The Superior times. [volume] (Superior, Wis.) 1870-1912, 1889-12-07
COINAGE OF SILVER.
Difficulties in the Way of Purchasin
Bullion-Windom's Recommendation.

Ditficuities in the WAY of Purchasine
Bullion-Windom's Recommendation.
table presented by the secretary OF the
treasury, showing the amount of money of all
kinds l. circulation each year. frpm 1873 to the
present time, is o interest II arsears hat the
amount of national bank notes in circulation
has decreased during that period Sll4, ,lG9 72g OF
winch $50 1929 IS chargeable The last year.
The withdrawal OF bank circuls ton VIII neces-
safliy nUnue under existing conditions. It is
probable that the adoption OF the suggestions
made by the comptroller of the currency, viz,
thet the minimum deposit OF bonds for the es-
iapliSament Of banks be reduced, ana that an
Issue OF notes 10 the par value OF the bonds be
allowed, would help TO ma ,ntsin the bank circu-
iatlon. But, while this withdrawal OF bank notes
has be- II gong Oh, there has been Il large in
crease in the amount of gCsd aud silver com in
circulation and IN the Issues OF gold and silver
certificates.
The total amount OF moneyof all kinds in cir
| culatiOn on March J. 1873. was sos, 7qS, ,S07.
whilc Oh October l. 1889, the total was Il .405-
ols.c5l. There was an increase of s2954I7,552 in
eold coin, of S5755i 100 IN standard silver do
lars. s'2,5ll,2i9 in gold ceoiiicates OF S27G-
0l9l5 III silver CertIt caleS alsd of 81 073 7S7
| United States notes, making n total Of S5l3-
97G 4t3. There was during the same period
decrease OF Sll4,l0a729 in bank circulation and
o! 20 = iSl in subsidiary silver The netln ease
was S2s%,@Z4 l95. The circulation per ca TIA has
increased about five dollars during time
covered by the table referred to.
The total coinage of silver dollars wa on
November l. 1859, S345, ,GSS ,0O1, OF which So
| 539,52l were in the treasury va"lts aud o.
Eyo pteU NEit IN ClIGGlGlel- vi Tie amount IN
| the vaults S-II5l9,9i We're represent, by ut
standing silver certificates. leaving S5,zIg,577
not in circulation and not represented By
certificates.
The law requiring the purchase by the treas.
lry OF 3 C0U.CeO womb OF silver bullion each
month, to be coined INTO silver dollars o. 1928
grains. has been observed by The department;
bat neither The present secretary nor any of his
predecessors has deemed it safe to exercise the
dIscretou given by law 10 Incrsase the monthly
purchases to Sl0@OU0o. When the law was en-
acted February y, 1873, the p:iCe Of silver in
the market >l.-uI- IL 1IeT ounce. making the
! bullion value OF Tie uoIhC 10 Gems. Since that
time the price has ial cii as low 80 cents per
ounce, reducing the bullion value of the dollar 10
GO6- Within the last lew months the market
pr.ce has somewhat advanced, gud on the lst
Gay OF November last ille bullion value of the sill
ECr dollar was - cents
The evil antsipations which have accom-
PANIED the Coinage and use OF the silver dollar
have not been realized. As a cUiu il has not had
general Use, and the public treas ury has been
compelled to store II. But this is manifesly
owing % the fact that its paper representative u
mora ooAveniaut. The general acceptance and
use OF The silver certificate shows that silver has
not been Otherwise d1screIited. Some favorable
conditions have contributed to maintain this
practical equality in their commercial use,
I between the golu and silver dollars But some
OF these are trade couditions that stetutcrye enact
nents do not cOnJrOi, ana of the continuance OF
which we cannot be certain.
think Il ls clear that il we should make the
coinage of silver at the present rat free we
must expect that the ditieIence in the bullion
ya.ues Of the gold ana silver dollars will be taken
I
| fear thesame result would follow any consider
able increase OF the present rate Of coinage.
such P result wCslld be dlscreditabe to fiusn-
| Cial management and disastrous 10 all business
interests. We should not tread the dangerous
edge of such peril. And, indeed, nothing
more harmful could happen 10 the silver inter
es1s. Any sale legislation upon this subject
| must secure the equality Of the two coins In
their commercial uses.
have always been advocate OF the use o
silver IN eur currency. We are large producers
o. that metal. and should not d,sCredit II. TO
/ The plan whig will be presented by the secre-
tsry OF the Treasury for the Issuance OF notes or
certificates upon the deposit of silver bullion at
It's m0rSet value l have been able to give only
Assty examination, owing to the press OF other
matters and 70 the fact that II has been 20 re-
Gently formulated. The details OF such law
require careful consideration, but the general
pan suggested by him was to satisfy the pur-
pCse-to continue the use OF silver III connection
with our currency, ana at the same time to obvi-
ate the danger OF which | have spoken. At
later day may communicate further with Con
gress upon this subject.