The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1891-07-04
Coinage of Silver.

At a recent Cabinet meeting Secretary Foster
made the following statement in regard to the silver
question:
after full and careful consideration of the law
relating to the coinage of silver Secretary Foster
finds that the Act of March g. 1891, requires that
the Secretary Of the Treasury shall, as soon as
practicable coin the trade dollar bars into silver
dollars He also finds that $4,000 has been ap-
propriated for the recoinage of the subsidiary silver
coin into such denominations as will best serve 10
give it circulation. There is constant demand for
small coins, principally dimes, which the minis
have not been able to supply.
1.-THE Secretary OF the Treasury has decided that
his first duty in this matter is TO obey the direction
of Congress Congress has ordered the coinage OF
the trade dollar bars into standard silver dollars.
The coinage of the trade dollar bars in this manner
will transform what cost s5.0ST799 into 5l4S,2sl
standard dollars. The secretary finds that 1t Will
REQUIRE perhaps four months to perform the work
of coming trade dollar bars into standard dollars
and recoining the subsidiary silver Therefore, the
question ofthe continued coinage of silver dollars
as heretofore is not a practical one at present"
THE TRADE DOLLAR BULLION,
which is to be coined into standard silver dollars is
stored in the minis at Philadelphia and at New
Orleans 1t results from the melting into bars of the
trade dollars redeemed at their face value under
the Act of March 8, 1887 providing for the redemp-
ton of all such coins not mutilated, defaced or
stamped, presented within six months from the
date of the act The total number redeemed was
7,6S9O36, portion of which have already been
coined into subsidiary coin. The Act of March 3,
1891 provided. however, that the balance should be
coined into standard silver dollars only, and that
this should be done "as soon as practicable"
Owing to the mandatory coinage of 100000
ounces ofsver or S2,5Sj 600, month until the LIST
prox under the Act of July H. 1890 it has been i'm
practicable up to this time to coin the trade dollar
bullion into standard dollars. The amount stored
at Philadelphia is 1,3s5425 fine ounces and the
amount at New Orleans 3,03S $40 fine ounces. This
will make in all about 2Sl in standard silver
dollars net profit above its cost of little over
sfOOOOO. The trade dollar weighed 400 grains,
while the standard dollar weighs 4l215, leaving a
margin of profit Of ~ grains on each dollar re-
coined but, as a matter of fact the pieces were
abraded by wear about grains each. 1t will take
from three to four months to execute this recoinage
at New Orleans and about two months to coin the
stock at Philadelphia.
large amount of subsidiary silver and mint
coins will also have to be recoined at Philadelphia
during the same period. The last Congress made
an appropriation of $4,000 for the reconage of the
SILVER Colu INV III
abraded below the limit of tolerance. This is about
as much has been appropriated for the last six oil
seven years altogether. 1t is estimated from what
has already been recoined that the loss which this
appropriation will reimburse will be about pei
cent that is it will pay the loss on the reconagt
of from 100000 to 100000.
THE DEMAND FOR DIMES
continues undated and most of the recoinage fol
the present will be of that denomination, although
% cent pieces may also be coined at San Francisco
The coinage of dimes during the last three years has
been S3l76471, or 81, 56i ,762 pieces the principa
part of which was executed at the Philadelphia
mint, taxing that mint with its cramped space to it
utmost capacity. 1t is proposed to distribute thi
recoinage between the minis at San Francisco
Philadelphia and New Orleans. By law, the coin
age of minor coin-one cent and five cent pieces-i'
confined to the mint at Philadelphia.
This coinage has been very heavy for severa
years past During the last three years the coinage
of five cent pieces amounted to S2O93161, and the
coinage of one cent pieces to l,395,S64, making
total coinage of Isl S7961 pieces. This has all beer
absorbed by the public, and there is every indica
ton that the demand for these coins will continue
large for months to come and add considerably t
the work of the Philadelphia mint. The coinage a
the minis at San Francisco and Carson City aftel
July will be confined to gold pces and such re
coinage of subsidiary silver coins as may be re
quired on the Pacific coast.