The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1896-03-24


q e
M 'itauur IL @iiha tntrl
lepn~iro, aud up>ldiar lvar coin>
VII b. .tb xprrs~ AZ Sc
. the Gpverinn ut 10 ,u, ne who
will deposit with -uch officers or banks
my kind of United States CURRENCY or
national bank notes; bnt gold il not
.ent to an, bod, free of charge
In August, 1898, there wa. eat
and unusual demand in pearl, every
part OF The country for currency OF
small denominations, aud ~ its at
tempts to supply this demand the
Treasury Department paid out, in de-
fraying The expenses OF the Govern
ment and in exchange for other form
of currency, all the silver that could
be lawfully used for these purposes ~
that for short period ii was COM
PEELED TO suspend payment in standard
silver dollars except in the redemption
OF silver certificates and Treasur,
notes OF 1890. The law authorizing
the issue of silver certificates upon de
posits of silver provides that "Tbe
coin deposited for or representing the
certificates shall be retained in the
Treasury for the payment of the sam
on demand"
1t is, therefore, plain that whenevt
the amount of silver dollars in the
Treasury does not exceed the amount
of silver certificates outstanding, the
Secretary of the Treasury can moi,
without a violation of law, pay out
such silver except for the redemption
of certificates. AT such times he has
no more right TO exchange silver dol.
lars for gold than he has to pay them
out in any other manner. But there
is also another fund in the Treasury
which is required by law to be held
for different purpose. 1t consists of
the bullioh and the standard silver
dollars coined from the bullion pur-
chased under the act OF July Ia, 1890 :.
That act provides for the purchase of
silver bullion at the market price and
the issue of Treasury notes in payment
for it, and it also declares that mo
greater or less amount of such notes
shall be outstanding at any time than
the cost of the silver bullion and the
standard silver dollars coined there
from then held in the Treasury pur-
chased by such notes."
Under this provision the Secretary
is required to keep in the Treasury al
all times an amount of silver bullion,
at its cost price, and in standard silver
dollars coined from the purchased
bullion exactly equal to the amount
of Treasury notes outstanding, and he
can not, therefore, lawfully use such
standard silver dollars except for the
redemption and cancel ation of Treas
ury notes
My letter to the United States Sen
ate, upon which Mr.. Crisp's statement
seems 10 have been based was writ.
ten on the 17th day of August, 1898
and at that time there was no free
, silver in the Treasury; that is, there
were no standard silver dollars in the
Treasury except such as the law re-
: quired to be held for the redemption
of silver certificates and the Treasury
notes of 1890, and these redemption
i were made at all times during tina
month and every other month wher
these forms of currency were present
ed. During the month of August
1898, treasury notes 10 the amount o
$l,273,267 were redeemed in silveI
and cancelled, and since the first da,
of August, 1898, the total amount o
! such notes redeemed in silver anC
cancelled is $l9, 533,722. Prior to my
9 administration of the affairs of the de-
:, partment none of the notes mad beer
!, redeemed in silver or Cancelled.
u Since the beginning of this admin
e istration nearly $ll0,0OO,OO0 in golt
Q has been procured in exchange TO
q other forms of currency. OF thi
amount, $S,9l5,Sl2 has been procure.
in exchange for silver coin, ant
= $40, 1928, $3.50 in exchange for silver GER
\ litcates. The department has neve
refused to exchange silver for gol,
when it had silver that could be law