The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-08-14
A PLAIN STATEMENT,
What Is Meant by Free and Unlimited Coin
age at the Ratio of Sixtecn to Ono,

What Is Meant by Free and Unlimited Coin,
age mt the Ratio of sixtocn to One.
Not ut oil infrequently even yet the
query department Of Tho Sunday News
is called upon to explain what Is meant
by free and unlimited coinage at the ra-
ito Of 10 to /.
/ Occasionally there is question which
betrays a depth of ignorance most faith
smless 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 10 to means that the
mints shall coin 10 silver dollars for
every gold dollar they coin. b. bets that
it means there shall be 10 pats of pure
silver to part of alloy in each silver
dollar. Which wins2'
Neither of these notions has anything
to do with the meaning of the expros-
sion "18 to l." 1t means that tho
weight of pure gold in gold dollar
shall be 28.s2 grains and the weight of
pure silver In silver dollar shall be
871.25 grains. 1t will be seen that tho
weight Of silver in silver dollar is
within trifiing fraction Of 10 times
the weight of gold in gold dollar, tho
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. The
coinage was free and unlimited, because
any person might bring any quantity of
gold or silver bullion of tho, standard
degree of fnenoss to the mint and 70.
cei'e for it gold or silver coins. The
oily charges permitted were for refin-
ting 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 tho
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 ton
der quality was reduced to limit of
50, and the government went into the
making of them as a business, which
was profitable because Of tho 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. 81, |
1868, established mintage charge of |
one-half, of per cent on all gold and |
silver whether coined or run into ingots
OH account Of depositors, in 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. 10, 1878, which !
established the gold dollar as tho unit
of value and demonetized silver by
the standard silver dollar from
tho list Of coins Until that day any
person might bring standard silver bul.
lion 900 degrees fine to the mint and
for each 871.25 grains Of puro silver
therein obtain q silver dollar, paying
only one-haif per cent coinage charge.
If no brought puro silver to the mint
instead Of standard bullion, nine-tenths
fne, he would have to pay 3 cents on
ounce for the copper alloy. II 500
ounces Of puro silver were deposited at
the mint it would coin Gao dollars.
There would be $500 ounces of copper
required for alloy, which would cost
81. H. The ono-half per cent for coin
age would bo $3. 28, which would make
.ho total charge at the mint $4.84 ON
$40 dollars
Through ignorance. Or malice tho
statement is frequently made that un-
ler free coinage the owners Of silver
mines would sell their product to the
Pictures are drawn Of the
government vaults choked with silver
which it would be unable to force into
circulation. This idea has probably
crown out of the acts of 1878 and 1890,
10th Of which provided not for free
'oinage, but for purchase by the United
states Of u limited amount of silver
'ach month, the dollars coined thero-
rom or the notes issued in. payment
herefor not being legal tender when
'therwise specified in the contract Un-
Ter free coinage the government would
lot purchase the silver coined into dol
ars Itwould simply coin the silver for
Whoever brought it to the mint and
land the coin over to the person who !
'rought the silver. Denver News
---- -------------
Eight ana ssssE gs==s Ago. :
"The American people. from tradition
md interest. nre in favor Of bimetal lism
md demand the use Of both gold and
'ilver as standard money" said the Re.
publican platform Of eight years ago.
A. -