The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1893-07-04
NO. 40.
THE CoINAGE OF SILVER.
Secretary Carlisle Furnishes tho
Facts and Figures-His Statement
ofthe Situation.

Secretary Carlisle Furnishes the
Facts and Figures-His Statement
A great many people would like to
know the history of the silver legisla-
tion In this country, in view of the pend
ing discussion of the Sherman silver
law, A representative of the United
Press, In conversation with Secretary
Carlisle. suggested to him that there
was a lack OF precise information
touching the amount of silver coined
| up to the present time, and also as to
manner in which the present operation
OF the Treasury under the so-called
Sherman Act results in the payment of
gold in the purchase OF silver bullion.
In reply TO these suggestions, Score
tary Carlisle said:
The operations of the United States
Mint commenced in 1892, and from that
time to 1S73-a period of eighty-one
years-the total amount OF silver
dollars coined was $S,045,8 1888. In 1873
the coinage was stopped by act of Con-
gress, but In 1878 it was resumed under
the so-called Bland ALLISON act, by the
terms of which the Secretary OF the
Treasury was directed to purchase and
grains each not less than $4,000, 900
worth nor more than 81, 900, 900 worth
silver. bullion each month, and between
the date OF that act and the l4th of
July, 1890, a period of twelve years,
there was coined 1878, 166, 1893.
In addition to this there has been
coined from trade dollars, $5,07S,472,
and from the seigniorage of bullion
purchased and coined under the act OF
making in the aggregate 1869, ,886,374
in full legal tender silver money issued
by the Government since 1873. OF this
amount only $58,016,O19 was in actual
circulation on the first day of the pres
ent month, the remainder being held
In the treasury as part of the assets of
the Government or being represented
by outstanding certificates.
The act of July ii, 1890, required
the Secretary of the Treasury to pur-
chase 100000 fine ounces of silver
bullion each month, and it provides
that he should continue the coinage OF
silver dollars at the rate OF $4,000, 900
per month until the lst day of July, 1891,
and under this act there have been
coined 800, ,4OS, 461, which makes the
total coinage of silver dollars under all
acts since 1878, $419, 294 1895, or more
than fifty times as much as was coined
during previous period of eighty-ono
years.
In addition to the silver bullion
purchased by the Government since
1878, and coined as above stated, the
Secretary of the Treasury has purchas-
ed under the act of July ii, 1890, and
now holds in the vaults Of the Treasury,
uncoined, 124, ,292, ,432 fine ounces OF
silver bullion, which cost the people of
the United States $114, ,200, ,920, and is
worth to-day, at the market price of
silver, SOB, III 1856, thus showing loss
of $lO,SSS, $50.
BY the terms of the act the Secre-
tary was required to pay for all silver
bullion purchased by the issue of new
United States Treasury notes, payable
in coin, and itprovided that upon de-
mand of tho holder of any such notes
they should be redeemed in gold or
silver coin, at the discretion of the
Secretary. 1t being in the language
of the act, the established policy of
the United States to maintain the two
metals on q parity with each other
upon the present legal ratio or such
ratio as may be provided by law In
the execution of this declared policy of
Congress it is the duty of the Secretary
OF the Treasury, when the necessity
arises, to exercise all the powers con-
ferred upon him by law in order to
keep the Government in a condition to
redeem its obligations in such coin as
ihoS pS oCbluIuCu, dIiS W prevent inc
depreciation of either as compared
with tho other
The records of the Treasury De-
partment show that during the eleven
months beginning May 81, 1892, and
ending May l, 1893, the coin Treasury
notes issued for the purchase of silver
bullion under the act of July II, 1890,
amounted to $40, ,9G1, ,l94, and that dur
ing the same period the amount of such
notes paid in gold was SIT, ,743, ,173. 1t
thus appears that all the silver bullion
purchased during that time, except
$2,2l6,Oll worth, was paid for in gold,
| while the bullion itself is stored in the
vaults Of the Treasury and can neither
be sold nor used for the payment of any
kind of obligation.
How long the Government shall
thus be compelled to purchase silver
| bullion and increase the public debt by
| issuing coin obligations in payment
forit, is aqucstion which Congress alone
can answer. 1t is evident that if this
| policy is continued and the Secretary
OF the Treasury shall be compelled to
issue bonds or otherwise increase the
interest-bearingp public debt, it will be
done for the purpose of procuring gold
with which to pay for silver bullion
purchased under the act referred to-"
| -M&- =. - Snn.