Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1901-12-20
SILVER is NEEDED.
WHAT THE PEOPLE WANT is
SMALL CHANGE,

SMALL CHANGE.
Director Of the Mint Recommends That tn.
Coinage Of Silver Dollars Be Suspended fol
the Present but the Bullion on Hand B,
Converted Into Subsidiary Coin.
The report OF George E. Roberts,
Director of the Mint, upon the opera
tions of the mint service during the
fiscal year ended June 30, 1901, has
been completed.
The coinage OF the mints during the
fiscal year amounted to 176,999, ,131
pieces, of the value OF $l36, 6,34O,781
Of this $99,065,715 was in gold, $24,.
29S,s5O was in silver dollars, SIC, 1866, ;.
64S was in fractional silver and s..
OO9,56S was in minor coins. There
also were coined at the Philadelphia
mint 225,OOO gold pieces OF the vslue
OF $349,Ol4 for the government OF
Costa Rica.
The coinage of silver dollars during
the year was wholly from the stock OF
bullion accumulated under the act of
July IA, 1890. The amount of this
bullion on hand at the beginning OF
the fiscal year was SO, ,26S, ,O54 standard
ounces and at the end Of the year 3d.
562.927 standard ounces. The coinage
OF this bullion has been accelerated TO
enable the treasury to retire the treas.
ury notes issued in its purchase, and
at the same time supply the pressing
demand which has existed throughout
the year for the small denominations
of money.
The original deposits Of gold at the
mints and assay Offices amounted to
$153, ,10l. $50, an increase of $685..
561 over the preceding year. Of this
VT ,9O6. .489 was in foreign coin, ST..
soc. .463 that OF Great Britain nearly
all being from Australia, and $685.
500 that Of Japan.
The estimated production of gold in
the United States during the calendar
year 1900 was OF the value OF SIS, ILL.,.
goo. and notwithstanding the fact that
this country led the world in produc.
tions, its imports exceeded its exports
by $l2,S66.Ol0. The production of
North America, practically all OF
which comes 70 the United States, was
$l16, ,05l 500. In the calendar year
1900 the worlds coinage Of gold was
1854 ,936, ,497 and OF silver $l77, 7,0l1,-
9O2. The industrial consumption of
gold in the United States during the
calendar year 1900 ia estimated at
SIG, ,667 500 and OF the world approxi-
mately SIS, 100000.
The stock of subsidiary coin in the
country is limited by Law to 500 900, ;
coo, and Nov. l, 1901, the existing
stock was $90.613.5l2. The report
says it is not improbable that before
another Congress shall have oppor-
tunity to act the growing needs Of
the country will have absorbed the
entire amount authorized. BY the
act Of March IA. 1900, authority was
given to use silver bullion purchased
under the act Of July IA, 1890, for this
coinage, but it is necessary that the
limit set upon the stock in the
country be removed or raised. Nov.
l, 1901, the stock OF bullion acquired
under the act Of July IA. 1890, was
81, ,763, ,64l standard ounces. If enough
of this were coined into dollar pieces
to take up the treasury notes issued
for its cost there would remain 15,-
539, 1892 standard ounces, which, con-
verted into subsidiary coin, would
give $l9,32l,l13. It is suggested that
the limit of the country's stock Of
subsidiary coin be raised to at least
$l9O. .O0O. .O0O. No good reason is ap-
parent, says the report, why the coin
age Of dollar pieces should not be
allowed to cease, and al Of the silver
on hand be used in subsidiary coinage.