The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1875-11-26
The E~fSswas 1Sufs.


The annual report Of the Director Of MINIS
shows the coinage Of gold to be $50, pos,
silver si0,070,36s; minor pieces ss3o,S75-
total, sIs, s5l,7Cs. The deposits were, gold
sss, $50 ,ss"3, silver $l6,O70,626. Additional
vaults are, he says, required in the Treasury
offices In various parts OF the country Tor
storage Of silver coin, In view OF the con
tempiated resumption Of specie payments.
New Orleans mint Is suggested. The Di-
rector says; "The two years yield Of the
mines will, II is probable, furnish sufficient
silver TO manufacture all the fractional
currency in coin that can be sdvan-
tageously used In the country. After the
redemption Of the fractional notes, trade
dollar coinage should he continued, II for no
other purpose than to make local market
Tor silver. The purchase Of silver bullion
IRON January Ia TO October 81, 1870,
amounted to ss,3l9,747, at an average price,
with refining charge added, for done bullion,
Of Sill and mills per ounce, the standard
coinage rate Of fractional silver coins being
sl.2i and I mills per standard. The seignor'
age or gain on It's coinage will be Is cents
per ounce, or about II per cent The total
expenditure attending the manufacture oil
coinage Of the last fiscal year Si3, s5i, 1Os was
$50, $40, or about 90 per cent. of the expense
Of main tanning the fractional currency. In
this estimate seignorage realized on the sill.
yer, and minor coinage, si3o,lO5, has not
been considered.
The propriety Of increasing tie amount
TO $40 gold pieces Is suggested for the con
sid~ratIon OF the Secretary Of the Treasury
The Director speaks at length Of the course
Of gold and silver during the last three
years, saying that the monetary troubles
have not been caused by insufficient sup
plies Of gold, but by its having been with
held in large sums from circulation, and
diminished use Of silver as money. The
new coinage system Of Germany is men
toned as one Of the chief causes, and the
delay in its completion is attributed msinl,
TO the action Of neighboring countries, OF
practically closing what was expected
would be the best and largest market fol
silver.
coins has already amounted TO about S2s5,
100000. The coins, however, have not gons
into general circulation to the extent oriai
nally expected, for the reason that tine old
standard silver coins, which are inferior IL
value, continue under the provisions Of thu
new mo ietary Law TO be effective money Ia
payments. Gold has therefore, to q larg'
extent, been held in the vaults of thu
imperial Treasury minis and banks
| The gold standard Is to go into effec
throughout the entire empire on the Is
Of January, 1876, in accordance will
the imperial degree Of September, %, 1875
which would appear to indicate the employ
ment at an early day Of more decided meas
ures than heretofore for the Withdrawal o
deprecated legal-tender silver coins. Whel
the complete Generalization or witbdraws
Of these deprecated silver coins shall hav
been accomplished, gold will enter freely in
to the channels Of circulation and none
affairs resume their usual course. III
sooner the German monetary reform now IL
progress is completed, and the Bank o
France resumes specie payments the bette
ii will be for Germany, France and tn
United States. The time liked for r.
sumption in France is January, 1875, but
is probable il will take place before the tim
specified. Whenever the German Empir
shall have its great monetary reform wei
under way, and France sets free her i'm
mense specie reserve, the active demand 10
gold will no doubt cease, and the Unite,
states may then safely undertake the acqul
sition Of a sufficient stock Of coin for the II
sumption Of specie payments.