The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-08-31
MINIS COMING SILVER.
Both the Principal and Seigniorage
Are Swelling the Total.

AS is generally known in financial
circles. the minis of the United States
are coming silver, having resumed I'M
der an order from Secretary Carlisle
through the director of the mint. But
it is not fully understood that the coin
age of both principal and seigniorage
is in progress. Such is the case, how
ever. and the circulating medium of
the country is being materially in
creased in consequence. On Monday
night last Hon. LATE Pence, of Colo
RADIO. fresh from the halls of Congress,
was given a quiet reception by Den
yer admirers. and there he told about
his investigation of the coinage of
proof dollars. and then read the follow
ing correspondence on the subject of
silver coinage. which had until then
never been made public.
Washington. D. c., Aug. 4. 1894.
Hon. r. E. Preston, Director of the
mint Washington, d. c.:
Dear Sir-I wrote you on July IS
asking a statement as to the number
of silver dollars that had been coined
during this year by the government at
its minis. and on the same date you
answered me. stating: THAT the num-
Der of silver dollars coined during the
FIRST six months Of the calendar year
sASTaa 400 pieces. all proof pieces"
In the Washington Post, of July IS,
there was an article under the head
ing. Silver Coinage to be Resumed.
9 1t Will Not. However, Increase the
1Amount of Money in Circulation in
(which article it was stated that Sec
rotary Carlisle would give directions
within a few days to resume, to a
limited extent. the coinage of standard
silver dollars at the mint of the United
States. That since the repeal of the
Sherman purchasing law last Novem-
Der silver coinage has been practical
11r cflCTa1116nd 0I111r y hn1Jf mn ci1xrpT dol
lars having been struck off during 1894.
That this coinage Of silver for the re-
mAinder of this year would not prob
abfs exceed $4,000, 900. This coinage
VIII not affect the amount of money
<fn circulation. as for every dollar of
silver coined. a one dollar silver GER
tifcate will lie retired. etc.
This statement seemed TO be made by
authority. On day before yesterday,
TO wit: August 2. Mr.. McRae, of Ark
ansas. introduced in the House state
ment For General Information" from
you as director of the mint showing
the amount and domination of gold and
silver coined during the month of July.
IN the statement introduced by Mr.
McRae and published in the Congress
sional Record of August 8. at page
9.531. there appears under the heading
of Coinage Executed at the MINIS of
the United States During the Month of
July. 1894" the following item to wit:
STANDARD dollars. $4,000"
/ think ID worth while that the pub
!. lie should understand the full mean
2ing of this statement, therefore, / ask
you. first
4 What bullion and how acquired was
fcoined or is TO be coined into such
STANDARD dollars?
J 5econd-Is this coinage from what is
lsRown as the "seigniorageg"
4 NThird-Are these standard dollars so
coined. issued and put into circula-
ton?
Fourth-If so put into circulation,
are they used by the government in
the payment of its indebtedness so as
TO add to the circulation, or are they
issued in exchange for silver certifi-
Gates or treasury notes?
Fifth-Does this coinage add any
thing whatever to the amount of
money in circulation. if so how much?
An early reply viii be very greatly
appreciated by me. Very respectfully,
LAFE PENCE, NJ. C.
To Nhe above. Director Preston made
the following reply:
4 Treasury Department.
~ Bureau of the Mint.
Washington, d. c. August 6. 1894.
Hon. LATE Pence, House of Represen-
tatives:
Sir-In reply to your letter of the
4th inst. ] would say that the state
inent which Mr. McRae. of Arkansas
introduced into the House on August
2 For General Information" was a
true sta tement showing the amount ar
denomination of gold and silver coins
struck at the minis during the month
of July. and that the item contained
in the same. standard silver dollars
$4,000 is correct.
The bullion from which these dollars
were coined was acquired under the
act of July Il, 1890, which is the only
bullion held by the treasury available
lEpr the coinage Of silver dollars. J.
The cost of the bullion contained in
these dollars WAS S2S5, 661.75, showing
= g-in or seigniorage of sls7. s3S.25; con-