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

In 1892 the American Congress,
proftiDg by the wisdom and expert.
euce Of the European countries dur
ing the preceding three centuries and
being determined 10 place this coun-
try on saie and sound financial ba-
sis, passed an act making both gold
and silver the money of redemption,
and upon the combined supply ofboth
metals all commod ities were 10 be val.
u,d The act of 1892, after estab-
fishing a L. ;. MINT, fixed the ratio
between 81 yer aud gold at ID 10 as
followt: And be i, further enacted,
that the proportional value Of gold
T. silver IN all coins which shall by
Law be current as money within the
United States, shall he as ID to | sc-
cording 10 quality aud weight, Of pure
gold or pure silver. that is TO say,
every ID pounds weight Of pure silver
shall be of equal value in all pay
ment. with one pound weight Of pu,e
gold, aud 80 IN proportion ms to any
greater or less quantities Of the res
pec,ive metals
1t next provided in the same act
fJr the Tree and unlimited coinage of
the two metals 10 the following Ian.
guage, BE it further enacted, That
IT shall be lawful for any person or
persons - bring 10 the said mint gold
and silyer bul.ion. ia order 10 their
being coined; aud that the bullion 90
brought shall be there ss.ayed aud
coined a. speedily ~ may be after The
receipt thsrofs aud that free 81 en-
psnse 10 the perou or persons by
whom the same shall have been
brought; aud rs som as the said bull
lion shall have been coined, the per.
son or persons by whom the same
shall have been delivered. shall upoa
demand receive in lieu thereof coins
Of the same species Of bullion which
shall have been so dc ivered. weight
for GIT Of the pure gold or pure
silver therein contained"
The act then fixed the sire of the
silver dollar aud made il the unit or
standard OF value, in the following
language: Dollars or units, each to
he Of the value Of Spanish mil ell
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 value, 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 a single
standard, silver. The act spsaking
for itself aud so plainly on this point
is in striking contradiction to the
charges made by the gold huge, that
the people of today who desire a re-
turn of the coinage system under this
a,tas it existed till 1873, favor a 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 and fractional silver
from this unit; for instance section 8
of the bill reads; Eagles each TO 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 Nv then fixed the legal tender
character of the two metals, by pro-
viding that "they shall be law. nj
tender in all payments whatsoever"
1t will thus be seen that these laws
gave the county free and unlimited
bimetallic Coinage system, and that
our patriotic iorefathers regarded sill
yer as the more favored % the two.
Besides this, they invited silver from
all the world n come TO us, rs 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
II seems as if he was now without a
peer. The man above all others whom
the worthy Washington selected to
head the Treasury department, and to
pilot The governmspt clear Of the d