The Footprints of Time: And a Complete Analysis of Our American System of Government, with a Concise History of the Original Colonies and of the United States, in Chronological OrderBancroft, Charles
History
The Footprints of Time: And a Complete Analysis of Our American System of Government, with a Concise History of the Original Colonies and of the United States, in Chronological Order
Bancroft, Charles
United States -- History; United States -- Politics and government
Until 1835 the mint at Philadelphia was the only establishment in the
United States for coining money. But in that year a law was passed
establishing branch mints at New Orleans, in Louisiana; at Charlotte, in
North Carolina; and at Dahlonega, in Georgia. In 1852, another branch
was established in California; in 1862, another at Denver, in Colorado
Territory; and in 1863, another at Carson City, in Nevada Territory,
since made a State; in 1864, another at San Francisco, in California,
and another at Dallas City, in Oregon. Except the one in California, but
little has ever been done at these branches. They are all similar to the
principal one at Philadelphia; and the laws relating to that are made to
apply to these branches.
6. The Constitution gives Congress the exclusive right to coin money, and
prohibits all the States from doing it. This Congress does by the laws it
passes in relation to the subject, and the various officers and workmen
employed to execute the work are only the agents of Congress.
The various coins which Congress has from time to time ordered to be made
are of the following names and value:
_Gold._ _Value._
Eagle, $10 00
Half-Eagle, 5 00
Quar. Eag., 2 50
Doub. Eag., 20 00
Three Dols., 3 00
One Dollar, 1 00
_Silver._ _Value._
Dollar, $1 00
Half-Dollar, 50
Quar. Dol., 25
Dime, 10
Half Dime, 5
Three ct. piece, 3
_Copper._
One cent,
Two cents,
Three cents,
and formerly ½ c.
But these are now discontinued.
7. Our coins are not made of pure gold and silver; a certain amount of
other metals being added to produce a coin that will be less affected by
the friction of constant use. This alloy, or mixture, of the precious
metals is called Standard gold or silver, since a definite amount of
the alloy is required in all the coinage of the government for currency
purposes. It does not alter the value of the coin; that being dependent
on the actual merchantable value of the sum of the metals used. By the
law of 1837, standard gold and silver were declared to be nine hundred
parts of pure metal, and one hundred parts alloy—equal to one-tenth
alloy. Gold coins are alloyed with silver and copper, equal parts of
each. Silver coins are alloyed with copper alone. Gold is declared to be
worth fifteen times as much as silver by weight.
In addition to our own coins, Congress has, from time to time, passed
laws declaring the value of foreign coins, and making them a legal
tender. But these laws were all repealed by the act of 1857, and it was
made the duty of the director of the mint to have them assayed, and to
determine their weight, fineness, and value; for they are still used by
banks and merchants, and pass at the value determined by the mint.
The mint, up to 1861, had coined in gold, silver, and copper coin,
800,662,475 pieces, worth $799,923,362.
THE UNITED STATES MINT.
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