New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-25
CURRENCY LAWS REVIEWED.
AN INTERESTING FEATURE OF THE REPORT OF
THE DIRECTOR OF THE MINT.


THE DIRECTOR OF THE MINT.
Washington. Nov. 2i-The Director Of the Mint
has submitted his report to the Secretary Of the
Treasury covering the operations OF the mnts and
assay Office Of the United States during the fiscal
year 1895 together with the statistics Of foreign
countries relative to the production AMI coinage Of
god and silver and the monetary condition Of each
country
The value Of god and silver estimated to have
been used in the Industrial during the calendar
year 1891 was approximately S2l.5n.652 Of which
slOG5SGoi was gold and No,SSeis silver.
The estimated metallic stock In the United States
on July l. 1885, God, S6S6229,S25; silver, $685.,
s53 49, total Of 81. 2s2 03,774
The estimated product OF gold AMI silver in the
United States during the calendar year 1921 was:
Cod 1.90S13 fine ounces OF the value OF S3930oo0;
silver, i9,Jc0O9 fine ounces OF the Commercial. value
Sl &C., ana Of the coming value Of $1,000 Ooo
The estimated production OF the world for the cal
endar year was: God s737.7ss fine ounces. Of the
value of SsO626OO silver. 1851 52,565 fine ounces Of
the coming vaue OF s2l6 49,. 200; commercial value.
slOG.5229c0.
Mr. Preston gives estimate Of the approximate
stock OF money in the principal countries Of the
world. He places the stock OF god al Hts6,SDcJc,
the stock Of full lega.-tender silver 49, 1880 COO
stock II limited tender silver at 1851 10000 making
a ota, silver stock in the word Of 1900 $4,000: the
uncovered notes are placed at s. l6j.5C0CO. He
reviews In his report the monetary .egisa lion and
monetary system OF the United States beginning
with the Coinage scheme" submitted to Congress
by Robert Morris Superintendent OF Finance on
January 10, 49, ana makes ana ysis q the re-
por, OF Alexander Hamilton Secretary OF the Treas
ury. upon the establishment OF a mint. submitted
10 the House OF Representatives in 1921 and upon
which the Of April ,. 1872 establishing a mint
and coinage system. based.
Mr. Preston says that while Hamlton's convc-
lions inclined him TO the gold standard. if only
me al "a no ten i,.r
currency Of the country. the evpeilency and
silly OF providing the country win sufficient
amount Of currency whlch h. beisved could not
DE- furnished AZ the time by the use OF gold alone.
induced him 10 recommend the double Standard az
fixed ratio in coinage between thu TWO metas.
Hamiitons reasons for preierring gold n only one
metal were employed was that gold less liable
TO variations of value than silver When Hamilton
wrote the single gold standard had not been adopted
by monetary legislation Ia any country. and was
not made the basis OF The monetary system in
its adoption by ne United States in ne woa:i
have encountered almost lnsupcrable obstacles. as
mere was niue or no gold N circulation 80 silver
had to be retained and gold added to It 10 give a
sufficient currency for the needs Of the country.
Mr.. Preston states hat the real le.n1n"t.Zaton
OF silver took place in 1853, when the weight Of the
divisional coins was reduced about : per cent Thi'
was not an accident Or oversight II was expressly
declared In the House Of Representatives .hat the
Intention was TO make god the sole standard Of
Vhiue IN iafke transactions. and silver subseryient
The act Of 1913 was only nominal. and conformel
the Jaw to the actual monetary condition far
as the metallic currency Of the United States was
concerned that mad existed for nearly a quarter
OF century. lie states that the currency laws Of
the United states since 1873 not only incon-
ssient but contradictory obstructive OF each 9th.
ers operation and mutually destructive
He says that on January /. 1879 the date OF the
resumption OF specie payments. the only currency
except coin certificates required TO be- redeemed
In gold coin. was the tiseS os legal-tcnder notes
thcn outstanding, which the then Secretary OF
me treasury was Of the opinion that gold re-
serve OF sloDccooo would be sufficient to maintain
so long there was no Increase. but the paper
currency redeemsbie on presentation mas been Ia
creased to the extent OF Sl55 30o0o In pay
ment OF the silver bullion purchased under the act