The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1881-12-07
THE WORK OF THE MINTS.

P. C. Cent?, Barrister.
e
4 THE WORK OF THE MINTS.
: ANIMAL REPORT OF DIRECTOR BURcHARD
Il WAsRINGToN, Nov. 27.-The annua
report of the Director of the Unite,
States Miats for the fiscal year endin
Il June 30, 1881, contains, in addition t
the customary detailed statements o
the operations of the mints and assa'
office, much valuable information il
regard to the production of the preciou
| metals in the United States and in tn
world, their use in coinage of this ant
foreign countries, consumption in art
and manufacture, specie circulation
land an examination of the course o
prices, comparing paper and metallic
Ecireulation for a period of fifty-six years
with the pefeeatage Of yearly prices t.
| the mean prices of staple articles
indicating the annual variations in the
purchasing price of money.
The gold and silver received ant
operated upon by all the mints and
assay offices, exceeding by more thar
S50, ,000, 900 the receipts of any previou:
year, amounted to 1926, ,225, ,522, OF
which $193, 81, 102 was gold, and $32,
854, 421 silver. This large increase was
due to the continued influx of gold from
abroad, over $50, 900, 900 deposited
being from that source alone. The
coinage facilities of the mints have
been tested to the full extent in con-
verting this bullion into coin. The gold
coinage amounted to S78,233,864 OF
which S15, ,345, $50 were in double eagles
and the remainder in coins of lesser
denomination.
The coinage of silver was confined to
the minimum value of silver bullion
required to be coined by the law auth
orizing the coinage of the standard
silver dollar, S27 ,637 ,955, all of which
were struck. OF subsidiary coins only
s12, oil were coined, and of base metal
or minor coins $40, 80, ,995. Total
coinage of silver dollars since the pas
sage of the act for their coinage, up to
Nov. /, 800, ,672,7 ,705, of which $34,-
096, ,327 are in circulation and S58, $685. :
no are held by the Treasury for the
payment of outstanding silver certifi-
Gates, leaving s77, ,377, sos for disburse-
ment by the Treasury in ordinary
payments. The usual examinations and
settlements were made at the close of
the year.
The report referring to the probable
restoration of silver to its former place
in the monetary circulation says, in
view of the failure Of the international
monetary conference to agree upon any
practical measures, and while awaiting
its future action, it is a question for our
serious and early consideration whether
it is not desirable to suspend the future
coinage of silver until, by international
agreement, and effective legislation,
unlimited coinage of silver and gold at
common fixed ratio shall have been
authorized by the principal commercial
nations of Europe and America Should
$3.50, 900, 900 of silver coin, now full
legal tender in Europe, be demonetized,
the United States could not single
handed among commercial nations, with
no European cooperation or allies, sus-
tain the value of silver from inevitable
fall With that danger menacing US,
we cannot, without serious embarrass-
ment, continue such coinage, unless
other commercial nations will agree
upon the general value of silver as well
as gold.
The ratio of fifteen and half to one,
already approved and in use among
nations composing the Latin Union,
would doubtless be chosen. This would
cause, if the coinage of silver as well
as gold at all the mints of the world
were made free, as bimetalism implies,
the voluntary withdrawal from circula-
tion of standard dollars and their recoin-
age. In such case, further coinage
of silver dollars of the present weight,
unless needed for circulation, is need
less expenditure.
Director Burchard estimates the
worlds production of gold for the calen-
dar year 1880 at s107 900, 900, and of
silver S87 100000.
The consumption of the world in or
namentation, manufactures and arts is
estimated for the same period at S75,-
100000 gold and $50, 100000 silver.
The estimated circulation of the prin-
cipal countries of the world is placed
at: Gold, So, ,221, 900, 900; full legal
tender silver. s2,155, 900, 900; limited
tenders, s423, 900, 900; total specie,
s5, 759, 900, ,00O paper, 1854, 000, 900
making a total circulation, including
the amount held in Government treas
uries, banks and in active circulation
SO, ,403, 900, 900.
Upon the subject of a course of prices
as indicated in the annual variation in
the purchasing power of money in the
United States, the Director has pre-
pared tables showing the average annual
prices in both gold and currency of the |
leading staple articles in the New York |
market for ffty-six years, with the
mean price of each and also the relation |
which the average annual price of each |
article bears to the mean price for the
whole term of years. The mean per |
cenfage for each year of all the articles
named furnishes a basis.for measuring
the purchasing power of money, and is
instructively compared with the per
capita circulation and estimated wealth
for each year.