The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-04
THR SILVER DOLLAR.
why u Has Net &ot into Circulation Vet.


WASHINGTON, April 27.-The attention OF
the treasury officials having been called to
the fact that tho silver dollar has gained no
circulation except as pocket pieces a leading
treasury officer day made the following ex-
planatiOn: II hos not been possible for the
silver In considerable quantities. for the sim
pie reason that there were not enough silver
dollars coined to begin to use them In a gene
ral way 1t was not practicable to commence
with less than $1,000 600 and it Is only now
that the treasury has that amount In its pos
session. The Secretary of the Treasury has
to-day decided that silver shall be paid out
for currency obligations to the extent
that tho government is required to destroy
notes under the 40 per cent retirement pro-
vision Of tho national bank act This sum
varies each month This month the amount
will be about $t,3O0,G00 The Secretary has
ordered that this amount shall be replaced
by silver dollars, TO be paid out in the current
through the various sub-treasuries. This is
the beginning OF tho payments of silver on
currency obligations, and it may be that the
Secretary will devise other means for paying
out silver But the question was asked, why
s not the silver paid out the same as gold in
the redemption OF interest coupons2 The an
swer is There has not been silver enough for
this purpose but II will be paid out to any one
the purchase OF silver bullion with silver dol
lars The trouble about that has been that
the owners Of bullion were not willing to ae-
cept payment In silver dollars until they OBJ
tain silver certificates Of largo denominations.
They could not manage the coin dollars them
selves, but it has not been possible to give
bullion holders these certificates, as they
have not been prepared. The Engraving
Bureau has been at work ever since the law
was passed. The $40 certificates are now
ready, but bullion holders wish those of the
denomination Of $1,000. The engraving of
these larger certificates will be finished
In day or two, and the printing
will probably begin next week. 1t will
not be long before they are ready in
sufficient quantities. 1t is the firm intention
OF the Secretary OF tho Treasury TO use them
for that purpose. 1t is charged in Eastern
newspapers that it Is the intention Of the Sec
retary of the Treasury TO hoard silver and not
To pay 1t out. Do you think his purpose cor
rectly represented I donot thirik that more
than 10000 silver dollars thus far have been
paid out In exchange for gold. There has
been no demand for them. The great city OF
Boston called for only $4,000 Silver enough
has been coined now TO permit the Treasury
10 commence paying it out for coin Obliga-
tons. 1t is not tho intention Of the Secretary
to hoard
VI secretary Sherman uses silver dollars or
silver certificates for the purchase Of bullion.
and pays out silver dollars for currency uses
under the 80 per cent retirement provisions,
the entire amount OF silver authorized to be
coined will thus be placed in circulation The
amount OF notes destroyed monthly under
The 30 per cont retirement provision averages
81 100000. The amount Of bullion authorized
10 be purchased is from $4,000 900 to 81 900 900.
by using silver for these two purposes. there
Tore, $4oOoOOO monthly can be placed in cir
tulatlOn. That seems to be Secretary Sbnr-
mans present intention