The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1896-10-22

IL Fl
The impression il abroad that the
government has altogether suspended
the coinage OF silver dollars, That state
ment has been frequently made by free
silverite speakers, whereas the fact Is
that between January LIST and October
1st,, 1896, nearly twice as manv silver
dollars were coined as there were during
the entire eighty years and more OF free
coinage ending with 1873, and these
silver dollars are all added to the circu-
latine medium of the country, and what
ever profit occurres goes to the whole
people, and not to few silver mine
owners. In view Of facts like these how
ridiculous the charge that the govern
ment. by the act of 1873 cut in two the
circulating medium by demonstrating
silver-and the consequent fall in prices
by reason of a contracted currency or
an appreciatins gold standard. Not
only was silver not "demonetized" in
1873 in the sense in which the free silver
advocate would lead his follows to be
lieye, but the widest possible currency
was given to coined silver more than
fifty times as many dollars having been
coined and circulated bytween 1878 and
1898. and there were between 1892 and
1873, The following letter from Sore
tary Carlisle of the United States treas
urey department, under date of October
3, says:
From lam, 1. 1896. to Sept, 80. 1896
standard silver dollars have been coined
at the mats of the United States to the
amount ot$13, 912, SIP. Since November
1, 1898, 1.-THE date OF the repeal OF the
purchasing clause of the Sherman act, J
standard dollars have been coined to
the amount OF $17.S69, 491, or more
than twice as much as was coined dur
ins the whole period of our history
prior to 1878,
The coinage of standard silver dollars
is going on every day at our minis, and
during the last month it amounted to
So, 100000, about the same amount
will be coined during the present month.
The seigniordge or gain, which has been
added to the circulation on account OF
the coinage since November 1, 1898 is
about So, 100000,
The coinage is being done under
authority conferred by the third section
OF the act of TuIv Ia, 1890. commonly
called the Sherman act, which pr ovideds
that The secretary OF the treasury
shall each month coin 100000 ounces
nf silver bullion purchased under the
provisions OF this act into standard
silver dollars until the first day Of July,
1891. and after that time he shall coin
as much as NAV be necessary to provide
for the REDEEM ption' of the treasury notes
herein provided for, and any gain or
SeignioTage arising from such coinage
shall be accounted tor and paid into
the treasury"
This law is still in force, no part of the
act having been repealed except the
clause which directed the secretary OF
the treasury to continue the purchase of
silver bullion and issue treasury notes in
payment tor it, and the coinage is being
made from the bullion belonging to the
government purchased before the repeal
OF that clause.
The silver dollars coined other than
the seiguiorage, are held in the treasury
under the law for the redemption of the
treasury notes issued in payment for the
bullion, aud since August /, 1898 these
notes have been redeemed in silver to
the amount of SCI, 1875, 722, and the
notes .have been retired and Cancelled,
the silver dollars taking their place in
the circulation.