The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1881-12-02
GOLD AND SILVER.

Report Of the Director Of the Mint.
The annual report Of Horatio G. Burchard,
the Director OF the United States Mint, for the
fiscal year ended June 80, 1881, contains, in ad.
dition to the customary detailed statements OF
the operations of the mints and assay Offices,
much valuable information in regard to the
production of precious metals in the United
States and in tho world, their use in the coin
age of this and foreign countries, consumption
In arts and manufactures, specie circulation,
and an examination Of the course of prices.
omparing paper and metallic circulation
or series of ffty-six years,
With the percentage Of yearly prices
TO the mean prices of staple articles, in
dicating the annual variations in the purchas-
ing price of money. Gold and silver received
and operated upon by all the minis and assay
Offices, exceeding by more than CSC, 0OO, 600 the
s226, 225, 522, of which $193, 37l, 10l was gold,
and $32, 854, 421 silver. This large increase
WAS due to the continued influx Of gold from
abroad, over $95, 100000 deposited being
from that source alone. The coinage
facilities of the minis will be enlisted
this bullion into coin. The gold coinage
amounted to SIS, 1888, 1874, OF which $lb, S45, $40
was in double eagles, and the remainder in
coins OF lesser denominations. The coinage 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. S27, 637, 955 of which were struck OF
subsidiary coins only $12011 were coined, and
of base metal or minor coins t405, lO9. The
total coinage of silver dollars since the passage
of the act for their coinage, up to Nov. i, was
800 672 7O5. of which $34 O96. 327 are in circu-
.,,I hell Inv ha tres
for the payment Of outstanding silver certif-
Gates, leaving 81, 737,608 for disbursement 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 restora-
ton of silver to its former place in the none
tary circulation, says: In view OF the failure
of the international monetary conference to
agree upon any practical measure, and while
awaiting its future action. 1t Is question for
our serious and early consideration whether it is
not desirable to suspend further coinage Of Sill
yer until by international agreement and effect
i've legislation unlimited coinage Of silver
and gold at common fixed rates shall have
been authorized by the principal commercial
nations of Europe and America. Should the
$3.50, 600 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 al
lies. sustain the value of silver from an newt
able fall. With that danger menacing us, we
cannot, without serious embarrassment, con-
tinue such coinage unless other commercial ma
tons will agree upon the general use OF silver
as well as gold"
The ratio of 1515 10 one already approved,
and in use among the nations composing the
Latin Union, would doubtless be chosen. This
would cause if the coinage of silver, as wellas
gold, at all the mlnts of the world were made
free, az bi-metallism implies, the voluntary
withdrawal from circulation of the standard dol
lars and their recoinage. In such the further
coinage of the silver dollars OF the present
weight unless needed for circulation, is use
less expenditure. Director Burchard estimates
the worlds production OF gold for the calendar
year 1880 at $107 200, 900, aud OF silver
GS7, 500, 900. The consumption of the
world in ornamentaton, manufactures and the
arts is estimated for the same period at 575,-
600, 900 gold and S35, 600, 900 silver. The esti-
mated circulation of the principal countries Of
the world is placed at So 221 COO, 900 full legal
tender silver, $2,155.0O0000; limited tenders,
1923, 0O0000; total specie, SIS, 1853, coo, 900;
paper, SO, GA, 000, 900; making the total crcu-
latlon, including the amount held in the
Governments treasures, banks and IN active
circulation, 50, 403,000,000. Upon the SUBJ
ject OF the course Of prices, and indicating
the annual variations in the purchasing
power of money Ill the United States the Di-
rector has prepared tables showing the average
annual prices of both gold and currency Of the
leading staple articles III the New York market
for fifty-six YEAR,, with the mean price of each.
and also the relation which the average annuai
price of each article bears to the mean price for
the whole term of years. The mean percentage
for each year of all articles named furnishes q
basis for measuring the purchasing power OF
money, and is instructivey compared with tho
per-capita circulation and estimated wealth fol-
each year.