The herald., 1893-06-14
THE SILVER SITUATION.
A CHAT WITH SECRETARY CAR
Isle CONCERNING IT.
He Presents Figures and Arguments. in
Support of the Oontention That the
Sherman Act of 1890 Should
Be Repealed.

WASHINGTON, June 13.-A representa-
tive of the Associated Press had chat
today with Secretary Carlisle about the
silver situation. In the course OF the
conversation the secretary said that
from 1892 10 1878, period Of 81 years,
! the total amount of silver dollars coined
was $685. 1888. In 1878 the coinage OF
silver was stopped by an act of congress,
but resumed in 1873 under the Bland
Allison act, under which up to July IA,
1889, something over II years. there was
coined s37S, 1855, 1893; also from trade
dollars $5,078, ,472, and from the seignior-
age of bullion $6,641, 100, making an ag-
gregate of $3.50, ,sS6.374 in full legal ten
der silver money issued by the govern
ment since 1873. OF this amount only
sos, 8,016;0l9 was in actual circulation the
first day OF the present month, the re-
mainder being held in the treasury as
part OF the assets of the government,
or represented by outstanding certifi-
Gates. Under the act of July IA, 1890.
there had been coined $29. .403, ,461, which
makes the total coinage OF silver dollars
since 1873, aggregate $4l9, ,294 1886 or
more than 30 times as much as during
the previous 81 years.
In addition to this coinage the secre-
tary has purchased under the act of
July IA, 1890, and now holds in the
vaults of the treasury, uncoined, 1884,
292,5 532 fine ounces of silver bullion,
which cost the people of the United
States $ll4, ,299, 800, and is worth today
at the market price of silver, $103 ALL
1856, thus showing loss of $10,S ,534.
By the terms of the act the secretary
was required to pay for all the silver
bullion by the issue of new United
States notes payable in coin, and that
upon demand of the holder of such
notes they be redeemed in gold or silver
at the discretion of the secretary, it be-
ing in the language OF the act the estab-
lished policy of the United States to
maintain the two metals on a parity
upon the present legal ratio, or such
ratio as may be provided by law. In
the execution of this declared policy of
congress it is the duty of the secretary
when the necessity arises, to redeem its
obligations in such coin as may be de-
msnded.
The records of the treasury depart.
ment show that during the 13 months
beginning May /, 1892, and ending MAY
81, 1898, the coined treasury notes issued
for the purchase of silver bullion under
the act of July IA, 1890, amounted to
$49, 1851, ,l84, and during the same period
the amount of such notes paid in gold
was $47, ,745, ,173.
1t thus appears that all the silver
bullion purchased during that time, ex-
cept 50, ,2l6,011 worth, was paid for in
gold, while the bullion itself is in store |
in the vaults of the treasury and can
neither be sold nor used for the pay |
ment OF any kind of obligation. 1t is
evident to the secretary that if this pol |
icy is continued, and he is compelled to
issue bonds or otherwise increase the |
-beariug public debt, it will be :
done for the purpose of procuring gold |
with which to pay for silver bullion pur-
chased under the act referred to.
The net gold in the treasury has in
creased from $50. .000,0 to $91, 300, 200.