Mississippi leader. (Jackson, Miss.) 1892-1895, 1893-06-20
NATIONAL FINANCES.

the Operations of the sherman Law.
In an interview last week with a rep
resentative of the Associated Press,
Secretary Carlisle made the following
interesting statement;
1.-The operations of the United States
Mint commenced in 1892. and from that
/ time to 1873. a period of eighty-one
years, the total amount of silver dol
! lars coined was S,0i5,SIS. 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
| 4l2i5 grains, not less than S2.0O0,0O0
worth, nor more than 100000 worth
of silver bullion each month, and be-
tween the date of that act and the 18th
day of July, 1890, period of twelve
years, there was coined 1878, 166,1 1913.
I'm addition to this there was coined
from trade dollars 5,0TS,472 and from
the seignorage of bullion purchased
and coined under the act of July II,
| 1890, the sum OF : 6.641, 100, making the
aggregate 5 3S9. SS6.56J in full legal ten
der silver money issued by the govern
ment since 1878. OF this aYDQd1,t J>S5
! S0S,016019 were in actual circulation
on the first day of the present month,
the remainder being held in the Treas
ury as part of the assets of the govern
ment or being represented by outstand-
ing certificates. The act of July II,
1890, required the Treasury to purchase
100000 fine ounces of silver bullion
each month, provided that it should
continue the coinage of silver dollars
at the rate of 100000 per month until
the LIST day of July. 1891, and under
this act there have been coined ! %
40S, 461, which makes the total coinage
since 1878 40, 294 ,S35, or more than
fifty times as much as was coined dur
ing a previous period of eighty-one
years.
"In addition to the silver bullion
purchased by the government since
1878 and coined, as above stated, the
Secretary of the Treasury has pur-
chased under the act of July II, 1890,
and now holds in the vaults of the
Treasury uncoined ia, 292,532 fine
ounces of silver bullion, which cost
the people Of the United States 5ll4,-
800 and is worth today at the mar
ket price of silver : 103, 1856. thus
showing loss of 5 l0,S88.534 By the
terms of the act the Secretary was re-
quired to pay for all silver bullion pur
chased by the issue of new United
States Treasury notes payable i'll coin,
and it provided that upon demand of
the holder of any such notes, they
should be redeemed i'll gold or silver
coin. at the discretion of the Secretary
1t being. in the language of the act
the established policy of the United
States to maintain the two metals on
a parity with each other upon the pres
ent legal ratio or such ratio as may be
provided by law
In execution of this declared policy
of Congress it is the duty of the Sec
rotary of the Treasury when the neces-
sity arises to exercise all the powers
conferred upon him by law in order to
keep the government in a condition to
redeem its obligations in such coin as
may be demanded. and to prevent the
depreciation of either as compared
with the other. The records of the
Treasury Department show that dur
ing the thirteen months beginning May
Is. 1892, and ending May 81, 1893, the
coin Treasury notes issued for the pur
chase of silver bullion under the act
of July Il. 1890. amounted S49,961, 1874,
and that during the same period the
amount Of such notes paid in gold was
S47, 74o,11}. 1t thus appears that all
the silver bullion purchased during
that time, except S2,216,011 worth, was
paid for in gold, while the bullion it
self is stored in the vaults of the Treas
ury. and can neither be sold nor used,
for the payment of any kind of obliga-
ton. How long the government shall
thus be compelled to purchase silver
bullion and increase the public debt
by issuing coin obligations for pay
ment for it, is question which Con
greSS alone can answer. 1t is evident
that if this policy is continued, and
the Secretary of the Treasury shall be
compelled to issue bonds or otherwise
increase the interest bearing public
debt, it will be done for the purpose of
procuring gold with which to pay for
silver bullion purchased under the act
referred to.
THE financial condition of the coun-
try, as viewed from the Treasury stand
point, shows general improvement.
Bank and commercial failures are few
er, Europe is buying our grain in great
er quantities, gold shipments have
ceased, at least for the present, conf
dence is being restored and money is
not so tight.
THE Treasury net gold has increased
from SS9,O00.OO0 to S91, 100000, and the
demand for small money in the West
will have the effect to further increase
the Treasury gold. The rate of ex-
change is sufficiently high to warrant
the shipment of gold abroad. but the
fact that commercial paper is for sale
in London has a deterrent effect. There
is general impression that the worst
is past, the weaker financial institu
tons having succumbed, while those
that passed through so far unscathed
arr the stronger for having weathered
the financial storm"