The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-08-21
A PLAIN STATEMENT
what Is Meant by Free and Unlimited Coins
age at tho Ratio of Sixteen to One.

| What Is Meant by Free and Unlimited Coln'
age at the Ratio of Sixteen to One.
Not at all infrequently even yet the
query department of The Sunday News
is called upon to explain what is meant
by free and unlimited coinage at the ra-
ito Of 16 10 /.
Occasionally there is q question which
betrays 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 it
is AS follows:
"a. bets b. that 16 to means that the
mints shall coin 1G silver dollars for
every gold dollar they coin. b. bets that
it means there shall be 16 pG Is of pure
silver to part of alloy in each silver
dollar Which wins?"
Neither of these notions has anything
to do with tho meaning of the express
sion "16 to l.. 1t means that tho
weight Of pure gold in gold dollar
shall be 1929 grains and the weight of
pure silver in silver dollar shall be
371 20 grains. 1t will be seen that the
weight of silver i'll silver dollar is
within u trifling fraction of 16 timcs
the weight Of gold in gold dollar, tho
ratio being called for convenience 1G
to /.
The act of 1837---for free and unlim.
tied coinage at this ratio-provided
that gold and silver bullion brought to
the mint should be received and coined
Tor the benefit Of the depositor. Tho
coinage was free and unlimited, because
any person might bring-any quantity OF
gold cr silver bullion Of tho standard
degree Of fineness to the mint and re-
cei' Z for it gold CT silver coins. The
OILY charges permitted We're for rofn-
ing when the bullion was below stand
ard, for toughening when metals wero
contained in it which rendered it unfit
for coinage, for copper used for alloy
whom introduced into tho alloy for gold
and for separating gold and silver when
those metals exist together in the bull
lion. All of these charges relate to the
conversion Of bullion into the exact
kind of bullion suitable for coinagc.
BY the net Of Feb. 21, 1858, 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 limit of
So, and tho government went into the
making Of thom as a basiness which
was profitable bc6auso 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 il
holds to this day. This act of Feb 21,
1858, established mintage charge of
one-half of l per cent on all gold and
silver whether coined on run into ingota
on account of depositors, in addition TO
the charge for refining or parting tho
metals contained in the act OF 1887,
Thus the matter stood until tho pas
sage of the net Of Feb. 10, 1873, which
established the gold dollar as the unit
of value and demopetized silver by
emitting the standard silver dollar from
the list Of coins. Until that day any
person might bring standard silver bul.
lion 900 degrees fine to the mint and
tor each 371.25 grains of pure silver
therein obtain silver dollar, paying
only one-half per cent coinage charge.
If he brought puro silver to the mint
instead Of standard bullion, nine tenths
fine, he would have to pay cents an
'ounco for the copper alloy. If 800
ounces CT pure silver were deposited at
the mint, it would coin Gao dollars.
There would be 55. 30 ounces of copper
required for alloy, which would cost
$l.11. The one-half per cent for coin
age would be 1928, which would mako
tho total charge at the mint S4.34 ou
SAC 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 arc drawn OF the
COVE nment vaults choked with silver
which it would be unable to fnEcc into
circulation. This idea has probably
grown out of the acts Of 1878 and 1890,
both of which provided not for free
coinage, but for purchase by the United
States Of limited amount Of silver
each month, the dollars coined there
from Or the notes issued in payment
therefor not being legal tender when
otherwise specified in the contract. Un-
der free coinage the government would
not purchase the silver coined into dol
lars. Itwould simply coin the silver for
whoever brought il to the mint and
hand the coin over to the person who
brought tho silver Denver News
--------
Let the government take Its heavy hand