New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-06-18

EIGHT MILLIONS TO BE PCT OFT TO REPLACL
FRAciI jNAL CURRENCY DESTROYED.
WASHINGTON. June 1.-THE AttOrney-Gen-
cral, IN reply to inquiries Of the secretary % uo
Treasury ~ to whether he authorized to continue the
issue OF silver ccin place Of fractional currency Lee
,oee ls.ued shown To have been lost or destroyed IS o
opipon that upon beng satisfied as TO the amount OF
c,rreucv thus lust OF destroyed the Secretary IS
authorized 10 issue an equal amount OF subsidiary SILVER
coin TO repllce H. provided that botl the fractional cur
rency and silver existence Toes not exceed the f'U
OOOO1O contemplated by Congress Tor cAahse' Inc
Attorncy-Geuera says, referring TO The time When tHe
S5O.OOOOOO act was passed;
II was a publicly known fact that all the paper cur
rcncv was tu a considerable extent destroyed by use
tins TACT havine Dren shown Icleai,-5 III Ic I,e "a
ss' f iinnai currcncg il was also quite clear that
fr,m the number Of pieces IN use such losses
would be proroItonatr'f greater tIal an isauc
OF bills of larger amounts Whle IT Is per
To refer 20 tac debates OF the Legislature WhlcJ pfeced o.
n is important ~ this connections however that ms
cf in regard t. the dcst uction OF per money by use
was W. known ana understood, ana "aS e"nnJft" I
which tnc resolution III qu' stion was aLeIw"rd suy,'i
tuted II was proposed ia Tie Hose 0l H.
that IN addition To the amount ~ tne suDs, u'I.y
coin authorized by law 10 DE lsSutd ~ n RI
dempton Of fractional currency ,ds s snogI
minis and issue through tue Treasury IA ls several
passed by the House In the discussion upon IT, II
WIS coutrnued upou the one side iht TINS "ouli nos
which las out or destroyed, ana when would
never presented REDEEM Itou. pom the Ohrf side,
while il was admitted that considerable portion OF such
fractional currency mad thus bee dcstiuyc was CON
tended hat TIE amount Wa mhch less tliA f-uJOOUvo
Oi this IN reference 10 h' 1ut,tlh uhutf
con draou L. oull that the fact that arsc amount OF
paper currency necessarily ca roycd 10y us wa one
wuicn was fully cOusidriei by Congress ~ is debates
tSec Cong. Rec PIP 3,74s 3,149. aud ",s'Ol Inc bil
House not ny senate, ana
In al zee DO the resolution under consideration Wts
passed When, therefore, the fact was Clearly known
and undci thai cons deIabc amount 81 fractional
currency mad destroyed, ami Congress -t' t rae
Outstaudug,' instead Of enc phi;.st " Which had Le n
issued and redeemed similar phrase when
wound indie lie lnteDC on It's part eAat tie amount
of the SJOOOOOUO snOud be determined by the amount
issued, ~ that actually IN existence ~ must DC
held that by the term outstanding was intended tuat
atm medlum, and fO winch inc Treasury nsht
thereafter come liable.
ann there ore opinion that the amount Of fIac
ti0ua currency outstanding - be determined not
merely ny OF the Department Wlucl show
how been Issued hut also by scertunlug Low
much been lost or destroyed so that
bee presented FOR red pt0u. luis, course,
presents question 81 fact Tor your coAs efati D..
UpOu Oeing satisfied ~ 10 the amount Of frac-
tiOndl currency WHcn has been thus lost or destroyed
The secretary authorized O Issue an equal amount or
subsidiary SILVER coin replace 10, provided thit the
wAOe Of subsidiary silver com and fractional
currency Is not To exceed tne SjO,OOOODO
which 10 contemplated by Con css should DC IN cir
culatiOn the purpose OF change.
Secretary sherman, acting upon this decision, has
directed Treasurer Wyman to issue silver coin to an
amount equal that Of the fractional currency lost aud
destroyed which is reputcd 20 be S30s3jl3 30 by the
Treasurer, Controller OF the Currency and Chief Of the
Engraving and Printing Bureau, who appointed
committee 10 determine the amount.