The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-12-05
Standard and Trade Dollars,

On Nov. l, 1888, under the act of Feb. %,
1873, there had been a coinage of standard
silver dollars amounting to $156, 720, 949; there
were in the Treasury at that date SIG, 1886, 017.
| There were then in circulation, and in the minis
on account of profits on the coinage not yet de-
| posted in the Treasury, $40,334, 932. There
were in circulation on Nov. l, 1882,
$35, 393,78 The coinage between the
| 1st of November, 1892 and the same date in
1888 had increased SIS, 391 ,o69; the amount in
circulation for the same time had increased 81.
| 136,32l; thus keeping up the great dispropor-
| ton between the amount ready to be supplied
and the demand for them, heretofore noted In
the reports of this department. 1t is
apparent that any demand that is likely to arise
for silver dollars, or for the silver certificates
| based upon them, may be readily met without
| further immediate coinage OF the dollars or
preparation of the certificates for Issue. 1t Is
also apparent that to Keep up an aimess pHr-
chase of silver bullion, at the rate of 1924 600 900
| each year, is a needless use of public money and
| of the taxing power TO supply them, mourning a
needless loss OF the interest on the sum thus ex-
| pended, and the expense Of the manipulation.
| Apart from any consideration of the policy un-
DERIVING the coinage at all, of the standard silver
| dollar, as now authorized, it would seem that an
operation of the treasury and its minte for
| which there ia no immediate call, might be at
| least temporarily suspended.
| Here 1 may speak of 1.-THE trade dollar" the
debased coin to which attention has been orawn
| DV pubic clamOf ana discussion. DOu0ti6SS the
| legislative purpose in creating 1t was to make a
| piece of money that would find favor with
| Asiatic people. and not one for use at home.
| That purpose was not made known, however, by
| the letter of the law under which it issued from
| the mint. 1t is plain that busy people,
| finding this coin aloat in the channels of bust
| ness styled a coin of the United States, would
readily believe that it was an authentic issue of
the government, and to be redeemed by the gov
eminent. the same as other money put out by it.
| From time to time, however. as it suits
| schemng men and the occasion fits, hue and
cry is raised against it; it is discredited in the
marts, and uhwary holders suffer loss or incon-
| venience. AS it is coin of the United States,
| having the image and superscrptiOn thereof,
| sanctioned as such by penalties upon the coun-
! terfeiting of IL. aud once digniied as a legal
tender in payment of debts and dues. 1t should be
restored to its frsF state, or called in at its nom
| department 1t should be thus called in and
melted.
And why noti First: 1t has been claimed
officially that it did not 60 into home circula-
ton until after the passage of the joint resolu-
ton above spoken OF whereby the legal-tender
quality of 1t was taken from it. Hence, it is
more than the value of ii as silver bullion. See
ondly: On the other hand, 1T is asserted that
tine act of 87S gave back to it the legal-tender
quality. That act declares that There shall be
coined silver dollars of four
! hundred and twelve and one half grains, :" =
which, with all silver dollars heretofore coined
- of like weight ard tineness,
E hall be a legal tender =" AS the trade
dollar is greater in weight and rs great in fine
ness as the silver dollar thus authorized. and as
the greater includes the less, it is argued tina
the phrase "of like weight and fineness' takes in
the trade-dollar, makes it again a legal tender
| for debts and dues, and that there
needs but declaration thereof by
this department to put 1t in the same
rank aud acceptabilty as the standard silver
dollar, and so there Ia no need of redeeming IT,.
The first Of these contentious is too technical
and close for use In dealing with SO practical n
matter, and one in which the prime action an d
continued silent sufferauce of the government
has been so misleading. The second of these
contentious is not well founded. The phrase
"of ike weight and tneness" may properly he
said to take in only silver dollars issued under
the acts of 1892 and 1897 They contained ex
actly the same amount of pure metal as the dol
lar authorized by the act of 1878, and had no
distinctive name, such as the trade dollar. This
department has been and sill Is of the opinion
that correct legal Interpretation of thitt act in
connection with the joint resolution of 1876, de-
MES to the trade dollar a legal-tendef quality.
It iB possible to make estimate OF the
amount that would come TO the treasury for re-
demptIOn if authority were given therefor. The
whole Iseue of the coin has been $35, $780, 446
Some of that has disappeared in manufactured
articles; it is estimated from one to two millions
1t ia calculated that fve-sixths thereof went
abroad in the beginning, and 1t is beiIeVed that
hut small part of that has come back, and that
there is now held by people but from fl We to
eight millions. or that which remained abroad,
there is good authority for saying that much OF
IL found it's way from China To India, and into
the meltingpOt at the mint in Calcutta, and has
been there cast into the coin OF that country.
The overweight and value of the trade dollar By