Monopolies -- United States; Railroads and state -- United States
Power to fix the standard of weights and measures is vested in congress
by the constitution in plain and unambiguous terms, and it was never
doubted, certainly not until within a recent period, that the power
conferred to coin money or to fabricate and stamp coins from gold and
silver, which in the constitutional sense is the same thing, together
with the power to determine the fineness, weight, and denominations of
the moneys coined, was intended to accomplish the same purpose as to
values. Indubitably it was so understood by congress in prescribing the
various regulations contained in the act establishing the national mint,
and it continued to be so understood by all branches of the
government--executive, legislative, and judicial--and by the whole
people of the United States, for the period of seventy years from the
passage of that act.
New regulations became necessary, and were passed in the meantime,
increasing slightly the proportion of alloy used in fabricating the gold
coins, but if those enactments are carefully examined, it will be found
that no one of them contains anything inconsistent in principle with the
views here expressed. Gold, at the time the act establishing the mint
became a law, was valued 15 to 1 as compared with silver, but the
disparity in value gradually increased, and to such an extent that the
gold coins began to disappear from circulation, and, to remedy that
evil, congress found it necessary to augment the _relative_ proportion
of alloy by diminishing the required amount of gold, whether pure or
standard. Eagles coined under that act were required to contain each two
hundred and thirty-two grains of pure gold, or two hundred and
fifty-eight grains of standard. Three years later congress enacted that
the standard for both gold and silver coins should thereafter be such
that, of one thousand parts by weight, nine hundred should be of pure
metal and one hundred of alloy, by which the gross weight of the dollar
was reduced to four hundred and twelve and a half grains, but the
fineness of the coins was correspondingly increased, so that the money
unit remained of the same intrinsic value as under the original act.
Apply that rule to the eagle, and it will be seen that its gross weight
would be increased, as it was in fact by that act, but it continued to
contain, as under the preceding act, two hundred and thirty grains of
pure gold and no more, showing conclusively that no change was made in
the value of the coins.
Double eagles and gold dollars were authorized to be "struck and coined"
at the mint, by the act of March 3, 1849, but the standard established
for other gold coins was not changed, and the provision was that the new
coins should also be legal tender for their coined value.
Public-domain text, read in full here on John Shaqi.
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