New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-25
FISCAL YEAR REVIEWED.
ANNUAL REPORT OF THE DIRECTOR OF
THE MINT.
THE LARGEST GOLD COINAGE on RECORD
WORK OF THE woLcoTT BIMETAL

Lie COMMISSION.
Washington Nov 24-In his annual report George
B. Roberts. the Director OF the Mint says In part
The most important events OF the fiscal year in
the world of government finance nave peeh uie
specie payments by Russia IN gold the reorganiza-
ton OF the monetary system OF Japan with goIo
the standard and the refusal OF the Government
of India to cooperate with the Governments OF the
United States and France in an effort TO estaohsh
The gold coinage OF the world in 1897 was the
largest recorded amounting TO SIIl9,S2. against
bs ned e sass Great ee F Rrsn Russa GERMANY
Austria Hungary. France and Japan The eTtIaoro
preparat ions OF Russia Austria-Hungary and Japan
T ie rod woh has BEEN he
years. much Of 1t in bars; was passed through the
The completion 0: Russias plans OF monetary
reform and the opening to the uses 81 commerce S
year by year until 1t is the greatest single hoard
OF treasure the world ever saw, is in Itself most
purpose have been a steady drain upon the gold
Supplies OF the world Every coin that went into
Completely as though dropped overheard in miG-
ocean. On July /. 1898. the Russian Treasury held
worth Of English sovereigns $1,000 600 worth OF Ger
man gold coins and sl5o5oN0 in francs. besides the
coins she may have previously melted and a great
stock in bars.
Reviewing the efforts OF the Wolcott International
BmetaIlic Commission. the Director says that the
sentiment in favor OF bimetallic monetary stand
found expression not only by the legislative bodies
Of France and Germany but OF Great Rritain He
ADDS:
The theory that a fixed ratio between gold and
silver could be main,ainea by an t9nA
I to be contested. that The monetary use o. these
metals is factor of their value i TINS is tTu.,
Of all the more important countries OF the word
would have an Influence 10 depreclate us Vaue,
such nations TO coin only at certain ratlo ana
one metal should rise slightly above that
ratio it would pass out OF monetary use entirey.
The cessation OF that demand upon the dearer
metal the redoubng Of II upon the cheaper, would
tend 10 bring them together again single nation;
entirely and retain only the cheaper as its standard
open its minis to he unrestricted coinage of both
gold and silver at l6 to or any ra no.
cause that metal would surely go where II was
rated higher IT, however. there was no country
in the world where II was legally rated higher there
would be no place TO which il might go for none
tary use Allowing that the ratio originally agreed
10 was approximately the market ralo the Nalua-
ton thus concidng with the Judgment OF the com
mercial world. there seems every reason to believe
complish its purpose Even though one metal should
become established in value above the LEGAL ratio.
and become merchandise the currencies OF all coun-
tries would retain their fixed relations TO each
other. No shock or distress would ensue no nation
would be isolated or sacrlnced lhey would pc
altogether on common plane. with common
which have led many scientific students OF finance
and sagacious pubicists 10 favor open minis 10
though each is unalterably opposed to such policy
by his country acting alone.
Although the efforts Of the Commission were
brought to an end by the refusal OF the Govern
ment of India to join the Increment. the Director
considers the failure indirectly due to growing
feeling that the rapidly increasing product Of gold
has radically changed the situation from what It
ten years ago. when the gold product seemed
to be a. standstill or declining. II has changed
s or TppGsen tne b bn
quite as much opposed 10 depreciating one