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uniform size, stamping on each piece its weight, the pieces thus made being voluntarily and freely used as money. That is the essence of coining. Putting the metal into the form of disks or bars neither adds to nor subtracts from its value; it only adds to the convenience of using the metal. The only reason why, by common consent and then by constitutional and legal provision, we have the Government do the coining and forbid anyone making coins resembling those made by the Government, is to guarantee uniformity of goodness, thereby facilitating trade. The fact that the Government certifies the weight and fineness of the metal contained in the disk does not add anything to its value, except as putting the metal into pieces of convenient size and shape renders it easier and safer to use, and it thereby passes more promptly from hand to hand. Even those who know nothing of metallurgy or assaying feel safe in accepting the metal whose weight is certified by one known and trusted by all.

COINAGE OF GOLD.

In the United States there is free and unlimited coinage of gold; that is, standard gold bullion may be deposited at the mints in any amount, to be coined for the benefit of the depositor, without charge for coinage; but when other than standard bullion is received for coinage a charge is made for parting, or for refining, or for copper alloy, as the case may be. Refining is the elimination from the bullion of all base metals. Parting is the separation of any silver which may be contained in the bullion. The charges for these operations vary according to the actual expenses. When copper is added for alloy a charge of 2 cents per ounce is made for the amount actually added. The depositor receives in gold coin the full value of the gold in his bullion, less such charges as are indicated above.

The mints may lawfully refuse to receive gold bullion of less value than one hundred dollars, or when it is too base for coinage; but in practice deposits of gold bullion are accepted without regard to amounts, and rejected only when too base for coinage.

COINAGE OF SILVER.

Under existing law in the United States subsidiary silver and standard silver dollars are coined only on Government account. They are coined from bullion purchased by the Government and the profits of such coinage belong to the Government. There is at present no authority for the purchase of bullion for the coinage of standard silver dollars, but, if necessary, sufficient bullion may be purchased to maintain the stock of subsidiary silver.

The Government is still coining standard silver dollars from the

bullion purchased under the act of July 14, 1890. The amount of bullion on hand November 1, 1893, when the purchasing clause of that act was repealed, was 140,699,852.67 fine ounces, costing $126,758,280, the coining value of which was $181,914,961. Between November 1, 1893, and July 1, 1898, there were coined from this bullion 42,663,972 standard silver dollars, of which 29,350,406 represent the cost of the bullion coined and are held in the Treasury for the redemption of Treasury notes of 1890, while the remainder, 17,167,662 constitute the gain or seigniorage, and being the property of the United States have been paid into the Treasury to be used like other available funds.

The seigniorage is an addition to the volume of money in the country while the silver dollars representing the cost of the bullion are not, since they are only paid out in redemption of Treasury notes of 1890, whereupon the latter are canceled and retired, as prescribed by the act of July 14, 1890.

The total expenditure by the United States for silver bullion, exclusive of subsidiary coinage, is:

Under the act of February 28, 1878..
Under the act of July 14, 1890.

Total

.$308,279,260 71

155,931,002 00

464,210,262 71

There have been coined from the bullion thus purchased standard silver dollars of the face value of $356,918,050, and there remain uncoined 107,701,936.55 fine ounces, which cost $97,407,873.95.

The present bullion value (July 1, 1898) of the standard silver dollars coined is..

And the present bullion value of the uncoined bullion is

Making a total bullion value of......

$212,076,218 61

63,922,176 33

275,999,394 91

JEFFERSON SUSPENDS SILVER COINAGE.

No silver dollars were coined by the mints of the United States from 1806 until 1836, their coinage having been suspended by order of President Jefferson in the following letter, addressed by James Madison, then Secretary of State, to the Director of the Mint at Philadelphia:

DEPARTMENT OF STATE, May 1, 1806.

SIR: In consequence of a representation from the director of the Bank of the United States that considerable purchases have been made of dollars coined at the mint for the purpose of exporting

them, and as it is probable further purchases and exportations will be made, the Presidents directs that all the silver to be coined at the mint shall be of small denominations, so that the value of the largest pieces shall not exceed half a dollar.

I am, etc.,

ROBERT PATTERSON, Esq.,

Director of the Mint.

JAMES MADISON.

IMPORTANT COINAGE ACTS-THE ACT OF 1853.

“An act amendatory of existing laws relative to the half dollar, quarter dollar, dime, and half dime.

"Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That from and after the first day of June, eighteen hundred and fifty-two (three), the weight of the half dollar or piece of fifty cents shall be one hundren and ninety-two grains, and the quarter dollar, dime, and half dime, shall be, respectively, one-half, one-fifth, and one-tenth of the weight of said half dollar.

"SEC. 2. And be it further enacted, That the silver coins issued in conformity with the above section, shall be legal tenders in payment of debts for all sums not exceeding five dollars.”

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“An act revising and amending the laws relative to the mints, assay offices, and coinage of the United States.

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"SEC. 13. That the standard for both gold and silver coins of the United States shall be such that of one thousand parts by weight nine hundred shall be of pure metal and one hundred of alloy; and the alloy of the silver coins shall be of copper, and the alloy of the gold coins shall be of copper, or of copper and silver; but the silver shall in no case exceed one-tenth of the whole alloy.

"SEC. 14. That the gold coins of the United States shall be a onedollar piece, which, at the standard weight of twenty-five and eight-tenth grains, shall be the unit of value; a quarter-eagle, or two-and-a-half dollar piece; a three-dollar piece; a half-eagle, or five-dollar piece; an eagle, or ten-dollar piece; and a double-eagle, or twenty-dollar piece. And the standard weight of the gold dollar shall be twenty-five and eight-tenths grains; of the quartereagle, or two-and-a-half dollar piece, sixty-four and a-half grains; of the three-dollar piece, seventy-seven and four-tenths grains; of the half-eagle, or five-dollar piece, one hundred and twenty-nine

grains; of the eagle, or ten-dollar piece, two hundred and fiftyeight grains; of the double-eagle, or twenty-dollar piece, five hundred and sixteen grains; which coins shall be a legal tender in all payments at their nominal value when not below the standard weight and limit of tolerance provided in this act for the single piece, and when reduced in weight, below said standard and tolerance, shall be a legal tender at valuation in proportion to their actual weight; and any gold coin of the United States, if reduced in weight by natural abrasion not more than one-half of one per centum below the standard weight prescribed by the law, after a circulation of twenty years, as shown by its date of coinage, and at a ratable proportion for any period less than twenty years, shall be received at their nominal value by the United States Treasury and its offices, under such regulations as the Secretary of the Treasury may prescribe for the protection of the Government against fraudulent abrasion or other practices; and any gold coins in the Treasury of the United States reduced in weight below this limit of abrasion shall be recoined.

"SEC. 15. That the silver coins of the United States shall be a trade-dollar, a half-dollar, or fifty-cent piece, a quarter-dollar, or twenty-five cent piece, a dime, or ten-cent piece; and the weight of the trade-dollar shall be four hundred and twenty grains troy; the weight of the half-dollar shall be twelve grams (grammes) and one-half of a gram (gramme); the quarter-dollar and the dime shall be, respectively, one-half and one-fifth of the weight of said half dollar; and said coins shall be a legal tender at their nominal value for any amount not exceeding five dollars in any one payment.

"SEC. 16. That the minor coins of the United States shall be a five-cent piece, a three-cent piece, and a one-cent piece, and the alloy for the five and three-cent pieces shall be of copper and nickel, to be composed of three-fourths copper and one-fourth nickel, and the alloy of the one-cent piece shall be ninety-five per centum of copper and five per centum of tin and zinc, in such proportions as shall be determined by the Director of the Mint. The weight of the piece of five cents shall be seventy-seven and sixteen hundredths grains, troy; of the three-cent piece, thirty grains; and of the onecent piece, forty-eight grains; which coins shall be a legal tender, at their nominal value, for any amount not exceeding twenty-five cents in any one payment.

"SEC. 17. That no coins, either of gold, silver, or minor coinage, shall hereafter be issued from the mint other than those of the denominations, standards, and weights herein set forth."

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THE BLAND-ALLISON ACT.

"An act to authorize the coinage of the standard silver dollar, and to restore its legal-tender character.

"Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be coined, at the several mints of the United States, silver dollars of the weight of four hundred and twelve and a half grains troy of standard silver, as provided in the act of January eighteenth, eighteen hundred thirty-seven, on which shall be the devices and superscriptions provided by said act; which coins together with all silver dollars heretofore coined by the United States, of like weight and fineness, shall be a legal tender at their nominal value, for all debts and dues public and private, except where otherwise expressly stipulated in the contract. And the Secretary of the Treasury is authorized and directed to purchase, from time to time, silver bullion, at the market price thereof, not less than two million dollars worth per month, nor more than four million dollars worth per month, and cause the same to be coined monthly, as fast as so purchased, into such dollars; and a sum sufficient to carry out the foregoing provision of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. And any gain or seigniorage arising from this coinage shall be accounted for and paid into the Treasury, as provided under existing laws relative to the subsidiary coinage: Provided, That the amount of money at any one time invested in such silver bullion, exclusive of such resulting coin, shall not exceed five million dollars: And provided further, That nothing in this act shall be construed to authorize the payment in silver of certificates of deposit issued under the provisions of section two hundred and fifty-four of the Revised Statutes.

"SEC. 2. That immediately after the passage of this act the President shall invite the governments of the countries composing the Latin Union, so-called, and of such other European nations as he may deem advisable, to join the United States in a conference to adopt a common ratio between gold and silver, for the purpose of establishing internationally, the use of bimetallic money, and securing fixity of relative value between those metals; such conference to be held at such place, in Europe or in the United States, at such time within six months, as may be mutually agreed upon by the executives of the governments joining in the same, whenever the governments so invited, or any three of them, shall have signified their willingness to unite in the same. "The President shall, by and with the advice and consent of the Senate, appoint three commissioners, who shall attend such conference on behalf of the United States, and shall report the

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