Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-11-17
UNITED STATES MINT.
Report of Superintendent Burchard.

WASHINGTON, ID. c., November 10. In
his annual report, Supt. Burchard Of the U.
S. mint says: Nearly all the gold, and
large portion of the silver, produced in the
United States last year was coined at minis
or used in domestic manufactures of art and
ornamentation, surplus exported to non-pro-
ducing countries The annual consumption
in the United States of precious metals, in
all forms of manufacturing purposes, now
averages 81 200, 900 gold S5,000,000 silver.
Gold coin in the country an the Both of June
last, estimated at $3.50, 400, SOS; silver, Sll2,-
$50, gain in the past six years being gold
Sl5l, 400, Cos, silver S107 ,050,9S5. Since
the close of the last fiscal year. and to Novem-
Der !, the imports Of coin and bullion, and
domestic coinage have increased these
amounts to gold S2O5, $50. 497, silver Sl2l,-
45G,3 1856, total of 1927, 206. 500, or an aver
age of 50 per capita of coin. 1t is estimated
that 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, 900.
The worlds production of gold has declined
in the p asst few years from Sl3l 900, 900 in
1858, to 10000 in 1879. Comparisons
indicate a rise in the value of money, meas
ured in commodities in Europe as well as in
this country, especially during the last year,
and from the movement of the precious
metals to this country at this time, further
decline in price may be expo cted on the con-
tinent, and an advance in the United States.
In closing, Mr.. Burchard says: In conclu-
sion, this NAV be asserted with reasonable
confidence and fairly stated as the present
monetary situation. As the general price
has not advanced above those Of 80 years ago,
the annual supply of precious metals, though
increased five fold, is not excessive, nor more
than sufficient to satisfy the worlds present
needs for coinage and manufactures. A
larger production has been absorbed and re-
CURED by the growing worth of commerce
and population of civilized nations, and not
inflated prices by depreciating money. Prob
ably one-half the gold and one third of the
silver annually obtained from the mines is
consumed in manufactures and arts. and from
one-third to one-haf of the silver and the
remainder of the gold is appropriated, and
under present Legislation will be required
for Coinage in Europe and America,
while the vast population of India and
China will continue to absorb the surplus
of silver as heretofore during the century.
In varying amounts from 100000 to 49,
10000, should the free coinage of silver
at a fixed valuation with gold be established
by suitable legislation and international
agreement. no excess of silver above the
needs for coinage, manufactures and eastern
export, will be found and silver, as hereto
fore, from its necessity for fractional and
smaller denominations Of coin in circulation,
will not fall below the valuation agreed upon
as compared with gold.
Should the 60O, 900, 900 of silver coin now
permitted to circulate as full legal tender in
Europe be demonetized consequence will
follow more disastrous.
A stability of silver and all monetary val
ues that have attended its partial exclusion
from European circulation and its immediate
futher depression would pour the supply of
silver upon nations willing to receive and
use it as money, and silver would become al
most their exclusive circulation.
The United States conld not single handed
among the commercial nations, with no Euro
pean corporations or allies, sustain the value
of silver from an inevitable fall
If European nations continue to decline
ovcrtures for an International agreement in
regard to the coinage of silver the expcdien-
cy Of opening our minis to the free coinage
of their present stock Of silver, and inviting
its speedy demonstration or export here, is
questionable. The true policy of this coun-
try is such conservative action as will tend
to bring the values Of gold and silver to their
former relations, unfolding one and prevent
ing appreciation of the other, until it can be
determined whether the commercial relations
are willing both metals should be used for
equal monetary service. But in case the use
of silver as money must be abandoned. it is
gratifying to believe the vast resources of
agricultural and mineral wealth present the
development of mining and manufactur-
ing interests, and facilities of inland COM
merce, comparative lightness Of taxation and
relief from heavy foreign Indebtedness,
and above all, the productive genius,
industry, inventive skill and capacity
OF the people of the United States
will enable them to retain, or as now, draw
from abroad, the gold needed for monetary
use. That commercial disaster and depres-
sion be treatened or feared as the result of
restricting the commercial world to one metal
are more likely to fall upon the nations that
initiated and are responsible for such move
ment.