The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1875-11-25
RESUMPTION PROSPECTS.

Director Of the Mint, is attracting con-
siderable degree of public attention. In
view of the proposed resumption of
specie payments, the question of the gold
yield becomes prominent, as founda-
tion for estimating probabilities in re-
gard to sufficient supply OF coin to sus-
tain the resumption.
The estimates made by DR.. Linderman
as to the product of our gold and silver
mines for the coming year have been
made after actual personal survey and
examination Of the same by himself. He
estimates the proceeds of the Comstock
mines alone at $50,0O0,o00, and that from
all other sources there will be produced
about an equal amount, which would
give us the annual yield of 500, 900, 600 OF
coin. With that amount as the annual
proceeds of our own mines, and the coir
revenue received from other sources,
there could be no need for the Govern
ment to postpone resumption even to
January /, 1879, the period named in the
resumption law.
buU IL IuuSb p0 COnoloOlC0 VIZ
100000. 900 produced by our mines do not
belong to the Government, unless bought
and paid for. That amount is individual
property, and may be disposed of by its
owners to whomsoever will buy upon the
best terms. Naturally the greater por-
tion finds its way to the Government
mints for coinage. But even then the
Government has no more than small
royalty to compensate for the service OF
the. mint, while the coinage itself still
remains private property, until bought
by the Government. Consequently, while
the products Of our mines may put us in
possession OF the precious metals for re-
sumption, they do not apply to the ex-
tinction of our public debt. The coin
received for revenue, however, becomes
public property by virtue Of its collec.
tion as q Government tax, and is at once
applicable to the reduction Of public
liabilities
Much Of the yield from our silver
mines will unquestionably find foreign
market, though minted in bars, |. e. bull
ion. China and India absorb most o
this, inasmuch as the currency there il
almost exclusively of silver. During
the past year the mint turned out $23,
O49,310 In value of silver bars. This, o
course, is nearly all intended for expor
tation. During the same period the sil
yer coinage amounted to SIC, 1868; ant
the gold coinage amounted to $3S, 1858, 965
making total coinage of $43,624, 1888
And the total amount of specie in thu
country at the close OF the fiscal year
June Both, was estimated to be $167,614,
sO3. This is nearly one-half Of the whole
amount of the greenback circulation
And it has uniformly been held that 6
coin basis of one-third Of the outstand
ing circulation is sufficient for safe bank
ing when paying specie on demand.
: Predicating probabilities on the esti
mates made by DR.. Linderman, the stool
of specie in the country by January
1878, one year before the time fixed TO
resumption, would amount to 100000,
900, provided our receipts OF the preciou
metals could be retained in the countr.
preparatory to resumption. Now, tn
total amount of our currency circulation
in notes OF $40 and upwards, including
both the greenbacks and national BAN
notes, is about s344,o00,0OO. Assumin
that the average Of currency would b
required for general use to an amour
equivalent TO all below notes Of $40 nov