The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-11-22
Report of the Mint.

NEW YORK, NOV. Il.
The annual report of the director of the
mint show that the coinage of gold Is $685.
553, 905, silver $iO,O7O, 1868, minor pieces
$3.50 375 total $43,s54, 700. The de-
posts were 4: Coli S3S,558, 294. silver
$l5070,62G Additional vaults are re-
quired In the treasury offices in various
parts of the county for the Storage Of
silver coin in view Of the contemplated re-
sumption Of specie payment. An addition
of asssying facilities to the New Orleans
mint is suggested.
The director speaks at length Of the
course of gold and silver during the last
three years, saying that monetary troubles
have not been caused by inefficient sup
plies of gold, but its having been withheld
IN large sums from circulation, and the d.
minshed use of silver as money. The new
coinage system of Germany is mentioned
as one of the chief causes. and the delay In
its completion is attributed mainly TO the
action of neighboring countries, in prscti-
cally closing what 1t is expected would be
the best and largest market for silver. The
manufacture of new standard coins had
already amounted TO 1886, 000,0 The
coins, however, have not gone into general
circulation TO the extent originally expect
ed, for the reason that the old standard
silver coins, which are inferior in value,
continue under the provisions of the none
tary law to be effective money In payments.
Gold has therefore to a large extent been
held in the vaults of imperial treasury
mints and banks. The gold standard is to
90 into force and effect throughout the
empire on the first of January, 1876, in &C
cordance with an imperial decree of Sep
TENDER %, 1875, and which would appear
to indicate the employment at an early day
of more decided measures than heretofore.
The withdrawal Of the deprecated legal
tender silver coins, when the complete
withdraw of these deprecated silver coins
shall have been accomplished, gold will
enter freely into the channels of crcula-
ton and money affairs resume their usual
course.
The director says the Two years yield of
the mines will, it is proh.bl4. furnish suf-
ncient silver to Manufacture MI the frac-
tional currency coin tuat can be advan-
tageously used in the country after, the re-
dempion OF the fractional notes. The
trade dollar coinage should he continued if
for no other purpose THAI To make local
market for silver. Tie purchases of silver
bullion from January II 10 October 81,
amounted TO S9,3i07l9 The standard
coinage of fractional silver coins being one
dollar "a cents and mills per standard
ounce, the seignorage or gain on its coin
aye will he 10 cents per ounce, or about ~
per cent. Tie total expense attending the
the manufacture of coinage of the last fiscal
year of $43, 1854, 7OS was $3.50, $40, or about
60 per cent of the expense of maintaining
the fractional currency. In this estimate
the seignorage realized on the silver and
minor coinage, $4O3, 105, had not been con-
sidered. The propriety of increasing the
amount to ten dollar gold pieces is sug-
gested for the consideration of the secre-
tary of the treasury.
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 by France is January, 1878, but
it is probable it viii. take place before the
time specified. Whenever the German
empire shall have it's great monetary re-
form well under way, and France sets free
her immense special reserve in active de-
mand for gold, no doubt will cease and the
United States may then safely undertake
the acquisition of sufficient stock of coin
for resumption of specie paymets