The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-08-25
A PLAIN STATEMENT,
What Is Meant by Free and Unlimited Coin.
age mt the Ratio of Sixteen to One.

What Is Meant by Free and Unlimited Coin
age mt the Ratio of Sixteen to One.
Not at all infrcquently even yet tho
query department. of The Sunday Now;
is called upon to explain what is meant
by free and unlimited coinage at the ra.
ito of 10 to 1.
Occasionally there is question which
bctrays a depth of ignorance most faith.
Unless. The News has received one
and from small town in Colorado at
that-which makes us believe that a
statement of the familiar facts will be
of value in some quarters. In effect ii
is us follows:
"a. bets b. that 16 to means that the
mints shall coin 10 silver dollars for
every gold dollar they coin. j. bets that
it means there shall be 16 paa is of pure
silver to 1 part of alloy in each silver
dollar. Which winsP"
| Neither of these notions has anythina
to do with the meaning of the express
sion "16 to l." 1t means that the
weight of pure gold in gold dollar
shall be 23.22 grains and the weight of
pure silver in silver dollar shall be
37l 20 grains. 1t will be seen that the
weight of silver i'll silver dollar is
within a trifling fraction Of 1G times
the weight Of gold in gold dollar, tho
ratio being called for convenience 10
to 1.
The act of 1S37--for free and unlim.
itcd coinage at this ratio-providcd
that gold and silver bullion brought to
the mint should be received and coined
for the benefit Of tho depositor. Tho
coinage was free and unlimited, because
nny person might bring any quantity Of
gold or silver bullion of the standard
dcgre Of flnoncss to the mint and 70.
cei'e for it gold or silver coins. the
OILY charges permitted were for reiln-
ing when the bullion was below stand
ard, for tOughening when metals were
contained i'll it which rendered it unfit
for coinage, for copper used for alloy
when introduced into the alloy for gold
and for separating gold and silver whom
those metals exist together III the bull
lion. All Of these charges relate to the
conversion OF bullion into the exact
kind of bullion suitable for coinage.
BY the act Of Feb 81, 1853, the right
of individuals to have silver coined in
to half dollars, quarter dollars, dimes
and half dimes was taken away, the
quantity of silver put into such coins
was reduced, their unlimited legal ten
der quality was reduced to n limit Of
So, and the government went ipto the
making of thom as a business, which
was profitable because of the less guam
tity of silver put into them The silver
dollar was not mentioned in this act.
The public retained the full right to
bring bullion to tho mint and have it
coined into standard silver dollars, and
the silver dollar retained its quality as
an unlimited legal tender, which it
holds to this day. This act Of Feb. al,
1858, established a mintage charge of
one-half Of per cent on all gold and
silver whether coined or run into ingots
OH account of depositors, III addition TO
the charge for refining or parting the
metals contained III the act Of 1887.
Thus the matter stood until the pas.
sage of the act of Feb. i2, 1873, which
established the gold dollar as tho unit
OF value and demonotized silver by
emitting the standard silver dollar from
the list CT coins. Until that day any
person might bring standard silver bul.
lion 800 degrees fine to the mint and
for each 37l.25 grains Of pure silver
therein obtain silver dollar, paying
only one-half per cent coinage charge.
II he brought pure silver to the mint
instead OF standard bullion, nine tonths
fine, he would have 10 pay cents an
ounce for the copper alloy If 600 |
ounces CT pure silver were deposited at |
tho mint, it would coin GAG dollars
There would Ee 55. 55 ounces Of copper
required for alloy, which would cost
81. II. The one-half per cent for coin
nge would be 1928, which would mako
tho total charge at tho mint 81. Ga on
G40 dollars.
Through ignorance or malice, tho
statement is frequently made that un-
der free coinage the owners Of silver
mines would sell their product to The
government. Pictures are drawn Of the
government vaults chokcd with silver
which it would be unable TO force into
This idea has probably
yrown out CT the acts Of 1878 and 1890,
both of which provided not for free
coinage, but for purchase by the United
States CT limited amount of silver
'aoh month, the dollars coined there
rom or tho notes issued in payment
herefor not being legal tender when
otherwise specified in tho contract. I'm
Ter free coinage the government would
lot purchase the silver coined into dol
ars Itwould simply coin the silver for
Whoever brought it to tho mint and
land tho coin over to tho person who
,ronght the silver-Denver News
Let tho government take It's heavy hand
II Of silver AM place II upon an equal foot.
ne with gold. and the two metals win wor,,