Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1893-07-05
Silver Coin..Its Amount and Where at.

Press in conversation today with Secre
tary Carlisle suggested to him tha
there was a lack of precise information
touching the amount of silver coine,
up TO the present time, an I also as /,
the manner in which the presen
operations of the treasury under tn,
so-called Sherman act result in th,
payment of gold in the purchase O.
bullion.
In reply Secretary Carlisle said tina
the operations of the United State,
mint commenced in 1899, and from
that time to 1878, period of eight,
one years, the total amount of silver
dollars coined was S,045, 1888. In 1877;
the coinage was stopped by act of con
gross, but in 1878 it was resumed under
the 80 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 4l2l
grains each, not less than SO 600,
600 worth nor more than $4,000, ,O0(
worth of silver bullion each month
and between the date of that act and
July ID, 1890, period of twelve wears
there was coined $37S, 1866, 1893. In adj
tion to this there has been coined from
trade dollars $5,O7s, 472, and from the
seigniorage of bullion purchased and
coined under the act of July IA, 1890,
the sum of 6,64l, 100, making the ag.
gregate 1889, 1886, ,374 in fulllegal tender
silver money issued by the government
since 1878. Oh this amount only $685..
0l6,O19 was in actual circulation 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 ID, 1890, required the
secretary of the treasury to purchase
4,5OO, 900 fine ounces of silver bullion
each month, provided that he should
continue the coinage of silver dollars
at the rate of 1000, 900 per month until
July l, 1891; and under this act there
have been coined 9,4OS,461, which
makes the total coinage of silver dol.
lars under all acts since 1878, 419, ,294,
S35, or more than fifty times as much
as were 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 has purchased under the act of
July IA, 1890, and now holds in the
vaults of the treasury uncoined, 1884,
292 ,532 fine ounces of silver bullion,
which cost the people of the United
Sl14, 300, ,92O, and is worth today at
the market price of silver $1O3, All 1884,
thus showing loss of $40, 1885, ,534. By
the terms of the act the secretary was
required to pay for all silver bullion
purchased by the issue of new United
States treasury notes payable in coin,
and it provided 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;
lit being" in the language of the act,
"the established policy of the United
States to maintain two metals on a
parity with each other upon the pre-
sent legal ratio, or such ratio as may
be provided by law" In the execu-
ton of this declared policy OF congress,
it is the duty of the secretary of the
treasury, when the necessity arises, to
exercise all the powers conferred up
on him by law in order to keep the
government in condition to redeem
Its obligations in such. coin as may be
demanded, and to prevent the depre-
citation of either, as compared with the
other.
The records of the treasury depart
'ment show that during the thirteen
months beginning May 1, 1892, and
ending May 81, lS43, the coin treasury
notes issued for the purchase of silver
bullion under the act of July IA, 1890,
amounted 10 S49, 1851, 1874, and that dur,
ing the same period that amount of
such notes paid in gold was $47, 49,
l73. 1t thus appears that all the silver
bullion purchased during that time,
except $2,2l6,011 worth, was paid for
in gold, while the bullion itself is
stored in the vaults of the treasury and
can neither be sold or used for the
payment of any kind of obligation.
How long the government shall thus
be compelled to purchase silver bull
lion, and increase the public debt by
issuing coin obligations in payment
for it, is a question which congress
alone can answer. 1t is evident that
If this policy is continued, and if the
secretary of the treasury shall be COM
pelled to issue bonds or otherwise to
pay the interest bearing public debt, it
will be done for the purpose of procur-
ing gold with which to pay for silver
bullion purchased under the act refer
red to.
Can A Horse Think.
A few days ago, while walking
through Arch street, Boston, just at
the hour when empty trucks are stand.