The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-08-18
A PLAIN STATEMENT
What Is Meant by FREQ and Unlimited Coin.
age at the Ratio of Sixteen to One.

| What Is Meant by FREQ and Unlimited Coin
age Mt 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 1G TO /.
| Occasionally there is question which
betrays depth of ignorance most faith
unless. Tho News has received one
and from a small town in Colorado at
that--which makes us believe that q
statement Of the familiar facts will be
of value III some quarters. In effect it
is us follows:
IA. bets b. that 16 to means that the
mints shall coin 16 silver dollars for
every gold dollar they coin. b. bets that
it means there shall be 16 pa, is of pure
silver to part of alloy in each silver
dollar. Which wins?"
Neither of these notions has anything
to do with the meaning of the express
sion ZIG TO 1" 1t means that the
weight of pure gold in gold dollar
shall be 49,. 22 grains and the weight of
pure silver in a silver dollar shall be
871 25 grains. 1t will be seen that the
weight of silver i'll silver dollar is
within trifling fraction of 10 times
the weight of gold i'll gold dollar, the
ratio being called for convenience 10
to 1.
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
for the benefit of the depositor. Tho
coinage was free and unlimited, because
my person might bring any quantity Of
gold or silver bullion of the standard
degr,e Of flneness to the mint and 10.
cei'e for it gold or silver coins. Tho
Oily charges permitted were for refin-
ing when the bullion was below stand
ard, for toughening when metals were
contained in 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 when
those metals exist together in the bull
lion. All of these charges relate to the
conversion of bullion into tho exact
kind of bullion suitable for coinage.
By the act of Feb. 81, 1868, 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 the government went into the
lytnu nf tho,,, N h,c,,,n.,o ..,l,.
was profitable because Of the less guam
tity Of silver put into them. Tho silver
dollar was not mentioned i'll this act.
The public retained the full right to
bring bullion to the 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. 81,
1858, established mintago charge of
of per cent on all gold and
silver whether coined or run into ingots
on account Of depositors, i'll addition to
the charge for refining or parting the
metals contained in the act of 1887.
Thus the matter stood until the pas
sage of the act Of Feb. 12, 1878, which
established the gold dollar as tho unit
Of value and demonetized silver by
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 a silver dollar, paying
only one-half per cent coinage charge.
II he brought puro silver to the mint
instead of standard bullion, nine tenths |
line, he would have to pay cents an |
ounce for tho copper alloy. If 600 |
ounces Of pure silver were deposited at |
;he mint, it would coin GAG dollars.
There would be 90. 30 ounces of copper
required for alloy, which would cost
B1.11. The one-half per cent for coin
,ge would be $3.23, which would mako
he total charge at the mint 81. 81 ou
SAG dollars
Through ignorance or malice, tho
tatement is frequently made that un-
Ter free coinage the owners Of silver
mines would sell their product to the
government. Pictures are drawn of the
government vaults choked with silver
which 1t would be unable to force into
circulation. This idea has probably
,rown out of the acts Of 1878 and 1890,
10Th of which provided not for free
oinage, but for purchase by the United
states Of limited amount of silver
ach month, the dollars coined there
rom or the notes issued in payment
herefor not being legal tender when
therwise specified in the contract. I'M
Ter free coinage the government would
ot purchase the silver coined into dol
ars. Itwould simply coin the silver for
whoever brought it to the mint and
and the coin over to the person who
rought the silver. Denver News
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