The morning call., 1894-09-18
SILVER ON HAND.
Mr.. Carlisle Defends His
Policy.
NOTES PAID AND RETIRED.
White Metal Coined by This
Administration.
REDEMPTION AS A FINE ART.
Holders of Certificates Given Their
Choice as to the Kind of Money
They Would Take.

WASHINGTON, Sept. 17.-Secretary Car
Isle to-day issued a circular concerning
the coinage of silver dollars under this ad-
minist att o, the coinage being under the
unrepealed portion OF the Sherman act. II
shows that since the administration came
into power ], 957 1923 standard silver dollars
have been coined, of which 0,069 have
been seigniorage. The Secretary says:
''While the law provides that redeemed
treasury notes may be reissued, it also i'm
poses an express limitation upon the
power to reissue by declaring that no
greater or less amount of such notes shall
be outstanding at any time than the cost
of silver bullion and the silver dollars
coined therefr0m then held in the treasury
purchased by such notes.
"When such notes are redeemed in gold
there il no obstacle in the way of the re-
issue of the same because such redemp ion
does not affect The stock of silver held under
the act of July IA 1890, but when they are
redeemed with silver coined from the bull
lion purchased under that act, they must
be retired and lcanceled, otherwise there
would be, after redemption and reissue,
greater amount of notes outstanding than
the cost of silver originally purchased and
prohibited by the statute. The purpose of
Congress was to prevent the duplication
of currency which would be the case II the
notes and the silver purchased with the
notes could be outstanding at the same
time.
Treasury notes received in the ordinary
course of business or redeemed in gold or
exchanged for silver dollars not coined
from bullion purchased under the act of
July if, $780, are not retired and Cancelled.
All such notes are reissued. Prior to the
LIST day of July, 1890, silver dollars to the
amount of $50, 31S. 264 were coined from
the bullion purchased. The so-called gain
in seigniOrage arising from this coinage
was Sc, 6S7, S03 which was paid into the
treasury as miscellaneous receipt, leav-
ing S29. 480. 461 to be held as a fund to pro-
vide for the redemption of the treasury
notes as provided by law.
AT the beginning of the present admin
istration the sum of S29.6SO. 461 was still in
the treasury, and standard silver dollars
to the amount of $1,597,223 have been
coined since that time. OF this last sum,
however, S520,079 was seigniorage. leaving
SLOT, IA to be held in the treasury.
1T appears, therefore, that the whole
coinage under the act has been S31, 905,-
4S7. and that the amount TO be held in the
treasury for redemption purposes was
$50. 557, sos. Of this sum 81 121, OOOhas been
used in the redemption of the notes, and
that amount has been retired aud can
celed. Ne treasury note has been re-
deemed in silver unless silver was d.
manded, the policy and practice of the de-
partment having always been to redeem in
the kind of money demanded by the hold.
ers of note. The presentation of treas
ury notes for REDEEM Dtiou 10 silver began
in August, 1873. when there was a great
scarcity OF currency of all kinds, AMI there
was redeemed during that month 81, 273,-
267, which is the largest amount that has
been presented during any one month.
"As shown above there was held In the
treasury at the beginning of this admins
tration 500, $50, 461 in silver coiued from the
bullion purchased under the act of July14
1890. NOtwithst landing the fact that
$1,157. 223 has been coined since that time
there is now on hand only 500, 1S9, 724."