Democratic Sentinel, Volume 19, Number 47, Rensselaer, Jasper County, 29 November 1895 — MONEY SYSTEM IS BAD. [ARTICLE]

MONEY SYSTEM IS BAD.

Director of the Mint Soya Sensible Currency Legislation Is Needed. The director of the mint has submitted his report to the Secretary of the Treasury. Mr. Preston, in a review of the monetary legislation of the country, states that the real demonetization of silver took place In 1853, when the weight of the divisional coins was reduced about 7 per cent. This, he says, was not an accident or an oversight; it was expressly declared in the House of Representatives that the Intention was to make gold the sole standard of value in lnrge transactions, and silver, subservient to it, for small ones. The act of 1873, he says, was only nominal. In his report the director of the mint says that the result of the currency legislation of the United States for over a hundred years has been such as to'lenye an incoherent monetary system, as inconsistent, illogical and expensive as can will be imagined, that inspires little confidence at home and is not conducive to bur credit abroad, and its reform is one of the most important and urgent political and financial questions of the hour. : v :■/. ;Ars.t"?

He says that on the date of July 1, 1878, the date of the resumption of specie payments, the only currency, except coin certificates, required to be redeemed in gold coin was the $346,681,016 legal tender notes then outstanding, which the then Secretary of the Treasury was of the opinion that a gold reserve of SIOO,000,000 would he sufficient to maintain, hut tho paper currency redeemable on presentation has been increased to the extent of $155,030,000 issued in payment of the silver bullion purchased under act of July 14, 1800. Besides these, there were outstanding Nov. 1, 18%, $333,456,336 in silver certificates, and as the act of July 14, 1800, declared it “to be the established policy of the United States to maintain tho two metals at jtarity with each other,” there was now a total of $821,320,533 resting on the basis of the gold reserve of $100,000,000. The value of the gold deposited at the mints and assay offices during the fiscal year was $87,482,082, of which $65,101,007 were original deposits aud $22,821,022 were redeposits. The classification of the original deposits of gold was: Domestic bullion, $44,371,840; worn, uncurrent and mutilated gold coins, $188,258; foreign bullion aud coin, $10,367,040; gold plate, jewelry, etc., $3,213,800. Tho value of the silver deposited during the fiscal year was $15,714,365, of which $15,234,700 were original deposits and $470,665 redeposits. The value of the deposits of domestic silver bullion at the mints during the fiscal year was SB,804,363, and worn and mutilated domestic coins at silver dollar value $3,890,353, foreign bullion and coin $1,780,923, old plate, jewelry, etc., $750,001. The coinage by the mints during tho year was: Gold, $43,933,475; silver dollars, $3,050,011; subsidiary silver coins, $5,118,469; minor coins, $712,594; a total coinage of $53,715,549. In nddition to the coinage -executed by the mints during the year, gold bnrs were manufactured of the value of $43,153,370, and silver bnrs of tho value of $10,341,545. The average London price of silver bullion during tho year wns 29 pence, equivalent to 63.8 cents. Tho highest price of silver during the year was 68 cents nnd the lowest price 59.8 cents. At the average price of silver bullion during the fiscal year, tho ratio of gold to silver wns 1 to 82.5, nnd the bullion value of a United States silver dollar wns $0.40.168. The total earnings of the mints and assay offices during the year was $2,088,372, nnd the total expenditures $1,185,435, showing the net earnings from all sources to have been $902,936.