The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-09-18
SILYER COINAGE.
secretary Carlisle Issues a Statement Con-
eern1ng tho Output


cernlng tho Output
WAsHrrreoN, Sept. Secretary
Carlisle has made a statement con
serninQ the coinage of silver dollars
ander this administration, the coinage
oeinr under the unrepeaIed portion Of
the Sherman act. 1t shows that since
the administration came into power.
[, 597, 223 standard silver dollars have
been coined, of which $40, O69 are
gei0niorage. The secre tary says:
while the law provides that re-
deemed treasury notes may be re-
issued, it also imposes an express
limitation upon the power 70
reissue bv declaring that no greater
Or less amount of such notes shall
be outstanding at any time than the
cost of the silver bullion and the
standard silver dollars coined there
from than held in the treasury pur-
chased by such notes When such
notes are redeemed in gold there is
no obstacle in the way of their reis-
sue: because such redemption does not
affect the stock of silver held IN the
treasury under the act of July IA, 1890;
but, when they are redeemed with
silver coined from the bullion pur-
chased under that act, they must be
retired and cancelled, for otherwise
there would be, after the redemption
and reissue, a greater amount Of notes
outstanding than the cost OF the sill
yer originally purchased and then
held in the treasury, and this is ex-
presslv prohibited by the statute.
The purpose Of congress was to pre-
vent the duplication Of the currency,
which would be the case if the notes
and the silver purchased with the
notes could be outstanding at the
same time
Treasury notes received in the or
a. rrrE
deemed in gold or exchanged for sill
yer dollars not coined from bullion,
purchased under the act of July Il,
1890, are not retired and cancelled
All such notes are reissued- Prior to
the 1st dav of July, 1891. silver dol
coined from the bullion purchased
under that act. The so-caled gain
or seigniorage arising from this coin
age was So, SGT, sos, which was paid
into the treasury as miscellaneous re
ceipts leaving S29. $50, 461 to be held
as a fund to provide for the redemp-
ton Of the treasury notes, as provided
by law
Eat the beginning of the present
administration this sum Of SO, 4sO, 461
was still in the treasury and standard
silver dollars to the amount Of 81 597,-
523 have been coined since that time.
OF this last sum, however, $780, O79
was seigniorage, leaving 81 or, IA to
be h e1d IN the treasury 1t appears,
therefore, that the whole coinage I'M
der the act has been S37, COS, 4S7, and
that the amount to be held in the
treasury for redemption purpose was
$50. 557, COS; of this sum, 81, 121 600 was
used in the redemption Of notes and
that amount has been retired and
cancelled
mo treaaury note has been re
deemed in silver unless silver was de
manded, the policy and practice of
the department having always been
to redeem in the kind of money de-
manded by the holder Of the not@
The presentation OF treasury notes
for redemption in silver began in
August, 1873. when there was a great
scarcity Of currency of small demon
nations, and there was redeemed dur
ing that month 81, 273. 267 which is
the largest amount that has been
presented during any one month.
LAS shown above, there were held
in the treasury at the beginning of
this administrat ton S29, $50, 461 in
silver coined from the bullion pur-
chased under the act of July IA, 1890.
Notwithstanding the fact that 81, 1877
223 have been coined since that time,
there are now on hand only S26. 1872,
r0A