The Press., 1896-09-24
GOLD AND SILVER COINAGE,

The United States Constitution was adopted June 21st, 1788, when New Hamp- shire ratified it. Four years thereafter, in April, 1792, the first coinage law under it was enacted. The metals to be used were gold, silver and copper. The gold pieces to be minted were the eagle half eagle, and quarter eagle. The silver pieces to be ninted were the dollar, half dollar, quarter dollar, dime and half dime. There was no gold dollar. The silver dollar was made the unit of value and by this we mean that the specific quantity of silver in a dollar coin by weight should be assumed as the guide for fixing the respective weights of all the other silver and gold coins, whether of greater or less value.
 Now, as there was wide difference in the market value of the gold and silver metals, it was necessary, in order to fix the proper weight of the respective coins, to establish a ratio of value between the metals. Accordingly we have section eleven in the act, which reads as follows |: "And be it further enacted, that the pro- portional value of gold to silver in all coins which shall by law be current as money within the United States, shall be as fifteen to one, according to quantity in weight of pure gold or pure silver; that is to say, every fifteen pounds weight of pure silver shall be of equal value in all payments, with one pound weight of pure gold, and so in proportion as to any great CT or less quantities of the respective metals" Both classes of coins were made legal tender in the discharge of all mon- etary contracts. It was expected that both would circulate side by side, accord ing to their nominal or legal tender valua- tion.
 The fourteenth section of this law pro- vided that any person or persons might bring gold or silver bullion to the mint and have it coined free of expense to them. As soon as it was coined they were to receive upon demand Gin lieu thereof coins of the same species of bull. lion which shall have been so delivered weight for weight, of the pure gold or the pure silver therein contained"
 By mutual agreement the bullion could be immediately exchanged for coins on such terms as would be without loss tC the mint. There are several features ir this law it is we'll to clearly notice at this time.
 1. In the law there is no provision made for either gold or silver coinage or account of the government. The law was constructed on the theory to receive gold and silver bullion from private par ties, coin, and return it to them in coir for payment of monetary contracts.
 3. As any person or persons could lawfully take to the mint gold or silver bullion, in unlimited quantities, and have it coined free, the law was really free and unlimited gold and silver act.
 3. As both classes of coins were to bt used on an equality, in the payment of al monetary obligations, there was really established, by this original coinage ac of this United States, the double standard oFs bimetallism.
 A. It is to be further noticed that th' law created no value in either metal or il either coin issued; it recognized value al ready existing in the metals, fixed tho ratio of it in the coins, and certified to i by weight and fineness or quality, Value is something which cannot be fixed by