St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-09-18
SILVER CIRCULATION.
URPLUS IN TREASURY RAP
Idly GETTING OUT
Silver Certificates Being Retired
as the Coin Is Called
For.

WASHINGTON, Sept. II. - Secretary
Carlisle to-day made q statement con-
corning the c0lnage of silver dollars
under his administration. the coinage
being under the unrepealed portion OF
the Sherman act. 1t shows that since
he administration came into power
S1,597.223 standard silver dollars have
been coined, of which 1920, 079 have been
seigniorage. The secretary says: While
the law provides that redeemed treasury
notes may be reissued, it also imposes
an express limitation upon the power to
reissue by declaring that mo greater or
less amount of such notes shall be out
standing at any time than the cost of
the silver bullion and the standard sill
yer dollars coined therefrom then held
in the treasury purchased by such
notes."
when such notes are redeemed in
gold there is no obstacle IN the way OF
their reissue, because such redemption
does not affect the stock Ut silver held
in the treasury under the act of July 4,
1899, but when they are redeemed with
silver coined from the bullion pull
chased under that act. they must be
retired and Cancelled, for otherwise
there would be after the redemption
and reissue, greater amount OF notes
outstanding than the cost Of the silver
originally purchased and then held in
the treasury. and this is expressly pro-
hlbited by the statute. The purpose Of
congress was to prevent the duplication
of the currency, which wOald be the
case if The nOtss and the silver pur-
chased with the notes could be out
standing at the same time.
Treasury notes received in the Or
binary course of business, or redeemed
III gold or exchanged for silver dollars
der the act of July IA. 1890, are not re-
tired and Cancelled. All such notes are
reissued. Prior to the iirst day of July,
1891, silver dollars to the amount of
$50, 3lS, 264 were coined from the bullion
purchased under that act. The So
called gain or SrignlOrage arising from
this coinage was 81, SGT ,SGS, which was
paid into the treasury as a miscellane-
GUS receipt, leaving SO, $50. 46l to be held
as fund to provide tor the redemption
of the treasury notes as provided by
law.
At the beginning Of the present ad-
ministratlon this sum OF S29. 4o0, 46l was
still in the treasury, and standard silver
dollars TO the amount vi Sl,OJt nave
been coined since that time. vi this
| last sum, however, S520079 was seign-
| forage, leaving SLOT. LA to be held in
| the treasury. 1t appears, therefore.
| that the whole coinage under the act
| has been $37, 9o5,4S7, and that the
| amount to be held in the treasury for
redemption purposes was $50, 557, Cos; of
this sum, ST. III 900 have been used In
| the redemption of the notes, and that
amount has been retired and cancelled.
| No treasury note has been re-
deemed in silver unless silver
was demanded. the policy and
practice of the department having
always been to redeem in the kind of
money demanded by the holder of a
note. The presentation OF treasury
| notes for redemption in silver began in
| August, 1898, when there was a great
scarcity OF currency of small denonina-
! lions. aud there was redeemed during
that month Sl.27 267. which is the
! largest amount that has been presented
during any one month.
| As shown above, there were held In
the treasury at the beginning of this
| administration 500. 4S0, 461 in silver,
coined from the bullion purchased under
the act of July IA, 1890. Notwilhstand.
Ing the fact that 81, l57, 223 have been
coined since that time, there are now OIL
hand only $26, 1879, 724.