The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1875-11-25
COINAGE.

WASHINGTON, ID. c., November 21.-
The animal report of the Director OF the
Mint, shows the coinage of gold to the
amount of 500, $50, 965 of silver, ST.
07O, 1858; minor pieces, $3.50, 375; total
$43, 754, 708.
The deposits were, gold, s32, $50. 293;
silver, $40, O7O,6 26.
Additional vaults are required IN the
treasury offices in various parts of the
country, for this storage of silver coin,
in view of the contemplated resumption
of specie payments. An addition of the
assaying facilities to the New Orleans
Mint is suggested. The Director says
the two years yield of the mines will
most probably furnish sufficient silver
to manufacture all the fractional cur
rency coin that can be advantageously
used in the country. After the redemp-
ton of fractional notes, the trade-dollar
coinage should he continued, if for no
other purpose than to make local mar
ket for silver. The purchase of silver
bullion, from January 14th to October
31st, 1875, amounted to $3.50, TAT, at
an average price, with refinery charges
added, for done bullion at $1.11.4
per ounce, the standard coinage rate OF
fractional silver coins being $1.24.4 per
standard ounce. The seignorage, or
gain on it's coinage will be 13 cents per
ounce, or about II per cent.
Of the expense attending the ranufac
ture of coinage of the last fiscal year 49,,
854, 7O8, was 1889. $40, or above 60 per
cent. of the expense of manufacturing
the fractional currency. In this esti-
mate, the seignorage realized on the sill
yer and mint coinage, 1886, 1O5, has not
been considered.
The propriety of increasing the
amount of $40 gold pieces is suggested
for the consideration of the Secretary Of
the Treasury. The Director speaks at
length of gold and silver during the last
three years, saying the monetary troub-
les have not been caused by insufficient
withheld in large sums from circulation,
and the diminished use of silver money.
The new coinage system of Germany
is mentioned as one of the chief causes,
and delay in its completion Is attributed
mainly to the extension of neighboring
countries, politically closing what was
expected would be the best and largest
markets for silver. The manufacture of
the new standard national coins has al
ready amounted to about 1926. 00O, 900.
The coins, however, have not gone into
general circulation to the extent origi-
naIly expected, for the reason that the
old standard silver coins, which are in
ferior in value, continue, under the pro-
vision of her monetary law, to be effect
i've money in payment. Gold has there
fore, to a large extent, been held in
vaults of the Imperial treasury minis and
banks. The gold standard is to go into
effect throughout the entire Empire on
the LIST of January, 1876, in accordance
with the Imperial decree of Sept. %,
1875, and which would appear to indicate
decided measures than heretofore for
the withdrawal of the deprecated legal
tender silver coins. When the complete
demolition or withdrawal of these depre-
ciated silver coins shall have been accom-
plished, gold will enter freely into chan
nels of circulation and money affairs re-
sumo their usual course. The sooner
the German reform now in progress is
completed, and the banks Of France re-
sumo specie payments, the better it will
be for Germany, France and the United
States.
The time fixed for resumption in
France is July, 1873, but it is probable
it will take place before the time specifi-
ed. Whenever the German Empire
shall have its great monetary reform
well under way, and France sets free
her immense specie reserve, the active
demand for gold will no doubt cease,
and the United States may then safely
undertake the acquisition of a sufficient
stock of coin for resumption of specie
payment.