The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1875-11-26
The Eaffsnws 1Smss.

The annual report Of the Director Of MINIS
shsvs the coinage Of gold 10 be So, 55S, pos,
silver $1,000, sos; minor pieces ssSo,S75-
total, sis,s5i,7cS. The deposits we're, gold
SIS, $50, 295, silver $i6,070,626. Additional
vaults are, he says, required In the Treasury
Offices In various parts Of the country for
storage Of silver coin, In view OF the con
templated resumption Of specie payments.
The addition Of sssaying facilities 10 the
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 advan-
iageously used in the country. After the
redemption Of the fractional notes, trade
dollar coinage should be continued, IL for no
other purpose than TO make local market
Tor silver. The purchase Of silver bullion
from January IA to October 81, 1875,
amounted TO Ss,3la,747, at an average price,
with refining charge added, for done bullion,
OF Sill and I mills per ounce, the standard
coinage rate Of fractional silver coins being
sl.24 and mills per standard. The seignor.
age or gain ON its coinage will be Is cents
per ounce, or about II per cent The total
expenditure attending the manufacture Of
coinage Of the last fiscal year 81, s5i, 10s) was
$780, $40, or about 90 per cent OF the expense
Of maintaining the fractional currency. In
this estimate seignorage realized on the sill.
yer, and minor coinage, siS6, io5, has not
been considered.
The propriety Of increasing tie amount
10 Sl0 gold pieces Is suggested for the con.
sideratlon 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 insu efficient sup
nj, - huf hv A. hox h.a. oil /.
held in large sums from circulation, and
diminished use Of silver IS money. The
new coinage system Of Germany is men,
toned as one of the chief causes, and the
delay in its completion is attributed mainly
TO the action of neighboring countries, or
practically closing what was expected
would be the best and largest market for
silver.
The manufacture of the new National
coins has already amounted to about S2s5,-
00O,0OO. The coins, however, have not gone
into general circulation to the extent origi.
nally expected, for the reason that tine old
standard silver coins, which are inferior in
value, continue under the provisions Of the
new mo ietary law to be effective money in
payments. Gold has therefore, to u large
extent, been held in the 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 degree Of September, %, 1875,
which would appear to indicate the employ.
ment al an early day Of more decided meas
ures than heretofore for the withdrawal of
deprecated legal-tender silver coins. When
the complete decentralization or withdrawal
of these deprecated silver coins shall have
been accomplished, gold will enter freely in.
TO the channels Of circulation and money
affairs resume their usual course. The
sooner the German monetary reform now in
progress Is completed, and the Bank Of
France resumes specie payments the better
it will be for Germany, France and the
United States. The time fixed for re-
sumption in France is January, 1875, but il
is probable II will take place before the time
specified. Whenever the German Empire
shall have its great monetary reform well
under way, and France sets free her i'm
mense specie reserve, the active demand for
gold will no doubt cease, and the United
states may then safely undertake the acqui-
sition Of sufficient stock Of coin for the re-
sumption Of specie payments.