The New York herald., 1878-11-09
WASHINGTON.
The Silver Bill in the Light
OF Experience.
HOW THE MEASURE HAS FAILED
Excess Of Base Metal Coinage and
Means of Relief
FROM OUR REGULAR CORRESPONDENT.

WASHINGTON. Nov. 8. 1878.
ATTITUDE OF THE ADMINISTRATION ON THE Sill
YER BILL-nL SUCCESS OF THE MEASURE AND
MEANS OF NEUTRALITY-SUSPICIOUS. OF
THE BASE METAL COINAGE.
The recent editorials Of the HERALD upon the cur
rency question have attracted much attention here.
especially the one commenting upon the neglect
of the administration to oppose in good season
the silly Of the silver inhationsts in Congress.
The National Republican disputes this charge and says
to-day that the administration set its face flint
against the Silver bill pending its passage and the
President went to the extent of his constitutional
power in that direction by the interposition of veto
message to accomplish its defeat
Now the real fact that neither the President
Cabinet had word say for against the bill for
the reconage of the dollar of 1887 until after the
passage of the act. when the President vetoed it,
whereupon it passed over his Veto Since the
coinage the silver dollar Secretary sherman has not
only honestly endesvorcd put it into circulation.
but has endeavored to force its circulation and with
what success9 There has been coined something
like $15 100000. an amount nearly double the entire
coinage Of the standard silver dollar from 1898 to
1873 under acts of which $13 600 600
in the Treasury to-day. As fast paid out the dol
lars back in payment Of duties and other dues.
At first large numbers Of them were exchanged for
gold curioses OF these the greater part are now
in the money boxes Of the children. which accounts
for the number still out
Treasury officials express the opinion that If the
measures recommended by the HERALD were adopted
the currency would be better regulated resumption
assisted and the value OF the silver dollar increased
They say the public should demand the passage Of
act ut the next session of Congress. for
opfO of auh
vcr coins; that the Secretary Of the
Treasury should be authorized and required
to redeem in lawful money, under such rules and
regulations he may from time to time prescribe. all
subsidiary and other silver coinage OF every kind
heretofore authorized by law when presented in sums
Of not less than $780, and that whenever under such
authority those coins presented for redemption in
snch quantity as to show the amount outstanding to
be redundant he should be authorized to discontinue
diminish the manufacture and issue Of such coin
age until interests Of the country should
require its continuance
For the evil Of the present redundancy Of the
smaller coinage it may not be known to many busi-
ness men that Congress has provided . remedy by
requiring the Treasurer Of the United States to
deem in lawful money "al copper. bronze. copper.
nickel and base metal coinage Of every kind when
presented in sums of not less than $40. The coins
should he sent. charges paid. to the nearest SUBJ
treasury. and information furnished the Assistant
Treasurer at the same time to denominations and
kind Of money desired in exchange. OF this coinage
there had been issued as follows:-
From 1857 to June 80. 1867. OF one-cent
pieces nickel and bronze ............ $3,741,7 TOO
From 1884, Of twO-cent pieces $4,000
From 1865. of threecent pieces. 855.O00
From 1896. OF hye-cent pieces. 6.77s.0So
Total. .sil. .asl 800
AT profit to the government Of about S6.OoO.ooO.
OF the copper coins few remain in circulation. A.
evidence Of excessive the Treasurers annual
port for 1877 to the Secretary Of the Treasury 10
quoted
Attention ia called to the excessive accumulation Of
September 80 to $4,000 while at the date
the year before the amount on hand was less than
&157 900 week ago this accumulation had increased
TO Sl435 G34. This amount Of base metal coinage 10
OF such bulk that the facilities Of the Philadslphs
Mint for its storage have been exhausted and other
believe with the HERALD, that the remedy lies in
increase Of the intrinsic value Of the silver dollar
CONFERENCE OF NEW YORK BANKxRs wITT
SECRETARY SHERMAN.
An important conference Of leading New York banle
ers with Secretary Sherman will be held at the
Treasury tomorrow morning. for which time
special appointment has been fixed. The party here
includes Mr. George g. Coe and the manager Of
the New York Clearing House. Mr.. Camp.
The discussion will be of mutual advantage
to all parties. 1t is believed Secretary
Sherman In desrous Of getting the views Of such
leading Ananciers as included in the delegation
assist him the preparation OF his annual report to
Congress-. and the bankers the other hand do
srous Of having him recommend number d
measures to Congress for the smelioration Of thei
business chief among them the reduction abolish
ment Of the government tax on deposits.