The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-16
UNCLE SANS LOSSES.
Mr.. CARLISLE TELLS AN zBOUr
SILVER COINAGE.
Over $40, 900, 900 Sunk in the White Metal
Increase Of the Public Debt Very
Seriously Threatened.

A Washington dispatch, dated June 18th.
says:
Secretary Carlisle said to-day in reply
TO a request for precise information touch
ing the amount Of silver coined up 10 the
present time. and the manner I'm which
the Sherman act results in the payment
OF gold for silver bullion:
"The operations OF the United States
Mint commenced I'm 1892. and from thas
time to 1973-a period Of eighty-one
years-the total amount Of silver dollars
coined was SSO6.S3S. In 1913 the coinage
was stepped 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 Iii.
/ rected TO purchase and coin into stan
/ dard silver dollars Of 4l2 - grains each
not less than 100000 worth nor more
| than 100000 worth OF silver bullion
each month. and between the date Of
that act and the 1ith OF July. 1890. a
period Of twelve years, there was coined
S37S 1876. 793
In addition to this there has been
coined from trade dollars S5.07S.f12. and
from the seieni0rdge of bullion purchased
and coined under the act Of July Il, 1890.
the sum Of S66itl09. making I'm the ag
gregate 1868. SS637i in fun legal tender
silver money issued by the Government
since 1873. OF this amount only &S,0l60l9
was I'm actual circulation on the first day
OF the present month. the remainder
being held In the Treasury as part of me
assets Of the Government or being rep
resented by outstanding certificates.
THE act of July II. 1890. required the
Secretary Of the Treasury 10 purchase
100000 fine ounces of silver bullion each
MONTH and Il provided that he should
continue the coinage of silver dollars az
the rate of 100000 per month until the
first day of July 1891, and under this act
there have been coined 500 0S.46l. wh.ch
makes the total coinage Of silver dollars,
under AN acts since 1878. SAG .&ih3, or
more than nifty times as much as was
coined during previous period or eighty
one years.
I'm addition TO the silver bullion pur-
chased by the Government since 1915 ana
coined as above stated. the Secretary or
the Treasury has purchased. under the
act Of July "A. 1880. and uow holds In the
vaults of the Treasury uncoined, lLLzs2,-
532 fine ounces OF silver bullion, which
cost the people OF the United States $lli-
2g9.920 and is worth to-day, at the market
price Of silver. $l03ill.3S5. thus showing
loss Of $l0SS8.55O.
by the terms OF the act the Secretary
was required TO pay for all silver bull
lion purchased by the issue or new Jnited
States Treasury notes payable IN com /
and IL provided that upon demand OF the |
holder OF any such notes they should be /
redeemed IA gold on silver coin, az the |
discretion Of the Secretary 10 being IN
the language of the act. the established /
policy Of the United States 10 maintain
the two II etals on parity with eacn
other upon the present legal ratio or such |
ratio as may be provided by law. In the
execution Of this declared policy or CON
gress il is the duty of the Secretary or
the Treasury. when the necessity arises /
to exercise all the powers conferred upon !
him by law I'm order TO keep the Govern |
mont In a condition 90 redeem its obli- |
cations in such coin as may De de- |
manded. and 20 prevent the depreciation |
OF either as compared with the other
"The records OF the Treasury Depart |
ment show that during the eleven months |
beginning May 81, 1902. and ending May !, |
1S9} the coin Treasury notes issued for |
the purchase of silver bullion under the /
act OF July a. 1890. amounted 10 Si9sbl,lhf !
and that during the same period the |
amount Of such notes paid I'm gold was /
STTE173. 10 thus appears that all the /
silver bullion purchased during that time |
except s22lGOli worth. was paid for In /
gold. while the bullion itself is stored In |
the vaults of the Treasury and can neither /
boz sold nor used for the payment OF any /
kind Of obligation.
How long the Government shall thus /
be compelled 20 purchase silver bullion |
and increase the public debt by issuing |
coin obligations I'm payment for H. is |
question which Congress alone can am I
swer. II IS evident that II this policy is |
continued and tine Secretary Of the |
Treasury shall be compelled 10 issue |
bonds or otherwise increase the inter
est-bearing public debt IL win be done
for the purpose Of procuring gold with
which 10 pay for silver bullion purchased
under the act referred to-