Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-01-27
TOO MANY DOLLARS.

Secretary FOlger Has Over One Hundred
and Twenty Millions of Silver Ones on
His Hands ard Wants Congress to Take
Care of Them-A Letter to Speaker
Keifer on the Subject-SOme Interesting
Facts about the Silver Coinage-Thfrry
Five Hundred Tons of the Metal Piled
Up in the Sub-Treasuries and NIiOts.
WASHINGTON, Jan. 26.-SecretarY Folger
has addressed letter to Speaker Keifer,
relative to the amount of silver coin on
hand and the facilities for its safe keep
ing in the sub-treasury Office, showing the
urgent necessity for providing additional
vault room at once for storing silver or
for disseminating the coinage of
the standard silver dollars. Since
the act passed Feb. %, 1878, author
ling the coinage of standard silver dol
lars, new vaults have been built expressly
for storing them at the following named
Offices: In the year 1878-New York sub
treasury, at cost of $36.687; San Fran
cisco sub-treasury, at a cost of $17,059;
Philadelphia sub-treasury, at a cost of
$8,268. In the year 188O-The San Fran
cisco mint, at a cost of $9,346; the Balti-
more sUb-treasury, at a cost Of $8,268;
Philadelphia mint, at a cost of $685.. In
the year 1882-San Francisco mint, at a
cost of $4,000; San Francisco sub
treasury, at cost of $685.
These vaults are now practically
filed, some of them to their utmost ca
pacity. Under the law there must be
coined at the minis at least 100000
worth of standard silver dollars monthly,
and unless thelaw is repealed before con-
gress adjourns this session, provision
must be made for the storage of this years
coinage, say 1927 100000, less the amount
put in circulation. The increase in the
circulation of standard silver money be-
tween Nov. 1, 1881, and Nov. 1, 1882, was
less than million and half. The amount |
coined during the same time was $27,772,-
O73. The Office of the assistant treasurer
at Cincinnati is in a building owned by |
the government, but it has been |
sold, and is to be delivered as |
soon as the new building |
is completed. For this reason and on &C
count of the small amount of space avail |
able, no additional vault was built, and |
there has been transferred from that Office
to other sub-treasury offices from time to
time to relieve the vaults since Feb. %,
1878, the sum of $3,827, $50 in silver. The
Office of the assistant treasurer in st. Louis
is in rented building and in addition to
the vaults of the Office available for use
there has been rented from the safe de-
Of +bot oi+u |
exclusively for the storage of standard
per annum. But the most
relief to the San Francisco sub
treasury. The amount reported on hand
Jan. II, 1888, was: In standard silver dol
lars, $14,414,000; fractional silver, $7,374,-
SOC; total silver, 81, ,606, or about CPS
tons. Both new vaults, built for the pur-
pose, are now about full, and the assistant
reports no further space ayaila-
BILE in his Office for building another vault
The only relief, therefore, that can be
given is to transfer to some sub-treasury
IN the East at a cost of $4,000 for the
of each million transferred.
There is not sufficient appropriation avail
able for the payment of the transfer of the
portion OF the amount required to be
transferred, in order to properly relieve
that Office, nor are the sub-treasury offices
in the East In a condition to receive that
amount as shown by the accompanying re-
ports of several offices. The amount in
the treasury June IS, 1888 was: standard |
silver dollars, S94,016,S42; fractional
silver, $27. 521 ,692; total silver S120, ,534,
or about $500 TONS In view of the facts
stated above, and the reports herewith, it
is apparent that this congress should
either discontinue the coinage of standard
silver dollars or make suitable appropria-
tons for building additional vaults in the
East, and for the transportation of silver
coin from San Francisco, no further space
being available for building another vault
at that point. The lowest rates for the
of silver from San Fran
cisco obtainable, is so per $1,000.