Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1896-09-17
A PLAIN STATEMENT.
What Ia sIeant by free and Unlimited Coin
age ut the Ratio of Sixteen to One.

What Ia Ieant by Tree ana Unlimited Ooln-
age at the Ratio of Sixteen to One.
Not at 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 IA
ito of 10 to /.
Occasionally there is a question which
betrays a depth of ignorance most faith
omless. The News has received one
and from 3 small town IL Colorado at
that-which makes us believe that n
statement of the familiar facts will be
of value in some quarters In effect 1t
is as follows:
"a. bets B. that lG to means that the
minis shall coin 16 silver dollars for
every gold dollar they coin. B. bets that
it means there shall be l6 parts of pure
silver to part of alley i'll each silver
dollar. Which wins?"
Neither Of these notions has anything
to do with the meaning Of the express
sion ''16 TIC l." 1t means that the
weight of pure gold in gold dollar
shall be 20. 92 grains and the weight Of
pure silver in Il silver dollar shall be
37l.25 grains. It will be seen that the
weight of silver i'll a silver dollar is
within a trifing fraction Of 16 times
the weight Of gold in gold dollar, the
ratio being called for convenience IL
to l.
The act Of 1SS7-for free and unlim-
tied coinage at this ratio-provided
that gold and silver bullion brought to
the mint should be received and coined
for the benefit of the depositor. The
coinage was free and unlimited, because
any person might bring amy quantity OF
gold or silver bullion Of the standard
degree of fineness to the mint and re-
ceive for it gold Or silver coins. The
only charges permitted were for REIN
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 the
conversion Of bullion into the exact
kind Of bullion suitable for coinage.
By the act Of Feb. 21, 1858, the right
of individuals to have silver coined in
to half dollars, quarter dollars, dimes
and half dimes was taken away, the
quantity of silver put into such coins
was reduced, their unlimited legal ten
der quality was reduced to limit Of
IS, and the government went into the
making of them as Il business, which
was profitable because Of the 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 it
coined into standard silver dollars, and
the silver dollar retained its quality as
an unlimited legal tender, which it
holds to this day. This act of Feb. 21,
1858, established mintage charge of
one-haf of per cent on all gold and
silver whether coined or run into ingots
on account of depositors, i'll addition to
the charge for refining or parting the
metals contained i'll the act Of 1887.
Thus the matter stood until the pas
sage of the act of Feb. II, 1878, which
established the gold dollar as the unit
of value and demonetized silver by
emitting the standard silver dollar from
the list of coins Until that day any
person might bring standard silver bull
lion 900 degrees fine to the mint and
for each 371.25 grains of pure silver
therein obtain silver dollar, paying
only onc.haf per cent coinage charge,
If he brought pure silver to the mint
instead of 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 ut
tho mint, it would coin GAG dollars.
There would he 50. 50 ounces Of copper
required for alloy, which would cost
Sill. Tho ono-half per cent fer coin-
age would be $393, which would make
the total charge at the mint S.. "a ON
GAG dollars
Through ignorance or malice, the
statement is frequently made that I'M
der free coinage the owners Of silver
mines would sell their product to the
government. Pictures are drawn Of the
government vaults choked with silver
which it would be unable to force into
circulation This idea has probably
grown out Cf tho acts of 1878 and 1890,
both of which provided not for free
coinage, but for purchase by the United
States of limited amount of silver
each month, the dollars coined there
from or tho notes issued in payment
therefor not being legal tender when
otherwise specified in the contract I'M
der free coinage the government would
not purchase the silver coined into dol
lars Itwould simply coin the silver for
whoever brought it to the mint and
hand the coin over to the person who
brought the silver. Denver News.
Would Thrive on Temporary Defeat.
Some Of the silver mon DO not agree