The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1894-09-22
COINAGE OF SILVER DOLLARS.
Secretary Carlisle Explains the Opers
ton of the Present Act.

WASHINGTON. Sept. H.-Secretary Car
the coinage of silver dollars under this ad-
ministration, the coinage being under the
unrepealed portion of the Sherman act. 1t
shows that since the administration came
into power /, 957, 223 standard silver dollars
have been coined, of which $40. 079 have
been seigniorage. The secretary says:
"While the law provides that redeemed
treasury notes may be reissued. 1t also i'm
poses an express limitation upon the power
to reissue by declaring that no greater nor
less amounts shall be outstanding at any
standard silver dollar coined therefrom
then held in the treasury purchased by
such notes. When such notes are re-
deemed in gold there is no obstacles in the
way of reinsurance Of the same. because
such redemption 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 bullion
purchased under that act, they must be re-
ti.ed and cancelled, for otherwise there
would be, after redemption and reissue. a
greater amount of notes outstanding than
the cost of the silver originally purchased
and held in the treasury. and this is ex
pressly prohibited by the statute.
To Prevent Duplication.
1.-THE purpose of CONGRESS was to prevent
duplication of currency. which would be
the case if notes and silver pure hased with
notes could be outstanding at the same
time. Treasury notes are received in the
ordinary course of business or redeemed in
gold or exchanged for silver dollars. coined
from bullion purchased under the act of
July IA, 1890 and are not retired and can
lo.l A n, rAi
prior 10 the LIST day of July. 1890 silver
dollars to the amount OF $36, 318 264 were
coined from the bullion purchased. The
So called gain in the seigniorage arising
from this coinage was Sc. 6S7. 803. which Was
paid into the treasury as miscellaneous re-.
ceipis leaving $29 480. 461 to be held as a
fund to provide for the redemption of treas
ury notes as provided BY law. At the be-
ginning of the present administration some
of this $29, 48O. 461 was still in the treasury,
and standard silver dollars to the amount
of 81, 957. 223 have been coined since that
time. Of this last sum, however. $500. O79
was seigniorage. leaving SLOT. IA to be
held IN the treasury. Itappears. therefore,
that the whole coinage under the act has
been $3I, 9a5 487. and that the amount to be
held in the treasury for the REDEMPTION OF
purchases was $3o. 5o9 600. VI this sum
81. l2l, 900 has beer used in redemption Of
the notes and that amount has been re-
tired and cancelled.
mo treasury note has been redeemed in
silver unless silver was demanded, the pol.
icy and practice of the department having
always been to redeem in the kind Of money
demanded by the holders of note. The
presentation of treasury notes for redemp-
ton in silver began in August, 1878. when
there was great scarcity of currency of al!
kinds. and there was redeemed during that
month $1.273 267, which is the largest
that has been presented during any one
month. As shown above. there were held
in the treasury at the beginning of this ad-
ministrat,on $2y. 4S0, 46l in silver coined
from bullion purchased under the act of
July IA. 1890. Notwithstanding the fact
that 81, 957. 223 has been coined since that
time there are now OH hand only SIG. 189, :
1877"