The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1881-12-03
The United States Mint.

NASHlNGTON, November ~.
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 minis 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 fifty six
years with the percentage Of yearly prices to
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 minis and
assay offices, exceeding by more than $780,
00J, 000 the receipts OF any previous year,
amounted to $226, 225, 522, OF which $780,
,l0l was gold, and S32, 1854, 421
silver. This large I'D increase was
gold from abroad, over $4,000, CIV depos-
tied being from that source alone. The
coinage facilities of the minis will be en-
listed to their fullest extent in converting
this bullion into coin. The gold coinage
amounted to SIS, 733, S64, Of which SIS, 3i5,-
$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
by the law authorizing The coinage of the
standard silver dollar, $27 637, 905 of which
were struck; OF subsidiary coins only $12,O11
were coined, and OF base metal or minor
coins $405, 100. The total coinage of silver
dollars since the passage Of the act for their
coinage, up to November l, was 800, 672,-
700, OF which 49,, 096, 327 are in circulation,
and t5S, SS3, no held by the Treasury for the
payment of outstanding silver certificates,
leaving 81, 1877, GOS for disbursement by the
II easury 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: ''ln view OF the
failure OF the International Monetary Con-
ference to agree upon any practical meas
ure, and, while awaiting its future action,
it is a question for our serious and early
consideration, whether il is not desirable to
suspend further cOiaage OF silver until by
international agreement and effective legis-
lation unlimited coinage OF silver and gold
at common fixed rates shall have been au-
thoriZed by the principal commercial Ma
tions Of hlrops and America. Should the
500, O0O, ON siYer 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 sill
yer from an inevitable fall. With that dam
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
gold.
1.-THE ratio of 1871 to one already APP.
proved, and in use among the nations COM
posing the Latin Union, would doubtless
be chosen. This would cause, if the coinage
OF silver, as we'll AS gold. at all the minis
OF the world were made free, as bimetallism
implies, the voluntary Withdrawal from
circulation Of the standard dollars and theiT
recolnage. In such case the further COIN
age of the silver dollars OF the present
weight, unless needed for circulation, is a
useless expenditure" Director Burchard
estimates the worlds production Of gold
for the calendar year 1889 at SlOI ,0Oo, 700,
and OF silver $S7 900. The consumption
of the world in ornamentation, mSnuEact-
ures and the arts Is estimated for the same
period at SIS, 100000 gold and S35 roOo 900 sill
yer. The estimated circulation OF the princi-
pal countries OF the world Is placed at %, 22l :.
OO0,OOU; full legal tender silver, 81, lbs,
0OU, 900; limited tenders, 1923, W., 700 ;
total specie, 80. 1853 OO0, 900; paper, SO, GA, :
900, 900, making the total circulation, incIud-
ing the amount held in the Governments
treasures, banks, and in active circulation,
50, 403, 900, 900. Upon the subject OF the
course Of prices, and indicating the annual
variations in the purchasing power of mon-
ey in the United States, the Director has
prepared tables sho wing the average annual
prices in both gold and currency Of the
leading staple articles in the New York
market for tifty-six years, with the mean
price Of each, and also the relation which
the average annual price OF each articIe
bears To the mean price for the whole term
| OF years. The mean percentage for each
year Of all articles named furnishes basis
for measuring the purchasing power OF
money, and is instructiVely compared with
the per capita circulation and estimated
wealth for each year.