The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-12-07

ended June 30. 1881. whe they were
$3.50, 500, 1872. As.
Silver bullion purchased under the
provisions of section 1926. Revised
Statutes of the United States, for
coinage of subsidiary silver aggregated
1913, 522. 80 fine ounces costing S10i, I4l.2s.
The coinage executed during the ifs
cal year was:
Gold s64,63i. s6o.0O
Silver dollars D.. F. .......... 10,002, 5000
Subsidiary silver.......... 6,4s2, $4,000
Minor l.fSy,4s4.ll
Total S2.e09, 1911
The silver dollars coined were from
bullion purchased under the act Of
July IL, 1890.
The total coinage of silver dollars
from bullion purchased under act of
July IA, 1890. from August IL, 1890. to
July !. 1898, was SIS, ISL. 257. containing
go. 800, 115.32 fine ounces, costing $5s, 460.-
s15.54. giving a seigniorage of $40. $780,
2S1.46
Including the balances on hand at
the minis July 1. 1878. the net seign-
forage on the coinage of silver from
that date to June 80. 1888. was $685.
1872. SIS 81.
During the fiscal year there we're
manufactured gold bars of the value
of 500, 1877 .391.67. and silver bors. $685.
$3.50.
The highest quotation for silver
0.925 fine during the year in the Lon
don market was 27%4 pence. equal to
SO.6oS31 per n fine in United States
money: the lowest quotation was 23Ss
pence, equivalent to sO.517S9. The av-
erage price for the year was &c 5-16
pence. equivalent 10 $0.51675. The bull
lion value OF the United States stand
ard silver dollar. at the highest price
for the year. was $0.470i0. and at the
lowest. $o.4O055, and at the average
price. s0.Ais07.
The commercial ratio of gold to :il-
yer at the average price was ! 20
1884.
The number Of grains of pure silver
at the average price that could I've
purchased with a United States silver
dollar was S32.2O, equivalent to l.75
fine ounces.
The expenditures necessary to main
tain the various institutions connected
with the mint service during the fiscal
year were 81. 263, 1892.
The earnings from all sources dur
ing the same period were $4.695, 1875,
showing a surplus of earnings over
expenditures Of s3.432, 664. "a.
The net imports of gold during the
fiscal year were $i04. SOS. 476. as against
S44. 500. Si1 for the fiscal year 1897.
The net silver exports were s2i,S22,-
1i6. as against $50. $50, 1876 for the pre-
vious fiscal ear.
The value of gold and silver ron
sumed in the industrial arts by 'he
United States during the calendar year
1897 was: Gold, $1l.S10,23l: silver,
coming value, sl1, POI, 80; a total Of
$3.50 1871.
silver Coinage.
The only provision Of law now ex-
listing by which any increase in the
stock of fractional coin in the country
can be made is that (~sectiOn 35i5. Rev.
Stat.) authorizing the purchase Of the
small amount Of silver contained IN
and separated from gold deposits.
The amount Of silver thus obtained
last year from gold deposits was 1Si.
1858 fine ounces. which would he suf-
ficient to coin about 1886. 900 Of our
fractional coin. This is wholly made
quate to meet the actual demand
There has been in the past a large
stock Of fractional coin in the treas
ury. accumulated after the resumption
Of specie payments. During the peri
cd of paper money our stock of silver
coin was exported principally TO Cen
trail and South American countries,
where 1t passed at its face value: but
upon resumption Of specie payments
and the passage Of the act of June o
1879. providing for the redemption OF
fractional silver at its face value. these
coins returned ia such quantities that,
with the new coinage executed, the
fractional silver became redundant
and accumulated I'm the treasury. FoI
the last 10 years the country has beer
absorbing that stock at the rate Of
from 81, 500. 900 q 49, 900, 900 per year, and
this year the demand has been excep-
tionally strong. The amount of frac'
tional silver coin held by the treasury
July l, 1897. was SIC. POI $50; on July
I. 1898. s12, O70. $50. This stock has. al
present, Nov. is. been reduced to ST.
122. SOC. mucSNof which is so worn as
to be unfit for circulation.
The amount available. distributed
among the several subtreasuries. gives
but small stock 10 each. and some de-
nominations are exhausted. The Sec
rotary OF the treasury should be au'
thoriZed to recon his uncurrent stock.
and any such coin which may hereafter
accumulate in the treasury, the differ
ence between its face value and tho
new coin IL will make to be paid out
OF any in the treasury moi
otherwise appropriated. Further pro
vision should be made to add to the
! stock of fractional coin, and to that
end IL is suggested that the secretary
OF the treasury be authorized TO usS
any silver bullion now in the treasury
for the coinage of such denomination
as may be required from time to time
to meet the demand from the different
sections OF the country. With an evel
increasing population. which will b'
added TO in the near future by th'
acquisition of additional territory. th'
demand for fractional silver coin WI
be such as TO make il essentially nee
essary that the stock should be in
creased.
Since the beginning Of the presen.
fiscal year deposits on account Of th'
new 3 per cent. var o al have beer
received to the amount of $500. 600 ,0GO
and in order to avoid a dangerou,
stringency which might be created 10y
a too rapid absorption OF funds int
the treasury. a large number of ma
tional banks were des grated. undel
section 5l53. Revised Statutes. as de
positories of public moneys. and pubic
funds deposited Herewith temporarily
thereby increasing the holdings OF sucl
repositories to an amount exceeding