The advocate., 1896-08-19
COINAGE LAWS OF THE
UNIFIED STATES.
Following is a synopsis Of our laws re-
lating to coinage, made up from official


assembled shall also have the sole and exclu
glve right and power OF regulating the allO!
and value Of coin struck by their own author
tty, or by that Of the respective stStes--fXlnl
the standard Of weights and measures through
ont the United States.
CONSTITUTION OF THE UNITED STATES.
Article 1, section 8, paragraph 6-Congresi
shall have power to coin money, reg
ulSte the value thereof, and Of foreign coin
and fix the standard Of weights and measures.
Article /, section 10, paragraph 1.-No State
shall coin money, emit bills OF
credit make anything but gold and silver coin
o tender in payment Of debts. 4"
Previous to the adoption Of the con-
stitution the circulating medium of the
country consisted chiefly Of foreign coins
The money Of commerce and the practi-
cal monetary unit was the Spanish milled
dollar.
NoTE.-In 1882, the Continental Congress ap.
pointed committee to investigate the cOndi-
tion Of the coins which were then current In
the country. Many different coins were in
circulation, principally those of Great Britain,
and Spain, and the Spanish provinces, and
each colony maintained separate valuation
OF its own. The Spanish milled dollar was the
most common and most popular.
Robert Morris, Of Pennsylvania, made
an elaborate report and recommended
a new system of coinage. But moth
ing further was done about It until
two years afterward, when the subject was
taken up again and referred to committee, Of
which Thomas Jefferson was a member. Mr..
JeffeFson's opinions were written out in his
"NOtes on the Establishment of q Mint" and
Will be found In Jefferson's Works, volume /,
beginning at page 1862. He favored making the
DOLLAR the unit Of value the dollar coin TO be
Of silver, with gold coins to represent larger
amounts.
On the 18th day OF April, 1890, the House
Of Representatives passed resolution
requesting the Secretary Of the Treasury, Alex
ander Hamilton, to prepare report concern
ing che establishment Of mint and the coin
age OF money and in response to the rssolu-
ton the Secretary prepared report and sub
mitted is to the House on the 2Sth day Of jan
uAry, 1901.
Before submitting his report, Mr.. Hamilton
showed 1t to Thomas Jefferson, then Secretary
OF State, who approved it, Offering some sug-
gestions by way Of detail. The recommends.
tiOns OF this report were substantially en-.
bodied in the mint act Of April 3, l702-P.
By the act Of April 2, 1892, the mint
was established "for the purpose of ma
tlonRl coinage"
The act provided that the money OF
account should be expressed in dollars
or units, dimes or tenths, cents or hun
dredths, and mills or thousandths, and
that all accounts in public offices and
proceedings in courts should be kept and
had in conformity with this regulation.
The silver dollar was made the unit OF
value.
Foreign gold and silver coins, how.
ever, continued to pass current in the
United States at certain rates establish
ed by acts Of Congress until 1867, when,
by the act Of February q of that year,
they ceased to be legal tender or to pass
current in the United States.
Provision was made under the act OF
April 2, 1872, for the coinage Of gold, sill
YER, and copper coins of full weight to
have full debt-paying power. Indivld-
uals were given the right to have gold
or silver coined at the mint without
charge, provided, however, that deduc-
ton be made Of one-half per cent. from
the weight Of the pure gold or silver
contained in said bullion in case Of inn.
mediate payment in coin.