The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-06-27

WASHINGTON, June 2G.-[Special]-
The regular meeting of the cabinet was
held to-day, beginning at 1890 o'clock.
The absentees were Secretaries Blaine
and Proctor and Attorney General Mil
Ter. Tho principal topic of discussion
was the continued coinage Of silver after
July 1.
After cabinet meeting Secretary Eos.
ter made the following statement in re-
gard to the silver question:
after full and careful considera ton
of tho law relating to tho coinage Of
silver, Secretary Foster finds that the
act of March 3, 1891, requires that the
Secretary Of the Treasury shall, as soon
as practicable, coin tho trade dollar
bars into silver dollars. lie also finds
that $150,00 has been appropriated for
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 boon able to supply. The
Secretary of the Treasury has decided
that his first duty in this matter is to
obey the direction of Congress. Con
gross has ordered the coinage of the
trade dollar bars into standard silver
dollars. Coinage Of tho trade dollar bars
In this manner will transform what cost
S5,0S7,705 into S5,148,2Sl standard dol
lars.
"Thc Secretary finds that it will re.
qulre perhaps four months to perform
work of coming the trade dollar bars
into standard dollars and the recoining
OF subsidiary silver. Therefore, the
question of continued coinage Of silver
dollars as heretofore is mot q prac tical
ono at present."
Trade dollar bullion which is to be
coined into standard silver dollars is
stored in minis at Philadelphia and
New Orleans. 1t results from melting
in bars of trade dollars redeemed at
thcir face value under the act of March
8, 1867, providing for the redemption of
all such coin not mutilated, defaced or
stamped, presented within six months
from the date of the act The total
number redeemed was 1859, 03G, por-
ton OF which have actually been coined
into subsidiary coin.
The act of March 3, 1891, provided,
however, that the balance should be
coined into standard silver dollars only
and that this should be done las soon
as practicable" owing to the manda-
tory of 100000 ounces of silver or
S2,5S5,000 per month till the first prox-
!mo. Under the act of July II, 1890,
i has been impracticable up to this
date to coin trade dollars. The amount
stored at Philadelphia is 1,3s5,425 fine
ounces and the amount at New Orleans,
4,O4S,S19 fino ounces. This will mako
III all about s., las. PSI in standard silver
dollars, net profit above its cost of
little over 100000 1t will take from
three to four months to execute this
coinage at New Orleans and about two
months to coin the stock at Phlladcl-
phia.
largo amount Of subsidiary silver
and minor coins will also have to be re-
coined at Philadelphia during the same
period. The last Congress made an ap-
preparation Of Sl7O,O 900 for tho recoinagc
of the fractional silver coin now in
tho Treasury abraded below the limit
of tolerance. This is about as much as
has been appropriated for the last six or
seven years altogether. 1t is esti-
mated, from what has already been re-
coined that the loss which this appro-
priation will reimburse will be about
per cent; that is, it will pay n loss on re-
coinage of from three to four million
dollars.
The demand for pennies is undated,
and most OF the coinage for the present
Will be OF that denomination. Twenty
live cent pieces may also be coined at
tho same fraction. The coinage of
dimes during the last three years has
been S3, l76,471, the principal part of
which was executed at the Philadelphia
mint, taxing that mint to it's utmost
capacity. 1t is proposed to distribute
this recoinage between the minis at
San Francisco, Philadelphia and New
Orleans.
by law the coinage of minor coin, one
cent and five cent pieces, is confined to
the mint at Philadelphia. This coinage
has been very heavy for several wears
past. During the last three years the
coinage of five cent pieces amounted to
S?,O93, Isl and the coinage of one cent
pieces to 81, 395, 1861. making 4 total of
1S1, $40, GIL pieces.
This has all been absorbed by the
public, and there is every indication
that the demand for these coins will be
large for months to come, and add to
the work of the Philadelphia mint.
Coinage at the minis at San Francisco
and Carson City after July will be con-
fined to gold pieces and such recoinage
OF subsidiary silver as may be required
on the Pacific coast.
The United States Treasurer to-day
states surplus at S3.O27, 1877 in excess OF
the fractional silver and deposits in a.
tional banks.
The President has approved the sug-
gestion OF the Secretary of the Treasury
that the public debt statement and other
statements issued by the Treasury De-
partment to show the state of the public
finances be modelled after the form OF