The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-01-27
THE SILVER DOLLAR.


more tnan rOur Thousand Tons OF silver
Coin Stored in Vaults.
WASHINGTON, Jan. 26.-Secretary Folger
has addressed letter to Speaker Keller rela-
tive to the amount of silver coin on hand
and the facilities for its safe-keeping 'in the
Sub-Treasury offices. Knowing the urgent
necessity for providing additional vault-room
at once for storing silver, or for discontinue
ing the coinage of the standard silver dollar
since the act was passed. Feb. %, 1878, au-
thorizing coinage of the standard silver dol
lar, new vaults have been built expressly for
storing at the following named Offices
Year 1S7S-New York sub-treasury, at a
cost of $3S 6S7; San Francisco sub-treasury, at
a cost of $l7059; Philadelphia suh-treasury,
at cost of IS, 26S. Year 198O-San Francisco
mint, at cost of SO, 346; Baltimore sub
treasury at a cost OF $S,26S; Philadelphia
mint at q cost of sc, 9S5. Year 1S82-San
Francisco mint, at cost Of SIC, 600; San Fran
cisco sub-treasury, at a cost of $685..
The vaults are now practically filled, some
of them to their utmost capacity. Under the
law there must be coined at the minis at
least 81, 600, 900 worth of standard silver dol
laas monthly, and unless the law is repealed
before Congress adjourns for this session,
provision must be made for the storage of this
wears coinage say $27,000.000, less the
amount put in circulation. The increase in
circulation of standard silver dollars be-
tween Nov. l, 1881, and Nov. 1,
1882, was less than $1500.000; amount
coined during the same time, $27, 772, 075.
The office of the Assistant Treasurer at Gin
cinnati is in a building owned by the
government, but it has been sold, to be
iivered as soon as the new building is COM
pleted. For this reason, and on account of the
small amount of space available, no ad-
ditional vault was built, and there has been
transferred from that Office to other sub
treasury offices, from time to time, to re-
lieve the vaults. since Feb. %, 1873, the sum
of 49, S27, $50 in silver. The office of the
Assistant Treasurer at st. Louis is in a
rented building, and in addition to the
vaults of the Office available for USE there
has been rented from the Safe Deposit Com
pany of that city large vault exclusively
for the storage of standard silver dollars, at a
cost of 81, $50 per annum. But the most
serious difficulty will be experienced in af-
fording relief to the San Francisco sub
treasury. The amount reported on hand
Jan. IL, 1888, was, in standard silver dollars,
$14 Ala. 000 fractional silver, 81 374, $685. total
silver $21, 78S, COG. or about 62S tons. Both
new vaults built for the purpose
are now about full, and the Assistant
Treasurer reports that there is no further
space available in his Office for building an
other vault. The only relief, therefore, that
can be given is to transfer the silver to some
sub treasury in the East, at a cost of $4,000
for transportation of each 81 COO 900 trans
ferred. There is not a sufficient appropria-
ton available for payment of transportation
of the amount required to be transferred in
order to properly relieve that Office, nor are
the sub treasury offices in the East in condi-
ton to receive that amount, as shown in the
accompanying reports of the several officers.
The amount in the treasury. Jan. 1, 1888,
of standard silver dollars, was $94 016, S42;
fractional silver, 1921 ,692; total silver,
1920, 53s, 534, or about $500 tons In view of
the facts stated above, and the reports here
with, it is apparent that this Congress should
either discontinue coinage of the standard
silver dollar or make suitable appropriations
for building additional vaults in the East
and for transportation of silver coin from
San Francisco no further space being avail
able for building another vault at that point.
The lowest rate for transportation of silver
from San Francisco obtainable is $40 per
ST. 900.