New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-27
THE COINAGE OF SILVER.
SECRETARY FOSTERS ACTION UNDER THE
LAW.
TO RECON- THE TRADE DOLLAR BARS AND
SUBSIDIARY SILVER AT ONCE.
far TELEGRAPH TO THE TkIBUNEl


Washington June a6-The action taken at to-days
Cabinet meeting on the question Of continuing or ais
continuing the coinage OF silver dollars amounts prac
ticslly 20 a postponement OF the whole subject ioi
the next three four months. The compulsory cum
age OF - 900 coo month will lapse, according 70
the terms of the Act OF July IA, $780, on July OF
this YEAR and the Secretary OF the Treasury avail
ing himself of the discretion lodged with MN, VIII
coin no more bullion for the present, although tne
monthly purchases Of a. 500 900 ounces will OF course
be continued Meanwhile, the Mint authorities VIII
avail themselves of this temporary breathing spen 70
coin into standard dollars the bars into which the ola
trade dollars were melted when redeemed ana 10 re-
coin into dimes large quantity OF unavahoie nan
dollars now on hand in the Treasury so that though
tie old compulsory coinage requirement ABANDONED
the minis will actually be kept Just as busy as ever
for a while coming silver. BY the end OF the summer
when the stock Of trade dollar bars and worn hait
dollars is exhausted, the question Of colnnG or not
coinlng portion Of the monthly purchases OF silver
bullion will come up again for final decision
The action Of the Cabinet this afternoon was the re-
suit Of close examination Of the acts Of the last Con-
gress affecting silver coinage 1t found that, al
though the coinage of part Of the monthly bulletin
purchases was left by the Act Of July Ia 1900, dis
cretlonary with the Secretary OF the Treasury aiter
July l. 1891 the sundry Civil Appropriation bill OF
March g. 1891 directed absolutely the reconage OF the
old trade dollar bars and the reconage OF the abraded
ana OtberWlSe undVMlaDle euDeluidJ N"i"' NJ" ~ WV
Treasury, and made specific appropriation TO defrey
the cost OF recoinage IL determined consequently
TO meet first the direct and immediate requirement.
OF Congress to silver coinage before uecadihg upon
tho remoter question Of continuing in whole or In part
the old monthly coinage.
That the question OF coming or not coming une
bullion purchased monthly that greatly Interests
the so called silver mem may be seriously questioned
The provision for disseminating compulsory coinage
after July l. 1901 was adopted with their consent and
approval and the leading advocates In Congress OF the
freest OF silver money have frequently said that the
actual coinage of the bullion purchased was matter OF
entire Indifference long Treasury notes could DC
lssued directly on the bullion ITSELF
After the meeting Secretary Foster made the follow
ing statement In regard to the silver question:
lie finds that the Act Of March 3. 1891. requires
that the Secretary of the Treasury SHALL as soon as
practicable coin the tradedollar bars into silver dol
lars lie also finds that $4,000 has been appro-
prated for the reconage OF the subsidiary silver coin
into such denominations as will best serve to give 1t
circulation. There Is constant demand for small
coins principally dimes. which the minis have not
been able to supply. The Secretary has decided that
his first duty In this matter Is 10 obey the direction Of
Congress. The rcconage Of the tradedoar bars will
transform what cost SIS ,Os7,705 into 514s2e1 standard
dollars. II will require perhaps four months 10 90
This and TO recon the subsidiary silver. Therefore the
question Of the continued coinage Of silver dollars as
heretofore Is not practical one at present.
The trade dollar bullion, which is TO be coined into
standard silver dollars stored In the minis at Phia-
delphia and New Orleans 1t results from the melting
into bars Of the trade dollars redeemed at their face
valne under the Act Of March B. 1887, providing ior
the redemption OF all such coins not mutllated defaced
or stamped presented within six months from the date
of the act Tho total number Of redeemed coins was
: GAO O30 portion Of which have already been
coined into subsidiary coin. The Act OF March B. 1891
nrovIded however that the rest should be coined into
standard silver dollars only and that this should DO
done "as soon as practlcabe.7 Owing TO the man.
datory coinage of 100000 ounces OF silver or ~
$4,000 a month, until July l, under the ACT OF July
H. 1890 II has been mpractcable UP to this time 10
coin the dollar bullion into standard dollars
The recolnage will make a net profit OF little over
5000 600 The trade dollar weighed 400 grains, while
the standard dollar weighs 412 2 grains, leaving
margin OF profit OF IL grains on each dollar reconed
hut as a matter of fact the pieces were abraded by
wear about five grains each.
A large amount Of subsidiary silver and mint COINS
will also have 10 be recOned at Philadelphia during
the same period. The last Congress made an appro-
paton OF $3.50 900 for the reconage Of the uncurrent
fractional silver coin now in the Treasury aoraded
below the limit OF tolerance. This Is about as much
rs has been appropriated for the last six or seven years
altogether II Is estimated from what has already been
rconed that the loss which this Appropriation VIII
reimburse VIII be about per cent that Is, 1t VIII
"a. 900 900.
The demand for dimes continues undated and most
OF the recoinage for the present will be OF that denom
nation although twenty -fvecent pieces may also be
coined at san Francisco. The coinage OF dimes during
the last three years has been s3176471 or 3l684162
pieces the principal part of which was executed at the
Philadelphia mint. taxing that mint, with It's cTamped
space TO its utmost capacity. 1t is proposed to dis
tribute this reconage between the minis at San Fran
CISCO Philadelphia and New Orleans. BY law, the
coinage OF minor coin-l cent and cent pieces-is
confined to the mint at Philadelphia. This coinage
has been heavy for several years past. During the
last three years the coinage Of veent pieces amounted
TO 81 O93.161 and the coinage of Onecent pieces 10
81 39j, 1854. making total coinage OF 1ol,3i0'o'
pieces This has all been absorbed by the pubic ana
there is every indication that the demand Tor these
coins will continue large for months TO come ana add
con slderaby to the work OF the Philadelphia MINT Inc
coinage at the minis at Francisco and larson ,t
after July will be confined 20 gold pieces ana such
recOlnage Of subsidiary silver coins a. may be required
on the Pacific coast
AMERICAN MACHINERY I'M IRELAND.