Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1883-11-05
FROM WASHINGTON.
THE MINT.
director Burchard Submits tits Annual
Repori-Receipfs Of Gold fsni.
lioa Falling on.
WAsHISGroS. Nov. 1.

WAsHINGroN. Nov. 1.
Director Burchard of the mint has submit
ted his annual report The receipts OF gold
bullion fell off from the previous year, owing
TO diminished gold imports, but the receipts
of silver for bars and coinsge has slightly IN
creased The coir age of the year consisted
of IS Goo, 624 pieces, value, sol, 200. .05.
III 500 900 pieces more than in any other
wear since the organization of the bureau.
The total coinage ofgold was s35,936 927. OF
silver, s2s s35, 40. of which SIS, Hills
we're standard silver dollars: Of minor coins
there were 20. 455, ass five cent pieces 40
4614i9 one cent pieces were struck and Is
sued In addition TO coiDage operations. the
deposits of bars were made. principally AZ
New York. TO the value of $40 $40, S01. of
which SIS 269 Pos were in gold and IS .0o0,-
COZ were in silver. The purchases Of re
ceips of silver bullion for the coinage of
standard silver dollar. wa. -. 1872 400 ounces
at a cost of SIS ,517.327. The average cost
was 81 IL 40 cents per ounce, the average
market price being Sill $40 cents. The
accumulation in the treasury of silver three
cent pieces and other incurrrnt and mutilated
silver coins amounting to S6l9, l9S were re-
coined into dimes at loss of SS4, 694 thereby
incurred.
Under the provisions of October, 1873. re-
curing the coinage of $1,000 900 worth of
silver bullion per month, Sl64 $40, 500 have
been coined prior 10 October LIST, 1883. and
that amount, together with ISL ,000, 900 OF
fractional currency in the country, making a
grand total of S235, 100000.
The earnings of the minis during the year
were s., 2l5, 400 aud expenses. 81. 726.2S5 ::
the total value of gold and silver wasted at
four coinage minis was S3O,0S4, while there
was gain from the SURPLUS of bullion re-
corded amounting to So, COS, showing a net
excess of over the entire amount of bullion
wasted of 49,, 574 The earnings of the re-
fineries were $279,724, Of which S250,2S0
was expended. The coinage of the year was
remarkably close to the standard, except the
gold coinage in New Orleans. Several tests
of that mint show deficiency in tineness and
of one delivery of all pieces remaining in the
superntendent's custody 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 gmall for ordinary momentary
use, and are virtually out OF circulation. The
repeal of act authorizing the coinage of trade
dollars is also recommended. A considera-
BILE number have probably gone into circula-
ton prior to the demonstration in 1876, and
probably from five to seven millions are now
held in the country, mostly in mining and
manufacturing regions.
The director believes no cause exists for
the apprehension that large number of ex-
ported trade dollars be returned to this coun-
try, for those sent to China have, on account
of their greater value as sycee silver than as
coin. have been melted or have disappeared
into the interior of that country.
The total coin circulation in the United
States on July LIST, 1888 was S765 200, 900, of
which S537 900, 900 was gold and 1928 .000,-
900 was silver. The estimated circulation in
the United States of coin on Oct. l>t, 1888,
was S544, 5l2,6 500 in gold, and S235.29l 1923
in silver.