The Caucasian. (Clinton, N.C.) 188?-1913, 1895-10-31
SILVER COINAGE
TO BE STOPPED.
Save That OF Subsidiary Silver.

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WASHINGTON, Oct. 23.-s;lve,
coinage, except that Of subsidiary
silver, has been ordered suspended
atter November LIST by Secretary
carlisle. In carrying out this poi.
icy the New Orleans, La, mint will
De practically closed and dismant-
LED after that date and its seventy
employees furloughed without pav.
letter containing these irstruc-
tions as to discontinuing coins &c op-
erafions at New Orleans, was mailed
TO Superintendent Overton Cabe
Monday night.
| Ihe practical effect Of the action
taken by Secretary Carlisle is to con-
vert all the silver bullion held by the
government into gold obligations.
Under the parity clause of the Sher-
man act, Secretary Window, in DC
tober, 1891, construed the law to
mean that all Sherman notes issued
against the bullion were redeemable
In gold. This construction of the
law was concurred In by his success
cessors' Secretaries Foster and Car
Isle, and has been in practical op-
peration during the past six years.
Under it $40, 1885, have been re-
deemed. The coinage of silver bull
lion into standard silver dollars op-
crates to prevent Sherman notes
being issu ed upon them. Silver cir
tificates, however, are issued against
the standard silver dollars and are
redeemable only in silver. Thus
from the same base-the Sherman
silver bulliOn-the Sherman notes
become gold obligations. and the
silver coined into standard silver
, dollars and the silver certificates is
sued upon them become silver obi
. cations. The suspension of the coin
p age OF standard silver dollars, there
y fore leaves the bullion silver free
3 from any further liability Of con.
Z version into silver Obligations. The
n closing up of the New Orleans min,
' leaves only the United States mint,
: at Philadelphia and San Francisco
q in operation. At these minis only
i gold and subsidiary silver will here
K after be coined, unless Congress
It should direct to the contrary and it!
d action should be approved by tn
e President.
u Secretary Carlisle, for some tim
e past, has been considering the ad
= visibility of stopping all silver coin
d age except that of subsidiary coins
N and since he has been the head o
it the Treasury Department, only 4,
rs 49,, 1924 standard silver dollars hav
D. been coined. The coinage of stand
"a ard silver dollars during the pas
y few years has been as follows:
-" In 1895, $3,956,Oll; 1894, sos
a, 1893, SIS, 343, 900; 1892, 1929, 0O(
N 1891, $27. 100000.
h The total coinage Of silver unde
a all acts amounts to 1923, 2S9, 80!
sh The Treasury now holds of silve
is bullion, purchased under the She
ne man act, 1877 ,644, 900 fine ounce
- the cost of which was 1924, OSO, 32;
n the coinage value of this bullion
All silver dollars is SLIT 1854 900. If tn
&c bullion were coined into silver do
ry lars the profit to the governnlel
Ot on its coinage would be nearly So
&c. DOC, 900, which sum could be pa
w out for the ordinary expenses of Il
~ government or against which sllv'
Nv certificates could be issued. Und'
the act of 1873, the Treasury hol'
of bullion purchased 1865, 459
value.