Evening star., 1898-12-06


| The total coinage of gold and silver by
the various countries of the world during
| the calendar year 1897 was as follows:
Goid S43t ,Il9.3i5
SILVER Observation-Disclosures. l61 1p,, ,297
The total metallic stock and uncovered
paper in the world, estimated on Janu-
airy ], 1898, was:
Goid ............... $4619. 000, 900
run lcsii-tchder silver .......... 3276, 100. 900
Limited tender silver. 701. 400. coo
Total metallic stock .......... $3.50, 900, 900
Uncovered paper. .................. 2S22. .soo, 900
't''io totdi SlVg1S,SNb,
Legislation Recommended.
astage-Section 3542 of the Revised
Statutes limits the amount allowed for
Wastage by the operative officers In the
mint service in the case of the melter and
ref1ner to one-thousandtn part of the gold
and two-thousandths part of the silver, and
IN the case OF the coner to one-half-thou-
sandth part CT the gold and one-thousandth
part OF the silver, delivered to each E.x-
perience has demonstrated that one-haIf of
this allowance would be ample to cover the
| necessary loss involved in their operations
upon these metals. 1t has previously been
suggested that the legal allowance be re-
ton is repeated.
Foreign coin.-The amount of foreign gold
coin depositedHat the. mints and ASSAY Of
fees during the year was SAT 2IOOIS ,nder
the Jaw these coins cannot he paid out
again, but must be melted. If the Secretary
OF the treasury were permitted, in his dis
cretlon, TO hold these deposits he could fire.
quently use tlom to supply the demand for
gold for exportation instead of delivering
domestic CONS or bars. Our own coin fire.
luehtiy goes abroad and remains for years
IN foreign treasures There is no reason
why every foreign coin received at our
treasury should be mperatively required to
be melted.
Silver coinagc.-The only provision of law
now existing by which any increase in the
stock OF fractional coin in the country can
be made is that tsec. 3545. Rev Stato au-
thoriZng the purchase of the small amount
OF silver contained in and separated from
gold deposits.
The amount of silver thus obtained last
year from sold deposits was 1S4 J95 80 fine
ounces, winch would be sufficient to coin
ABOUT S2oJ,op OF our fractional coin. This
Is wholly Inadequate to meet the actual de
mand. There has been in the past a large
stock of fractional coin in the treasury. ac-
cuhlulated after the resumption of specie
payments, DurtnS the period of paper
money our stock of silver com was exported
Principally to Central 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 . 1879
providing for the redemption of fractional
silver at Its face value these coins returned
in such quantities that with th, new coin
age executed, the fractional silver bccaur
redundant and accumulated in the treasury
fof the last ten Years the country has been
absorbing that SOCK at the rate of from
S,ooo,OOo to S2,NH,Ho par year and thls
year the demand has been exceptionally
strong The amount of fractional silver
com held by the treasury July ], 1897. was
G2o1 $50; on July /, 1895 $1,000 900
This stock has, at present. November Is
been reduced to 81 122 sos much of which
Is SO worn as to be unfit for circulation.
Ihe amount available, distributed among
the several subtreas suries gives but small
stock to each, and some denomiua tions are
exhausted. The Secretary of the Treasury
should be authorized to recofn this uncur-
rent stock, and any such coin winch may
hereafter accumulate in the treasury tba
difference between its face value and the
new coin it will make to be maid aut of any
moneys IN the treasury not otherwise ap-
pToprlated. Further provision Should he
made to add to the stock of fractional coin
and to that end 1t is suggested that the
Secretary OF the Treasury be authorized 10
use any silver bullion now in the treasury
for the coinage Of such denominatiors 10
may be required from time to time to meet
the demand from the different sections Of
the country. With an eVar-increas,np non,
latlon, which VIII he added to in the near
future by the acquisition of additional ter
ritory, the demand for fractional silver coin
VIII be such as TO make 1t essentially neces-
Sary that the stock should be increa sed
Discontinuance of Carson mint and 81
Louis assay otfce.-The total deposits of
gold at the Carson mint during the last
iiscal year were or the value Of only $500
1857. The expense of conducting the IN
stitution was $7,51S.41, in addition to which
the government paid the express charges
on the bullion to the San Francisco mint
III preference to conducting coinage opera
tons of Carson with so small a SUNNY
The cost of maintaining the institution was
therefore above Z per cent of the value of
the gold handled there. The total gold
product Of Nevada IN the calendar wear
1897 was S2976 400 from which il annaars
that four-ffths of the product of thai state
are more conveniently deposited elsewhere
than at Carson, and it may he inferred
that the remainder might go to other places
without serious Inconvenience to the pro-
queer. The deposits now made at Carson
could be received and treated at the SIN
Francisco mint without increasing tha e>
pense of the latter institution to exceed
81 900 per year. IT is, therefore ra.nno
mended that the mint at Carson be 1iscon
tinued If it is considered desirable to con-
tinue an assay office there and the insfi-
tuition can he relieved of the care of the
silver dollars now storage in il tne
annual outlay can be reduced to about
$4,000.
The assay office at st. Louis received dur
ing the last fiscal year gold deposits
vious year $97,93S.26 In each case old
jewelry furnished one-half of the sum
The office is scarcely of sufficient imnort-
ance to the mining industry or to the gen
erai public to warrant the expense of main
tanning it, which last year was about s.. 700
The saving which might be made by abol-
ishing this Office and the mint at Carson
would assist in meeting the new outlay
incurred by establishing an office at Sea-
tie.
Building for Seattle assay office.-The az
say office at Seattle, during the first four
months after opening for deposits, has
received $50 worth of gold It is
probable that it will be one of the most
important offices OF the mint service. 1t
is now located in rented Building. without
such provisions for the safe keeping of
treasure as ought to be provided It is,
therefore, recommended that Congress pro-
vide for the erection OF suitable building
there for the assay office An appropriate
building can be provided at cost of not
over $4,000
Deficiencies in the bullion accounts of the
mints.-Attention is respectfully called to