What is Money?: A Discussion of the Silver Question, with a Brief Account of the Coinage Legislation of the United States. Some Criticism of "Coin's Financial School", and Suggestions as to Currence Reform

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Courier-Journal printing Company, 1895 - Currency question - 174 pages

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Page 84 - July next, foreign gold and silver coins shall pass current as money within the United States, and be a legal tender for the payment of all debts and demands, at the several and respective rates following...
Page 115 - Dollars, or units ; each to be of the value of a Spanish milled dollar, as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard, silver.
Page 64 - Just principles will lead us to disregard legal proportions altogether ; to inquire into the market price of gold in the several countries with which we shall principally be connected in commerce, and to take an average from them.
Page 136 - Section sixteen reenacts the provisions of existing laws defining the silver coins and their weights respectively, except in relation to the silver dollar, which is reduced in weight from...
Page 28 - July, 1862, which is to be set apart as a sinking fund, and the interest of which shall in like manner be applied to the purchase or payment of the public debt...
Page 63 - That the proportional value of gold to silver in all coins which shall by law be current as money within the United States, shall be as fifteen to one, according to quantity in weight, of pure gold or pure silver; that is to say, every fifteen pounds weight of pure silver shall be of equal value in all payments, with one pound weight of pure gold, and so in proportion as to any greater or less quantities of the respective metals.
Page 137 - Aside from the three-dollar gold piece, which is a deviation from our metrical ratio, and therefore objectionable, the only change in the present law is in more clearly specifying the gold dollar as the unit of value. This was probably the intention and, perhaps the effect of Act of March 3d, 1849, but it ought not to be left to inference or implication.
Page 73 - As long as gold, either from its intrinsic superiority as a metal, from its greater rarity, or from the prejudices of mankind, retains so considerable a pre-eminence in value over silver as it has hitherto had, a natural consequence of this seems to be that its condition will be more stationary. The revolutions, therefore, which may take place in the comparative value of gold...
Page 135 - All experience has shown that you must have one standard coin which shall be a legal tender for all others, and then you may promote your domestic convenience by having a subsidiary coinage of silver, which shall circulate in all parts of your country as legal tender for a limited amount, and be redeemable at its face value by your government.
Page 144 - 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...

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