The Physics And Metaphysics of Money With a Sketch of Events Relating to Money

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The value measure of gold coins was esti- mated with more accuracy than in the mining dis- tricts, but that of silver was not, except at the banks. No merchant refused India rupees as equivalents of half dollars Several private assaying and gold- coining establishments sprang up at San Francisco, and one at Salt Lake City, to meet the exigencies of the Pacific coast trade. The Mormon coins of nominal five- and ten-dollar pieces, and those of similar de- nomination issued by two or three concern...s at San Francisco, were bankable at face value, although none ^^conformed to the government standard of fineness, and only those of one establishment contained a full measure of fine gold. In i85i the government established an assay office at San Francisco which coined the octagonal fifty- dollar ingots commonly called "slugs. " Each piece contained a fifty-dollar measure of gold, stamped with the srovernment certificate of its weight and fineness. THE PI/YSICS AND METAPHYSICS OF MONEY. 21 The " Pioneers, " who kept no bank account, com- plained that the "confounded things" wore out their pockets ; but they were a great conv^enience to trade, and served as the principal money in large transactions for many months.

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