The Monticellonian., 1895-11-29
GOLD AND SILVER.

the Last Fiscai Year on Coinage of th' Precious Mctals-An Exhaustive State-
 ment, Covering the Whole Range ot GOinage-The Real Decentralization oi
 siIyer-Fhe Gold Reserve.
 WARRINGTON, Nov. 25.-The director of the mint has submitted his report to the secretary of the treasury, cover ing the operations of the hints and assay offices of the United States dur ing the fiscal year s95, together with the statistics of foreign countries re. lative to the production and coinage oi gold and silver and the monetary con dition of each country.
 The value of the gold and silver esti mated to have been used in the in. dustrial arts during the calendar year 1894 was approximately S21, ,54l, ,652, of which S10, ,65s, GOA was gold and S10, sS3,- 048 was silver.
 The estimated metallic stock in the United States on July 1, 1895, was: gold, SG36, 229, 825; silver, S625, S63, 949; total of Sl, 269, 0s4 774.
 The estimated product of gold and silver in the United States during the calendar year 1894 was: gold, ,910, Sl3 fine ounces, of the value of s39, 500, ,0O0i silver, 49, 300, 900 fine ounces, of the commercial value of S31, 422, 600, and ot the coining value of S64, 900, ,000
 The estimated production of the world for the calendar year was: gold g, ,737, 7ss fine ounces, of the value of Sio0, ,626, 100; silver, 167, 752, 566 fine ounces of the coining value of S2l6, 892, ,200-commercial value, s106, 522, 900. l Mir. Preston gives an estimate of the approximate stock of money in the principal countries of the world. He places the stock of gold at s4,OS6, 800. GOO; the stock of full legal tender sil yer at S, 439 800, GOO; stock of limited tender silver at S6S1, POO, 900, making total silver stock in the world of l S4, orc, 500, GOO; the uncovered notes are placed at g., 469, 800, 900.
 He reviews in his report the none tary legislation and monetary system of the United States, commencing with l the "coining scheme" submitted to congress by Robert Morris superinten- dent of finance, January Is, 17S2, mak- l ing an analysis of the report of Alex ander Hamilton secret tary of the treas ury, upon the estimate of mint, sub- mitted to the house of representatives in t791, and upon which the act of April 2, l792, establishing mint and l coinage system, was based.
 Mr. Preston states that the real l demone tization of silver took place in 1858, when the weight of the divi. sional coins was reduced about pc, cent. This was not an accident OF oversight. It was expressly declared in the house of representatives that the intention was ito make gold the sole standard of valuen in large trans- actions, and silver subservient to it ! for small ones.
 The act of 1873 was only nominal, and conformed the law to the actual taIlic currency of the United States was concerned, that had existed fo, nearly a quarter of century
 He Sd ys that the currency laws ol the United States, since 1873, are not 1 only inconsistent, but contradictory, obstructive of each others operation, and mutually destructive.
 He says that on January 1, 1879, the l date of the resumption of specie pay, ments the only currency, except coin l certificates, required to be redeemed l in gold coin, was the S346, 6s1 ,0l6, legal tender notes then outstand, l Ing, which the then secretary of the treasury was of the opinion that the gold reserve of Sl00, 1000, GOO would be sufficient to maintain so long a, l there was no increase; but the paper currency redeemable ou presentation l has been increased to the extent O. S155, ,93O, 900, issued in payment of sil July IA, 1890. Of these notes there were outstanding on the 1st inst, Sl4l 092 2S0 making the total govern ment obligations as money S457,775, 296, redeemable on presentation.
 Aside from these, there were sut standing November l, 1895, $S33, 456, 236 in silver certificates and, as the ac of July IA, 1890, declared 1t "to be tn, established policy of the United Statel to maintain the two metals at paritl with each other, upon the presen legal ratio, or such ratio as may bi l provided by law" there was total O Ss21 ,229, 532 resting on the basis of tn, gold reserve of Sl00, 900, GOO, and in or der to maintain the parity betweeI the two metals, the government ha been compelled to borrow S162 O00,O0 in gold within the past two years.