The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-11-27
COIN MILLS OUTPUT
Statementby of Mint,
Coinage of Silver About
to Cease.
(By the Associated Press.)

Washington, Nov. 26.-George E. Rob-
erts, the Director of the Mint, in his
annual report, says that the coinage
mints at Philadelphia, New Orleans and
San Francisco were in operation through
out the fiscal year. In number of pieces
the coinage of the year never has been
exceeded, aggregating 191, ,419,5O6, but in
value it has fallen from $136, ,78l, in
1902, to 1914, ,526, ,67S, this being due to the
greater demand for the small denomi-
nations. The coinage of silver dollars
amounted to SIS, ,4O2, 800, subsidiary silver
coins to $40, 713 500, and minor coins to
$2,429, 1856. The gross expenditures on
account of the Mint service. including
loss by wastage in operating upon the
metals, was $1,910,503 The earnings
from all charges and incidental gains
exclusive of seigniorage aggregated
1857 ,5S6. The seigniorage realized in the
manufacture of one and five cent pieces,
amounted to $1,919,370. and the total
seigniorage accruing on the silver, nickel
and bronze coins made in the year was
$11, ,013, ,S56, which was turned into the
general fund of the Treasury.
The director says that the increased
capacity of the mints at Philadelphia
and San Francisco and the prospective
opening of the new mint at Denver, will
give the country a much greater coinage
capacity than it has had heretofore,
while on the other hand, the pressure
on the mints is about to relax instead of
increase The coinage of 10000 silver
dollars per month, now required by law,
U,in tn IN nnd hV thn GYhanS-
tion of the stock of bullion. This amount
now calls for the entire capacity of the
New Orleans mint. When the dollar
coinage ceases. that mint will be idle
unless work is diminished at Philadelphia
and San Francisco to give it employ
ment. When the Denver mint is opened
the bullion output of Colorado and possi-
bly, of other mining districts of the
west now going to Philadelphia, will be
cut off from the latter institution. and
the report says it is not advisable to
reduce still further its operations in
order to supply work for New Orleans.
sit. accordingly. is recommended that
coinage operations be discontinued at
the latter institution at the close of the
current fiscal year, and that it be con-
Quoted hereafter as an assay office.
If coinage operations are now discon-
tinued at New Orleans so much of the
machinery there as is in good condition
and of approved design can be transfer
red to the new Denver mint, and the
estimate for equipment there corre-
spondingly reduced.
Attention is called to the fact that the
gold coinage of the country is now en-
tering almost entirely into storage, and
that the coinage of the entire annual
deposits is unnecessary. The Treasury
holds about $500, ,000 900 of coined gold
which, the report says, doubtless is
more than will be called for in a gen
Grafton to come. Practically all of the
current coinage is being deposited in the
Treasury for certificates. When gold is
required for export it is wanted in bars.
while for domestic circulation the public
prefers the Treasury certificates which,
with some modification of the statutes
might as we'll be issued against bars.