The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-10-30
SILVER SUSPENDED
Coinage of All Silver, Except Sub.
sidiary Suspended After
November 1.
THE LONG NIGHT CLOSING IN.

Washington, Oct. 23.-Al silver coinage
except that of subsidiary silver, has been
ordered suspended after Nov. / next by
Secretary Carlisle. In carrying out this
policy the New Orleans mint will be prac-
tictlly closed and dismantled after that
date and it's 20 employees furloughed with
out pay. A letter containing these in
structions as to discontinuing the coinage
operations at New Orleans, was mailed
to Superintendent Overton Cabe on Mon
day night OF the employees in the New
Orleans mint 30 are women and 40 men.
Secretary Carlisle for some time past has
been considering the advisibility of stop
ping all silver coinage except that of SUBJ
Sldlary coins and since he has been the
mead of the treasury department, only
4,3l2, 434 standard silver dollars have been
minted. Since July l last only 80 stand
ard silver dollars have been coined. The
coinage of standard silver dollars during
the past few years has been as follows
In 1895, $3,95601; in 1894, $75S; in 1898,
600; in 1892, SS,32900O; in 1891 $27,-
100000. The total coinage of silver under
all acts amounts to $423 2S9 3O9
The treasury now holds of silver bullion
purchased under the Sherman act, 49,
$4,000 fine ounces, the cost of which was
$l24, ,OSO,32 the coming value of this bull
lion in silver dollars lis SLIT 1854 900 If
this bullion were coined into silver dol
lars, the profit to the government on it's
coinage would be nearly $54, 900, 900, which
sum could be paid out for the ordinary
expenses of the government or against
which silver certificates could be issued.
Under the act of 1873 the treasury holds
of bullion purchased 1865, ,459 in value
The practical effect of the action taken
by Secretery Carlisle is to convert all the
silver bullion held by the government into
gold obligations under the parity clause
of the Sherman act. Secretary Window,
in 1889 construed the law to mean that
all Sherman notes issued against the bull
lion were redeemable in gold. This con-
structlon of the law was cOncurred in by
his successors, Secretary Foster and Car
llsle and has been in practical operation
during the past six years. Under it $76,-
1882 have been redeemed. The coinage
of silver bullion into standard silver dol
lars operates to prevent Sherman notes
being issued upon them. Silver certifi-
Gates, however are issued against the
standard silver dollars and are redeema-
BILE only in silver. Thus from the same
base the silver bullion, the Sherman
notes become gold obligations and the sill
yer coined into standard silver dollars
and the silver certificates issued upon
them become silver obligations.
The suspension of the coinage of STAN
dard silver dollars therefore leaves the
bullion silver free from any further liza
bility of conversion into silver obliga-
tions. The closing up of the New Orleans
mint leaves only the United States mnts
at Philadelphia and San Francisco in
operation. At these mints only gold and
subsidiary silver will hereafter be coined.
unless congress should direct to the con-
trary, and it's action should be approved
by the president