The times. [volume] (Richmond, Va.) 1890-1903, 1894-09-18
THE COINAGE OF SILVER
CARLIsLES GENERAL ANSWER TO
MANY LETTERS or INQUIRY.
Tho Coinage OF Dollars and the Redemp.
tion and Cancellation Of Treasury Notes
Fully Explained by tho Secretary.

WASHINGTON, D. c.. Sept. IA great
many letters have been received at the
Treasury Department recently making
Inquiries concerning the coinage OF sill
Yer dollars and the redemption and can
collation. OF Treasury notes. and IN order
to avoid the labor OF repeating the In
formation In answers TO each letter. Sec
retary Carlisle to-day dictated memo
randdm on the subject for publication.
The memorandum quotes the nrst.
second and third sections OF the sherman
act. under which the silver now he'd Dy
the Treasury was purchased, ana says.
Ii will be seen from the foregoing that,
while the law provides that reueeineu
Treasury notes may be reissued, II ALSO.
In the same section, imposes an express
limitation upon the power 10 reissue Ny
declaring that mo greater or less anloun.
OF such notes shall be outstanding AZ any
time than the cost OF the silver buiilon
and the STANDARD silver dollars coined
therefrom. then held In the treasury, pur.
are redeemed IN gold there II no oDsta-
Gle I'm the way OF their reissue, because
such redemption does not anect the stoSa
OF silver held in the treasury unusr ,hey are are
redeemed with silver coined troh ,ns
bullion purchased under that act my
must be retired and cancelled OF 9'ne.
wise there would be, after the ru."p,
ton and reissue, greater amount ot
notes outstending than the cost OF the
silver originally purchased ana tnsn snasiv nsiv
In the Treasury, ana TINS ~ eN''"
prohibited by the statute
TO PREVENT PUBLICATIONS.
The purpose of Congress was 10 pre-
vent the duplication OF the curren.y,
which would be the case IL tne ho.ee
and the silver purchased with the n1les noe,
could be outstanding at the sa,hs ,he ,ri9 nrdI-
nary course OF business, OF renssin.l
in gold. or exchanged for silver dollars
not coined from tbe bullion purcnaseti ,ai
ra,ired u1drd and cancelled. All such notes
are reissued. Prior 10 the lat aay OF
July. 1891. standard silver dollars TO tns
amount Of S3e3lN,-bt were colheb At"l'
the bullion purchased under that act.
The so-called gain or seigniorage arising
from this coinage was s0.S3I, ,S3. which
was paid into the treasury as Mls'.l.
laneous receipt, leaving S-',tp 'oi ,o
be held as a fund 20 provide Tor the
redemption Of the treasury notes a.
provided by law .,,,,, =
Al the beEI9nrs of q the lG GIeisspi. i 81. sd%as %as
Sin I'm the treasury. and standard silver
dollars TO the amount OF 81 ,j5i - nave
been coined since that time. VI ,,e' ap,s
last sum. however, >aN,p'p Was rT1H.tsp !.
rage. leaving Sl.O7I.l44 10 be held IN 'he
treasury
hFDFMPrIoS IN SIMILAR KIND.
I, annears. therefore, that the whole
coinage under the act has been Si',py,- :
~. and that the amount 10 be heli ~ ~
the treasury Tor redemption 1iIR, 1u,Rpa.S 49,,
was $40 537. .(O5 or this sum. Nt,l-l'"y
have been used in the redemption OF
notes and that amount has been retired
and cancelled. No treasury note ,nas nas
was demanded. the policy and pracure
of the department having always Deen
to redeem in the kind Of money deihahu-
| ed by the holder Of note. The presen-
tation OF treasury notes for redemption
I'm silver began In August. 1850. when
| there was a great scarcity OF currency
| of small denominations. and there WAS
redeemed during that month si'@,@5o't
| vhich ls the largest amount that has
! been presented during any one mon,h.
A shown above. there was held IN tne
treasury at the beginning OF ihls adj al,
mlnistratiOn $50 -. iGl in silver, coined
| from the bullion purchased under tle
act Of July -, ls'0 Notwithstana,aln3S
The fact that 81 .i97. 223 have been coined
since that time, there are now on mana
only S26. lS9,725 ,o-doy
The gold reserve increased to-day
nearly S4OOO19 standing at the close OF
business in the treasury at so' f5o'o'i'