The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-04-22

II the wishes of the Treasury Depart
ment be considered on the somewhat Sc
Iious problem of subsidiary coinage, the
recommendation of Representative Htl
viii prevail over the amendment of Sen
ator Aldrich TO the sundry civil bill Il
is understood that this matter was
topic Of discussion at today's Cabinet
meeting.
This amendment, which was placed il
the bill by the Senate Finance Commit
tee. is but two lines long, and provides
simply that the limit be removed SronI
the amount Of subsidiary coinagGe 1t
had almost escaped serious attention
until the Iurport was brought out yes
terday by Representative HILL recog-
niZed authority on financial matters.
A portion of the crime. 0f 10 pro-
vided for the minting of subsidiary
coin in the discretion of the Secretary
Of the Treasury, to provide for which
bullion was to be purchased under the
direction of the pireetor OF the Mirsi
subsequently the amount of coin TO be
SO issued vas limited TO S50,O00.OO0 THIS
limit was later ralsed to $1e0, 1000. The
effect of the proposed amendment is TO
remove this limit. allowing the Score
amounts as he wishes of subsidiary
coin, but affording no alternative bu-
70 purchase the bullion with which the
coin IS cast
Bought Under Act of 1890.
Since 1880 the bullion for this coinage
has been that purchased under the
Sherman act Of July Il. Of that year.
BY July / next the bullion purchased
under this act will be exhausted, and
the limit placed on the amount OF bull
HnF NH - > al for lie
purpose will operate 10 prevent the
Treasury from issuing a Sufficient
amount Of small coins to supply the needs
Of the country Anticipating this. Secre-
tary Shaw, IN his last annual report,
made the following recommendation:
There IS now available for coinage
into subsidiary coin less than s. 900 90
approximately at the close of the cur
rent fiscal year. Authority should be
| given 10 recon existing silver dollars
| into subsidiary coin, or to purchase
additional silver with which to supply
the ever-increasing needs OF the coun-
| try.
THE present volume ofSilver stored
| in the vaults Of the Treasury is equiYa-
! lent to nearly $50 carloads of thirty
tons each. II would cost 100000 10 re-
count il. This enormous amount Is
worth in bullion less than half OF It's
coinage value, but II is an redeemable,
at the discretion of the Secretary OF the
| Treasury, in gold. Manifestly 1t must
always be stored or other uses provided.
Whether II be wiser 10 continue this
burden and purchase additional bullion
! for subsidiary coinage, or TO authorize
! the conversion or portion or these DOL
| lars into more available forms OF money
/ Is for Congress TO determine. In any
/ event, some provision should be madC
| for an increase Of subsidiary coin,
In March last Secretary Shaw address
| ed a letter to Senator Aldrich, chairman
/ of the Senate Finance Committee, again
/ calling attention 10 the conditions and
| making the same request for relief. 1;
/ will be noted that IN both instances he
Z specifically asked for authority TO re-
/ coin the vast amount OF silver collars
/ lying idle in the vaults Of the Treasury
| This would require Specihc clause
] granting such authority. The amend
/ ment offered by the Rhode Island Sena-
! tor. however gives no such authority,
| but has the effect OF placing the Treas
/ ury on the same footing II had IN ls!S
/ which would require the continued pur-
| chase Of bullion, leaving the 800 car