The Brookhaven leader. [volume] (Brookhaven, Miss.) 1883-1891, 1891-07-02
SILVER COINAGE.

Important Meeting OF the Cabinet TRADE
Dollar Bullion to BE Coined Into Silver
DolIars-Changes to BE Made In the
Treasury Statement.
WASHINGTON, June 27.-A regular
business meeting of the cabinet
was held yesterday. The absentees
were Secretaries Blaine and Proctor
and Attorney-General Miller. The
principal topic of discussion was the
continued coinage of silver after July 1,
and the secretary of the treasury pre-
sented considerable data on the sub
ject
After the meeting, Secretary Foster
made the following statement in regard
to the silver question: AFTER a full
and careful consideration of the law
relating to the coinage of silver Secre-
Lary Foster finds that the act of March
3, 1891, requires that the secretary of
the treasury shall, as soon as practica-
BILE, coin the trade dollar bars into sill
yer dollars He also finds that $50, 900
has been appropriated for the recoin-
age of the subsidiary coinage into
such denominations as shall best serve
to give it circulation. There is con-
start demand for small coins, principal
ly dimes, which the mints have not
been able to supply. The secretary OF
the treasury has decided that his first
duty in this matter is to obey the di-
rection of congress Congress has or
dered 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 S.
OS7, 795 into S., 14S, PSI, standard dollars.
The secretary finds that it will require
perhaps four months to perform the
work of coming trade dollar bars into
standard dollars and recounting sub
sidiary silver. Therefore the question
of the continued coinage of silver dol
lars as heretofore is not 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 at the rate of about 1000, 200
ounces per month. The bullion is
stored at the mints at New Orleans and
Philadelphia and resulted froTh smelt-
ing trade dollars which were redeemed
under the act of March 3, 1887. The
total number redeemed was 1859, ,0S6, of
which a 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 as soon as practi cable.
Owing to mandatory coinage of 2,000,-
900 ounces, or 2, 5S3, 900 silver dollars
per month, as required by act of July
IA, 1890, until July l, it has been i'm
practicable to coin any of this trade
dollar bullion. 1t 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 to change
the form of the assets and liability
statements issued from the treasurer's
Office daily and at the beginning of each
month. In the new form, the net sur
plus will disappear, and only an availa-
BILE cash balance will be carried. Other
changes of minor character will be
made, but what they will be has not
yet been decided by Secretary Foster
In general way the new form of state
ment both of the debt and assets liza
bilities, will closely resemble the state
ments put out when Senator Sherman
was secretary of the treasury. These
changes go into effect July 1, beginning
the next fiscal year.