The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-05-14
PRECIOUS METAL PRODUCT.
Report of the Director of the
United States Mint
The Heavy Coinage Of Gold and
Silver Last Year.

Edward o. Leech, the Director of the
United States Mint at Washington, has sub.
mitted to Congress a report on the produc
ton of the precious metals for the calendar
year 1889, from which the following figures
are taken:
The gold product of the United States was
1,5ST, 900 fine ounces Of the value OF 49,, 500,
OOO, against $33, 600, 00O in the preceding CAL
endar year, OF the gold product Of the
United States $3l ,959,047 was deposited at
the mints for coinage and manufacture into
bars
The silver product of our own mines for the
calendar year 1889 was approximately 50,-
Of SAG, T5n 900, and Of the coinage value OF
S64, ,6f6 46i, against an estimated product
for the calendar year 1888 of As, 1888 632 fine
ounces. of the commercial value Of S43, 020,-
900. and of the coinage value Of $50, l95, 900,
an increase over 1888 Of about 4,2l6,3cS fine
ounces. Of the commercial value Of 81, 730,-
900.
In addition to the silver product of our
mines, about 1000, 900 ounces Of silver were
extracted from lead ores imported into the
Unit,I States and smeltel in this country,
-,,Sd over 5,000,000 ounces from base silver
bars imporfa principally from Mexico,
maxine @ % the total nroIi,et;y,f ~ c'r mines, smell
ters and refneries about 81, 0TIDos.,.nI' n'
ounces Of silver. OF this amount the Cow
ernnlent purchased for Coinage u, l25, ,357
ounces there were used in the arts about g.
00o, 90 ounces; there were exported to Hong
Kong. japan, and the East Indies about o.
0O0, 0OD ounces; ard there were shipped to
London for sale about 90 OJ0, 900 ounces.
Colorado still maintains first rank among
producing States with an aggregate product
Of gold and silver Of OYER 2t,OOO,000. Mon
tana stands next with product Of S23 S94,-
900: California produced, slt,O3i, ,o0Cl, OF
which $4,000, 900 were gold, being about
two-fifths of the total gold product of the
United States. Utah shows largely in
creased product, notably in silver. Idaho
and New Mexico report an increased product,
and Arizona and Nevada a reduced product
for 1889. The gold product Of Dakota
jSouth increased from e, ,600, 700 in 1888 to
81, 900, 900 in 1889. Oregon and Washington
both report increased products, the former
having produced 81 ,200, 900 in gold. The
States Of the Appalachian range show a
slightly increased product Of gold over 1888
The coinage of the mints for the calendar
year 1889 was as follows: Gold pieces !, $685.
012; value, $21, ,4l3,03l. Silver dollars, pieces,
a. G51, ,S11; value $34, 651, ,s1l. Subsidiary e.
yer coins pieces, 8, ,378, ,sll; value, SSt4, ,S2 IS
Minor coins pieces, O., 772, ,2S3; value, S1,2S3,-
4Os. 40. Total pieces, loo, i4O OH; value, s5s,-
1914, ,02264 In addition to the coinage. gold
and silver bars were manufactured at the
mints and assay offices as follows: Gold, S2-
$40, 1928; silver, Sc, 229 75l 09; total, 2S,-
ST., ,503.37. Gold bars were exchanged for
gold coin free of charge of the value Of s26,
5l3, 753.
The quantity of silver purchased for the
silver dollar coinage was 81, Ia, 357 fine
ounces, costing S25 379, 5l0 an average cost
Of 93.56 cents per ounce fine. The amount
Of silver offered the Treasury Department
for sale during the year aggregated 1895,
700 fine ounces.
The total amount Of silver purchased for
the coinage of the silver dollar from March
1, 1878, to December 81, 1889, was 2Tl, ,632, SOB
fine ounces, costing s29l, ,470, 956, an average
cost of 81. .06. 13 per ounce fine. The coinage
Of silver dollars for the same period was
$40, 93S, 00l pieces At the average cost Of
silver for the whole period the cost value
of the silver dollar is eighty-two cents.
The average price of silver in London during
the calendar year was 93.5 cents per fine
ounce, and the average price of fine bars Of
silver in New York during the same period
was 90. 6 cents. The highest price reached
during the year was AK pence, and the low
est price was Al 1916 pence. The shipments
of silver to India during the year aggregated
$40, 600, 900, and the amount realized from the
sale Of Indian Council bills about 81, ,000,.
900.
The net loss of gold and silver to the United
States by excess Of exports over imports OF
the precious metals was as follows: Gold,
s3S, SS6, 753; silver, Sl4, 7sS, ,666. Total Sa3,
CTS. 40