The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-16
WEDNESDAY, DECEMBER l6, 1858.
nnerntions of the Mint.

States are 0bleCts OF curiosity rabner Ihau vi
general utility, and they are rarely seen except
in the cabinets of collectors, in the custom
bouses in the hands OF brokers, or in the
Mint. 1t is a matter of surprise, therefore,
that any considerable amount of gold and
silver is still coined, and we are glad to learn,
by the annual report of the Director Of the
Mint for the fiscal year ending June 80, 1868,
that the net deposits of bullion during that
period amounted to $24, 591, 325 "a, of which
$lS, S,114,425 was converted into gold coin
pieces; $6,O26, ,SlO06 into impaired aud
fine gold bars $1,136,750 into silver
coin pieces, and $456, ,236'48 into
silver bars. This is but small proportion
from one fourth to one-third-of the annual
product of the precious metals in this coun-
try, but it is large enough to prove that the
disposition to retain metallic currency and
to return to specie payments is not totally
destroyed. The desire which pervaded the
nation for long time Of acquiring broad
specie basis for monetary transactions was
wonderfully favored by the productiveness of
the new mining regions, and the entire coinage
since the establishment of the Mint has
reached sum far exceeding ordinary re-
quirements in specie paying times, the total
Qncluding fine gold and silver bars) amount
ing to 81, ,049 l52, 757'S How much Of this
sum now remains in the country
is to great extent matter
of conjecture, the estimates and authorities
varying greatly, but no one will claim that
there is more than s50O,00O 900 of gold and
silver in the United States, and few con-
versant with the subject will assert
that there is less than $3.50, 900. Even
the large coinage of the Mint and its branches
falls materially below the home product of the
precious metals, for it is estimated that Cali
fornia and the Territories have yielded, since
1S48, thirteen hundred millions of dollars, and
the total coinage from 1S4S to 1868 has not
exceeded 5000, 900. Scarcity of the
precious metals and of facilities
fer increasing our available supply can
not fairly be classed among the difficulties of
resumption. The annual product is from
$75, 100000 to $780, 900, and it could be
greatly increased if sufficient attention was
devoted to the development of small portion
Of the numerous gold and silver bearing
lodes which have been discovered. II from
any cause the home demand for specie should
become as urgent as it was on several former
occasions, we would not only retain all the
domestic product but secure an influx of the
precious metals and under such financial
conditions the vaults of the Treasury, the
banks, and the people would speedily bs as
well supplied with metallic currency as the
most ardent bullionist could desire.
The Mint in this city has of late years been
mainly used in coming copper and nickel in
pieces of small denominations. Ofthe As, 663, $50
pieces which it coined in 1868, but ZIG, ,440
were of gold and 1,OO9, $50 of silver, while
45,438,00O were copper coinage. OF these,
29,9O2000 were fve-cent pieces; 3,6l3,000
three-cent pieces; 3,O66,5OO two-cent
pieces; and 1856, 500 one-cent pieces. The
Director recommends that the law authorizing
the issue of the two-cent pieces be repealed,
and that provision should be made for the
purchase and redemption of the inferior coin
age. The nickel-copper cents are now being
exchanged with considerable rapidity for the
three and ive-cent nickel coins. AS the coun-
try will soon be well supplied with metallic
currency for all purchases or payments not
exceeding Eve cents, it is also desirable that
coins shonld speedily be substituted for all the
paper now issued in amounts below one dol
ar. The annual report suggests that "the
only way to arrive quickly at the attainment
of 30 desirable a substitute for bits of soiled
paper would be to introduce provisional cur
rsncy Of situer tokens, operating at once as
payment in part, and a promise to pay in
full" and this method is worthy of the con-
sideration of all who desire that shinplasters
may soon be "banished from the land"
In regard to the unifcstion of international
coinage, the Director OF the Mint SAYS
"In this proposed unity every country Is
called upon to make a concession except
her. If we take part IL must De, at the expense
of great recoinage, and 80 with England; but
France is supposed to be right already, because
her coin, the ~ franc piece, Is OF such weight
that IL cannot be expressed in decimals. IL is
precisely IA III grains, q most tmpracticable
and unscientihc figure Nor would the % franc
sterling and half eagle make any better show.
1t Ia NOT fit 10 be meas ured, either by grams or
grains The history Of this matter, how IL came
TO be 80, offers no apology for perpe-
therefore been well suggested TO take for
the proposed 25 franc piece or half eagle,
or pound sterling, the neat and concise
has also the merit OF being exactly equal to l25
grains This would make 80 small difference
from the present French standard that IL would
there; and so the difference of value in the
British sovereign would be 80 slight as to obvi-
ate q recoinage, were IL not that the present
STANDARD of hneness eleveu-twelfChs Is out of
line nf nil small