Alpena argus. [volume] (Alpena, Mich.) 1893-1909, 1893-06-28
Silver.

0llNtI.
A representative of the press in
conversation with Secretary Car
Isle suggested to him that there
was lack of precise information
touching the amount of silver COIN
ed up to the present time, and also
as to the manner i'll which the pres
ent operations of the treasury under
the so-called Sherman act result 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 1902,
and from that time to 1878, a period
of eighty years, the total amount of
silver dollars coined was S,045,S5S.
In 1878 the coinage was stopped by
act of Congress, but in 1875 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 Alp 1-2
grains each not less than So, 900, 900
worth nor more than 100000 of
silver bullion each month, and be-
tween the date of that act and the
l4th day of July, 1890, period of
IL years, there was carried 1878, 1885,
1903. In addition to this number
there has been coined from trade
dollars $5,07S,472, and from the
seigniorage of bullion purchased
and coined under the act of July
IA, 1890, the sum of $6,641, 100,
making the aggregate $3.50, S86,3H
in full legal tender silver money is
sued by the government since 1878.
Of this amount only S58,016,019
were in actual circulation on the
first day of the present Month, the
remaInaeE-bei held in the treas
Nry as part of the assets of the gov
eminent, or being represented by
outstanding certificates. The act
or July II, 1890, required the Secre-
tary of the Treasury to purchase
100000 fine ounces of silver bull
ion each month, and it provided
that he should continue the coin
age of silver dollars at the rate of
100000 per month until the first
day of July, 1891, and under this
act there have been coined 500, 408,-
461, which makes the total coinage
of silver dollars under all acts since
1878 S419,294, 1876, or more than
fifty times as much as was coined
during previous period of eighty
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 IA,
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 S114,299,920, and is worth
to-day, at the market price of silver,
$103, 1886, thus showing loss Of
$10,8S8,534 By the terms of the
act the Secretary was required to
pay for all silver bullion purchased
by the issue of the 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 Secre-
tary, it being, in the language of
the act, "the established policy of
the United States to maintain the
two metals on parity with each
other upon the present legal ratio
or such ratio as may be provided by
law" In the execution of this de-
clared policy Of Congress it is the
duty Of the Secretary of the Treas
ury, when the necessity arises, to
exercise all the powers conferred
upon him by the law in order to
keep the government in 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 De-
partment show that during the
thirteen months beginning May /,
1892, and ending May 81, 1893, the
coin treasury notes issued for the
purchase of silver bullion under the
actofJuly 141S9O, amounted to S49,-
99e1, 1874, and that during the same
period the amount of such notes