Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-06-22
COLI AND SILVER.

GOLD AND SILVER.
Secretary Carlisle ON the Purchase and
Coinage of Silver and the Eject ON the
Tre4sury-ThOugh Purchased with Gold
1t Can Neither he Sold Nor Used i'm the
Payment of Any Kind of ObliEations.
WAsHINGrOy, June IA representa-
tive of the United Press In converse
ton with Secretary Carlisle suggested
to him that there was a lack of precise
information touching the amount of
silver coined up to the present time
and also as 20 the manner in which the
present operation of the treasury, un-
der the so-called Sherman act, results
in the payment of gold in the purchase
of silver bullion In reply to these
suggestions. Secretary Carlisle said:
THE operations of the United States
mint commenced in 1872, and from that
time to 1878, a period of eighty-one
years. the total amount of silver dol
lars coined was s,O45.S3s. In 1878 the
coinage was stopped by act of con-
gress, but in 1878 it was resumed under
the so-called Bland-Aliison act. by the
terms of which the secretary of the
coin into standard silver dollars of 412H
grains each. not less than $4,000. 900
worth, nor more than a, OOO, 900 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. .93.
In addition to this there has been
coined from trade dollars b. 01S. 4.2 and
from seigniorage of bullion purchased
and coined under the act of July IA.
1890. the sum of 1854. 100. making the
aggregate 1888, $50, 314 in full legal-ten-
der silver money issued by the gov
eminent since 1878. OF this
amount only s5s,016,O19 was in
actual circulation ON the Is.
day of the present month, the
as part Of the assets of the govern
ment, or being represented by out
standing certificates The act of July
Ii, 1890, required the secretary of the
treasury to purchase 4.50o,OOO fine
ounces of bullion each month, and it
provided that he should continue the
coinage of silver dollars at the rate OF
81. OO0, 900 per month until the first day
of July, 1891, and under this act there
have been coined s29, 40s, 461, which
makes the total coinage of silver dol
lars, under all acts since 1878, s419, 294.-
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 1873
oh tot n1 he
tary of the treasury has purchased I'M
der the act of July Il, 1890. and now
holds in the vaults of the treasury. I'M
coined, Ia, 2292. 532 fine ounces of silver
bullion. which cost the people of the
United States sI14.239. 92O. and is worth
to-day, at the market price of silver,
03.411 $50. thus showing a loss of
so, sSS.530. 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. 1T be-
ing 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 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 of the treasury. when the
necessity arises. to exercise all the
powers conferred upon him by law in
order to keep the government In con-
dition to redeem its obligations in such
coin as may be demanded and to pre-
vent the depreciation of either as con-
pared with the other.
The records of the treasury depart
ment show that during the eleven
beginning May 81. 1892. and
ending May 1, 1895, the coin treasury
notes issued for the purchase of silver
bullion under the act of July Ia, 1890,
amounted to SAC, 961. 1s4, and that dur
ing the same period the amount of such
notes paid in gold was A, 145. 113- 1t
thus appears that all the silver bullion
purchased during that time. except
8. aI6,O11 worth. was paid in gold,
while the bullion itself is stored
in the vaults of the treasury and
can neither be sold nor used for the
payment of any kind of obligation
How long the government shall thus
be compelled to purchase silver bullion
and increase the public debt By issuing
coin certificates in payment for it, is
question which congress alone can an
swer. It is evident that if this policy
is continued and the secretary of the
treasury shall be compelled to issue
bonds or otherwise increase the inter-
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.
A Discredited Report.
WASHINGTON. June 1.-THE officials
at the Catholic university do not believe