The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1881-12-08
MINT DIRECToR,s REPORT.


The annual report Of the Director Of the
United States Mint for the fiscal year ended
June so, 1881, contains, in addition to the Gus
tomary detailed statements Of the operations
of the Mints and the Assay Onice, much valu-
able information in regard to the production OF
precious metals In the United States and in
the world, their use in the coinage of this and
foreign countries, consumption In arts and
manufactures, specie circulation, and the ex-
animation Of the course Of prices, comparing
paper and metallic circulation for period Of
fifty-six years, with the per centage Of yearly
prices to the mean prices of staple articles indi-
eating the annual variations In the purchasing
price Of money. The gold and silver received
and operated upon by all the mints and assay
Offices, exceeding by more than $50. .0O0, 600 the
receipts of any previous year, amounted to
s226, ,225, 522 Of which e193, ,371, 10l was gold,
and $32 S54 AL silver. This large increase was
due to the continued influx Of gold from
abroad, over $s5, o0o, coo deposited being from
The coinage facilities Of the mints have been
tested to their full extent In converting this bull
lion Into coin. The gold coinage amounted to
$1S, 1888 s64, Of which $15, ,345 $40 was in double
eagles and the remainder in coins of lesser de-
nominations. The coinage of silver was con-
fined to the minimum value Of silver bullion re-
Quired to be coined by the law authorizing the
coinage of the standard silver dollar, $27, 637,-
955 of which were struck. OF subsidiary coins
minor coins, s4O5, ,109. The total coinage Of
silver dollars, since the passage OF the act for
their coinage mp to November ], was S100, ,672,
705, of which s34, ,096, 327 are in circulation,
and S3S, S3S, ITO held by the Treasury for the
payment OF outstanding silver certificates, leav-
ury in ordinary payments.
The usual examinations and settlements were
made at the close Of the year.
Director Burchard estimates the worlds pro-
duction of gold for the calendar year 1880 ut
Sl07, OO0, 900, and of silver ss7, 500, 900. The
consumption Of the world IN ornamentation,
manufacture and arts is estimated for the same
period at S75, 600, 900 gold, and S95, 600, ,00o
pal countries of the world is placed at: Gold,
e3, ,221, 600 600; full legaltender silver, % 165,
O00, 600; limited tenders, s42s, ,o00, 900. To'al
specie, S5, 759, 600 600; paper $S, ga 600 600,
making total circulation, including the
| and in active circulation, %, 403, ,00o, 900.
Upon the subject of the cause Of prices, as
| Indicating annual variations in the purchasing
power Of money in the United States, the Di-
| rector has prepared tables showing the average
| annual prices in both gold and currency, OF
| leading staple articles In the New York market
for fifty-six years, with the mean price OF each,
| and also the relation which the average annual
price each article bears to the mean price for
|
! for each year Of all articles named furnishes .
| basis for measuring the purchasing power OF
money, and is instinctively compared with the
| per capita circulation and estimated wealth for
| each year.
| Respecting the coinage Of the silver dollar,
| the report says: The Monetary Conference
| called BY France and the United States, to con-
slider propositions for an international agree
| ment to coin gold and silver, at common
fixed ratio, met at the city Of Paris in April OF
| rt,r1cl inst ivA
| discussion occurred, and valuable facts were
| presented no practical conclusions we're
| reached, and, finally, on the Sth Of July, the
| conference was adjourned to meet IN April,
| 1857 ut the same place. Delegates from Eev-
| efal European countries gave little encourage.
| Inent for the expectation Of any effective aid
| nom their governments in the efforts to re-
store silver to its former place in the monetary
| circulation. The hope, however, seems to have
been entertained that further deliberation and
| n consideration Of the inevitable complications
| and disturbances to commercial exchanges be-
| tween Asiatic countries and tho Western world,
| 10 be feared from the exclusion OF silver from
coinage, viii enlist the cooperation OF those
nations in this, possibly, the final effort to re-
{ain silver coniointly with gold as Q measure
OF values.
In view, however, Of the failure Of the Con
ference to agree upon any practical measure,
and while awaiting its future action, 1t Is ques
ton for our serious and early consideration
il
ther coinage Of silver until, by internationa
agreement and effective legislation, the unlin'
tied coinage OF silver and gold at common
fixed ratio shall have been authorized by tht
principal commercial nations Of Europe anc
lMerica.
The silver circulation Of this country before
the close of the fiscal year will amount to 5000,
600 600, and will suffice for the needs OF oul
people for coins for the denomination Of ont
dollar and less.
The United States has done Its part towart
retaining silver as monetary agent for meas
uring and exchanging values. For three year
il has appropriated TO coinage purposes one
third of the worlds production Of silver, AM
maintained its average bullion price nearly Il
the average Of 1878.
As was said in my first report, /" should tn
$3.50, ,OOO, 900 of silver coin now full legal tende
| in Europe, be demonetzed, the United State
| could not single-handed among the commercia
| nations with no European cooperation o
Allies. sustain the value Of silver from the In
| eyitable fall" With that danger menacing Ms
we cannot, without serious embarrassment
Continue such coinage, unless other commercis
nations will agree upon the general use o
silver as well as gold. But should such inter
national agreement he secured, neither ou
ratio of comparative valuation, nor even on
based upon the present e1ehangable value o
gold and silver will probably be adopted. Tn
ratio of fifteen-and-a-half to one, already ap
proved and in use among the nations comprle
| ing the Latin Union, would doubtless b
chosen. This would, If the coinage of silver a
well as gold at all the nnints Of the world wer
made free as bi-metalism implies, cause th
voluntary withdrawal from circulation OF th
standard dollars and their recoinage. In sue
case, the further coinage OF silver dollars OF th
present weight, unless needed fcr crcuiatior
is Q useless expenditure.