Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-11-28
OPERATIONS OF THE MINTS.
Director Preston Presents His Report on
the Years Coinage.

the Years Coinage.
Washington. Nov 25-The director of the
mint has submitted his report to the secre-
tary of the treasury. covering the opera
tons of the minis and assay offices Of the
United States during the fiscal year 1895
together with the statistics of foreign
countries relative to the production and
coinage Of gold and silver and the monetary
condition of each country.
The value OF the gold and silver estima tel
to have been used in the industrial arts
during the calendar year 1894 was, approx
imately. 81. 81 G52. Of which sl0G5S, 6O4 was
gold and s1O,9S3. 04S was silver The esti-
mated metallic stock IN the United States
on July l, 1895. was Gold $3.50. 229, S25: silver,
s625. 3.949: total Of 81 .262,0S4.774 - = g
The estimated product of gold and sill
yer In the United States during the CAL
. endar year, 1894, was gold, 1,9lO,S13 fine
ounces. Of the value Of s39.50O.OoO: silver,
49,5oo.OOO fine ounces. of the commercial
value of $31, 4220O0. and of the coinage
value of s64.OO0.0OO. The estimated produce
ton of the world for the calendar year was,
gold, 8,737,7SS fine ounces, Of the value of
,1O0 silver, l67.752,565 fine ounces of
the coming value Of $216. S92.200-commer-
cial value. $106. $4,000.
He reviews in his report the monetary
legislation and monetary system of the
United States, commencing with the coin
age scheme" submitted to congress by
Robert Morris, superintendent of finance,
January Is, 1882, making an analysis of
the report Of Alexander Hamilton, secre-
tary Of the treasury, upon the establish
ment of q mint, submitted to the house of
representatives in 1871, and upon which
the act Of April 2, 1892, establishing a mint
and coinage system was based. Mr.. Pres
ton states that the real demonstration
Of silver took place in 1853 when the weight
Of the divisional coins was reduced about
VT. @1s1 1S,k
or oversight. 1t was expressly declared in
the house Of representatives that the in
tention was Ito make gold the sole stand
ard Of value" In large transactions. and
silver subservient to it., for small ones.
The act of 1873 was only nominal, and con-
condition.Fass faraa the metallic currency
of the United States was CONCERNED. that
had existed foranearlys q Quartergof GEN.
fury.
4e states that the currency laws of the
United States since 1873 are not only incon-
sistent, but contradictory, obstructive of
each others operation and mutually de-
strUctive. He says that on January !, 1879.
the4date Of the resumption of specie pay
ments, the only currency, except coin GER
tificates required to be redeemed in gold
TcoinS vast $346, 6s1, 016 legal tender notes
then outstanding, which the then secretary
of the treasury was Of the opinion that
SOlO reserve OIL $lUV,UVO,UUO WOulQ pc SUM-
cient to snaintain so long as there was 10
increases but the paper currency redeem
able on Presentation has been increased to
the extent Of $155, $50, 0OO, ISSUED in payment
|sof the silver. bunion gpuTehased Under tbs
act of July IA, 1890. or these notes there
ERere outstanding the 1st inst. $14 ,092, 2s0.
,inakihg the totalsgoVernment Obligations
sas money $4S7, Ts.296. redeemable On pre-
Esentation. Aside from these there were
eoutstanding November. !, 1895, $3s3,456, 236 ii
silver certificates, and as The act Of July14,
1891, declared it Ito be the established poll
icy Of the United States to maintain thetwo
metals at parity Withseachsoeher uponsthe
present legal ratio, or such ratio as may he
provided by law" there was a total of
1921 .229. 532. resting on the basis of the gold
reserve of 500, OOO. 900, and in order to main
sta.asthe parity between the two metals the
has been compelled to borrow
3169,oOO. 900 in gold within the past two years.