The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1893-06-21
Money Matters are Easing Up, and
Times are Likely to I'm
prove Soon.
Europe Is Buying Our Produce, and
We Have Quit Shipping
OF Gold.
CONGRESS CAN IMPROVE THINGS

ohto ost ASNNat LhhOPN phyhh6 CNi
grain in greater quantities, gold ship
ments have ceased, at least for the pres
ent, confidence is being restored and
money is not so tight.
The Treasury net gold has increased
from sS9,OO0,OOO to sol 100000 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 CONNER.
cial paper is for sale in London has de-
terrent effect. There is general Telling
that the worst is passed, the weaker tinan-
cial institutions and business firms hav-
ing succumbed, while those that passed
through so far unscathed are the stronger
for having weathered the financial storm.
In conversation today with Secretary
Carlisle it was 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 the
manner in which the present operations
of the Treasury under the so-called Sher-
man act r, suit in the payment of gold in
the purchase of bullion. In reply to these
suggestions Secretary Carlisle said
'The operations of the United States
Mint commenced in 1892, aud from that
time to 1873, period of eighty-one years
the total amount of silver dollars coined
was $685. 3S. In 1873 the coinage was
stopped by act OF Congress, but in 1873 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 4l2 1-2 grains each, not less
than 100000 worth, nor more than 81, :
100000 worth of silver bullion each
month, and between the date of that act
and the l4th day of July, 1890, a period
of twelve years, there was coined $685.
l65, 703. In addition to this there has
been coined from trade dollars $5,07S,472
and from the seigniorage of bullion pur-
chased and coined under the act of July
IA, 1890, the sum of So, 46l, 100, making
the aggregate $685., SS6,374 in full legal
tender silver money issued by the Gov
eminent since 1878.
''Of this amount only $5S,0l6,0l6 was
in actual circulation on the LIST day of the
present month, the remainder being held
in the Treasury as part of the assets of
the Government, being represented by
outstanding certificates. The act of July
IA, 1890, required the Secretary of the
Treasury to purchase 4, 800, 900 fine ounces
of silver bullion each month"; provided
that he should continue the coinage of
month until the LIST day of July, 1891;
and under this act there has been coined
$29, 408, 46l, which makes the total coin
age of silver dollars under all acts since
1873 $4l9, 294, 1876, or more than fifty times
as much as was coined during previous
period of eighty one years.
'In addition TO the silver bullion pur-
chased by the Government since 1878
and coined as 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, 1872 fine ounces OF silver bullion, which
cost the people of the United States STA
299,920, and is worth today at the mar
ket price OF silver sos, All, 1886, thus
showing loss of Sl0,Sss,534. BY the
terms Of the act the Secretary was requir-
ed to pay for all silver bullion purchased
by the issue Of new United States Treas
ury notes payable in coin, and it provid-
ed that upon demand of the holderof any
such notes they should be redeemed i'm
gold or silver coin, at the discretion Of the
Secretary, it being in the language of
the act, the established policy OF the
United States TO maintain the two metals
on parity with each oGher upon the
present legal ratio, or such ratio as may
be provided by law.
"In the execution OF this declared poll
icy Of Congress, it is tho dnty OF the Sec
rotary Of the Tseasury, when the necess-
ity arises, to exercise all the powers con-
ierred upon him by law in order TO keep
the Government in acondition to redeem
its obligations in such coin as may be de-
handed, and to prevent the depreciation
OF either as compared with the other.
The records OF the Treasury Department
show that during the thirteen months
beginning May ], 1902, and ending May
81, 1898, the coin Treasury notes issued
for the purchase of silver bullion under
the act Of July IA, 1890, amounted to $49,-
98l ,lS4, and that during the same period
the amount of such notes paid in gold
was $47,745,l73.
ut thus appears that all the silver bull
|. lion purchased during that time, except
Nh2l8, OIL worth, was paid for in gold,
I&the bullion itself is stored in the
N<the Treasury and can neither be
Y - for the payment OF any
1K Yen, How long the Gov
INC compelled TO pur-
4 *thich Com