282 CURRENCY, BIMETALLIC. 



DAKOTA. 



contained 371J grains of pure silver. So that 

 when it was profitable to withdraw silver dol- 

 lar-pieces, it was equally profitable to withdraw 

 silver coins of less denomination. By 1849 no 

 silver was to be had. This led to the act of 

 1853, by which the silver small coins were over- 

 valued. The silver in 100 cents of subsidiary 

 coins was reduced from 371 grains to 345'6 

 grains ; their legal-tender power changed to only 

 $5; and their amount left to the discretion 

 of the Secretary of the Treasury. The silver 

 dollar-piece, which was worth 104 cents in 

 gold, remained untouched. It had not been in 

 circulation, and ordinary payments were made 

 in gold, the only coin in use. This act, there- 

 fore, made no attempt to establish bimetallism, 

 but remained content with a metallic currency 

 composed solely of gold, and a subsidiary coin- 

 age of overvalued silver. 



In 1873, finding that no silver dollars had 

 been in circulation since 1840, and that they 

 were worth more than 100 cents in gold, Con- 

 gress, in making a codification of mint laws, 

 discontinued the coinage of the silver dollar of 

 371J grains (or 412^ standard weight); and, 

 in the following year, by the adoption of the 

 Eevised Statutes, the unlimited legal-tender 

 quality was taken away from it. From this 

 time, therefore, until 1878, the United States 

 had but a single legal metal, and that gold, for 

 payments beyond $5. 



The same act also created the trade-dollar, 

 in 1873, which was inadvertently included in 

 , the list of subsidiary coins and given a legal- 

 tender quality for sums of $5, but this was 

 corrected in 1876. The trade-dollar was not a 

 coin, but a coined ingot. Its purpose was to 

 aid in the trade with China and the East. As 

 before explained, these countries prefer silver, 

 and until 1873 Mexican dollars had been bought 

 for shipment to China by our merchants. Con- 



gress now simply gave permission to holders of 

 bullion to have 378 grains of pure silver put into 

 the form of a round disk like a coin, with the 

 Government stamp on it to certify its weighi 

 and fineness, and they paid the United States 

 the expense of coinage. The trade-dollar of 378 

 grains of pure silver (420 grains with alloy) 

 was heavier than the Mexican dollar, and pre- 

 ferred to it in the East. But, when the value 

 of silver fell in 1876, the 378 grains became not 

 only of less value than the gold dollar, but also 

 of less value than United States notes, and 

 came into circulation at home. They were, 

 therefore, discontinued by law, after 35,959,360 

 had been coined (to 1878). 



In 1878 the passage of the so-called " Bland 

 bill" established the old ratio of 1 : 16 (or since 

 1837, more exactly, 1 : 15-988) between gold 

 and silver coins, and required that silver dollars 

 of 412^ grains standard weight should be 

 coined at the rate of at least $2,000,000, and 

 not more than $4,000,000, a month. These 

 silver dollars were made an unlimited legal 

 tender for public and private debts. The origi- 

 nal bill contemplated " free coinage," or the 

 right of any one to present silver bullion for 

 coinage ; but this was stricken out, and the 

 amount to be coined was limited as above. 

 This scheme is in no sense bimetallic. In 1878, 

 when the act was passed, the market ratio of 

 gold to silver was 1 : 17'38, while the legal ratio 

 established was 1:16. This fact, consequently, 

 makes the act a provision ultimately for a sin- 

 gle standard of silver alone ; for, if free coin- 

 age had been allowed, the difference between 

 the mint and the market ratio would, in a few 

 months, have driven out gold ; and, under the 

 restricted coinage, the same thing will result 

 in the end, although delayed by the fact of the 

 smaller coinage each month. The Bland bill 

 really aims at silver monometallism. 



D 



DAKOTA. Territorial Government. The fol- 

 lowing were the Territorial officers during the 

 year: Governor, Gilbert A. Pierce; Secretary, 

 J. H. Teller, succeeded by M. L. McCormack ; 

 Treasurer, W. H. McVay, succeeded by J. W. 

 Raymond ; Auditor, G. L. Ordway, succeeded 

 by E. W. Caldwell; Superintendent of Public 

 Instruction, W. H. H. Beadle, succeeded by 

 A. S. Jones; Attorney-General, Alexander 

 Hughes, succeeded by George Rice; Commis- 

 sioner of Immigration, Lauren Dunlap ; Rail- 

 road Commissioners, William M. Evans, Alex- 

 ander Griggs, and William H. McVay. Judi- 

 ciary, Supreme Court: Chief -Justice, Alonzo 

 P. Edgerton, succeeded by Bartlett Tripp ; 

 Associate Justices, William E. Church, Sandford 

 A. Hudson, succeeded by William B. McCon- 

 nell; Seward Smith, succeeded by Louis K. 

 Church ; William H. Francis, and 0. S. Palmer. 



Legislative Session, The Legislature met at 

 Bismarck on the 13th of January, and ad- 



journed on the 13th of March. The following 

 were the chief acts of the session : 



To create a Territorial Department of Agriculture, 

 and relating to agricultural societies and fairs, and 

 providing for reports of the same. 



To regulate caucuses or primary meetings in the 

 Territory. 



Providing a method for changing the names of 

 towns and villages. 



Relating to the foreclosure of chattel mortgages. 



To provide for the incorporation and regulation of 

 building and loan associations. 



Relating to proofs of the existence of corporations. 



To provide for the organization of new counties. 



To insure the better education of practitioners of 

 dental surgery, and to regulate the practice of dentist- 

 ry in the Territory. 



To provide for taking depositions in criminal cases. 



To provide for contesting elections for county offi- 

 cers, and for the location of county-seats. 



To regulate the receiving and transportation of fuel 

 on railroads in the Territory. 



Two acts relating to the Public health. 



Creating the office of Commissioner of Immigra- 

 tion. 



