The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1882-11-11
"GLUT OF SILVER DOLLARS"

The New York Times has the following,
which substantially Is but repetition OF
what has been persstently stated since the
coinage of silver was resumed in 1873:
The extraordinary measures adopted by
the Treasury Department to put and keep
in circulation the standard silver dollars
do not work. Or Jan. of this year its as.
sets IN this form were $G9,5S9, 9o7; on the
End of October, nine months later, they
we're $92, 22S, CAT. This Is an increase, III
the three.quarters OF year Of $22,63S,7lO,
which Is at the rate of S2,5l5,4l2 month,
or almost exactly the amount coined. We
have steadily pointed out that beyond a
very limited amount there could be found
no practical employment tor this coin, and
that It's compulsory coinage must neces-
sarlly result only IN embarrassment and
loss. 1t Is but question OF time when
this result will become very serious one.
Still the facts are not changed. Since the
restoration of silver coinage in 1878 over
$l00000000 OF silver dollars have been
coined, and these have found their way In.
to the general currency of the country, di,
rectly as dollars or Ms currency III the .o.m
of coin certificates Thls has been done in
positive defiance q; ia" s.l'"'.. - -, IA AS.
ury Department Secretary Sherman de
voted all lis efforts Whilu Ia CiuCU 10 pre-.
vent the silver dollars obtaining any circu.
lation During his term of Office he never
disbursed silver dollar unless 1t was de-
manded. ThOvcb the Government die
bursed $20,00O,O00 every month, no one
was ever paid dollar IN silver unless that
com was specially demanded. All the sill
yer dollars coined by the United States,
not in the hands OF the people, are out
standing, represented by certificates of the
Treasury Department and redeemable on
demand III coin.
The prophecy was that the moment that
silver dollars were authorized gold would
depart frOu the United States, and there
would be no metallic money save silver.
The fact is that all the silver coin has been
added to the currency of the country, and
in the meantime the gold in the United
| States has Increased from the small amount
| on hand when specie payments were re
sumed to over $500,00O,OOO in October,
| 1882. Where is this gold? Abundant as
1t is, in fact glut on the market, why is 1t
that it IS not in general circulation, and
why is 1t instead of carrying round gold
coin in packages everybody prefers to use
the more convenient paper, and that large
sums of gold are transferred by checks and
bills of exchange? The gold, except what
Is needed for personal use and in small
sums, is placed on deposit for precisely
the same reason that the silver is. People
prefer the paper money to either gold or
silver, but the silver finds prompt circula-
ton in the form of Treasury certificates,
and is as much in general use as currency
as if it was actually in the pockets of the
people.
The New Orleans Mint reports that all
lie silver coined there is take oy the peO
pie in the form of coin, and IS boarded by
them as fast as 1t IS coined. So Is all the
silver coined at Philadelphia. Not dol
lar is untaken when il can be had. The
SILVER coined at San Francisco Is left IN
the Sub Treasury and certificates taken fol
1t. II is left at San Francisco because
the cost of moving it to the East Is $40 pei
900.
The silver, in proportion to the amour
of 1t coined, is in more general use than /:
the gold coin, and now, since gold COLI
may be deposited and certificates ex
changed for it, there is demand for tn,
certificates, aud that coin Will disappea
from general circulation. AS the gold Ger
uficates and the silver certificates, ike tn
gold coin and the silver coin, have tn
same identical value and are equal.
available for all purposes, there is no rea
son why they should not continue, Us the,
have done, to circulate side by side.-Chi
cdqO Tribune,