Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-06-27
SILVER COINAGE.
SHALL THE MAKING OF STANDARD
DOLLARS BE CONTINUED?
Secretary Foster Says the Question Is Not
Practical One-Subsldiary and
Minor Coins.
by telegraph to the Dispatch J

WASHINGTON, June 26.-A regular meet
ing of the Cabinet was held to-day. begin
ming at 1880 O'Clock. The absentees were
Secretaries Blaine and Proctor and Attor-
ney-General Miller. The principal topic
Of discussion was the continued coinage of
silver after July 1st.
After the Cabinet meeting, Secretary
Foster made the following statement in re-
gard 10 the silver question:
After full and careful consideration
OF the Law relating 20 the coinage Of silver, Score
tary Foster finds that the act Of March 3, 1891,
| requires that the Secretary Of the Treasury
shall ~ soon as practicable, coin the trade-dol-
lar bars into silver dollars. He also nnls that
SlJO0OU hos been appropriated for the recOin-
| nge ~ the subsidiary silver coin into such de-
nominations as viii best serve 90 give it ci'cuH-
! laiion. There Is constant demand for small
| principally dimes-which the mlnts Laye
| not been able 10 supply. The Secretary OF the
Treasury has decided that his first duty in
this matter u 10 obey the direction OF Congress.
| Congress has ordered the coinage OF the
| trade-dOllar b"rs into standard silver dollars
The coinage Of the trHde-dOllar bars IN JhlS
manner will transform what cost Sl,OSI,I9'
| into $j,14S,2s1 STANDARD dollars. The Secre-
| tary nnd- that 70 will require perhaps Iout
! months % perform the work Of coming the trade
/ dollar bars into standard dollars md tccoinlng
/ the subsidiary silver. Therefore, the question
! II the continued coinage Of silver dollars as
| heretofore is not q practical one nj present.
THE TRADE-DOLLAH rULrloS.
! The trade-loUar bullion which Is 20 be coined
into standard silver dollars i- stored I'm the minis
I at Philadelphia ana New Orleans. II results
! from the melting into bars Of the trade-dollars
! redeemed no their face value under the act %,
! March 3, 1874 providing for the redemption OF
al such coins not mutatcd, deiaced or stamped
| preseutcdwithiu six months from the date ~ the
/ atf. Tho total number redeemed WIS t.DN..tsbN,
| n portion ~ which have actually been coined
| into subsidiary coin. The act of March -
l,1l provided, however, that the balance
J should be coined into STANDARD silver dollars
| only, and that this should be done "ns soon as
| practicable Owing % the mandatory coinage
| Of 100000 ounces Of silver. or S2IS'OOO q
month until the lst pr.TtBio, under the act ol
| July / I. 1880, IL has been impractcahle mp "a
| this time 20 coin the trade dollars. The amount
! stored at Philadelphia ia 40 hne ounce.
| and the amount no New Orleans ",oJS,0'" me
ounces. This will mako iu al about g, 49,
! 2Nl in standard silver dollars, q net prom
! above its cost Of little over NtOO,uOo. Inc
| trade dollar weighed 42O grains. while the
| standard dollar weighs 4l2ls, leaving a margin
| OF profit Of ~ grains on each dollar r"ooined
! bat a. n matter % fact the pieces were aurndrd
! by wear about five grains each. II VIII take
| from three 20 four months 20 execute tLl7 r"
| coinage M New Orleans and about two month.
TO coin tho stock at Philadelphia. \ larg,
| amount Of subsidiary silver and minor coins VII
| also have 10 be rocoiucI NJ Philadelphia during
! tho same period.
! SUBSIDIARY SILVER co.'s.
! Tho Inst Congress made nm appropriation OF
SIIO,OOU for the rccoinlge ~ the uu'urronl
| fractional silver coin now I'm the Treasury
| abradcd below the limit OF tolerance. This !,
| about as much as has been appropriated for th'
! last six or seven years altogether. II is est'
| mated from what has already been reculne'
TINT the ioss which this appropriation viii REIN
! bur-e VIII be- about > per cent; That ls
| e. will Uay the lpas on the recolnuge oil
! from three 60 four million dollars Inc
| demand for dimes continues uuab1ted
| and most Of the res. image for tho present WI
| be- of that denomination, although tWouiy-h'"
| cont piarcs may also be- coined 10 san Francisco
| Tho coingaes Of dimes during the last three
| years has been S3I1G,4l, or "I'j4' ~
| pieces, the principal part ot which WAS executed
! az the Philadelphia mint, taxing that mint WIN
! iI- crampcl space a. It, utmost capacity. II l'
/ proposed 20 distribute this rccoInlre between
| the mints at san Fraur ro, Philadelphia and
| New Orleans BY law the coinage of miuOl
| cliua-oue-ccnt and nyc-rent pieces confined
| tl the mint at Philadelphia. This cOiuas" ha-
! ba.u very heavy for several year.
| Vr-t During tho last three yc1r-
! In. coinage Of nve-ccnt pieces amount
! 81 70 s2,Ug3.1Gl ,and the coinage ot one-'enl
! pieces ~ 3 ,3gj. .3Gi. making total coinage of
| lSI31g,B1l pieces. lhis has all been ahsorhe.
D., the public, and there il every indication thai
! tra demand for these s ins viii continue large
| for months 10 come, and add considerable 10 th'
| work of the Philadelphia mint. ne coinage p
| he miu's nj san Francisco and Carson Oul
r.rnr July 1st will Doe confined to gold pieces nue
/ s4su re,OInagr ot subsidiary silver CONS az may
! Doe required ON the ftriic coast.