Middlebury register. (Middlebury, Vt.) 1886-1937, 1893-06-23
THE SILVER QUESTION.

so as follows:
"rhe operations of the United States
mint commenced in 1892, and from that
time to 1873, II period of eighty-one
years, the total amount of silver dollars
coined was S,045, 1913. In 1873 the coin
age 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 4l2h grains
each, not less than 100000 600 worth nor
more than S4,000,000 worth of silver
bullion each month, and between the
date of act and the nth of July, 1890,
period of twelve years, there was coin
ed 1913, l66, 703. In addition to this
there has been coined from trade dollars
S5,O7S, 472, and from the seigniorage of
bullion purchased and coined under the
act of july IA, 1890, the sum of S6,6ll,-
100, making in the aggregate $685., $780,
374 in full legal tender silver money
issued by the government since 1878.
OF this amount only S5S,0l6,0lO were 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 IA, 1890, required the
secretary of the treasury to purchase
100000 fine ounces of silver bullion
each month, and it provided that he
should continue the coinage of silver
dollars at the rate of 100000 per
month until the lst day of July, 1891
and under this act there have been coin
ed 500, HOS. 46l, which makes the total
coinage of silver dollars, under all acts
since 1873, $40, 294 ,S35, or more than
fifty times as much as was coined during
a previous period of eighty-one years.
SIN addition to the silver bullion pur-
chased by the government since 1873
and coined as above stated, the secre'
tary of the treasury has purchased, un-
der the act of July II, 1890, and now
holds in the vaults of the treasury, un
coined. 124, 292, 532 fine ounces of silver
bullion, which cost the people of the
United States Sl14 ,299, 920, and is wortf
today at the market price of silver
SOB, All 1856, thus showing a loss o.
Sl0,SSS, $50. BY the terms of the act thu
secretary was required to pay for al
silver bullion purchased by the issue o
new United States treasury notes paya
BILE in ccin, and it provided that upol
demand of the holder of any such note
they should be redeemed in gold or sill
yer coin, at the discretion of the secre
tary, it being, in the language of tn
act. the established policy of the Unite'
States to maintain the two metals on
parity with each other upon the presen
legal ratio, or such ratio as may be pro
vided by law In the execution of thi
declared policy of congress it is the dut.
of the secretary of the treasury, whel
the necessity arises, to exercise all tn
powers conferred upon him by law j
order to keep the government in con
dition to redeem its obligations in sue
coin as may be demanded, and to pre-
vent the depreciation of either as CON
pared with the other.
1.-The records of the treasury depart
ment show that during the eleve
months beginning May 81, 1892, an
ending May l, 1893, the coin treasur
notes issued for the purchase of si.ve
bullion, under the act of July II, 1896
amounted to $40, 96l ,lS4, and that during
the same period the amount of sue
notes paid in gold was SIS, 745,l73.
thus appears that all the silver bullio
purchased during that time, excep
S2,216,0ll worth, was paid for in gold
while the bullion is stored in the vault
of the treasury, and can neither be sol
nor used for the payment of any kind o
} obligation. How long the government
shall thus be compelled to purchase sil
yer bullion and increase the public deb
by issuing coin obligations in paymen
for it is question which congress alon
can answer. 1t is evident that if thi
policy is continued, and the secretary o
the treasury shall be compelled to issu
bonds or otherwise increase the interest
bearing public debt, it will be done 70
the purpose of procuring gold with whic
to pay for silver bullion purchased unde
the act.referred to-"