New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-05


Total. $ll42oo
The report makes comparison Of the operations TOT
the fiscal year. with the average result for the ten
years ending June 3d. 1871 showing the following per
centage of In gold bars operated upon ABOUT
lis per cent? silver operated upon, 3g In gold coinage
121 silver coinage. $780, fine gold, 36s; mud gold pars
226 impaired gold bars $40; fine silver bars 6l9 ana
impaired silver bars co. The usefulness OF the mints
has been very much increased under the new organza
ton. The loss by abrasion is shown to have
been little over one-half of one per cent.
and much than the given by the best writer's as
the average loss coins from that cause Inc renOva
ton of the gold about complete except as to
those in circulation the Pacific Coast States and
Territories and II provision wee made for their
withdrawal the entire cold coinage would then be In
good condition 1t would the Director says appear to
he true policy to have those coins Withdrawn
from circulation and If such withdrawal TO be at the
expense Of public treasury they should be received
only at the Mint where the necessary time and means
can be detect and exclude such coins as nave
been arthcially reduced in weight Provision should
made for their withdrawal before the resumption OF
specle payments as after resumption, such coins Will
naturally find their way East and enter into circulation
and when loss is sustained any OF them 1t will fall
upop individuals who may not have the means OF ascer
tanning their actual weight.
II ia remarked that the reduction in the weight OF coin
for purposes not been carried on 10 any
OF January 1884, authorizing coinage to be executed at
the m,nts for any foreign applying for the
same applications for the execution NJ certain coinage
have received from two ana are no"
under consideration by the proper authority An act
authorizing effect the keeping Of part OF the funds IN
the Treasury the form Of stamped mint bars ana the
application OF the same to the redemption OF coin
certificates exchange for gold coin az not less than
par and not less than the market value, having been
nassed at the last session of Congress, amount OF
such bars sufficient for any special demand that may
arise was by order Of the Secretary OF the Treasury
transferred from the bullion fund OF the Assay Ohice III
NewYork to OF the Assistant Treasurer In that
city. These bars, If not required By the puDc Tor
commercial purposes will convenient for the Treasury
TO have coined the smaller denominations or gold
coin should it at any require the and which
NAV he probable the gold coinage OK later years. or
mainly in double eagles and that determination cons
tutes almost entirely the amount now IN tne treasury
large coinage Of the smaller denominations OF gold COIN
half aud quarter eagles, will be necessary out the
mints can maDufacure the same as rapidly rs woud oe
required, the bullion could be supplied ior the pur:
pose. .,ox. 81, ,.o,, ooir
which is a greater variety than is required lhs being
the case the three dollar piece corresponding 80
ALE and rarely used, its coinage should be dscon
tnued. The requirements for change In reta uansae-
n"t convenient coin on OF its small sze and
suffers moro from abrasion imam larger pieces
6 aae G SeaT amounted to s5ss,sCo the greater
portion OF which were exported TO emma, wnere they
for trade exchange purposes. Owing to the limited
pacity OF minIs on the Paeihc Coast the treasury
Department has able to meet the demands for
these coins The increased capacity OF the new mint In
san Francisco, to which operations VIII soon De trans
erres n the Carson Mint viii enable the Treasury
Department to meet the demand for all com Dotn gold
and silver, which may be required on 'na' coast ior
The total use of SILVER dollars from the organization
coinage the provisions OF the coinage Act was
discontinued, amounted to little over ssoooo Add
ing the amount of trade dollars coined during Inc past
carter of the present fiscal year TO the coinage for the
Year ending June 3d. 1874 gives the issue of trade dol
lars as than half OF the total issue OF the ola silver
dollar during period Of nearly eighty years IT,,
bill authorizing the coinage OF twelvecent silver
THE issue of q coin Of that denomination Will not only
be in accordance with decimal system OF money but
exists on the Coast and in Texas where the five
cent nickel copper coins do not circulate ana where u
was 0r pts,S "Four bits, respectively. to the
fractions Of the Spanish dollar which cireu-
Notwithstanding the disappearance OF those coins from
circulation. Accordingly, II payment OF one pit Is
i0cent Coin one Bit Is returned the proper change
Ave cents being lost the transaction by the purchaser
The issue 12-cent coin Will no douot remove the
ditculty Inquiry occasionally made as to why the
coinage OF the fve-cent silver piece was dlscon;
on the resumption OF specie payment be likely to expei
from circulation and drive to the Treasury for redemp
glance this may appear probable but when ~ consid
cred that the original law authorizing tne issue OF
nickelcopper five cent coin provided for It's redemption
n the lawful money of the United states h VIII De seen
that the re must time when t VIII DC superior 10
the five cent silver CON- and Tor the reason that
mat IL will be changeaDe for notes redeemable In
Nominal than intrinsic value, and Is not redeemabe IN
law fu money gold coin, would become the Inferior
currency The hvecent nickel copper coin having been
Issued TO the extent OF i've million dollars, aud the
amount being sufficient for token coin OF that denomi
nation the provision Of law dscontnung the issue OF
the yecen silver coin appears TO have been proper
The Director OF the Mint devotes considerable space
70 the OF the operation and erect OF the
ACT of March 49, 1879 establishing the house val
uaton of the sovereign pound sterling and liking the
mar of xchange with Great Britain saying among other
fhings: IL will be understood that the undervalu
atom of foreign coin leads to cores
handing reduction in the proper assessable sur
sace of invoices Of foreign merchandise, aud dminshes
the duties TO be paid the Government The increase
NJ the surface Of invoices under the new law
is the real and only Of complaint the part OF
who claims that 10 cxacts from them duties
An Of the amount contemplated by the laws under
which they assessed. Tue law Tar as relates TO
the power OF exchange, has been generally observed,
and does not appear to have caused Inconvenience
IN any quarter. The reform In tue quotation
of United States securities ia the London stock
exchange which followed the change In sterling quota
tons was certainly long step toward correct system,
hui "a still some defective The change made was
froui valuDg tue dollar VI pence " Ito valuation VI