The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-08-07
A PLAIN STATEMENT.
What Is Meant by Free and Unlimited Coin
uIe mt the Ratio of Sixteen to One,

What rs Meant by Free and Unlimited Coin
uEe mt the Ratio of Sixteen to One.
Not ut all infrequently even yet the
query department of The Sunday News
is called upon to explain what is meant
by free and unlimited coinage at the ra-
ito of 10 10 /.
Occasionally there is question which
bctrays depth of ignorance most faith
Unless. The News has received one
and from small town in Colorado at
that-which makes MS believe that q
statement of the familiar facts will be
of value in some quarters. In effect il
is as follows:
"A. bets B. that 16 to means that the
mints shall coin 1G silver dollars for
every gold dollar they coin. B. bets that
it means there shall be 1G pna IS of pure
silver to part of alloy in each silver
dollar Which wins?"
Neither Of these notions has anything
20 do with the meaning Of the express
sion "16 to l." 1t means that tho
weight of pure gold in gold dollar
shall be 23.22 grains and tho weight Of
pure silver In u silver dollar shall be
371 20 grains. 1t will be seen that the
weight of silver in silver dollar is
within trifling fraction of 1G times
the weight Of gold in gold dollar, tho
ratio being called for convenience 10
to 1.
The act Of 1837-for free and unlim.
tied coinage ut this rntio-provided
that gold and silver bullion brought to
the mint should be received and coined
for tho benefit Of the depositor. Tho
coinage was free and unlimited, because
any person might bring any quantity of
gold cr silver bullion of the standard
degree of fnoness to the mint und TO.
cei'e for it gold or silver coins The
only charges permitted were fer refin-
ing when the bullion was below stand
ard, for toughening when metals were
contained in it which rendered it unfit
for coinage, for copper used for alloy
when introduced into the alloy for gold
and for separating gold and silver when
those metals exist together in the bull
lion. All Of these charges relate to tho
conversion Of bullion into the exact
kind Of bullion suitable for coinage.
BY the act Of Feb. 2l, 1868, the right
of individuals to have silver coined in.
to half dollars, quarter dollars, dimes
and half dimes was taken away, tho
quantity of silver put into such coins
was reduced, their unlimited legal ten
der quality was reduced to u limit Of
SO, and the government went into tho
making Of thcm as u business, which
was profitable because Of tho less guam
tity of silver put into them. The silver
dollar was not mentioned in this act.
The public retained the full right TO
bring bullion to the mint and have il
coined into standard silver dollars, and
the silver dollar retained its quality as
an unlimited legal tender, which il
holds TO this day. This act of Feb 81,
1853, established mintago charge of
ono-half Of per cent on all gold and
silver whether coined or run into iugota
on account Of dcpositors. in addition TO
tho charge for refining or parting tho
metals contained in the act of 1887.
Thus the matter stood until the pas
sage Of the act of Feb. ~, 1873. which
established the gold dollar us the unit
of value and demonetizcd silver by
emitting the standard silver dollar from
the list Of coins Until that day any
person might bring standard silver bul.
lion 800 degrees fine to the mint and
for each 37l,25 grains cf pure silver
therein obtain silver dollar, paying
only one-half per cont coinage charge.
If he brought pure silver to the mint
instead Cf standard bullion, nine-tenths
fine, he would have to pay cents an
ounce for the copper alloy, If 500
ounces of pure silver were deposited at
the mint, it would coin GAO dollars.
There would be .55 ounces Of copper
required for alloy, which would cost
81 If. The ono-half per cent for coin
age would bc $3. 23, which would mako
the total charge at the mint $4.84 on
GAG dollars
Through Ignorance or malice, the
statement is frequently made that un-
der free coinage tho owners of silver
mines would sell their product to the |
government Pictures are drawn Of tho
government vaults chokcd with silver |
which it would be unable to force into !
This idea has probably /
grown out Of the acts Of 1878 and 1890, |
both of which provided not for free
coinage. but for purchase by the United |
States Of a limited amount of silver
each month, the dollars coined there
from or the notes issued in payment
therefor not being legal tender when
otherwise specified i'll the contract. I'm
Ter free coinage the government would
not purchase the silver coined into dol
lars. ltwould simply com tho silver fer
brought it to the mint aud
land tho coin over to the person who
brought the silver ---Dcnvcr News
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Repubiioanism Eight ana T~=i Year. ago
"Tho American people, from tradition
and interest, are in favor Of bimetallism
and demand the use Of both gold aud
silver AS standard money" said the Re.
publican platform of eight years ago.
I'VE condemn tho Democratic party in
its efforts to demonetize silver" 1t said
four VQare aon