The New York herald., 1879-11-16

posits are promptly met When the importance of
mercantile and centre OF the country II IL TO
be regretted that better facilities not at IT'S CON-
mxnd for the rapid prosecution OF business.
to be at the rate of at least $l50OO.00O gold
and silver per annum and the present facilities ut
the Denver Mint for operating upon this amount OF
bullion are considered totally inadequate.
INFLUENCE OF RESUMPTION.
Regarding the resumption of specie payments, LIE
says:-"Our experience i'll returning to specie pay
ment without material reduction of the paper crcu-
.lation seems to indicate that the depreciation of
United States notes for the eight has not
been due to their excess. but to their inconvert-
billty. and that resumption not only became pos
sibe but assured as soon as the acc emulation of n
sufficient coin reserve in the Treasury was deter
mined upon and measures adopted for carrying that
policy into effect"
national Monetary Conference to adopt by inter-
national agreement common ratio between gold
and silver and establish the OF hi metallic
money. Although the delegates failed to any
recommendation to the respective governments
silver ut acommon relative value. their efforts
considered to have been the cause OF practical and
beneficial results
PRODUCTION IN UNITED STATES.
The production OF the precious metals in the
United States 1879 considerably less than that
diminished yield OF the mines of the Comstock lode
A depth has been reached OF 1000 feet
below the bed OF the Carson River. and i'm
pediments encountered from accumulatons
Of water and from the oppressive temperature,
which discourage aud have retarded vertical explora
yield Of the States as officially reported which in
1878 S47.076S63 Of both gold and silver. but
troler. reports to be only sl9.3O547s 81
from the production Of the preceding year.
Although the production OF Nevada will be large
and continuous for many years. it does not appear
probable that the mines Of that State will make such
enormous contributions to the mineral wealth of
the country they have in previous years. This
decrease has been in part compensated by the
suits OF the thorough exploration of the mining
regions of the Rocky Mountains, especially In
VA al an nd Sonf Vha ttn,
greater the last than in the preceding year. and
creasing amount of silver in the future After care
ul inquiry and consideration Of the yield of different
localities and mines i'll the United States the Director
estimates the total production of the precious metals
in the country for the fiscal year 1879 at
Of which sas.ooo.ooO was gold. and s4O.sla.oO0
silver. nearly can be ascertained
from official and other trustworthy sources.
Nearly all Of the gold and large portion of the
silver produced in the United States during the
year coined at the mints used in domestic
manufactures. arts and ornamentation. The sur
plus was exported to non-producing countries.
From all information 1t is safely assumed that the
annual consumption in the United states of precious
metals i'll all forms Tor manufacturing purposes
now averages S7ooo.ooo OF gold and $5.OOo.OoO OF
silver
INCREASED COIN AND HIGH PRICES Yon GOODS
| The total amount OF gold coin in the country on
the 3Oth OF June last estimated at S26
of silver 50985, the gain in the past years
being s15 69s gold and $107 050 silver Since
the close Of the last fiscal year and up to November
the imports of coin anu bullion and the domestic
coinage have increased these amounts to S305 97
gold and S12l 355 silver total OF $42 S52 or
about 80 per capita OF coin. 1t is estimated should
the flow OF gold continue from foreign countries, the
metallic circulation OF the country at the end of
| the present fiscal year will have swollen to over
$500 900 OO0 The report discusses at great length
the monetary statistics OF foreign countries. and
states that the worlds production of gold has de-
cned in the past few years from S131 in 1853
to $4,000 900 in 1879. In referring the Of
prices Is held that comparisons indicate rise in
Europe US well Us this country. especially during
the last year. and from the movement of the pre-
cious metals to this country at this time further
decline in prices may be expected on the Continent
| and All advance in the United States.
| SILVER PROBLEM.
| In closing his report Mr.. Burchard reviews the
| present monetary situation follows I'm con-
clusion. this may be asserted with reasonable conf
dence and fairly stated the present monetary sit
uation:-As general prices have not advanced above
| those OF fifty years ago the annual supply OF the
precious metals. although increased fvefold,
| Is not excessive nor more than sufficient
| to satisfy the worlds present needs for
coinage and manufacture. The larger production
| has been absorbed and required by the growing
| wealth. commerce and population OF civilized ma
tions. and has not Inflated prices by deprcciatng
the value OF money. Probably one-haf OF the gold
| and oue-third OF the silver annually obtained
from the mines is consumed III manutac
to one-half of the silver and the remainder OF
tho gold is appropriated. and under present legsla
| ton will be required. tor coinage in Europe and
| America. while the vast populations of India and
China will continue to absorb the surplus silver
heretofore during the century. varying
| from twenty TO fOrty nlluouS OF dollars. Should
the free coinage OF silver ut fixed valuation with
| gold be established by suitable legislation and
International agreement no excess OF silver coin
above the needs for coinage, manufacture and East
ern export will be found. and silver. heretofore
from its necessity for fractional and smaller denon
nations OF coin in circulation. will not fall below
the valuation agreed upon as compared with
| gold. Should the S600.O000O0 of silver COINS
now permitted to circulate as full legal tender
in Europe be demonetized consequences will follow
more disastrous to tho stability OF silver and all
monetary values than have attended its partial ex
clusion from European circulation. and its lmme-
diate further depreciation woud pour the whole
supply upon nations willing to receive and it
money Silver would become almost their exclusive
circulation. sl s.
PLEA FOR BIMETAIILc CURRENCY.
The United States could not single handed among
commercial nations, with no European cooperation
or allies. sustain the value of silver from the in
evitable fall. II European nations continue to de-
cline overtures for international agreement
in regard to the coinage of silver the expedency of
opening our mints to the free coinage Of their
present stock OF silver and inviting its speedy
demonstration or export here is questionable. Tho
true policy Of this country is such conservative
ton ~ will tend to bring tho values OF gold and sill
to their former relations. upholdng the and
preventing the appreciation of the other until 1T
car be determined whether commercial nations
Willing that both metals should be yoked for equal
monetary service. But in case the of silver
as money must be abandoned it is gratifying to be-
lieve that the vast resources the agricultural ana
mineral wealth. the present development OF the
mining and manufacturing interests and the facili-
ties for inland commerce. the comparative light
ness Of taxation and relief from heavy
productive genius industry inventive skill and ca
pacity OF the people OF the United states will enable
them to retain, or now. to draw from abroad the
gold needed for the monetary use and that the COM
lnercial disaster aud depression threatened or
feared the result of restricting the commercial
world to metal moro likely to fall upon the
nations that initiated and are responsible tor tho