The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-11-30

the 4e4Fo CuluAk&
Washington. Nov. "a The director OF the
| mint has submitted his report 70 the secre-
| tary Of the treasury. covering the opera
lions OF the mints and assay ofiices Of the
United States during the iscal year lS95
together with the statistics or foreign
countries relative TO the production and
coinage Of gold and silver and the monetary
condition or each country.
The value OF the gold and silver estimated
10 have been used I'm the Industrial art :
during the calendar year 1904 was nnprox-
imateIy. Szl.bii. 651. Of which tl065S col wa
gold and yl0.SS3.0iS was silver. The esfi-
mated metallic stock In the United States
on July l. 1881. was: Gold. $3.50 cd SIS: silver.
fs2s. Ns. 90: total OF 81 81. 0Sf.77f
The estimated product OF. gold ana all
yer In the United States Curing the cal
endar year. 1894. was gold. 1pi0.Sia fne
ounces. OF the vniuo OF $50. 10000: silver.
<9.un.ooo fine ounces. OF the commercial
value OF ssi.<22. ooo and OF the coinage
vaine OF t6i.ooo.oo0 The estimated prodnc-
fion OF the world for the calcnd ar year was
gold. s.7s7.7ss fine ounces. OF the value OF
ylso. 626.io0; silver. ic7. 751.se5 fine ounces Of
the coining value OF x2l6. SO. 20o-commor-
ciai value. tio6. 522.90o
He reviows In his report the monetary
legislation and monetary system or the
United States. commencing with tho coin
age scheme" submitted TO congress BY
Robert Morris. superintendent OF finance.
January IS. i7s2 making an analysis Of
the report OF Alexander Hamilton. eecre-
tary OF the treasury. upon the estabIish-
ment OF mint. submitted 20 the house Of
representatives In 1871. and upon which
the act OF April 2. i7s2. establishing n mint
and coinage system was based Mr.. Pres
ton states that the real decentralization
OF silver took place In 1868. when tho weight
OF the divisional coins was reduced about
seven per cent This was not an accident
or oversight II was expressly declared In
the house OF representatives that tho in
tentIon wos ITO make gold the sole stand
ard or value" In large transactious. and
silver subservient TO it. for small ones.
The act OF 1873 was only nominal. and con-
formed the law TO the actual monetary
condition, as far as the metallic currency
OF the United States was concerned. that
had existed for nearly quarter or cen-
tury.
le 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-
structiye. He says that on January !. 1879.
the date OF the resumption or specie pay
ments. the only currency. except coin cer-
tificates required 10 be redeemed I'm gold
coin. was the S3fG. 6S1. 0i6 legal tender notes
then outstanding. which the then secretary
OF the treasury was OF the opinion that a
gold reserve OF sl0o. 100000 would be sum
Client TO maintain so long as there was 10
Increase: but the paper currency redeem
able on presentation has been increased 10
the extent OF $lb5. $50 900. issued IN payment
or the silver bullion purchased under the
act OF July IA. $780, or these notes IN gro
were outstanding on the LIST inst. $l4l .092. $50.
making the total government obligations
as money SlS5. 773. a96. redeemablo on pre-
sentafion. Aside from these there were
outstanding November 4, 1895. x333. s56. 238 In
silver certificates. and az the act OF July IA.
1880, declared IL Ito be the established poll.
cy OF the Quilted States TO maintain tho two
metals al parity with each other upon the
present legal ratio or such ratio as may no
provided by law there was a total OF
tS2i. 229, 5S2, resting on the basis OF the gold
reserve OF 500, 900. and In order to main
tai the parity between tho two metals tho
government has been compelled to borrow