The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-11
Congress Asked to Pass a Measure
Enabling the Director to Make
the Silver Bars Required.
SOME SALIENT SUGGESTIONS
REDUCTION IN THE MINT CHARGE
FOR REFINING SILVER.
Abolition of the Export Charge ON
Gold Transformation of the worlds
supply of Yellow Metal.

WASHINGTON, Dec. 10.-Mr. Roberts.
the director of the mint. in his annual re-
port, says: 1.-The mints and assay offices
operated upon more bullion I'm the aggre-
gate, and a 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 10 sliSi97.l90,
against sli7. .es3, ,1sa in the fiscal year ended
June go 1898. Domestic deposits were the
largest in our history, amounting to SesSs.-
4s7, against $69, 100 in the preceding year.
but there was falling OF in foreign coin
and bars. The coinage OF gold was the
greatest in our history, amounting TO slos,-
177.lS0. against ss4.63i.s65 in the preceding
year. and might have been considerably
larger if the capacity of the mints had been
greater. The stock of gold bullion on hand
increased from ssssSS.5S2. on July i. 1885. to
s1Is,sS2. 772. on July /. 1899. The coinage OF
silver dollars, from bullion purchased cn-
der the act of July IA. 1890. was sls,z54.7os.
| against $4,000, $50 in the preceding year, and
the coinage of subsidiary silver Ss.4ss.s17.s5.
against s6,iS2,SOi
'.The mints have been hard pressed
| throughout the year TO meet the demands
upon them, the institutions at New Or
| leans and Philadelphia running overtime
for the greater part of the year. The pres
| sure at the San Francisco mint was not 80
great, because the stock OF silver bullion
| at that institution was exhausted In Au-
| gust, 1885, An arrangement was effected
| with the house of j. and w. Seligman ~
Co., New York, by which 3,l93,6i3 fine
ounces of silver, at Philadelphia. were ex-
| changed for an equal amount delivered to
| the mint at San Francisco. This exchange
enabled the latter institution to coin the
| supply of subsidiary silver required on the
| Pacific coast, and TO assist in the coinage
of the required number OF silver dollars
| The mint also converted into coin the full
amount of it's very large receipt Of gold
bullion, its gold output being S5s,z5s.ooo.
The mint facilities of the country viii be
| taxed to their utmost until the new build
ings under construction at Philadelphia
The stock of gold bullion is accommodating.
| and with the present pressure for subsid-
iary coinage, cannot be reduced. Fortu-
| nately the large cash balance in the treas
ury permits, at this time. an unusual stock
| of bullion without embarrassment, but
Congress should, at the approaching ses-
sion, make an appropriation for the equip
ment of the new Philadelphia mint The
L rnrdf mi
ton, and as the power plant and much OF
the main machinery will require consider
| able time for construction, the contracts
for the same should be let during the COM
ing year.
when the present charges for refining
silver were adopted they were applicable
TO the conditions then existing ana the
| government refineries received a share OF
the business But the cost OF treatment
| has declined and the charges OF prfvate
concerns have been reduced while the gov
| ernment charges have remained fixed. Tne
| effect has naturally been to send the silver
bullion TO private refineries. While there
| is no good reason why the government
| should enter into unnecessary competition
| with private concerns, IL is desirable THAI
| so long as IL conducts refineries IT should
do so I'm an economical and businessliks
| manner"
The report suggests that the charges for
| refining silver bullion be reduced as 10
put the government on an equal footing
with private concerns In the business, or
to such an extent as will bring the moder-
ate amount OF silver bullion IL requires for
| the treatment of gold deposits. The total
| amount OF silver bullion refined in the
| United States last year was. I'm round num-
bers 9i,cOOeo0 ounces.
THE EXPORT CHARGE.
The superintendent of the New York as
say office, the report says. has called atten-
ton to the fact that although about thirty
million dollars in United States coin were
e, ported last year. no bars were taken for
sport, and suggests that the export
charge OF one-tenth OF per cent. which
is exacted, is operating to our disadvan-
tage. There is no object. says Director
| Roberts. In forcing the public to take our
coin out OF the country by making IL more
expensive TO take bars. We had better fur
| nish the raw material than the manufac-
tured article. These bars viii have 10 be
shipped from New York TO Philadelphia.
| melted and worked into coin at some waste
and considerable expense 10 replace the
coin exported. while the bars would have
served every purpose for export. The az
| port charge was put on bars several years
ago. when gold exports were heavy. and
some means TO discourage them was
| sought. When the current coin Is abraded
exporters will pay a slight premium to get
bars. which full weight. but our cur
rent gold coin Is now largely new and. ON