Daily independent. [volume] (Elko, Nev.) 188?-1915, 1892-06-04
REMINTTNG SILVER COINS.
Worn Out Currency Which Has to
Be Remolded..
The Enormous Amounts Which Accu-
mulate In the United States Treas
urY and the Manner OF
Their DisDoRaI.

The sundry civil bill this year con-
tains a provision by congress of 500, 900
Tor recoining uncurrent silver coins.
There are at present between $14, OOO,-
600 to SIS, 600, 900 worth of abraded silver
coins in the treasury which need to be
reminted. They have been so worn in
peoples pockets and in other WAYS in
cidental to their circulation as to have
lost on an average about 8 per cent.
OF their bullion value. BY law the gov
eminent is obliged to give their face
value for them, which it can well afford
10 do, inasmuch as it's profit on their
original coinage was so big. Every
half dollar contains only about S7Jb
II worth of metal, and there is n
proportlonate gain on the minting of
quarters and dimes, Uncle Sam SCOOP
ing in the difference between the bullion
value and face value of each coin. This
IS such a very profitable business that
no private individual is permitted to go
into it. Formerly it was different, and
SIere were private minis in various
parts OF The country which issued coins
of their WI stamps.
Nearly all of the uncurrent silver
coins now in the treasury are half dol
lars. This is because more half dollars
V b~2en1ninted than there is use for in
the business of the country. Compare
lively few quarters and dimes are in
the lot, for the reason that they are
wanted IL active circulation. a dime
Changes hands ten times for oncc that n
half collar is moved from one PERSONS
PICKET TO anOther's. Just now there
are 0 $4,000, 600 silver dollars in
the treasury vaults, says the Washing
ton Star. What a weight of the metal
this represents one Cets n notion OF
from the fact that one million silver
dollars weigh thirty tons. People fnl
them TOO heavy for ordinary handling,
Il SO they are stored away in great
BINS here, while paper representing
tAclr value serves as Il substitute for
them in trade. Owing to the recent
fal in The: price of silver the actual in
tTlnsic worth Of these masses of white
metal at Washington has considerably
diminished OF late. 1t is not surprising
that people should hoard and hide avyaV
gold, as II Is the only sub
stance which can never become cheaper
than it is now.
1t must lot be supposed that the $780,
lO0O appropriated by the sundry civil bill
Is to Ply the expense Of 'rcminting
the ccinS. 1t is merely to reimburse
the treasurer of the United States for
!: loss on accountOf the abrasion. On
c&cry 81 COO recoined there is a loss of
r-arjy S3o.. 1t is not expected hat the
treasurer shall pay this out of his own
pocket. So, after the coins have bce1.
rcnintcd, the difference between their
original face value and their face value
atVer re2oining is figured up and the
amount Is transferred to the. credit of
tie treasurer, so as. to make his cash
square. The 100000 will not 60 very
~faa>toward reminting the fifteen or six
teen millions of abraded silver, but a
sum is set apart each year for continu-
ing this work. Last year $3.50, 900 was
appropriated. Only n few years ago
there was $2G, O0O, 900 worth of abraded
silver in the treasury.