Rensselaer Republican, Volume 28, Number 14, Rensselaer, Jasper County, 5 December 1895 — OPERATIONS OF THE MINTS. [ARTICLE]

OPERATIONS OF THE MINTS.

Director Preston Presents His Report on the Year's Coinage. WasfiinKlon. Nov. 25.—The director of the mint has submitted his report to thesderot.hry of the treasury, covering. the operations of -the mints and assiryThfices of the United States during the fiscal year 189." together with the statistics of foreign countries relative to the production and coinage of gold and silver and the monetary -condition of each country. The value of the gold and silver estimated to have been used in the industrial art? during the calendar year 1804 was. approximately, $21..a11.(152. of which $10,658,604 was gold and $10,883,048 was silver. The estimated metallic stock in the United States on Julv 1. 1895, was: Gold. $536,229,825: silver. $625,853,949* a total 0f'J1.262.054.774. Production of. 'Precious Metals. * The esttimated product of gold and silver in the United States during the calx ?.?r . ounces, of the value of $39,500,000: silver, 49,560.000 fine ounces, of the commercial sValue of $31,122,000, and of the coinage Value of $64,000,000. The estimated production of the world for the calendar year was. gold. 8,737,788 fine ounces' of the value of $180,026,100: silver. 467.752.565 fine omicefr of the coining value of $216.892.200 —commercial value. $106,522,900 Monetary Legislation. He reviews in his report the monetary legislation and monetary system of the United States, commencing with tjje ‘coinage scheme.”'submitted to congress ~by Robert Morris, superintendent of finance, January 15, 1782. making an analysis of the report ©f Alexander Hamilton, secretary of the treasury, upon the establishment of a mint, submitted to the house of representatives in 1791. and upon which the act of April 2. 1792, estblishing a mint and coinage system was based. Mr. Preston states that the real demonetization of silver took place in 1853. when the weight of the divisional coins was reduced about seven per cent. This was not an accident or oversight. It was expressly declared In the house of representatives that '.ho intention was "to make gold the sole standard of value" In large transactions, and silver subservient to it, for small ones. The act of 1873 was only nominal, and conformed the law to the actual monetary condition, as far as the metallic currency of the United States was concerned, that had exlßted for nearly a quarter of a century.