Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-06-14
EXPLAINS THINGS.
Secretary Carlisle Discourses on
the Money Question.
HOW SILVER Is BOUGHT WITH GOLD.

A Review of Coinage Matters for Gem
tury-Enormous Quantity of the White
Bullion That Cost 81 o. sss. 900 More Than
1t Can Be Sold for-Operations of the
Sherman Act as Viewed by the Kentucky
Statesman.
WASHINGTON, June IA representa-
| tive of the United Press in conversation
with Secretary Carlisle suggested to him
| that there was lack of precise informa-
! ton touching the amount of silver coined
| up to the present time, and also as TO the
| manner in which the present operation of
she treasury under the so-called Sherman
act results in the payment of gold in the
purchase of silver bullion. In reply TO
these suggestions Secretary Carlisle said:
THE operations of the United States mint
| commenced in 1892 and from that time to
1873 a period of eightyone years the total
amount u silver dollars coined was s,oa5.-
S3S. In 1919 the coinage was stopped by
act of congress, but in 1873 it was resumed
under the so-called Bland-Allison act,
and between the date of that act
and the 10th day of July, 1890, period of
twelve years, there We're coined $685.
166, 1913.
Only S5s ,O18,OI0 In Circulation.
an addition to this there has been coined
l-om trade dollars s5,07s, 472, and from the
leigniorage of bullion purchased and coined
under the act of July Vi, $780, the sum of
81, Gal 100, making the aggregate 1888, $50,
314 in full legal tender silver money issued
by the government since 1878. OF this
amount only s5S, ,O19 We're in actual cir
culation on the first day of the present
month the remainder being held in the
treasury as part of the assets of the govern
ment or being represented by outstanding
certificates" The Sherman act required
the treasury to purchase 100000 ounces of
silver per month, and coin 100000 per
month until July l, 1891. "Undcr this act
there have been coined so. 40s. 461, which
makes the total coinage of silver dollars
under all acts since ISIS S+l9,234, S{5, or
more than fifty times as much as was
coined during previous period of eighty
one years
Enormous Lot of Silver Bullion
The secretary said that the bullion pur-
chased and not coined now amounted to
12l. 2G2. 5&2 ounces. which was stored in the
vaults and was worth in gold so, IS, $50,
less than Va paid for it. by the terms
of the Sherman act the secretary was re
CURED to pay for all silver bullion pur-
chased by the issue of the new United
States treasury notes payable in coin, and
provided Ut-ii upon AArtllsttltl ~
err of any such notes they should be re
deemed in gold or silver coin. at the discre-
ton of the secretary. it being, in the
language OF the act. the established pol
lev OF the United States To maintain / q
two metals on parity with each other
upon the present legal ratio. or such ratio
as may he provided by law
Must Maintain Parity of Values.
In the execution of this declared policy
of congress it i the duty of the secretary
of the treasury. when the necessity arises,
to exercise all the powers conferred upon
him by law in order 10 keep the govern
ment in condition to redeem its obliga-
tions in such coin as may he demanded,
and to prevent the depreciation of either
as compared with the other. The records
of the treasury department show that
during the eleven months beginning May
81. 1852. a1d ended May l, 1898. the coin
treasury notes issued for the purchase of
silver bullion under the act of July H.
1890 amounted TO Si9.95l ,lS4
How 1t Is Paid for in Gold
During the same period the amount of
such notes paid in gold was 81, 745, 173. 1t
thus appears that all the silver bullion
purchased during that time, except 8, 216,-
Oh 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
certificates in payment for it is question
which congress alone can answer
Change of Policy Bond Issue.
1T is evident that if this policy is con-
tinued and the secretary of the treasury
shall be compelled to issue bonds or other
wise increase the interest bearing public
debt it will be done for the purpose of pro-
curing gold with which to pay for silver
bullion purchased under the act referred