New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-13
TIE COINAGE ACT or JULY IA, 1890.
QUESTIONS IN REGARD TO ITS WORKINGS AN
swERED BY SECRETARY FOSTER

QUESTIONS IN REGARD TO ITS WORKINGS AN
swERED BY SECRETARY FOSTER.
Boston, Oct. 12 (speclaD.-Ellhu B. Hayes, secre-
tary OF the Republican Club of Massachusetts,, re-
Gently sent to Secretary Foster the following inquiries
There present much discussion in Massachusetts
in regAd to the act OF July A. 1880 that the Republican
Club deses the views OF the highest authority OF the
Treasury upon IT, in order to put end at once to all
possible controversy Tho Republican Club OF Massa-
chusets will be greatly obliged II you viii kindly answer
the following questions for publication:
Firs-Is It true that the July IA increases two
ond half times the coinage of eighty cents worth OF
silver into a dollagl
Seconds the Government at present colnng silver?
II not, when the coinage stopped.
Thrd-Upon the present Treasury notes based
Are they secured by coined silver dollar, upon 100
cents worth OF silver bullion purchased at its market
value in goldl
Fourh-How does the basis o; the present notes differ
from the silver certificates formerly issued1
Fifth-Are the present notes reGcemabe In either
gold silver the United States Treasury Does
the Government redeem them when presented
The following reply from Secretary Foster, dated
October 10, was received by Mr.. Hayes to-day:
Replying to the interrogatores relating TO silver sub
mtted your communication OF the 9Th inst, would
say follows:
l. The act Of July IA, 1890, does not increase the
coinage dollars ut since the 1st OF July OF The
present year practically stopped such coinage The
act provided for the purchase OF 100000 ounces OF
silver a month about two and half times the amount
silver purchased under the act OF 1873; and the CON
age Into silver dollars OF 1000 900 ounces monthly (Which
was about the amount coined under the 1879 until
the July OF the present year. After that date only
such dollars be coined as were necessary to
provide the redemption of the Treasury notes issued
purchase OF silver bullion. AS no Treasury notes are
being presented for redemption in silver dollars, the
coinage OF dollars from bullion purchased under
this has practically ceased since July ], 1891.
q The mints are at present engaged in coming the sill
vcr bullion resulting from redemption OF trade dol
iars bV he ct Of 3,
coming subsidiary silver coins in the Treasury The
total coinage Of under the Act Of July H.
1890, from July TO October l, 1891, has been only
3GG 900. mainly for the Pacific Coast
g. The present Treasury notes are issued In the first
instance upon the purchase OF silver buloni 500 900
q month-at its market price. The law requires
that the cost silver bullion and the silver dollars
coined thereom held In the Treasury shall always equal
the amount Of Treasury outstanding that these
notes have practically behind them gold dollars worth
| OF silver bullion.
A. The Treasury differ the silver certificates
| in that they are redecmable either gold silver
coin at the Secretary the Treasury with
a provision Of law the effect tbat these two dollars
shall be maintained at parity which is virtual promise
that shall always be redeemed in gold or Its exact
equivalent The silver certificates promise to
silver dollar been deposited IN the Treasury az
tho time certificate issued and they receivable
for Government dues. The language of it is'
This certncs that there has been deposited in th'
Treasury Of United silver dollar, yab,
to the bearer demand while the language OF the Tea
ury note is "The United States OF Amer:Ca Will pay y
| bearer dollar in cOin.'
In addition to being redeemable in gold and silver coin
at the discretion Of Secretary Of the Treasury and prac
ucally under the pledge TO maintain metals a
partly in gold Treasury notes have stated above De-
hind each dollar practically gold dollars worth OF silver
bullion while the present silver certificate Is promise
return TO the bearer silver dollar.
g. Treasury notes are redeemed In gold when so pre-
sented for redemption the Treasury any assstan
| treasury OF the United States