The Portland daily press., 1880-12-07
STANDARD SILVER DOLLAR.

In compliance with the provisions Of the act
OF Feb. 28, 1878, during the last fiscal year "a
262 BLISS standard ounces of silver bullion
costing $2a,972, ,16l.S1, ian average of S2,0Sl,.
013.48 per monthly were purchased, Of which
0O5 ,566 Al ounces were coined into q 1888 75O
standard dollars. The total coinage OF stand.
ard silver dollars since the passage of the act,
up to Nov. l, 1880, has been S72,847. .75O, at
which date VAT 0S4 ,450 were in the Treasury
OF the latter amount $19.78O,24 were repre-
sented by outstanding silver certificates, the
amount in actual circulation at that date being
S25, ,763, ,291.
Since the passage of that act the Department
has issued numerous circulars and notices to
the public, in which 1t has offered every in
ducement which 1t could under he law to IA
cllitate the general distribution and circulation
OF these coins. 1t has required United States
Oisbursing officers to pay them out in payment
OF salaries and for other current obliga-
tions, and it has offered to place the silver iu
the hands Of the people throughout the United
States without expense for transportation,
when sent by express, and at an expense for
registration fee only when sent by registered
mail.
Notwithstanding these efforts, it is found to
be difficult to maintain in circulation more
than So per cent. of the amount coined While
at special seasons of the year, and for special
purposes, the coin is in demand, mainly in the
South, it returns again to the Treasury, and its
reissue involves an expense for transportation
cent. each tine. Unlike gold coin or ,ited
States notes, it does not, to the same extent,
form a part OF the permanent circulation,
everywhere acceptable, and, when flowing into
the Treasury, easily paid out with little or no
cost of transportation. The reasons for this
popular discrimination against the silver dol.
lar, are:
1st-It is too bulky for large transactions,
anu its use is confined mainly to payments for
manual labor aud for market purposes or for
change. The amount needed for these pur-
poses is already in excess of the probable de-
mand
2d-It is known to contain quantity Of sill
YER Of less market value than the gold in gold
coin. This fact would not impair the circula-
tion of such limited amount as experience
shows to be convenient for use, but it does pre-
vent its being held or boarded as reserves, or
exported, and pushes it into active circulation,
until 1t returns to the Treasury, as the least
valuable and desirable money in use
For these reasons the Secretary respectfully
but earnestly recomm nds that the further
compulsory coinage Of the silver dollar be sus-
pended, or, as an alternative, that the mum.
Der of grains Of silver in the dollar be increased
so as to make it equal In market value to the
gold dollar, and that its coinage be left as 9TH
or coinage to the Secretaty OF Treasury or
the Director OF the Mint, to depend upon the
demand for it by the public for convenient cir.
culation.
The continual coinage Of the silver dollar
necessarily involves the expenditures of two
million dollars per month of the current rove.
nue., the proceeds of which must, as experi-
ence shows. mainly lie idle In the Treasury,
involving large expense for storage and GUS.
tody. When issued, considerable expense
reluctantly by the people, and 10 soon returned
70 the vaults Of the Treasury. The tendency
OF this procese 10 TO convert into silver coin the
reserve OF gold coin held in the Treasury to