The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-11-19
THE PRECIOUS METALS.
Report Of the Operations OF
the United States Mint.
The Amount Of Bullion Bought
and Currency Coined.

Edward o. Leech, the Director Of the
Mint, in his annual report shows that the
value Of the gold received at the mints dur.
ing the fiscal year was s49, ,2as, ,923. The sill
yer aggregated 81, 4as, 77s standard ounces Of
the coming value of s43, $50. 1a5. The coin
age was the largest in the history Of the
mint aggregating 112, 69e, OIL pieces to the
total value Of $50, 254, ,436. Gold bars were
exchanged for gold coin, free Of charge, OF
the value Of SIG, 357, ,677. The imports and
exports of the precious metals during the
fiscal year aggregated as follows:
Imports. Exports. Net loss:
Gold. .s13, OBI, 7,146 ST, $50, 1893 S4,253,0 OF
Silver. 27,524, 1A7 36,os9,602 s,545,4
The total amount Of silver purchased dur
ing the fiscal year for the coinage of silver
dollars was 80, 912, Ill standard ounces, cost
ing S26, 1893, 326, an average Of 81. 1858 per fine
ounce From the close Of the fiscal year to
August 13, the date the new Silver act went
into effect, the amount of silver purchased
was 8, ,10S, 199 standard ounces, costing So 049.-
426. The amount Of silver bullion purchases
under the act Of July IA, 1890, which went
into effect August Is to October 81, has been
IL, ,276 579 fine ounces, at q cost OF $14, ,038,-
1853, an average of 81. 14349 per fine ounce.
There was a marked improvement in the
price Of silver during the fiscal year. At the
commencement Of the year the price was
40 pence, and at the close Az, an advance
Of 81 pence, equal to 50. 10 6-10. The average
price OF silver for the fiscal year was
So. 96ss3 psr fine ounce. Since the close of
the fiscal year the fluctuations have covered
wide range To July IA the price advanced
to s.. .O8 an ounce, and to August 13 to 81 .13
per ounce. The highest price reached in New
York was Sl.21 on August 19, and in London
4% pence, equivalent to S1.19%, on Septem-
ber 8. The price in New York did not vary
materially from August 10 to September 8,
when a decline took place, extending, with
occasional slight advances to the present
price Isl on.
The Director estimates the stock Of
metallic money In the United States on July
/, 1890, to have been: Gold, 1896, 563 029;
silver, S46S, ,211, ,019. Total 81, 15S, 773, ,94S
The total amount Of metallic and paper
money in circulation, exclusive Of the hold
sl,435, 610, ,612, per capita Of S220 against
$3.50, ,418,O91 at the commencement Of the
fiscal year, an increase in circulation Of $55,-
l92,59l.
The number of silver dollars in circulation
on June so, 1890, was $50, 27s, 749, against
S54, ,457, 200 at the commencement Of the year.
The number Of silver dollars owned by the
people, silver dollars and silver certifcatesin in
actual circulation, aggregated 1858, ,sa, 9S7,
against s9l1 ,612, 1914 at the commencement of
the fiscal year. The number Of silver dollars
owned by the Treasury on June 80, 1890, was
1891, ,479, against 81 ,8S9, 7s6 on July l, 1882
The value Of the precious metals used DUR
Ing the last year in the industrial arts n the
United States was, approximately: Gold,
S16, 697, 900; silver. IS, ,967, 900, Of which &c.,
6S6'S97 gold and 81, 4g7, S39 silver was do
mestic gold and silver bullion. The product
Of gold from the mines Of the United States
during the calendar year was S32, 800 900;
silver, 50,Q00,000 fine ounces, commercial
value $40, $50, ,000 coming value s64, GAG, 464
The product Of the mines and smelters OF
the United States was: Gold, 2,527, 7,892 troy
ounces; silver, 90, ,236, 469 troy ounces.
The total purchases Of silver for the coin
age Of silver dollars from March /, 1878, to
August II, 1890, was 823, 635, 576 10 standard
silver ounces, costing S3Os, l99, 26l:7l, an
average Of S1.05S per fine ounce. The total
expenses of the mint service aggregated
sources were SIC, 500, 1857, and the total loss
and expenditures s1,576, 92s, leaving net
Psst PEss sSs ca sssa9s gsaf SSSg } }sn'aFs' curing
The Director reviews the coinage legisla-
ton Of the mint Congress, and recommends
the following measures for the action Of Con-
gress:
l. Repeal or modification of the act of May
26, 1882, authorizing the exchange Of gold
bars for gold coin.
2. Recoinage Of the subsidiary coins in the
Treasury.
8. The use of the proceeds Of by products
Of the acid refneries for the expenses Of ths
same.
4. A new mint at Philadelphia.