New-York tribune., 1896-07-24

fr
ushed under the head What Free ooihase
Means" statement Of the experience oi 'nS
,ountrv and others with the double standard III
49, ,,o nrovisions Of the coinage laws were
ssaev given In more detail the facts as 10
fAese laws are as follows:
THE Law OF 1922
IN 17a2 Congress passed the first law under the
Constitution relating to coinage Ihls law pio-
vided for the free coinage OF all goio ana sn'e,
brourb, 70 the Mint at the ratio of ID to l. 1t
specified the name. weight ana auah.S oi s"."
coin authorized and the devices and legends 10
=. s,o,nned upon them and. in Section IL. said;
,,s,s,. :. further enacted That all gold and silver
80 yrhtch have been struck at and issued from
I'll ,,,,t shaT he a lawful tender In al payments
aies he-einbefore declared, and those Of
less than fuu weight al ''iue' p'0''-
respective weights
Rv the terms Of this law the subsidiary Cfrac-
,,onan silver coins were made Of full weight. that
,s ten dimes (or dismes. as the law called them),
or two half-dollars contained exactly the same
,rount Of silver as one dollar How both gold
,,d silver coins. including the subsidiary coins.
s,,nneared from the circulation under the oper-
.sor of Greshans law was explained on July
70, also how the ratio was changed in 1894 to
1sto1 (approxma tely) in order to attract gold
tack into circulation. The law Of 1894 affected
only ,h. ratio under which the metals were to be
coined. The law ot 1891 was designed merely
10 secure uniformity in the percentage OF pure
metal and alloy in the coins. Under the law OF
l-o9 gold coins contained 916 2-3-thousandths
pure gold and the balance alloy; silver coins
contained Sy2 2-5-thousandths pure silver, and
the balance alloy. Under the law Of 1854 silver
coins were left as before and the proportion OF
pure metal in gold coins was reduced to s9922o-
,housandths In 1887 the fneness OF both gold
and silver coins was placed at 9oU-thousandths,
where II remains to-day. This was done by add
Ing 2-tenths Of a grain - the pure metal In an
eagle and reducing by 312 grains the amount OF
alloy In dollar.
In 1873 when the country was struggling
along with only lightweight and mutilated for
egn silver coins for as small change-be-
cause the fractional silver. equally with the sill
ver dollar was then worth more as bullion than
Is con-an attempt was made to keep domestic
fractional silver coins in circulation by making
rem token money only. Therefore their legal
tender quality was taken away. for amounts OF
o7r s. and they were SO reduced in weight
that two half-dollars or ten dimes. would not
cutie equal one dollar This legislation failed
Of the desired effect for still the subsidiary
coins were more valuable bullion than IS
money and none OF them would remain in cir
eulaton These acts OF 1884. 1897 and 1853 in
no way affected the status of the silver dollar.
and are mentioned merely TO keep the record OF
legislation clear and because an occasional COM
plalnt about the subsidiary coinage creeps into
the general discussion.
THE LAW OF 1873.
The next general coinage law that Of 1873,
about which so much has been said. II did not
affect the gold coins except TO authorize a
'hree-dollar piece (Which. with the gold dollar
was dropped in 1890. and limit the alloy to
eopper-the alloy had been copper and silver be-
iore. Its purpose was a general revision Of the
coinage laws 70 secure uniformity. The silver
eoiar was not mentioned In this act II was
9fopped from the list Of authorized coins for the
SIMPLE reason that 1t had not been actually in use
hhce the foundation OF the Government Only /
SCOUT s'OOO0UO Of them had ever been coined, /
sho Congress from the experience Of eighty |,
!ears' saw the futility of trying to maintain a |
s0uoie standard The country had been on !
s"a basis In fact. II not in law. for forty years.
a"0 CoLIress merely made the law conform TO |
e iac, The legal-tender quality Of the dollars /
eaoy IN existence was not taken away. for no !
"en'ion Of the subject was made
A"e silver coins authorized by this act /
uaoe dollar. the half-dollar quarter-dollar +
.'. ame-ther legaltender function was limited /
~'aiterward increased 10 S1O)-and provision /
' made for the redemption OF these coins Of /
- mu'iiated) in lawful money" in sums or
'ples OF $40 These coins are OF course,
a. 'rom silver purchased in open market by
,'erhment The trade dollar was not in
hu'' ior domestic use and 1t only passed at
"" value II has been discontinued.
Pa. ai'er 1913 the silver mining industry be-
wor,s.- Doom. The largest annual output of the
a SILVER mines previous 10 1870 had been
s,"O ounces. in ls69-ess than the United
n...'. aiohe produce now-and the average
ls-e !, p1ce that year was S1.32J an ounce Nv
oun.. "e annual output had climbed to 81. .753 900
o. g. ana the price. aided by the appearance
n.,.s.ys n.."any's discarded silver money ON the
the a. - bullion. fell to S11JG an ounce. As
coinage rate was S12929 an ounce.