The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-14
He Puts the Total Coinage Of Silver Since 1873
st$4l9. 9.294.S35 and Says Only S5S, ,O16,O19
Was in Circulation on June 1.
Nearly Fifty Millions Worth of Bullion
Paid for in Notes Redeemable in Gold.
Mild Financial Panics at Omaha and Detroit
Failure of o National Bank-Defalcation
In a Savings Institution.
CARLILsE's STOCK OF SILVER.
The Secretary Of the Treasury Tells q Report
What tho Sherman Law Has Done.


The Secretary ofths Treasury Tells n Reporter
What tho Sherman Law Has Done.
WASHINGTON, Juno 13-A reporter. in
conversation to-day with Secretary Car
Isle. suggested to him that there was
lack of precise information touching tho
amount of silver coined up to the present
time, and. also, as to the manner in which
the present operations OF the treasury. un-
der the so-called Sherman act. result in the
payment of gold in the purchase Of bullion.
In reply to these suggestions. Secretary
Carlisle said:
1.-The operations Of the United States
mint commenced in 1892 and from that
time 10 1873, perlon of eighty-cne years,
the total amount of silver dollars coined
was S.045. .S3S. In 1878 the coinage was stop
ped by act OF Congress. but in 1873 1T was
resumed. under the so-called Bland-Allison
act, by the terms of which the Secretary of
the Treasury was directed to pur-
chase and coin into standard
silver dollars. of 4r2la grains each,
moro than g. 4000, 900 worth of silver bullion
each month. and between the date of that
act and the l4th day of july. 1850. period
of twelve years. there was coined s37S, l66-
100. In addition TO this there has boen
coined from trade dollars. Sa.07S,472 and
from the seIgniorEge of bullion purchased
and coined under the act of july IA, 1890.
the sum of 81. 64l. l0S, making the aggregate
Soe9. .374 IN full legai-tender silver money
issued by the government since 1o7S. Of
this smonnt only S5S0i6.0l9 were in actual
circulation on the first day of the present
month, the remainder being held In the
treasury as part OF the assets OF the gov
erD nent, or being represented by outstand-
ing certificates. The act of July IL, 1890,
required the Secretary of the Treasury TO
purchase !, 500, 0C0 fine ounces Of silver bull
lion each month. provided that be should
continue the coinage OF silver dollars at the
rate OF $2,O0O.000 per month until the lst
day of July, 1891; and under this act there
have been coined S29. .40S, ,461. which makes
the total coinage of silver dollars under all
acts since 1878 S419, 1886. or more than
fifty times as much as was coined during
previous period of eiQhty-one years.
I'm addition to the silver bullion pur-
chased by the government since 1878 and
coined, az above stated. the Secretary of
the Treasury has purchased under the act
OF July IA. 1890, and now holds In the vaults
of the Treasury. uncoined, 124. 292 532 fine
ounces of silver bullion which cost the
people of the United States Sill, 299. 800. and
IS W orth to-day, at the market price of sill
Yer SlO3, All, ,3S6, thus showing loss OF Sl0,.
S3S.534 BY the terms of the act the Secre-
tary was required TO pay for oil silver bull
lien n-s0hased by the issue of new>>nited
States treasury notes payable in corn, and
lt provides that upon demand of the holders
of any such notes they should be redeemed
IN gold or silver coin, ct the discretion of
the Secretary. 1T being In the language of
the act, the established policy of tho
United States to maintain the two
metals on parity with each other
upon the present legal ratio. or
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 power conferred upon him
by tho law. In order to keep the govern
ment in a condition to redeem its obliga-
tions in such coin may be demanded.
and to prevent the depreciation of either.
as compared with the other.
The records of the Treasury Department
show that during the thirteen months be-
ginning May ]. 1892. and ending May 81.
1893. the coin treasury notes. issued for the
purchase of silver bullion, under the act of
July IA. 1890, amounted to $49.96l.1 .1S4. and
that during the same period the amount of
thus appears that all the silver bullion pur-
chased during that time, exceDt S2,216,011
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 OBJ
legations in payment for II. Is question
which Congress alone can answer. 1t is
the secretary of the Treasury shall be CON-
PEELED TO Issue bonds or otherwise increase
the interest bearing public debt. it will be
done for the purpose of procuring gold with
which TO pay for silver bullion purchased
under the oct referred to-"
The financial condition of the country,
as viewed from treasury standpoint.
shows general Improvement. Bank and
commercial failures are fewor. Europe is
buying our grain in greater quantities.
gold shipments have ceased. at least for
the present. confidence is being restored
and money is not go tight The treasury
net gold has increased from $50. 0O0, 900 to
S91. .sOO COO, and the demand for small money
in the West will have the effect to further
increase the treasury gold. The rate of
exchange is sufficiently high to warrant
the shipment of gold abroad. but the fact
that commercial paper 10 for sale in Lon
don has deterrent effect. There Is a gen.
ersl feeling that the worst is passed. the
weaker financial institutions and business
firms having succumbed, while those that
passed through. so far, unsoathed. are the
stron ger for having westhered the financial
STORM
MILD PANIC AT OMAHA