The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-11
GREAT INCREASE in
LAST FISCAL YEAR
American Production Has Increased
By 20 Per Cent.
In His Annual Report Director Rob-
erts Speaks of the Disappearance
of Gold In Europe and Finds No
Explanation For 1.-THE Worlds
Production During the Fiscal
Year Was 1887, ,ooo, ,oOo-The
Largest In History.

Washington, Dec. 10.-Mr. Roberts.
the director of the mint, in his annual
report says:
'The mints and assay offices operated
upon more bullion in the aggregate
and a greater coinage was executed
during the last fiscal year than in any
previous year Original deposits of
gold were slightly less than dur
ing the previous year, amounting in
value TO s143, ,497 100, against s147. .69S. 1874
| in the fiscal year ended June 30 1898.
Domestic deposits were the largest in
our history. amounting to S76.252. .4S7,
against S64.SSl, ,120 in the preceding
year. but there was a falling off in
/ foreign coin and bars.
! The coinage OF gold was the greatest
in our history, amounting TO S10s.177,-
$50. against 64.634. .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
, in hand increased from $96, 6SS.5S2, on
July l, 1898, to s119, ,SS2, az on July l,
| 1899
The coinage of silver dollars from
bullion purchased under the act of July
, IA. 1880. was $1S.254.709, against s10O02.-
70S in the preceding year. and the COIN
age of subsidiary silver, $9,466, S77.65,
[ against S6, ,4S2,S04.
Mints Have Been Pressed.
The milts have been hard pressed
throughout the year to meet the de-
mandS upon them, the institutions at
New Orleans and Philadelphia running
overtime for the greater part of the
year. The pressure at the San Fran
cisco mint was not so great, because
the stock of silver bullion at that insti-
tuition was exhausted in August. 1888.
IAN arrangement was made with the
house of ]. Z. W. -Seligman & Co., New
York. by which 3.193,613 fine ounces of
silver at Philadelphia We're exchanged
for an equal amount delivered to the
mint at San Francisco.
This exchange enabled the latter in
stitution to coin the supply of subSi-
diary silver required on the Pacific
coast and to assist in the coinage of
the required number of silver dollars.
This mint also converted into coin the
full amount of its very large receipts
of gold bullion, its gold output being
$5S, ,25S. 900.
THE mint facilities of the county will
be taxed to their utmost until the new
buildings under construction at Phila-
delDhia and Denver are completed and
equipped The stock of gold bullion
is accommodating. and with the present
pressure for subsidiary coinage. cannot
be reduced. Fortunately, the large
cash balance in the treasury permits at
this time an unusual stock of bullion
without embarrassment but congress
should at the approaching session
make an appropriation for the equip
ment 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
considerable time for construction, the
contracts for the same should be let
ho
Reduction of Refinery Charges.
When the present charges for refin-
ing silver were adopted they were ap-
plicable to the conditions then exist
ing and the government reffnerieS re-
ceived a share of the business. But
the cost of treatment has declined and
the charges of private cOncernS have
been reduced, while the government
charges have remained fixed. The ef-
feet has naturally been TO send the
silver bullion to private refineries-
While there is no good reason why the
government should enter into unneces-
sary competition with private concerns,
ii is desirable that so long as il con-
ducts refineries it should do so in an
economical and business-like manner.
The report suggests that the charges
for refining silver bullion be so reduced
as to put the government on an equal
footing with private concerns in the
business or to such an extent as Will
bring the moderate amount of silver
bullion they require for the treatment
of gold deposits.
The total amount of silver bullion
refined in the United States last year
was in round numbers $4,000, 600 ounces.
The Superintendent of the New York
ASSAY office the report says, has called
attention to the fact that although
about sSO.OO0.OOO in United States coin
was exported last year. no bars We're
taken for export, and suggests that the
..export charge of 1-10 of l per cent
which is exacted is operating to our
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 furnish the raw material
than the manufactured article. These
bars have to be shipped from New
York to Philadelphia. melted and
worked into coin at some waste and
expense to replace the
coin exported, while the bars would
have served every purpose for export
The export charge was put on bars
several years ago when gold exports
were heavy and some means to dis
them was sought. When the
current coin is abraded exporters Will
pay slight premium u get bars wnlcn
are full weight. but our current gold Is
now largely new and on the average
close to standard. and exporters are
preferring to ship-it rather than to pay
the bar charge
Imports and Exports of Bullion
Tho total gold imports of the year
amounted to SIS, ,s7S. $50 and exports TO
s37. $40. .7Sa.
Tee total silver imports were s3l TO-
57s commercial value, and silver ex-
ports. s5s.655.3s5.
The stock of bullion in the rlints and
assay offices on July l, 1889, was as
SoIlovs. Gold. S1l9.SS ,772; silver (cost),
ss5. 575, ,SsS-
During the year s1.1ss.s51 in worn
and uncurrent gold coins were received.
with loss of s1O,543. and ss,0Ss,o76 OF