Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1894-09-18
The COINAGE OF SILVER.
Secretary Carlisle Explains The Pro-.
visions oil The Law.
The whole Coinage UBdsr tho shtr.
man Law silver on Hama
IN the Treasury.

WAsHiNGroN, Sept. l7.--sectsiiry
Carlisle expressed himself today con.
corning the coinage Of silver dollar.
under the administration, the coinage
icing under the unTepealed portion Of
the Sherman act. II shows that since
the administration came into power
1857, 1913 standard silver dollars have
been coined, Of which sj2O,UJ0 have
been eeigniotage.
The secretary says. "While the
law provides that redeemed treasury
notes may be roissuoj, II also imposes
an express Limitation upon the power
to reissue by declaring that no greater
or less amount Of such notes shall
be outstanding at any tins than
lhe STANDARD silver dollars coined
thefeitom and held IA the treas.
uty purchased by such notes."
When sucl notes are rudCemable IN
gold, there Ia no obstacle In the way "
tho reissue Of the same because such
redemption docs not affect the stock % Z
act Of July IL, 1899, but wnen they
are redeemed with silver coined from
the bulll n purchased unuer that act,
they must be retired anu cancelled, for
otherwise there would be, alter r..
domptiOn anu reissue, greater
amount Of notes Outstanding than thr
cost OF tho silver originally purchased
anu held Ia tho treasury, anu this h
expressly prohibited b. tho statute.
Ihe purpose Of COngfuvs WAS 10 pre-
vent the duplication Of currency,
which would be the case " the notes
anu the silver purchased with the
notes could DO outstanding at the came
time.
Treasury notes received In tho ordi.
nary course VI business or redeemed
In golf, VI exchanged iof silver dol.
lars are coined from bullion, puf.
chased under the act OF July IL,
$500, are not retired Rud can
celiud. All such notes are Tuit-
suei. Pfior TO the nfst DAY Of July,
1890, silver dollars TO the amount OF
$50, 3lS, 26i were coined from the bul.
lion purchased. Tue sO.callei gain 10
suignorago arising from this coinage
was 50, 65T sos, which was paid into
the Treasury M miscellaneous receipt,
leaving s29,B3D,Sjl to DO hold as a
iuud TO provide Tor the redemption
Of tue treasury notes As provided by
law.
Atthe beginning Of the present adj
minisirAtiOn, the sum OF s29,630, iBl
was still In this treasury anu standard
silver dollars to the amount Of 81 ,5D7,.
223 has been coined since that time.
OF this last sum, however, 3520,07D was
solgniorage, leaving sl,U77,lii TO be
held Ia the treasury. IL appears, there.
fore, the whole coinage under thu act
has been s8l ,9U5, 4s7, and that the
amount 20 DO held IN tho treasury tot
redemption Of tue notes aud that
amount has been retired aud cancelled.
No treasury note has been re-.
deemed IN silver unless silver
whs demanded, the policy and
practice OF the department having
always boon 10 redeem In the kind Of
money demanded by the holders Of a
note. The presentation Of treasury
notes for redemption ia silver began IN
August, 1873, when there was great
scarcity OF currency Of all kinds, anu
there was redeemed during that month
u, 27S, .6T, which Il the largest amount
that has been presented during any one
month.
As shown above, there were held In
the treasury vt the beginning VI this
administration, s2D,G3 bijl Ia silver
coined from the bullion purchased
under the act OF July IL, 1890. Not.
withstauding the fact tuat .l,lbT923
has been coined siuco that time, there
arc now on hand only $40, ls0,72i.