Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1883-11-21

silver dollars. The profits of thu
coinage of standard silver dollars
during the year were $3,801 1892, and
on fractional silver $9,16O. From
this s73,189 were paid for expenses
Of transmitting silver coin and $685.,
e 99S for wastage and bullion sold in
sweeps. The net silver profits for the
last five years paid into the Treasury
3 were $16,S50,310. ~
Under the provisions Of the act Of
1878, requiring the coinage of s2,.
100000 worth Of silver bullion per
month 1854, 370,S99 had been coined
prior to Oct. 1, 1888, and that amount
with the SS1, 900, 900 of fractional sill
yer in the country, making grand
total of 1896, 900, 900, is, in the judg.
ment of the Director of the Mint, in
excess of the requirements for silver
circulation. This is apparent from
the fact that there are in the vaults
of the Treasury 100000 standard
silver dollars over and above the out
standing silver certificates, and nearly
| $27 100000 in fractional silver coin,
a total of $66,OO0,0O0 The Director
adds:
My views in regard to the policy of
further continuing the coinage of sill
YER dollars were expressed in my re-
port two years ago, and remain UNI
changed. While believing that the
equal coinage of both metals by all
nations is desirable in order to give
greater stability to the values Of
commodities and credits, yet, in view
of our inability to continue the in
crease of our silver circulation at the
present rate without ultimately ex-
polling II large portion of the present
stock of gold, as well as of the wan
ing home for the cooperation of lead
ing commercial nations in securing
the general use of silver and its I'M
limited coinage rs money, and of the
present abundant paper and increas-
ing gold circulation in this country,
the question again presents itself for
the consideration of Legislators wheth-
er the law directing the monthly coin
age of not less than $2,000,0 900 worth
of silver bullion into standard dol
lars should not be modified or repeal
ed.
At the beginning of the fiscal year
the minis had on hand 35,365,672
standard dollars the coinage amount.
ed to S2S, ,119 and at the close of
the year there were remaining in the
minis $43, 3O4,59O.
The earnings of the minis during
the year were So, 215,509, and the ex-
penses $1,726,2S5. The total value
of the gold and silver wasted at the
four coinage minis was s30,0S4, while
there was gain from surplus bullion
recovered amounting to S62 ,65S, show
ing q net excess over the entire amount
of bullion wasted of S32,574. The
earnings of the refneries were $780,
024, of which $3.50, 240 were expended.
The Director recommends that the
coinage of the gold dollar and of the
three-cent nickel piece be discontin-
ued. The gold dollar has been found
too small for ordinary monetary use,
and is virtually out of circulation.
The only calls for many years for this
coin have been for cabinet specimens
or by jewelers. for conversion into per-
sonal ornaments. The three-cent
nickel piece has never been a popular
coin, and the number in the Treasury
has remained largely in excess of the
demand for circulation. 1t was origi-
nally authorized by the act of 1851
reducing the rate of letter postage to
three cents, and, as now the letter
postage is only two cents, the necessity
for its coinage for postage purposes
no longer exists.
The repeal of the act authorizing
the coinage of the trade dollar is also
A considerable mum.
Der had probably gone into circulation
prior to its demonstration in 1876,
and probably from five to seven mil
lions are now held in the country,
mostly in the mining and manufacture
ing regions of Pennsylvania, and in
the vicinity of New York. While
the United States has incurred no le-
gal liability, nevertheless, by the act
of the Government, these coins were
at first put into circulation and given
currency, and many re-
main 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
minis, and exchanged for other silver
coins, into which they could be profit
ably recoined. The Director believes
that no cause exists for the apprehen-
sion that large number of exported
trade dollars would be returned to
this country for those sent to China
have Con account of their greater
value as sycee silver than as COIN
a