The advocate. [volume] (Topeka, Kan.) 1894-1897, 1896-02-12
PETER ON COINAGE.
(ContinNed fr0ns paQe ID


the Secretary came to the conclusion
that the double standard was better.
CATER discussing at some length the
probable results of single standard,
the Secretary said that the chief If not
the sole effect OF such a regulation
would be to diminish the utility of enc
of the metals. He then proceeded to
discuss the proportion in which the
metals ought to be used, and he came
to the same conclusion that Sir Isaac
Newton had arrived at in his report to
the Treasury of Great Britain In IVY
the proportion of about to Is; unit
Of weight in gold to Is of the same
units of weight in silver; and such, in
fact, was the proportion established in
our coinage law the next year.
"This report of Mr.. Hamilton was
by him submitted to Thomas Jefferson,
who was then Secretary of State, for
his inspection and consideration. At
ter a very careful study Of the report
Mr.. Jefferson made a few suggestions,
which were in the main accepted by
Mr.. Hamilton, and the report as 1t was
finally presented to Congress was a
substantial agreement between those
two gentlemen. If there was any
difference between them IN respect to
the subject it was upon the matter OF
a single or double standard. Mr.. JEFF
fersOn inclined to the single standard,
and that silver, while Mr.. Hamilton
preferred the double standard, that OF
silver and gold. The report Of Mr..
Hamilton is found in volume of his
works, beginning at page l49.
"HaYing adopted the dollar as q
unit, then Mr.. Jefferson suggested that
we ought to have at least four coins
one golden piece equal in value to
$40; second, the unit or dollar of silver;
third, the tenth of a dollar, of silver
also; and, fourth, the hundredth part
of a dollar, this to be made Of copper.
And he suggested that perhaps it would
not be amiss to coin three more pieces
of silVer-one Of the value of q half
dollar, the other 20 cents, and the other
cents.
"In accordance with the recommen-
dstion Of this report Congress passed
an act entitled AN act establishing q
mint and regulating the coins of the
United States This act was approved
April 2, 1892. The first eight sections
provide for the establishment Of the
mint, name the necessary officers, pre-
scribe their duties, ETC., and section 9
names the coins that shall be made and
fixes thir value.
"SeCtlon 10 prescribes the devices
that shall appear on the coins, and the
next section declares what shall be the
ln&f Ina a. 70
and silver. quote:
"And be it further enacted, That
the proportional value of gold to silver
In all coins which shall by law be cur
rent as money within the United States
shall be as Is to l, according to guam
tity in weight, of pure gold or pure
silver; that is to say, every 10 pounds
weight Of pure silver shall he Of equal
value in all payments with l pound
weight of pure gold, and so in proper
ton as TO any greater or less quantities
Of the respective metals.
"Section IA provides for the free and
unlimited coinage Of gold and silver
bullion in the language following:
"SEC. IA. and be it further enacted,
That it shall be lawful for any person
or persons to bring to the said mint
gold and silver bullion in order to their
being coined; and that the bullion SO
brought shall be there asssyed and
coined as speedily as may be after the
receipt thereof, and that free of ex-
pense to the person or persons by
whom the same shall have been
brought.
"The rest of the section provides
that after the bullion has been coined
the coins shall be delivered to the per-
son or persons entitled, and also pro-
vides that when convenient, end when