The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-03-17
Treasury Department,
Washington, March l6. 1896.


Treasury Department,
Washington, March 16 1896.
Hon. Josiah Patterson. House of Repre-
sentatives:
My Dear S!r-Your favor of February
lfth was duly received and ought To- have
been answered at once. but the pressure
OF official business has compelled me
to delay response until now. You
stale In the speech delivered by Hon.
c. f. Crisp. in the House. on February
lfh, that gentleman said:
"lic meaning the Secretary of the
Treasury refuses TO give silver for gold
because he must hold the silver 10 pay
the silver certificates and Sherman bills
issued under the act of 1890. and when a
Sherman note issued under he act OF
1880, is presented he redeems IL in gold
and not in silver. Wha, mockcry is
thfs What sort of friendly treatment is
accorded silver by this law. and prac-
iice that obtains at the treasury of the
United States''
Ana You ask me to state fully how
you Cd have dealt with the silver cur
'rhcy sine" your Cmy) incumhency of
the office of Secretary of the Trca s,lry
and whether YOU Cd have. In dealing
win this subject. d!screditcd silvcr?"
In answer 10 your question can only
say that III all Opera tions during my ad-
nlln!straticn. legal tender gold and sill
Yer coins of the United States have been
treated precisely alike. except that great
er efforts have been made to keep silver
COINS IN circulation than have been
made TO keep gold coins in circulation.
The amount paid out by the DEPART
meni IN silver coins and silver cer,iti-
cafes greatly exceeds thr amount on Id
OUT III gold coins and gold certificates
ana III no Instance has the lease discrimi-
naloh oech made against silver or It's
q IsIst -,
mas SILVER or silver certificates been ra
FUSED i'll payment of a debt or demauti
aue the government, ana in no instance
has the government refused to pay silver
coihS or silver certificates in discharge
OF us obligations. when the holders of tha
opl!satioiS demanded or requested such
payment When the United Statas un,os
or treasury notes are presented for ra-
oempi!on. gold Is paid il IL is demand
ea ana II silver is demanded silver is
paid. -
nus the coins OF the two metals are
.,e"tcu alike III making payments by
'ne government. as well as in discnarcr
OF the debts due TO the Government.
III august. 1893. there was great and
u"usual demand in nearly every bart Gf
the country for currency of small do
nominations and in its attempts 10 sun
ply inns demand, the Treasury Dcnart- :
incnt paid out. in defraying the e,prrs.s
ol the Government and In EXCHANGE ,f
other forms of currency. all The silver
'hat could be lawfully used for this pur-
pose so that tor short period ii was
compelled TO suspend payment in ntau1
ara SILVER dollars except in the :.r,lcmn-
ton OF silver certificates upon dpnoei,s
Oh silver certificates ana Treasury notes
OF 1880 The law authorizing the issue
OF silver certificates ui,on denosIts nr
silNer provides that coin deposited for
or representing the certificates shall
be retained In the Treasury for ,ht nav.
neht OF me same on demand" II is.
therefore. plain that Whenever the
amount OF silver dollars in the Treasury
does not exceed the amount .: silver
| certificates outstanding. the S.craia-y
cannot without n violation of .aw. nav
out such silver. except for the rcdeinn-
ton of certificate. Al such times he
has no more right to cXchany. sil,.r
dollars for gold than he has to plv hem
out I'm other manner. But the!c IS also
another fund in the Treasury which is
required by Law TO be held for :, ,lif
lcrent purpose. 1t consists OF ,hc bull
lion and tic standard silver dollars COIN
cd from the bullion purchased under the
act of July III. 1890. That act provi,.c4
! for the purchase OF silver bullion ,t tho
market price and the issue OF Tirae-
ury notes in payment for it, ana II also
declares that mo greater or less amount
| of such notes shall be outstan,iin,; at
any time than tile cost OF the s!lrn,.
bullion and the standard silver dollar $
| coined thcrcfrom than held IN tho
Treasury purchased by such notes -
Under this provision the Secretary is
| required to keep I'm the Treasury at all
| times the amount Of silver bullion, at
Its cost price, ana in standard silver dol
| lars coined from the purchased bull
lion exactly equal TO the amount %.
| Treasury notes outstanding. and he
cannot. therefore. lawfully use such
standard silver dollars except for the
| redemption and cancellation Of Treas
| ury notes.
My letter TO the United States Senate.
upon which Mr.. CrIsps statement seems
| TO have been based. was written on the
| 18th day Of August. 1893, and at that
| time there was no free silver i'm the trea :
sury-;hat is. there were no standard
silver dollars in the Treasury except
| such as the law required 10 be held
| for the redemption of silver certificates
| and the treasury notes Of 1890, and these
| redemp.ions were made al all times dur
| ing that month and every other month
when these forms of currency were held.
| During the month OF August. 1893, trea
| sury notes TO the amount of s1,272,2G7