Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-03-17

small denominations, and ia lie Mt.
tempt 10 supply this demand, tue
treasury department pald out In de-
iraying the expenses Of tho govern.
meut, aud Ia exchange tor other i0fms
VI currency, all the silver that cuull
be lawfully usei Tor these purposes, 70
that Tor short period IL was compelled
To suspend payment Ia standard silver
dollars except ia the redemption oil
silver certificates and treasury notes Of
1890.
fne law authorizing the use Of ell
ver cettnc aies upIn tbs uep0siiA OF
silver provides that "ihe coin dspJs-
ited for Or representing the certificates
shall be retained Ia the treasury tor
tue payment OF the same on demand"
IL Ia therefore PLAN than whenever the
amount OF silver dollars in the trehe-
ufy does not excel the amount OF
silver certificates outstanding, tho
secretary OF the treasury cannot, With
out n violation Of the law, pay out such
silver except for tho redemption Of
curtificntes. AZ such times he has no
more rigbt 10 ltzchange silver dollars
Tor gold than ne has 10 pay them out
Ia any other mnnuur. but there 10
also another iunI IN the treasury
which l. required by law 10 be held
Tor di1sreut purpose. IL consieta OF
the bullion aud the standard silver
dollars coined from the bullion pur.
chased under the ncl Of July IL, 1890.
That uct provides for tbs purchase VI
silver bullion at the market price aud
the iefue Of treasury notes Ia payment
iUr ~, and 10 also declares that no
greater nor lesa amount Of such notes
shall be outstanding at any Time ihan
the Get VI the silver bullion and the
standard silver dollars ciinod there.
from then held In tho treasury puf.
chased by such notes.
"Under this provision the secretary
il required 10 keep In the treasury ut
oil times an amount o. silver bullion VI
iis cost price, ana In stan lard oliver
dollafs coined from the purchased bull
lion exactly equal 70 tue amount OF
treasury notes outstanding, aud he nan-
not, therefore, lawfully uto such stan
datj silver dollars except for the re-
dsmption ana cancellation Of treasury
notes.
My letter 10 tho United States Sen
ate, upon which Mt, Cnsp's statement
seems 10 have been based, was written
on tho 18th day OF August, 1898, ami nj
the time there was no tee silver In the
tteasury;lthat IL, there were no standard
silver dollars In the treasury except
such 90 the law required TO be held TOT
the resumption Of silver certificates
ami the treasury notes OF 1900, aud
theto tedemptions were made at all
times during the month, and every
other month when these forms Of cur.
fenoy were presented. Dunng the
month Of August, 1898, treasury notes
10 tho amount OF 81 ,a73. 207 were TO.
deemed In silver and cancelled, and
since the nfst day Of August, 1898, tue
total amount Of sucn notes feds, mvd In
silver aud cancelled Ia sl0,588 722.
Pfios 10 my administration OF he afiaIfa
OF the department none u these notes
had been redeemed OF cancelled.
Since the beginning OF TINS admin
istTation nearly $4,000, 900 In gold
has been procured In exchange for
amount s5,0lb,6l9 hes been In ok.
change for sIiver coin ana sl0,3gO, 1880
Ia exchange for silver certificates. Tue
department has never refused 20 sz.
change silver for gold when II had oil.
WI Ahht Nehih AANAhAAl W ANtA luI hlhl
purpose, aud n II hal 10 refused 1 am
wholly unable TO see hOw II could be
c1nsiuefed discrimination against
silver. Ia a refusal 10 pay out gold In
exchange for silver n discrimination
against gold? II not, It OF course FOL.
lows that refusal to pay out silver Tor
gold Ia not a discrimination Aaainit
silver.
la response to your verbal inquiry
concerning the cOinage Of standard
silver dollars during tue present adj
N lni'lratiOn, you are advised that II
amounts 20 tue sum VI 50, 6B2, 900 up "
tue l5sh day Of this month, while the
amount VI such dollars coined In tut,
country from the establish ment Of tue
mint In 1892 up TO February, 1875, a
period Of tiEhty-slx years, was a, OSO,.
900.
| enclose herewith copy OF my
letter TO tue Uuited States senator 10.
ierted TO above. Very truly youn,