The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-06-23
SILVER TALK.
Secretary Carlisle Explains Where the Gold
Goes-A Little Financial History Worth
Raadin0

Secretary Carlisle Explains Where the Gold
Goes-A Little Financial History Worth
Reading.
WASHINGTON, June 14-Touching the
amount of silver coined up TO the pres
ent time. and also as to the manner in
which the present operations of the
treasury under the so-called Sherman
act result in the payment of gold in the
purchase of silver bullion, Secretary
Carlisle said:
The operations of the United States
mint commenced in 1T92. and from
that time TO 1873, period - eighty-one
years, the total amount Of silver dol
lars coined was s.O45. SIS. In 1873 the
coinage was stopped by act of congress,
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
coin into standard silver dollars. of
4i2I{ grains each. not less than $4,000.
600 worth nor more than S+.000,000
worth of silver bullion each month.
and between the date of that act and
the 18th day of July, 1890, a period of
twelve years, there was coined s37s,-
100, 793.
In addition TO this there has been
coined from trade dollars s5,0Is.4T2,
and from the seignorage of bullion pur-
chased and coined under the act OF July
II. 1890. the sum OF 81. Sal .IO9. making
the aggregate $3.50, sSs.37i in full legal
tender silver money issued by the gov
ernuent since 1873. OF this amount
only SIS, DIG, 019 were in actual circula-
ton on the first day of the present
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 purchase
4.50O, Oe0 fine ounces OF silver bullion
per month and it provided that he
should continue the coinage of silver
dollars at the rate of S2.000,oOo per
month until the first day of July. 1891:
and under this act there have been
coined S9a. 40s. 46I. which makes the
total coinage of silver dollars under all
acts, since ISIS. S419. 294.ss5. OF more
than fifty times as much as was coined
during a previous period of eigh1y-one
wears
In addition 10 the silver bullion PIIr-
chased by the government since 1878.
and coined as above stated. the secre-
tary OF the treasury has purchased
under the act OF July IA. 1880. and now
holds in the vaults Of the treasury IN
coined f24. 292.5 32 fine ounces Of silver
( bullion which cost the people of the
/ United States Sll4.299. 920. and IS
worth to-day at the market Price of
silver s103 All. 1855. thus showing loss
Of SO. SIS. 5S+ BY the terms OF the act.
the secretary was required 70 pay for
all silver bullion purchased by
the issue OF United States treasury
notes payable n coin. and it provides
that upon demand OF the holder Of any
such notes they should be redeemed in
gold or silver coin. at the discretion of
the secretary. 1t being in the Ian
guage Of the act, - the established pol
lev Of the United States 20 maintain
the two metals on a parity with each
other upon the present legal ratio. or
such ratio as may be provided by law.
The records OF the treasury depart
ment show that during the thirteen
months. beginning May 81. 1S93- and
ended May 81. 1898. the coin treasury
notes issued for the purchase of silver
bullion under the act Of July II. 1870,
amounted 70 $40. G6l.ls4 and that dur
ing the same period the amount Of
such notes paid in gold was So, 49,. lib
1t thus appears that all the silver
bullion purchased during that time, ex-
cept S2.2I6.0I4 worth. was paid for in
gold. while the bullion itself Is stored
I IN the vaults OF the treasury and ca 4
! neither be sold nor used for the pay
ment of any kind OF obligation. How
| long the government shall be thus COM
PEELED to purchase silver bullion and
[ increase the public debt by issuing coin
obligations in payment for it. Is ques-
/ ton which congress alone can answer.
Il i evident that # this policy Is con-
tiuueG and the secretary OF the Ereasu-
~ shall be compelled 70 issue bSnds or
otherwise increase the interest-bcaring
public debt. II Will he done. for the pur-
I pose Of procuring gold with which to
pay for silver bullion purchased TIndcr
! the at referred 70.