New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-22
THE FaCT ABOUT SILVER COINAGE.

A curous misunderstanding appears 10 DE
nrevolent regarding the quantity of silver coined
for general use prior to 1873, to which attention
IS called by a letter from Il subscriber, VINO says
81 hclieve that the number Of standard silver
"dolars coined In the United States from l'''
"to 1873 was between S7OOOO00 and $S.OOo,ooo'
But on turning to The Tribune Almanac unuei
"oo,d and silver coinage we found. in the column
..upder the word silver. over Sllo.0ooooV iroii
"1793 to 1873" The trouble with THIS inquirer
Is that he overlo0ks the very large coinage oi
u subsidiary sOrt-namely, the half ana quarter
dollars. dimes and half-dimes, OF which the
actual circulation was formerly much greater
in proporton to population than it Is now. Inc
,doo is right that Of silver dollars, properly SO
coIlad the total coinage prior to 1913 was only
81 3.9sS. Of which 81 ,439,517 were coined IN
the wears 1893 to 1905, inclusive. lhere WAS
then n period OF over thirty years IN whicn no
dollars were coined Beginning again III io''
with only 81, OO0 and in 1879 with only 9ooo' '"o
coinage continued from that time 10 49, pu.
did not at any time become consideraoie "n'''
the wear 1871 The total coinage PRIOR 10 'ii''
year from the organization OF the MIMI WIS "oo"'
s5.5OOOOO In 1871 and 1872 S223o'oo were
coined. mainly in answer to demand LOT eA
mort II was on this account that In 1915 IL was
nroyided that Il new coin, called the trade ooi'
lar expressly for export use only, should pe
rtnted and In six years about $3o,96o,3-4 OF
those were coined and sent abroad. AS IS Wei
trov.n q large part OF them returned to TINS
country. and the operation was not found au-
vantaceous so that the coinage OF the u"u'
dollar was afterward discontinued
right
,ho, thc number OF silver dollars coined prior 10
1873 was less than Ss,OOoooo as above s'"''''
Tho Tribune Almanac is also right in Its stare
mont that the total coinage OF silver WIS WY
large. The Mint report shows thar tie co'i"Ie
Of half-dollars up 10 June 80 1871 h'u D'''.
Sl3o 80. 1888 90 Of Quarter-doars S4''loo'off' VI
twenty.ccnt pieces S271,0Oo, OF dimes s-S.foo'
~ % Of half-dmes Si,SS0,2l9 ~, ana Oh th'ce
ccnt pcces Sl2S2 OsT 20. The coinage Oh 'n'S
sort was large during all the earlier years anu
increased still further after the discoveries Vi
,h. imnortont silver mines N the West. Al ieneth
+, c,mo tn mass that the supply OF such CONS WIS
,,oorvenien,Iv great. SO that the banks ana the
Troosurv itself became clogged with the uhde-
.,r,,,,o surnlus and in 1873 the coinage OF that
sor, was materially diminished, nor did II again
become large until lN9i
These ligures have Importance only as SHOWING
thu, during all the years prior 10 1873 when the
Mint was open TO the free coinage OF sn'er'
there was no public nor commercial d'ihahu ~,
such coins In any quantity. The truth l. 'i.
,hc relative value Of silver and gold durihS Ill
these years practically prevented the circulation
- tho two coins at an equality. just as II Wouiu
NO impossible for both TO circulate now NJ Il"
cuuality II the coinage " both were Iree' i'ioi
., 1871 IN. silver was relatively more valuapie
than the gold dollar, that 1t was more proh'.
able 10 export the silver than to put II INT" l''u
states coins for circulation. Only since lo'" HAS
silver gradually declined in price o"'nI ''"',''
"a the enormous increase Of production 50 'n''
If il altogether more profitable to Manufacture
oven into subsidiary coins than to export. II the
silver agitators could have their way. the pro-
ducers would get for every ounce taken from 'ne
mines nearly twice rs much by coming II 'h'o
dollars as they can get by exporting the puIi'oh'