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The Morning Herald
Wilmington, New Castle County, Delaware
What is this article about?
Washington dispatch: Secretary Sherman denies originating theories on silver dollar law enforcement, awaits practical issues. Mints to coin new dollars and issue certificates on silver deposits, akin to gold ones, payable locally to save shipping. Bullion purchases to use both metals; silver joins resumption reserve.
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Secretary Sherman, according to a Washington despatch, says that many of the theories attributed to him regarding the construction and enforcement of the law restoring the standard silver dollar have not originated with him. He does not propose to construe the law until its practical questions come properly before him. Thus far all that has been done is to order the mints to go ahead with the coinage of the new dollar and to provide for the new certificate based on deposits of silver coin. This certificate is merely a copy of the gold certificate which is now issued on a deposit of gold coin, and is to be made payable at its place of issue. This will save the expressage of silver coin from one Assistant Treasurer to another. The old law requires the purchase of silver bullion with gold, but as the silver dollar is now a legal tender equally with gold there is no doubt that silver bullion will be bought with both the metals and not with the legal tender notes. If only gold is used, then the silver coin must take its place in the coin reserve in the Treasury held under the law for the resumption of specie payments. Should the latter law be repealed, which is not probable at present, it would of course make no difference which coin is used to buy bullion.
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Domestic News Details
Primary Location
Washington
Key Persons
Outcome
mints ordered to coin new silver dollars; new certificates issued on silver coin deposits, payable at place of issue, saving expressage; silver bullion to be bought with both gold and silver; silver coin to join coin reserve for specie payments resumption.
Event Details
Secretary Sherman states that theories attributed to him on the silver dollar law are not his; he will not construe the law until practical questions arise. Mints are to coin the new dollar and provide certificates based on silver coin deposits, similar to gold certificates. Old law required buying silver bullion with gold, but now silver dollars are legal tender, so bullion will be bought with both metals, not legal tender notes. If only gold used, silver coin goes to Treasury reserve; repeal of resumption law unlikely.