Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-05
steamer lines with Mexico. Central and South
America, and with China and Japan.
SILVER COINAGE.

SILVER COINAGE
The continued coinage OF the silver dollar. at
q constantly fncreaing monthly quota, is a dis
turbing element in the otherwise excellent
financial condition of the country, and posi-
tive hindrance to any international agreement
looking TO the free coinage Of both metals at a
fixed ratio. Mandatory purchases by the GOV.
eminent of stated Quantities OF slixeI; vel anu AMI
mandatory coinage of the same iHto Iull lesai
tender dollars, are an unprecedented anomSly,
and have proved futile. not only in restoring
the value of silver. but. even in staying the
downward price of that metal
The Secretary then proposed the following
solution of the problem:
Issue Treasury notes against deposits of silver
bullion at the market price of silver when de-
posted payable on demand in such quantities
of silver bullion as will equal in value, at the
date of presentation. the number of dollars ex-
pressed on the face of the notes at the marker
price OF silver, or in gold, at the option OF the
Government; or in silver dollars at the optlon,
of the holder. Repeal the compulsory feature
OF the present coinage act. In explaining Ine
proposed measure, at this time, it is intended
to deal only with its general features, but, II
desired, a bill embracing the details believed TO
be necessary to its satisfactory operation Will
be prepared and submitted for the considera-
ton of Congress.
The proposition is briefly this: To open the
Mints Of the United States to the free deposit
of silver, the market value of the same mot to
exceed 81 for 4l25 grains of standard silVer) at
the time of deposit, to be paid in treasury
notes; said notes to be reaeemable in the guam
tity Of silver which could be purchased by the
number OF dollars expressed on the face OF tne
notes at the time presented for payment, or IN
gold, at the option of the Government, and TO
be receivable for customs, taxes. and all pubne
dues; and when so received they may be re-
issued; and such notes, when held by any ma
tional banking association, shall be counted as
part of its lawful reserve.
CONDITION OF THE TREASURY.
For the fiscal year of 1880 the estimated re-
eeipts are $685. oOo, 900 and expenditures $685.
000O 900; the estimated surplus. applicable to the
purchase of bonds being S9200Q0OO; the esti-
mated amount required for sinking fund, $4s,-
S2l, ,ll6 80; leaving net surplus for the year OF
e43 67SS83 OIL
As compared with slOS, 30 464 IL at the close
of the fiscal year 1855 the cash balance in the
Treasury over and above all accrued liabilities
at the close of 1889 was S1 4S4 042 49, II TO this
balance there be added the estimated surplus
for the fiscal year, the amount that may De
applied to the purchase of bonds to June 81,
1890. will be Sl6S 4S4, ,042 SO. Bonds and other
obligations of the United States have already
been purchased and redeemed to the extent OF
$50 465, 4S5 49, leaving the available cash on
hand November l. 1889 S45, 1886 762 40
The total receipts of the last fiscal year have
been exceeded but six times in the history OF
the Government The ordinary expenditures
of the fiscal year ended June 30, 1889. exclusive
any other year, except during the war period.
and the years which bore its cost most heavily
being So 342 656 90 greater than for the fiscal
year 1855 The expenditures for the last quarter
of the fiscal year 1889 were S9.790, ,696 "A less
than for the last quarter of the fiscal year 1883