Rensselaer Standard, Volume 1, Number 21, Rensselaer, Jasper County, 8 November 1879 — Gold Coinage. [ARTICLE]

Gold Coinage.

The Philadelphia Mint having had to bear the greater part of the burden of silver coinage since the passage of the Bland Bill, it has but little time lo spare for coining gold. No gold of the smaller denominations has been coined here within the last year. The Government, however, has at command in such coin a stock of at least $1,000,000 in this city, and the mint is sending to the bank daily an amount varying from $20,000 to $50,000 in small gold. Chief Coiner Bosbyshell and Cashier Cobb say it is probably that the coinage of a considerable amount of small gold will begin at an early date, as it is expected that the United States Treasure will soon be able to purchase iu the West for the San Francisco Mint a quantity of silver sufficient to relieve the Philadelphia Mint of the “Daddy” dollar. The price of silver in the West has been so high as to cause the San Francisco Mint to stand practically idle until its recent commencement to coin small gold.

The law requires the mints to coin $2,000,000 of the new silver dollars a month. The Philadelphia Mint has has coined nearly $1,800,000 a month for a considerable time. a The daily amount required from it is $70,000, and yet it has a capacity for only $50,000. Hence the inability to coin gold. The Chief Coiner says if this was subsidiary silver —that is, silver in denominations less than a dollar, this miut could coin gold between times. Of the six mints in the cruntry, this one has the heaviest part of the work. It is the nearest to London, where the Government buys most of its silver, it being cheaper there than in this country; besides, silver can be bought in Nevada, brought here, coined and shipped back again cheaper than itcan be coined in the Ban Francisco Mint, because supplies and everything are cheaper here than in California. New Y’ork, having no mint, only an Assay office, has over $3,000,000 in gold here awaiting coinage, but under the circumstances the mint cannot attend to it. If about two months’ relief from the Bland dollar were allowed this mint, the Chief Coiner thinks that the demand for small gold coin could be satisfied.