The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-10-11

t2e expense Of is manufacture 20 D
pad frc-- specific apyrcprsz tons. and not
from ne gain arising n It's manufacture
as heretofore, an entire change IN the
manner o. Issuing the silver tsuoSl3zarys
coinage. disseminating the coinage OF tbs
silver dollar: limiting the amount az ssE-
yer 20 &c used as alloy, 50 as 70 make
the gold coinage Of uniform coso- THE sz-
structioa % dies not in Use annually.
requiring vouchers 20 pass between the
different officers OF the mint. and ac-
taorsxag each ossics- 20 nominate his
subordinate before appointment. and also
making II an c1e1se TO Increase OF IL
rninssh the wssgnts used in the minsz-
II this report the subject OF changing
the weight or disseminating the coinage
Of the silver dollar was fully discussed
Now. is< IL be emphasized there was
nothing new in this proposition. sh4s
puesieiy and ofieialzy Recommended. 80
discontinue the coinage OF the silver dol
Ear" In bis off=Azi report for 1851 James
Pollock, director o. The minE--a year be-
fore the suspension OF gold payments
said.
The geld dollar Of the United States,
conforming In standard value and dect-
NAL character 10 al the geld AMI silver
coinage OF the country, except the silver
dollar has been properly selected aza
should Dc retained as the standard Of
value for all foreign coins s1s-1 OF EN-
pioyed n commercial or governmental
transactions with other nations The sill
YER dollar OF the United States differing
IS il does 10 commercial and decimal
value from other silver coins Of the co1n-
try. cannot. without disturbing our Gsci-
naa. system and producing confusion N
rhe relative value Of CIR gold and sill
Ger coinage be used a. standard The
legal weight Of the silver dollar is f-1z
grains: Of two half dollars or other COM
z-1a-
. difference OF Ets grains. The silver
dollar as IL now stands. has actually three
values: l. II is by Law a dollar simply.
or 100 units or cents = BY mint price OF
silver IL is lass cents, which Is its COM
msrc>al valve. as compared with gold.
J. IL mas ar interior or mint value, which
is determined By its relation 10 the sii-
Yer contained in tie half dollar. which
makes IL IV- 3-si cents. for which reason
single pieces are paid out AZ the mint
at the even prise or los cents
TWO reasons seem 10 have Influenced con-
Eress in retaining the silver dollar al its
present anomalous terms. First. that il
preserves the old dollar. known from the
beginning OF cur coinage, and often ex-
actiy stipulated for IN deeds Of rent
charge. mortgage and other moneyed Sc
elrities- To this may be successfully re-
piled thar such payments are now always
made in gold. because IL is she legal and
usual tender for all sums exceeding S..
and because silver dollars are no longer
10 DC had Jr are very rare In the second
place. * was supposed 10 be needed for our
China or East India trade. But our con-
sular sdvices are 10 the effect that our
silver dollars are very reluctantly taken
at the ports. and not al ali In the interior
OF China They are believed By the Chi
nsse to be OF less value than they really
are. The reasons for lis retention hay-
ing ceased, either We should cease 10 coin
the silver dollar or IL should be made
30 conform in weight and value 10 our
lesser coins"
This was in ISL. and Mr.. Knox's re-
port in 1870. transmitted with the bill
10 the senate by Secretary Boutwell,. re-
called special attention TO the discon-
finuance of the silver dollar and the
reasons given were similar TO those given
BY Director OF the Mint Pollock In his
official report nine years before Mr.. Knox
In his report in 1870. among other things,
said:
The coinage OF the silver dollar piece.
the history Of which Is here given. is
discontinued in the proposed bin. Il is
BY Law the dollar unit. and assuming the
value OF gold 10 De fifteen and ore-hais
times that o. silver. being about the mean
ratio for the past six years. Is worth in
gold a premium OF about . per cent. ITS
value sssng lnsl9 and intrinsfcalIy more
than per cent. premium on OFF other sill
yer coins. its value thus being lss.i a. TIE
present laws consequently authorize both
a gold dollar unit and kilysr dollar Unit
differing in each other in intrinssc value.
The PRESENT gold dollar piece Is made the
dollar Unit in the proposed Dill. and the
silver dollar piece IS discontinued II.
however. such a coin is authorized IL
should he issued Only as commercial
dollar, not as a standard unit OF account
ard Of the exact value Of the Mexican
dollar. which is the favorite for circula-
ton IN China and Japan and ether ori-
entail countries.
With Mr.. Knox-s report there was
Transmitted for the information OF con-
gress tables ands explanations in detail.
and in The original rough draft Of the
bill section providing for subsidiary
silver dollar coin OF Ssl grains ct stand
ard silver, 20 conform 10 the subsid-
larry coinage the weight Of which had
been reduced by the acr OF ls52 when
coinage Of Il had been limited and made
on government account alone. ana free
coinage OF the subsidiary cctn was ahal-
ishsd. The dollar Of 80 grains was rsro-
possa In the rough revision Of the bEn.''
NJ. Knox explained az another time ''fo-
the purpose % obtaining an expression Of
opinion in reference 10 The proposed ornis-
except duties or imports inserted FOR
tia reason that regulation or usage 81
the custom house in New York limited
the faIi amount ct payment OF silver coins
80 the fractional parts OF q dollar~ ST.
vsr coin was thus refused from 1873 Up 10
ISL
There Is not spase 20 prln. al the re-
~ponses % the experts and scientific raea
10 whom the ball was submitted ana from
whom advice vas asked before the arasf
and Mr. Knox's report ~snt 20 the senate.
Fx-nSrecfor ~ the Mint Pollock re<rerd-
eS- The reduction Of the weight Of .ha
whole dollar is approved ana was res
srn-1sr9ei IN NY annuai report ~ fSs- =
Franklin Peale. ex-sneltsr ana reaner ana
chief colner Of ne Philadelphia mint. rec
orn-1sssiea the tiscorsinasncs % he
three dollar ard ore dollar gold pieces
ara supplying The psace OF the latter with
a proper silver coin. for change Or II
r. i4n5srran. later director 81 the Ys7int
said. section II reduces the Weigh e
tae silver dollar from slas1 grains 10 rs
grains csn SEE 10 good reaS,, Tor sha
proposed red 1-sioa - TIE weizas Of shfs
ee!n. II would ss better III ny opssian -
6fsccHtings SIS issue a5toxeths-. TIE raiA
dollar - really th% legal Unit and rz7@as,.r@
- value. Having higher value as b..1
ho1 tss1 ils normal value. TIE silver
dollar long ago ceased 20 b. ee{7 81
Circulation and being % no practical ssSA
whatever. It's Issue should DO esssss,-
tin&ea." Mr. T. e. Elliott. az re treas
ary department. gave a complete history
60 IRE silver dal'sr. ard suggested he
issue % a commercial dollar 81 nin@-rs~rhs
nasnsxSs s-4 containing Of pure silver &
grams. IN pisce - the then existing aas
lar - Ga grains
TIE views 90 these sr5 c.hs~ ~e-ssa.
-asn. eminent fo- special szoaieslxe az,