New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-12-03
spECiE Production md CoiNAGE.

HPEfIE PRDDtf1fON Avn 'OiNhfE'
The annual report of the Director OF the Mint
shows that during tho last fiscal year there were
coined Of standard silver dollars E2So00.N3o.
Tn toOriobcr | the total amount of standard all
yer dollars coined had been ~ s2JsO,s 2o. or
ihnsr there were NJ that timn held Tor ccilill-
ralrs II 7.YHn.Ht7. and There were oh han ~
the 'ttcnatiy ~ !, 1up, 40 Ro that the amount
Ia actual circulation ut that iimo WA
#lO, japOlp, II may he observed that there
had boon very little change during the year
ca the lat ol July the amount was about
1900, 900 less ani on the lat oi January about
ri 600, 600 more. Since July |. 1881, the
amount in actual circulation had Increased
about $l,oNO, l62, but there Is no certainty
that this increase ~ permanent, rs the amount
accumulated in the Treasury is constantly
iIuctIating On the 22d of November there
were outstanding of silver certificates only
SOB 49, 51, about $4,000, 900 less than on
tho 1st OF October. The precise amount Ol
silver in circulation at this time is not known.
These facts, presented by the Director of the
Mint should have the serious attention OF Con-
gress, and ought to impress upon that body the
importance of early action in regard to the con-
tnuancc of silver coinage. II the object IL to
add "A supply of silver for actual use by the pco-
pie, il appears that during about six years only
$40. OOO. 900 has been thrust into circulation,
all the rest of the silver coins Issued having
drftrd back into the Treasury. But silver
amounting to moro than three times rs much
now lies idle in the Treasury, and there is no
apparent reason for continuing the coinage any
longer, until demand exists for the amount
already coined and still unemployed. If, on the
.tbn bnu IF
is to afford basis for rhc further issue of paper
certificates, it should be said that the supply of
paper currency Is already very far in excess of
the requirements of the country. as the enor-
nous accumulation of unused money mt
monetary centres clearly shows. Moreover, the
tendency of the issue of silver certificates is to
drive the bank currency out of existence, and To
substitute Il currency less adapted to the needs
of particular localities. The silver certificates
are not brought into circulation in obedience to
any public demand. nor is there any means by
which, through this issue. local scarcity OF
currency at any point can be met
1t appears from the report of MIR. Burchard
that the production of specie in lSS has prob
ably been about %29,00000 gold and
SIS. 900. 900 silver mt the standard coming rate
He believes that the consumption OF gold III the
arts is not less than %lI, 100000, which is just
half the amount produced. On the other hand
the consumption of silver in the arts he reports
at 81, 900, 900, leaving SD. 5000 silver to be
added to the supply. Deduct the f2s, ooO.OOO
coined, and ii appears that about SlI,OoO,ooO
still remain for export. or to be added to the
accumulated stool. of the country. The total
circulation October | Mr. lIurchard estimates
at %G1O.5OD,OOO gold and T262,ODO,OoO
silver Adding various kinds Of paper money,
the aggregate circulation reported IL
81, SOG, l12.32l, of which he reports that
~ .O0l 900, 900 was held by the public, not in
the Treasury nor in the National banks. This
enormous supply of currency, greater IN proper
ton tn population than any other important
Governments excepting France, has been able
tu maintain. ia the less necessary in this coun-
tvs because far greater use IA made here than
anywhere else Of bank drpOsits. checks and
drafts aud of savings bank deposits. The
supply that We have Ia IHt IN excess of present
wants. and tho siprtlluiIy tends to disturb al
iin,ln nnd ~ render al Industry uncertain nhd
,iuutuIt.tliu