The Red Cloud chief., 1891-07-03
s,LveR COINAGE.

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wAsHIxGrox. June e7.-A regular
b1sipcss meeting Of the cabinet
was held yesterday. The absentees
were Secretaries Blaine and Proctor
and Attorney-Generai Miller. The
principal topic Of discussions WAS the
continued coinage Of silver after July I.
and the secretary Of the treasury pre-
sented considerable data on the sub
ject
After the meeting. Secretary Foster
made the following statement - regard
20 the silver question: After . full
and careful consideration Of the Law
relating 70 the coinage Of silver Secre-
tary Foster finds that the act Of March
5 1891. requires that the secretary OF
the treasury shall. - SOC - prsctica-
bic. coin the trade dollar bars into sill.
yer dollarA He also finds that si;o. oos
has been appropriated for the rccoin-
age Of the subsidiary coinage into
such denominations rs shall best serve
W KlvG - CtIGutWttOuh hAStN ~
slant demand for small coins principal
~ dimes, which the mints have not
been able 70 supply. The secretary of
the treasury has decided that his first
duty In this matter IL 10 obey the d.
rection of congress- Congress has or
dered the coinage of the trade dollar
bars into standard silver dollars Tho
--.---- A. -. Axll.. 49,. - this
manner will transform what cost S.
0s7. 795 into S.. les. Isl, standard dollars.
The secretary finds that il will require
perhaps four months to perform the
work Of coming trade dollar barn into
standard dollars aud recounting sub
sidiary silver. Therefore the question
of the continued coinage OF silver dol
lars rs heretofore is not a practical one
at present"
The trade dollar bullion will prob
ably be coined in an amount equal to
monthly coinage by the treasury dur
ing the present fiscal year, which has
been ut the rate Of about 1000. 900
ounces per month. The bullion is
stored 1T the mints at New Orleans and
Philsdelphia and resulted from smelt-
ing trade dollars which were redeemed
under the act Of March 8, 1857. The
total number redeemed was :, $50. 036. Of
which . portion have been coined into
subsidiary coins but the act OF
March 3. 1891, provided that the
balance on hand should only be
coined into standard silver dol
lars and that rs soon As practi cable.
Owing 10 mandatory coinage Of .,000,-
90 ounces, or 2, $50. 900 silver dollars
per month, rs required by act of July
II. lsg0. until July I, il has been i'm
practicable to coin any Of this trade
dollar bullion. IL will take between
three and four months TO complete the
work Of recoinage at New Orleans, and
also about two months at Philadelphia
in connection with the large amount of
subsidiary silver and the continued
coinage of minor coins
The cabinet also decided 10 change
the form Of the assets and liability
statements issued from the t%reasureris
Office daily and at the beginning Of each
month. In tn new form, the net sur
plus will disappear. and only nm availa-
bic cash balance will be carried Other
changes Of q minor character will De
made. but what they will be has not
yet been decided by Secretary Foster.
In a general way the new form Of state
ment both Of the debt and assets liza
bilities, will closely resemble the state
ments put ont when Senator Sherman
was secretary Of the treasury. These
changes 60 into effect July I, beginning
the next fiscal year.