The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-06-18
BY TELEGRAPH.
ASSOCIATED PRESS REPORT,
TO THE DAILY LNTELLIGENCER
GENERAL NEWS.
Silver Coin and Fractional
Currency.
An Important Opinion from At
tornsy General Deyens on
the Subject.
Declaration Of the Porte on the
Commerce Of Neutrals.
She Claims the Right Of Search
on the High Seas.
Fall Of a Tenement House In New
York City.
Marrow Escape of Over Two
Hundred People.
A Terrible Calamity ty.Aysrted by
Prompt Action Of the Police.
An Indian Uprising In Oregon
Numbering The Whites In
discriminatory.
A Terrible Calamity y.Aysrted by
Prompt Action Of the Police.
An Indian Uprising In Oregon.
Numbering the Whites In
discriminatory.
WASHINGTON.

WASHINGTON.
Opinion OF the Attorney General
on silver Coin W.. Fractional
Currency.
WASHINGTON, June l6.-The following
is the full text Of the Attorney Generals
opinion on the subject OF issuing silver
coin in lieu Of fractional currency out OF
CirCulatiOn:
DEPARTMENT OF JUSTICE, I
WASHINGTON, June l6, 1877. !
70 Hon. John Sherman, !Secretary Of The
Treasury:
STR-By your letter of the | llth inst,
am informed that the amount OF subsidi-
ary silver coin, when added to the frac.
tional currency which has been issued
and not redeemed reaches practically to
fifty millions Of dollars, and you inquire,
in substance, whether under the Sd sec
tion Of the Joint Resolutions OF July 81,
1876, you are authorized TO continue the
issue OF silver coin in the place OF the
fractional currency heretofore issued and
which is shown 10 have been lost or de.
stroyed, l have the honor TO reply that,
by the act Of January 4, 1875, the Secre-
tary ot the Treasury was authorized to
issue subsidiary coin in redemption Of
fractional currency until the amount Of
such fractional currency outstanding
should be redeemed. BY the act Of April
II, 1876, he was authorized 10 issue such
silver coin in the redemption Of m equal
amount OF fractional currency, whether
the same was then in the Treasury wait
ing redemption or when 1t might there.
after be presented for redemption. The
third section Of the joint resolution Of
July ODD, 1876, is as follows:
SECTION 3. That in addition to the
amount Of subsidiary coin authorized by
law TO be issued in the redemption Of
fractional currency, it shall be lawful to
manufacture at the several mints, and
issue through the Treasury and its sever
al officers, such coin TO an amount that
including the amount Of subsidiary silver
coin and Of fractional currency outstand-
ing, shall, in the aggregate, not exceed at
any time S0U,UVUIUUO.
1t was in my opinion intended by
this section that the money to be used
as change should amount to $4,000, 900,
and when the term outstanding was used
in reference 10 coin and fractional cur
rency heretofore issued, it was contem.
plated that the Secretary should ascer-
tain how much Of that which had before
been issued was still outstanding. II
was publicly known fact that all the
paper currency was 10 considerable ex-
tent destroyed by the United States, this
fact having been shown repeatedly in
cases OF those banks which have been at
various times compelled TO redeem the
bills issued by them. In regard to an is.
sue Of fractional currency, it was also
quite clear that from the number Of pieces
in use such losses would be proportion
ally greater than in the issue OF bills Of
larger amounts. While it is perhaps not
safe mode OF constituting such an act to
refer to the debates Of the Legislature
which preceded it, il is important in this
connection 10 observe that this fact in re.
gard to the destruction Of paper money by
use was well known and understood, and
was the subject Of discussion in Congress
in connection with the bill for which the
resolution in question was afterwards
substituted. 1t was proposed in the
House Of Representatives that in addition
to the amount Of subidiary coin authoriz
ed by law 10 be issued in redemption OF
fractional currency, Il should be lawful
to manufacture at the several mints and
issue through the Treasury in its several
Offices further amount Of twenty mil.
lions, and this bill was passed by the
House.
Int discussion upon il it was contend,
cd on one side that this would not more
than replace the amount Of fractional
currency which had been worn out or de.
stroyed and which would never be pre-
sented for redemption. Upon the other
side, while ii was admitted that
u considerable portion Of such
fractional currency had been de-
stroyed, ii was contcnded that the
amount was much less than twenty mil,
lions. The importance Of this, in refer
ence 10 the question under consideration
is only the fact that large amount Of
paper currency is necessarily destroyed
by use, and was the one which wal
fully considered by Congress in the Uni
ted States debates-see CongrcSSiLna
Record, P. p. 3,74S, 3,740, and 1850
The bill was passed by the House and wa
not accepted by tho Senate, and in plac,
OF il resolution, under consideration
was passed, when, therefore, the fac: wa,
clearly known and understood, that
considerable amount Of fractional cur
rency had been destroyed, and Congress
uses the phrase outstanding, in,
stead Of the phrase which hat
been issued and not redeemed
or some similar phrase, which would in
dictate an intent upon its part that the
amount Of S5O,OO0,0OO should be deter
mined by the amont issued and not By
that actually in existence, 1t must b.
held that by the term outstanding wa
Intended the currency which still con
tinued 10 form portion 'of the clrcula
ting medium and for which the Treasury
might hereafter become liable. an
therefore Of the opinion that the amour
Of fractional currency outstanding is L
be determined not merely by the recortl
Of the Department, which show how muCl
has been Issued, but also by ascertaininl
how much OF that issue has been lost OF
destroyed, 80 that 1t can never be pre-
sented for redemption. This, OF course
presents a question Of fact for your con
Sideration. II 1t should be shown thai
rs large an amount as 100000 il
fractional currency has been destroyed By
FIRE, on being satisfied Of the fact it woult