Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-06-27
TALKED FINANCES.
Conclusions Reached by the
Cabinet Meeting.
COINAGE THE PRINCIPAL QUESTION.

Silver To BE Recoined Into Dollars and
Dimes-A New Form of Treasury
esn ement-No Consideration of the
Per Cent. Bond SIatter-Maine Prohi-
bitionists Get Scare That Spaulding
Quiets-OfieiaI Notes.
WASHINGTON. June 21.-The cabinet
meeting called yesterday to consider finan-
cial questions was attended by Secretaries
Foster, Tracy, Noble, Rusk, and Post
master General Wanamaker Secretaries
Blaine and Proctor and Attorney General
. Miller were absent, and their departments
were not represented. The questions dis
cussed were the continued coinage of
silver and the change in the form of the
asset and liability statement. Secretary
Foster made the following statement as to
the result of the cabinet meeting, affect
ing the coinage of silver: After full
and careful consideration of the law re-
latlng to the coinage of silver, it is found
by the secretary that the act of March 3.
1891, requires that the secretary of the
treasury shall as soon as practicable, coin
the trade dollar bars into silver dollars
The Heavy Demand from Dimes.
He also finds that $4,000 has been APP
propriated for the recoinage of the sub
| sldiary silver coin into such Genomina-
lions as will best give it circulation.
| There Is constant demand for small coin,
/ principally dimes, which the mint.
have not been able to supply. The sec
| rotary of the treasury has decided that his
| first duty in this matter is to obey the
direction of congress. Congress has order.
ed 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 $685., 795 into 5,l4S.-
| PSI standard dollars. The secretary finds
| that it will require perhaps four months
| to perform tue work of coming trade dol
| lar bars into standard dollars and RECON-
| ing the subsidiary silver Therefore the
| question of the continued coinage of sill
| yer dollars as heretofore is not a practical
| one at present"
| The Form of Treasury Statement
The cabinet also decided to change the
| form of the asset and liability statements
] issued from the treasurer'S office daily
| and at the beginning of each month. In
| the new form Of statements the net sur.
| plus will disappear and only an available
| cash balance viii be carried. Other
changes of a minor character will be made,
| but what they will be has not vet been de
| cided by Secretary Foster In general
way the new form of statement. both of
| the debt and assets and liabilities will
| closely resemble the statements put out
| when Senator Sherman was secretary of
| the treasury. These changes go into eff
| feet the LIST of July, the beginning of the
next fiscal year. The extension of the ~
| per cent. bonds was not considered, but
| Will probably come up at next Tuesday 5
meeting.
| The Trade Dollar Bullion.
| The general impression prevails in Off
| cial circles that the action of the cabinet
| postpOnes the consideration of the con-
| tinued coinage of silver for the present.
| In lieu thereof trade dollar bullion Will
| be coined in an amount equal TO monthly
coinage by the treasury during the. pres
ent fiscal year. Owing to the mandatory
| coinage of 100000 ounces, or 2,5SS 900
| silver dollars per month, as required by
the act of July Il, 1890, until the first prox-
| imo, it has been impracticable to coin any
| of this trade dollar bullion.
| Recoinage of Abraded Coin.
| Congress at its session made an appro-
| priatiOn of $50 600 for the recoinage of
uncurrent fractional coins in the treasury
abraded below the limit of tolerance.
| This is about as much as has been-appro-
priated for this purpose during the past
| five or six years Much of this abraded
subsidiary silver will be coined into dimes.
| The coinage of dimes during the last
three years has been about 81, 564, 162
pieces. The number of pieces of the de-
nominations of and l cent struck off at
the Philadelphia mint during the past
three years aggregates Isl, 579,6 71, all of
which has been absorbed by the public
and there is every indication. treasury
| offici ais say, that the demand for this
] class of coinage for months to come will
! be large.