The record-union., 1899-12-11
Mr.. Roberts Tells Of the Years
Coinage.
Minis Hard Pressed to Meet the Demands
Upon Them.
More Bullion Operated Upon in
the Aggregate and Greater
Coinage Executed in the Last
Fiscal Year Than in Any Pre-
vious One - Suggests That
Charges for Refining Silver Bull
lion be Reduced.

vious One - Suggests That
Charges for Refining Silver Bull
lion be Reduced
WASHINGTON, Dec. 1O.-Mr. Rob
erts, the Director of the Mint in his
annual report, says: 1.-The minis and
assay offices operated upon more bull
ion in the aggregate and greater coin
age was executed during the last fiscal
year than in any previous year. Orig
inal deposits of gold were slightly less
than during the previous year, amount
ing in value to $143,497, $780, against
STAT ,693, 1874 in the fiscal year ended
June 30, 1898. Domestic deposits were
the largest in our history, amounting
to $76,Z52,4S1, against $64, 1881, 12O 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 SOS, IT,
$50, against $64, So, $50 in the preceding
year, and might have been considerably
larger if the capacity of the nlints had
been greater. The stock of gold bullion
in hand increased from $96, 6SS,6S2 on
July l, 1898, to $119,SS2,772 on July l.,
1899
THE coinage Of silver dollars from
bullion purchased under the Act of July
II, 1890, was $1S,254, 100, against $lU,-
co., $50 in the preceding year, and the
coinage of subsidiary silver 50, 49,
S77.65, against S6,4S2, SO4.
1.-The minis have been hard pressed
| n 10Th a 1a,af o.
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 bullion at that institution
was exhausted in August, 1898. An
arrangement was made with the house
Of J. & w. Seligman & Co., New York.
by which 3,193,613 fine ounces Of silver
at Philadelphia were exchanged for an
equal amount delivered to the Mint at
San Francisco. This exchange enabled
the latter institution to CONT the sup
ply of subsidiary silver required on the
Pacific Coast, and to assist in the COIN
age Of the required number Of silver
dollars.
This Mint also converted into coin
the full amount of it's very large re-
ceipts of gold bullion, it's gold output
being SOS, 25S0OO.
THE mint facilities of the country
will be taxed to their utmost until the
new buildings under construction at
Philadelphia 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 with
out embarrassment. but Congress at the
approaching session will make an APP
preparation for the equipment of the
new Philadelphia Mint The building
is well advanced toward 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 during the COM
ing year.
when the present charges for re-
filming silver were adopted, the powers
were applicable to the conditions then
existing and the Government refners
desired a share of the business. But the
cost of treatment has declined and the
charges of private concerns have been
have remained fixed The effect has
naturally been to send the silver bull
ion to private refineries While there
is no good reason why the Government
should enter into unnecessary competi-
ton with private concerns, it is de-
sirable that so long as it conducts re-
fineries it should do SO in an economical
and businesslike 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 refined in the United States last
year was in round numbers 94,0OU,O0O
ounces.
The superintendent of the New York
assay office, the report says, has called
attention to the fact that although
about $3O,000,00O in United States coin
was exported last year, no bars we're
taken for export. and suggests that the
export charge" of one-tenth of i per
cent. which is exacted is operating to
our disadvantage.
There is no object, says Director
Roberts, in forcing the public to take
our coin out Of the country by making
it 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 and worked into coin at
some waste and considerable expense
to replace the coin exported, while the
bars would have served every purpose
for export. The export charge was put
on bars of silver 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 are full weight, but our current
gold is now largely new and on the
average close to standard, and export
ers are preferring to ship it rather than
to pay the bar charge
The total gold imports of the year
amounted to $SS.97S, SS2 and exports to
$37, $50. 773. The total silver imports
were $31, 120,51S, commercial value, and
silver exports $56655, 1895. The stock
of bullion in the mints and assay offices