The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-12-11
WORLD GOLD OUTPUT
SOON BE $4OO,OOO,OOO PER
ANNUM
REPORT FROM THE MINIS
Figures for the Year Presented to
Congress Show That the Coinage
I'm the United States Was Heavier
Last Year Than Ever Before-De-
crease In the Visible Gold Supply
of European Countries.

OF European Countries.
WASHINGTON, Dec. 1O-Mr. Roberts,
+ the director OF the mint, in his annual re-
port, says:
The minis and assay offices operated
upon more bullion in the aggregate, and
greater coinage was executed during
the last fiscal year than in any previous
year. Original deposits of gold were
slightly less than during the previous
year, amounting in value to S143, 497, $50,
against $147, 693 1874 in the fiscal year end
ed June 80, 1898. Domestic deposits were
the largest in our history, amounting to
$76,25e,3S7, against $69. S81, 12O in the preced-
ing year. but there was a falling off in
foreign coin and bars.
The coinage of gold was the greatest in
our history, amounting to sos, III, 1SO.
against $64. S65 in the preceding year,
and might have been considerably larger
If the capacity Of the minis had been
greater. The stock of gold bullion on
hand increased from 500, 68S, 5S2 on July 1,
1898, to $119,SS2,772 on July 1, 1899
The coinage of silver dollars from bull
lion purchased under the act of July H.
1890. was SIS, 254. 7O9, against $40, OO2, $50 in
the preceding year, and the coinage Of
subsidiary silver was SO, 466,S77, against S.
49,, SO4
The minis have been hard pressed
throughout the year to meet the demands
upon them, the institutions at New Or
leans and Philadelphia running over time
for the greater part of the year.
The mint facilities of the country will
be taxed to their utmost until the new
buildings under construction at Philadel-
phia and Denver are completed and equip
ped. The stock of gold bullion is ac-
cumulating and with the present pressure
Tor subsidiary coinage cannot be reduced
Fortunately the large cash balance in the
treasury permits at this time an unusual
stock of bullion without en1barra ssment
but congress should at the approaching
session make an appropriation for the
equipment of the new Philadelphia mint.
The building is we'll advanced towards
completion, and, as the power plant and
much of the machinery will require con-
siderable time for construction, the con-
tracts for the same should be let during
the coming year.
CHARGE ON BARS.
When the present charges for refining
silver were adopted they were applicable
to the conditions then existing and the
government rehneries received a share of
the business But the cost of treatment
mas declined and the charges of private
concerns have been reduced while the
government charges have remained fxed
The effect has naturally been to send the
silver bullion to private refineries. While
lhere is no good reason why the govern
HeIt snould enter into unnecessary com
peutlon with some concerns it is desirable
q
90 SO In economical and businesslike
manner The total amount of silver bull
non renned in the United States last wear
was In round numbers $4,000, 900 ounces
Inc superintendent of the New York
assay office, the report says. has called
attention TO the fact that, although about
9oV'VOo,oOo IN United States coin was ex-
poIteu last year. no bars We're taken for
export and suggests that the "exnort
charge of Onc-tenth Of per cent which
IS eXacted is operating to our disadvan-
tage There is no object. saws Director
ROBERTS, in forcing the public to take onr
com out Oh the country by making it more
expensive to take bar silver. We had
better furnish the raw material than the
hntla article. These bars will
nave to be shipped from New Yorl, 80
Philadelphia, melted and worked 49,
com With some waste and considarob1o
expense to replace the coin exnor+od
"lllIe the bars would have served every
purpose for export
GOLD IMPORTS
The total gold imports of tho WOW
amounted to SIS, 97S, SS2 and exports s97
ooU' 100. Inc total silver imports Uara
$5l' IZO'578, commercial value. and silver
exports $50, 655335.
Inc stock of bullion in the minis and
ASSAY ohces on July 1, 1899, was as fol-
lows: cold, $ll9,SS2772; silver (cosD. S85.-
o'ooSS. During the year $1168, S51 in worn
and uncurrent gold coins were received
with loss of $10,543, and $S,5SS, O76 of worn
and unsubSidiary silver was recoired
with loss of $4S5, 797, the seignioraye on
the coinage of silver dollars during tho
year amounted to $5,520,145; on subsidiary
silver, $S6,S3S; on nickels and PENNIES
$6SS, 729. The coinage of all nations, in
Guiding recoinages, in 1898 was: Gold
$3S5, 7,9O5; silver, $149, 2S2 935
The government has now practically M
bullion available for the coinage of sub
Sldlary currency. 1t has bullion pur-
chased for the coinage of silver dollars
but this cannot be used without authori-
ty from congress. The needs of the coun-
try for fractional currency are increas-
ing, and legislative authority for new
coinage is Imperatively demanded
Stocks of gold in sight in Europe in
creased by about so per cent from Decem-
Der, 1892 to Dec. 81, 1897. From the latter
date to Dec. 81, 1898, the stocks instead
of continuing to increase showed a
diminution
The Bank of England and the Imperial
Bank Of Germany both show 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 about $4,000, 600 more
gold than it parted with. Trade was very
active in both countries, and apparently
drew on the reserve stocks of the two
leading banking institutions.
ELASTIC CURRENCY.
1t is of special interest that the stock
of uncovered bank notes in Germany was
$24O00,000 greater on Dec. 81 1898, than
on Dec. 81, 1897, and was $50, 900, 900 greater
in France. That illustrates the elasticity
which enables the monetary system of
those countries to ease off such an eX-
traordinary demand for gold as the Unit
ed States made on the world last year.
The Austro-Hungarian bank had $1,000
900 more of uncovered paper out at the
end of the year than at the beginning.
Three countries had out about $4,000 900
more of gold bank notes than the year
before, a fact that doubtless contributed
much to ease the financial situation. The
ability to thus enlarge the stock of paper
currency is favorable to a country in the
event of any sudden call upon 1t for
heavy payments in gold.
The most notable change in gold stocks
during the year was in the United States.
The stock Of coin in the country. includ-