Knoxville journal. [volume] (Knoxville, Iowa) 1874-1986, 1874-10-22
Mint Statistics.

DIR. Linderman, Director of the MINI,
has submit ed to the Secretary of the
treasury his reports of the operations Of
the minis and assay offices for the fiscal
year ending June 80 of the present year,
from which it appears that the gold de-
posits were $6S,S6l sos; silver deposits
and purchases, SIS, 1875, Isl. Deducting
the re-deposits of bars made ard issued
by one institution and deposited at an
other, the deposits were: Gold, $40, 142-
Sill; silver, 11,4S5,67S. The amount in
bars transmitted from the New York
assay Office to the mint at Philadelphia
for coinage during the fiscal year was ::
Gold, SIS, 704 10l silver, Sc ,613,635; total,
S2l ,3l7,737 Compared with the previous
year there was an increase of $S,924, 16b
in the amount of gold operated upon !;
81, SS0,161 in silver were received and
operated upon; SIS, 1885, 52 in gold coin
age; $3,037 ,0S5 in silver coinage, and
Sl0,Sl5, 0S6 in bars prepared at the minis
and assay offices.
The distribution of bullion deposited
and purchased, including receipts, was as
follows: Philadelphia mint, $22,9i7 2s2;
San Francisco, $24,934, 7S9; Carson, So
0SS, 159; Denver, $9s9,713; assay office,
New York, $24900, 721; assay office,
Charlotte, N. c., $s,76S; 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, 1877; in gold coinage, 12l; silver
coinage, 1863; fine gold, 500; fine gold
bars, 226; imported gold bars, $40; fine
silver bars, 619, and imported silver
bars, 60.
The loss by abrasion was but little over
onehalf of / 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 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 bars 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
ment be resumed coins of a smaller de-
nomination would be required. The
Director says that the denominations OF
gold coin are too numerous and recon-
mends 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 SO, 5SS,90O, 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 twenty-cent coin.
The Director refers at length to the
| subject of the course of silver bullion
! and states that the Government can a.
| any time, unless there should be ma
| terial advance in the value Of silver, OF
depreciation in the gold value Of the
paper dollar, supply itself with such al
amount OF subsidiary silver coin as il
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
demand for the coins appears to come
| from Texas and the Pacific 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 tine 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
gradually expel the fractional notes.
Inc amount Oh speClc III tbis ,ounhy
is stated to be on the Both OF June last
$167, 100000 The estimate shows gain
in specie and tSlllion 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
thousand millions. The present rate OF
production is-silver $SO,OOO,0OO, and
gold 100000, 900; the two together be-
ing an annual addition of about u pei
cent to the existing stock of specie.