes were made legal tender in pay r
ment of all debts public and private, c
except where expressly stipulated in h
the contract. That "upon the demand y
of the holder OF any of the treasury q
notes herein provided for the secreta- h
regulations as he may prescribe, re- {.
leem such notes in gold or sitce1 at his i.
discretion. CThe secretary, however, c
lsed his discretion in favor of gold, t;
md refused to redeem the treasury v
notes issued against silver, in anything c
out gold. Il
Section 3 authorized and directed the q
secretary of the treasury to coin 2.OO0.- Y
100 ounces of the silver bullion pur- A
chased each month, till July l, 1891.
md after that time he was required Ito h
.oin of the silver bullion purchased "
,nder the provisions of this act, as O
much as may be necessary to provide S
or the redemption OF fthe treasury notes b
lerein provided for" This language o
learly indicates that Congress intend Fl
ID that the treasury notes based on the in
silver bullion purchased should be re- re
eemed in siirer. But the secretary CT
'efused to redeem in anything but gold.
his act did great deal toward bring f
ng silver into disrepute, and beating al
own its price. Sd
Section of this act repealed that
art OF the Bland act of 1873, which st
rovided for a mOthly purchase aud er