The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-11-05
OUR FINANCES.
Report of Director of the Mint Burcaard.
WASHINGTON, Nov. 4.-Director Burchard,

WASHINGTON, Nov. 4. 4.-Directcr Burchard,
of the mint, has submitted his annual report.
The receipts Of gold bullion fell off from the
previous year, owing to diminished gold inn
ports, but the receipts of silver bullion for bars
and coinage, have slightly increased The
coinage of the year consisted of 98,66662
pieces of the vslue of $166, 200, ,705; 1l,500,000
more pieces than In any other year since the
organization OF the bureau. The total coinage
of gold was S35 1886, ,927 silver, $28 1856 40; OF
which $26, JIG were standard silver dollars;
of minor coins 20 455, ,4SS five cent pieces and 40,
467 ,4l9 one cent pieces were struck and Issued.
In addition to the coinagesoperations, deposits
OF bars were made, principally at New York. to
the value OF $26, ,319 ,807, of which $18, ,269 2U0
were in geld. and $8,050,602 in silver: The
purchases and receipts of silver bullion for The
coinage of the standard silver dollar were
% 432, ,490 ounces at cost of $25, ,577 327 aver
age cost LII 7-10th cents per ounce fine, the
average market price being LII S-10ths
An accumulation in the treasury OF silver
three cent pieces and other uncurrent and mu-
tilated silver coins, amounting to $6l9, 1875,
nave been re-coined into dimes, at loss of
S34 ,69S thereby incurred.
The profits on coinage Of standard silver dol.
lars during the year is $3, 332; on fractional
silver, $9,160; net silver profits, for the last
five years, paid into the treasury, SIG .86O, ,310
quiring the coinage of $2,000,000 worth OF sill
Yer bullion per month, $154,370 899 had been
coined prior to Oct. 1st. 1885, and that amount,
together with $Sl 100000 fractional silver II
the country, making grand total OF $235, 1000
600, is, IN Che Judgment OF Director Burchard,
IN excess OF the requirements for silver circula-
tion.
The earnings of the mints during the year
were 81, ,215, 500, and the expenses 81 ,726 .28b.
The total value of the gold and silver wasted
q tle faTfr ,tt,4u
there was gain from surplus in bullion re-
covered amounting to s$62, ,658, showinga a net
excess over the entire amount of bullion wasted
of $32574. The earnings of the refneries
were S279,024, Of which $3.50, ,280 were expend-
cd; The coinage of the year has been remark
ably close to the standard. except gold coinage
al New Orleans. Several tests in that mint
show deficiency in fineness, and of one deliv-
cry all the pieces remaining in the supern-
tendent's custody were ordered recoined,
The director recommends that the coinage
OF the gold dollar and three-cent nickel pieces
be discontinued. The gold dollar has been
found too small for ordinary monetary use and
is virtually out of circulation. The repeal of
the act authorizing the coinage of trade dol
lars is also recommended. A considerable
number had probably gone into circulation
prior to demonetization in 1876 and probably
from five to seven millions are now held in the
country, mostly in mining and manufacturing
regions of Pennsylvania and in the vicinity
OF New York. While the United States has
incurred no legal liability, nevertheless by an
act OF the government these coins were first
put into circulation and given compulsory cur
rency and many remain in the hands of those
who can i'll afford to suffer from the deprecia-
ton. He says it would therefore seem to be
only an act of justice to them to permit
these coins to be sent to the mint and ex-
changed for other silver coins into which
they could profitably be recoined. The direc-
tor believes no cause exists for apprehension
that large number of exported trade dollars
would be returned to this country, for those
sent to China have on account of their greater
value as sycee silver than as coin been melted
and diappeared into the interior of that coun-
try.
The director estimates the production of
gold for the carrent calendar year $500,000
less than 1882, and silver $2,000,000 greater
which will make the production $32 900 600 in
gold and nearly $49,000,000 in silver.
The total coin circulation of the United
States July, 1883, was $765 ,000, 900, of which
$537 100000 was gold and 1928 900, 900 silver.
The estimated circulation of the United States
in coin Oct. l, 1888, was $544, ,512 ,699 in gold
and $235, 90, 1913 in silver.
Repert of the Commissioner of Internal
Revenue.
Commissioner of Internal Revenue Evans
Ia his annual report estimates the annual
saving resulting from consolidation in revenue
district at $I25 900, and the estimated reduc-
ton IN revenue due to the reduction of taxes
on proprietary medicines bank checks matches,
tobacco, ETC., is $43,000C00 per annum in
cluding S6,O00,000 tax on capital and deposits
OF national banks paid direct to the Treasurer
OF the United States. 1t is also estimated that
the increased revenue from distilled spirits for
the current year will so augment the rscespts
OF that source as to make the aggregate receipts
Tor the year at least $120, 900 900 should there
be no further change in internal revenue lays.
frfHtt fKafa 1-nw kxr
alton for the year ended Sept, 30th were $l44-
5l3,344 as compared with $146 523, ,273 for 1882
and $135, ,229, ,9l2 for 1881.
During the first three months of this fiscal
year the aggregate receipts were $29, ,l78,
decrease of 81, ,926, ,401 from the previous wear.
The total cost of collection for the year was
$5,113, ,734, and total expenses of the service
about 34 per cent. on the amount collected
During the year 1924 stills were seized, eight
officers and employees killed and IL wounded.
The estimates for the next fiscal year are
", ,999, $780, value of check and proprietary
stamps cancelled, $207 1862; amount required
to redeem all these stamps received to date,
5000; collections from tobacco for the year.
$42, ,1O4, ,249. Collections from these sourcss
show decrease Of $5, ,287 ,739 from the previ-
GUS year The reduction OF tax rates made
by the act of March l. 1883, will, on basis of
last years business, cause a reduction in the
revenue from tobacco during the next fiscal
of $25, 100000. During the year 5129 distiller-
les we're operated. consuming IS 644, ,7S7 bush
els OF grain, decrease of 1914 1903 bushels
from the preceding year and 6,7O5,306 bushels
less than the average for the last four years.
The quantity of spirits produced was 72,235,-
175 GALLONS, against 104,249,o77 gallons last
year; quantity of molasses used for production
OF run during the year 2,373, 100 gallons, an
increase of 251 1902 gallons over the quantity
used in the preceding year and a decrease Of
2O5,745 from the average of the last four
years.
Report of the Second Auditor of the Treas-
ury.
WASHINGTON, Nov. 4.-The annual report OF
Judge Ferris, second auditor of the Treasurer,
shows during the year ending June Both, o.
104 accounts and claims were disposed of leay-
ing Al ,928 unsettled. The net amount drawn
from the Treasury in payment of claims
and in advances to disbursing officers 1923 878, :
043. He axis for so additional clerks stating
there more unsettled claims on hand that at
anytime since 1872.