National Republican., 1883-11-05
THE YEARS WORK IN THE MINTs.

Report OF Director Burclinrd-Recom-
Tnendations That the Coinage OF Trade
Dollars, Gold Dollars, and Daddy Doll
lars lie Limited or DiscOntinued-Othc
Coins.
The report of the director oftho mint shows
that the receipts of gold bullion for tho year
fell off from that Of the previous year, owing
to diminished gold imports, but the silver bull
lion received for bars and coinage slightly in
creased. Tho total amount of gold and silver
received and operated upon was $S7, ,75S 15i.O5,
of which $i9, $50. 16 was gold and $3S, S,6i2,-
504.S0 was silver. The coinage Of the year
consisted of 9S,666,624 pieces, of the value of
$66 200, ,70i.Sl. Tho number of pieces struck
was greater by about 11,500,000 than in any
fiscal year since the organization of the mint
bureau. Nearly all the gold coined
double eagles; at Philadelphia it was
chiefly eagles and half eagles The
total coinage of gold was $35, 036, ,927.50. The
value of the silver coined was SOS, ,S35, ,i70.15,
of which $25,l11,119 was in standard and
silver dollars. During the year a large de-
mand arose for dimes, and 7,175,119 pieces
were coined at the mint at Philadelphia. The
demand for minor coins continued urgent
and pressing, and 20,455,485 5-cent pieces
and 40,d67,4l9 1-cent pieces were struck
and issued. In addition to the coinage bars
for depOstors and for transmission to the
mnts were made, principally at New York,
to the value of $26,319, ,S07.36, of which $1S,-
269,205.26 were in gold and $S,050,60210
| in silver. Gold bars were exchanged for coin
| to tho amount of So, ,173 965.22 at New York
and $1S75l1.7 at Philadelphia. The amount
of bullion parted and refined was somewhat
in excess of that of the previous year, and
amounted to So, ,305, ,43S.3l in gold and 3d.
| 600 q ;,, p,l. ,t,,t ,1n1a al
| phia struck 6,SS9 medals of gold, silver, and
bronze. The purchases and receipts of silver
| bullion for the coinage of the standard silver
dollar were 25,432, ,400.27 ounces, at q cost of
$25, ,577, ,3275s. The average cost was silly
| per ounce fine. The average market price
$l,11S per ounce fine. The accumulation in
the treasury of silver 3 cent pieces and other
uncurrent and mutilated silver coins were
! directed by the secretary to be transferred to
| the mint at Philadelphia for coinage into
dimes. The total amount so transferred was
| $5l0, 1880, upon which the loss by recoinage
| was $3i,69S.36.
Tho profits on the coinage of standard
dollars during the year were $3,7Ol, ,331.7S,
and on fractional silver S9,160.24 Under the
provisions of the net of 1873 requiring the
| coinage of $2,000,000 worth of silver bullion
| per month $154,370S90 have been coined
prior to Oct. l, and this, with the S61, 100000
Of fractional silver in the country, u total of
|
for silver circulation. This is apparent from
the fact that there are in the vaults of the
treasury $39,000,000 over and above
outstanding silver certificates, and in
addition to nearly $27,0Oo'oO0 in frac-
tional silvor coin, total of $685.
100000. The director expresses his
belief that the equal coinage of
both gold and silver by all nations is desir-
able in order to give greater stability to
values of commodities and credits, but that
in view of our silver circulation at the present
rate, without ultimately expclling large
portion of the present stock of gold, rs well
| MS the waning hope for tho cooperation of
other nations in securing unlimited coinage
of silver, the question presents itself for the
consideration Of legislators whether the law
directing the monthly coinage of not less
than S2,000000 worth of silver bullion into
standard dollars should not be modified or re-
pealed.
The director recommends that the coinage
of the gold dollar and three-cent nickel piece
be discontinued. The gold dollar has been
found too small for ordinary monetary use,
and is virtually out of circulation. Tho only
call for many years upon the mints for this
coin have been for cabinet specimens or by
jewellers for conversion into personal orna-
ments The three-cent nickel piece has
never been popular coin, and the number
in tho treasury has remained largely in eX-
cess of the demand for circulation. Origin
ally authorized by the act of 1851, reducing
the rate Of letter postage to cents,
postage is but cents, the neces-
sity for its coinage for postage purposes
no longer exists. The repeal of the act
authorizing the coinage of the trade dollar is
also recommended. considerable number
had probably goue into circulation prior to
its demonetization 1876, and probably five to
seven millions are now hold in the country,
| In bn min nd ma, ,tfn nptu ri,1cr
regions of Pennsylvania and in the vicinity
Of Now York. While tho United States has
incurred no legal liability, yet by
tho act of the government these
coins wero at first put into crcula-
tiOD and given compulsory currency
aud many remain in the hands of those who
can i'll afford TO suffer from tho depreciation
aud 1t would seem but an act of justice t.
them 20 permit these coins to be sent to the
mints aud exchanged for other silver coins
into which they could be proitably recoined
Tho director believes that no cause exists fol
tho apprehension that large number of eX
ported trade dollars would be returned to thi!
country. for those sent to China have, on &C
count ot their greater value as sycoe silver
than as coin, been melted or disappeared II
the interior of that country.
Tho production of gold for the curren
calendar year will probably be $50O,OOO les
than in 1882 and that of silver at leas
h~tNN"iNb' klNhtSii NhiSli WIN manu- ehO Pi'
duction S32, ,0O0,0)O gold and nearly $40,
100000 silver. The bars issued and exchanged
for coin indicate that the consumption of golt
In the arts aud manufactures was fully equa
90 that In the previous year or about Sl2,
100000, Of which S7,0O0,00Q was domestic pro
} duction, and OF silver SG,500i000, Of whicl
$6.O0D,0OO was domestic production. The coir
circulation OF the United States July l, 1883
was sos, 100000, of which $53I 100000 WA
gold S22S0OO,O0O silver.
splders in Champagne.