Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1885-12-08
HOW SILVER ACOUMULATEs IN THE
TIRE ASURY.


The REaIsTER is in receipt Of q letter
asking the following questions:
l. When q man sells 1000, 900 dollars
worth of silver per month to the United
States Government, does he take his pay
in silver dollsrs2 If so, We cannot see
how the said dollars can accumulate IN the
U. s. Treasury.
2. Or, does he demand his pay in gold
ike other United States erediiorsP
8. Or, has the Hon. Secretary Of the
Treasury a right to pay one creditor in
gold and another in silyer2
4. And if be has such right, still how
can the silver sccumulste2
Very respectfully
SEVERAL DEMOCRATS.
The silver problem ia one that will
rsesivs q great deal Of attention from Con-
sress and answers to the above questions
necessarily embody much information
bearing on this important subject. As
any information Of this kind may prove
interesting TO readers Of the REGIsrER the
following has, st no small expenditure Of
time, been CLEANED from the statutes and
official reports and other sources. We will
take these questions up in the order they
are asked.
when a man sells 10000 900 dollars
worth of silver per month to the United
States Government does he take his pay in
silver dollarsG'
We answer: Either in silver dollars or
in silver certificates. The accumulation
nav be understood from what follows,
The following is from the act of Con-
gress Feb. %, 1873, authorizing the coin
age of the standard silver dollar and re-
storing its legal tender character:
"And the Secretary of the Treasury is
authorized and directed to purchase, from
time to time, silver bullion at, the market
price thereof not less than two million dol
lars worth per month, nor more than four
million dollars worth per month, and cause
the same to be coined monthly, as fast as
30 purchased, into such dollars; and . sum
sufficient to carry out the foregoing proVi-
sion Of this act is hereby appropriated out
OF any money in the Treasury not other
wise appropriated. And any gain or
seiRnioraQs arising from this coinage shall
be accounted for and paid into the Treas
ury, as provided under existing laws rels-
tive to the subsidiary coinage
According to this act the Secretary Of
the Treasury proceeded to purchase silver
bullion at it's market value. According to
the report Of the COmptrOIler Of the Cur
rency the number Of silver dollars coined
under the provisions Of the act Of February
%, 1878, amounted to S2l3,249,4Sl on
November l, 1885, of which $l63,8l7,342
remained in the Treasury Of the United
States, while s49, 442,O s9 were in e~ircula-
ton on that date.
This accumulation 10 the treasury is oE-
ing mainly to two things: the profits Of
seiguiorsge to the Government fos coinage
and the issue Of silver certificates in pay
ment for the silver bullion.
The prons the Government makes for
coming may bs seen from this: The aver
age price paid for silver purchased during
the year ending June 80, 1885, was
$l.os917 per ounce 6ns, equal to
30. 9SO79 per ounce standard. The rate Of
issue Of silver dollars being Sl,l6 All per
ounce standard. the ss~igniOragsto the Gov.
eminent Wzs over Is per cent. Then the
silver bullion that the Government pays
81, 900, eso for win, when coined, make
72S0OO0 silver dollars. This, Of course,
has varied as the price of silver bullion
yarisd. When silver bullion was valued
more per ounce than now, the bull {
on that q maa received E,oo0,es0 4
Of course made less than 2,360.0C0 MI !.
rur dollars Bat al this seisniorage Is not
Hear profit for the Government Out Of
shsssvsr the per cent Of SsigniOrsge il
uust Be deducted the cost Of coming, Of
,poy. hss in refining. d~istribution, 80. Z
d. afsr dsducing al chs there sell ~
aSlnsl d tha Goysrnnens On Jun, 81