US Presidency
1889

The law requiring the purchase by the Treasury of $ 2,000,000 worth of silver bullion each month, to be coined into silver dollars of 412 1/2 grains, has been observed by the Department, but neither the present Secretary nor any of his predecessors has deemed it safe to exercise the discretion given by law to increase the monthly purchases to $ 4,000,000. When the law was enacted ( February 28, 187MADISON. By the price of silver in the market was $ 1.204 per ounce, making the bullion value of the dollar 93 cents. Since that time the price has fallen as low as 91.2 cents per ounce, reducing the bullion value of the dollar to 70.6 cents. Within the last few months the market price has somewhat advanced, and on the 1st day of November last the bullion value of the silver dollar was 72 cents. The evil anticipations which have accompanied the coinage and use of the silver dollar have not been realized.