The morning times., 1896-07-12
DOLLAR OF THE DADD|Es
FOrefatherS Take an Interest
in National Coinage.
CONGRESS- EARLY ACTS
Mutations of the Rival Metals Sine
the Mint Was Established-Free
Coinage Of Silver at IS to1.

Coinage OF Silver al Is 10 l.
The American Congress, by act OF April
2, 1892, established Il mint "for the pur-
pose or a natioual coinage;' declared that
..the money OF account" should be ex-
pressed in dollars or units, dimes or tenths,
cents or huudredtis, and mills or thou
sandths; provided that "all accounts In
public offices and proceedings in courts
should be kept in accordance therewith, and
established the standard or weights Tor
gold and silver coins.
BY the provisions OF this act, both gold and
silver were to be coined free Of charge, the
relative value being fixed at 10 to l.
The mutations OF the two metals since
the adoption by this government OF the
first free coinage act form an interesting
study, and, in view OF the present proni-
nence OF the question in national politics, a
resume of the legislation affecting coin
age is especially appropriate.
An explanation, authorized by the Treas
ury Department, and published in 1881,
makes clear the reason for the adoption Of
the dollar as the monetary unit The origi-
nal or ideal unit OF colonial money was
called n pound, but for many years prior
to tue esta blishinent OF the mint the Span.
ish dollar" was the money of commerce
and practically the unit, and whether Oh
legations were discharged in gold, silver or
paper money, certain number of Spanish
dollars constituted the measure OF value.
Upon the tonsum nation or this initial
Legislation in that direction, and IN q ddi-
tion to the ratio established, 1t was pro-
vided that gold, silver and copper coins
should be circulated, gold and silver pieces
of full weight to have full debt paying
powers. Gold coins were TO contain 24.15
grains OF pure metal To the dollar, a nd the
white metal coins 3T1.25 grains OF pure
silver to the dollar.
RATIO OF PURE GOLD.
These were the standards for forty
two years, the first change occurring upon
the passage of the act of Congress Of
June 2S. ls3i. Under the provisions OF
that measure the pure gold in the dollar
was reduced from 24.To to o3.2O grains,
and the ratio between gold and silver in
coinage became as ! to f6.OO2-
Again in S37 there was coinage tinker
ing by Cnngress. the finencss OF the gold
dollar being increased from 23.2O TO 3.22
grains, and thus II has remained down
TO the present the ratio being fixed by
that legislation. the act OF January Is,
l S37, at to l5.3SS, or, In round numbers,
l 10 10.
The right of individuals to have coined
at the mint silver pieces OF less value tha n
one dollar was Withdraw wn by act Of Con
same law the weight OF such pieces was
reduced about 8 12 per cent, and their
paying power was limited to So.
No change has ever been made in the
quantity of pure silver required to be
used in a silver dollar as fixed In the
law or 1892, more than century ago, but
the relative weight of the silver coins OF
demon nations less than one dollar was
reduced by the act of February 81, 1893.
from 4I2 1-2 grains TO the dollar to 3s4
grains Of pure silver per dollar Of nom
inal value. This established the weight
of the hslEsinlaH- esiD at % grains. and
of Smaller denominations in proportion.
The next important Legislation on coinage
was Introduced in Congress in 1870 and
consisted Of measure drafted By Secre-
tsry Boutwell,. head Of the Treasury De-
rar'r'e Mt. and known as the coinage act
OF 1873"
The bill submitted by Mt. Poutwe!l pur-
ported t. he revision of all laws then ex
| isting relating to the mint and coinage
There had been no codification OF the
mint legislation for upwards Of thirty years.
and searchers after Information respecting
the governing laws were obliged To search
through all the volumes of the statutes.
SUBMITTED TO EXPERTS.
The measure was not acted upon at oncs.
II was debated. but one session of Congress
terminated without much progress being
made, and finally, at the succeeding ses-
sion, il was AIKEN up in the Senate. Mean
while il had been sent to experts on coin
age for an expression upon IFS merits AS
prepared in the Treasury Department and
as pres sented to both Houses OF Congress sani
originally passed by the Senate. the bill
omitted the silver dollars from the list of
coins. 1t passed the Senate January 10.
1871. by a vote of Sc yeas To nays.
The House tCok no action at that session.
II ., R1
ing Representative William ID. Kelley of
Pennsylvania reintroduced Tie bill in sui
stantially the form OF the measure con
sidered by the previous Congress. the silver
dollar icing again left out. but when it was
reported from the Committee on Coinage.
Weights and Measures Il silver dollar OF
asa grains in weight but Of limited quality
as legal tender, was provided for, and so
it passed the House. Coins of that weight
were known as French dollars
When the bill reached the Senate, the
French dollar was stricken out, and th trade
| dollar substituted. A conference was or
dered, aud ultimately both Houses adoptedit.
The coinage Of the silver dollar was 10y this
act discontinued, and Il trade dollar, con
tanning 420 grains OF standard silver, was
substituted. Its legal-tender quality was
limited. aud the gold dollar Containing 23.2 20
grains OF pure gold, was continued al the
unit OF value.
This act increa sei the weight OF the sub
sidiary coins was slightly increased, In
order to make them conform to the weight
OF proportionate parts of the five franc
silver pieces OF France, the half-dollar
weighing 1929 grains, and smaller pieces
in that same ratio.
SILVER BILLS GALORE.
Three years later, in the summer Of 1875.
| a number of silver bills was introduced in
the House. Representative William ID.
Kelley, of Pennsylvania, introduced one:
| Representative Bland OF Missouri another
| The text of Mr.. Kelley's measure, which pro
| vided for the coinage OF the silver ola r and
| the restoration OF its legal-tendcr value,
| was ultimately adopted.
Then came a discussion OF the pro-
prIvty OF Restoring the double standard, and
| on the 18th day OF August, 1875, u joint
| resolution was introduced in the House
| creating q commission to he composed of
three Senators, three Representatives and
| experts not to exceed three, the latter
| to bechosen by ythelegislative members, with
| power TO inquire
First-Into the change that had taken
place in the relative value of gold and silver;
| the causes, and whether they were perina-
nent or otherwise; the effects of those
| changes upon trade, commerce. finance. and
productive interests, and upon the standard
| of value here and abroad
| Second-Into the policy Of restoring the
| double standard. and the effect OF such
| action upon the legal Relation between the
| two coins.
Third-IDto the policy of contin uing legal
T tender notes concurrently with the metallic
| standards. and the effect of such a policy
| upon labor, Industries and wealth of the
country; and
Fourth-Into the best means for providing G
| for the faclitatioD of resumption Of specie