New-York tribune., 1899-12-11

press ire at the San Francisco mint was no. ~ -
great because the stock OF silver bullion at ina.
INSTITUTION was exhausted in August: lSss an
arrangement was effected ~th IN tne wScb RSE ss
fine ounces Of silver at philadelphia were Int
Changed for an equal amount delivered 10 the mint
This % exchange enabled the latter institution rsS d to
the Pacific Coast and to assist IN the c0lnage o,
the required number OF silver mant Of It's very
large receipts Of gold bullion It's gold output D's
s8'2&OO.
GOLD BULLION ACCUMULAT1NG
The mint facilities of the country will be tsneo @
,o ,ber utmost until the new buildings unoer con
Da At toSDe6 RRs6feha he sock Of gold bullion is
Accommodating and. with the present piFsS1 piErtnnate
~ the large cash balance in the Treasury permits
at this time an unusual stock H o. pIis 81 the sp.
preaching Session make 1a Pb,a spSR@M psI0Ra Mint The
equipment OF the new ,usrd nompIetion and
as the power plant and much OF the maGnhthbS ~
contracts for the same should DC let ou'i"e '
coming year ..a.,,. .,,vor were
.donted they were applicable to the conditions
then existing. and the Government renheL.os re, ~
treatment has declined and the charges OF private
concerns have been reduced WINE ne GoSes N ~" ~
ray been to send the silver bullion 10 private re- re
neies While there IS no good eesson
,ton with private concerns IT Is desrSSe M taI' 3 s0
kng as It conducts rehneres. 1t should 90 so III an
economical and businesslike manner
The report suggests that the charges for refining
silver bullion be so reduced to put the Govern
rnent on an equal footing with private concerns III
The business or TO such an extent as VIII brhs lhe
moderate amount Of silver bullion they require Tor
the treatment Of gold deposits. The total amount
OF silver bullion refined in the United States last
year was in round numbers 100000 ounces. Inc
superlntendent OF the New-York assay ONCE the
report says has called attention 10 the fact that
although about S3o0CDoOD in United States coin was
exported last year. bars were taken for export
and suggests that the export charge OF one
tenth OF per cent which is exacted is operating to
our disadvantage.
BETTER TO FURNISH RAW MATERIAL
There is no object says Director Roberts, in fore
ing the public coin out Of the country by
making II more expensive 10 take bars IT wouid
he better 10 furnish the material than the
manufactured article. These bars will have to be
,bipped from New-York to Philadelphia. melted
and worked into coin at some waste and CONSIDER
able expense 10 replace the coin exported, while the
bars would have served every purpose for export
The export charge put on bars several years
,po when gold exports were heavy and some
means to discourage them were sought When the
current coin is abraded exporters will pay slight
premium 10 get bars which full weight. but our
current gold coin is now largely new and on the
average close TO standard. and exporters are pre-
ferrng TO ship rather than to pay the bar charge
The total gold imports of the year amounted TO
sss 1852 and exports 10 S7.507S.
The total silver imports were sSl,12o57S, CONNER
cial value and silver exports, s5s,s55535.
The stock Of bullion in the mints and assay Of
fees on July !. 1899. was as follows; Gold Sl9SS'-
172: silver (cost. $65,575ssS.
During the year 81, s51 in and uncurrent
gold coins was received with loss of slo,5lS and
ss5ssMs of worn and uncurrent subsid'ary silver
The seignorage on the coinage oo of silver bsG G2iaGs
Tor ell 6. on pennies.
The coinage Of all nations. including recolnages'
NO BULLION FOR SUBSIDIARY CURRENCY.
The Government has now practically no bullion
available for the coinage Of subsidiary currency.
it has bullion purcha for the coinage OF silver
dollars. but this cannot he used without authority
from Congress. The needs Of the country for frac-
tional currency increasing, and legislative au-
thorty for coinage Is imperatively demanded.
Continuing. the report says:
In the report Of this Bureau year an effort
was made TO tabulate the principal stocks Of gold
the years isS2 and 1897 This table corrected by re
turns from additional banks and the elimination Of
come errors shows the stocks of gold in sight u
Europe to have increased by about % per cent fron
latter date to December 81 1885 the stocks insteac
Of continuing TO increase. showed dimnution. A
first thought the reduction is likely TO cause sur
prise for with the enormous nous, gold production o.
metal might he expected 10 everywhere augment
When it is considered, however. that the Unite'
inda's net imports were over $50 900 and that IN
Industrial consumption Of the world S.. 600 90
81 will be understood that no general increase il
Europeaa stocks could occur last year. But II still
remains TO he explained where the disappearin
gold of Europe went to.
The total reduction is $50 900 900 and the Russia
f5S'E Dc WIFE fhoT she nse%S1 Ms TnSnce
in his annual report upon the budget that durin
the year 1893 there has been an Increase in IN
general amount Of gold In the country" The re
has been brought about by the monetary reform
The enormous stock in the hank at the close
1897 was provided for the purpose of bringing III
paper currency Of the country 20 par with go'
and establishing its nterchangeability. During II
past year the bank has been paying out gold freel
and cJlA coin. long absent from the circulation
CONDITIONS IN ENGLAND AND GERMAN
The Bank OF England and the Imperial Bank
C;eru.any both show loss Of gold during II
wear hut the record Of the exports and imports
Great Britain and Germany snow mat each
9boso countries received about &0.Oo.0O0 go
than ir parted with. Trade was very active
bofh countries. and apparently drew on the reser
stocks OF the two leading banking institutions u
money stock Of those countries was In larger d
vyee than the year previous In movement among Il
people and in the local banks II IA of special i
Csrmenv was s240o 900 greater on December
1s9s than on December 81, 1887. and was $S6,OOO(
greater in France. That illustrates the elast Il
Which enatles the monetary systems OF the
countries 10 ease OF such an extraordinary demal
FOR gold the United States made on the wor
last year. NJ. -, s,- no mn -.
of uncovered paper out at the end OF the year tn
al the beginning. The three countries had o
about SIS 600 COO more of uncovered bank notes IN
The wear before fact which doubtless contribut
,ouch 70 cas- the financial situation. The ability
thus enlarge the stock of paper currency Is valuat