The evening times., 1896-07-14

in the history of the Treasury Department
When SO much financial information has
been desired from people situated in every
section of the country and ranging
through all degrees or intelligence. They
seek to satisfy themselves at the fountain
head of knowledge as to the relative merits
of the pending controversy regarding gold
and silver.
lnspeaking with a Times reporter Director
of the Mint Preston said that between
forty and fifty letters were daily received
by him asking all sorts OF questions Oh
monetary matters. The demand for mis-
last annual report has reached point far
in excess of the supply, and 1t is now i'm
possible TO furnish them, except in special
cases.
Director Preston, like all the other Treas
ury officials, is desirous of furnishing any
thing in the way of Information that may
be utilized as an effective argumen mt against
the heresy of free silver. He believes that
any condition of affairs would be preferl-
bic to the realization nr Unlimited coinage.
When asked for a definition NJ the word
Unlimited used in the Chicago plat
form, Mr. Preston said
UNLIMITED COINAGE OF SILVER.
1t means uiat there shall he no restric-
tou as To the amount of bullion permitted
10 be received and coined. Unless by
Legislation the coinage OF silver should lie
limited to American product, our niints
would be open To II the silver in the world,
and II may be safely stated that WITHOUT
such restriction the United States would,
within few years. have the surplus silver
OF The world. By surplus l mean all the
silver not used by other nations as SUD-
sdiary coin.
Under u free silver law anyone possess
Ing old silr er SPOONS, ,silverware, or anything
else containing silver, would have The prlfl-
ta.ran anft PIN, tt..ia LII a
having them coined into silver dollars. IL is
not to be expected, however, that the fniDts
Will be called upon to perform much work OF
this character. 1t wlIi he the sincltcTs and
reflDers who will do most OF this work.
There is a mistaken notion as To the class
OF people who ta ke bullion to the mlDts To be
coined. II Is generally supposed that mine
owners do this. Asa rule they do not. Their
works. confined to la king ore from the mines
aud selling II 10 the sILeIting and refining
esta blishInents.
MUST PAY FOR THE ALLOY.
When asked Tor IL description ur tn" gen
eral plan of actual free coinage as contem-
plated 10y the Chlt ago platform, Ar. Preston
said:
can only explain 10 you generally what
the routine wouid ne, tascu on experience
gained before ttlc repeal of the Sherman law,
and upon what fTeeco.nage or silver Is gen
place, silver in any form, If not too base
Tor the operation or Tire Iuinus, VIII be rc-
ceived from anybody and coined into silver
dollars or Ddis free of charge, except the
cOSt of tn alloy e!nI!oT yea, which IS cents
per ounce.
From the weight OF the bullion after melt
ing anu tne REPORT Ul lIc Il ssit cr AS 10 Ilil.-
ness, the value OF such deposit ind the
amount of fCharges'wllbe imputed, and a
detailed statement given to the deEosltor
When the depositor presents his receipt and
| certificate for the net value he VIII sign tht
| receipt, ana thc coin or tarS VIII Then De
| paid to him.
1t is not to be presumed, however, that
under free coinage law person present
sng bullion would nave 10 wait ior iiIs mon
| ey until the material which hc Aas present
.eti' had actually been coined. An that VII
| be necessary will bet wait until the actual
value of his bullion isascertained. Nor Is II
| to be presumed that any great number vi
| people Will go 10 the mints for their silvel
| do liars. The chances are that you Will not
| find any more cartwneel dollars IN circuli
/ ton under free COMA z" la W tnan there ART
| now. The coin is tCo cumbersome. The
| peop lie may wan. free silver, butthcy wolld
| rather have n government paper cuuivalen
| for 1t than its actual weight in meal.
METAL WILL BE STORED.
| The result Will he that silver certificates
| will be authorized to take the place of the
| silver dollar, and the United States TreasurI
! will have to be storehouse for the bulk oi
| the metal. Tbs will bring up tine question
| ofIncreased vault room at the Treasury and
| subtreasuries. Our vaults in the Treasury
/ are now overcrowded. and there is no space
left for erecting additional vaults. A new
| Treasury building may, therefore, be IN or
der. not TO speak or tie additional mint
that will be necessary.
The term "l6 To = means that the pur,
| silver in the standard dollar weighs abou
| sixteen times as much as the pure gold II
| the gold dollar. SILVER dollarnow co ntaini
| 37l 70 grains of silver. while gold dolla
contains 23.2o grains OF gold. Al the time
OF the establishment OF the United State
mInts Congress agreed that the ratio be
NJ "a 10 -
pounds TO one pound, tins being at that tim,
the relative values of the two metals.
was subsequently found that this rati'
gave too hign value IL silver. IL was &C
curdInrly cha aDged 10 l6 tn L.
By this action Congress jumped on TIL
other side OF the stream. In European coun
tries the ratio had been fix ed at l 8 2 to
AS result the silver owners or the United
States shipped all their product to Europ
for coinage, and, until 1873, when the revi
sion of the coinage laws occurred, only abou
eight millions of silver dollars had bee
coined. Under the Bland. Allison act, fou
hundred million silver dollars were coin ed
and these added TO the notes issued un,is
the herman act, makes the total amount 1
silver in our currency more than five hun
dred millions all on a 16 10 ratio.
FIFTY-THREE-CENT DOLLARS.
At the present time the value of silver :.
the markets of the world is about thirt
pounds OF the white metal TO one of gold
Our people would, therefore, under the rtti
OF IL to / have 53-cent dollars, wiilc
might circulate for their face value in tn
United States but which would only be II
cepted at their bullion value abroad.
| Unless Congress enacts some special prt
vision preventing it, the nations OF the eworlt
in case a free coinage law is placed on IN
statute books, can ship all tieir bullion I
the United States for coinage. Here it Wi
receive the government stamp. and will b
used to buy American goods FOR shiplret
abroad. The result will be that foreigner
will get all American goods at half price
while Americans will lave to pay the fu
rate for them.