, 1877-12-03


WASHINGTON, Nov. 27.-Dr. LtndcrHan, H.
rector OF tho Mint, has submitted Ills an,unl
report to the Secretary Of the Treasury. The
report shows the operations OF the Mint and
Assay Offices for the last fiscal ycar to have
been as follows:
Gold bullion received and operated -..,
silver bnlion received and oporai-
Cd upon 1f% 4.1. s'%Dti't
Total ..... .... :. ......... .so7. Hi. s;s:. %
DeIucslng retcposita-psts rnndc and I1sueA by
one Institution and deposited At anolhet-the de-
{,o!ils Wefo: a., ,,,
ta9ld.." ......"'.'..''. +."'. n uns
s'".'"'''''' IL ~.
Total s7e, 900, quo
Compared With tho prevtons year % there was n,
sold, 60 T and v Is, 1ai2sj N ihe a,neaat oi silver
eoinoae, ag~ oar' ae sp5 sin IN sIissg coase.
Tho increase alono In the silver culnnge over
than The total amnunt Of silver colnagc c1c~
cutcd In any one year prior to 1874. .
connected with tho Ailnt Burcau has been en-.
rccor'ls Of the conage m!nts and assay Offices
In New York, anl! complied a series of tahlcs
showing tho expenses. cummings, coinage anl
bullion operations sE11eo July !, l8i0. Tue most
important 1cutuEE3 6nu#H W LHESV usCs
j. That the earnings and scignorngc have been
nearly equal to the chtlre expenses.
2. TlIat tho total wastagu has been only 16pcr
ccntutn ul the leRnl allowance.
8. That the cost Og cOinaEe has been material
" reduced under the Coinage act, as eomp parcd
With several preceding ycars.
Tho tractfuI1nr continues to grow IN favor In
China, md decided preference for It IL shown
by The Chinese residents In san Frunclseo, .wlo,
on tic lst OF October last, were paying for It
Der cent nbove tic price of Mexican dollars In
London, both coins being nearly equal In ntrn-
sic value. The Japanese arc now colninK
tralc-t!oilar, With view q reaping ths benefits
purpose, ind With tho cvtdent Intention of cx-
porting It to Chna, where 1t Inns been made o
legal tender Mt ore ur two porta.
The srade-lollar having, recently entered to
so1no extent Into do,nestic circulation, tic d.
rcctcr attributes 1t TO tho tcason that from time
to tEn,c since tho United States notcs have up
preclated nearly to paF With gold, holders Of Sill
YER bullion hayo bccn a1lo to have. tho sarlc
manufactured Into these coins, and exchange
them at par for United States notes with
small prult. This fact, on becoming known,
was regarded as indicating that the tralc-uolar
culnago WIS, for tho timu being tOrtobur last).
in excess Of the export demand, and led to tho
Issuing Of an ortlcr by tho Secretary ot tho
Treasury to temporarily interu,it tho receipt Of
dcposits at tlle mtnts for thcsc c,1fits.
GaeF 1d Thy hsndag s esTes r. tho reatse
to Ills reports fur tho tlscal years oE 1877, 1871,
nnI 1874, in which tho CAUSES operating 10 pro-
tuce All important change H. the rciaiiyo value
OF tho two metala wcre fully stated aud Ills
Ssa.cs Money Commission, lii which 1t Is stated
that, since 1873, tho purchasing power of gold
has Increased In all countries. asl that tho pur-
chasing power OF silvrr has accTcased In none.
the director says that such statement ts
simply m expression of oplHlon alMl not fart.
oscertaincd and established according to tho
rule that the Colnmlsslon lays down for tho
correct determination Of the question. The
operation tint according to tho current tcstl-
snony of nil intelligent investigator has halimore
effect iii producing change in this rciativu value
OF tho precious mctals thnn all others hns been
tho gradual converting % ti!e silver eolns OF
transfer OF these bnrs principally to Oriental na-
tlons and replacing tho silver coins thus with.
drawn by gold drawn from othor countries md
frou, tho annual production of the mines of the
which appears to prove beyond reasonable
doubt that the Change In thu relative values ls
duo 10 depreciation or full II, the yutuu Of
silver; that withit. the lust twenty-five mouths
lions from London. and san Francisco
has amounted to about ei4S5N.000 and
that under that unprecedented demand,
Including 4ar,nE ths sos sa,ae we tis tho consnp,
/ currency In The United statcs, making in all
over Sin, ,sO0,O00. Tho avcrago price ot silver
has not risen ahoyo ii pence: aRntnst 10 o-l0
pcnce,-the average Of ls73. u silver hatl not
deprecated, this dcnaul, which. probably cx-
.ccetled tho eutlru gut culnagu OF tlle world for
| tho same period, would hayu carried the price
/ to OF abnYe tho point at Which 1t ruled before
tho herman money system wAs ehanSe.l. IN
gold has appreciated IN value does not anpcar 10
6e well sounds.i. The extraordinary demand
| fuf silver referred to abovo has generally been
considered as having been casca ~ y famine ',is
had to be suppltea with food procured from
| Slam aud paid 1ur With silver, hut tho deprcct-
alton Of silver, which rca he'd the lowest point
ou rccorA !a july 1874 las 6ecn o5s posrnt s
ard u Asia, aud having atprcSiaicu ~ value, an
addition to the stoek or.lluarlly pcrtorn!n LUG the
| functions Of money, CORRESPONDING Will tho per.
ceut,,c VI Ief,Fyeltun h4a been necessary, at,ii
till It, accordance with general law goycrnint
deprecated noney, which requires IN i9cfcase
10 volume propoEttouate 10 tho dccrcaso IN pur-
chasing power. Reliable statistics, from 1858 to
| Ieu,anJh from the Enst for silver have rarely
continued moru thah two consecutive years.
but, however this may prove, it ID certain
that Aslatic demand for silver In future will
| have Au Important Influence III deEanHisg double
gtantlards. II II te light, silver will deprecate
further and Gcconle tue actual nonvy standard
wherever tbs law has liked la doubls q alternate
standard, ard per contra, u, alter the Gerlnan
that of tue Lust twenty-two lnontls should u!
any tinas arise, guild would become tho sctua
standard.
Ths report shows tha. tho total silver bullion
purchased by tile Government for The fractlona
coInuEc under the provisions Of tho Resumption
act l,aa been 3l,S97,Tl standard ounecs, Ut |
tutal rosl vi VI, sls,ss1, which VII! produce, al
culu, The average cost Of thls bullion was
$40 cents beiow the equivalent Of the avesag,
Loudon rate during tho period embraced Ia III,
| purchaser. The Dlrsetor say&:
II tbs unitet States Restore :he double stanaar.
e3traord mary demand tut export ~ India xhouis
| al auJ future tIniU krAe, tho leval-seudcE sllte
| cuius would " dawn upon " nIest tho sAMe, wll
the coin. OF tho uthcr countries Representing alive
| In liz rntU Of to i3!1 wuuld remain undisturbed