Rensselaer Republican, Volume 27, Number 4, Rensselaer, Jasper County, 20 September 1894 — THE COINAGE OF SILVER. [ARTICLE]

THE COINAGE OF SILVER.

Secretary Carlisle’s Letter to Representative Heard of Missouri. Secretary Carlisle has written the following letter explaining the law under which the mints are coining silver: “Treasury Department, ) “Office of the Secretary, > “Washington, D. C., Sept. 10,1894.) The Hon. John T. Heard, House of Representatives: “Dear Sir—Referring to our personal interview, this morning, I have the honor to say that the mints at New Orleans. Philadelphia and San Francisco are engaged in coining standard silver dollars from the bullion purchased under the act of July 14,1890, commonly known as the Sherman act. During the month of July >430,000 was coined, and during the month of August ’28.000. About the same amount will be coined during the present month, September, and thereafter such amount will be coined as the Secretary may consider advisable under the circumstances. The third section of the act of July 14, 1890, provided that the Secretary Es the Treasury should coin each mnth into standard dollars 2,000,000 ounces of the purchased under the provision of that act until the first day of July, 1891, and thereafter he Should coin of the silver bullion purchased under the provisions of the act as pnuch as might be necessary to provide for the redemption of the treasury notes .issued in payment for the bullion, and that any gain or seigniorage arising from such coinage shall be accounted for and paid into the treasury. der the authority conferred by this section of the law, and the seigniorage derived from it is paid into the public treasury, as requirea by law, and used for the ordinary purposes of the government, but the remainder of the coins are held in the treasury in order to provide for the redemption of the treasury notes issued in payment for the bullion. During the last eleven months 3,970,727 standard silver dollars, coined from the bullion purchased under the act of July 14, 1890, have been paid out in the redemption of treasury notes, and the notes so redeemed have been retired and cancelled. The process is still going on daily.