The daily gazette., 1878-12-03
Coin and Coinage.
THE TRADE DOLLAR THE bullion IN
THE COUNTRY

'" DohLAh THE BULLION IN
THE COUNTRY
Inc report of Secretary Sherman. n,
1he U .. Treas ury, says. This animal re
port of the Director of the Mint .xhib;t,
IN detail the operations of the several
mins and assay offices, and also presents
interesting Information relative to tle
production of gold and silver IN tbe
united states, the estimated amount OF
gold and silver coin and bullion in the
country, the depreciation of silver. tbe
porluon OF the American trade dollar in
the oriental trade, AMI other subjects
connect+u directly or indirectly with the
The value of the gold coin
age executed during the
last fiscal year was. S52. 798 780 M
or trade dollars. .........., II 's7S oI0 M M
~ standard silver dollars. 1873. 800 O0
VI tracti onal silver coin.... S33y3I5. 10
Anu Vi MINOR soin.......... 30,694 w
a total coinage of...,... .SS1 ,12O, 40 80
In addition to the coinage. fine and
impaired bars were prepared for depo
tots in the amount Of S12,5O ,926 20 in
gold, and s11 1854 1886 81 in silver.
lt IL manifest, from the proven capacity
OF the several minis, that our coinage IA
clntles are ample for all purposes.
The present production of bullion from
the mines OF the United States appears 10
approximate S1OO,OOO, 900 in value. All
the gold bullion produced in the country
confirms more or less silver, and the
greater portion of the silver bullion. from
our mines contains per centaQe of gold.
making 1t difficult to determine with ac.
curacy the propOruon of each 1t is safe.
however to state that the production, Of
the two metals, calculated at their coin
ing-rates, Is nearly equal.
During the year 1877 and the first few
months OF the present year trade dollars,
to the amount OF probably 1000. .OO0
pieces, were placed in circulate on in the
States eat of the Rocky Mountains, with
full knowledge on the part of the par
Ties engaged in the business that the coin
was not legal tender.
This coin Is IN no sense money of the
United States which the Government is
bound to redeem or care for. The Gov
ernment stamp upon 1t is to certify to its
weight and fineness for the convenience
OF dealers In silver bullion. 1t is precise.
ly like any other silver bullion assayed at
any assay Office or mint. The limited
lesal-te nder quality originally given to it
was taken away before any of the coins
were put into domestic circulation, and
1t should not now be given any value or
attribute at the expense of the pubic
that Is not incident to any other silver
bullion. The Government has received
no benefit from this coinage, and has
neither received it or paid it out. The
whole connection of the Government
with this bullion was to perform the me-
chanical work of assaying and dividing
it into convenient form for the merchant,
at his cost, and for his benefit, for expor-
tation only
Recent advices from our Minister to
China indicate that considerable
amount of trade-dollars Is now being
boarded in that empire, and will be re-
turned to us II discrimination is made
in their favor over other bullion. No
distinction can be made between trade
dollars in the United States and those out
of the United States but, if redeemed at
all, they must all be redee med alike. The
bullion in 35853,360 trade-dollars out
standing can now br purchased from our
miners for S3l 256, $50. 1t would be a
manifest injustice to deprive them of our
market for their bullion, in order to dis
criminate in favor of bullion coined for
exportation aud held chiefly in foreign
countries
At times the fractional coins of the
United States accumulate at certain
places and are wanted at others. 1t is
recommended that this department be
authorized to redeem them in United
States notes when pres ented In sums of
Sl05, or any multiple thereof, at the Mint
at Philadelphia, where they can be re-
coined, if necessary, and distribute d.
The amount of gold coin and bullion in
the country September 30, is estimated
by the Director at $3.50 353,390, and of
silver coin and bullion at SOY, ,090, ,557-a
total of S358, Az, ,947.
The estimating of the production of the
precious metals In this country, and of
the amount OF coin and bullion, Is a mat
ter attended with great difficulties, and
the estimates can only be regarded as APP
proximately correct, though they have
been compiled from the best attainable
sources.