The true northerner., 1873-11-28
MINT STATISTICS.
Extracts from the Report OF the Director
OF the United states Mint.

Extracts from the Report OF the Director
OF the United states Mint.
The annual report of the Director of
the Mint for the fiscal year ending June
30 last, states that the amount OF gold
and silver deposits and purchases, coins
struck and stamped bars manufactured,
during the year was rs follows
Deposits-Gold, S59, ,937, 400. As; sill
yer, $12,307, ,3S9 43 ; total amount re-
ceived and operated upon, $72, 254, S1S,-
SO. Deducting the redeposits made and
issued by one institution and deposited
with another, the deposits were, gold,
$57, ,704, 1856. SS; silver, 80, ,32S. 43 !;
total, $66, $40, 714.3l; gold pieces coined,
1923, ,420-value, $35, 249, 337. so; silver
pieces coined, IL, TIA, $50; minor coin
age pieces, Is, 925, 000-value, S494. O5O !;
total number of pieces, 32,523, 670-
total value, S3S, ,689, 1873 bars, fine gold,
$7,354, 956. Sc; impaired gold $l2, 94O,-
6S9.25 total 800, 495, 6l6 II fine silver,
S., O34, 259.56 impaired silver, SO, $751;
654. "a ; total, S27, ,517, ,53061.
Under the fourteenth section OF the
coinage act, and the provisions of
previous act, about $27, 900, 900 of gold
coin were melted, of which $l4, 4,O2l BOB
were received during the fiscal year. The
recoinage of the balance has since been
going on. 1t is estimated that of the
coin now in the Treasury there are about
renovated. The difference between the
nominal and intrinsic value OF the
mount received was about S73, 549. The
recoinage embraced all the abraded gold
coin in the country other than those III
circulation on the Pacific coast, and
which it is estimated do not exceed two
millions of dollars. Proper provisions
should be made for calling in the light
coins still in circulation, especially in
view of the general renovation which
has been made.
The loss from natural abrasion should
be betrayed by the Government, and
not by the last holder, for the reason
that it has occurred while the coins
were performing the functions of cir
culating medium. This principle has
been fully recognized III the recent coin
age laws of the German Empire, Den
mark. Sweden, and Norway. Provisions
of course should be made for excluding
coins which have been artificially re-
duced in weight or violently injured,
and the reception of worn coins should
be centined TO the mints, where all nee
essary precautions against receiving
fraudulently reduced coins can be effect
ually observed. In explanation of what
otherwise might be considered an un-
usually large number of pieces found to
be below the prescribed limits of
abrasion, it should be stated that there
has not been a recoinage of gold III this
country since that which followed the
change of standard in 1884, and that i'll
the very large exports of coin since the
suspension of specie payments in 1861,
the unworn coin were selected for that
purpose, the light or worn pices ex-
cluded.
The director devotes a considerable
part of his report to the subject of gold
as the standard or measure of value, and
silver as subsidiary, coming to the fol-
lowing conclusions : The authority for
using subsidiary silver coin in payment
for silver bullion purchased for certain
coinage will expire on the 10Th of Feb
ruary, 1875. The bullion for the pur-
pose of supplying the coin will then be
purchased from time to time at gold
rates and be paid for in gold coin, the
Government reimbursing itself for the
outlay with the gold coins received in
exchange for the silver coin. The mode
of issuing subsidiary silver is undoubt-
edly the true one in countries where
gold is the standard and the circulating
medium consists of coin, with bank or
treasury notes as auxiliary to and con-
vertible at par into coins of the stand
ard metal. In the meantime, it is quite
certain that the depreciation of silver
and appreciation of United States cur
rency will before long enable the Gov
ernment to purchase silver bullion with
gold coin on its own account, and pay
out the resulting silver coins at their
nominal value.
Some idea of the increase of opera
tions may be formed when it is stated
that the coinage of gold during the
month of October approximated in value
SD, 4,000,0 900. The coin, except as to the
Pacific coast States and Territories, be-
ing, as general thing, in the Treasury
and banks, the present time is favor
able one for estimating the amount of
gold and silver coin in the country.
From the most reliable data obtainable
the gold coin is estimated at $135, ,000,-
600, and subsidiary silver So, 900, 900 to-
tai. $40, ,000,0 600. The silver coin is
principally in circulation in California,
Oregon, Nevada, Idaho, Arizona, and
Texas. The increase of coin in this
country has been at very fair rate
since the 1st of April last, and the indi-
cations arc that, although there may be
occasional expectations, it will gradu-
ally go on until an amount sufficient to
enable the country to resume specie
payment will be secured. This much
desired result, however, will depend
upon conditions which cannot be dis