The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-10
FROM SECRETARY CARLISLE.
The Records Of Coinage Of Silver and Acts
Relating Thereto.

The Records Of Coinage Of Silver and Acts
Relating Thereto.
For public information Mr.. Carlisle
issues the following timely facts and
views for which men of figures and
finance will thank him:
The operations of the United States
mint commenced in 1902, and from
that time to 1873, period of 81 years,
the total amount Of silver dollars
coined was 8,O45,83S. In 1873 the
coinage was stopped by act OF con-
gress, but in 1873 1t 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 412 1-2 grains each not less than
So, 900, 900 worth nor more than So, 000,-
900 worth of silver bullion each month
and between the dates of that act and
July IA, 1890, a period of II years,
there was coined 1878, 1885, 93. In ad-
dition to this there has been coined
from trade dollars $5,078,4 72, and
from the seigniorage of bullion pur-
chased and coined under the act of
July IA, $780,, the sum of $6,64l 100,
making the aggregate $3.50, 1856 ,374 in
full legal tender silver money issued
by the government since 1878 OF this
amount only $5S,016, 0l0 were in actual
circulation upon the first day of the
present month, the remainder being
neld in the treasury as the part of the
assets of the government or being rep.
resented by outstanding certificates.
The act of July A, 1890, required the
secretary of the treasury to purchase
4, sou, 900 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 1st day Of July, 189 (,
and uuder this act there have been
coined 500 ,4OS, 461, which makes the
total coinage of silver dollars under
all acts since 1878, $40 ,294, 1856, or more
than so times as much as was coined
during a previous period of 81 years.
In addition to the silver bullion
purchased by the government since
1888 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, 1874 ,292, 532 fine
ounces of silver bullion, which cost
the people of the United States $l14,,
299, 1920, and is worth today at the
market price of silver $l03, All 1856
thus showing a loss of $40, 1856, 534. 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 Ieredeemed In gold or silver
coin, at the discretion of the s"cr etary
sit being" in the language Of the act
"the established policy Of the United
States to maintain the two metals on
q parity with each other upon the
present legal ratio, or such ratio az
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 ex. rcise all the powers con-
ferred upon him by law In order 70
keep the government in condition to
E6uO6lIl OOih &C
may be demanded, and TO prevent the
depreciation of either as compared
with the other.
The records of the treasury depart
ment show that during the thirteen
months beginning May l, 1892, and
ending May 81, 1893, the coin treasury
notes issued for the purchase OF silver
bullion under the act of July IA, 1890,
amounted to $49, 961 1874, and that dur.
ing the same period the amount of
such notes paid in gold was $7, 745,-
l73. 1t thus appears that all the sill
yer bullion purchased during that
time except So ,2l6,01 worth, WAS paid
for 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 obliga-
ton. How long the government shall
be compelled to purchase silver bull
ion and increase the public debt by
issuing coin obligations In payment
for 1t is q question which congress
alone can answer. 1t 10 evident that
IL this pollcyfs continued and the
secretary OF the treasury shall be
compelled to issue bonds or other
wise increase the interest bearing
public debt, IL Will be done for the
purpose of procuring gold with which
to pay for silver bullion purchased
under the act referred to.