The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1896-05-14
COINS OF TIE UNITED STATES.


mints, are composed of several metals
fitted for the purpose to which they
are applied and are Of denominations
suitable for public use. First we have
the minor coins, two in number, the
fve-cent nickel and the bronze penny,
which supply the place of coins no
longer issued. Next in rank are the
subsidiary silver coins, which are of
three denomlnations-the dime, the
quarter-dollar and the half-dollar.
These together with the minor coins
constitute our fractional coin currency.
They are all divisions of the dollar,
which is our money unit and unit of
account; and coins representing that
unit and multiples thereof are proper
ly speaking coiH money, and were in
tended not only for purposes of cur
rency among the people but also to
hx standard ofvalue in all pecunlary
transactions public and private. In
this latter capacity they were intended
to possess and should possess inherent
or intrinsic value equal to their face
or denominational value and consti-
tute redemption money for all other
forms of currency. Our silver dollar,
coming next after fractional coin in
the ascending scale, formerly bore the
undoubted character of complete
money, according to the description
just given; but unfortunately, at
present the metal of which it is main.
ly made has fallen greatly in intrinsic
and therefore commercial value and,
instead of being the fit agent for the
redemption or change of paper and
fractional currency, requires itself the
strong arm of government to main
tain its credit and circulation. The
gold coins, ranking next, consist Of
the dollar, quarter-eagle, three-dollar-
piece, half eagle, eagle and double
eagle, about which remarks are not
at present required. Various other
coins have been heretofore issued by
the mints of the United States but
for reasons resting in utility and con-
venience their coinage has been drop
ped. The old copper coins, repre-
senting half-cent, one cent and two
cents, were heavy and inconvenient I;
while the five and three-cent silver
coins were too small, and the twenty
cent silver piece was too near in size
and character to the quarter-dollar in
common circulation.
AS to the depreciation of the silver
dollar in its intrinsic value, the rene
dy proposed of increasing the quanti-
ty of silver contained in it is not in
my opinion admissible for two rea-
sons: first, the great fluctuations of
silver in price would render any stable
rule of proportion between it and
gold impossible and, second, be-
cause dollars so produced would at
all times of silver depreciation be
much too large for convenient use.
The gold coins in denomination below
FIVE dollars on account of their small
ness can never have very extensive
circulation and will doubtless be issu-
ed by the mint only to the extent Of
popular demand.
Having stated thus much in regard
to the coinage of the United States,
will next proceed to describe the leg
islation of congress since 1874 upon
the subject of money and currency,
SO far as that legislation relates to
what is commonly known as the silver
question-still confronting us in the
year 1896 after which review we will
be best able to answer certain press
ing questions Of the hour. These are ::
Shall standard silver dollars be coined
by the mints of the United States in
unlimited quantity upon demand Of
holders of silver bullion and at a ratio
by weight Of sixteen to one compared
with gold? Shall treasury notes or
other forms Of paper currency, made
legal tender and receivable for all
public dues, redeemable in such coin
and equal to the whole or large part
thereof in amount, be issued by the
government of the United States
But, if these things are not to be
done, what shall be done? What
policy shall be adopted regarding the
three hundred seventy-one. million of
silver dollars now in the treasury and
with the hundred twenty-five millions
of silver bullion now in the United
States mints ?
RESUMPTION ACT.
When Congress met on the first
Monday of December, 1874, the pa
per currency of the United States was
as follows:
United States notes. .$382, ,ooo, 900.
Fractional currency. $4,000, 900.
Notes on U. S. banks. $4,000, 900.
Iota, .......... 100000
There was no coin in circulation,
t.~h L