Mexico weekly ledger., 1893-06-22
The Sherman Law.
HISTORY OF SILVER COINAGE FOR
100 YEARS.
Secretary Carlisle Explains the Subject
in n Lucid Manner.

Secretary Carlisle, suggested to him
that there was a lack of precise in
formation touching the amount of
silver coined up to the present time
and also as to the manner in which
the present operations of the Treas
ury under the so-called Sherman act
result in the payment of gold in the
purchase of silver bullion. In reply
to these suggestions, Secretary Car
Isle said:
"The operations of the United
States mint commenced In 1892 and
from that time to 1878, a period of
eighty-one years, the total amount
of silver dollars coined was S,O45,-
93S. In 1878 the coinage was stop
ped by act of Congress, but in 1878
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 412I
grains each, not less than $2,OOO,-
900 worth nor more than 1900, 900
worth of silver bullion each month,
and between the date of that act and
July IA, 1890, a period of twelve
years, there was coined 1878, 1861
1893. In addition to this there has
been coined from trade dollars $5,-
|079,472, and from the seignorage of
bullion purchased and coined under
the act of July IA, 1891, the sum of
Sc, 641 100, making the aggregate
1888, 1856, 374, in full legal tender
silver money issued by the govern
ment since 1878.
"Of this amount only $5S,O16,01
were in actual circulation on the first
day of the present month, the re-
mainder being held in the treasury
as part of the assets of the govern
ment or being represented by out
standing certificates. The act of July
IA, 1890, required the Secretary Of
the Treasury to purchase 0 o ,OOO
fine ounces of silver bullion a month,
and it provided that he should con-
tinue the coinage of silver dollars al
the rate of 50 900, 900 per month un-
til July 1, 1891; and under this act
there have been coined 500, 40S, 461,
which makes the total coinage OF
silver dollars under all acts since
1878 419, 294 ,S35, or more than
fifty times as much as was coined
during q previous period of eighty
one years.
SIN 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, 124 ,292, 532
fine unces of silver bullion, which
cost the people of the United States
s114, 900 ,92O, and is worth to-day
at the market price of silver $1O3,.
Ali 1856, thus showinga loss of $1O,.
SSS, 534. By the terms of the act
the Secretary was required to pay
for all silver bullion purchased with
the issue of United States treasury
notes payable in coin, and it provid'
ed that upon demand of the holder
of any such notes they should be re.
deemed in gold or silver coin, at the
discretion of the Secretary, it be.
ing, in the language of the act, the
established policy of the United
States to maintain the two metals or
a parity with each other upon the
present legal ratio, or such ratio as
may be provided by law.
"In the execution of this declar.
ed policy of Congress it is the duty
of the Secretary when the necessity
arises, to exercise all the powers
conferred upon him by law, in
order to keep the Government in g
condition to redeem its obligation
in such a manner as may be de-
manded and to prevent the depre.
citation 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 81, 1898, the
coin treasury notes issued for the
purchase of silver bullion under the
the act of July IA, 1890, amounted
to $49,971,1S3, and that during the
same period the amount of such
notes paid in gold was $47 ,435, 173.
1t thus appears that all the silver
bullion purchased during hal time,
except $2,216,01 worth. was paid
for in gold, while the bullion itself
is stored in the vaults of treasury
and al neither be sold nor used
for the payment of any kind of
obligation. How long the govern
ment shall be thus compelled to
purchase silver bullion and increase
the public debt by issuing coin
obligations in payment for it, ia a
question which Congress alone
can answer. 1t is evident that if
this policy is continued and the
Secretary of Treasury shall be COM
PEELED to issue bonds or otherwise
increase the interest bearing public
debt it will be done for the Dur.
pose of procuring gold with which
| to pay for silver bullion