Middlebury register. (Middlebury, Vt.) 1886-1937, 1893-08-18
FACTS ABOUT SILVER.

FACTS ABOUT SILVER.
SOME INFORMATION USEFUL FOR REFER
ANCE PURPOSES OPERATIONS OF THE
SILVER PURCHASING LAW.
The Washington correspondent of the
Troy Times writes his journal as follows:
Here is sume information on the silver
question winch the average reader may
want to paste in his hat for reference.
1t has been gathered from various treas
ury officials. the acting director of the
mint, the officials of the treasurer's office
aud others. The questions when were re-
quired to get these answers were asked
of number % officials, but obtained the
necessary results in condensed form.
They are as follows:
Q.-"How many ounces of silver have
been purchased since the Sherman law
was enactpd?
A." One hundred and ffty-nine
million ounces"
Q.-"What has it cost?"
A.-"About Sl4S.0O0,OO0."
q -"Ihen there nas been added to the
currency of the country Sl4S,00O,000 by
by means of this acts'
Ayes"
DIN what form is this currency
silver dollars or certiticates?'
A.-"rreasury certificates redeemable
in coin They are usually termed coin
certificates, but we speak of them us
treasury notes redeemable IN coin"
Q.-"Are these Sis, 900, 600 equal to as
many dollars of other currency; for
instance, equal to that number of gold
dollars?'
A.-"Ies. Even more than that at
present, for there have been standing
offers in New York of gold premium
for small notes and silver dollars. SO
that these notes and the dollars which
have been coined would. under those
offers. be actually worth more than that
amount of gold to-day" ~ o.
Q.-"Of the 100, 900, 600 ounces of silver
purchased, how much is now in the
vaults of the treasury"
Alphabetically all of it. Twenty
eight million ounces have been coined
into dollars
Q-"rhose 2s,OOO,OOO ounces which
have been coined into dollars have made
how much money!"
A.-"About $4,000 000."
OFF the 5000, 900 ounces of silver
which have heen purchased were to be
coined into dollars to-day, how many
would they make
A.-"About 500, 000, 0OO."
Q.-"Then We should have $203 900. 900
in silver for the amount of silver which
cost us 5000 00?"
A.-"In round numbers, yes
Q-"So that the profit seems to have
been about $4,000, 000Y'
A.-"Ies, apparently So"
Q.-"Ihere have been statements to
the effect that many millions of these
coin certificates have been redeemed in
gold. DO you deduct that number from
your statement of the number now out
standing,
A.-"No. 1t is true that some have
been redeemed in gold, but they have
been issued Immediately again in the
current course of business BY the
treasury department the redemption in
gold of these certificates is a mere eX-
change. People have brought these
certificates to the treasury or sub-treas-
ury and obtained gold in exchange for
them. and they have gone into the cash
drawer of the treasury and been paid out
again in the course of current business. .
Q.-"So that the Sl4S. 900, 900 in these
treasury notes or coin certificates as
they are usually termed, which have
been issued to pay for the l59, 100000
ounces of silver purchased under the
Sherman law, are still, all of them, in
existence and in circulation, are they?"
A es. + Hs---la 2. trA
Q.-"WOuld it be practicable under
the law if all this silver bullion was
coined to simply hold in the treasury as
many silver dollars as there are certiti-
Gates outstanding and make use of the
remainder of the silver for currency?"
A.-"UndOubtedly These coin certiti-
Gates as they are called, or treasury
notes, are simply a promise to pay AS
many dollars in coin as are shown upon
their face. SO if the treasury should
coin this silver into dollars and retain as
many Of these dollars as it has certifi-
Gates outstanding it would uuquestion-
ably have the right to use the remainder
of the dollars which the silver bullion
might produce for other purposes
Q.-"IIow many dollars would it have
then after retaining as many as would
equal the number of certificates now ont
standings
A.-"The silver which has been pur-
chased under the Sherman law up to
this time-l59, 100000 ounces-has cost
Sl4S. 900. 900, but if coined would make
100000 silver dollars. SO that there
would be about so 1000, 600 of surplus.
or extra as you may term it. which
might be used by the treasury for cur
rent business. and that much added to
the currency of the country, if congress
in its wisdom should see fit to direct the
secretary of the treasury to cause all of
this silver to be coined
TESTING BIG GUNS.