The morning call., 1893-06-14
COIN THE SILVER.
Mr.. Carlisle Can See No
Way Out.
LOTS OF USELESS METAL.
Seemingly 1t Has Never Occurred to
Anybody to Stamp 1t and Send
1t Broadcast.
LOTS OF USELESS METAL.
Special TO THE MORNING CALL.

WASHINGTON, June ia represen ta-
day with Secretary Carlisle about the
silver question. In the course of the con-
versation the Secretary said that from
1892 to 1873, period of eighty-one years,
the total amount of silver dollars coined
was S8.045.S3S. In 1873 their coinage was
stopped by act of Congress, but it was re-
sumed in 1873 under the Bland Allison
act, under which, up to July ii, 1890,
something over twelve years. there was
coined S373 166, ,793. besides S5,073472 in
trade dollars, and from seigniorage of
bullion S6.641, 100, making the aggregate
$3.50, $50 375 in tull legal tender silver is
sued by the Government since 1878.
OF this amount only S5S,019 was In ac-
tual circulation on the first day of the
present month, the remainder being held
10 the treasury as a part of the assets of
the Government or represented by out
standing certificates.
Under the act of July IA. 1890, there had
been coined S29, 40S, 461, which m axes the
total coinage of silver dollars since 1878
aggregate S419, 294, ,S55. or more than fifty
times as much as during the previous
eighty-one years.
In addition 10 this coinage the Secretary
has purchased, under the act of July IA,
1890, and now holds in the vaults Of the
treasury uucoined, 124, ,292, 532 fue ounces
of silver bullion. which cost the people of
the United States STA, 299, 900 and is worth
to-day at the market price Of silver S103,-
411,3S6, thus showing loss of $40, 534.
By the terms of the act the Secretary " as
required to pay for all silver bullion by
the issue of new United States notes pay
able in coin, and that upon the demand Of
the holder Of such notes they would be re-
deemed in gold or silver at the discretion
of the Secretary, it being. in the language
of the act, the established policy of the
United States to maintain the two metals
on parity upon the present legal ratio or
upon such ratio as may be provided by
law. In the execution of this declared
policy of Congress it is the duty of the
Secretary, when the necessity arises, to
redeem the obligation in such coin as may
be demanded.
The records of the Treasury Department
show that during the thirteen months be-
ginning on May 1. 1892, and ending May 81.
1898, the coined treasury notes issued for
the purchase of silver bullion under the
.act of July IA. 1890. amounted to S49. 961,-
q. and during the same period the aNount
w such notes paid in gold was SAT. .745 1T4.
II thus appears that all of the silver bul-
liop purchased during that time. except
S2,216,0l1 worth. was paid for IN gold.
while the bullion itself is in store in the
vaults of the treasury and can neither be
sold nor used for the payment of any kind
Of obligations.
''It is evident" said the Secretary, "that
If this policy is continued and we are COM
PEELED 10 issue bonds or otherwise increase
the Understanding 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-"
The net gold in the treasury has in
creased from $50, ,OOO.0 0O0 to s91, ,OO0.O