The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-10
SILVER DOLLARS.


Washington Letter i'm Brooklyn Eagle.
During the next few months the govern
ment will use up the last Of the tremendous
stock of silver bullion which it was re-
quired TO purchase under the acts that
were passed at time when the free coin
age of silver sentiment was at it's height.
The exhaustion of this supply of bullion
will put stop to the coinage of the cart
wheel silver dollars and will also bring
up several perplexing problems which Con-
sress will be called on to consider this win
ter along with the general discussion of
financial legislation.
There now on hand at the treasury
and at the various minis only about 1000, 900
fine ounces of silver available for coinage
into cumbersome dollars. The law requires
that the minis shall turn out 100000 of
these dollars every month of the year.
Owing to the fact that the Philadelphia
mint has been busy with the manufacture
of coins for the Philippines for several
months past the output of silver dollars
mas not kept up with the monthly require
ments.
increase the force engaged in the coinage
OF silver dollars soon as the Philippine
work is out of the way. that the short
age Will be quickly made up He estimates
that by the last OF the new year the last
OF the bullion will have been nodded into
silver dollars This will shut off the sup
ply OF money of this particular form and
Secretary Shaw will be compelled to find
substitute for it,
The greatest demand for currency is for
notes of the one and two dollar denomina-
uon, ana IL VIII be necessary for the de-
partment to find substitute for the silver
dollars. Owing to the cumbersome nature
OF these coins very few of them are actu-
ally put into circulation, but the public gets
the full benefit of their coinage through the
issuance of silver certificates in their stead.
For each silver dollar that is coined a silver
certlncate, worth one dollar, is issued to re-
deem the paper when il outlives its useful
ness or is presented for redemption. In this
manner the piling up of silver dollars in the
treasury vaults has continued until there
are now more than $50, coo of them.
or the dollars actually in circulation there
are comparatively few, numbering only
72,0OO.OO. There are 454,000000 one-dollar
silver certificates in circulation. however.
and for each of these certificates there is a
silver dollar in the treasury waiting to 60
out when the note is sent in for redemp-
ton.
The coinage of silver dollars has afforded
much needed and popular form of circula-
. .on medlum In the shape OF the one dollar
bills or silver certificates. The cutting off
OF this supply with the exhaustion of the
stock of bullion in the course of the next
few months will bring up the question of
whether or not congress Is to continue the
coinage of silver dollars by the purchase of
further bullion. In the light of past expert
ences 1T is believed that this will never be
done, at least, not in the immediate future.
Congress was driven to the passage of the
silver purchasing act by the pressure from
the free silverites back in 1890. although
there was at that time law requiring the
Treasury Department to buy a certain
amount of bullion every month.
Another problem that will arise with the
consumption OF the last of the silver bull
ion will be to determine where the govern
ment is TO get it's silver for subsidiary COIN
age-the dimes. quarters and halves. This
metal his heretofore been taken from the
bullion on hand and the impression exist
ed in the Office of the director of the mint
that he had authority to buy metal for this
law to-day, however, and found that IL is
doubtful whether he has authority to pur-
chase bullion for subsidiary coinage. He pro-
poses TO call on the solicitor of the treas
ury department TO settle the point
The treasury has only small stock Of
dimes, quarters and halves on hand, while
the demand for this kind of money is get
ting heavier every month. 1t will be par
ably exhaust the entire stock on hand I'm
less the solicitor should decide that the d.
rector has authority TO buy bullion for SUBJ
sidiary coinage there promises to be fam
hinges on the scope of the law that was
passed at the last session. removing the linn
itation on the stock of subsidiary coin. That
limit was then $l00,000000, and in taking
1t off altogether, Congress authorized the
secretary of the treasury to exercise the
authority given to him in the act of 1900
without limitation" That act does not
clearly authorize him to buy bullion how
ever, and the solicitor is to determine
whether il can be stretched SO as to give
to him that power. Some of the house COM
mittee on coinage, weights and measures be-
iieve that Congress should enact a meas
ure giving the secretary of the treasury
power to coin the cart wheel dollars that
have accumulated into subdisiary coin.