The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-06-27
TO COIN SILVER BARS.
OUTCOME OF TIE CABINET DIS
CUSTOM.

mSnt MakSSulIb IOr Cn0 lime Being
Suggested by Wall Street.
WASHINGTON, June 26.-The cabinet
meeting lasted nearly three hours, indicat
ing that the discussion was not confined 70
the silver coinage question. Secretary
Foster, who wanted silver coinage stopped
out of regard for eastern sentiment, and
President Harrison, who wanted 1t con-
tinued out Of regardfor western sentiment
soon reached an agreement on the compro.
mise suggested to Secretary Foster
en- Wall street of coming the
trade dollar bars, putting off
the main question, thus temporizing with
both the east and west. Then came a more
informal discussion of the treasury situa-
ton, which resulted in no formal action,
but it is understood that it was practically
concluded, subject to revision at future
cabinet meetings, first to change the form
OF the debt statement so as to make as
favorable a showing as possible for the
treasury; second, to withhold all public
work appropriations after July /, and
third, to extend the September bonds, prob
ably at per cent. Secretary Foster in
sisted that the Presidents IL per cent,
scheme was not practicable.
AS TOLD BY THE PRESS.
(By the associated Press)
WASHINGTON, June 26.-The regular
meeting Of the cabinet was held to-day, be-
ginning at IL 80 o'clock this morning. The
abseatees were Secretaries Blaine and
Proctor and Attorney General Miller. The
principal topic of discussion was continued
coinage of silver after July l. After the
following statement In regard to the silver
question: AFTER full and careful consid-
GRAFTON Of the law relating to the coinage
of silver, Secretary Foster finds
that the act Of March 8, 1891,
requires that the Secretary of the Treasury
shall, as soon as practicable, coin the trade
dollar bars into silver dollars. He also
fads that sl50,000 has been appropriat ed
for the recoinage of subsidiary silver coin
into such denominations as will best serve
to give it circulation. There is constant
demand for small coins, principally dimes,
which the mints have not been able TO sup
ply.
HIS FIRST DUTY.
"The Secretary of the Treasury has de-
cided that his first duty In this matter is to
obey the direction Of congress. Congress
has ordered the coinage of the trade dollar
bars into standard silver dollars. The
manner will transform what cost
S5,OS7, 795 into IS, ,281 standard silver
dollars. The secretary finds that it will re-
qaire perhaps four months to perform the
work Of coming trade dollar bars into
standard dollars and recoining the sub
Sidiary silver Therefore the question of
continued coinage of silver dollars as here~
tofore is not practical one at present"
WHERE THE BULLION IS.
The trade dollar bullion which is to be
coined into standard silver dollars is stored
in the mlnts at Philadelphia and New Or
lans. 1t results from the melting into bars
of trade dollars redeemed at their face value
under the act Of March 3, 1877, providing
for the redemption of all silver coins not
mutilated, defaoed or stamped, presented
within six months from the date of the act
The total number redeemed was
I6S9,OS6 pieces, portion of which
have actually been coined into subsidiary
coin. The act of March 3, 1891, provided,
however, that the balance should
be coined ''as soon as practicable" Owing
70 the mandatory coinage of 100000
ounces Of silver or 81, ,595, 600 month until
the first proximo under the act of July IA,
1870, it has been impracticahle up to this
time to coin the trade dollars. The amount
stored at Philadelphia is 1,3S5,525 fine
ounces and the amount at New Orleans
about SIS, las, ,2S1 in standard silver dollars, q
net profit above its cost of little over
$600,000.
WEIGHT OF THE TRADE DOLLAR.
The trade dollar weighed 420 grains, while
the standard dollars weigh 4129 grains,
leaving margin of profit Of ~ grains on
each dollar reooined; but as a matter of
TACT the pieces were abraded by wear about
i've grains each. 1t will take from three to
rNNNs,, - = -
New Orleans and about two months to coin
the stock at Philadelphia. A large amount
OF subsidiary silver aud minor coins will
also have to be re-coined at Philadelphia
during the same period. The last congress
made an appropriation of $150.000 for the
recoinage Of uncurrent fractional silver
coin now in the treasury abraded below the
limit OF tolerance. This is about
as much as has been appropriated
lor the last six or seven years altogether
THE LOSS IT WILL MAKE Up.
It is estimated from what has already
Deen recoined that the loss which this ap-
preparation will reimburse will be about
per cent, that is. it will pay the loss on
t1e recoinage OF from $1,000, 600 to S4 ,000,-
UVO The demand for dimes continues un-
aoated and most Of the recoinage for the
present will be of that denomina-
ton, although 25 cent pieces may
N0O De COlDeu bb Ca1 FRANCISCO. 1n0 COlu-
age Of dimes during the last three years has
been So, ,176.471 or 81, ,564, ,762 pieces, the
principal part of which was executed at the
fhlladelphia mint taxing that mint, with
lts cramped space, to its utmost capacity.
IL Is proposed to distribute this reooinage
between the mints at San Francisco, Phila-
delphia and New Orleans.
MINOR COIN.
By law the coinage of minor coin, 1-cent
and 5-cent pieces, is confined to the mint at
Philadelphia. This coinage has been very
heavy for several years past. During the
last three years the coinage of scent pieces
amounted to $2,093, 161. and the coinage of
I-cent pieces to s1,S95,96 making a
total total coinage of 1S1,375,671 pieces.
inls has all been absorbed
oy the public, and there is every indication
that the demand for these coins will con-
unue large for months to come and add
considerably to the work Of the Philadel-
Phla mint. The coinage at the mints at
pan Francisco and Carson City. after July
l, VIII be confined to gold pieces and such
fecoinage of subsidiary coins as may be re-
qulred on the Pacific coast.