The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-10-21
THE SILVER TREASURY NOTES.

The PosT-lNTELLIGENCER has been de-
nounced by its Democratic critics as
guilty of an ignorant and absurd state
ment in saying that under our present
silver law the coinage of silver dollars has
been suspended" and that this law ''calls
for one hundred cents worth of silver bull
lion."
Our Democratic critics replied as fol-
lows:
Coinage is not suspended. The law author
ICES Secretary Foster to suspend coinage, but he
has not done so. He prefers to continue coin
age because, in the present depleted condition
of the treasury. he can turn into Ii the seignor-
age or profit made from coming silver dollars.
Secretary Foster under date of the 10th
inst. writes as follows in answer to Elihu
club of Massachusetts:
The act of July "a, 1890, does not increase the
coinage OF silver dollars but since the LIST of
July of the present year has practically stopped
such coinage. The act provided for the pur-
chase of 4,500 600 ounces of silver month, about
two and a half times the amount of silver pur-
chased under the act of 1878, and the coinage into
silver dollars of 100000 ounces monthly (Which
was about the amount they coined under the
act of 1879 until the LIST OF July of the present
year. After that date only such silver dollars
were TO be coined as were necessary to provide
for the redemption of the treasury notes issued
in purchase of the silver bullion. As no treas
ury notes are being presented for redemption in
silver dollars the coinage of silver dollars from
bullion purchased under this aot has practically
ceased since July l, 1891.
The treasury notes differ from the silver certi-
feates In that they are redeemable in either
~ Eil 0ptn Mt thod fonr ~
tary of the treasury. with a provision of law to
the effect that these two dollars shall be main
tanned at parity, which is a virtual promise that
the notes shall always be redeemed in gold, or
its exact equivalent The silver certificates
promise to pay a silver dollar which has been
deposited in the treasury at the time the certif.
cate was issued, and they are receivable for gov
eminent dues. The language of it is: "This
certifes that there has been deposited in the
treasury of the United States one silver dollar,
payable to the bearer on demand" While the
language of the treasury note is: "The United
States of America will pay to bearer one dollar
in coin." In addition to being redeemable In
gold or silver coin, at the discretion of the
tary OF the treasury, and practically under the
pledge to maintain the two metals at parity in
gold, the treasury notes have behind each dol
lar practically gold dollars worth of silver
bullion, while the present silver certificate is q
promise to return to the bearer q silver dollar
The secretary of the treasury in the
same letter, says that treasury notes are
redeemed in gold when so presented for
redemption at the treasury, or any assist
ant treasury of the United States.
The charge of "lack of information"
and Ignorance" made against the Posi-
ISTELLIGENcER in August last by our
Democratic critics is thus left without any
visible standing. Secretary Foster points
out what the PosT-ISTELLIGENcER MAIN
tanned, that back Of the new treasury note
there is practically 100 cents worth of
silver for the holder of the note. The
present treasury, or coin notes. issued
under the act of July 18th, 1890, are issued
against silver bullion, while the old silver
certificate is issued against coined SILVER
dollars.
The treasury note, issued against silver
bullion, the secretary will redeem in gold |;
while the old silver certificate he will re-
ceive only in exchange for the coined and
deprecated silver dollar for which it calls.