The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-12-07
THE MINT.


Ing June 30, 1869.
From the annual report Of the Hon. James Pollock,
the Director OF the United States Mint which, under
the date OF September 49, has just been submitted 10
Secretary Boutwell,, we take Interesting extracts -
The operations for the year ending June 80, 1869,
The deposits OF bullion at the Mint and Branches
during the fiscal year were as folows:-Gold,
!Sl' G'msdSi snVer' t179O 4o3 40i total deposits,
From this total deduction must be made for the
bullion redeposted, or bars made at one branch OF
the Mint and redeposited, In another for coinage
DE iDednctng the redeposts, the amount will be
The coinage for the same period was MS follows:-
Gold Soin pieces ,aO2 value s2l s2s 6s7 80; un
parted and al fine gold bars, to 1872 1855 silver coIn
tI94 19067 nickelcopper and bronze coinage, pieces
43,7S2, $50; value, sl,279,Ob5O0. Total number OF
plecess, struck, 9766G,G6s total value OF coinage
The distribution OF the bullion received at the
Mint and branches was AZ follows:-
At Philadelphia gold deposited SO, ,6st VGO,94; gold
coined s3l1s6al 80; fine gold bars $3.50, 14l 9i sil
coined s434 74o5O silver bars ss2O9OI9: niekei-cop-
per and bronze coinage, value, 81, ,219055O Total
deposits Of god and silver, g. is5 5a total coin
age s., 61 O3 total number of pieces a. 660 1885,
At the Branch Mint San Francisco, the gold depo-
sits were s1, 1893 81; gold coined Sls65O,OO OO
silver deposits and purchases, s952, 3474 silver
coined, S4O6 000O0 Total deposits and purchases,
sls,O69, 1855 total coinage, t1q 100000; total
number of pieces, 2OO6,5 800.
The Assay ONCE in New York received during the
year IN gold bullion se265 l6s 49, silver bullion, in-
Guiding purchases, SSI9 1929 Total value received,
S1o,144, ,60SO6; number OF fine gold bars stamped
6l2l value 1921 ,9l430 silver bars, 516l value,
s6i2 1OOb5; total value OF gold and silver bars
At the Branch Mint, Denver, Colorado, the depo-
sits for impaired bars were, gold Sl95 $685. silver,
at This branch for the fiscal year ending June 80,
1865 were s963,Oi7 49, showing an increase OF
Prior to and since the recent Act OF Congress
changing this Branch from Mint to an Assay Otice,
1t has been engaged In melting assayng and stamp
! ing gold and silver bullion, returning the same to
the depositors in the form OF impaired bars bearing
| the Government stamp OF weight and oneness. As
an Assay ONCE it will meet all the demands OF the
miner, and promote as efectuay the mining inte-
rests Of the region as Mint for coinage could pos
At the Branch Mint Charlotte, North Carolina,
the deposits have been very limited but are increas-
| ing. IT is now in operation as an Assay once; de-
posits being received assayed, and returned to de.
postors in the form OF impaired bars The deposits
| Tor impaired bars were, gold, s3160a0.
The Branch Nints at Dahlonega, Georgia and at
New Orleans, Louisiana, not been in operation
since the close OF the Rebellion. No necessity
exists for their continuance either rs Assay Ohlces
or as Branch Mints.
| idly approaching completion. The machinery Is
nearly all in place. and operations Will soon be COM
men, ed. Orders were issued to complete and put
| in operation promptly as possible the Assay De-
| partment. This will be done. The superintendent
OF this Branch reports that they will be ready to
open early i'll September; and this Will probably be
| the so far as the general operations are con-
cerned; but the more complicated details in refer
to the furnaces, assay apparatus, ETC., Will re-
| qure some weeks longer.
From the peculiar character Of the bullion that
|
rative officers of this branch should be practical,
| experienced and scientific men. The deposits Will
| be generally OF mixed bullion with gold fine
ness OF two and one-hal to ofortythoussndths silver,
$40 to $780, and small per centagc OF base metals,
etc. This bullion, whether deposited for fine brs
or coinage, must be refined, or refined and parted,
according to the condition OF the deposit. II does
not seem likely that much, il any, parting will be
done at Carson The bars of mixed bullion being
officially stamped with both gold and silver proper
tions will be as salabe in that form IL taey were
| parted.
regret that am not able to report progress in
the erection OF the new Branch Mint building at san
| Francisco. 1t should be commenced at once and
prosecuted, without further delay TO final CON-
pletion.
tnued during the fiscal year, payment being made
therefor in the three and nveC nickel coins. The
amount thus redeemed was in pounds, 1O3,536
ending June 30, 1865, was in value s2604s2O4-a de-
crease of abodt one hundred and fifty per centum.
This marked decrease indicates that the redundancy
OF these small coins has been greatly diminished
and that the amount now outstanding OF the one
and two-Cent pieces but little If any, Ill excess
OF the actual demand for them. Existing laws pro-
vide for the redemption of the three and hye-cent
nickel-copper coins. No consideration or public in
terest or private convenience demands the redemp-
ton OF the bronze one and two-ccnt pieces, or the
substitution OF nickel cent piece for the bronze
coin Of that denomination.
i cannot concur in the recommendation Of my pre-
incessor for the reelection and redemption OF ths
IN fT2r coins BY creating fund for redemption Out
tho aSohts OF such coinage heretofore paid into
NT Tba iTset0iy nat Tt q the United States.
coinnn nc adh p1taS OF the nckel-copper and bronze
Sg SSotage& & anu Pho @ Rto the Treasury of the United
ard G5,v tbnSsand dCcal year. We're seven hundred
The restoration OF o sf,r currencv ..ror cbang. >
In lieu of the postal or smah note currencv wonid
be an important adjuvant to s,nere res1 m ntion
But while the law stands it is h%na tSs ulei%h,
OF silver coins at so high figure, no NJ can fnre
see when we shall have the pleasure OF ps,ino an
receiving silver There is no legitimate reascs wh,
the premium on gold should exceed ten per centt.S
8 nor why specie payments could not be safely re
sumed in three months from this date The peopl
g ! have confidence in their Government, and hay
patriotism enough to sustain and defend its credit.
1t is not very easy to find precedent, II W
needed one, for sucn policy as Is indicated, 70
few nations have been brought to such pass. w
may mention one, however, which is Austria. Tha
a. country, like the Uuited States, has for the pas
! eight years been using paper money, almost dow
= | to the last kreutZer The Government is now n
; | placing it with silver currency at reduction
real value. No doubt the people are greatly please
; | with the change.
: France, Italy Belgium, and Switzerland have ais
: lately reduced their lesser silver cenS This the
did not to get rid Of paper, to which they had nc
been driven, but because the relative value OF sllye
! had increased, so that they must either take tha
course or do without silver change. And while the
: doing that they wisely reduced the IntrinsI
value considerably below the market rate for silye
bullion, so as TO be reasonably out of the reach
fluctuations and not have to do the thing over agai
upon lower basis
The following is q statement OF the coinage at th
Mint of the United States, the Branch Mint Sa
: | Francisco, Assay O1ice, New York, and Branc
! Mint Denver, during the fiscal year, ending June 81
! | 1867
lAfnt U s. Philqda.l TotoI.