New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-04
COINAGE QUESTIONS.
ANNUAL REPORT OF THE DIRECTOR OF
THE MINT.

Gle PAYMENT PROoIEtiS.
WASHINGTON, Nov. 3.-The following IS tue
annual report OF the Director OF the Mint for the sca
year ending June 80, 1873:
The amount Of gold and silver deposits and purchaser
coins and STAMPED, and bars manufactured uu
ing the year. was as follow; ,o- ooo 80 Tot,
.mcuDt received and scd uTOn s72 9ils8 Dedeelns re
iSs sss @' e3a Go I'1
! sso 81 @ 81 Cod m FMS $50 ssa
MINOR coinage &C.; is953Co ya @ s Bar, Enc
so s65ta5s s6 nSer;s gsd 81 a s ,. Si
654 81; total so 5i7,5SO 6L
This being the first annual report OF the Director OF
the Mint under the Coinage act he gives short Outline
OF the history OF the mint and coinage. and reiers
briesy money OF account and to various questions
connected with metallic money in the course Oh WHICH
he says:
lect that the substitution OF raised letters IN he oe
OF the present reeded edge would prevent IN Heat
fHndusnt pnrposcs referred the subject Of the prepa
ration or the necessary machinery for That purPose ~
engraver) who are engaged upon tie WORK; IN
connection with this question called for report vi Se
result OF experiments which were m l
at PHILADELPHIA In the year 1860, aud which had Tor er
object the better protection OF the gold coins Dy
them thinner and slightly cOncaye on DOth slues. 1
elaborate report upon tho subject from the assayer az
Philadelphia has been received The question VIII az
further considered aud the necessary experiments %
10 determine what will be most likely 10 AFFORD
complete protocton II possible. against fraudulent TO
standard or measure OF values, their protection
from natural abascm ent and especially against
Sufficient time should therefore be taken to earelu5 "
anime the subject and no alterations hhould DC nh1,
without due consideration and tho advantages Ol which
are not clearly determined. A.,
Under the ian section of the Coinage act. and the
provisions OF "a previous act, abOuf sT,WlU9O, ~. w
gold coins we're melted. OF which sliD2l'ol99
received during tho fiscal year Toe recolnage oi
the balance has since been going IL u estlhateu
that of the coin now in the Treasury there arc hOYus
S5,OO0OOO which will require 10 be renovated INC III
Rafvv Fha md
amount received about s3Jl9. The reoOihaSo eln
braCcd nearly all abradcd guild coin In the country oie
which It is estimated do not exceed s2OjOOOO PROPER
provision should be mado Tor calling in the ighI CONS
still circulation especially In view OF the g.Horh
renovation which has been made Tic loss from natural
abrasion should bo betrayed by the Government anu
not BY the last holder for the reason tht J.. mas 20
Cured while performing the function OF
circulating medium. This principle has been Iu,g
recognized IN tho recent coinage laws OF thf petman
Empire, Denmark, Sweden, and Norway. fIOtI,slonh
should, course, he made Tor Including CONS WIFI
have been artihcially reduced IN weight Or ISeIIy
Injured, ana "a. I-c. - worn CONE ShouIu ou t
hued 90 me minl3 where al Necessary precautions
OK inst fraudnienty reduced coins can De , ny
observed In explanation Oi what OTHERWISE Sd 70
considered unusually large number o. pieces iod ~
be below the prescribed limits of abrasion shouu 9e
stated that there has not been rlcoI3Ee - 5ne ~
this country since that which followed the cnhnEo VI
the suspension OF specie payments Al loOi'
uuwOm coin we're selected for that purpose dud no
tight or worn pieces excluded.
Tue Director Of the Mint says the new Mat ediace.
Nulcu mas UttD iot nOLlb huc past III t"h40' VI Wa"
structiou at Francisco about completed ana the
work OF fitting up tho necessary machinery, fixtures
and apparatus has under supervision of com
pcten superintendent aud WILL II expecFdb e hn'hed
by the LIST OF July. 1874 When completed this will be
one of the best-apponted minis the world and will
reflect much credit the supervising architect who de-
signed IT, aud under whose direction il has been erected
II was at time considered unnecessarily large; but
in rcftt.ngit up with refining and coming capacity
l.. yy H..h md
sary occupy the en-re building. The Director de-
votes considerable part Of his report the subject Of
gold the standard measure OF value and Of silver
as subsidiary coming to the following conclusions:
The authority Tor issuing subsidiary silver ooiu in pay
ment for silver bullion purchased for certain coinage
viii expire ON the 18Th % February. 1870 The bullion
for the purpose " supplying rhc coin VIII then be pun
ehsed from time to time al gold rates and PAD Tor IN
gold Coin. the Government reimbursng ltselr for the
outlay with the gold coins received III exchange Tor the
This mode OF Issuing subsidiary silver is undoubtedly
the true in countries wncre gold Is The standard,
and the CIRCULATING medium consists or CON, WIN Dank
or treasury auxiliary 20 and convertible al par
into coins OF the standard metal In the mean tune IL
is quite certain that the depreciation on silver and APP
enable the Government 70 purchase SILVER bullion With
gold coin its account, and pay out the resulting
for silver premium gold tue operation WOuld net
the Treasury about 10 per cent This could not ~ u be-
OF benefit to the precious metaI mining interest
and business 81 the country at large aud should ne al
on substantial bass after which these coins should DC
issued only in exchange at par for gold coins and tbus
strict tue issue 10 the actual reguc OF tH' pun
lie for the purposes Tor which coins are intended. ,
10 recaptuate. have hrst gold rs the sole stand
ard measure Of value. issued IN CONS the intrinsic
and denOmnatOnal value OF which correspond and such
coins are legal tender in sun. Second, silver az
value OF which exceeds their buiIOn value and which
are a legal tender IN any SUN not exceeding 81 They
are Manufactured on GOfeIhheht aOVOuht ohJ' an"
paid out IA follows:
Inn. An fral1 man
turing into coin OF less denomination than the dollar
and ISSUES them in exchange for gold coins AT par IN
sums less than 800. The difference between me
price paid for the bullion and the rate at whohit u
issued in the gain or seigniorage TO the Govern
finr Being exchangeabe only for gold CON- the issue
will consequently be limited W the actual requirements
OF the pubic Tor ch1usc' LAS pan ID auaPtCu ~ O'
second The Government purchases silver bullion, and
pays for IL IN subs diary silver IN winch case tIe
sIgnOraCe is In effect divided with the seller Of hs bull
lion provided he able to pass them oil at their nOpi
nents Other countries where constitutes the
circulating medium. TINS mode OF issue authorized
countries having respectively dollars OF different values
a. monetary unit ana EXPIRE. as before stated ny
Third: Purchases OF silver bullion arr made at gold
value manufactured on Government account into SUD
Treasury Department and according 10 ts convenience
In tnis asst in the rst case the full segniorage l. re-
alIzed by the Government. The mode Of issue last
described Is adopted Tor the condition OF things whlch
necessarily prccede the resumption of specie pay
mems and can DC made available from tinlr 10 time,
according to the market value Of silver and
The price OF gold compared with United
states currency. When the market is de
prrsse ed ana prices rate low the Government may lu
crease the bullion fund Of the MINIS, transfer the
coin manufactured from II 10 the Treasury and paw
out at discretion aud convenience. IL - the only
system under hich, until the resumption Of specie pay
mcut the Treasury eau renze the full .elsnofge GU
the subsidiary silver coin. which 1t should do IN accord
auce with wel-establishcd principle the practice
OF other countries respect to the manufacture and
nd issue Of such coins.
For several past the segniorage realized BY the
c.. c..sfn silly wa
cents per standard OF which the expense Of
uauufac urlng and distributing he coin betrayed
In the European states the seiEniOrage subsidiary
coin IL from 10 90 Is per cent.
The Director the subject OF international coinage
continues to agitated by the friends OF monetary
form but no substantial progress appears 10