St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-11-25

NATIONS coinage.
DIRECTOR OF MINT PRESTON
MAKES REPORT TO sECRE-
TARY CARLISLE.
STATUTES NEED REVISION.
CURRENCY LAWS TO BLAME FOR
THE PRESENT MONETARY
SYSTEM.
STATUTES NEED REVISION
Decentralization OF SILVER.
1t Actually Occurred in 1863,
When weight of Fractional
Coins Was Reduced.

WASHINGTON, Nov. 24.-The di
rector of the mint has submitted his
report to the secretary of the treasury.
The value of the gold deposited at the
mint and assay offices during the fiscal
year was SS7, ,4S2,0S2, of which $6o,161,9 ,9O7
were original deposits and $22, ,321 ,022
were redeposits.
The classification of the original de-
posits of gold was: Domestic bullion,
S44, 81, ,949; worn. uncurrent and multi
ated coins, gold, $1SS, ,25S; foreign bull
ion and coin, SIG, ,367 ,049; gold plate, jew
elry, etc, $S.21S, 500.
The value of the silver deposited dur
ing the fiscal year was SIS, 714,S65, of
which S15, ,234 700 We're original deposits
and S479,665 redeposits.
The value of the deposits of domestic
silver bullion at the mints during the
fiscal year was $SS04,3 1868, and worn and
mutilated domestic coins, at silver dol
lar value, s., S99, 353; foreign bullion and
coin, $1,7S0, ,923; old plate, jewelry, etc,
$750,061.
COINAGE BY THE MINTS
during the year was, gold, SAB, 933, 40;
silver dollars, So, $50, oil; subsidiary ST.
yer coins, s., ,113, 1859; minor coins, $712,-
594, total coinage of .$5S,715,549. In
addition to the coinage executed by
the mints during the year, gold bars
were manufactured of the value of
S43. 155, 80, and silver bars to the value
of $40, ,341 ,54S.
The average London price Of silver
bullion during the year was 29d, equiv
alent to 63S cents The highest price
of silver during the year was GS cents
and the lowest 59.S cents. At the av-
erage price of silver bullion during the
fiscal year the ratio of gold to silver
was to 32.5, and the bullion value of
a United States silver dollar was
so. 4916S. The total earnings Of the mints
and assay office durng the year were
81, ,GSS, 372, and the total expenditures
81, ,1S5, 435, showing the net earnings
from all sources to have been S9O2, 1886.
The value of the gold and silver es-
timated to have been used in the in
dustrial arts during the calendar year
1884 was Appropriated at s21 ,541, ,652, of
which $40, 65S, ,6O4 was gold and $10,SS3, 048
was silver.
The estimated metallic stock in the
United States on July ], 1895, was, gold,
$685., ,229, ,S25; silver, S625, ,S53, ,949, total of
81, ,262, O4S, TIA.
PRODUCTION OF METALS.
The estimated production of gold and
silver in the United States during the
year 1894 was, gold $39, 500, 600, silver
49, 800 coo fine ounces. of the CONNER
cial value of $31. 422, 600 and the coinage
value of $64, 900, 600. The estimated pro-
year was gold $40 626, ,1CO silver, coin
ing value, $216, ,S92, ,2O0,. commercial value
$106, ,522, 900.
The coinage of gold and silver by the
various countries of the world, so far
as this information has been received
for the calendar year 1894, was, gold,
1921. .921. .032; silver. $106, 3S3. .952.
In his report, Mr. Preston gives an
estimate of the approximate stock of
money in the principal countries of
the world. He places the stock of gold
at 81, 0S6, 100000; of the stock of full
legal tender silver at So, ,439, 300, 000; stock
of limited tender silver at $631, ,2G0, max
ing a total silver stock in the world of
$4 070, 900, GOO: the uncovered notes are
placed at So 469, 800, 600.
Mr.. Preston, in q. review of the mon
etary legislation of the country, states
that the real
DEMONETIZATION OF SILVER
took place in 1853, when the weight Of
the divisional coins was reduced about
per cent. Thus he says it was not an
dCClu6llI VI all CN6ISlSHl, IL was eA-
pressly declared in the house of repre-
.sentatives that the intention was to
make gold the sole standard 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
states that the result of the currency
legislation of the United States for
over a hundred years has been such as
! to leave an incoherent monetary SyS-
TEN, as inconsistent, illogical and eX-
| penSive as can we'll be imagined that
| inspires little confidence at home, and
| is not conducive to our credit abroad,
| and it's reform is one of the most i'm
| portant and urgent political and finan-
| cial questions of the hour.
He says that on Jan. l, 1879, the date
| of the resumption of specie payments,
! the only currency, except coin certif-
| icates required to be redeemed in gold
| coin, was the $346 6S1 016 legal tender
notes then outstanding, which the
| then secretary of the treasury was of
| the opinion that a gold reserve of
$1C0 coo would be sufficient to main
| tain, but the paper currency redeem
| to the extent of 1888, $50, 600, issued in
payment of the silver bullion pur-
| chased under the act of July $780, Be-
sides these, there were outstanding
Nov. !, 1885, 1898, ,456, ,236 in silver certif-
icateS, and as the act of July IA, 1890,
| declared it ''to be the established pol
| icy of the United States to maintain
| the two metals at parity with each
| other" there was now a total of $S21-
| 229, ,532, resting on the basis of the gold
| reserve of S100, 100000.