The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1874-10-22
Mint Statistics.

Mint Statistics.
DR.. Linderman, Director of the Mint
has submitted to the Secretary of tn,
Treasury his reports of the operations o.
the minis and assay offices for the fisca
year ending June 30 of the present year
from which it appears that the gold de
posits were $69,S6l ,565; silver deposit.
and purchases, $15, 1875, Isl. Deductius
the re-deposits of bars made and ISSUED
by one institution and deposited at an
other, the deposits were: Gold, $49, 142,
5l1; silver, 11,495,678. The amount il
bars transmitted from the New York
assay Office to the mint at Philadelphia
for coinage during the fiscal year was
Gold, SIS, 704, 1Ol silver, g., G13,635 total
$2l ,3l7,737. Compared with the previous
year there was an increase of IS 1924, 16;
in the amount of gold operated upon
$2,8S0,761 in silver were received and
operated upon: $l5, 1913, 352 in gold coin
age; So, O37 ,Os5 in silver coinage, and
$lOSl5, Os6 in bars prepared at the minis
and assay offices.
The distribution of bullion deposited
and purchased, including receipts, was as
follows: Philadelphia mint, $22,947, 2S2
San Francisco, $24,934, 7s9; Carson, S..
OSS, 159; Denver, $3.50, 773; assay office,
New York, $24,9OO,72l; assay office,
Charlotte, n: c., $s,763; assay office,
Boise City, SHAPES.
The increase over the operations of
1872 is as follows: In gold bars operated
upon, about lis per cent. ;silver operated
upon, 397; in gold coinage, 12l; silver
bars, 226; imported gold bars, $40; fine
cIvvnn h0ro 40 oy,A tod Gil
bars, CO.
The loss by abrasion was but little over
one-half of l per cent The renovation
of gold coins is now about complete ex-
cept as to those in circulation on the Pa
citic coast. The Director recommends
the withdrawal and renovating of these
before the resumption Of specie pay
ment. During the past year the reduc-
ton in the weight of coin for fraudulent
purposes has not been carried on to any
extent.
Applications have been made for the
execution of certain coinage by two for
eign Governments, and are now under con-
sideration by the proper authority
A portion of the funds of the Treasury
Department has been kept in the form
of stamped mint which can at any
time be converted into half and quarter
eagles should the exigencies of the peo-
pie require them. The most of the gold
coinage in circulation at present consists
of double eagles, but should specie pay
mcnt he resumed coins of a smaller de-
nomination would be required. The
Director says that the denominations of
gold coin are too numerous and recon-
mcnds the discontinuance of the three
dollar piece and the gold dollar, the
former because it so nearly apprOximates
the quarter eagle in value and the latter
because it suffers more from abrasion
than the larger pieces.
The coinage Of trade dollars during the
fiscal year amounted to 80, 5SS, 900, the
greater portion of which were exported
TO China, where they found ready mar
ket and grow in favor for trade and ex-
change purposes. The mint had not been
able to meet the demand for these coins,
but the increased capacity Of the new
mint at San Francisco he thought would
soon enable the department to meet all
requirements.
To remove the difficulty of making
change in Texas and on the Pacific coast,
where the five-cent nickel-copper coins
do not circulate, the Director recon-
mends the issue of a twenty-cent coin.
The Director refers at length to the
subject of the course of silver bullion,
and states that the Government can at
any time, unless there should be ma.
terial advance in the value of silver, or
in the gold value of the
paper dollar, supply itself with such an
amount OF subsidiary silver coin as it
may require to pay out at its nominal
value at about the same terms as CORE
spending sum in paper currency could be
obtained by the sale of gold coins. The
hfMMf1de x fT aihT t6ee aehee coast, Where
they circulate as money. The first effect
Of any considerable issue of subsidiary
silver coin would be the disappearance
in the New York market of the differ
ence between the bullion and market
value of these coins. They would next
be sent to the Pacific coast and Texas in
such amounts as to compel merchants |
and others to avail themselves of the
provisions of law limiting the legal ten
der Of such coins to five dollars. After
a time they would begin to enter more !
or less into general circulation in other
sections of the Union, and, as the paper
money approached parity with gold,
expel the fractional notes.
The amount of specie in this country
is stated to be on the 3Oth of June last
$167 100000. The estimate shows a gain
in specie and bullion in the last two
fiscal years of $3s 100000 The amount
of gold and silver coin and bullion in the
world Is estimated at from ten to twelve |
millions. The present rate of
production is-silver $SO,OO0,O 900, and
gold 100000, 900; the two together be-
ing an annual addition of about II per |
cent. to the existing stock of specie.