The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1893-06-16
SILVER TALK.
Secretary Carlisle Explains Where the Gold
Goes-A Little Financial History Worth
Reading.

Goes-A Little Financial History Worth
Reading.
WASHINGTON, June 14.-Touching the
amount of silver coined up to the pres
ent time, and also as to the manner in
which the present operations of the
treasury under the so-called Sherman
act result in the payment of gold in the
purchase of silver bullion. Secretary
Carlisle said:
The operations of the United States
mint commenced in 1872, and from
that time to 1878, period of eighty-one
years, the total amount of silver dol
lars coined was S,045, ,S3S. In 1878 the
coinage was stopped by act of congress,
but in 1878 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
4i215 grains each, not less than 81, ,000,
900 worth nor more than $4,000, 900
worth of silver bullion each month,
and between the date of that act and
the 14th day of July, 1890, a period of
twelve years, there was coined s31S,-
166, 793.
In addition to this there has been
coined from trade dollars s5,O7s, Az,
and from the seignorage of bullion pur-
chased and coined under the act of July
IA, 1890, the sum of 81. .641, 100, making
the aggregate 1889, ,SS6,314 in full legal
tender silver money issued by the gov
ernnent since 1873. OF this amount
only s5S, DIG, ,G9 were in actual circula-
tion on the first day of the present
month, the remainder being held in the
treasury as part of the assets of the
government, or being represented by
outstanding certificates.
The act of July IA, 1890, required the
secretary of the treasury to purchase
4,5OO,000 fine ounces of silver bullion
per month, and it provided that he
should continue the coinage of silver
dollars at the rate of S2,OO0,O00 per
month until the first day of July, 1891;
and under this act there have been
coined so, 4OS, ,461, which makes the
total coinage of silver dollars under all
acts, since 1878, s419,2 .s35, 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 secre-
tary of the treasury has purchased
under the act of July II, 1890, and now
holds in the vaults of the treasury I'M
coined. 124, ,292, 532 fine ounces of silver
bullion which cost the people of the
United States STA, 4,299,920, and is
worth to-day at the market price of
silver S103, All 1856, thus showing loss
of $40, ,SSS, 534. BY the terms of the act,
the secretary was required to pay for
all silver bullion purchased by
the issue of United States treasury
notes payable in coin, and it provides
that upon demand of the holder of any
such notes they should be redeemed in
gold or silver coin, at the discretion of
the secretary, ''it being" in the Ian
guage of the act, ''the established pol
icy of the United States to maintain
the two metals on parity with each
other upon the present legal ratio, or
such ratio as may be provided by law" :"
The records of the treasury depart
ment show that during the thirteen
months, beginning May 81, 1892, and
ended May 81, 1898, the coin treasury
notes issued for the purchase of silver
bullion under the act of July II, 1890,
amounted to $40, ,9G1, lS4, and that dur
ing the same period the amount of
such notes paid in gold was 81, 435, 173.
1t thus appears that all the silver
bullion purchased during that time, eX-
cept s2,216,O14 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 pay
ment of any kind of obligation. How
long the government shall be thus COM
PEELED to purchase silver bullion and
increase the public debt by issuing coin
obligations in payment for it, is ques-
ton which congress alone can answer.
1t is evident that if this policy is con-
tinued and the secretary of the treasu-
ry shall be compelled to issue bonds or
otherwise increase the interest-bearing
public debt, it will be done, for the pur-
pose of procuring gold with which to
pay for silver bullion purchased under
the act referred to.