The Topeka state journal., 1897-09-08
COINAGE OF SILVER.
g Treasury Problem Which May Be-
come Serious in a Month or So.

come Serious in q Month or So.
Washington, Sept. S.-There was nc
coinage of standard silver dollars under
the Sherman law during August, and
there will probably be no such coinage
during September
These facts do not indicate an abso-
lute apandonment of the coinage of
Standard silver dollars by Secretary
Gage, but are due to the strong pres
sure for subsidiary silver-dimes, quar-
ters ana halves-from all quarters of
the country.
The revival of trade activity, espec-
1aIly IN the west and south, is causing
a demand for small silver which can
hardiy be met without active work up
on the accumulation of worn coin and
bullion in the treasury The amount of
fractional silver coin reported at var
lous Sub-treasuries on the last day of
August was s15,377, ,6O4, but this was
widely scattered, except a large lump
winch is not in fit condition to issue,
which is held in Washington.
director preston is desirous of avoid
ing any just cause of complaint in re-
gard to the promptness and sufficiency
of the coinage supply during the sum-
mer and autumn. He put the whole
force of the mints upon subsidiary
coinage and gold coinage during Au-
gust, and turned out more than B.
OOO,OOO pieces of small silver, amounting
to $4,000 in dimes, $351,000 in quarters
and $234, 4,436 in half dollars. The work
Francisco, and resulted in the coinage
of S16,9f0 pieces, valued at $8,756,250
The problem of coming standard sill
yer dollars under the Sherman law may
become serious within a month or two,
however, If Secretary Gage adheres to
the Interpretation of Secretary Carlisle
regarding the law. He has not yet
shown any disposition to adopt new
Interpretation, and has permitted the
treasurer to cancel Sherman notes re-
deemed in silver dollars and to issue
silver certificates for dollars presented
for that purpose
The demand for standard silver dol
lars is considerable during the summer
and autumn, especially from New Or
leans and other southern points. A
part OF the demand can be supplied
from free silver in the treasury, under
the Bland law, but when this margin
rules low, as in the case at present, sill
yer has to be taken from the fund OBJ
tanned under the Sherman law and
used for the redemption of the Sher-
man notes. This redemption fund stood
at 81, ,034, 657 at the beginning of July,
but was reduced to SIS, All ,204 on August
81.
The cancellation of Sherman notes, ,af-
ter their redemption in this manner has
gradually reduced the amount out
standing from $155, 900, 900, when the pur-
chase law was repealed, to $112, ,672. .2S0
at the close of August. OF this sum,
$29,759,4S6 was in the treasury and its
branches, leaving about S3,0O0O0O in
the hands of the public.
This coinage of standard silver dol
lars under the Sherman law would not
add to the circulation, except for the
seigniorage, amounting to about 33 per
cent, which is regularly covered into the
treasury.
This seigniorage, and the bank note
circulation and the gold shipments,
form the only means of expansion of
the currency, except such as is due to
movements to and from the treasury
and the banks.
The treasury officials regard the cir
culation as very nearly in a normal
condition, and do not look for large i'm
portations of gold during the autumn.
They expect the large crop movement
to be compensated by merchandise i'm
ports and the purchase of securities
now held abroad rather than by the
movement of gold.