US Presidency
1885

Upon this theory the authority to coin money given to Congress by the Constitution, if it permits the purchase by the Government of bullion for coinage in any event, does not justify such purchase and coinage to an extent beyond the amount needed for a sufficient circulating medium. The desire to utilize the silver product of the country should not lead to a misuse or the perversion of this power. The necessity for such an addition to the silver currency of the nation as is compelled by the silver-coinage act is negatived by the fact that up to the present time only about 50,000,000 of the silver dollars so coined have actually found their way into circulation, leaving more than 165,000,000 in the possession of the Government, the custody of which has entailed a considerable expense for the construction of vaults for it deposit. Against this latter amount there are outstanding silver certificates amounting to about $ 93,000,000.