The necessity for such an addition to the silver currency of the nation
as is compelled by the silver-coinage act is negatived by the fact that
up to the present time only about 50,000,000 of the silver dollars so
coined have actually found their way into circulation, leaving more than
165,000,000 in the possession of the Government, the custody of which
has entailed a considerable expense for the construction of vaults for
its deposit. Against this latter amount there are outstanding silver
certificates amounting to about $93,000,000.

Every month two millions of gold in the public Treasury are paid out for
two millions or more of silver dollars, to be added to the idle mass
already accumulated.

If continued long enough, this operation will result in the substitution
of silver for all the gold the Government owns applicable to its general
purposes. It will not do to rely upon the customs receipts of the
Government to make good this drain of gold, because the silver thus
coined having been made legal tender for all debts and dues, public and
private, at times during the last six months 58 per cent of the receipts
for duties has been in silver or silver certificates, while the average
within that period has been 20 per cent. The proportion of silver and
its certificates received by the Government will probably increase as
time goes on, for the reason that the nearer the period approaches when
it will be obliged to offer silver in payment of its obligations the
greater inducement there will be to hoard gold against depreciation in
the value of silver or for the purpose of speculating.

This hoarding of gold has already begun.

When the time comes that gold has been withdrawn from circulation, then