The Caucasian. (Clinton, N.C.) 188?-1913, 1894-10-18
WHAT vEN. WARNER SAID.

WHAT oEN. WARNER SAID.
Questions. Gcu Warner. what
does th, coinage of silver dollars at
this t1mc meaut
Answer. DO yuu mean tp ask
why silver dollars are being coined
AT tins tmel II 80. that 4 "A qucs-
llon "hI"A only the Secretary of the
Treasury can answer. 1t would hard
i\ u" {" SAY they are roincd Just nt
TINS time lor political effect. although
there arc strong suspicious OF that
hInd out. nue thing, however. is
certain, the coluIur of tins silver
adds nothing whatever 10 the volume
of circulation. The SILVER dollars
How being coined are made from
the bullion purchased under the act
Of 1880. and under the provisions Of
that act they "au only ho used for
tHo redemption ot the com notes IL.
sued uudnr that act. II any Of these
dollars, therefore, are paId out. notes
- Al cqu Il amount must be cancel.
l'd and destroyed; tor tbs act Of 1890
plainly says thcr" shall be no greater
or less amount of such notes out
standing al any time, than tho cost
OF the SILVER bullion and the stand
ard dollars coined thcrctrom, then
held in the Treasury. Therefore.
these dollars must either bc held IA
Treasury or paId out for com u,trs
which must be cancelled. They are
not wanted for the redemption of
COIN notes, and, therefore, they will
be held IN the Treasury. The Secre-
tary of the Treasury - consequently
mcurIug the expense Of changing a
certain amount OF silver bullion into
the form of CON. There is &c rtaiulv
no objection To- coming this silver.
For my part, | wish II were All ccIn-
ed aud the coin notes all redeemed
with II, for there would then bo none
to b" redeemed in gold. The money
volume, however, would not there
10y bc 1T all Increased. Bat If these
coined ia 1894, are being
used on the stump, as ls claimed, =
prove to The people that silver is
still beng coined and the currency
volume thereby Increased, il is down
right deception: that ls all there J.,
to 1T
. What have you to say about
the statement of the volume Of money
III circulation put out on the first Of
each month?
Al have simply to say that
they are official misstatrmcnts Of
facts. This may seem to be a broad
assertion but 1t Is no more than
those who make up these statements
well know and would doubtless, prt-
vately admit. There is no such vol
ume Of money IN circulation in this
country as Is contained in these
statements; nor IL there any such
volume Of money ~ the country AT
all, and those who make up these
statements know this perfectly we'll.
For instance, they give AS the vol
ume Of grceubacks still IN existence,
! III, ,GSl 900. They do not admit
that there has been single note
burned up, destroyed or lost in any
way during the war or since. The
same is true Of national bank notes
and other forms Of paper currency.
They assume also that every frac
Al'bdt i't''F VI NllNFi 'olfItti NltIFt
1888. - 900. 900 Of which were coin
ed before the war, almost every
piece of which left the country dur
nag the wal, has all come back aud
is now Ia circulation, But worse
t1an this is the reported stock OF
gold M the country. According 10
the treasury statement for January
last, there WAS TG6G, 900, 900 Of gold,
coin and bullion, in the country, of
which $59G, 900, 900 was in the banks
and IN the hands Of the people. Bat
the gold holdings Of the banks alto
gethcr, according TO the last full
bank report up to that date, was only
Si75. .OO0, 900, leaving as in actual cir.
cuIation, IN the pockets Of the peo-
pie in the tills Of merchants, etc,
S4Il, ,0D0, 900 in gold, or % per capita
in gold ally in the hands OF the
people! Now the treasury officials
do not claim to have any evidence
wha tever Of the existence Of any
such stock of gold coiu in circula-
ton nor Of half Of 1t, and yet they
put this statement out without any
explanation as If il were the truth.
All in the world they have to show
fol it is an estimate made wears ago
br director of the mint, Burrhard,
which was merely guess to begin
with, and to this they have al +" I'M
ports and production, and do icted
txporis without attem Dting To give
The amount Of gold that has gone into
the melting pot, or that has been
carried out OF the country by Amerl-
cans travelling abroad or by Chinese
laborers returning home. Hence,
the black faced figures in these re-
poets. claiming to sho v monthly the
true per capita circulation, to say
the least, are culpably deceptive.
Secretary Foster, a few years
ago, put out a statement of the vol
ume Of circulation at the close of
the war, which contradicted the