The record-union., 1898-11-25

+ WASHINGTON, Nov. 24-In his an
nual report George F. Roberts. Director
of the Mint, says:
THE most important events of the
fiscal year in the world of Government
finance have been the consummation
of the long planned resumption of spe-
Gle payments by Russia in gold, the re-
organization of the monetary system of
Japan, with gold as the standard, and
the refusal of the Government of India
the United States and France in an eff
fort to establish bimetallism by inter-
national agreement.
1.-THE gold coinage of the world In
1898 was the largest ever recorded,
amounting in value to $437, ,719, ,342,
against $195, ,S99517 in 1896. OF the
former sum $146,622, ,194 was recoined.
and approximately 1921 ,O97 .14S a net
addition to the stock of gold coins.
''The extraordinary coinage of the
year is accounted for by the prepara-
tions 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 it in bars, was passed through
the mints to prepare it for circulation.
The completion of Russia's plans for
monetary reform and the opening to
the uses of commerce Of her great gold
reserve, Systematically gathered year
by year until it Is the greatest single
hoard Of treasure the world ever saw,
is in itself a most notable event.
Reviewing the efforts of the Wolcott
international BimetaFic Commission.
the director says the sentiment in IA
vor of bimetallic money standard
supported by international agreement
had found expression, not only by the
legislative bodies of France and Ger
many, but of Great Britain, and it had,
therefore, seemed opportune that con-
ference should be had with a view to
ascertaining what concerted action
might be agreed upon.
Mr.. Roberts adds: "A single nation,
acting alone, is certain to lose the dear
er metal entirely, and retain only the
cheaper ais its standard. Thus, in any
country. under present conditions, to
open its mints to the unrestricted COIN
age of both gold and silver at Is to 1,
it to lose what gold it possessed, be-
it was rated higher
Great as was the worlds production
of gold in 1S9S," continues the direc-
tor, amounting to the value of $237,-
504,S00, and exceeding that of 1896 by
$34. .S22, 300, it is. judging by the re-
turns at hand, certain that the product
of 1899 will be still greater.
''The returns from South Africa for
ten months show that at the present
rate of production its yield will exceed
the yield of 1897 by $21, $4,000. The
returns from Australia indicate that it's
product in 1898 will exceed the product
of 1897 by $40. .335, 600
From July 10Th last to November
10Th the receipts of gold at Seattle and
San Francisco from the Canadian-Yu-
kon aggregated about $1O,0OO,OOO, and
on this basis the increased product for
Canada in 1893 is estimated at SS. 800
600. The increase in the United States
can hardly fall below $5,O0O,OOO. The
total of these estimates Is $40. .6S7. 900.
which, added to the figures of 1897,
would Indicate a worlds product In
1893 of $3.50, ,192, 800, if the remaining
countries in their aggregate are un-
changed. The product of 1891. $780,
100000, will be more than doubled. and
the combined value of the gold and
silver product ten years ago exceeded
by gold alone.
Stocks of gold in sight in European
banks and Government treasures from
December, 1897, to December, 1897. in
creased about $550000,OOO, or over 40
per cent The stock of gold in the
United States increased in the five
years So,45I 900. The increase in the
gold holdings of the banks Of Australia.
Canada and South America was about
100000. Total gold thus accounted
for, 5000, 100000"