Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-01-20
IRONTON. MO. THURSDAY. JANUARY 20 1893.
NUMBER 80.
The Financial Question.

| Dear Editor-I wish to submit few
facts and thoughts for those who are
interested in the financial question now
before the American people. VIII you
kindly grant space in your valuable
paper?
MONETARY SYSTEM OF THE UNITED
STATES.
The Spanish plaster, containing
315 81 grains of pure silver, coustitut-
ed the basis of the metallic circulation
of the English colonies of America.
In 1856 the Congress of the Confed-
Grafton chose the Spanish paister as
the monetary unit of the United States.
In 1792, April ID. the silver dollar of
371.25 gains of pure silver. and tie
gold dollar of 24.75 grains of pure gold.
were the basis of our monetary system.
Double standard.) By this act the
ratio in coinage was 10 to l. Gold was
ported.
The act of June 2Sth. 1884, sought
to remedy this. The fine weight of the
gold dollar was reduced to 232 grains,
thus making the ratio 16.002 to /.
This act undervalued silver, and silver
was exported to Europe where the
ratio was only 1915 to /.
The act of Jan. 18th, 1887, was
passed to make the fineness of gold and
silver coins uniform. The fine weight
of the gold dollar was raised to %. %
grains thus making the ratio Is. 98S to
l. Silver continued to be exported.
During this period and until Feb. 21st,
1858. all silver coin of less denomina-
tions than 81 had been made exactly
proportional to the weight OF the silver
dollar, aud all silver coins were full
legal tender; but the act of Feb. 27th,
1858, reduced the weight of fractional
coins and provided that they should be
legal tender to the amount of only $5.
The act OF Feb. 18th, 1878, provided
that the unit of value of the United
States should be the gold dollar, OF the
standard weight of 25.S grains, or fine
oceight of %. %. The standard silver
coins of all previous acts were omitted
from this act, and in their stead pro-
vision was made for the Trade Dollar
IF Inl oF
grains, and the quarter dollar and the
dime, respectively one-half and one
fifth of the weight of the half-dollar.
The Trade Dollar and the fractional
COINS were made legal tender at their
nominal value for all amounts not ex-
ceeding IS in any one payment.
The act OF July 22d, 1876. recited
that the Trade Dollar thereafter should
not be legal tender, and its coinage was
limited to the export demand for it.
The act of March Sd, 1887, retired the
Trade Dollar and prohibited It's coin
age. The act of Feb. %, 1878, pro-
vided for the coinage of the silver dol
lar of 371.25 grains pure silver, and
restored silver coins to legal tender in
payment of all debts public and private,
except where otherwise expressly stip-
ulaten in the contract; and the Secre-
tary of the Treasury was authorized to
purchase not less than $4,000
worth nor more than 81, 900. 900 worth
of silver bullion at the market price,
per month, and to cause the same to be
coined monthly, as fast as purchased.
into such dollars, of 371.25 grains fine
silver. or 1925 grains standard silver,
g pure.
The act of July IA, 1890, provided
that the Secretary of the Treasury pur-
chase. each month, 4. 800, 900 ounces of
silver bullion, or as much thereof as
may be offered. at the market price,
not to exceed 81 for 371.25 grains of
pure silver, and to issue in payment
thereof Treasury notes of the United
States. such notes to be redeemable by
the government, on demand, in coin,
and to be legal tender in the payment
of all debts, public and private. except
where otherwise expressly stipulated
| in the contract. This act directed the
| Secretary of the Treasury to have
coined each month 2,0OO.O 900 ounces of
silver bullion purchased under this act,
till July 1st, 1891. and thereafter as
much as may be necessary to provide
for the redemption of the Treasury
notes issued under this act.
The act of Nov. 1st, 1898, repealed
the purchasing clause of the act of
July 14th, 1890. The act of June 9Th.
1879, made fractional silver coins legal
tender to the amount of 80. and all
! minor coins legal tender to the amount
of 25c. GAzELLE.
TTaef