New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-02
THE MONEY OF 1792.
F. 0. LEIGH SAYS THE SILVER DoLLAH
WAS NOT THE UNIT OF VALUE.

..The London Economist prints the following iet-
fer from f. O. G.eech, former director OF the Ohteu
States Mint and now Of the National Union BANK
of this city:
TO the Editor Of The Economist" A. r,u.rd
Sir: | little surprised mat Hlr. , En"a az
Tuck in his letter of April D. has fallen. mo In, me
of supposng nat tne sier ,aD, Zoo to Iss
The ac; establishing mint and regIaung 10, rnS
CONS o 81 me noaee sct Which Mr Tuck relies upon
in his contention provided tnat 'i h Vnreessed in
dredths miles or housandihs lnat Is 10 say, o
dollar and its subdivisions were to ne 'hT NOR,
In which all accounts were 10 be Kept. IN PROOF
OF this the act went IN n" same Secuoh 20 P'po
y ni,ed i" sta.e shoud be kep in such The
act further provided that cons OF go,' si,oas.
tgies each TO he OF the value OF so or units;
halfeages each TO b. OF me vae 81 -, ill., or
units each be- Of the value Of span.5h ini',g Len
dollar the same Is now eu, rr1,p of p,ire or as
slapS o ~ "loII,rs' and units IN this act are
uscd svnonymously and Interchangeable ana mat
the unit referred 10 is unit of number Nnen IL
comes 70 value ne act proves 81 cons Witch shall
10y sW oe " ~ Xowherc in the Act OF 1872
ina" IN ~ smb.eoueni act Is there any provision from
when II could be- reasonably inferred mat II Wa
he Intention to make silver The basis OF our coinage
svst"m or inc silver dollar the unit 81 valuation;
Tho dollar was he the name ~ tiir NUM- ~
uni, In which accounts were 70 De KEPT, Oh, In III
en- tho dollar was - he represented by 80 many
Grains OF silver (37ii0 and 80 many grams OF Soll
CsrC II there could be reasonable d9uGt arising
,rnrn the wording II the act. such dohDt - re-
moved hv the Justly celebrated report Of Hamilton
a., ..Tb. I.s,abi shmeut OF a Mint The report J. re-
on l, Mn exrrcssons SHOWING that Hamilton pur-
pose was 90 establish a Dm~iaiif sFS'', ~ e",m 1
are based upon the commercial NaIue ol So'' anu
Referrnc 20 tho monetary unit" Hamilton SAYS SAYS;
III the general declaration mat tne doar S"1 az
b. the money unit of the United states 'ou'I ne
~,i.'rs,onl ~ give IL a superior legality in pay
n,onts tho Institution ~ coins Of gold ana the o.
iafat.or that each Of them shan be eduai 10 GER
tam number Of dollars would appear 70 u'stros IN M
Inference. And the cir'umsitn OF lnAhhle " II
dollar tho unit in the money of account seems 10 pe
rather a matter OF form than Of suos'2nce .. 30
In summing up h" SAYS, the conclusion % pe
an ,hr suniec, L. fh's That tn" unit IN the COINS
II ne United States ought 20 certe'ponl WIN 80
silver. each answering 70 doHar III the money u
account" ,. ,o,,. rros tho
,r"n' 100 20 is-3 what becomes OF the Act OF
January Is 1891 Complementary 70 the Act or l>4,
which changed the ratio IN coinage 10 10 a. 80 -,
which act no reference whatever Il inaue 70
..I loriar sh,li h.. The weight Of il2s grains"
(noihng about unit. ana the Eoll oo'ns,, ,h bae
weight ~ The eagle shall DE- ~ sf1s' anu , s,a
FOR all sums whatever M" cage sha'' De 'es'i
tender ~ payment FOR ten dollars
The true reason that the gold dollar was reduced
IN weight IN s3i-7 70 conform TO me new rs1o
rather than the silver dollar was that gold being
undervaued by the ratio OF 70 70 goiI CONS G1n-
sf.fut.d mo- material part 81 our circulation. the
holk ~ the circulation in 1894 consisted Of silver
coins and II was easier practically TO chahge me
DOCS not MIR Tuck perceive that his claim that
the silver dollar was the unit 81 value is neon
sis,ent with "A bmetallc system; The bimeillhc
s,..trm prcsiimos a unit ~ account. unit Of name
or number t. be- represented in coinage by "A given
quantity ~ gold and given quantity Of silver II
either Is the sole measure the system Is not pi-
metallic: So II the SILVER dollar was the unit Of
value in this country from l,2 70 1873. we did not
have the hmenllic, but the sllver-metaliic system
'''' o. LEIGH ex-Director OF the Mint
New York, May 5, 1880