The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-11-27
ANNUAL REPORT OF THE d.
RECTOR OF THE MINT.

the mint has submitted his report to the
secretary of the treasury. The value of
the gold deposited at the minis and as
say offices during the fiscal year was $751;
$4,000, of which $65, 161 ,OO7 were orig
inal deposits and $22 ,321,O 22 were rede-
posits. The classification of the original
deposits of gold was: Domestic bullion,
$44, 81 ,949; worn, uncurrent and mu-
tilated COINS gold, $1SS,25S, foreign bull
lion and coin, SIG, 1867 ,O49; gold plate jew
elry, etc, s3,213,SO9.
The value of silver deposited during
the fiscal year was SIS, 714,365, of which
$40, 234,7O were original deposits, and
$497 ,665 redeposits. The value of the de-
posits of domestic silver bullion at the
minis during the fiscal year was 1884,
1863, and worn and mutilated domestic
coins, at silver dollar value, So 1895, 1853,
foreign bullion and coin, $1,7SO,923; old
plate, jewelry and plate, $1,O61, 072
The coinage by the minis during the
year was: Gold, $43 ,933,475; silver dol
lars, $3956,011; subsidiary silver coins,
S., ,469 minor coins, $712,59 a total
coinage Of 5S,715,549 In addition to
the coinage executed by the minis dur
ing the year, gold bars were manufacture
ed of the value of $43 ,153,37O and silver
bars to the value of $1O341 ,548
The average London price of silver bull
Lion during the year was 29d, equal to
638 cents. The highest price of silver
during the year was 68 cents, and the low
est 1913 cents. At the average price of
silver bullion during the fiscal year, the
ratio of gold to silver was l to 1875 and
the bullion value of a United States sill
YER dollar was $O49168
The total earnings of the minis and as
say offices during the year was 81, OSS, 372
and the total expenditures $1,195, 435
showing the net earnings from all sources
to have been s9O2,936
The value of the gold and silver esti-
mated to have been used in the indus
trial arts during the calendar year 1894.
was appropriated at $21, 541 $50, of
which $1O,65S,604 was gold and s1O,S83.-
048 was silver
The estimated metallic stock in the
United States ON July 1, 1895, was: Gold.
$685., 229, 1925; silver, $625,S5 ,949, a total
of 81 ,262, 0S4,774.
The estimated product of gold and sill
yer in the United States during the wear
1894, was: Gold, 500, 500 900; silver. 49,
100000 fine ounces of the commercial val
ue of $31 ,422 900 and the coming value of
$64,000O00. The estimated production
of the world for the calendar year was:
Gold, $13O,626, 100; silver, coming value.
SIG, 1892 200 = commercial value, $780,
522,9OO
Coinage of gold and silver by the vari-
Gus countries of the world, so far as this
information has been received for the
calendar year 1894, was: Gold, $227 ,921,-
032; silver, $106,383,952.
In his report Mr. Preston gives an es-
innate of the approximate stock of money
in the principal countries of the world.
He places the stock of gold at s4,0S6 $780,
GEO; the stock of legal tender silver at
~, 439 300, OOO stock Of limited tender sill
yer at 1881 200, making a total silver
stock in the world of $4O7O 500 ,OOO the
uncovered notes are placed at 50 lass. 500
00O
Mr.. Preston in review of the none
tary legislation of the country, states that
the real demonstration of silver took
Vlslonal coins was reduced about 7 per
cent. This he says was not an accident
or oversight it was expressly declared in
the house of representatives that the in
tention was to make gold the sole stand
ard of value in the large transactions
and silver subservient to it, for small
ones. The act of 1873, he says, was only
nominal
In his report the director of the mint
says that the result of the currency legis-
latlon OF the United States for over a hun
dred years has been such as to leave an
lncoherent monetary system as inconsist-
emit, Illogical and expensive as can we'll be
imagined, that inspires little confidence
at nome, and is not conducive to our cred
1T abroad, and it's reform is one of the
most important and urgent political and
financial questions of the hour
He says that on Jan. 1, 1879, the date
OF the resumption of specie payments.
the only currency, except coin certificates,
required to be redeemed in gold coin, was
the $685. ,016 legal tender notes then
outstanding, which the then secretary of
the treasury was of the opinion that a
gold reserve of 500, 100000 would be SUI
ficient to maintain, but the paper cur
rency redeemable on presentation has
been increased to the extent of S155 $780,
coo, ISSUED in payment Of the silver bull
lion purchased under the act of July IA,
1890. Besides these there were outstand-
ing Nov. 1, 1895, S33, 1926 in silver GER
tificates and as the act of July IA, 1890,
declared it ITO be the established policy
of the United States to maintain the two
metals at a parity with each other there
was now total of 1921 ,229, 532 resting on
the basis of the gold reserve of $780,