Capital journal. (Salem, Or.) 1893-1895, 1895-10-28
SILVER COINAGE STOPPED.

Following Washington special shows
what the present administration has
done and is doing to discount aud dis
courage the use Of silver as money.
The statistics are reliable and worthy
n preservation. This information has
not appeared in the Portland bankers
organ, aud we hope II will be given
wide circulation in the state press.
All silver coinage except that Of
subsidiary silver, has been ORDERED
suspended after Noyember lst next by
Secretary Carlisle. Iu carrying out
this policy the New Orleans mint will
be practically closed and dlsmantled
after that date. Secretary Carlisle for
some time past has been considering
the advlsabiIity Of stopping all silver
coinage except the subsidiary coins, and
since he has been at the head Of the
treasury department ouly 4,8S2,324
standard silver dollars have been mint
ed.
Since July lst last only 80 standard
silver dsliars have been coined. The
coinage Of standard silver dollars dur
ing the past few years has been bs
follows: To 1896, 50, ,95e, oil. In 1894,
$751;; In 1893, IS, ,s4s, 900; In 1892, So $780,
900; In 1891, s27 100000. The total
coinage Of silver under all acts amounts
to S42s, ,2ss,SO
The treasury now holds silver bull
ion purchased under the Sherman act,
1888. .844, 900 fine ounces, the cost OF
which was S124 .0SO,323, the coinage
value OF this bullion In silver dollars is
S177,064,0OO. If this bullion we're
coined into silver dollars the profit to
the government on Its coinage would
DO $54. 100000, which sum could be
paid out for the ordinary expenses of
the government or against which sil-
yer certificates could be issued.
Under the.act Of 1878 the treasury
holds OF bullion purchased S865,469 In
value.
The practical effect of this action
taken by Secretary Carlisle is to con-
vert all the silver bullion held by the
government into gold atlonsunder
the parity clause Of the Sherman act.
Secretary Window In 1889 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
SUCCESSORS, Secretaries Foster and Car
Isle, and has been in practical opera
upn during the past six years. Under
II S70.19S. 622 have been redeemed.
The coinage OF silver bullion into
standard silver dollars operates to pre-
vsnt Sherman notes being Issued upon
them. Silver certificates, however, arc
issued against the standard silver
dollars and are redeemAble only In
silver. Thus from the same base, the
silver bullion, the Sherman notes be-
come gold obligations and the silver
coined int o standard silver dollars and
the silver certificates issued upon them
become silver obligations. The sus-
pension Of coinage OF standard silver
dollars, therefore, leaves the bullion
silver free from any further liability of
conversion Into silver obligations.
The closing up Of the New Orleans
mint leaves only the United States
mlnls at Philadelphia and San Fran
cisco In operation. AT these mints
only gold and subsidiary silver will
hereafter be coined, unless congress
should direct TO the contrary and It's
actlon should be approved by the
president.
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