The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-29
SMALL COIN NEEDED
Famine of Quarters, Dimes
and NickelS Threatened.
UNLESS BILL is PASSED
Which Authorizes a Coinage
of Most of Them.

Washington. June 2s.-oae OF the i'm
portant measures still awaiting aceion Of
the senate IS the HI Bill for Ininting more
subsidiary sIver-halves. quarters and
dimes-and without its passage there Is
liable TO be vexa1ious scarcity. OF these
token coins.
The Hill bill contains three provisions.
L removes the limit on the stock OF sub
sidiary silver coin, now maintained BY
statute. Il repeats ali provisions OF law
requiring the coinage of the dollar piece,
| thus permitting the remainder Of the
bullion purchased under the act Of 1880
to be coined into subsidiary pieces Il
authorizes the secretary Of the treasury,
when the present stock Of silver bullion
Il exhausted. to meet the further demand
for subsidiary coins by the recoinage Of
| the silver dollars in the treasury
The provision placing a limit upon the
stock OF subsidiary money in the country
! appears first in a joint resolution OF July
! p. 1876. a part OF the legislation prepar-
ing for the resumption Of specie payment.
During al the period before that date no
/ limit existed. The act OF 1883 which re
duced the fractional parts OF ths dollar 70
/ token coins. placed 10 limit on their is
sue After the suspension OF specie pay
ments. when the issue Of fractional paper
currency was begun. the first limit on
these denominations appeared. This
naturally followed from the fact that all
/ the other paper issues were in fixed
/ amounts. and the fractional currency was
not redeemable in standard money. When
/ the joint resolution OF July = was passed
/ CONFESS followed in part the lanuage Of
+ the act authorizing the issue of $1,000 coo
/ in fractional currency. and provided that
the total amount OF subsidiary silver
coin and OF fractional currency outstand-
/ IN at any one time should not exceed
1 $50 900 coo. This provision remained IN
changed down to the passage Of the act
O. March 4. 1890. though large amount
OF subsidiary coin had gone abroad dur
ing the paper money period and. after
the resumption OF specie payments, came
back and entered into circulation. so
that the limit of 100000 was long ago
exceeded. The act OF March I, 1900, rails
ell the limit to 500 900, 90.
The total stock in the country on the
first day OF the present month was 1885,
! 0o0.Ooo Of which al but So, 1886 was in
circulation. OF the stock in the treasury
50. $40, 400 was uncurrent, leaving the avail
able stock in the treasury less than ten
million dollars. This is divided between
the treasury and sub-treasuries, and in
cludes pieces of al denomina tons. Il is
a very moderate stock OF subsidiary sill
yer 70 carry on hand as the supply can
not be reduced below 5000, 900 without
breaking the assortment in some Of the
Offices. The absorption OF subsidiary
coin BY the country during tho last FIVE
years has averaged approximately So
0C0. 600 per year, SO that the limit must be
II moved by the present congress in order
10 meet the necessities OF commerce and
trade
No reason IS apparent why any linlt
should be paced upon the stock OF this
coin in the country. It is a Iega tender
for five dollars only; Il therefore can not
be forced into ciroula tIor. but is supplied
~ the treasury only upon the depesit Of
lawful money; it is redeemable when pre-
sented in sums OF so or more al any Of
See OF the trea sury and hence can rot
be kept IN circulation unless there IS use
cor it. There is no way IN which the sec
rotary OF the treasury can abuse the dis
erection II he IS allowed TO supply the de-
uand without restriction There Is Sc
ricus objection TO maintaining the limit.
because there IS always a possibility that
congress vii fail 10 act promptly when
the limit is rapidly approaching. This
VISA true two years ago. when the treas
ury became absolutely bare OF these coins,
and was obliged TO refuse applications
for them.
Their were on hand Fl the minis. on
Saturday week. So rs. 154 fine ounces OF
silver bullion purchased under the sher-
man act. Its coming value IN silver dol
lars is Sls.Sn .elS: It's coming value IN sub
sidisry silver coin is s45 e89. sos Tho III
bhi proposes TO stop the coinage OF dol
lag pieces and coin the bullion into sub
-idia-y pieces as they are required This
brings up the whole question as 70 the
utility and present position OF tho silver
dollar IN our monetary system. Il IS an
anomalous element in our currency. II
i not standard money. for standard non
ey Is Itself a standard OF value 81 which
commodities are compared and exchanged
An Original and final authority-and can
be coined into th- standard money G.,
other countries Substantially without less.
The silver dollar DOES not answer 10
these conditions. Il passes not at - own
natural vssue. but a. the value % the
gold dollar.
on the other hand. TIE silver dollar
does not answer 70 the conditions desired
IN token nons-. The consideratsc-s
which suggest 1.-THE use of token money
are convenience ard economy. Silver
dollar. are not convenient. that Is appar-
eut from the fact thst with Sas fss-5 z
them issued. only IS "a were l. eircu-
lstioa on the first DAY OF last June. and
the only way they csn be extensively
utilized /. by the issuance CT p.per Ger
tin-etes agas-sr thsz- Neither are they
economical the number 81 silver dollars
outstanding Increased during th- yesr
only IS and yet the treasury Ped /
Tor their distribution Ss- 81 We have
s. oao - silver dollars on storage 81 The /
mint az Philadelphia which have never
been IN circulation. hus are represented I
by certificates Outstanding 4 rew su-
peringsnGeat Ma. appointed for th= in-ts- T
tuition Two months sso. this r. suir-d 3
recount q al th- ncney Il IKE mirs. +
which win take = force CT ruer vear q 1
time and cost - le.zt 81 - EreTy +
change in administration whi-h nec-ssI- 4
;atss q transfer q al -lo-eys II TIE +
treasury Involves cost q nor less than /
$500 Tor recoGatins The dollar pieces E
against which certificates are cztss.16- !
irE. ne silver dollar = disccuu-csr5 +
ard suRer6uovs element in. tss currency +
il IS neither STANDARD uouev Tor e cheap +
and Convenient token n-rey Noocdv +
planned tsi- state q atr1irs. RI 'cle 30