OCR Text |
Show THE SILVER DOLLAR! A dollar from the. tirm- of the adoption adop-tion of the decimiil yaleui ot coinage, in 1792, up to 1873, has been a piece of silver and alloy, property Btamped, containing 412 1-2 grains of a purity ol nine-tenths. This piece of silver was the unit of our currency, and all other coins, whether of gold or stiver, have beon adjusted so as to compare in value with this unit. Alter the, passage of the act ot 1873, the silver dollar, the national measure of value, According to the decimal system was demonetized; that is, its coinage wb stopped, and the old clause that made it a legal tender for any amount, waa dropped. The gold coins that were struck prior to that date, which at the time their weight and fineness was uxeu, were supposcu to accurately accur-ately ropresent their lace in value, measured by the intrinsic value of the silver dollar, became the standard coin after the demonetization of silver, and have increased in value as compared com-pared iu silver, partly on accouut ol thft demonetization of silver, and partly on account of the development of silver mines in the Rocky Mountains. Moun-tains. . The depreciation of silver is partly accounted for, therefore, in tho same way that the depreciation of Kold since 1818, after the discovery ol the California mines, is accounted for. Prior to the passage of the act of 1873, (he gold dollar was worth slightly less, intrinsically, in tho world's market than the silver. |