Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-10-24

The Making Of Silver Dollars, That Is
to Say.
BsrDIARy COINS ONLY, NOW.
So Orders the Secretary of the
Trcnsury-Thc New Orleans Mint Co
Be Closed and DismantIed I'm Con-
sequence.

WASHINGTON. Oct. 23.-AI silver
coinage. except that of subsidiary SHE
ver has been ordered suspended after
November ist next by Secretary Carlisle.
In carrying out this policy the New
Orleans, La, mint will be practically
closed and dismantled after that date.
and its seventy employees furioughed
without pay. A letter containing these
instructions as TO disseminating coinage
operations at New orleans was mailed "a
Superintendent Overton Cabe on Monday
night
The practical effect Of the action taken
by Secretary Carlisle Is 10 convert ali
silver bullion held by the government
into gold obligations. Under the parity
clause Of the sherman act, Secretary
Window, in October. 1889. construed this
law 10 mean that all Sherman notes Is
sued against bullion were redeematIe IN
gold. This construction OF the law has
been cOncurred in by his successors,
Secretaries Foster and Carlisle, and has
been in practical operation during the
past six years. Under II $76iS.5s2 has
been redeemed.
The coinage OF silver bullion into stand.
ard silver dollars operates to prevent
sherman notes being issued upon them.
Silver certificates, however are Issued
against standard silver dollars and ara
redeemable only In silver
Thus from the same base silver bullion.
Sherman notes become gold obligations
and silver coined into STANDARD silver dol.
lars and silver certificates ISSUED upon
them become silver obligations. The sus-
pension Of the coinage of standard silver
dollars therefore leaves the bullion silver
free from any further liability or conver-
sion into silver obligations.
The closing up of the New Orleans mint
leaves only the United States mints at
philadelphia and San Francisco in opera
ton At these mints only gold and sub
sdiary silver will hereafter be coined, un-
less Congress should direct TO the con-
trary and it's action should be approved
by the President.
OF the employees i'm the New Orleans
Mint. 30 are women and 40 men.
Secretary Carlisle for some time past
has been considering the advisabiity of
stopping all coinage except that OF sub
sidlary coins. and since he has
been the head OF the Trea-
sury Department only 4.322. .i36 standard
silver dollars have been mnted.
only ~ standard silver dollars have been
standard silver dollars during the past
few years have been as follows:
1858. }.956,0ll.
1S94-F5S.
is93-S.3i301o.
1892 $4,000.
lsei-S27 10000
The total coinage OF silver under al
acts amounts to AS1, ,2a9,3o9.
The Treasury now holds of silver bul-
j lion, purchased under the Sherman act,
/ 1854 900 fine ounces, the cost OF which
was $l2f0S0,323 The coinage valus
| OF this bullion in silver dollars
is sl71.96i0oo. II this bullion were
coined into silver dollars the profit 10
} the government on its coinage would
be nearly $4,000 900. which sum could be-
: paid out of the ordinary expenses OF the
! government. or against which silver-cer-
/ tificates could be issued
! Under the act OF 1873 the Treasury holds
| OF bullion purchased s66j,4j9 in value.