The record-union., 1895-11-25
MINT OPERATIONS.
Report of the Director 10 the Secre-
tary Of the Treasury.


WASHINGTON, Nov. 24.-The Di-
rector Of the Mint has submitted his
report to the Secretary of the Treas
ury, covering the operations of the
mints and assay offices of the United
States during the fiscal year 1895, to-
Eether with the statistics of foreign
countries, relative to the production Of
sold and silver and the monetary con-
dition of each country.
The value of the gold and silver es-
timated to have been used in the in
dustrial arts during the calendar year
1894 was approximately $21, ,541 ,652, Of
which $1O,GoS, 6O4 was gold and S1O.-
So. .O4S silver.
The estimated metallic stock in the
United States on July /, 1880, was:
Gold SG36, ~, ,S25, silver $G23, ,S53, ,949, d
total of 81, ,262, ,0S4, IA.
The estimated product Of gold and
silver in the United States during the
calendar year 1891 was: Gold 1,9l0,S ,S13
fine/Ounces, of the value Of $39, 900, ,OUO,
silver 10, 5U0, 900 fine ounces, of the COM
mercial value of S3l, AZ, 600, and OF the
coming value of S64 GOO, COO
The estimated production of the world
Tor the calendar year was: Gold :, I37 :
$50 fine ounces, of the value of $l80,-
GIG, 100; silver 167, ,732, 800 fine ounces,
OF the coming value of SIG, S92, 200,
and commercial value Of $106, 81, 800.
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 $4,OS6, ,S0O,-
GOO; the stock of full legal tender silver
ATS. .439 800, Geo and the stock Of linn
tied tender silver at S631, ,2O0, GEO. max
ing a total silver stock in the world of
- .010. 100000 The uncovered notes
are placed at 50, ,469 800, 600.
He reviews in his report the none
tary legislation and monetary system
of the United States, commencing with
the coinage scheme" submitted to
Congress by Robert Morris, Superin-
tendent of Finance, January -, 1872,
making an analysis of the report of
Alexander Hamilton, Secretary of the
Treasury upon the establishment of a
mint. submitted to the House of Repre-
sentatives in 1871, and upon which the
Act of April, 1892, establishing mint
and coinage system, was based
Mr.. Preston states that the real de-
monetjzation Of silver took place in
1888. when the weight Of the divisional
coins was reduced about Z per cent
This was not an accident or oversight.
1t was expressly declared in the House
OF Representatives that the intention
was to make gold the sole standard of
value" in large transactions, and silver
subsevient to it for small ones.
The Act of 1878 was only nominal, and
conformed the law to the actual none
tary condition, as far as the metallic
currency of the United States was con-
cerned. that had existed for nearly a
quarter of a century. He states that the
currency laws of the United States
since 1873 are not only inconsistent, but
contradictory, obstructive of each
others operation and mutually de-
structive. lie says that on January l.,
1879 the date of the resumption Of
specie payments, the only currency, ex-
cept coin certificates required to be re-
deemed in gold, was the S346,631 GIG
legal tender notes then outstanding,
which the then Secretary of the Treas
urv was of the opinion that a gold re-
serve of S100, 900, 600 would be sufficient
to maintain SO long as there was no in
crease. but the paper currency redeem
able on presentation has been increased
10 the extent of S15o, 100000, issued in
payment of the silver bullion purchased
iunder the Act of July II, 1890. OF these
notes there were outstanding on the 1st
inst Sal 092, $50, making the total
Government obligations as money $4SI, :
TT3 BOG, redeemable on presentation.
Aside from these, there We're outstand-
ing November /, 1895. S:',;}5;3}. .456, ,236 in
silver certificates, and as the Act of
! Juiy IA 1890, declared it ito be the es-
| tablished policy of the United States to
maintain the two metals at parity with
each other upon the present legal ratio,
or such ratio as may be provided by
| law" there was a total of SS21 ,229 5..,f2 -
| resting on the basis OF the gold reserve
OF 800 000, 900, and in order to maintain
the parity between the two metals. the
] IGevernment has been compelled to bor-