Evening journal., 1896-10-19
CHAS. B. LORE ON SILVER
Silver and Gold the Coins of
the Constitution.
SPEECH OF MARCH 27, 1885.

THE GOLD AND SILVER DOLLARS
ARE EQUIVALENTS S-MEASURES
OF VALUE-WHICH is THE HON
EST DOLLAR-PROTECTION OF
LABOR-SCALING DEBTS OR RE
PUDIATION - PRIVATE DEBTS.
BENEFIT FROM SILVER COIN
AGE-GOLD STANDARD PROPHE-
CIES.
The House having under consideration
the bill III. r. $500 for the free coinage
OF silver, and for other purposes
Mr.. Lore said:
Mr. Speaker: The Constitution Of the
United States prescribes that Congress
shall have power ito coin money, regu-
late the value thereof, and of foreign
coin" In the exercise of that authority
Congress, on February 2, 1892, passed
"An act establishing a mint and regu-
lating the coins of the United States. "
The act provided for the coinage of ten,
five and two-and-a-half dollar gold
pieces, called, respectively, eagles, half
eagles and quarter-eagles, containing
for each dollar thereof % grains of
standard gold, which consisted of 24A
grains Of pure gold and pa grains OF
silver and copper alloy. It provides, also
for the coinage Of silver into dollar
half-dollar, quarter-dollar, dime and
half-dime pieces.
The silver dollar was the monetary
unit and contained 416 grains of stan
dard silver, made out OF Bin grains of
pure silver and 44% grains of copper
or a oil -
like proportion of pure metal and alloy.
These coins were declared to be "a law
full tender in all payments whatsoever, -
and their coinage was free
BY act of June 2S, 1884, about per
cent. of pure gold was taken away from
the gold-dollar value 1t was reduced
to 25 As grains of standard gold, con-
sisting of % 1-5 grains of pure gold
and S-5 grains of alloy. A seigniorage
of one-half of 1 per cent. was charged
for coinage.
BY act of January IS, 1887, Sis grains
of copper alloy were taken away from
the silver dollar, reducing the weight
to 4l2R grains of standard silver, con-
sisting of 371A grains of pure silver
Ala grains of copper alloy. The
smaller silver coins were reduced in
like proportion.
The one-dollar gold coin and double
eagles, or twenty-dollar gold pieces
were authorized by act of March 3, 1S49
All the foregoing coins were of full
legal-tender value.
By act of February 81, 1858, the coin
age of three-dollar gold pieces was au
thorized, and a radical change wa
made in the weight and quality of tn
Gil 70 dnII a 81
and half-dime pieces. The weight o
one dollars worth of any of thes
coins was reduced from 41215 to 38
grains Of standard silver, consisting o
345 S-5 grains Of pure silver and 3S 2
grains of copper alloy. The bullion 70
such coinage was to be purchased b,
the director Of the mint, and such coin
were a legal tender for all debts not ex
ceeding $5.
The act OF February 12,1S73, suspend
ed the coinage OF the silver dollar, an,
made the gold dollar the unit of value
1t authorized the coinage of the silve
/ trade-dollar, and made il a legas tende
for debts not exceeding So The trade
dollar contained 420 grains OF STANDARD
silver or 37S grains of pure silver, A
/ grains of copper alloy.
The act of March 3, 1875, authorizes
| silver 20-cent pieces.
The joint resolution of July %, 1876
took away the legal-tender quality o
the trade-dollar.
The act of February 2S, 1878, (knowl
as the Bland act) re-established tn
coinage Of the standard silver dollar O
41215 grains and restored its legal-ten
der quality, and made it again a uni
| Of value Nv fhfc ot fba cooraf "a ~ MO
authorized and directed to purchas
and cause to be coined into standar
silver dollars each month, not less tha
two nor more than four million dol
lars worth of silver bullion.
Such is a brief review of our silve
and gold coinage laws.
The ratio I'm value under these law
from 1892 to 1884 was one dollar Of gol
to fifteen OF silver, and from 1884
this date one to sixteen.
THE SILVER DOLLAR.
It will be seen that the standard ST
yer dollar has consisted OF 37lA grain
Of pure silver from 1892 up to this tim
and has also been unit OF value and
full legal tender in payment OF a
debts during that time.
- 1910 ~ Wdo QtuOutllLtu W AAtA
vertence, il Is claimed by some, othe
say fradulently, certainly without dl
consideration. This is clearly show
by the action Of Congress in 1878, whit
its coinage was resumed and legal-te
der quality restored by decisive majo
tiles after the most thorough examin
tion. So emphatic was this expressi'
that when President Hayes interpos
his veto, both Houses of Congress-,
February 2S, 1878, the very day he 7
turned the bill with his objection
p passed it over the veto by more than
two-thirds vote
The silver dollar has therefore
mained unchanged in quantity OF pu
silver from the time of Alexander Hal
ilton, who fixed its quantity in the Il
establishing our coinage system
1892, and has fully met the needs a,
exigencies of our financial life.
THE GOLD DOLLAR.
The gold dollar as distinct coin W
] unknown in our history until 1Si
$ when it was first coined. Prior to tn
time it was only known in combin
tion in the larger gold coins, Fro