Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1896-03-31
THE STATUS or SILVER.
JUDGE WOODBURY. GIVES A SUMMARY
OF THE SILVER LEGISLATION OF
THIS COUNTRY.

JUDGE WOODBURY. GIVES A SUMMARY
OF THE SILVER LEGISLATION OF
THIS COUNTRY.
Editor Democrat:
The recent action OF the senators In
the United States senate from the silver
states $50 called in preventing any
tariff legislation unless the free coinage
Of silver Is attached, leads us to look at
the attitude of the government toward
silver and gold since the adoption of the
constitution.
BY the law of April 2, 1892, any person
could take to the mint gold or silver
bullion TO be coined into lawful money,
and when coined, could receive coins OF
the same species of bullion, weight for
weight, Of the pure gold or silver con-
taiued therein. The standard for gold
was Il parts pure gold TO i part alloy,
and for silver, liS5 parts pure silver to
l79 alloy. Therefore, the mint retained
one-twelfth of the pure gold and little
more than one-ninth of the silver. toward
the expense OF the alloy and coming.
In addition, deduction of one-half per
cent was to be made In case OF immediate
delivery of coins for bullion. The ratio
OF gold to silver was 10 10 l.. Both gold
and silver coins we're to be lawful tend
er for all payments.
By the act of March 3D., 1895, the treas
urer Of the mint must retain cents per
ounce from every deposit of silver bull
lion below the standard, and cents per
ounce from gold bullion deposited be-
low the standard. and IL so far below as
to require the test. 6 cents per ounce for
melting, refining and coming.
BY the law OF April 2lst, $500, there
was 10 be retained from every deposit In
the mint of gold or silver bullion below
the standard, such sums as should be
equivalent TO the expense incurred in re-
timing the same.
Bv the law OF MAY 10Th, lS2s, II was
provided that when silver bullion requir-
ed the cooperation OF the test, the ex-
pense Of the materials employed 10 the
proofs. with a reasonable allowance for
the wastage, should be retained from
each deposit.
By the law ot June 2Sth, 1884, a de-
duciion OF one-half per cent was TO be
made from all standard gold aud silver
deposited for coinage, IL paid for in coin
within five days from the making of
such deposit.
By the law Of January 18th, 1897, the
standard gold and silver coins were to
be legal tender OF payment for any sum
whatever. The silver dollar weighed
H. II grains. The only subjects OF
charge by the mint to the depositors
were: For refining when the bullion was
below standard; for tougheniug: for
copper used for alloy when the bullion
was above standard; for silver In the
alloy Of gold; and for separating gold
and silver when these metals existed
together In the bullion; and the rate Of
these charges was TO be fixed, so a. not TO
exceed the actual expense to the mint OF
the material and labor.
By the law OF February 2lst, lSi3,
the weight OF the half dollar was reduc-
ed from 2O6 IL TO 1872 grains, and other
lesser silver coins In the same proper
ton. and these were made legal tender
in payment Of debts not exceeding live
dollars. No private deposits for coinage
OF these coins were 10 be received ut the
mint, and the director of the mint was
authorized 10 purchase bullion for such
coinage and To exchange such coins Mt
par In sums no, less than one hundred
dollars. In all cases when gold or silver
was deposited 10 be- coined. there was 10
be charge made for refining or parting
the metals OF one-half OF one per cent.
BY the law OF February l2th, 1873, the
weight Of the trade dollar" was 10 be
420 grains, while the old dollar was
4l2 II grains; the half dollar 1913 ,5-l0O,
while the old half was 206 IL and after
wards 1872 grains. These silver coins
were 10 be legal tender for five dollars.
Silver bullion could be- deposited 10
be coined into trade dollars and for no
other coin. Gold bullion could be de-
posted 10 be coined for the benefit OF
the deDositor. The officers of the mint
were authorized 10 purchase silver bull
lion for the coinage OF silver coins OF
less than 81. The charge for converting
gold bullion into coin WAS 10 be one
fifth OF one per cent, and for converting
standard silver bullion into trade dol
lars: for melting aud refining; for
for copper for alloy, and
for separating gold aud silver. TO equal
the average cost of the material, labor,
wastage and use OF machinery. Silver
coins except trade dollars were TO be
for gold coins at par in
sums net less than 500.
Bv the law OF Jan. 18th, 1870, no
charge was TO be made for converting
standard gold bullion into coin.
Bv the law of July 9th. 1877, the
trade dollar ceased TO he a legal tender.
BY the law of Feb. 18th, 1878, silver
dollars OF the weight OF 4l2 l-2 grains
we're made legal tender for all debts and
dues except when otherwise expressly
and the secretary OF the treas
urv was authorized 10 purchase silver
bullion at the market price, not less than
81 ,O00, 900 worth per month, nor more
O00, 900 10 be coined into such
dollars.
By the law OF June 9,h, 1879, silver
coins Of less than 81 were made legal
tender in all sums not exceeding $40, in
full payment of all dues, public and pri-
vate.
By the law Of July nth, 1890, the sec
rotary of the treasury was directed 10
purchase silver bullion at the market
price 10 the amount Of 1900, 900 ounces,
or so much thereof as might be offered
per month, and TO issue in payment there
treasury notes of the United States.
Said treasury notes to be legal tender ex-
cept when otherwise specifically specified
In the contract; and the secretary Was
also directed 10 coin as much of such bul.
Hon - might be necessary for the re-
demption of such notes, and the act re-
uuiring the monthly coinage OF from
s.. OO0, 900 10 1900, 600 was repealed.
In October, 1898. the compulsory
clause of the laws requiring the secretary
10 purchase silver was repealed, and the
law further declared it was the purpose
of the government TO continue the use OF
gold aud silver as standard money, to
coin both into money OF equal value to
be secured by international agreement or
legislation, and that the efforts OF the
government should be steadily directed
10 the establishment Of safe system OF
bimetalism.
1t will thus be seen that at no time
since the formation of the government
has there been free coinage of gold or
silver, except that since July 18th, 1873,
there has been no charge for converting
s,.n1.rd gold hu1lion into coin