The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-14
sI1vnn I'M THE rnnAsunY.

Ex.sCcrotary Tracy Says the Government
Can Relieve the Currency Famine by
Coming 1t,
From Mem York Dispaiea
General Benjamin +, Tracy, ex-secre'
tary OF the navy, was asked to-day to
tell what, in his opinion, were the
causes of the present financial situation.
He said tho question was too compre-
hensive to answer off hand, but that he
might, after duo reflection, attempt to
give his views on it, lie consented to
talk OF the currency famine. He said:
'The administration has ample power
to relieve the currency famine IN forty
eight hours by exercising authority
with which it is clothed by statute.
The act OF July II, 1890, known as the
Sherman net, directs the purchase OF
4,5OO,OO0 ounces OF silver bullion
monthly, and in the third section pro-
,vides:-
wrhat the secretary OF tho treasury
shall each month coin 100000 ounces
OF silver bullion purchased under the
provisions OF this act into standard
silver dollars until the first day Of July,
1891, and after that time he shglt coin
OF the silver bullion purchased under
the provisions OF this act as much as
may DO necessary to provide Tor the
redemption OF tho treasury notes here
In provided for and any gain or seig-
niorage arising from said coinage shall
DO accounted for aud paid into the
treasury.
"lhe amount OF bullion purchased,
but not coined, under the above pro-
vision, prior to July, 1891, was about
S0,0O0,000 ounces, At that date Presi-
dent IIarrison's administration sus'
pended the coinage OF silver dollars.
The accumulated purchases OF bullion
since that date amount to 100000
ounces, making total OF 100000 900
ounces OF uncoined silver In the treas
uFy to-day.
"Again, silver treasury notes have
been issued to its bullion value, but no
standard silver dollars have been
coined with which to redeem them.
The secretary OF the treasury Is there
fore at liberty to direct that all or any
portion Of these 100000 ounces Le
! coined into silver dollars.
"rhe profits Of seigniorage for coin
ing OF this bullion would make up
ward OF SO, 100. 900 Ii the whole amount
was coined. Tho moment the secre-
tary, of tho treasury decides to coin this
bullion, and places it at tho mint for
that purpose, he eau treat the gain
seigniorage thereon as already secured,
The profit is 80 much more additional
cash in the treasury. To coin the
whole amount would, therefore, set
free, not only Tor circulation, but for
disbursements $50,00O.0O0 OF the silver
| coin now held in tho treasury for the
redemption OF silver certificates issued
against II from time to time; and would
| set it free Immediately, for the coin so
held would be replaced by the bullion
in process OF coinage at the mint
"The coin thus made available could
be Immediately deposited at national
! repositories and being there deposited
would at once enter upon the circula.
ton OF the country. The present fall.
ing of in the receipts OF the govern
ment indicate that unless the stop ia
taken OF increasing its resources by the
profits to be derived from the coinage
OF the bullion now In the treasury it
will be under the necessity Of selling
bonds, II It would escape deficiency Of
at least S50. 100000 at the close Of the
current fiscal year,
" am not attempting to indicate
what the present administration should
do or to express any opinion as to what
it may BIO wise for it to do; l limit my
sell to suggesting what 1t may do, II it
chooses to exercise the powers vested by
the statutes in the secretary OF the
| troasury