US Presidency
1889

The net increase was $ 599,224,193. The circulation per capita has increased about $ 5 during the time covered by the table referred to. The total coinage of silver dollars was on November 1, 1889, $ 343,638,001, of which $ 283,539,521 were in the Treasury vaults and $ 60,098,480 were in circulation. Of the amount in the vaults $ 277,319,944 were represented by outstanding silver certificates, leaving $ 6,219,577 not in circulation and not represented by certificates. 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.