The times., 1899-12-11
GOLD AND SILVER COINAGE.
Report OF Mat Director Roberts
Given to- the PnhIic


nual report, was greater than in any pre-
vious year OF their history. the totals be- F
ing S10S. III $50 OF gold, and SIC. Asa. .5s4 OF +
silver. These show increases Of Sf3. .542. .3I5. {
and S11.2 .236. COZ respectively, compared with /
the coinage Of the previous years. and ths 4
coinage might have been considerably /
larger says the Director if the capacity OF
the mints had been greater.
These institutions have been hard pressed
throughout the year to meet the demands
upon them. the New Orleans and Philadel-
phia mints running overtime for the
greater part OF the twelve months. The
seigniorage for the year footed up $500,
~, of which S5,52O,185 was on the 1S,254,
7O9 silver dollars coined from bullion pur-
chased under the sherman act: SS6.S3s was
on subsidiary silver, and $685.. $50 was on
nickels and pennies.
The stock of bullion on hand at the close
of the year was gold. $ll9,SS2.II an in
crease of $23. .294, 1870 for the year, and Of
silver bullion (cosD SS5.575. S96.
Director Roberts calls attention to the
fact that the Government has now practi-
cally no silver bullion available for the
coinage Of subsidiary currency. the entire
coinage of silver dollars, and which cannot
be deviated from that use without authority
from Congress, having been exhausted.
Legislative action he says is imperative!y
demanded to meet the increasing demands
of the country for fractional coins.
The imports of gold for the year amount
! ed to sSS,97S. .SS2, and the exports S37 550,-
| 783. The silver imports were $3l l20,5I6,
| and the exports $50 Sos, ,335.
J rN-e naH -
/ the law placing an export charge" of
/ one-tenth Of 1 per cent on gold bars for
| the reason that it operates to the disad-
/ vantage Of the Government. The law had
] failed of its obiect-tO discourage gold
/ shipments and it had been found less ex-
! pensive to the Government, as well as
! the exporters, if the bars were used.
In me report Of this bureau year
| ago, says the report an effort was made
to tabulate the principal stocks Of gold
! held for monetary use in the world at
I the close Of the years 1892 and 1897. This
/ table, corrected by returns from addi-
tional banks and the elimination OF some
I errors shows the stocks of gold in sight
in Europe to have increased by about 80
per cent from December 81. 1892 20 De-
/ cember 81, 1897. From the latter date to
December 81, 1895 the stocks, instead of
continuing 20 increase. showed a dimiuu-
tion. At first thought the reduction is
likely to cause surprise, for with the
| enormous gold production for the year
/ amounting to $2S7 600 600 the stocks OF
! that metal might be expected to every
where augment.
When it IS considered, however, that
the United States took above $500 600 600
| of gold in 1895 that India's net imports
were over 500, GOO 900. and that the indus
trial consumption OF the world was
s65. 600, it will be understood that no
general increase in European stocks could
! occur last year. But it still remains to
| explain where the disappearing gold OF
| Europe went to.
The total reduction shown by the above
| table is $500 ,000 and the Russian stock
szows a reduction of S16S 600 000 But NJ
de Witte, the Russian Minister OF Finance.
states in his annual report upon the
| budget. that during the year 1895 there
has been an increase in the general amount
CT gold in the country. The reduction
shown in the stock of the Imperial Bank
has been brought about by the monetary
reform. The enormous stock in the bank
at the close Of 1897 was provided for the
purpose Of bringing the paper currency OF
the country to a par with gold and estab-
fishing its interchangeability. During the
past year the bank has been paying out
gold freely, and gold coin. long absent from
the circulation of the Empire, has again
entered into common use.
The Bank Of England and the Imperial
Bank Of Germany both show a loss of gold
during the year. but the record OF the
exports and imports of Great Britain and
Germany show that each OF those countries
received more gold than they parted with
Trade was very active in both countries and
apparently drew on the stocks Of the two
leading banking institutions TIE money
I ST. nf
degree than the year previous in move
ment among the people and in the local
banks
1T is of special interest that the stock Of
uncovered bank notes in Germany was
S24. .00O, eco greater on December 81 1895.
than on December 81, 1897. and was S36-
coo 900 greater in France. That illustrates
the elasticity which enables the monetary
systems of these countries to ease on such
an extraordinary demand for gold as the
United States made on the world last year.
The AustrO- Hungarian Bank had SI7 600 r
coo more of uncovered paper out at the end
of the year than at the beginning. The
three had out about SIS, ,000, 0G0 more of IN
covered bank notes than the year before.
a fact which doubtless contributed much
/ TO ease the financial situation The ability
to thus enlarge the stock OF paper currency
| is valuable to a country in event Of any
sudden call upon 1t for heavy payments in
gold. The issue acts as a buffer between
such demands and the commercial inter
} ests Of the country protecting the latter
from sudden and sharp pressure. 1t is q
legitimate use of the credit of the country
through the agency OF banks of issue. to
meet a passing demand.
The most notable change i'm gold stocks
during the year was in the United States.
The stock Of coin in the country including
bullion in the mints on January 1, 1898
was estimated at ST45, ,245. .953. and on Jan
uary /. 1899, at S945. 79S. ISS gain Of $500,
552. .S35
The production of god in all the impor-
taut gold fields OF the world is increa ius
rapidly. and with prospects of gains for
years TO come The yield in the world in
the calendar year 1898 was S5S7, 600 Gee
against 1898 OG0, coo IN 1897.
The production of Australia TO date in
| 1899 has shown gain of p per cent OVsT
the corresponding months Of 1895 which in
dicates probable gain for the year OF
SIC. coo Oe0. The United States. Car ada. ana
| Mexico will probably increase their product
SIS 0OO. coo In South Africa the production
of the first half Of the year was 30 Per cent
above the yield of 1898, and If the industry
had been undisturbed the gain would have
been probably above $4,000. COO. As all
| these principal districts are now in con
dition to produce at higher rate than al
| the opening of the present year, and ! are
| preparing for larger yield, ii is not imprOb-
| able that when operations are fully re-
sumed in South Africa the worlds output
will quickly pass S4O0, ,OOO OCO per annum.
The worlds stock of coin is now being
increased more rapidly and by d higher an
nuaI percentage to the existing stock than
during the period from 1850 to 1860 when
the great output of gold from California
and Australia startled the economists ot