New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-14
TIE $lo,0OO,ooO SfLgEg ACT

TIE PROVISIONS nIPRACnCAGIE AND ABsCED-THR
scARiTY OF CHANGE WITHOUT RELIEF
(FR, TIE REGriAG CORRESPONDENT o. ruE fRiBUNE.l
WASHINGTON, Aug. 1O.-The Silver act of
Jay - % present year docs not seem 10 BE- o. very
practical nature. ~ viewed in connection with the
facts and figures in the Treasury Department The first
sec on provides that silver coin 20 toe amount
Of SIO.OOo.OOO may be ISSUED in redcemHg like
amount Of grecnblcksthc latter to be kept special
ud to be put again circulation upon the retirement
OF "a like shm IN fractional currency to be destroyed
This section operative the Secretary OF
tho Treasury establishes limits an1 equations The
ton says be issued. but does not say IL
shall be- thus placing It within tho discretion OF the Sec
Rotary The second section takes away the ecatender
character OF the trade dollar rhe thru section limits
the entire issue Of silver to S5cOO0oo0, and provides
that tho Treasury shalt have power t. out ayer,
tnn including tho gmolut substituted for fractional
rcncy the whole amount sh not exceed in the aggre
gate 100000 Tho fourth and last section limits the
purchase Of silver bullion that Mt tine there
shall he Invested In than 100000, the bullion
TO be purc based from tina" 10 time at the market rate
10 see the Inconsistency OF this act and Ia SHOW that 10
was not IhouChtsuly considered in the hight Of the facts
IL should be remembered that the mnts of the United
states are wholly inadequate Tor the work before ttem
They cannot, combined ccin more than S2ooO.0Oo u
month in subsidiary silver the average is quarter
below that figure The amount OF silver now In the
over the Treasury counter 100000.
M 3 900 900 NTH, in substitution for fractional cur
ron.y alone. In addition - that, n few days age,
900 was ordered by the Secretary TO DO paid cut
M currency obligations IN accordance W tn the third
section Of the law that by the end OF this month there
will not bs dollar OF silver ia tne Treasury except
what may be sent from the mnts the last day al tho
month It - even doubtful n the amOunt-css than
81 600. OOo-wI last TIL the end OF the mOAth.
IA will thus he that The frSt section OF me OIL AZ
entirely imperative and must remain 80 for want OF
silver coin and those VINO have been waiting for the
fine @ come when they could 40 To the Treasury or the
SubTreasre. and get silver cuango for greenbacks VIII
have vet 10 wait q long time, and that the CHANGE
famine which IA 40 perplexIng especially II,
the West aud South, and In all rurai
nrhborhoods cannot soon be dispced The fourth sec
tlon of the bill ia still mpracticable than tho
others There thrbe coming mints, one nc fbadel.
pha, AZ san Francisco, aud one nj Ca son CITY III
they coin tNohrB tho moley the director OF the mint
ssiIratos for there will bo than T2oOOO worth Oi
silver bullion constantly In process ~ manipulation, aud
yet che law furbids he Investment at one time OF mole
than that Mmoht OF money. How the accounts are To
he kept the minis hundreds md thousands oil
miles apart and when transportation relures week
only possible way II would would he Tor the Gov
10 be constantly under obligations 10 the seller:
OF JuCn, WHO might deliver the amonnt necessary and
wait for their pay Tho section aso dcpriycs the Secge
tary Of the opportunity OF taking advantage 81 low
market Ia silver 10 buy quantity. Take a IN ALL is
act II the absurd and pieee OF legisa
on this Con has passed II Is the subject OF mucl
rood-natured Jest and rdicule by the officers OF the
| Treasury. -. - -. - .sl.