Monopolies -- United States; Railroads and state -- United States
Argument to show that the national treasury was organized on the basis
that the gold and silver coins of the United States were to be the
standard of value is unnecessary, as it is a historical fact which no
man or body of men can ever successfully contradict. Public attention
had been directed to the necessity of establishing a mint for the
coinage of gold and silver, several years before the convention met to
frame the constitution, and a committee was appointed by the congress of
the confederation to consider and report upon the subject. They reported
on the 21st February, 1782, more than a year before the treaty of peace,
in favor of creating such an establishment, and on the 16th of October,
1786, the congress adopted an ordinance providing that a mint should be
established for the coinage of gold, silver, and copper, agreeable to
the resolves of congress previously mentioned, which prescribed the
standard of gold and silver, and recognized the money unit established
by the resolves passed in the preceding year.
Congressional legislation organizing the new government had now
progressed to the point where it became necessary to re-examine that
subject and to make provision for the exercise of the power to coin
money, as authorized by the constitution. Pursuant to that power,
congress, on April 2d, 1792, passed the act establishing a mint for the
purpose of a national coinage, and made provisions, among other things,
that coins of gold and silver, of certain fineness and weight, and of
certain denominations, value, and descriptions, should be from time to
time struck and coined at the said mint. Specific provision is there
made for coining gold and silver coins, as follows: First, gold coins,
to-wit: Eagles of the value of ten dollars or units; half-eagles of the
value of five dollars; quarter-eagles of the value of two and a half
dollars, the act specifying in each case the number of grains and
fractions of a grain the coin shall contain, whether fabricated from
pure or standard gold. Second, silver coins, to-wit; "DOLLARS OR UNITS,"
each to contain 371 grains and 4/16ths parts of a grain of pure silver,
or 416 grains of standard silver. Like provision is also made for the
coinage of half-dollars, quarter-dollars, dimes, and half-dimes, and
also for the coinage of certain copper coins, but it is not necessary to
enter much into those details in this case.
Public-domain text, read in full here on John Shaqi.
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