| Show FACTS AB ABOUT OUT AMERICAN COINAGE ITi IT is very svery difficult to arrive at a satisfactory to one ones Is self on tile the 0 financial 11 ancial issues of the present es ei pealy the silver issued issue without some hi historical knowledge of the monetary system of our country charles F dunbar professor of political economy in harvard college has hao recently published a very I 1 instructive e little volume containing the his tory bof of the monetary system of the united states from 1789 to 1893 finance curr currency eticy and banking are treated heated fully and accurately the sub jt fot of coins and coinage is also exhaustively hau handled bandied and at the present time e this part of the book makes in wresting readi rea diner nw in the financial history of the united states the first reference made to 0 coinage in congress is found in the rif fact act of july 31 1789 that act eted wd the rate at which foreign coins should hould be received in payment of duties and fees the act establishing the united states mint and regulating ajae coinage became law april 2 1792 y this act the dollar WAS made the th nit it provided for a gold and silver conat linage the ratio of value being fixed at t fifteen 11 ft sliver pounds of silver to one pound of gold tile the 10 gold eagle must contain 2471 grains of pure gold or of standard bold the lower denominations of gold pieces to be also of corresponding height and fineness fl ceness the silver dollar W w be coined was to correspond with the spanish milled dollar and aad to contain U grains of pure silver or grains of standard the amount of alloy al awed owed for standard gold and silver was irefully re fully regul regulated sited and free coinage was aa provided for it if an immediate exchange of coin was as wanted half of one one per cent of the weight ot of pure gold or pure sil oil iller r in the bullion was charged all gold and silver coins were made legal tender oder prom from 1793 to 1834 several abets ts were passed regulating the value of certain foreign and determines tile the purposes for which they might be received as legal tender on june J u tie 28 1834 a coinage coi nage act was passed which fixed the 10 gold eagle at t grains of pure gold or 28 of standard provision was also made for receiving gold coins minted previous to this at rates conformable to the new standard the act of january 1837 provided that 90 per cent of all coins should be pure gold and silver and the alloy for gold to be of silver and copper that for silver to be of copper alone but this act fixed the weight of the eagle to be grains and that of the silver dollar grains all these coins we remade legal ten tier der for their nominal amounts for any sums whatever this act also made coinage free except certain charges for toughening refining and for the metal used for alloy but these charges were not to exceed the actual expense incurred another act was passed in 1843 regulating gold and silver coins and making them legal tender for all debts and demands the act of march 3rd ard 1849 authorized the coinage of gold dollars and of double eagles on may 1860 another act was passed providing for the transfer of public moneys to the branch mi mints ants the first act providing for the coinage of sliver silver dollars containing less jew than the real value was passed feb 21 1853 this act prescribed the weight of the half dollar to be grains instead of and the smaller pieces in like proportions this fractional coinage should be legal tender for sums not exceeding five dollars in 1857 and later on OB acts were passed but they were not of a reform character the general coinage act of feb 12 1873 is denominated generally the silver law this act made no change in the gold coinage the silver dollar of grains was abolished and also silver half dimes and spent 3 cent pieces trade dollars of grains were provided for and made legal tender for sums not exceeding five dollars the legal tender power of the trade dollar was taken away by the act of july 22 1876 1 lo 10 a feb 1887 an act became law without the signature of the president providing for the retirement of the trade dollar and for its into the standard standa rJ silver dollar of the bland bill of 1878 which was passed over the veto of president the bland bill was supposed to be a concession to the silver producing sections of the united states but it was not dot enough the act of july provided for the purchase of ounces of silver bullion monthly at the market price not exceeding 1 for grains of pure silver issuing in pay ment silver bullion treasury re abury notes it also provided for a monthly coinage of ounces into standard dollars it was supposed that this act would satisfy the demands ot of the strongest free silver coinage advocates but it has not done so the demand for free and unlimited coinage of silver is as an fierce it not fiercer than it was previous to of the law of 1890 |
