Democratic Sentinel, Volume 18, Number 40, Rensselaer, Jasper County, 19 October 1894 — COINAGE OF SILVER. [ARTICLE]

COINAGE OF SILVER.

Dollars to tho Number of 1,597,223 Turned Out of the Mint. Secretary Carlisle made a statement concerning the coinage of silver dollars unde this administration, the coinage being under the uni epealed portion of tho Sherman act. It shows that since the administration came into power if 1,59 i, 223 standard silver dollars have been coined, of which $520, <>79 have been seigniorage. Tne Secretary says: Wulle tue law provides that redeemed treasury notes may be reissued, It also Imposes an express limitation upon the power to reissue by declaring that “no greater or less amount of such notes shall bo outstanding al any time than the cost of tho silver Lu.lion and the standard silver dollars coined therefrom then held m the treasury purchased by such notes.” When such notes are redeemed in gold there is no obstacle In the way of their reissue, because such redemption does not affect the stock of silver held in the treasury under the act of July 4, 1890, but when they are redeemed with silver coined from the bullion purchased under that act, they must bo retired and cancelled, for otherwise there would be, after the redemption and reissue, a greater amount of notes outstanding than the cost of the silver originally purchased and then held in the treasury, and this is expressly prohibited by the stat ute. Tao purpose of Congress was to prevent the duplication of tho currency, which would be the case If the notes and sliver purchased with the notes could be outstanding at the same lime. Treasury notes received in tho ordinarycourse of business, or redeemed in gold or exchanged for silver dollars not coined from bullion, purchased tinder the act of July 14. 1890. are not retired and cancelled. AU such notes are reissued. Prior to tho last day of July, 1891, silver dollars to the amount of J 36.318.204 were coined from the bullion purchased under that act. Tho socalled gain selgnoirage arising from this coinage was £0.867.803, which waspaid into the treasury as a miscellaneous receipt, leaving. 529.480.461 to be held as a fund to provide for the redemption of the treasury notes, as provided by law.