The herald., 1894-09-18
SILVER COINAGE.
Secretary Carlisle Makes . Statement
OoncsrnisE 1t.

Secretary Carlisle Makes = Statement
Ooncsrnisg 1t.
WASHINGTON, Sept. IL. Secretary Car
Isle tonight made q statement concern
ing the coinage OF silver dollars during
the present administration, the coinage
being under the unrepealed portion OF
the Sherman act. 1t shows that since
the administration came into power
1857 1923 standard dollars have been
coined, of which $40, ,069 have been coined
from seigniorage. The secretary says:
"Whils the law provides that re-
deemed treasury notes may be reissued,
1t also imposes an express limitation
upon the power to issue, by declaring
that no greater or leHs 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 then held in the treasury, pur-
chased by such notes.
when such notes are redeemed in
gold there is no obstacle in the way Of
the reissue of the came, because such re-
demption does not affect the stock of
silver held in the treasury under the act
of July IA, 1890, but when they are re.
deemed with silver coined from the bull
lion purchased under that act, they
8tnet hns- -saefsNA5uId 6e, alter redemp-
tion and reissue, a greater amount oil
notes outstanding than the cost of the
silver originally purchased and held in
the treasury, and this is expressly pro-
, hibited by the statute. The purpose OF
congress- was to prevent the duplication
OF currency, which would be the case il
the notes and the silver purchased with
the notes could be outstanding at the
same time.
Treasury notes received in the ordin-
ary course OF business or redeemed in
gold or exchanged for silver dollars not
coined from bullion, purchased under
the act of July IA, 1890, are not retired
and cancelled. All such notes are re-
issued. Prior to the first day OF July,
1890, silver dollars to the amount OF
$50, 31S 1854 were coined from the bullion
purchased. The so-called gain in seig-
niorsge arising from this coinage was
s6,6S7 1903, which was paid into the
treasury as miscellaneous receipt,
leaving $29, ,480. 461 to bs held aa fund
to provide for the redemption OF the
treasury notes as provided by law.
AT the beginning of the present ad-
ministration the sum OF s29, $3.50, 46l was
| still in the treasury. and standard silver
dollars to the amount OF ST, 5S7 ,223 have
been coined since that Tins. OF this
last Aum, however, $520,079 was seig-
niorage, leaving 81, ,077, ,144 to be held in
the treasury. 1t appears. therefore,
that the whole coinage under the act
has been $31 ,905. .487, sad that the
amount to be held in the treasury for
redemption purchases Was $50, ,557, sos ;
Of this sum $4, 12l 900 has been used in
the redemption of the notes, and that
amount has been retired and cancelled.
No treasury note has been redeemed in
silver unless silver Was demsnded, the
policy and practice OF the department
having always been to redeem in the
kind of money demanded by the hold
ers OF a note. The presentation OF
treasury notes for redemption in silver
began in August. 1898, when there was
great scarcity of currency of all kinds,
and there was redeemed during that
month sl,273. 267. which is the largeat
amount that has been presented during
any one month.
AS shown above, there waa held in
! the treasury at the beginning of this
administration 1929, ,4S0, ,46l in silver
coined from the bullion purchased un-
der the act OF July /, 1890. Notwith-
standing the fact that $1,157, ,223 has
been coined since that time, there is
now on hand only $26, ,lS9. 724."