The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-10-13
THE COINAGE LAWS.
HOW, WHEN AND WHERE THE
DOLLAR" WAS MADE UNIT"
Is There "Unit of value?" II So of
What Is It Composed Since t he Law
Prohibits the Coinage of the Gold
Dollar?

The first law enacted by congress
with reference to the creation of money
was the law of 1892. That part of this
aw which fixes the different denomina-
tons and values of money is as fol-
ows:
Sec. 8. And belt further enacted that
here shall be from time to time struck
and coined at the said mint, coins of
gold, silver and copper of the follow
ng denominations, values and descrip-
lions, viz: Eagles-each to be of the
Talue of ten dollars or units and to con-
iain two hundred and forty-seven grains
and four-eighths of grain of pure, or
Two hundred and seventy grains of
be of the value Of five dollars and to
contain one hundred and twenty-three
grains and siX-eighths of grain OF
pure, or one hundred and thirty-fve
grains of standard gold. Quarter
eagles-each to be of the value of two
dollars and half-dollar and to contain
sixty-one grains and seven-eighths of
GRAIN VI pu1C, VI SIAIy -0SF0A 6IolhS anu
four-eighths of grain of standard gold.
Dollars or units-each to be of the
value of a Spanish milled dollar as the
three hundred and seventy-one and
four-sixteenth parts of grain OF pure,
Or four hundred and sixteen grains 81
standard silver. Half-dollars-ea to
be of half the value of the dollar or
unit and to contain one hundred and
eighty-fve grains and ten-sixteenth
parts of a grain of pure, or two hun
dred and eight grains of standard silver,
Quarter -dOllars-each to be OF one
fourth the value of the dollar Or unit
and to contain ninety-two grains and
thirteen-sixteenth parts of grain OF
pure, or one-hundred and four grains of
standard silver. Dimes-each to be OF
the value of one-tenth of dollar or
unit and to contain thirty-seven grains
and two-sixteenth parts of grain OF
pure, or forty-one grains and three
fifth parts of a grain of standard sill
yer. Half-dimes-each to be of the
value of one-twentieth of dollar and
to contain eighteen grains and nine
sixteenth parts of grain of pure, or
twenty grains and four-fifth parts of
grain of standard silver. Cents
each to be of the value of the One-hun-
dredth part of dollar and to contain
eleven pennyweights of copper. Half
| cents-each to be of the value of half
cent and to contain five pennyweights
and a half pennyweight of copper"
The noticeable feature of this law is
the manner in which it repeats the
| words "of the value of when speaking
about gold eagles, half and quarter
eagles in connection with the dollar"
and the fact that the number of grains
and parts of grains of silver used to
make the dollar at that time are the
The same as now.
The section of the law of 1882, which
changed the ratio between the two
| metals reads as follows:
"Be it enacted by the Senate and
House of Representatives of the United
| States of America, in Congress as
semDled That the gold coins of the
| United States shall contain the follow
ing quantities of metals, that is to say
each eagle shall contain two hundred
and thirty-two grains of pure gold,
md two hundred and fifty-eight grains
| Of standard gold; each half-eagle one
hundred and sixteen grains of pure
| gold. and one hundred and twenty-nine
grains of standard gold; each quarter
| eagle shall contain ifty-eight grains of
| pure gold, and sixty-four and half
grains of standard gold; every such
eagle shall be of the value of ten dol
tars: every such half-eagle shall be of
the value of five dollars; and every
such quarter-eagle shall be Of the
value of two dollars and fifty cents;
and the said gold coins shall be re-
ceived in all payments, when of full
weight. according to their respective
values; and when of less than full
weight at less values proportional to
their respective actual weights"
This section changed the ratio from
Is to 1 to 16 to l by reducing the
amount of gold in the eagles, half
eagles and quarter-eagles to the proper
proportion to accomplish that purpose.
The first law providing for the coin
age of double-eagles and gold dollars
was enacted March 8, 1849 The two
first sections of that law are as follows;
BE it enacted by the Senate and
House of Representatives of the United
States of America, in Congress as
sembled: That there shall be from
time to time struck and coined at the
Mint of the United States and the
branches thereof, conformably in all
4I,o low (oyoont th at on ~