The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-05
MONEY BY WEIGHT.
An Instructive study of the Coinage
Laws q the United States.

age laws OF the OnileQ states 10 prove mat
it was always understood that weight reg
ulated value in primary money until the
act OF July IA, 1890. which introduced the
parity business. AS parity has become
threadbare from friction with the mass of
silver dollars the silverites propose TO dis
miss it with a kic and start off on a finan-
cial spree. The act of April 2. 1872. says:
Sec. II. That the proportional value
of gold TO silver in all coins which shall
United States shall be 10 to l, according to
quantity in weight. of pure gold or pure
Sec. 16. And be it further enacted
that all the gold and silver coins which
shall have been struck at and issued from
the said mint shall be a lawful tender
in all payments whatsoever, those of full
weight according to the respective values
hereinbefore declared. and those of less
than full weight at values proportional to
their respective weights"
And because the trifiing with weight in a
coin is dishonoring the Nation. and was
considered a treason, the punishment was
death.
if any of the gold or silver coins which
shall be struck or coined at the said mint
proportion of fine gold or fine silver therein
contained. or shall be of less weight or
value than the same ought to be pursuant
TO the directions of this act, through the
default or with the connivance of any of
the officers or persons who shall be en-
ployed at the said mint. for the purpose of
persons who shall commit any or either of
felony, and shall suffer DEATH
Act of April u, 1896: Sec. 3. And be it
further enacted that if any person shall
fraudulently and for gains sake, by any
art, way or means whatsoever. impair. d-
minlsh. falsify, sca.e or tighten the gold
offending shall be deemed guilty of a high
misdemeanor and shall be imprisoned not
exceeding two years and fined not exceed
ing $2,000.'
Act of May 10. 1928: Sec. 2. That for the
purpose of securing a due conformity in
weights of the coins of the United States.
the act passed the I'd of April, 1892. the
brass troy pound weight procured by the
in the year 1s27. for the use of the mint
and now in the custody of the director
thereof, shall be the standard troy pound
of the mint of the United States. conforma-
regulated"
| will now show that every fellow wanted
his bullion coined first. and the government
provided to charge those who were in a
hurry. The act of June. 1884, says:
Sec. 2. And be it further enacted, That
all standard gold or silver deposited for
coinage after the 31st of July next shall be
Secretary of the Treasury within five days
from the making of such deposit, deduct
ing from the amount of said deposit of gold
and silver one-half of l per centum: Pro-
vided, hat no deduction shall be made un-
less said advance be required by such de-
positor within forty days"
Here comes the famous act of 1887:
Sec. s establishes the NEUTRALITY-SUSPICIOUS.
sands.
Sec. Q. The silver dollar shall weigh Ape
grains.
Sec. %. And that no ingots of silver
ity differs more than three-thousandths
from the legal standard"
Sec. rs. That in adjusting the weights of
The act of Feb. 21, 1853. Section 6. pro-
vides for the casting of silver bars or in
gots. with a stamp upon the same desig-
IatlnS Its weight and TinoneSS.'
The act of Feb: II, 1873. instead of de-
monetizing the silver dollar. provides for
one, but INCREASES its weight from 412l5
grains to 400 grains (Sec. 15.) Sec. 10 pro-
vides for bars of fine metal, stamped to in
dlcate weight and tineness.
Sec. q permits free coinage of silver into
dollars OF the new standard weis hit. Sec.
alluded to in the act of May 10, 1928. Sec.
GA changes the death penalty for felony.
the punishment for dishonesty in officers or
persons connected with the mint. to hard
labor for a term not less than one year
nor more than ten years, and a fine not
exceeding $40. eco. Sec. 67 names the act as
the Coinage Act of 1873 and repeats all laws
inconsistent with it.
The object of this new law was to eclipse
all other silver dollars by reason of
extra weight. The willy Chinese merchants
believed silver was cheapening. and pur-
indies, whose merchants passed the silver
70 England, causing alarm there. A tax on
SILVER was the result. causing a panic in
India, which has affected the. United States.
me silver men understood the situation.
but, being gamblers, they hid a weak hand
by an attempt at bluff. The first move was
the act of July %, 1876. Section 2 of which
provided That the trade dollar shall not
hereafter be a legal tender. and the Secre-
tary or the Treasury is hereby authorized
to limit from time to tiVe the coinage
thereof to such an amount as he may deem
same"
The effect of this should be to stiffen the
price in countries where discs are valued
Tor their weight and fineness.
The next bluff is a lightweight dollar in
face Of a cheapening market. The act of
Feb. %. 1878. Section 1. reads: That there
shall be coined at the several mints of the
United States silver dollars of the weight
of 4lz1a grains troy of standard silver, as
provided in the act of jan. Is. 1887" (These
dollars shall be legal tender at their nomi-
nal value. except where otherwise stipu-
the Treasury is authorized and directed to
purchase from time to time silver bullion
at the market price thereof"
provided that the President shall invite the
governments of the countries composing
the Latin Union, so-ca1led, and other Euro
pean nations to join the United States in
a conference to adopt Il common ratio be-
tween gold and silver. This means that
the conference of nations was TO consider
some scehme to depart from the former
precedent of safety in reliance on weight
Improvement on the older system. The
President was not a gambler and would not
approve the act of Feb. %, 1878, and the bill
was passed over his veto.
The difficulty increased, and the Secre-
tary of the Treasury, under the act Of Aug.
I. 1882. was directed to transport free of
charge silver coins when requested to do
so.
Then there was more trouble under the
act of Feb. 10. 1887, the trade dollars being
demonetized at home were sold for their
bullion value. and gave the cause of silver
a set back, therefore they were made ex-
changable in light weight dollars.
The act of July IA. 1890. was a sublime
bluff. The Secretary of the Treasury was
directed to purchase silver. but he must
not pay more than 81 for 81 25-10) grains
Of pure silver. The facts are that 400
grains make one ounce of silver. worth
about 20 cents, in spite of this sublime
bluff.
The act of Nov. 1, 1893. continued the sub
lime bluff. The Secretary of the Treasury
was directed to purchase millions of ounces
of silver, but he must not pay more than
81 for 371.25 grains. To sustain the bluff.
the policy of the United States Is declared
to be honorable. Ito insure the mainte-
nance of the parity in the value of the
coins of the two metals and the equal pow
er of every dollar at all times in the mar
kets and in the payments of debts
The Republican party says. We VIII live
up to our promises. The couchee-couchee
party says: Foreign nations would not
enter into our game of bluff; therefore We
propose to go it alone. We may turn up
an ace, and may turn UP only a deuce. but
we will raise the devil, all the same. The
ranks of the Republicans and thoughtful
Democrats are closed TO us in flu
ture. We are Ishmaelites, agitators, dis
turbers. and will be such to the end of