The sun., 1893-08-12
COULD MAKE CASH PLENTY.
GEN. TRACY SAYS THE TREASURY
COULD DO IT IN As HOURS.

IL I. Lawful, He Says, TO Coin the 100000
600 Ounces OF silver Bullion In the
Treasury and Set Free For Circulation
$50, 900. 900 of the Profits or seieniornEe.
Gen. BENJAMIN F. Tracy. eX-Secretary OF the
Navy, was asked yesterday to tell what, in his
opnion. were the causes Of the present imam
eial situation. He said the question was TOO
comprehensive to answer oifhand, but that ne
might, after due reflection. attempt to give MS
views on II. He consented to talk OIL the cur
rency famine. He said:
The Administration has ample power to re-
leye the currency famine in forty y-eight hours
by exercising authority with which 1t Is
clothed by statute"
How may this be DONE"
The act OF July H. 1900. known as the
sherman act. directs the purchase OF 4's mil
lion ounces OF silver bullion monthly. and in
the third section provides:
rhat the Secretary of tho Treasury shall each month
coin 1000 900 of silver bullion purchased under
the provisions OF this act into standard silver dollars
until tho 1s day OF July. 1891 and after that time he
shah coin of tho silver bullion purchased under the
proyisions of this act. much may be necessary
to provide tho redemption Of the Treasury notes
herein provided for and gain or segniorage aris'
ing from said coinage shall be accounted for and paid
into the Treasury.
"The amount OF bullion purchased. but not
coined. under the above provision. prior to
July, 1901, was about 30.000.OOO ounces At
that date President Harrisons Administration
suspended tho coinage OF silver dollars Tho
accumulated purchases OF bullion since that
date amount to III. 100000 ounces making
total OF / 40. 600 900 ounces OF uncoined silver
in the Treasury to-day. Against this silver
Treasury notes have been issued to its bullion
value, but no standard silver dollars have
been coined with which to redeem them. The
erty to direct that ali or any portion Of these
1A6.Oo0,9900 ounces be coined into standard
sThe profits Of seigniorage for the coming
States: ! assume that the average cost s 6f Sf
To Der ounce. making profit for the Treasury Of
oSHs SoSUo6 il the the Whole amount was coined or
e1 o a the de-
ds edss TO cen ths baon and places It at the
seisniOrace thereon as aIEsady, secured; The
Tssasp5{h Tosd s0R set Tss
OF the silver coin now held in the Treasury for
the redemption OF silver certificates issued
o% coin so Sed Seu
be replaced y by the bullion in process OF coin
mediately deposited in the national banks
designated as national deposi tories. and
upon the circulation Of the country. Agentle-
man told me to-day that he had to pay four per
sP sssr 81 sen
lars available in the Treasuryfor currency: sill
yer coin ought not to be selling at a premium.
the answer is hat the statute gives the Sec
ns serbs the 'se Security Which National depostores
m1st give for the S 9
pastsG t@e tSan the naons
banks designate, as the
deposit in such bank ks. This money was put there
opsn %nrpes Tie Snas SO placed in
II stored in the vaults of tho department build
ing at Washington. and are, reported By the
as s b
as bsy Sdd s9 ye ws
to the md Deposit ' in The nationai Banks dssis.
more more Of silver dol ars against which certla-
Gates are outstanding. there Is no legal diff
e9os arns rom exs
ing accumulation OF bullion; or for that mat
ter any coin now in the q Treasury against
In fact. the statutes specially contemplate and
silver coin lRev. Stat s3.527l
with reference to the $50. 900 600 of seign-
forage. 1t may be added that not only may 1t
be deposited in the banks and thereby thrown
into circulation: but 1t may be regarded as SO
the lGovernmenti and paid out as its necessi-
ties arise, The present falling of in the re-
celpts of the Government indicates that unless
by the profits to be derived from the coinage
OF the bullion now In the Treasury. It will be
escape deficiency of at least S50.0OO.OO0 at
the close OF the current fiscal year.
i am not attempting to indicate what the
present Administration should do. or to ex-
press any opinion as to- what 1t may be wise
Hmsy do II IL CHOOSES To- exercise he 6owers Wns
Vested by, the statutes in the Secretary Of the