The herald., 1896-12-05
And Made Into Coin or CONNER
Cial Bars
THE YEARS AVERAGE RATIO
Has Been | of Gold 10 30.58 Of
Silver
No Doubt That American Silver Coins
Are Being Counterfeited at
Good Profit to the Makers.
Associated Press specjal Wire

Associated Press Special Wire
WASHINGTON. Dec. 4.-The report
Of r. E. Preston. the director Of the
mint, shows that the original gold bull
lion deposited at the mints and assay
offices during the year was valued at
$6S, 769, 1888. The original silver bullion
deposited represented a coinage value of
S11.672.077. The purchase of silver bull
lion for subsidiary coinage under sec
tion 1926, revised statutes, was 184,57S
fine ounces, costing s122.429.
The coinage executed al the mints dur
ing the fiscal year was as follows:
Gold, $5S,87S, 400; silver dollars, $7,700,
sS2; subsidiary silver s3,939.819; minor
coins, $69,377; total, $71, ,1ss,52S.
There was a total coinage under the
act of July IA. 1890, up to November 1,
1896, of 6,306,s76, with a seigniorage of
$13, ,304036. leaving on hand at the mints
| balance of S125, ,o61, ,262 fine ounces, cost
ing SIP, 2,S65,625.
The balance on hand July 1, 1896, avail
able for subsidiary silver coinage was
1,1617OS fine ounces, costing s1,514, $40
The total amount of minor coins issued
by the mint at Philadelphia since 1892
20
| amount s2,3S2,461 has been remelted,
| leaving s25,435,6i6 as the total amount
| outstanding on June 30, 1896. Deducting
the balance on hand at the mints July /,
1878, the net seigniorage, or profit. on
| the coinage of silver from that date to
| uJne 80, 1896, was s73, 145,603.
| Gold and silver bars were manufac-
tured at the mint and assay offices during
the fiscal year as follows:
Gold. 53,42s ,532; silver, $780, 454. The
| average London price of silver bullion
during the fiscal year was equivalent to
| $0.6S005; the New York price was $O6S491
and the average price at the part of ex-
change was $0.675SS. The highest quota
/ tion during the year was equivalent to
so. .7o2O4; the lowest quotation, s0.66OS1.
The commercial ratio of gold to silver
was to 30.5S and the bullion value of
United States silver dollar at the yearly
average price was s052262. The number
of grains of pure silver. at the average
| price purchasable with United States
silver dollar was 710O6. equivalent to
1.479 fine ounces. The net gold exports
| for the fiscal year were s7S, ,904 612, as
against S30,177,376 for the previous year.
The net silver exports were $33, ,262, ,25S, as
against s27631, 7s9 for the previous year
! The employment of precious metals in
the industrial arts in the United States
| during the calendar year 1895 was: Gold,
| $13,429, ,0S5; silver, $12,777,O24. The new
material consumed in the manufacture
of these bars was: Gold, IS, ,4S1, ,729; silver,
$9,S25,3S7.
/ The metallic stock in the United States
on July 1, 1896, was: Gold. s599. .597, 1854;
silver, s62S, S,72s,O71; total, 81, ,22S, ,S26,o35.
| The estimated production of the prec-
| ious metals in the United States during
the calendar year 1895 was:
Metals. Ounces. Value Value
Fine Commercial Coming
| Gold IS 2,254,7 ,76O 46610,O00 $50, 900
Silver 55,727OOO S6,445,o0O 72OO1, 900
The estimated production of gold and
silver in the world for the calendar year
1895 was as follows:
Fine Commercial Coming
Metals. ounces. Value. Value
Gold IS 1904 $40 5000, 400 900 500, ,4O6, 900
Silver 16S ,3OSS53 110073,7O0 217 $40, 500
The total coinage of gold and silver by
| the various countries of the world was
as follows:
Gold. s2s1 0s7, ,4sS; silver s121 1e10,21s:
total, 1852 697 ,657.
The total metallic stock and uncovered
paper in the world was estimated at
January 1896. as follows: Gold, s4,143,-
| 700, 900; full legal tender silver, $3.616.-
700. 900; limited tender silver $500, 300, ,000
total metallic stock. $751; 100000.
Uncovered paper, $2,55S,0 100000; grand
| total, $40, 93S 5000
The director In his report states that
there is no doubt that the silver coins
of the United Safes are now being coun-
, terfeited exactly similar to the genuine
| size, weight and devices. Some of these
! coins cannot be distinguished from the
genuine even by experts. A very dan
/ gerous counterfeit silver half dollar has
made it's appearance in the east and
west the weight of which is 1872 grains,
with fineness of S671A, while the weight
| of the genuine is 1929 of the fineness of
900. '~.
The profit to the counterfeiter is now
about 100 per cent. So far the best
known protection against the counter
! feiting of coins has been found to be the
lettering placed on the edges similar to
that on the first coinages of the United
States, or the five franc pieces of France.
! The director recommends that author
| ity be given the secretary of the treasury
| to have experiments made to determine
the best means of preventing the coun-
trfeiting, or at least minimizing the dan
| ger.