The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-11-25
GOLD FLOWS TO THE MINTS.
DEPosITs DURING THE FISCAL YEAR
THE LARGEST ON RECORD.

. eT6hbnK FrO0uCt OF cOlut "nlNH Auy
Amount in 1893 to ssss, 1913, 800, Has
Changed the Sentiment Favorable to In
ternhtiopal Bimstallism 20 Indifference.
WARRINGTON. Nov. 24.-Gsoreo L. Roberts,
Director Of the Mint. In his report for tho fiscal
year ended June 30. 1888. shows in detail tho
operations OF the institutions under his charge.
end also statistics OF coinage production md
monetary conditions OF foreign countries.
The deposits OF gold bullion ut the mints and
assay offices OF the United States during the
fiscal year ended juno 30. 1893, were the
largest in the history OF this country. Exclusive
OF redeposits. they we're OF the value OF SAL
eos. lo4.S3. against SS7.003.337.71 In the previ-
Gus year. Only once before have the original
deposits OF twelve months exceeded the record
OF 1S96-07. being in tho year ended June 30,
1881. when the resumption OF specie payments
and a heavy favorable balance of trade caused
extraordinary imports of foreign coin and bull
lion. The original deposits in that year were
S130.S33. 102.45.
The most important events OF the fiscal year
In the world Of government finance have been
the consummation Of the long planned resump-
ton Of specie payment by Russia in gold. the
reorganization OF the monetary system Of Japan
with gold as 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 establish bimetallism by inter
national agreement. These occurrences are
treated separately and in detail elsewhere.
The gold coinage OF the world in 1897 was tho
largest recorded. amounting in value to $+37,-
1882, against S195. S99.517 In 1895. OF the
former sum. $146.622, 1914 was recoinagc, and
approximately 1921. 097. 148 a net addition to
the stock OF gold coins. The principal coinage
was by the United States. Great Britain. Rus
sia. Germany. Austria Hungary, France and
Japan. The extraordinary coinage OF the year
81 accounted for by the preparations OF Russia.
Austria Hungary and Japan for their monetary
reforms. In the case Of Russia. particularly.
gold which has been accommodating for years.
much of 1t in bars. was passed through the
mints to prepare it for circulation.
The completion of Russia's plans OF monetary
reform and the opening TO the uses of COM
merce of her great gold reserve. Systematically
gathered year by year until IL is the greatest
single hoard OF treasure the world ever saw. Is
IN itself a most notable event. The demands Of
Russia for this purpose have been a steady
drain upon the gold supplies Of the world.
Every coin that went into her reservoir dropped
out Of sight for the time as completely as though
. dropped overheard in midocean. On July J..
1898. the Russian treasury held over S70.-
100000 Of United States gold coins. >
o0o.000 worth of English sovereigns. $27,-
G00,Oo0 worth of German gold coins. aud
S15.000.O00 in francs. besides the coins she
may nave previously nelJtu. anu II great STOCK
in bars. Now her reservoir is full. and what is
added in the future will run over. unless she
proceeds TO fill another reservoir as a wartreas-
ury. II seems improbable that she will do this
when there are so many ways in which the
money can he spent or invested to develop the
resources OF her people. and thus add greater
ntreuRth than by an idle hoard.
Throughout the world. among all peoples
who are sufficiently civilized and ambitious to-
have international intarnoprca +ha,o 10 r,,,i
fest a desire to bring their own currencies into
definite and stable relations with the money
OF the people with whom they trade.
The exporter desires that the money with
which he buys at home and the money for
which he sells abroad shall have a common
unit of value. The manufacturer who is COM
petiug in foreign markets desires that the
money with which he buys raw material and
labor at home and the money in which he must
quote prices abroad shall have a relation
3. and ea ealeu Hs@sr T HRIRn h Mn.ch mo ne may Usually rfiIiy
separate his Investment ip material from the
counts receivable are due in the money Of one
country and his accounts payable in the money
countries have no common unit. il each nation
ip ignorance or misled independence prefers
inevitably vary in value to each other. and the
profits Of the international transaction we are
Such variations are therefore a barrier to trade
between the countries. They constitute n risk.
rutlillNhal " al, IL ull contingencies al
fecting domestic trade. for which the trader
m mn Il, be s rsi5%b cursed, Either the producer must
must pay enough moro to cover ii.
IL is to escape from such fluctuations Of the
psr ssnt. 0a and in ISL Sn's q i per iS cent rea the H.
Russian government has fixed its paper money
Austria Hungary and Japan have lately done
nkewise' For the same reason India closed IFS
has been struggling. since to bold its rupee at
the hHed value % 10 pence. 1t is for this ren-
UNLIMITED coinage Of silver. the preambie Of its
iss T sha s%antipq Ia ff sii rs the ses1 VsIns
steps as are Within The g range Of his is IskG p pnSh
ers;" &c It Is for this reason that the Govern
standard; will not entertain any propositiony
currency from the standard used by the other
Important commercial nations of the world.
Sency not held to the international standard.
o. the United states long after The e strsss a@d
chances Of war had ceased to affect it's paper
Government could have been involved, the
% sss Is 3 G Gsss cent It. p e a 1sa9 L L G g a SS%t:
money as these are a burdensome handicap To-
trade. The business man who bldss on an 0orcc n1l
tract over his country's border does not want
to add lS per cent: or l3 per cent. or 8 per
variation IN the relations Of the two systems Of
money, Even ] per cent. thus added might
throw the contract to n competitor who did not
labor under this disadvantage. The enterpris-
ing peoples ofthe. world are not voluntarily as
Stunning or remaining under conditions which
put them at n disadvantage in the keen rivalry
TINT statesmen find In every market. The en-
)ightened judgment of the times condemns
sucha meaningless and burdensome restraint
upon the exchanges.
Thus II is that the statesmen OF NIL countries
which have experienced the evils Of an isolated
and deprecated currency. without touch or
connection with the monetary systems OF other
COUNTRIES. ARE seen to be striving to rrscns
theft people from that condition, In some in
Htaiices they encounter grave difficulties, due
10 the poverty of their people. They may have
10 submit to disadvantages for a fine. even as
an ON barrassed individual Is unable TO pursue
the methods OF his. forehanded neighbor. Al
verse CONDITIONS o. trade and revenue may
Riye testimony TO the OWLS Of thelr nniornei