Year: 1878

NEW PIECES NOW COMING OUT FOR CURRENT


EXPENDITURES


IBY TELEGRAPH TO THE TRIBUSR.I


WASHINGTON, April 2S.-SoOn after the Silver
Bill was passed, Secretary Sherman announced that
lie should use the new silver dollar provided for in
that act for two purposes only; first for the pur-
chase Of the silver bullion required by the act and
secondly, to exchange it for gold coin at par. 1t
was explained at the Treasury Department that it
would be unfair to use the silver dollars In paying
the ordinary expenses Of the Government until the
quantity accumulated should be sufficient TO enable
the Secretary to treat all public creditors alike. and
that to pay a part of the owners of United States
bonds in silver and part in gold would be to dis
cnminate unfairly in favor Of the latter.


Prominent Treasury officers now announce a
slight change in the policy thus marked out in
gard to the new silver coins. One of them, when
asked yesterday why it Is that the dollar Of the
fathers has not passed into general circulation,
piled: at has not been possible until now for the
Treasury TO begin to pay out silver in any consider
able quantity for the simple reason that there has
not heretofore been enough Of the silver dollars
coined to make their use in general way practica-
bic. 1t would have been very incOnyenent 10 begin
with less than So 10000 and it is only now that
the Treasury has accumulated that amount in its
possession. The Secretary of the Treasury has de-
cded to-day that silver shall be paid out for
rency obligations to the extent that the Government
is required to retire and destroy legal tender notes
under the so per cent provision of the Resump-
tiOn Act. This varies each month. During
the present month the amount will be abont
$1,300.O00 The Secretary has directed that this
amount snail be replaced with silver dollars to be
paid out in the ordinary of business. This
will be done through the various sub-treasuries.
This ia Of tle paVments of riIvnr for o,,,
rency obligations, but it may be that the Secretary
will devise some other means for paying out tho
silver"


When attention called to the fact that no
silver dollars have yet been used for the purchase
Of silver bullion the Treasury officer explained 1t
as follows: The trouble about that has been that
the owners of bullion were unwilling to accept pay
ment in coin until they could obtain silver ceItif-
Gates Of large denominations for the coin which
they received. The dollars themselves are so in
convenient to handle that nobody wanted the
trouble and expense of their keeping and Transport
tation. But it has not been possible to give the
bullion holders the certificates, because they have
not been prepared. The Bureau of Engraving and
Printing has been at work on them ever since the
law passed. The ten-dolar certificates arc ready,
and have been for several weeks, but the bullion
owners desire those of the denomination of 81 600
The engraving of these larger certificates will be
completed in a day or two, and the printing will
probably begin next week. II will not then be long
before they ready in sufficient quantities. II is
the firm intention Of the Secretary Of the Treasury
TO the silver coin in the purchase of bullion as
soon as the certificates are available"


The same officer does not think that is the inten-
ton of the Secretary of the Treasury TO hoard the
silver coins which turned out by the miDts un-
der the operation of the new law. 1t is true that
not more than 900 silver dollars have thus far
been paid out In exchange for gold but this has
been because no demand for them has existed. The
OF silver for the currency obligations of the Gov
ernment to the extent to which legai-tender notes
are retired under the operation Of the so per cent
exchange for bullion, will absorb all the dollars
which are required to be coined By law.


A general press dispatch states that it is an
nounced the Treasury Department recently
ceved letters from persons in Texas aud other Southern
States inQuirng at what rate Mexican silver dollars
receivable at the Treasury OF the Upited Statesi from