The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-07
GOLD DOLLARS.


When gold standard organs and gold
standard orators assert that up to 1873
but 100000 silver dollars were coined,
they should in common fairness inform
the people that up to 1s49 no gold dol
lars were coined and that but 100000
of them had been coined up to June 80,
1896. The 100000 silver dollars no
more represent the total silver coin
age for the time specified than the
10, OOO 600 gold dollars represent the to-
tai gold coinage within the period
named.
This leads up to another matter and
that is the assertion made almost
daily that the United States has had
the gold standard since 1884 1t can be
readily shown that the gold dollar was
adopted as the unit of value in 1873 and
that up to that time the silver dollar
was the unit of value, although the
coinage of gold dollars was begun in
1s49
The act of April 2. 1792-Establlsh-
ing the mint and regulating the coins
of the United States, reads as follows:
Section g. And be it further enacted,
That there shall be from time to time
struck and coined at the said mint
coins of gold, silver and copper of the
following denominations, descriptions
and values, viz: Eagles. each to be of
the value of ten dollars or units" etc.
Since no provision was made for the
coinage of gold dollars it is clear that
silver dollars We're meant.
Further along in the same section
occurs the following: Dollars or I'M
its-each to be of the value of a Span
ish nilled dollar as the same is now
current and to contain 37114 grains of
pure silver" So the silver dollar was
made the monetary standard and re-
manned the standard until 1873.
When it was found that the ratio
needed readjustment, it was the gold
coins that were reduced in size, the
silver dollar was not changed because
it was the unit for measuring the value
of all things, gold included.
The law Of 1S49 providing for the
coinage of gold dollars provides that
they shall each "be of the value Of one
dollar or unit" If further proof be
needed to establish the fact that the
silver dollar was the unit of value up
till 1873 it is found in section IA of the
act of February u of that year which
says: THAT the gold coins of the Uni
ted States shall be a one dollar piece,
which at the standard weight of 25.8
grains shall be the unit of value" etc.
Why this language if gold had been the
standard before that time?
The following section of this act
names the various silver coins and of
what they shall consist, emitting the
silver dollar which was thereby drop
ped from the list of coins. This law
was revised and repassed in 1874 and
to make sure that the silver dollar
would not be resurrected it was pro-
vided that: mo coins. either of gold,
silver or minor coinage shall hereafter
be issued from the mint other than
those of the denominations, standards
and weights set forth
To still further crush silver it was
provided in this same act that: The
silver coins of the United States shall
be a legal tender at their nominal val
ue for an amount not exceeding IS in
any one payment
It might be thought that the enemies
of silver would be satisfied after this
but they were not, for in 1876 they
passed a, law demonetizing the trade
dollar, although it had only been le-
gal tender in sums of IS.
Thus discredited, is it any wonder,
that the price of silver bullion declined
and that the limited coinage under the
Bland act was unable to stop it. When
the Bland law had been superseded by
the Sherman law the decline became
more rapid than ever.