Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-06-15
TONS AND TONS OF SILVER
The Treasury Vaults Filled
With the Metal.
SMALL AMOUNT IN CIRCULATION
Millions of Ounces of I'M
coined Bullion.


WAsmNGToN, June ia representative
of the United Press in conversation to. day
with Secretary Carlisle, suggested to him
that there was u lack Of precise informal
ton touching the amount OF silver coined (
M To the present time, and also as to the
manner in which the present operation Of
the treasury under the su-Galled Sherman
act results 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 1872 and from that time 10
1873, a period Of 81 years the total amount
of silver dollars coined was 5000, S3S. In
1873 the coinage was stopped by act Of
Congress, but III 1878 it was resumed under
the su-called Band-Allison net. by the
terms OF which the Secretary Of the Treas
ury was directed To purchase and coin into
standard silver dollars Of il21 grains ench
not less than S2,00OOOO worth, nor more
than Si,UOU0OO worth of silver bullion
each month. and between the date of that
act and the 18th Of July 800, period of
L. wears, there was coined S3IS. 1866, 1913.
In addition to TINS there has been coined
from trade dollars S5.07S. Az and from tho
seigniorage of bullion purchased and
coined under the act of July 18th, 1890,
the sum of 81, 6ii 100, making in the aggre-
gate 3:iSg SsG, 314 in full legal tender silver
money issued by the government since
1878 of this amount only SjSOlG,0l9 were
in actual circulation ON the first day of the
present month, the remainder being held
in the Treasury AS part of the assets of the
government, or being represented by out
standing certificates.
The act of July 18th, 1890, required the
Secretary Of the Treasury to purchase
i,50O,O fine ounces of silver bullion each
month and ii provided that he should con-
tiuuc the coinage Of silver dollars at the
rate Of s2o0O,0v0 per month until the LIST
day of July, 1891; and under this act there
have been coined So nos, 46l, which makes
tile total coinage Of silver dollars, under
all acts. since 1878. $40, 29I, S3j. or moro
| than 80 times AS much rs was coined dur.
| ing the previous period OF 81 years.
In addition "a the silver bullion pur-
| chased by the government since 1878 and
! coined Us above stated, the Secretary of the
! Treasury has purchased under he act of
| july lIth, 1880, and now holds in the
vaults of the treasury, uncoined l2l. 49,, OBJ
| fine ounces of silver bullion, which cost
| the people of the nited states Slll 30, 80
| and is worth to-day ut the market price of
silver, SlO3 an $50 thus showing Il loss of
Stu, SIS. go 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
be redeemed in gold or silver coin, at the
discretion of the secretary. lit 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
Is may be provided by law" III the OK.
ecutlpn OF this declared policy of Congress
il is the dJty of the secretary Of tho
Treasury, when the necessity arises, 10
exercise all the powers conferred upon
him by law III order to keep the govern.
ment In u condition to redeem its Ubliga.
tions in such coin AS may be demanded,
and TO prevent the depreciation OF either,
as compared WITH the other.
The records of the Treasury Department
show that during the II months beginning
May LIST, 1872, and ending May 3lst, lSGi
the coin Treasury notes issued for the pur-
chase of silver bullion under the act Of
July lltn, ls!IJ, amounted to S4J96l, Isl,
and that during the same period the
amount Of such notes paid III gold was
$iG745, lib. 1t thus appears that all tho
silver bullion purchased during that time,
except s22l6.Oll worth, was paid for i'll
gold, while the bullion itself is stored in
the vaults of tie Treasury and can neither
be sold nor used for the payment Of any
kind Of obligation.
How long thu government shall thus be
compelled % purchase silver bullion and
increase the public debt bv issuing coin
Obligations in payment for it is d question
which Congress alone can answer. 1t is
evideht that II this policy is continued,
and the secretary OF the Treasury shall be
compelled to issue bonds or otherwise IN
crease the DEMONSTRATING public debt IL
VIII he done lur the purpose OF procuring
gold with Which to pay for silver bullion,
purchased under the act referred to.