The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1902-12-06
COINAGE AT MINIS.
Showing Number of Pieces Made
Last Year Breaks All Records.

washington, NOV. 27.-GeorGe II
Roberts, the director of the mint, in
his annual report, says that the coin
age minis at Philadelphia, New Or
leans and San Francisco were in OPP
Grafton throughout the fiscal year.
In number of pieces the coinage of
the year has never been exceeded,
aggregating 191,419,506, but in value
Il has fallen from $136,34O,7s1 in 1901
to $04,526,67s, this being due to the
greater demand for the small de-
nominations. Gold coinage dropped
from $99,065,715 to $61, 9s0,572, hut the
stock of gold bullion on hand in
creased from $100,210,493 to $124,0S3,-
712. The coinage of silver dollars
amounted to $19,402,S00, subsidiary
silver coins to s1O,713,569 and minor
coins to $2,429,736.
The original gold deposits of the
year amounted to $132, 5s0,S30. Gold
bars taken for export amounted
to $36,332,67s, and for domestic
consumption $14,402,57s. The gross
expenditures on account of the
mint service, including loss by
wastage in operating upon the
metals, was $1,010,503. The earn
ings from all charges and incidental
gains, exclusive of seigniorage, ag-
gregated S357,56S. The seigniorage
realized in the manufacture of one
and fve-cent pieces amounted to ST.
919,370, and the total seigniorage ac-
cruing on the silver nickel and bronze
coins made in the year was $l1,013,-
$50, which was turned into the gen.
eral fund of the treasury.
The feature of the report is n de-
scription of the new mint at Phila-
delphia. The new edifice occupied
during, the last fiscal year Is pro-
nounced the finest building ever con-
structed for coinage purposes, and
the equipment, which is practically
new throughout, is believed to in
clude the most improved machine
and provide for the most effective
methods in use in coinage establish
ments.
The director says that the increased
capacity of the minis at Philadelphia
and San Francisco and the prospective
opening of the new mint at Denver will
give the country much greater coin
age capacity than it has heretofore
had, while on the other hand the pres
sure on the minis is about to relax in
stead of increase.
The coinage of 100000 silver dol
lars per month, now required by law,
will come TO end soon by the exhaus-
ton of the stock of bullion. This re-
quirement now calls for the entire
capacity of the New Orleans mint.
When the dollar coinage ceases, that
mint will be idle unless the work is
diminished at Philadelphia and San
Francisco to give it employment.
When the Denver mint is opened the
bullion output of Colorado and posi-
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 Or
leans. 1t accordingly is recommended
that coinage operations be discontin-
ned at the latter institution at the
close OF the current f1scal year and
that it be conducted hereafter as an
assay Office.
Attention is called to the fact that
the gold coinage of the country is now
entering almost entirely into storage,
and that the coinage of the entire an
nual deposits is unnecessary. The
treasury holds about $500,000,000 OF
coined gold, which the report says j,
doubtless more than will be called for
in generation to come. Practically
all of the current coinage is being de-
posted in the treasury for certificates.
When gold is required for export it Is
wanted in bars, while for domestic ciy-
culation the public prefers the treas
ury certificates, which with some mod
ification of the statutes might as well
be issued against bars.