The Wellington enterprise. [volume] (Wellington, Ohio) 1867-188?, 1881-12-07
Report Of. the Director of the Mint.

WAsHINGr0E, November N
The annual report of the Director of the
United States Mint for the fiscal year ended
June 30, 1881, contains, In addition to the
customary detailed statements of the opera
tions of the mints and assay offices, much
valuable information in regard to the pro-
duction of precious metals in the United
States and in the world, their use In the
coinage of this and foreign countries, con-
sumption In arts and manufactures. specie
circulation, and an examination OF the
course Of prices, comparing paper and me-
tallic circulation for series OF nfty-siX
the mean prices Of staple articles, Indicating
the annual variations in the purchasing
price Of money. Gold and silver received
and operated upon. by all the mints and
assay Offices. exceeding by more than $780,
amounted to $226, 225 ,522, Of which Sl93,-
81, ,101 was gold, and $50, ,S54. AL
silver. = This large Increase was
gold from abroad, over 500, ,000, 200 depos-
tied being from that source alone. The
coinage facilities of the mints will be en-
listed to their fullest extent In converting
this bullion into coin. The gold coinage
amounted TO $7S, 733, 1854, Of which S15, 346,-
$40 was In double eagles, and the remainder
In coins Of lesser denominations. The COIN
age of silver was confined to the minimum
value of silver bullion required to be coined
standard silver dollar, S27, ,6s7. .955 Of which
were struck; Of subsidiary coins only $12,011
were coined. and Of base metal or minor
coins S405, ,109. The total coinage Of silver
dollars since the passage OF the act for their
coinage, up to November i, was 500, ,612,-
705, OF which S34, ,096, S27 are in circulation.
and $5s, S33, TO held by the Treasury for the
payment OF outstanding silver certificates,
leaving 81. 737, COS for disbursement by the
TIeasury in ordinary payments.
The usual examinations and settlements
were made at the close Of the year:
The report referring to the probable res
toration OF silver to its former place in the
monetary circulation, says: "In view of the
failure of the International Monetary Con-
ure, and, while awaiting Its future action,
II is q question for our serious and early
consideration, whether it ID not desirable to
suspend further coinage OF silver until by
lation unlimited coinage of silver and gold
ut common fixed rates shall have been su-
| thorized by the principal commercial Ma
| tions of Europe and America. should the
$65O, OO0, ,0O0 silver coin now full legal tender
| in Europe be demonetized, the United
| States could not, single handed among
| commercial Nations, with no European CO.
| operation or allies, sustain the value OF SD
yer from-an inevitable fall. With that dan
| ger menacing US, we cannot, without seri-
| Gus embarrassment, continue such coinage
| unless other commercial Nations will agree
upon the general use of silver as well as
1.-THE ratio OF 151f to one already ap-
proved, and IN use among the nations COM
| posing the Latin Union, would doubtless
| be chosen. This would cause, If the coinage
/ of silver, rs well as gold, at all the mints
| of the world were made free, as bimetallism
/ implies, the voluntary withdrawal from
circulation Of the standard dollars and their
| recoinage. In such case the further COIN
| age Of the silver dollars Of the present
/ weight, unless needed for circulation, is 9
I useless expenditure" Director Burchard
/ estimates the worlds production of gold
for the calendar year 1881 at S107, 900 ,00o,
| and of silver $S7, ,5UO, 900. The consumption
j of the world in ornamentation, manufact-
| ures and the arts Is estimat ed for the same
period at So OO0, 900 gold andS ,00Q, 900 sill
| yer. The estimated circulation OF the princi.
pal countries of the world Is placed at Il, ,221,
0OO,OOO; full legal tender, silver, 81, loo, :
00O, 900; limited. tenders, S423, 0OO, 0OO
total specie, So, ,759, 900, 900; paper, IS, 644.
900. 900. making the total circulation, inciud.
ing the amount held in the Governments
treasures, banks, and in active circulation,
So, ,403, 100 ,O00. Upon the subject of the
course of prices, and indicating the annua
variations in the purchasing power of mon
ey in the United States, the Director has
| prepared tables showing the average annua
| prices In both gold and currency of the
leading staple articles in the New Yori
market for ffty-six years, with the meal
price of each, and also the relation which
the average annual price of each article
bears to the mean price for the whole tern
of years. The mean percentage for eacl
wear OF all articles named furnishes basi
FOR measuring the purchasing power o
| money, and Is instructively compared will
| the per capita circulation and estimated
wealth for each year.