Fiscal Year Ended June 30, 1910
REPORT OF THE DIRECTOR OF THE MINT.
TREASURY DEPARTMENT, BUREAU OF THE MINT, Washington, January 6, 1911. SIR : In compliance with the provisions of section 343, Revised Stat utes of the United States, the following report covering the operations of the mints and assay offices of the United States during the fiscal year ended June 30, 1910, being the thirty-eighth annual report of the Director of the Mint, is respectfully, submitted:
VOLUME OF COINAGE.
The value of the coinage executed at the mints in the fiscal year ended June 30, 1910, was less than in the preceding year, and con siderably below the value of the gold deposits. The gold deposits in the fiscal year 1909 amounted to $142,124,941.59 and the gold coin age of that year was $120,399,953.35. The gold deposits in the fiscal year 1910 amounted to $126,767,967, and the gold coinage for the latter period was only $47,578,875. The principal reason for not doing more coinage was that automatic weighing machines were under construction which were expected to materially reduce the cost of weighing the individual coins, and pending their completion gold bulHon was allowed to accumulate.
AUTOMATIC MACHINES.
For a number of years the machine shop of the Philadelphia Mint had been at work developing an automatic weighing machine to do away with the hand weighing of each individual coin produced. The first machine was completed in 1907, was a success, and exhibited at the Jamestown Exposition. About that time, however, the experts who were engaged upon this machine were called upon to build a machine for the customs service, which they were successful in doing, but the task diverted them temporarily from the equipment of the mints. Four machines were completed by the end of 1908, and early in 1910 the Philadelphia machine shop began work upon four more. These machines have now been completed and are in use, three in 241 65872°—FI 1910 16
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242 REPORT ON THE FINANCES.
San Francisco, two in Denver, and three in Philadelphia. They are very satisfactory and have accomplished an important reduction in the number of employees in the mints. During the year an automatic feeding apparatus was placed upon all the coimng presses in the Philadelphia Mint, accomplishing a con siderable reduction in the number of employees required to operate the 21 presses in that institution. , These feeds have also been intro duced at Denver and-San Francisco. Similar apparatus had pre viously been attached to the upsetting machines.
REDUCTION IN COINAGE OPERATIONS.
An important reduction in the amount of work for the mints to do has occurred in recent years by reason of the cessation in the coinage of silver dollars and the practical completion of the Philippine stock. The silver bullion purchased under the act of July 14, 1890,'was exhausted in 1905, and the coinage of dollar pieces, which had been at the rate of 1,500,000 per month, ended with it. The record coin age for the mints is that of the fiscal year 1902, which amounted in value to $228,202,151.55, not including 12,552,629 pesos in silver and a considerable minor coinage for the Philippines, and 2,730,000 pieces for foreign countries. There were in operation, in this record year only three mints, to wit, those at Philadelphia, New Orleans, and San Francisco. The open ing of the new mint at Denver in 1905 came, therefore, almost simul taneously with an important reduction in the amount of coinage to be done and at a time, moreover, when new labor-saving machines and devices were about to seriously diminish the number of employees required*. NEW ORLEANS MINT IDLE.
- The result of all these influences has been to force a scaling down of operations in all of the mints and a suspension of coinage in the New Orleans Mint. The amount of gold which is available for coinage at New Orleans is small, and the total coinage of the country can be done materially cheaper at three mints and with three organizations than at four mints and with four complete complements of officers and employees. The amount of coinage which could be given to the New Orleans Mint under these conditions did not warrant the con tinuance of operations there, and they were suspended April 1, 1909, and a large reduction of the force made at that time. At various dates in 1910 further reductions were made, and there appearing to be no likelihood that the mint could advantageously resume opera tions in the near future, the estimates for 1911 have been made for the conduct of the institution as an assay office olily. The appro priations asked total $17,940, which compares with $107,300 appro priated for the fiscal year 1911.
THE MINOR ASSAY OFFICES. In the estimates submitted for 1912 the assay offices at Charlotte and St. Louis are dropped, for the reason that the volume of business handled is unimportant and that the few producers making use of them could without much inconvenience send their bullion direct to
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DIRECTOR OF MINT. 243
the mints, thus saving the Treasury not only the cost of maintaining the offices, but the cost of transporting the bullion to a mint. The larger part of the deposits at the St. Louis office come from Chicago and Cincinnati and the depositors could as well send them direct to the Philadelphia Mint as to St. Louis. When the policy of maintaining assay offices in the producing dis tricts was entered upon, the gold production of the country was chiefly from placers and by the labor of individual miners working claims on their own account. The Government assay offices were designed to serve these niining communities by giving reliable assays and by melting the placer dust and nuggets into bars, which were returned to the depositor with the weight and fineness stamped upon them; that is to say, they performed in a simpler maimer the func tion of a mint. Later, the further step was taken, by way of increas ing the service of these offices to the public, of buying the bullion at its coinage value, thus saving the miners from the exactions of the bullion buyer. This was done in 1878, and still later Congress inau gurated the policy of shipping the bullion to the mint at the expense of the Treasury instead or collecting the transportation charge from the depositor. This policy is still maintained. It is apparent that the conditions surrounding the production of gold and which prompted the establishment of these assay offices have radically changed. At the time the offices at Denver, Helena, and Boise were established, not only was the production chiefly at the hands of individual miners who were obliged to dispose of their gold on the spot, but these localities were distant from a railway and the risks and cost of transportation were a serious handicap to the producers. When. these offices were established, the country was using inconvertible paper as currency, and it was deemed a wise public policy to encourage the production of the precious metals and the exploration and development of the districts an which these metals were known to exist. At the present time, however, our gold produc tion is mainly by well-organized companies and from ores, which are commonly shipped to smelters or reduction works, and the product eventually reacnes the offices of the mint service at some distance from the place of production. A large share of the receipts of these assay offices come to them by express, in many instances costing the shippers practically as. much as would shipment direct to a mint. For example, a producer in Nevada, who ships bullion to the assay office at Salt Lake City^ as a number of them do, might as well sliip it direct to the San Francisco Mint, thus saving the Government the expense of transporting it from the assay office to a mint. In view of these conditions Congress may well consider whether the service now rendered by these offices warrants the expenditure for their maintenance.
GOLD CERTIFICATES AGAINST BULLION.
In the report of this bureau for the fiscal year 1902, the director called attention to the uselessness of coining all the gold bullion and foreign coin received at the mints, and again in the report for 1904 the embarrassment occasioned by the statutory requirement that so
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244 REPORT ON THE FINANCES.
much of the reserve fund must be kept in coin was pointed out. The paragraph in the 1902 report is as follows: It is opportune here to caU attention to the fact that the gold coinage of the country is now entering almost entirely into storage and that the cost of coinage is an unneces sary expense. The Treasury holds now about $500,000,000 of coined gold, which is doubtless more than will be called for in a generation 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 modifications of the statutes, might as well be issued against bars, ' The case is stronger now than then, for the amount of coined gold in the Treasury is more than double the sum held at that time. In the report for 1904 I said: There has never been any continued demand upon the Treasury for gold except for export, and a demand for export is always a demand for bars. The exporters prefer bars because the latter are always of full weight, while all coin that has been in circu lation is to some extent abraded. During the six months from January 1, 1904, to July 1, 1904, the total presentations of United States legal-tender notes for redemption in gold amounted to only $6,591,240, while in the same time the Treasury gave $60,790,511, in gold bars in direct exchange for gold certificates. At times in the last year it has been difficult to meet the demand for bars as fast as it came, and some coin has doubtless been exported which would not have gone if bars had been available. . It is clear that nothing is gained by compelling the mints to work bars up into coin while it is being taken for export because bars can not be had. And it is equally plain that the Treasury would not be weakened by carrying a larger proportion of its reserve in bars. Practically the entire gold production of this continent is going into the vaults of the Treasury. This gold will never be wanted in the form of coin. It will be held as the basis of our monetary system,, but the habits of our people are fixed, and it is certain that they will always prefer paper money for actual use. The only important de mands upon the Treasury for gold have always been for bullion for export. With $1,000,000,000 of coined gold in the^ Treasury it is perfectly safe to permit the issuance of gold certificates against bullion, allowing tne Secretary of the Treasury to determine in his discretion when and how much shall be converted into coin. Such action will result in important economies in the mint service.
DEPOSITS OF GOLD BULLION.
The value of gold bullion contained in original deposits at the mints and assay offices during the fiscal year 1910 was $126,767,967. The redeposits during the year, consisting of bullion transferred from one office to another and bars bearing the stamp of one of the mints or assay offices, amounted to $35,519,671. The value of the gold bullion and uncurrent domestic and foreign coin received, including rede posits, amounted to $165,890,779, which was the total of gpld receipts.
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DIRECTOR OF MINT. 245
REDEPOSITS or GOLD BULLION. The redeposits contained 1,909,182 standard ounces of gold of the value of $35,519,671, fine bars representing 13,050 standard ounces ($242,781), and unparted bars, representing 1,884,257 standard ounces ($35,055,942), as follows:
Unparted bars deposited at Fine bars deposited at
Bars manufactured at Philadel San Fran- Philadel San Fran phia. . Cisco. Denver. phia. NewYork. cisco.
Stand, ozs Stand, ozs. Stand, ozs Stand, ozs. Stand, ozs. Stand, ozs. Philadelphia . .- 51 New Orleans 746 NewYork.. 886,201 545 47 Boise 36,417 6,124 Helena . .. 92,028 13,736 Charlotte 4,751 St. Louis.. 15,199 12,406 Deadwood 32,262 4,855 Carson ... 69,284 Seattle 342,392 331,800 Salt Lake City'. . ' 48,432 Total 1,067,604 411,676 -404,947 12,457 545 47
There were redeposited at the Philadelphia Mint 11,876 standard ounces of gold ^^mint^^ bars, made at the assay offiice at St. Louis, resulting from deposits of uncurrent domestic coin. In addition to the above, there were 9 ounces of gold contained in unparted bars from the Charlotte office deposited at New York, and 20 ounces in unparted bars from the Helena- office deposited at the Helena office.
DEPOSITS OF FOREIGN GOLD BULLION AND COIN.
Foreign gold bullion containing 847,200 standard ounces, of the value of $15,761,852, and foreign gold coin containing 21,781 standard ounces, of the ialue of $405,226, were deposited, and consisted of bullion and coin produced in the following-named countries:
Crude bullion. Refined bullion. Coin.
Source. standard Standard standard 1 ounces. Value, ounces. Value, ounces. Value.
British Columbia 57,207 $1,064,313 7,241 $134,717 North westTerritory 10,561 196,490 Ontario and Quebec 615 11,434 Nova Scotia 5,164 96,078 Mexico 47,949 892,064 501,848 9,336,714 193 $3,592 West Indies 2,719 50,588 Central America.. 88,241 1,641,703 32 595 South America -125,578 2,336,349 17 312 207 3,851 Australia .. 6 109 678 12,614 Africa 35 646 Spain 1,082 20,129 Japan 13,394 249,189 Russia . . 129 2,409 Germany 95 1,775 Turkey... - 67 1,249 England 499 9,277 Other 18 335 5,405 100,545 Total.. 338,093 6,290,109 509,106 9,471,743 21,781 405,225
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246 MI>OBf ON TH.E FINANCES.
DEPOSITS AND PURCHASES OF SILVER. The deposits of silver received at the mints and assay offices during the fiscal year ended June 30, 1910, for return to depositors in fine or unparted bars, with the weight and fineness stamped thereon, aggre gated 2,551,151.24 standard ounces. The United States assay office at New York received the greater part of these deposits. The government of the Philippine Islands deposited at the United States mint, San Francisco, silver coin issued^under the act of March 3, 1903, containing 1,546,284.86 standard ounces, for recoinage into coins of reduced weight and fineness, as authorized by the act of June 23, 1906. The purchases and deposits of silver bullion at the mints and assay offices of the United otates during the fiscal year 1910 were as follows:
standard Items. ounces.
silver purchased 282,485.34 Silver parted from gold deposits and purchased. 2,313,355.55 Uncurrent domestic coin for recoinage 607,354,47 For return in fine bars 2,551,151,24 For Philippine coinage transferred for recoinage 1,546,284.86 Total 7,300,631,46
REDEPOSITS OP SILVER BULLION. The redeposits contained 2,238,505 standard ounces of silver; fine bars representing 103,806 standard ounces; unparted bars represent ing 1,761,113 standard ounces; mint bars representing 373,586 standard ounces as follows:
Unparted bars deposited at Fine bars Mint bars • Made at deposited deposited Philadel San Fran at New at Phila phia, cisco, Denver. York. delphia.
Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Philadelphia ' 88,590 373,586 New Orleans 49 Carson .. 32,416 New York i,48i,i32 15,216 Boise 15,895 2,917 Helena 57,266 ,... 6,304 Charlotte 1 537 St. Louis. . : . 1,378 Deadwood 46,126 5,599 Seattle • 46,239 45,406 Salt Lake City 19,836 Total .... 1,602,383 78,655 80,062 103,806 373,586
Other small unparted contained 12 standard ounces.
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DEPOSITS OF FOREIGN SILVER BULLION AND SILVER COIN. ' Foreign silver bullion containing 1,291,378 standard ounces of the coining value of $1,502,695 and foreign silver coin containing 14,706 standard ounces of the value of $17,113 were received from various countries as follows:
Crude Refined Countries, bullion. bullion. Coin.'
Stand, ozs. Stand, ozs. Stand, ozs. British Columbia 11,357 Northwest Territory : 2,146 Ontario and Quebec 91,692 123,602 Nova Scotia.. 328 Mexico 824,511 124,058 • 39 West Indies 360 Central America .0. 70,440 1,443 South America .. • 36,742 1,485 China 130 Germany ... 8,344 Spain ; : ^ 169 Other, unclassified 8 3,226 Total 1,043,714 247,660 14,706
DEPOSITS OF GOLD AT UNITED STATES MINTS AND ASSAY OFFICES SINCE 1873,
Character of gold deposited.
Fiscal year Surplus bul Total. ended Foreign hon, grains, June 30— Domestic Domestic Foreign coin. jewelers' bullion. coin. bulhon. bars, old plate, etc.
1873 -. $28,868,569, 78 $27,116,948, 27 $426,107. 44 $518,542.14 $774,218. 25 $57,704,385.88 1874 29,736,387.82 6,275,367,29 3,162,519.92 9,313,882. 47 . 654,353. 56 49,142,511. 06 1875 34,266,124, 52 1,714,311. 50 739,439.66 1,111,792.26 724,625. 96 38,556,293. 90 1876 37,590,529.39 417,947,15 1,141,905. 76 2, 111, 083. 80 681,819. 32 41,943,285. 42 1877 43,478,a03. 93 447,339, 68 1,931,163.12 2,093,260.73 837,911. 25 48,787,778. 71 1878 48,075,123.76 301,02L79 2,068,679.05 1,316,461,09 907,932. 20 52,669,217. 89 1879 38,549,705.89 198,083.17 1,069,796.89 1,498,819, 71 937,751.14 42,254,156. 80 1880 35,821,705,40 209,328. 82 21,200,997.23 40,426,559, 63 1,176,505. 77 98,835,096.85 1881 35,815,036,55 440,776. 97 37,771,472., 26 55,462,385,74 1,343,430, 93 130,833,102. 45 1882 31,298,5n. 97 599,356.80 12,783,807.04 20,304,810, 78 1,770,166. 36 66,756,652. 95 1883 32,481,642. 38 374,129. 23 4,727,143. 22 6,906,0.83.80 1,858,107,42 46,347,106. 05 1884 29,079,596.33 263,117.17 6,.023,734. 45 9,095,461, 45 1,864, 769. 26 46,326, 678. 66 1885 31,584, 436. 64 325,210. 97 11,221,846.45 7,893,217.77 1,869,363.26 52,894,075.09 1886 32,456, 493. 64 393,545. 28 4,317,068. 27 5,673,565. 04 2,069,077. 00 44,909, 749. 23 1887.. 32,973,027.41 516,984. 63 22,571,328.70 9,896,512.28 2,265,219.85 68,223.072,87 1888...... 32,406,306,59 492,512. 60 21,741,042.44 14,596,885.03 2,988,750.90 72,225,497.56 1889 31,440,778,93 585,066.87 2,136,516. 66 4,447,475,99 3,526,597.31 42,136,435.76 1890 30,474,900,25 655,474. 96 .2,691,932.29 5,298,773,93 3,542,013.83 42,663,095.26 1891 31,555,116,85 - 583,847.16 4,054,822.86 8,256,303.80 4,035,710.15 48,485,800.82 1892 31,961,546,11 557,967.86 10,935,154.69 14,040,187.70 3,636,603.08 61,131,460. 04 1893 33,286,167.94 792,470.43 2,247,730.78 6,293,296,33 3,830,176.02 46,449,841.50 1894 38,696,951.40 2,093,615.46 15,614,118.19 12,386,406.81 3,118,421,45 71,909,513,31 44,371,949.83 1,188,258.21 14,108,435.74 2,278, 614,07 3,213,809,43 65,161,067,28 1895 53,910,957,02 68,769,383,81 1896 1,670,005.53 6,572,390.14 3,227,409,06 . 3,388,622.06 60,618,239,77 1,015,314.39 9,371,521.03 2,810,248.66 87,003,337,71 1897 69,881,120,57 13.188.013.86 2,936,943.37 147,693,194.83 1898 76,252,487,23 1,187,682.99 26,477,370.06 47,210,077,84 2,964, 683.90 143,497,190, 65 1899 87,458,836,23 I,158,307.57 30,336, 559.47 32,785,152,48 3,517,540.93 133,920,119.59 1900 92,929,695,86 1,389,096.68 22,720,150,22 18,834,495,53 3,959,656.64 153,101,080. 61 1901 94,622,078,39 1,116,179.86 27,189, 659,12 27,906,489,13 4,284, 724.22 132,580,829.88 1902 96,514,298,12 1,488,448.16 18,189,416,90 13,996,162.21 4,247,582. 64 127,004,442.91 1903 87,745,626,63 960,907.95 16,331,058,92 8,950,595.28 4,892,930.88 177,753,384.34 1904 101,618,315,38 2,159,818.57 36,802,224.39 46.152.783.87 5,568,482.95 143,378,969.86 1905 103,838,268.01 3,404,966.63 17,645, 526.82 15,141, 678,08 4,790,558,31 153,109,493.52 1906 114,217,462.44 1,514,291,19 36,317,864,.38 6,648,511, 63 5,731,111,55 176,580,654.53 1907 111,735,877.77 2,754,283,29 36,656,545,85 17,221,251,40 6,231,547,01 207,415,974.95 1908 119,727,439,13 3,989,772.90 71,774,350,81 13,684,426,46 5,341,603,82 145,557,230.21 1909 104,974,558,73 3,432,288.62 16,021,521.02 1,034,377, 62 5,626,330,84 130,371,107.44 I9I0 3,603,139.90 15,761,852.42 405,225, 55 Total. 2,172,313,974,59 77,387,180.50 592,854,774.66 507,607,032.35 113,919,902.08 3,404,082,870.18
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248 REPOET ON THE FINANCES.
DEPOSITS OF SILVER AT UNITED STATES MINTS AND ASSAY OFFICES SINCE 1885.
Character of silver deposited.
Fiscal year ended Surplus bul June 30— Total. Domestic Doraestic . Foreign lion, grains, bullion. coin. bullion. Foreign coin. jewelers' bars, old • plate, etc.
Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. 1885. 24,943,394 678,741 1,627,619 867,856 336,981 28,454,591 1886 25,101,639 216,015 1,145,017 628,545 361,316 27,452,532 1887. • . 29,293,372 5,848.585 1,127,213 271,166 396,656 36,936,992 1888 28,921,649 I,202;177 1,290,390 67,549 485,190 31,966,955 1889.. 29,606,387 394,346 1,063,900 328,276 502,223 31,895,132 1890 29,187,135 466,302 • 1,852,155 951,162 526,270 32,983,024 1891.. 50,667,116 637,652 1,767,908 1,970,912 633,073 55,676,661 1892 56,817,548 5,036,246 1,556,618 349,652 572,661 64,332,725 1893 56,976,082 5,346,912 1,738,711 505,171 582,728 65,149,604 1894. 15,296,815 5,012,060 994,901 422,725 467.958 22,194,459 1895 • 6,809,626 3,015,905 1,362,141 15,291 580,125 11,783,088 1896. 4; 420,770 3,170,768 680,757 150,942 604,386 9,027,623 1897 3,914,985 2,208,953 626,085 101,157 473,755 7,324,935 1898 2,116,690 1,243,050 209,987 6,808 249,468 3,826,003 1899 5,584,912 6,060,986 716,077 19,382 484,751 12,866,108 1900 4,977,978 3,587,992 1,088,019 44,704 557,831 10,256,524 1901. 2,466,749 2,613,570 1,306,149 4,250,196 567,647 11,204,311 1902 1,425,060 2.275,090 1,152,023 29,265 575,430 5,456,868 1903 12,523,630 12,511,911 1,110,463 21,869 627,108 16,794,981 1904 9,991,187 2 2,072,397 1,361,701 34,039,100 652,015 18,116,400 1905 4,923,655 4 1,337,242 1,906,410 6 7,796,761 739,310 16,703,378 1906- 2,398,871 6 960,801 3,165,170 7 1,348,991 632,544 8,506,377 1907 20,388,163 770,269 2,552,003 8 4,963,403 636,722 29,310,560 648,007 29,517,051 1908 16,114,553 786,085 2,963,399 9 9,005,007 520,715 1909 5,375,389 659,935 2,326,847 107,342,229 460,935 16,225,115 1910.. 1,547,145 548,821 1,172,240 1,404,882 5,123,964 Total 451,790,500^ 58,662,811 37,863,903 46,903,001 13,875,805 609,085,961
1 Includes 461,686 fine ounces Hawaiian coin, 2 Includes 148,788 fine ounces Hawaiian coin, 3 Includes 6,901 fine ounces Philippine special assay coins, 4 Includes 3,647 fine ounces Hawaiian coin, 6 Includes 3,456 fine ounces Philippiae special assay coins. 6 Includes 3,895 fine ounces Hawaiian coin. 7 Includes 2,663 fine ounces Philippine special assay coins, 8 Includes 4,680,791 fine ounces Philippine coins. 9 Includes 3,411 fine ounces Philippine assay coins and 8,866,622 fine ounces Philippine coins for recoinage. 10 Includes 5,739 fineounce s Philippine assay coins and 7,314,573 fine ounces Philippine coins for recoinage.
COINAGE OF THE UNITED STATES FOR THE FISCAL YEAR 1910, The domestic coinas:e was as follows:
Description. Value.
Gold 5,069,146 $47,578,875.00 Silver, subsidiary... 17,272,355 4,297,567.25 Nickel 5-cent pieces. 17,055,638 852,781.90' Bronze 1-cent pieces 148,609,529 1,486,095.29 Total 188,006,668 54,215,319.44
Of the subsidiary coinage made during the year $76,836.50 were from uncurrent domestic coin received for recoinage and $4,220,730.75 from silver purchased under the provisions of section 3526, Revised Statutes.
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STANDARD SILVER DOLLARS USED IN SUBSIDIARY SILVER COINAGE. There were purchased as bullion and melted at the mints and assay offices 961 mutilated silver dollars during the fiscal year 1910, which were used in the manufacture of subsidiary silver coin. The following have been used since 1883:
Fiscal years. Amount, Fiscal years. Amount. Fiscal years. Amount. Fiscal years. Amount.
1883 $621 1891 $10,8(50 1899 $1,734 1907 $1,548 1884 1892 42,881 1900 1,341 1908 1 170 1885 1,850 1893 10,500 1901 1,786 1909 1,293 1886 1894 15,055 1902 1,893 1910 961 1887 8,292 1895 18,580 1903 1,777 1888 14,055 1896 ' 2,034 1904 .. 1,304 Total 188,964 1889 31,042 1897 1,898 1905 2,298 1890 11,977 1898.. 1,365 1906 909
RECOINAGE OF UNCURRENT UNITED STATES COIN.
The table following shows the face value of abraded subsidiary coin transferred and purchased for recoinage, the amount of new coin made therefrom, and the loss since 1891:
Fiscal years. Face value. Value of new coin produced. Loss,
1891 . . $910,046,69 $861,680,41 $48,366,28 1892 7,118,602.78 6,937,886,02 180,716, 76 1893 7.618,198.25 7,381,289,58 236,908. 67 1894 7,184,472.17 6,9.24,753,05 259,719.12 1895 4,361,761.36 4,161,820,73 199,940.63 1896 : 4,627,141.46 4,377,258,40 249,883.06 1897..... 3,197,998.50 3,048,861,64 149,136,86 1898 6,109,772.32 5,820,159,16 289,613,16 1899 8,584,304.26 8,098,485,18 . 485,819,08 1900 5,261,070,35 4,950,088,96 310,981,39 1901 3,832,280,69 3,613,021.59 219,259,10 1902 3,333,437. 06 3,141,548.04 191,889,02 1903 3,008,747.98 2,829,890.71 178,857,27 1904 2,828,384,90 2,656,104.21 172,280.69 1905 1,964,476,11 1,839,219.24 125,256,87 1906 1,414,963.90 1,322,834.27 92,129,63 1907 •. 1,142,184.00 1,064,826.39 77,357,61 1908. 1,162,982.06 1,086,691.94 76,290,12 1909 977,321.23 912,300.40 65,020,83 1910 814,361,57 758,695.55 55,666,02
Total 75,452,507,64 71,787,415.47 3,665,092,17
The loss on the recoinage of $3,632,031 in worn and uncurrent gold coins was $28,891.10 and the net loss on the recoinage of $814,361,57 in worn and uncurrent silver coins was $55,663.02. The Treasury was reimbursed $4,747.42 loss on uncurrent gold coin transferred and $55,615.73 loss on uncurrent silver coin transferred for recoinage from the appropriation for that purpose.
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250 ItEPOM ON THE FINANCfig.
COINAGE OF GOLD AND SILVER OF THE UNITED STATES SINCE 1873, BY FISCAL YEARS.
Gold. Silver.
Fiscal years. Fine ounces. Value, Fine ounces Subsidiary consumed. Dollars coined. coined.
1873 1,705,187 $35,249,337,00 2,179,833 $977,150 $1,968,645,50 1874 2,440,165 50,442,690,00 4,558,526 3,588,900 2,394,701,39 1875 1,623,173 33,553,965,00 7,650,005 5,697,500 4,372,868,00 1876 . 1.846,907 38,178,963,00 14,228,851 6,132,050 12,994,452,50 1877 2,132,283 44,078.199,00 21,239,880 9,162,900 19,387,035,00 1878 2,554,151 52,798,980,00 21,623,-702 19,951,510 8,339,315,50 1879 1,982,742. 40,986,912,00 21,059,046 27,227,500 382 50 1880 2,716,630 56,157,735,00 21,611,294 27,933,750 8,687,50 1881 3,808,751 78,733,804.00 21,383,920 27,637,955 12,011,75 1882 4,325,375 89,413,447.00 21,488,148 27,772,075 11,313.75 1883 1,738,449 35,936,928.00 22,266,171 28,111,119 724,351.15 1884 • 1,351,250 27,932,824.00 22,220,702 28,099,930 673 457 80 1885 1,202,657 24,861,123.00 22,296,827 28,528,552 320,407.65 1886 1,648,493 34,077,380.00 23,211,226 29,838,905 183,442.95 1887 1,083,275 22,393,279.00 26,525,276 33,266,831 1,099,652,75 1888 1,372,117 28,364,171.00 26,331,176 32,718,673 1,417,422,25 1889 1,235,687 25,543,910,00 26,659,493 33,793,860 721,686,40 1890 . . 1,065,302 22,021,748.00 28,430,092 35,923,816 892,020,70 1891 1,169,330 24,172,203.00 29,498,927 36,232,802 2,039,218,35 1892 1,717,650 35,506,987.00 11,259,863 8,329,467 6,659,811.60 1893 1,453,095 30,038,140.00 9,353,787 5,343,715 7,217,220,90 1894 4,812,099 99,474,913.00 4,358,299 758 6,024,140,30 1895....: 2,125,282 43,933,475.00 6,810,196 3,956,011 5,113,469,60 8,651,384 1896 • 2,848,247 58,878,490.00 7,500,822 3,939,819,20 1897 3,465,909 71,646,705.00 18,659,623 21,203,701 12,426,024 3,124,085, 65 1898.... 3,126,712 64,634,865.00 10,002,780 6,482,804,00 108,177,180.00 20,966,979 1899 5,233,071 23,464,817 18,254,709 9,466,877, 65 1900 5,221,458 107,937,110.00 26,726,641 18,294,984 12,876,849 15 1901 4,792,304 99,065,715,00 22,756,781' 24,298,850 10,966,648,50 1902 2,998,313 61,980,572.00 19,705,162 19,402,800 10,713,569,45 1903 2,211,791 45,721,773.00 13,396,894 17,972,785 8,023,751.25 1904 10,091,929 208,618,042.00 6,600,068 10,101,650 7,719,231,00 1905 3,809,211 79,983,692.00 2,905,340 310 9,123,660, 60 1906 2,563,976 . 53,002,097.50 9,385,454 4,016,368,10 1907 4.279,701 79,622,337.50 11,957,734 12,974,534,25 1908 • .... 9,541,406 197,238,377.50 8,024,984 16,530,477,25 1909 5,233,212 108,180,092,50 3,108,753 11,093,810,00 1910 2,301,028 47,578,875,00 4,297,567,25 Total 114,888,918 2,300,117,697,00 624,981,878 607,259,120 213,925,709,09
PHILIPPINE COINAGE. * The following coinage was executed during the fiscai year 1910 at the United States mint, San Francisco, for the Philippine government:
Denominations. Pieces. Fine ounces.
Silver: - Pesos 5,276,559 2,714,261,95 50 centavo 36,000 8,680.50 20centavo ' . . 450,000 43,402.50 10 centavo 312,199 15,055,79 Bronze: I centavo 1,500,000 Total 7,574,758 2,781.400.74
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DlMCTOR Oi^ MINT. 251 The total silver coinage to June 30, 1910, from coins received from the Philippine Islands for recoinage and from bullion purchased for such coinage was as follows:
Coined from new bul Coined from Philippine lion, acts of Mar, 2, coins received for recoin Total. 1903, and June 23,1906. age, act of June 23, 1906. Denomination.
Pieces. Fine ounces. Pieces. Fine ounces. Pieces. Fine ounces.
Pesos 93,445 ^ 48,068,11 41,402,559 21,297,476.35 41,496,004 21,345,544.46 50 centavo 3,342,126 805,870,13 2,100,000 506,362.50 5,442,126 1,312,232.63 20 centavo : 3,666,152 353,600.36 2,735,000 263,790.75 6,401,152 617,391,11 10 centavo 6,077,392 293,082.21 4,030,000 19^,346. 75. 10,107,392 487,'428,96
Total 13,179,115 1,500,620.81 50,267,559 122,261,976.35 63,446,674 23,762,597,16
1 Included in this amount is 11,237,93 fine ounces of coins reserved for assay. (The balance of silver now on hand to the credit of the Philippine government is 0,27 of an ounce, fine.) Under the act of Congress approved June 23, 1906, and the act of the Philippine Commission dated December 6, 1906, providing for the recoinage of Philippine silver coins issued under the act of March 2,1903, into coins of a reduced weight and fineness, there were received at the mint, San Francisco, and melted for recoinage up to June 30, 1910, thefollowing:
Denomination. Pieces, Fine ounces.
Pesos 24,093,573 18,787,537,62 50 centavo 5,331,400 2,076,145.12 20 centavo 5,440,500 844,564, 23 10 centavo 6,890,000 534,328, 47 Mixed Philippine coins... 425 149,85 Mixed foreign coins ... 8,013,40 Assay coins and transfers. 11,237. 93
Total 22,261,976,62
Of the coins manufactured for the Philippine government under the act of March 2, 1903, there were remaining in the Philippine Islands, June 30, 1910, the following coins:
Denomination. Pieces. Value in pesos.
Pesos . 2,930,785 2,930,785.00 50 centavo : 797,118 398,559,00 20 centavo '.. 2,557,268 511,453,60 10 centavo 4,467,557 446,755. 70
Total.: 10,752,728 4,287,553.30
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252 BEPORT OTsr THE FINANCES. The total coinage, including recoinage, made for the Philippine government under authority of the acts of March 2, 1903, and June 23, 1906, was as follows:
Made at United Made at United Denomination. States mint, states mint, Total. Philadelphia. San Francisco,
Silver: . Pieces. Pieces. Pieces. Pesos 2,806,859 65,713,503 68,520,362r 50 centavo 4,317,644 7,253,000 11,570,644 20 centavo 6,618,840 7,780, OSO 14,398,920 10 centavo .... 6,618,839 14,840,110 21,464,949 Nickel: 5 centavo .. . ' . 10,000,384 10,000,384 Bronze: 1 centavo J 37,845,784 1 5,424,612 43,270,396 § centavo 17,753,384 17,753,384 Total 85,961,734 101,017,305 186,979,039
1 3,924,612, recoinage of ^-centavo pieces.
WORK OF THE GOVERNMENT; REFINERIES. Bullion was operated upon by the refineries connected with the coinage mints during the fiscal year 1910, as shown bythe following table:
Bullion owned by the Gov ernment retained by the Bullion upon which charges refinery for parting pur Total. for parting were collected. poses on which no charges Mints, for parting were imposed.
Gold. Silver. Gold. SUver. Gold. Silver.
Standard ozs. Standard ozs. Standard ozs. Standardozs. Standard ozs. Standard ozs. Philadelphia 1,148,220.415 2,647,553,49 225,189,179 663,930,57 1,373,409,594 3,311,484.06 San Francisco 1,080,641,467 1,708,541,47 969,366,810 329,750, 49 2,050,008,277 2,038,291.96 New Orleans 30,056,474 17,148,88 1,446,516 56,080,14 31,502,990 73,229.02 Denver 1,119,557,772 412,028,81 292,417.817 1,060,335,75 1,411,975,589 1,472,364. 56 Total ounces. 3,378,476,128 4,785,272,^65 1,488,420.322 2,110,096,95 4,866,896.450 6,895,369.60 Total value.. $62,855,369,82 $5,568,317.25 $27,691,540,87 $2,455,385,54 $90,546,910.69 $8,023,702.79
PURCHASE OF SILVER. The table following shows the amount and cost of silver bullion purchased for subsidiary silver coinage during the fiscal year 1910:
Standard stock of silver bullion. ounces. Cost,
. Purchased under section 3526, Revised Statutes, at mint 282,485,34 $129,556. 57 Partings, charges, and fractions purchased 2,302,409,79 1,134,625.02 Melted assay coins purchased 2,486,63 1,438.11 Mutilated coins purchased 2,112,75 974.85 Surplus bullion purchased 6,346,38 3,054.55 Total 2,595,840,89 1,269,649,10
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DIRECTOR OF MINT. 253
BALANCES OF SILVER BULLION.
The balances of silver bullion on hand June 30, 1910, at the mints and assay offices of the United States for the coinage of subsidiary silver coins, and also for the coinage for the Philippine government, were as follows:
Standard Items. ounces. Cost.
For subsidiary silver coinage 5,725,679,35 $3,642,047,98 Silver bullion for Philippine government ,30 ,27 Total 5,725,679,65 3,642,048,25
COURSE OF SILVER.
During the 12 months ended June 30, 1910, the fluctuations in the price of silver in the London market were greater than for the fiscal year ended June 30, 1909. The price ran^ :ed from 23^^ pence to 24^ pence per ounce for silver 0.925 fine (I ritish standard), equiv- alent in money of the United States at the former rate to $0.50555 and at the last-named rate to $0.54665 per ounce 1,000 fine; a varia tion of $0.04110 per ounce. The average London price for the year was 23-^ j)ence, equivalent to $0.52481 per ounce fine. The com- ' mercial ratio of silver to gold at the average price for the year was 1 to 39.39. The bullion value of the standard silver dollar was $0.40590. The monthly fiuctuations in the price of silver for the 12 months ended June 30, 1910, are shown in the following table:
HIGHEST, LOWEST, AND AVERAGE PRICE OF SILVER BULLION AND VALUE OF A FINE OUNCE EACH MONTH DURING THE FISCAL YEAR ^1910.
Equivalent Average Equivalent Average value of a Average price per value of a monthly fine ounce monthly ounce, fine ounce price at based on New York Months. Highest. Lowest, British with ex New York average price of standard, change at of exchange monthly fine bar . price and silver. 0,925 fine. Ipar, $4.8665. on London, [average rate of exchange
1909. Pence. Pence. PenA^e. July 22,1 231 23,5120 $0,51541 $4,8752 $0.51633 $0,51668 August 24 23A 23,5875 .51706 4.8672 .51711 ,51745 September... 231 , 23| 23,7476 .52057 4.8626 .52016 .52067 October 23^ 23^3^ 23,5024 .51520 4.8609 .51501 ,51591 November... 23-C , 23i , 23,3509 .51187 4,8734 .51266 ,51317 December 24A 23A 24,0384 .52694 4.8772 .52811 .52908 1910. January. 24i 24 24.1500 .52939 4.8662 .52936 .53080 February. 24J , 23AI 23,7838 .52136 4.8636 .52105 .52229 March 24^ 23A 23,6850 .51920 4,8676 .51973 .52105 April 24H 24 24,4831 .53669 4,8777 .53797 .53894 May 24H 241 24.8004 ,54365 4.8718 .54424 .54524 June 24f 24^ 24.6514 ,54038 4.8662 .54035 ,54182 Average. 23,9410 ,52481 ,52517 ,52609
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254 REPORT ON THE FINANCES.
EARNINGS AND EXPENDITURES, MINTS AND ASSAY OFFICES. The earnings and gains and expenditures and loss for the fiscal year 1910 were as follows: Earnings and gains: Charges for parting and refining $242,249.91 Charges for alloy 14,812,62 Charges for assaying and stamping : 23,135,89 Seigniorage on minor coinage. 1,914,747.88 Seigniorage on subsidiary coinage 2,468,685,09 Seigniorage on recoinage of minor coins 2,498,35 Profits on medals and proof coins 3,069,99 Charges received for mounting, etc, medal fund account 249,63 Charges for the manufacture oi medals, etc 1,979,79 Deposit melting-room grains and sweepings 26,006.88 Surplus bullion recovered by operative officers 40,797,53 Gain on bullion shipped to mint for coinage 4,584,98 Proceeds of sale of old material 3,112,49 Receipts from special assays of bullion and ore i 3,434,22 Receipts for raanufacturing appliances for Government and other institutions 14,142,48 Charges received for coinage for Philippine government 60,836.81 Gain on light-weight United States gold coin for recoinage 220.26 Bullion recovered from cleaning refinery pipes , 1,088.45 Charges for treatment of deposit melting-room sweeps 807,88 Receipts from sale of by-products 41,836.82. Charges for manufacture of proof gold and silver 98,00 Amount received' in excess of assay value of melting and refining sweeps sold 457,82 Amount recovered on account of embezzlement 818,77 Total earnings and gains 4,869,672.54 Expenditures and loss: Salaries of oflBcers and clerks 225,827.67 Wages of workmen and other clerks and employees 788,886.19 Contingent expenses, less amount paid to reimburse wastage and loss on sweeps sold 161,031.44 Parting and refining expenses, less amount paid to reimburse wastage and loss on sweeps sold 240,936,08 Wastage of operative departments 7,273.57 Loss on sweeps sold during the year '... 4,912.75 Expenses of distributing minor coin 20,249,43 Expenses of medal fund (charges paid, mounting, etc) ." 249.63 Loss on recoinage of minor coins 14,028,54 Loss on bullion shipped to mint for coinage 76,09 Total expenditures and loss .1,463,471.39
APPROPRIATIONS.
The total appropriations for salaries, wages, and contingent ex penses for the entire mint service, including $100,000 for freight on bullion and coin between mints and assay offices, and $36,770 for salaries and contingent expenses. Office of the Director of the Mint, for the fiscal year 1910 amounted to $1,497,370. There is also a balance in the Treasury to the credit of the appropriation for ^^New machinery and appliances, mint at Philadelpnia,'' of $2,316.94,'and to the credit of the appropriation for ^'New machinery and appli ances, mint at Denver, of $343.01. The total expenditures during the year from these appropriations amounted to $1,268,955.67, leaving a balance of $231,074.28.
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DIRECTOK OF MINT. 255
APPROPRIATIONS AND EXPENDITURES, FISCAL YEAR 1910. APPROPRIATIONS AND REIMBURSEMENTS,!
Wages of Contingent Institlitions. Salaries, workmen. expenses. Total,
Philadelphia $43,550,00 $400,000,00 $85,000,00 $528,550.00 Reimbursements.. 14,068,05 2,802.65 16,870.70 San Francisco "'41," 166,'66' 165,000,00 45,000.00 251,100.00 Reimbursements.. 40,557,54 20,279.27 60,836.81 Denver 39,500,00 150,000,00 45,000.00 234,500,00 Reimbursements.. 79,57 . 77.88 157,45 New Orleans 27,300,00 62,800,00 30,000.00 ' 120,100,00 New York 41,250,00 35,000,00 12,500.00 88,750.00 Carson 6,000,00 5,250,00 2,600.00 13,850,00 Deficiency 1,000,00 1,000.00 2,000,00 Helena 5,450,00 14,500,00 4,000,00 23,950,00 Boise 3,400,00 8,300,00 3,750,00 15,450,00 • Reimbursement... 1,55 1.55 Deadwood 3,200.00 4,000,00 1,200.00 8,400.00 Seattle 9,750.00 32,000,00 • 8,000.00 49,750.00 Salt Lake City r, 100.00 4,600,00 5,000,00 16,700,00 St, Louis 3,000,00 1,000.00 750,00 4,750,00 Charlotte 2,750,00 1,080,00 920.00 4,750,00 Total., 233,350,00 939,235,16 267,881.35 1,440,466,51
EXPENDITURES,
Wages of Contingent, Parting and Institutions. Salaries, workmen. expenses. refining. Total.
Philadelphia $43,550,00 $385,569,75 $59,283,52 $70,440,31 $558,843,58 San Francisco. '. -... 40,824.46 194,679,91 49,801,69 79,295,16 364,601,22 Denver 37,958,06 90,719,69 23,100,10 30,101,49 181,879,40 New Orleans 27,300,00 21,270,80 7,658,88 2,628,72 58,858,40 New York 36,918.75 31,180,16 7,832,97 63,388,29 139,320,17 Carson 6,000.00 5,598,00 3,352,35 • 14,950.35 Helena 5,450,00 13,267,50 3,124,24 21,841.74 Boise. 3,400,00 • 8,150,00 2,272,20 13 822 20 Deadwood 3,200,00 3,865,00 564.17 7,629.17 Seattle 8,993,06 28,314,16 5,191.29 42,498,51 Salt Lake City 7,100,00 4,434.00 3,537.12 15,071,12 St. Louis 2,383,34 997.22 361.76 3,742.32 Charlotte 2,750,00 840.00 622.04 4,212.04 Total 225,827,67 788,886,19 . 166,702.39 245,853,97 1,427,270 ^^22
1 The reimbursements consist of payments made for coinage for other countries or for services rendered to other branches of the Government service.
EARNINGS AND EXPENDITURES OP THE REFINERIES OF THE COINAGE MINTS AND ASSAY OFFICE AT NEW YORK, FISCAL YEAR 1910. The earnings on account of parting and refining bullion during the fiscal year ended June 30, 1910, all of which were deposited in the Treasury, amounted to $323,590.57; the expenditures on the same account aggregated $245,853.97; and the net earnings over expendi tures $77,736.60. The earnings and expenditures of the several mints and the assay office at New York were as follows:
Receipts Charges Surplus Total Expendi Institutions. bullion. sale by collected. products. receipts. tures.
Philadelphia $83,233.18 $24,658,85 $41,836,82 $149,728.85 $70,440,31 San Francisco 67,654.12 1,300,30 68,954.42 79,295,16 New Orleans 3,760,18. 4,278.93 8,039.11 2,628,72 Denver 58,175,16 6,186.15 64,361,31 30,101,49 New York : 29,427,27 3,079,61 32,506,88 63 388 29 Total 242, 249.91 39,503.84 • 41,836.82 323,590,57 245,853,97
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256 REPORT ON THE FINANCES.
APPROPRIATIONS AND EXPENDITURES, OFFICE OF DIRECTOR OF THE MINT, INCLUDING FREIGHT ON BULLION AND COIN BETWEEN MINTS AND ASSAY OFFICES,
Appropriations. Expendi Unexpend tures. ed balance.
Salaries. $30,120 $27,852.50 $2,267.50 Contingent expenses 6,650 3,290.79 3,359.21 Freight on bullion and coin 100,000.00 46,385,68 53,614.32 Total , 136,770,00 77,528,97 59,241,03
CONSOLIDATED STATEMENT OF EXPENDITURES FOR SALARIES, WAGES, AND SUPPLIES OF THE MINTS AND ASSAY OFFICES DURING THE FISCAL YEAR 1910,
Ordinary Items of expenditure. Refinery expenses. expenses.
Acids $5,900.94 $15,684. 41 $21,585.35 Adjusting weights and repairing balances— 218.20 36.00 254. 20 Advertisements 145,62 1.80 147, 42 Balances and weights 618,90 618, 90 Barrels and lard tierces 100, 40 430.80 531,20 Binding of records " 129. 85 129. 85 Carpets, furniture, and fixtures 789.12 7,20 . 796.32 Charcoal and coke 689. 73 645.04 1,334.77 Chemical apparatus , 1, .393. 44 1,132.28 2,525. 72 Chemicals not otherwise specified 1,225.72 819. 59 2,'045. 31 Coal 15,216.51 2, .541,81 17,758. 32 Copper 14,043,72 2.25 14,045.97 Crucibles, covers, stirrers, and dippers 3,943,29 7,176, 33 11,119,62 Drayage 1,549,20 45,26 1,594, 46 Dry goods.-• 3,522,40 1,907,98 5,430,38 Electric light and supplies 6,490. 63 1,138. 20 7,628,83 Electric power 8,176,91 8,958,00 17,134. 91 Electrical vault protection and burglar alarm 526,88 526. 88 Ensigns 82.35 82.35 Express and'freight 1,858.29 26,26 1,884,55 Fire brick 578.12 297, 92 876,04 Fluxes 874,15 2,692. 45 3,566,60 Furnaces and repairs 1,843.84 596.38 2,440.22 Gas 10,141.70 3,865. 34 14,007,04 Gloves, gauntlets, mitts, etc 4,210. 40 2,162.12 6,372.52 Hardware 1,821.44 288. 66 2,110.10 Ice .;. 1,660.11 212. 88 1,872.99 Iron and steel 1,680,33 53.35 1,7.33.68 Labor (temporary) 842.01 133,12 975.13 Laundry 889. 21 889. 21 Lead: Bar, sheet, and pipe 536.05 1,019.70 1,555.75 Loss on sale of sweeps 1,906. 73 3,326.05 5,232.78 Lumber 1,348.25 626.01 1,974.26 Machinery and appliances 26,885.18 28,284.35 55,169.53 Metal work and castings 3,688.29 183. 53 3,871,82 Naphtha 8,999. 59 2,330,96 11,330,55 Oils: Coal Fuel : 6,581.12 i9.76 7,450,88 Lubricating Rent of-buildings 3,900.00 3,900,00 Repairs (machinery, etc.) 1,264.53 2,901,55 4,166,08 Sewing 998. 05 114.00 1,112.05 Stationery .' 1,155,01 . 47,70 1,202.71 Steam, supply of 375,28 1,632:66 2,007.94 Sundries 4,898.72 1,500.17 6,398,89 Telegraphing 119,34 ,50 119, 84 Telephone -. -. 2,200.18 2,200,18 Tools : : 758. 46 21,52 779,98 Traveling expenses 1,370,43 31.15 1,401,58 Water: Sprinkhng, heating, and irrigating... 3,408,54 638.80 4,047,34 Wood 37,90 37,90 Zinc 150, 70 653,96 804,66 Wastage of operative officers 3,893,50 1,782,59 5,676,09 Cleaning supplies 1,063,13 1,091,59 Total 166,702.39 96,848.85 263,551,24 Salaries 225,827,67 225,827,67 Wages of workmen 788,886,19 'i49,'665.'i2' 937,891.31 Total 1,181,416,25 245,853. 97 1,427,270,22
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DIRECTOR OF MINT. 257
LABORATORY OF THE BUREAU OF THE MINT. From the coinage of the calendar year 1909 the assayer of this bureau tested 359 gold and 466 silver coins, all of which, with one exception, were found within the legal requirements as to weight and fineness. In the gold coins the greatest deviation above standard (the legal limit being 0.001 above or below) was 0.0003, while the greatest deviation below was 0.0011. The greatest deviation of silver coins above standard (the limit being 0.003 above or below) was 0.0013, while the greatest deviation below was 0.0018. The following table summarizes these assays:
Philadelphia, San Francisco, New Orleans. Denver. Total. Fineness. Gold. Silver, Gold, Silver, Gold. .Silver. Gold. SUver, Gold. SUver.
898,2 1 I 898,4 , 1 I 898,5 3 3 898,7 6 6 898,9. 19 1 I 19 899,0 1 I 899,1 : 23 4 1 2 4 26 899,2 10 • 10 899,3 1 48 8 6 1 1 3 10 58 899,4 12 12 899.5 • 16 2 18 899.6 5 41 22 5 4 12 39 50 899.7. 13 26 12 51 899,8 15 2i" 26. 10 1 8 15 3" 57 42 899.9. 36 10 1 16 63 900,0 31 12* 12 ' 9" 3 5" 12 7 •58 33 900.1. 15 3 1 6 25 900.2 3 7 i7" 2" 2 3" 5 29 900.3 3 2 5 900.4 4 7 1 6 18 900,7 7 2 11 900,9 4 2 I 901.1 : 1 • I 901.3 1 I Total 122 185 151 66 6 25 80 24 359 300
Average fineness 899,917 899,423 899.623 900.056 899,966 899,900 899,837 900.070 899.777 899.668
In addition to the above there were examined 146 Philippine silver coins and 6 Costa Rican silver coins, all of which were within the legal requirements as to weight and fineness. Also 96 assays of miscellane ous gold were made in settlement of differences between the mints and the assay offices. An extensive investigation was made into the question of the possibility of standard gold made from electrolytic gold segregating during the coinage operations, and investigations into the manufac ture of cupels in the service and the determination of minute amounts of gold in refinery silver and coins were inaugurated.
PROCEEDINGS OF THE ASSAY COMMISSION, 1910. The following-named gentlemen were designated as commissioners to test and examine the weight and fineness' of the coins reserved at .the several mints during the calendar year 1909, pursuant to the provisions of section 3547 of the Revised Statutes: Hon. Julius C. Burrows, United States Senate; Hon. Carroll S. Page, United States Senate; Hon. William B. McKinley, House of
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258 REPORT ON THE FINANCES.
Representatives; Hon. William A. Ashbrook, House of Representa tives; Dr. Edgar F. Smith, Philadelphia, Pa.; Dr. Edward H. Keiser, St. Louis, Mo.; Dr.. Charles R. Sanger, Cambridge, Mass.; Hon. David Cunningham, Cadiz, Ohio; Mr. Archer M. Huntington, New York, N. Y.; Mr. Edgar T. Leche, New Orleans, La.; Mr. Fred More, Charleston, 111.; Mr. Luther Drake, Omaha, Nebr.; Hon. D. A. McPherson, Deadwood, S. Dak.; Mr. James H. Manning, Albany, N. Y.; Dr. Edward D. Peters, Cambridge, Mass.; Dr. O. L. Shinn, Philadelphia, Pa.; Hon. Lawrence O. Murray, Washington, D. C; Hon. John B. McPherson, Philadelphia, Pa.; Mr. H. G. Torrey, NewYork, N.Y. The commission met at the mint at Philadelphia on February 9, 1910, and Hon. Carroll S. Page was elected chairman. The following committees were appointed by the chairman with the approval pf the commission: Committee on counting.—Mr. Drake, chairman; Messrs. More and Cunningham. Committee on weighing.—Mr. Ashbrook, chairman; Messrs. Torrey, Manning, and McPherson. Committee on assaying.—Mr. McKinley, chairman; Messrs. Peters, Keiser, Shinn, and Leche. The committee on counting reported that the packages containing the pieces reserved by the several mints for the trial of coins were delivered to them, and that they were compared with the transcripts kept by the Director of the Mint and found to be correct. After verification the coins were delivered to the committees on weighing and assaying. The coins reserved by the mints for the purposes of the assay com mission were as follows: Gold coins from the mint at Philadelphia, 1,437, of the value of $9,545. Silver coins from the mint at Philadelphia, 10,950, of the value of $2,265.90.^ Gold coins from the mint at San Francisco, 3,368, of the value of $59,940. Silver coins from the mint at San Francisco, 2,056, of the value of $659.50. ^ - Gold coins from the mint at New Orleans, 35, of the value of $175. Silver coins from the mint at New Orleans, 1,964, of the value of $435. . ^ Gold coins from the mint at Denver, 3,600, of the value of $19,410. Silver coins from the mint at Denver, 3,034, of the value of $686.95. The coins reserved on account of coinage executed for the Philippine Islands were as follows; Mint at San Francisco: Pesos , 3,789 50 centavo 264 20 centavo 225 10 centavo .'' : 157 The committee on assaying reported receiving and making assays of coins reserved from the mints at Philadelphia, San Francisco, New Orleans, and Denver, representing the deliveries made by the coiners to the superintendents during the calendar year 1909,
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DIRECTOR OF MINT. 259
The highest assay value of the gold coinage (the limit of tolerance being one one-thousandth) was at— Philadelphia 900,3 San Francisco 900.3 Denver '. 900.1 New Orleans 899,9 The lowest assay value of the gold coinage (the liinit of tolerance being one one-thousandth) was at— PhUadelphia 899,8 . San Francisco • 899,8 Denver ^... 899,8 New Orleans : 899.9 The highest assay value of the silver coinage (the limit of tolerance being three one-thousandths) was at— Philadelphia 900,7 San Francisco 900,7 Denver.I 901,3 New Orleans : 901.1 ' ' The lowest assay value of the silver coinage (the limit of tolerance being three one-thousandths) was at— Philadelphia •. : 898.4 San Francisco : 899.5 Denver 900.2 New Orleans 898.9 The highest assay value ^ of the Philippine silver coinage was at— San Francisco (pesos) 801,6 San Francisco (subsidiary) t 749.4 The lowest assay value of the Philippine silver coinage was at— San Francisco (pesos) 799.4 San Francisco (subsidiary) 749.4 The committee also tested the quartation silver and found it free from gold, and the lead used in the assay of the gold bullion and found it free from gold and silver. The acid used in the humid assay of silver was found to be free from silver and also from chlorine. The balances used were tested and found to be correct.
MINT OF THE UNITED STATES AT PHILADELPHIA.
The following table shows by weight and value the gold and silver deposited during the fiscal year 1910:
Rede Standard Metals, Deposits, posits, ounces. Coinage values.
Gold 3,203 1,894 1,295,106,556 $24,095,005,64 Silver. ; 694 82 2,715,651.23 3,160,030,52 Total ' 3,897 1,976 27,255,036,16
1 By the act of June 23, 1906, the standard fineness of the Philippine peso was reduced to 800 and the subsidiary coins to 750 fine.
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260 REPORT ON THE FINANCES.
Of the above amount of gold bulhon, 1,325.413 ounces standard are the surplus bulhon recovered by the melter and refiner in his opera tions during thefisoal year 1910, and 66.876 ounces standard are the surplus bullion recovered by the coiner during the fiscal year 1910. ' The following table shows the number of proof coins and medals and their nominal value manufactured during the fiscal year:
Nominal Articles. Pieces. value.
Goldmedails 14.9 $5,512.57 Silver medals 491 622.91 Bronze medals... 18,848 3,734.56 Gold-proof coins- 665 5,336.25. SUver-proof coins 1,866 528,70 Minor-proof coins 8,550 256,50 Total 30,569 16,291,49
MINOR COINAGE,
The coinage of minor coin during thefiscalyear 1910 atthe Phila delphia mint is shown in the following table":
Denominations. Value.
I-cent bronze , :.. $1,442,415.29 5-cent nickel *. 852,781.90
No blanks for minor coinage were purchased during the year. The amount of metal purchased for the manufacture of minor coinage was 988,121 avoirdupois pounds, at a cost of $145,299.46. The amount of uncurrent copper, nickel, and bronze coins trans ferred from the Treasury during the year for conversion into current coins, cost, and seigniorage are shown by the following table:
Old copper cents $110.86 Nickel 1-cent coins 533.16 Bronze 1-cent coins : • 33,998.57 Bronze 2-cent coins V 166.40 Nickel 3-cent coins 433.41 Nickel 5-cent coins 189,810.60 Total : 225,053.00 Balance from last year 29,885.00 Cost of nickel added to 1-cent metal to convert Into 5-cent alloy for recoinage into nickel 5-cent coin - 14.36 Cost of tin and zinc added to old copper-cent metal to convert into bronze 1-cent alloy for recoin age into bronze 1-cent coin 1.93 Cost of metal of same alloy added to nickel 3-cent metal for recoinage into nickel 5-cent coin... 5.21 Seigniorage (gain by recoinage) 2,498.35 Total '. 257,457.85 Coinage executed, nominal value: . Bronze 1-cent coin •. $33,236,81 Nickel 5-cent coin. 210,192.50 • 243,429.31 Loss by recoinage ..'. 14,028,54 Total , 257,457,85
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DIRECTOR OF MINT. 261
The seigniorage or gain on recoinage of minor coin was $2,498.35, as against a loss of $14,028.54, showing a net loss of $11,530.19. The seigniorage on the coinage of nickel and bronze coins coined from purchased metal was $1,875,505.38, which, less a net loss of $11,530.19 on the recoinage of mmor coin and a wastage of the opera tive officers in the minor coinage operations of $1,597„48, gives a net seigniorage on minor coin of $1,862,377.71. The total amount of the several types of minor coin manufactured at this mint from 1793, when the first coinage of copper cents was made, until June 30, 1910, aggregated $56,114,471.71. There have been melted for recoinage $5,228,912.44, leaving oustanding June 30, 1910, $50,885,559.27, the product of this mmt. The several types and denominations of minor coin issued, manu factured by the mint at Philadelphia since its establishment, the amount remelted, and the amount outstanding June 30, 1910, are set forth in the following table:
MINOR'COINS ISSUED, REMELTED, AND OUTSTANDING.
Outstanding Denominations, Coined, Remelted, June 30; 1910.
Copper cents $1,562,887,44 $380,653.31 $1,182,234.13 Copper half cents... 39,926.11 39,926,II Copper-nickel cents. 2,007,720,00 803,368.71 1,204,351,29 Bronze cents... 18 537,095,29 382,456,73 18,154,638,56 Bronze 2-cent pieces 912,020,00 339,834.22 572,185,78 Nickel 3-cent pieces. 905,768.52 283,102.27 622,666,25 Nickel 5-cent pieces. 32,149,054.35 3,039,497.20 29,109,557,15 Total 56,114 471.71 5,228,912.44 50,885,550,27
. Minor coins to the amount of $2,758,799.03 have been distributed throughout the States and Territories of the United States during the fiscal year 1910—$1,215,830.45 in nickel 5-cent pieces and $1,542,968.58 in bronze 1-cent pieces. The expenditure for the distribution of minor coin for the same period was $20,189.92. ALL SEIGNIORAGE.
The seigniorage on the coinage of purchased metal for the fiscal year was $3,575,885.92, as shown by the following table:
Items. Coined. Seigniorage.
Subsidiary silver coins.. $2,911,667.25 $1,700,380,54 Minor coins - - 2,051,767,88 1,875,505.38 Total 4,963,435,13 3,575,885,92
VISITORS, A large number of visitors from all States of the Union and from foreign countries visited the mint during the year, 86,177 having been shown through the building by the several guides.
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262 REPORT ON THE FINANCES.
NUMBER OF EMPLOYEES, The total numberof employees in this mint at the closeof the fiscal year was 360, distributed in the several departments as follpws: Department: General 183 Assayer's 13 Melter's and refiner's ". 61 Coiner's -^ , 94 Engraver's 9 Total 360
MELTER AND REFINER'S DEPARTMENT. During the fiscal year the melter and refiner received from the superintendent gold bullion containing by assay 1,839,490.674 stand ard ounces, of the value of $34,223,082.31, his legal allowance for wastage being 1,839.491 standard ounces, of the value of $34,223.09. He also received silver bullion containing by assay 6,825,648.72 standard ounces, of the value of $7,942,573.06, his legal aUowance for wastage being 10,238.47 standard ounces, of the value of $11,913.85. He returned to the superintendent 1,840,816.087 standard ounces of gold and 6,822,418.53 standard ounces of silver. He operated upon bullion as follows:
Items, . Gold, SUver.
Standard ozs. Standard ozs. Ingots 156,328,090 3,840,018.82 Refinery . . - 1,373,409,594 3,311,484.06 Total . . . 1,529,737,684 7,151,502.88 .. The excess of silver operated upon over the amount charged during the year is due to duplicate operations. Upon the settlement of the melter and refiner^s accounts June 30, 1910, there was found an apparent gain upon the gold bullion during the fiscal year of 1,325.413 standard ounces, and in the operations upon the silver bullion an apparent loss of 3,230.19 standard ounces. The melts made aggregate as follows:
Melts. Bars. Ingots. Anodes. Deposits. Special. Total.
Gold 238 26 995 3,240 254 4,753 Silver 1,023 966 579 2,568 Total... 1,261 . 992 995 3,819 254 7,321
During the fiscal year one silver melt was condemned.
NUMBER, WEIGHT, AND VALUE OF GOLD AND SILVER BARS FOR INDUSTRIAL USE.
Standard Metal. Bars. ounces. Coinage value.
Gold 5,115 466,761.327 $8,683,931, 70 Silver 8,501 1,819,513,87 2,117,252. 50 Total. 13,616 2,286,275.197 10,801,184,20
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DIRECTOR OF MINT. 263
During the year 145 barrels of sweeps were gathered, containing by assay 865.449 standard ounces of gold and 4,110.74 standard ounces of silver. There were 15 barrels of old sweeps reworked, con taining by assay 147.228 standard ounces of gold and 641.39 standard ounces of silver. The operations of the refinery were as follows:
Bullion, Gold, Silver,
Standard ozs. Standard ozs. Sent to refinery 4,742,461.56 gross ounces, containing by assay 1,372,113,076 3,311,484.06 Bullion received from refinery... ' 1,372,458,612 3,305,016.26 Sweeps - 950, 982 4,481, 24 11,296,518 2 1,986, 56
1 Apparent gain. 2 Apparent loss. Silver bullion sent to the refinery upon which refining charges were collected contained by assay 2,647,553.49 standard ounces, and silver owned by the Government and returned to.the refinery for parting purposes upon which no parting charges were collected contained by assay 663,930.57 standard ounces. Troy ounces. During the year the melter and refiner received from the superintendent minor coinage metal 31,543,551.07 Delivered prior to settlement: Troy ounces. Bronze ingots 23,635,109, 40 Nickel ingots 5,191,652. 40 . 28,826,76L80 Delivered in settlement: Ingot copper .' 1,734,900.17 Nickel shot 647,455. 83 Bronze ingots 70,036.80 Zinc 96,207.00 Tin 70,778. 00 Nickel clippings 256.00 Nickel residue 974.00 Bronze residue 3,527,00 Old copper coin 4,685, 00 Bronze sample ingots 1,970,00 Wastage 85,999.47 2,716,789.27 31,543,55L07
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264 REPORT ON THE FINANCES.
COINER'S DEPARTMENT.
The coiner received gold, silver, nickel, and bronze from the super intendent during the year, as follows:
GOLD. SILVER. Metal. Amount. Total. Aniount. Total.
Received from superintendent July 1,1909, Stand, oz. Stand, oz. Stand, oz. Stand, oz. to June 30, 1910...... 307,521.140 4,174,142. 49 Returned prior to settlement June 30,1910.. 31,096,564 3,951,609.53 Returned in settlement June 30,1910 276,491,452 222,219.11 307,588.016 4,173,828.64 Wastage.. 1 66.876 313 85
NICKEL. COPPER-BRONZE. Metal. Amount. Total. Amount. Total.
Received from superintendent July 1,1909, Stand, oz. Stand, oz. Stand, oz. Stand, oz. to June 30,1910 5,552,420.20 27,049,502. 90 Returned prior to settlement June 30,1910. 5,231,555.38 26,614,500.20 Returned in settlement June 30,1910 . 314,893,45 380, 012.80 5,546,448,83 26,994,513.00 Wastage 5,971,37 54,989.90
1 Gold surplus. During the fiscal year 1910 this department received from the super intendent 307,521.140 standard ouncesof gold, of which 31,048.300 standard ounces were operated upon, from which there were pro duced 23,713.157 standard ounces of.coin of the value of $441,175, and delivered to the superintendent during the fiscal year prior to settlement. There were also delivered to the superintendent prior to settlement 7,383.407 standard ounces of gold clippings and bars, and there were delivered at settlement 276,491.452 standard ounces of gold ingots, partly finished coin, sweeps, and bars. The entire operation showed a gain or surplus of 66.876 standard ounces, of the value of $1,244.20. The very small actual operation on gold involved practically no wastage, and a thorough cleaning up and the recovery of former wastage contributed this surplus. The percentage of coin produced to the amount of metal operated upon was 76.37. This high percentage was due to the fact that the operation was almost entirely upon ^'unfinished coin and good blanks,^^ received in the redelivery from the superientendent after the settlement of June 30, 1909. During the same period the coiner also received from the super intendent 4,174,142.49 standard ounces of silver, of which 3,936,902.10 standard ounces were operated upon, from which there were pro duced 2,340,252.55 standard ounces of coin of the value of $2,911,667.25 in subsidiary silver coin and delivered to the super intendent during the fiscal year prior to settlement. There were also delivered to the superintendent during the fiscal year prior to settlement 1,611,356.98 standard ounces of silver clippings and bars, and there were delivered at settlement 147,646.62
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DIRECTOR OF MINT. 265 standard ounces of silver coin, and 74,572.49 standard ounces of ingots, unfinished cpin, and sweeps. Upon the entire operation there was a wastage of 313.85 ounces of the value of $161.60, being 7.52 per cent of the legal allowance. The percentage of coin produced to the amount of metal operated upon was 63.19 per cent. There were also delivered to the coiner during the same period 5,552,420.20 ounces of nickel ingots, from which were produced 2,742,310.08 ounces of 5-cent pieces of the face value of $852,781.90, upon which there was a.wastage of 5,971.37 ounces. The percentage of coin produced to the amount operated upon was 49.39 per cent. There were also delivered to the coiner during the same period 27,049,502.90 ounces of copper-bronze ingots, from which there were produced 14,425,498.70 ounces of 1-cent coin of the face value of $1,442,415.29, upon which there was a wastage of 54,989.90 ounces. The percentage of coin produced was 53.33. The coinage executed during the.year was:
Denominations, Pieces. Value, .
Gold: Double eagles 143 $2,860,00 Eagles. -. 172 1,720,00 Halfeagles 26,182 130,910,00 Quarter eagles 122,274 305,685,00 Totalgold 148,771 441,175,00 SUver: Half dollars 1,808,785 904,392.50 Quarter dollars 5,232,785 1,308,196,25. Dimes 6,990,785 699,078,50 Total sil ver 14,032,355 2,911,667,25 Minor: 5-cent nickel pieces. 17,055,638 852,781,90 1-cent bronze pieces 144,241,529 1,442,415,29 Total minor 161,297,167 2,295,197,19 Grand total 175,478,293 5,648,039,44
ENGRAVER'S DEPARTMENT. All the dies used in the coinage operations of all the mints of the United States are made in the engraving department at Philadelphia. The number of dies prepared for United States coinage last year was 2,626. In addition 65 dies were made for Philippine coinage, 24 for the Post Office Department, 20 for medals, and 84 master dies, hubs, and pattern dies.
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266 REPORT ON THE FINANCES.
DIES FURNISHED THE SEVERAL MINTS DURING THE FISCAL YEAR ENDED JUNE 30, 1910,
PhUa San New ' Denominations,' delphia, Francisco, Denver. Orleans, Total.
Gold: Double eagles 20 20 Eagles 20 34 54 Half eagles 12 20 24 56 Quarter eagles 13 13 25 60 58 143 Silver: . . Half doUars .' 56 30 86 Quarter dollars 132 10 10 152 Dime 118 10 128 306 50 10 366 Minor: 5-cent 386 386 I-cent 1,621 110 1,731 2,007 110 2,117 Philippine: Peso 35 35 I centavo . . .' . 30 30 65 65 Total 2,338 285 68 2,691
ASSAYER'S DEPARTMENT. The number of assays made in this department were:
Deposits and purchases 35,812 Ingots (gold and silver) 2,337 Refinery 10,034 Special assays 3,046 Sweeps assays 217 Total 51,446 In addition to this, 560 ounces of proof gold and 820 ounces of probf silver were made. Of the 26 melts of gold ingots made by the melter and refiner, all were passed. No melts were condemned. There were 966 melts of silver ingots made, of which 961 were passed, 4 returned for remelt ing, and 1 condemned.
The fijieness of gold melts passed was: The fineness of silver melts passed was: 2 melts at 900,2 29 melts at 898 1 melt at 900,1 87 melts at 898^ 12 melts at ". 900.0 237 melts at 898^ 8 melts at 899.9 170 melts at. 898^ 3 melts at 899.8 293 melts at 899 85 melts at : 899^ 26 42 melts at : ,. 899^ 12 melts at 899| 6 melts at 900 961 Seventy-six thousands cupels were made and 80,000 leads cut, rolled, and weighed.
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DIRECTOR OF MINT. 267
MINT OF THE UNITED STATES AT SAN FRANCISCO.
The following table shows-by weight and value the gold and silver deposited during the fiscal year 1910:
Rede Standard Metals, Deposits. posits. ounces. Coining value.
Gold 7,117 502 . 2,279,646,826 $42,412,034.02 SUver ;: 991 1,851,448,74 2,154,413.07 Total ...... 8,108 502 • 44,566,447.09
Of the above amount of gold bullion 2.660 standard ounces were surplus bullion recovered by the coiner and 2,547.05 standard ounces recovered by the melter and refiner, during the fiscal year 1910. Of the above amount of silver bullion 1,543,938.45 standard ounces of Philippine coin were received for recoinage for the government of the Philippine Islands. During the year minor coinage metal was received for the coinage of United States bronze coin and the recoinage of minor coin into bronze coin for the Philippine Islands as follows:
Countries. Recoinage. Purchased. Total. Cost value.
Troy ozs. Troy oz. Troy oz. Philippine Islands 311,724,50 15,225,00 326,949.50 $9,496.24 Unitea States ... 336,539,57 336,539.57 3,350,96 Total 311,724.50 351,764.57 663,489.07 12,847.20
ASSAYER'S DEPARTMENT. The appended tables show the operations of the department for the fiscal year 1910: Gold assays. 1 49,075 Silver assays : 12,852 Sweep assays ' 372 Total 62,299 Parting silver manufactured ounces.. 3,000 Cupels made IOO, 000 Leads cut, rolled and weighed, IOO, 000 Ingot melts were passed as follows:
Fineness. Melts. Fineness. Melts.
GOLD INGOTS. SILVER INGOTS. 899.6 10 898.5 106 899.7 96 898 6 197 899.8 259 898.7 . .. • .. I 899.9 301 898 8 112 900.0 77 899.1 ... 172 900.1 . . 19 899 3 82 Condemned., 0 899.5 59 899.8 16 Total.. 762 900.0 6 900.2 6 900,4 2 Condemned 1 Total made 760
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268 REPORT ON THE FINANCES.
Of the above ingots, 237 were double eagles, 305 were eagles, 220 were half eagles, 670 were half dollars, and 90 were quarter dollars.
PHILIPPINE COINAGE.
Fineness. Melts, Fineness, Melts.
PESOS. SUBSIDIARY (20 CENTAVO). 797 6 30 747.8 3 797 7 ' 46 748.0 2 797 8 25* 748.2 12 797 9 35 748.3.- • 18 798 0 297 748.5 19 798 1 32 748.7 2 798 2 .. ... 340 748.9 4 798 3 14 749.0 1 798 4 906 749.2 1 798 5 15 Condemned 0 798 6 390 798 7 Total 62 798.8 396 798 9 3 799 0 173 799 2 89, 799 3 1 799 4 19 799 6 12 799 8 Condemned .' • 2 Total made 2,836
MELTER AND REFINER'S DEPARTMENT. The melter and refiner received, operated upon, and delivered gold, silver, and minor coinage bullion during the fiscal year 1910 as follows: GOLD BXJLLION. Received: Standard ounces. Settlement bullion of June 30,1909 1,430,253.050 Deposits - :... 1,867,832.811 Redeposits 411,676,474 Clippings 986,185.831 Subtreasury transfer, sweeps bars, etc 134.881 4,696,083.047 Delivered: Ingots .2,189,614,600 • Fine bars '. 488,682.839 Sweeps 786.858 Settlement June 30, 1910 2,016,914,045 • • .— ^4,695,998.342 Wastage 84.705-
. . SILVER BULLION. Received: Settlement bullion of June.30, 1909 2,039,705.94 Deposits : : 196,183,15 Redeposits 78,654.47 Clippings 2,872, .321.97 Philippine recoinage 1,544,015.95 United States subtreasury transfer 30,089.59 Sweeps bars.. 36.03 6,761,007.10 Delivered: Ingots - 6,215,401.14 Fine bars ...: 26,979.22 Sweeps ' 3,431.87 Transfer to Mint Bureau ' 1.93 Settlement June 30, 1910 517,739.99 ' 6,763,554.15 Surplus 2,547.05
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DIEECTOR OF MINT. 269
MINOR COINAGE BULLION, Received: Standard ounces. Settlement bullion of June 30, 1909 461,796,03 Copper 1 - 292,366,66 Tin and zinc : - 59,397,91 Philippine recoinage 311,724.50 Clippings 410,641.33 1,535,926.43 Delivered: Ingots 1,302,438.50 Settlement June 30, 1910 231,163.09 1,533,601.59 Wastage 2,324.84
INGOT MELTS MADE.
Con Metals. . Number. demned.
Gold .... 763 0 SUver 3,646 3 Bronze '. 905
REFINERY.
GOLD BULLION. Sent to refinery: Standard ounces. Bullion (no charges) 969,366,810 Crude bullion (with charges) 1,080,641.467 —— 2,050,008.277 Returned from refinery: Fine gold bars 2,002,825,752 Settlement metal : /. • 47,079.973 -2,049,905,725 Wastage 102,552
SILVER BULLION, Sent to refinery: Bullion (no charges) • ' 329,750,49 Crude bullion (with charges) 1,708,541.47 — 2,038,291,96 Returned from refinery: Fine silver bars 1,993,221,34 Settlement metal 44,135.36 2,037,356.70
Wastage 935,26, The refinery also produced 8,889 pounds of electrolytic copper.
SWEEP CELLAR.
^ Items. Gold. Silver.
Std, oz. Std, oz. 1,328 sacks, 51 barrels 1,176.519 4,194.43 B ars: - 2,280.262 3,88L72 Account Carson Mint: 177 sacks...: 25.501 89.37 Bars - - - - 153,524 121.51 Total : 3,635,806 8,287,03
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270 REPORT ON THE FINANCES.
COINER'S DEPARTMENT. The coiner received gold, silver, and bronze from the superintend ent during the fiscal year 1910 as follows: . ,
GOLD. Standard ounces. Received from superintendent 2,469,078.498 Returned prior to settlement June 30,1910 2,266,860.206 Returned in settlement June 30,1910 202,220.952 — —2,469,081.158 Excess in gold 2.660
SILVER. Received from superintendent 7,403,812.30 Returned prior to settlement June 30,1910 7,043,810.99 Returned in settlement June 30,1910 357,110.87 -7,400,921.86 Wastage in silver 2,890,44
COPPER-BRONZE. Troy ounces. Received from superintendent 1,306,360,98 Returned prior to settlement June 30,1910 1,092,248,32 Returned in settlement June 30,1910 208,938,74 1,301,187,06 Copper-bronze wastage 5,173.92 During the same period the coiner operated on gold, silver, and bronze and made delivery to the superintendent as follows:
GOLD. Standard ounces. Amount operated on 2,266,857,546 Coin delivered to superintendent , : 1,280,674,375 Percentage of gold coin to amount operated on 56,49
* SILVER, Amount operated on .' 7,046,701.43 Coin delivered to superintendent 4,171,489,02 Percentage of silver coin to amount operated on 59.18
COPPER BRONZE, Troy ounces. Amount operated on '. 1,197,422.24 Coin delivered to superintendent 681,606,99 Percentage of copper-bronze coin to amount operated on 66.76 The following table shows the coinage executed during the fiscal year:
Denomination, Pieces, Value.
DOMESTIC COINAGE, Gold : 2,492,425 . $23,826,500,00 SUver 3,074,000 1,345,000,00 Minor, I cent ' . . ... • .... 4,368,000 43,680.00 Total domestic coinage ...... 9,934,425 25,215,180.00
gjj^gj.. PHILIPPINE COINAGE. Pesos 5,276,559 5,276,559,00 50 centavo 36,000 18,000,00 20 centavo .1 • 450,000 90,000,00 10 centavo . . 312,199 31,219,90 Total silver coinage .. 6,074,758 5,415,778,90 Minor 1 centavo 1,500,000 15,000,00 Total Philippine Islands coinage 7,574,758 5,430,778.90
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DIRECTOR OF MINT. 271 During the fiscal year 1910 a power plant was installed for the purpose of generating, the electric current needed for operating motor- driven macliinery and electric lighting. The power plant consists of three turbo-generating units, switch board, air compressor, cooling tower, jet condenser with accessories, superheaters, feed water heater, electric - driven fire pump, house pump, and boiler feed pump; new conduit system for electric wiring, hot and cold water tanks; water and air piping, covering, etc The generating sets consist of one 150 kilowatts generator direct connected to a four stage steam turbine, and two 100 kilowatts generators direct connected to two stage steam turbines, each hav ing a capacity of 25 per cent above their rating. The switchboard is complete in every detail, having indicating and recording instruments connected with each department through out the building. The air compressor is used in connection with the water supply for the building and has a capacity of 68 cubic feet of free air per minute. The condenser is of the jet type, having a capacity to condense 4,200 pounds of steam per hour continuously. The superheaters installed in each battery of boilers have a capa city to superheat 4,200 pounds of steam at 150 pounds gauge 100 degrees F. The feed water heater is of the open type, designed to purify all the water supplied to the boilers and to heat the sarae to the proper temperature. The fire pump is of the two-stage type, direct connected to an electric motor, and has a capacity to deliver 300 gallons of water per minute against a head of 175 feet. The house pump is of the triplex type, being driven by an electric motor. This pump has a capacity to deliver 75 gallons of water against a head of 150 feet. The boiler feed pump is of the triplex type, having 24 speeds, and is designed to deliver 12.5 gallons of water per minute.
VISITORS. During the year 52,635 visitors were shown through the mint.
MINT OF THE UNITED STATES AT DENVER, COLO. The standard weight and value of bullion received during the fiscal year was as follows:
Rede posits Deposits United Standard Metals. and pur States ounces. Coinage value. chases. assay offices.
Gold 3,546 551 1,195,622.426 S22,244,138,15 Silver ; 595 434,764,54 505,907.82 Total 4,141 551 1,630,386,966 22,750,045.97
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272 REPORT ON THE FINANCES.
Shipments from refineries, cyanide and chlorination mills aggre gating 483,561.481 standard ounces gold, of a coinage value of $8,996,492.65, and 22,403.94 standard ounces silver, of a coinage value of $26,070.06. Domestic bullion, unrefined, totaled 302,795.065 standard ounces gold, of a coinage value of $5,633,396.56, and 327,607.80 standard ounces silver, of a coinage value of $381,216.35. Redeposits of United States assay offices carried 404,947.336 stand ard ounces gold, of a coinage value of $7,533,903.93, and 80,061.90 standard ounces silver, of a coinage value of $93,162.92. During the year there were purchased gold and silver coins of a face value, respectively, of $477.50 and $34.50, and of a coinage value of $442.79 in gold, and $34.58 in subsidiary silver. There was but one change in the staff of operative officers during the year, Mr,. Jabin B. Baldwin succeeding Mr. Harry Tarbell as coiner March 1, 1910. Visitors to the number of 55,740 were looked after during the six months of coining operations. The number of officers and employees in the mint at the close of the fiscal year was as follows: Department: General 57 Assayer's 8 Melter's ahd refi.ner's 23 Coiner's 31 Total...: 119
ASSAYER'S DEPARTMENT. The operations of this department during the fiscal year 1910 were as follows:
Samples operated on. Items. Gold. Silver, Total.
Deposits - 3,558 595 4,153 Redeposits 514 37 551 Exchange bars 40 15. 55 Return bars 4 4 Anode melts ' 47 464 511 Mint fine melts 171 101 272 Ingot melts 293 293 Consolidated melts 3 3 Experimental samples 139 106 245 Bullion assay samples 9 9 Copper .melts 2 2 Superintendent's grain bars 4 4 Melter's and refiner's grain bars 8 22 Coiner's grain bars 4 4 Assayer's grain bars 21 1 22 Sweep samples 32 32 64 Special assay samples 192 135 327 Forest Service samples 208 203 411 Total 1,703 6,952
In addition, there were assayed for the Forest Service 32 samples for copper, 5 samples for lead, 7 samples for zinc, and 1 sample for platinum.
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DIRECTOR OF MINT. 273
NUMBER OF ACTUAL ASSAYS MADE.
Gold... : 26,331 Silver : 14,611 Sweeps 383 Forest Service. 743 Cupels made - : 32,000 Lead, cut and rolled 32,000
FINE GOLD DETERMINATIONS. The reported finenesses of the refined gold melts were as follows:
Fineness, Melts.. Fineness. Melts..
998,0...... ^.-- 1 999,5... 17 999,0 .... 1 999,6.. .- 39 999,1 1 999,7 80 999.2...... 2 999,8 . 13 999.3 3 999.4 . ... 14 Total 171 : FINE SILVER DETERMINATIONS. Fineness. Melts. ... 2 999,0. ... 56 999i.. ... 17 999^.. ... 26 Total .:.. ^ 101
INGOT FINENESS. The reported finenesses of the gold ingot melts were as follows: Fineness. ' Melts.
118 900,0. 158 900.1. 7 900.2. I 292 Remelted... 1 Total..
MELTER AND REFINER'S DEPARTMENT. The melter and refiner received from the superintendent during the fiscal year 1910:
Gold account. Silver account. Metal. Amount. Total. Amount. Total.
Stand, oz. Stand, oz. Stand, oz. Stand, oz. In bullion 1,881,945. 335 618,691.82 Returned prior to settlement. 1,677,585.969 16,524,70 Returned at settlement ' 204,665.805 603,197.27 1,882,251.774 619,721.97 Surplus - .306.439 1,024.15 . The surplus was recovered from unreported fractions of assays and from iractional gains in weights of deposits. The ingot melting room was in operation six months only. The sweeps cellar was operated for six months and treated 83,206 pounds of sweeps, and extracted therefrom 1,047.455 standard 65872°—FI 1910- -18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1910
274 REPORT ON THE FINANCES.
ounces of gold and 1,799.37 standard ounces of silver, and the result ing mill tails contained 296.654 standard ounces of gold and 1,871.51 standard ounces of silver. , Refinery operations covering a period of eight months were as follows:
Gold account. Silver account. Metal. Amount, Total. Amount. Total.
Stand, oz. ' Stand.oz. Stand, oz. Stand, oz. Delivered to the refinery.. 1,411,433.731. 1,471,908,34 Returned prior to settlement 1,378,938.811 1,417,073,87 Returned at settlement in bars 32,965.222 54,854.25 Returned at settiement in sweeps 7L 556 436.44 1,411,975.589 . 1,472,364,56
Surplus 541.858 456.22
The refinery earnings were as follows:
Charges collected on bullion treated in refinery..: $60,565.82 Surplus bullion recovered 6,173,55 By-products ' : 999,42
Total - 67,738.79 The following melts were made:
Gold and Character of melts. . Gold. Silver. silver. Total,
Deposits .3,738 613 4,3i51 Anodes 47 464 511 Cathodes '. 60 . 50 110 Ingots .. . . . '. 293 3 296 Mint bars ^ .171 101 272 Slimes...... • 42 57 99 Settlement.' : 8 14 22 Sweats - 314 314 Miscellaneous 166 ------264 430 Total . 4,525 1,302 578 6 405
Ingot melts condemned: None. Remelts: Gold, 1; silver, none.
COINER'S DEPARTMENT. There was no coinage executed at this mint during the first six months of the fiscal ;^ear 1910. i From January 1, 'l910, the coiner received and operated upon 1,758,337.70 standard ounces of gold. He delivered to the superin tendent 1,252,977 standard ounces of gold coin, valued at $23,311,200. The number of pieces coined aggregated 2,427,950. The. percentage of coin produced from the amount operated upon was 71.26. The loss in the coinage operations was 42.99 standard ounces,, being 4.89 per cent of the legal tolerance. The only work in silver during the fiscal year was in delivering to the superintendent the coins that were left over from the previous fiscal year, amounting to 32,873.37 standard ounces, valued at $40,900, and aggregating 166,000 pieces. In the process of cleaning up and reclaiming from sweeps, etc., there were recoyered 27.32 standard ounces of silver. There being
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DIRECTOR OF MINT. 275 no operations of any kind in silver, other than as stated above, this amount stands as a surplus during the fiscal year, but in reality it is a recovery from the previous yearns operations. The coinage was as follows:
Items. Pieces. Value.
Totalgold 2,427,950 $23,311,200 Total sUver 166,000 40,900 Total coinage 2,593,950 23,352,100
ASSAY OFFICE OF THE UNITED STATES AT NEW YORK. The report of the business of this office for the fiscal year 1910, is as follows:
Re Standard BuUion received. Deposits. deposits. oimces. Coinage value.
Gold 10,517 1 3,103,623,674 $57,741,835.87 SUver : 1,786 33 2,557,913.85 2,976,48L57 Total.. '. 12,303 34 60,718,317,44
The gross weight of this bullion was 5,384,915.29 ounces, a decrease from last year of 2,213,069.70 ounces. '. The value of the foreign gold bullion and coin deposited was $12,936,181.26, an increase over last year of $1,385,131.33. The value of' the domestic gold bullion and coin deposited was $44,805,754.61, a decrease from last year of $3,378,537.12. The source of domestic gold bullion and coin received were as follows: From new production in United States and Territories $5,013,870, 54 From private refineries .' .34,987,869, 23 From jewelers' bars, plate, etc. : 3,934,982.79 From redeposited buUion 10,310. 23 From United States gold coin of light, weight 858,721.82 Total ,....' 44,805,754. 61 This statement shows a decrease compared with last year in the amount of gojd bullion received from private refineries of $2,427,935.08, and an increase from gold com of light weight of $322,739.67. , There was received from the United States mint at Philadelphia, during the year, fine gold amounting to 55}419.062 standard ounces, and fine silver amounting to 1,654,883.95 standard ounces. Redeposited gold bullion consisted of 545.102 standard ounces gold contained in fine gold bars made at this office and 9.073 standard ounces contained in unparted bars made at the United States assay office, Charlotte, N.C. _ As parting operations have not been resumed, the unparted bullion receivecl during the year has been transferred to the United States Mint at Philadelphia, for treatment. Those shipments amounted to 2,418,038.48 ounces gross, containing 886,204.640 standard ounces of gold and 1,481,161.21 standard ounces of silver.
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276 REPORT ON THE FINANCES.
The amount of bullion delivered to the melter and refiner andby him returned to the superintendent during the,fiscal year 1910, was as follows:
Delivered to Returned by Bullion. melter and melter and refiner. refiner.
Stand, oz. Stand, oz. Gold :. 3,205,474.192 2,949,692.248 Silver : 2,651,519.47 2.529,612.19
The grains and fluxes from the deposit melting room yielded $5,802.97, and the sweeps (52 barrels) $5,110.27. There was stamped during the year 56,099 gold bars and 14,016 silver bars. In the previous years there were stamped 47,434^old bars and 13,379 silver bars. Gold bars issued to depositors of bullion for domestic use, $3,589,277.87. Gold bars exchanged for gold coin for domestic use, $23,332,333.28. Total gold bars issued for use in the arts, etc., $26,921,611.15, showing an increase of $4,391,810.85 compared with last year. The value of gold bars exchanged for gold coin for export was $355,381.93,beingadecreasecomparedwithlastyearof $17,035,514.33. The income from the exchange of gold bars for gold coin was $11,940.49, and from special assays $1,898. The force employed in this office at the close of the year including the superintendent, assayer, and melter and refiner, numbered 75, distributed as follows: General department ^ 23 Assayer's department , ...... ' 15 Melter and refiner's department 37 No settlement was made at the close of the fiscal year, it being post poned one month and made coincident with the transfer from Mr. Kingsbery Foster, superintendent, up to the close of July, to Mr. Daniel P. Kingsford, who then succeeded him. The surplus bullion turned over at that time, recovered by the melter and refiner during the 13 months ending July 31, 1910, con tained 126.872 ounces of gold and 1,411.48 standard ounces of silver. During the fiscal year the foundations for the new refinery have been completed and a large part of the framework erected. For greater safety during this construction work $10,000,000 in fine gold bars were transferred to the subtreasury for storage under the seal of the superintendent. All the operation^ of the office have been conductied under very difficult conditions during the year, every department being very much crowded and hampered by the changes and curtailment of space and light in the present building incident to the erection of the new refinery. ASSAYER'S DEPARTMENT. The following is the report of the operations in the assay depart ment during the fiscal year 1910: There were assayed 10,517 melts of gold deposits, and 1,786 melts of silver deposits, a total of 12,303 melts, involving 61,505 assays. The fine gold and silver melts assayed were 375 and the fineness was
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DIRECTOR OF MINT. 277 stamped upon 55,954 bars of gold and 6,475 bars of silver, a total of 62,429. . . ^^ ; Special assays numbered 928, being largely articles of jewelry and manufacturer's samples. Assays were made on 134 barrels of sweeps and on 155 consolidated melts for shipment to the mint, with the usual incidental ones for the melter and refiner, etc. All cupels used were made in this department.
MELTER AND REFINER'S DEPARTMENT. The following is a statement of the business of this department during the fiscal year ended June 30, 1910:
Items. Weight. Gold. Silver.
Gross oz. Stand, oz. Stand, oz. Settlement metal of June, 1909...... 199,156.66 101,406.808 92,757.55 Gold deposits 3,114,623.236 3,066,361.797 212,536.64 Silver deposits 2,270,292,05 37,261.877 2,345,377,21 Deposit melting-ropm grains and fluxes. 5,612,52 443.710 848.07 Total : 5,589,684.466 3,205,474.192 2,651,519.47
The melter and refiner returned during the year the following' bullion: .
Number of bars. Kind of bars. Gold, Silver, Gold. Silver.
Stand, oz. Stand, oz. Fine ...:.... 55,780 6,419 2, Oil,113.772 674,317.94 Standard 174 51,904.776 Mint ' 329" 373,586,-34 Unparted..'. 14,157 886,204.640 1,481,161.21 In sweeps. 469.060 546.70 Total. 2,949,692,248 2,529,612.19 Balance due superintendent June 30,1910, but not delivered.. 255,781,944 121,907,28 Total 55,954 20,905 3,205,474,192 2,651,519,47
There were delivered to the superintendent 98 barrels of melter and refiner's sweeps, containing 469.060 ounces standard gold and 546.70 ounces standard silver. ; The operations of the melter and refiner's melting room were as follows:
Items. Gold.
Stand, oz. Stand, oz. Sent to melters and refined by fluxes 2,251,149.211 355,505,44 Unparted bars melted 1 297,358.761 232,406.18 Mixed deposits of gold coin melted. , . 52,171.451 Total : 2,600,679,423 587,911,62 58,764.409 7,051,22 Returned from melters: Tops, bars, etc., sweeps and other sources, 2,542,003.046 581,987.50 Total 2,600,767.455 589,038,72 .88.032 1,127:10 Apparent gains
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278 REPORT ON THE FINANCES.
One hundred and twenty-six and eight hundred and seven ty-two one-thousandths ounces standard gold and 1,411.48 ounces standard silver were returned in settlement of July 31, 1910, in excess of amounts debited to melter and refiner. The apparent sources of above amounts in excess are as follows:
Gold. Silver. *
Items. Apparent Apparent Apparent Ajiparent ' gains. losses. gains. losses.
Stand, oz. Stand, oz. Stand, oz. Stand, oz. Unparted bars 232,371 590,02 Gold bars '..'... 78.392 Silver bars : 647.32 Assayer's account .. ... 288.44 Shipments :... 27.107 114.30 232,371 105.499 1,525,78 114.30 .105.499 114,30 Net total apparent gains . 126,872 1,411,48
There was an allowance during 12 months of 162.323 ounces standard gold on small bars for which this department received no credit. THE MINT AT NEW ORLEANS. The following table shows by weight and value the gold and silver deposited during the fiscal year 1910:
Standard Coining Metals. ^ Deposits. ounces. value.
Gold . : - 836 47,151,035 $877,228,56 Silver *..... -.45 94,332,21 109,768.39 Total - 881 986,996.95
. Included therein are 192.521 standard ounces of gold and 1,515.89 standard ounces of silver surplus recovered by the melter and refiner in his operations during the 11 months ended May 31,1910. The greater portion of deposits of gold were from Mexico, Central and South America, and contained 40,288.749 standard ounces, of the value of $749,558, while the deposits of domestic subsidiary coin transferred from the Treasury contained 61,412.90 standard ounces and those purchased over the counter contained 153.05 standard ounces, a total of 61,595.95 standard ounces of the value in new subsidiary coin of $76,598.37. • "
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DIRECTOR OF MINT. 279 The following table shows the country from which the bullion was received:
Gold. SUver. .
Countries. Standard Standard ounces. Value. ounces. Value.
Mexico 17,447 $324,59 5,85 $6,81 Nicaragua . - 38,240.022 711,442.27 17,646,54 20,534.15 Guatemala 1,405.475 26,148,37 142.62 165.95 Honduras.. 588.853 10,955,40 189,38 220,37 Colombia . .. -. - - - 36:952 687,49 12.77 14,86 Total 40,288:749 749,558,12 17,997.16 20,942.14
ASSAYER'S DEPARTMENT, The work of the assayer's department of the mint consisted chiefly of assay determinations for the value of gold and silver deposits, being 881 in number. There were also made 151 assays of mass melts, fine and grain bars. The balance of the work was in assaying samples of bullion, sweeps, and special bullion, making in all 1,099 assays as follows: .
NUMBER OF DEPOSITS AND PURCHASESAND BARS RECEIVED AND ASSAYED DURING THE FISCAL YEAR ENDED JUNE 30, 1910.
Classification. Gold. SUver. Total.
Deposits - 881 Mint fine bars issued 70 Melter and refiner's mass melts. 25 Superintendent's bars 12 Melter and refiner's grain bars.. . 8 Melter and refiner's fine melts.. 32 Assayer's bars 4 Mint bureau samples 58 Transfer orders 3 Sweeps 2 Special bullion assays 4 Total. 1,099
MELTER AND REFINER'S DEPARTMENT. The amount of gold and silver received and operated upon by the melter and refiner from July 1, 1909, to the settlement of his accounts May 31, 1910, was as follows:
BuUion. Gold. Silver.
Standard oz. Standard oz. Bullion received : .. 189,29L965 171,651.55 Bullion returned 189,484.486 173,167.44 Surplus recovered 192.521 1,515.89
•
The refinery operated upon 31,545.985 standard ounces of gold and 73,329.05 standard ounces of silver, of which there was an apparent gain of 42.995 standard ounces of gold and 100.03 standard ounces of silver. ;
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280 REPORT ON THE FINANCES. • .
Silver bullion upon which charges were collected contained 17,148.88 standard ounces; silver bullion owned by the Government, upon which there were no charges, contained 56,080.14 standard ounces. There were 45.584 standard ounces of gold and 585.58 standard ouiices of silver recovered from eight barrels of sweeps from the various workrooms of this department. There were also made 996 melts of bullion of all kinds.
COINER'S DEPARTMENT. There were no operations in this department during the fiscal year.
OPERATIONS OF THE MINOR ASSAY OFFICES FOR THE FISCAL YEAR 1910.
Mint at Carson.—The deposits of bullion at this mint amounted to $1,344,718.37, a reduction in the value of deposits from 1909, due to the discontinuance of deposits by certain mines. The earnings for 1910 amounted to $6,432.05, exceeding those of 1909 by reason of a clean-up of slag, etc., while the expenditures for 1910 were $14,950.35, or $1,817.26 more than for 1909. The neces sary operations required to handle the above bullion show a total of 5,629 assays. In addition there were 44 assays of ores and 14 assays of bullion. „ Assay office at Boise.—The value of deposits during 1910 at this office amounted to $821,347, being $261,268.98 less than for 1909. This decrease is claimed to be due to the extremely cold weather, which prevented to a great extent mining operations. The earnings for 1910 were $3,110.55, being $1,542.21 less than for 1909, while the expenditures for 1910 amounted to $13,822.20 and exceeded those of last year by $511.96. There were made, in addition to the regular assays required for the determination of the value of bullion for payment of deposits, 628 assays. Assay office at Helena.—The value of the deposits received during 1910 amounted to $2,013,632.58 and exceeded those of 1909 by 107,621.07, which apparently is due to the increased output of Montana bullion deposited at this office. The earnings for 1910 amounted to $3,438.22, $888.08 less than for 1909, while the expendi tures were $21,841.74, or $594.82 less than in 1909. ^ There were 3,625 assays made at this office, which required the manufacture of 9,000 cupels. There were 40 mass melts made from 574 bars weighing 17,118.85 ounces and valued at $272,560.95. Assay office at Charlotte.—The deposits of bullion at this office amounted to $89,231.66, a reduction of $21,831.90 below the deposits of last year. The earnings for 1910 were $911.78, against $1,166.06 for 1909. The expenditures were $4,212.04, being $282.25 in excess of those for last year. In addition to the regular assays for deposits 126 assays of ores were made. Assay office at St. Louis.—The deposits of bullion at this office duririg 1910 amounted to $725,665.67 against $554,588.53, the value of deposits for 1909, the increase of $171,077.14 being due principally to the increased deposits made by private refineries at Chicago and Cincinnati. The earnings for 1910 were $799.17, an increase, of $122.44 over the amount reported last year. The 1910 expenditures
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DIREbTOR OF MINT. 281 were $3,742.32, exceeding those of 1909 by $35.67. In addition to the regular work of the office there were 25 assays of ores and 29 special assays of bullion. Assay office at Deadwood.—The deposits received at this office were of the value of $734,934.53, compared with $1,329,965.43, reported for 1909. The reduction of $595,030.90 is assumed to be due to the destruction by fire of a large milling plant. The earnings for the year 1910 amounted to $2,385.17, a gain of $12.29 over those of last vear, while the expenditures amounted to $7,629.17, or $99.07 less than in 1909. ^ \, There were 416 assays made during the year for the determination of platinum, gold, silver, copper, lead, tin, and iron. Of these, 113 were made for the Forest Service and 18 for the General Land Office. There were required for this work 2,500 cupels, which were made in this institution. Assay office at Seattle.—The value of deposits at this office is reported as $12,196,785.81, against $19,314,127.29 for 1909, a reduc tion of $7,117,341.48, which is accounted for by diminished deposits of bullion from Alaska as well as foreign crude and refined bullion. The earnings for 1910 were $19,394.66, being $6,108.42 less than for 1909. The expenditures were $42,498.51, against $44,669.29 for 1909. ^ _ : There were 2,133 deposits, requiring 4,800 assays, using in the operations 12,000 cupels manufactured in this office. There were 51 special assays of bullion arid 112 assays of slag from the melting room. There were 64 assays for gold and silver and 29 assays for copper made for the Forestry Service. . The average fineness of the bullion deposited was 0.867^ gold and 0.119 silver. For convenience in shipment to the mints for coinage, 1,551 bars, each under 400 ounces in weight and aggregating 72,527.87 ounces Troy, were remelted into 67 large bars. The source of the bullion deposited during the fiscal year was as follows:
Gold. Silver. Total coining Source, value.
Alaska: Stand, oz. Stand, oz. Circle 3,263.457 645,77 $61,466,92 Cooks Inlet 5,863,716 . 978,69 110,231,23 Copper River '6,906.646 850,65 129,485,59 Eagle.. 1,972.876 , 355,92 37,118,83 Innoko.. ^ 3,33L876 465.60 62,530,18 Koyukuk 21,028,645 1,337,48 392,786,95 Nome 222,426.617 25,037,60 4,167,304,28 Southeast Alaska 8,229.351 1,736,70 155,125,09 Tanana •.. 300,250,791 43,327,37 5,636,477,47 Total for Alaska 573,273,975 74,735,78 10,752,526,54 British Columbia (crude).. 56', 602.168 11,269.31 1,066,176,98 British Columbia (refined) 7,241.036 134,716.95 Yukon territory 8,516.791 1,819.71 160,569,41 AU others. 4,356; .137 1,504,27 82,795,81 Total ....: 649,990,107 89,329.07 12,196,785.81
TOTAL NUMBER OF DEPOSITS RECEIVED FROM THE OPENING OF THE INSTITUTION ON JULY 15, 1898, TO THE CLOSE OF BUSINESS JUNE 30, 1910.
Number of deposits 46,303 Troy ounces , 11,089,830,93
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282 • REPORT ON THE FINANCES.
SOURCE. Alaska: Nome $42,379,274.17 Tanana '. 37,977,904.34 Balance of Alaska. ., 8,661,503.38
, Total of Alaska .^. 89,018,681,87 British Columbia, Canada..: 12,406,178,62 Yukon territory. Canada. 86,625,363.97 AU other sources 2,070,259.74
Total. r----, 190,120,484.20 Assay office at Salt Lalce.—The value of bullion deposited at this office amounted to $904,156.37. The earnings for 1910 were$l,508.91 and the expenditures $15,071.12. There were 333 deposits requiring assay and 5,000 cupels used in the operations of this institution, which were made on the premises. To facilitate shipment of bullion to the mint there were 265 bars, all under 300 ounces, massed into 13 larger bars, the total weight of which was 8,294.45 ounces.
OPERATIONS OF THE MELTER AND REFINERS AND THE COINERS FISCAL YEAR 1910. The quantity of precious metals operated upon in the different departments of the mints and assay office at New York during the fiscal year 1910 aggregated 15,036.212 standard ounces of gold and 26,393.567 standard ounces of silver. The figures in the table following are the actual figures as obtained at the settlement of the accounts.
GOLD. / Legal Loss Amount aUow Amount Ambunt of Institution and depart delivered ance on returned Wast operated Surplus, legal ment. by. superin amount to superin age. upon. allow tendent. de tendent. ance. livered.
Philadelphia Mint: Stand, oz. Stand, oz. Stand, oz. Stand, oz. Stand.oz. St.oz. P.ct Melter and refiner 1,839,490,674 T, 839,491 1,840,816.087 1,529,737.684 1,325.413 Coiner 307,521.140 153,760 307,588,016 31,048.300 66.876 San Francisco Mint: Melter and refiner.,. 4,696,083,047 4,696,083 4,695,998,342 4,696,083.047 81705 1,82 Coiner 2,469,078,498 1,234,539 2,469,081,158 2,266,857.546 2.660 New Orleans Mint: i Melter and refiner 189,2^1.965 189,291 . 189,484,486 189,484.486 192.521 Denver Mint: ' Melter and refiner... 1,881,945.335 1,881, 945 1,882,251,774 1,882,251.774 306.439 Coiner 1,758,337,700 .879,168 1,758,294.710 1,758,337.700 42.990 4.89 New York assay office: 2 Melter and refiner... 3,755,220,626 3,755.221 3,755,347.498 2,682,372,952 126,872
Total: Melter and re finer 12,362,031.647 12,362.031 12,363,898.187 10,979,929.943 1,951,245 84.705 Coiner 4,534,937.338 2,267.467 4,534,963.884 4,056,243.546 69, 536 42.990
• Grand total... 16,896,968,985 14,629,498 16,898,862,071 15,036,173,489 2,020.781 127,695
I From July 1, 1909, to settlement May 31, 1910. 2 From July 1, 1909, to settlement July 31, 1910.
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BIRECTOR OF MINT. 283
SILVER.
Legal Loss Amount allow Amount Amount delivered ance on returned Wast of Institution and depart operated Surplus, legal ment. by superin amount to superin age, tendent. tendent. upon. allow de- ance. .. livered.
Philadelphia Mint: Stand, oz. Stand, oz. Stand, oz. Stand, oz. Stand.oz. St. oz. P.ct. - Mpltpr and rpflner 6,825,648,72 10,238,47 6,822,418,53 7,151,502,88 3,230,19 31,54 Coiner 4,174,142.49 4,174.14 4,173,828,64 3,936,902.10 313.85 7,51 San Francisco Mint: Melter and refiner 6,761,007,10 10,141.51 6,763,554,15 6,761,007.10 2,547! 05 7,403,812.30 -7,403.81 7,400,921,86 7,048,701,43 2,890.44 39,03 New Orleans Mint: i Melter and refiner... 171,651,55 257.48 173,167.44 •' 173,167,44 1,515,89 Denver Mint: Melter and refiner .. 618,697,82 , 928.04 619,721,^97 619,721.97 1,024,15 Coiner 89,777,05 89.80 89,804,37 89,804.37 27.32 New York assay office: 2 Melter and refiner 2,809,010,04 4,213,51 2,810,421,52 612,759.61 1,411.48 4 Total: Melter and re finer 17,186,015.23 25,779.01 17,189,283,61 15,318,159.00 6,498,57 3,230,19 Coiner 11,667,73L84 11,667.75 11,664,554,87 11,075,407,90 27,32 3,204.29
Grand total 28,853,747,07 37,446.76 '28,8.53,838.48 26,393,566,90 6,525,89 6,534.48 J,
1 From July 1,1909, to settlement May 31,1910. 2 From July 1, 1909, to settlement July 31,1910. OPERATIONS OF THE INGOT MELTING ROOM, FISCAL YEAR 1910.
. The following table shows the amount of bullion converted into ingots by the melter and refiner and the amount of coin manufac tured by the coiner, with the percentage of coin produced to the amount operated upon: GOLD.
Melter and refiner's workings.
Melts for ingots (number). Coinage mints. Converted into ingots. Wastage. Con Re Made. demned, melted.
Stand, oz. Stand, oz. Philadelphia 155,588,010- 26 San Francisco . 2,189,675,460 763 • 27 - 43,869 New Orleans3...-. •. . • Denver 1,772,606,580 293 1 326,386
•
Coiner's workings.
Ingots receiyed. Percent age of per Coinage mints. fect coin Amount op Coin pro pro erated upon. duced. Wastage. Redelivery Delivery of duced to of 1909. 1910. amount operated upon.
Stand, oz. Stand, oz. Stand, oz. Stand, oz. Stand, oz. Philadelphia 1 98,435.200 209,085.200 31,048.300 23,713.157 2 76.37 San Francisco 272,381.850 2,189,614,600 2,266,857.546 1,280,674.375 56.84 New Orleans 3 Denver .... i, 13,011.480 1,755,326.220 1,758,337.700 1,252,977,000 71,26 42 990
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284 REPORT ON THE FINANCES.
SILVER.
Melter and refiner's workings.
Melts lor ingots (number). Coinage mints. Converted into Wastage.. ingots. Con Re Made. demned, melted,
Stand, oz. Stand, oz. Philadelphia. ~ , 3,748,364,40 966 1 4 1,243.63 San Francisco '. 6,288,197,50 . 3,646 3 37 New Orleans ^ ^ . Denver 52,807,05 3
Coiner's workings.
V Ingots received. Percent age of per Coinage mints. fect coin Amount op Coin pro pro erated upon. duced. duced to, Wastage. Redelivery Delivery of amount of 1909. 1910, operated upon.
Stand, oz. Stand, oz. Stand, oz. Stand, oz. Stand, itz. Philadelphia .' 180,182,20 3,966,018,40 3,936,902,10 2,340,252.55 63,19 313,85 San Francisco 801,987,75 6,215,401,14 7,048,701,43 4,171,489.02. 58,17 2,890,44 New Orleans ^ Denver 1 36,970.00 52,807,05 89,804.37 32,873,37
NICKEL.
Melter and refiner's workings.
Melts for ingots (number). Coinage mints. Converted into ingots. Wastage. Con Re Made. demned. melted.
I'roy oz. Troy oz. ^' Philadelphia 5,191,652.40 1,605 .
Coiner's workings.
Ingots received. Percent age of per Coinage mints. fect coin Amount op Coin pro pro erated upon. Wastage. Redelivery duced. duced to Deliverv of amount of 1909. 1910.' operated upon.
Troy oz. Troyoz. Troy oz. Troy oz. Troy oz. Philadelphia 360,767.80 5,191,652,40 5,237,617,20 2,742,310,98 49,39 5,971.37
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DIRECTOR OF MINT. 285
BRONZE.
' Melter and refiner's workings.
M^lts for ingots (number). Coinage mints. ' - Converted into Wastage. ingots. Con Made. Re demned. melted,
•
Troyoz. Troy oz. Philadelphia : 23,635,109.40 8,492 85,999.47 San Francisco ^... j 1,302,438.50 905 2,324,84
Coiner's workings.
Ingots received. Percent age of per Coinage mints. fect coin Amount op Coin pro pro erated upon. Wastage. Redelivery Delivery of duced. duced to amount of 1909. 1910. operated upon.
Troyoz. Troy oz. Troy oz. Troy oz. Trov oz. Philadelphia 3,414,393,50 23,635,109,40 26,901,807.90 14,425,498,70 53.33 54,989,90 San Francisco. 3,922,48 1.302.438.50 1,097.617.70. 680,639,68 56 76 5,173,92
1 Unfinished coin. • 2 Operations on gold confined almost exclusively to unfinished coin. 3 Operations suspended.
PERCENTAGE OF LOSS IN MELTING OF DEPOSITS, 1910."
In the statement of percentages of loss appended hereto there is shown a wide difference of loss in melting similar grades of bullion deposited at the several offices connected with the service. This is accounted for by the crude condition in which many of the bars are presented.
Num Kings Amal ber of Re gam U, S. Mis " Mints and assay offices. and Dust. cella Nug Jew de bars. torts, unre coin. gets. elry. posits. torted. neous,
Philadelphia .....! 3,897 0.550 5,730 5,740 3,560 San Francisco 6,121 .075 3,256 4,757 53,414 3,936 New Orleans 881 .717 4,438 11.367 6." 253' 2.064 Denver . . . 4,141 .208 3,091 "i,'674' 1.643 New York 10,517 .102 4,636 5,848 .067 1.645 Carson . ^ .... 1,119 .060 1,094 .740 '43."4i7." 21.829 Boise .' -. 848 2,388 4,7,61 3,027 51.760 32, 316 Helena * .• 850 5,416 5,012 4,856 2.825 Charlotte. 216 .920 7,747 6,730 4.979 St, Louis 329 .036 3,367 7,468 2,514 Deadwood . . ... 166 .070 3,983 10,958 350 Seattle-. 2,133 .023 3,553 5,560 4,180 8.332 , • Salt Lake .City 333 .091 5,693 3,249 1.820
The percentage of loss in melting bars exchanged for coin was 0.284 and on return bars 9.240, occurring at the Denver Mint.
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286 REPORT ON THE FINANCES.
WASTAGE AND LOSS ON SALE OF SWEEPS AND GAINS FROM^OPERATIONS. The value of the precious metals wasted in the metallurgical and mechanical departments was $5,676.09. A loss of $4,912.75 occurred fromHhe difference between the assay value of the bullion contained in sweeps sold and the amount received for the same, as described in the following table:
WASTAGE AND LOSS ON SALE OF SWEEPS. ,
Mint at— Assay office at Items. . Total. Philadel--" San Fran New New phia. cisco. Orleans, Denver. York.
Melter and refiner's gold wastage. $1,575,90 $1,575,90 Melter and refiner's silver wastage.... $1,663.i7 1,663,17 Coiner's gold wastage $799.81 799,81 Coiner's silver wastage : 161,60 i,475,6i 1,637.21 Loss on sale of sweeps 832.24 1,966,08 $766,07 337.56 $1,010.20 4,912,75 Total.. 2,657,01 5,018,19 766,07 1,137,37 1,010.20 10,588.84 Paid as follows: From contingent appropriation... 1,065,83 2,983,19 766,07 855,86 5,670,95 From parting and refining appro priation '. 1,591,18 2,035,00 281.51 1,010.20 4,917,89 • Total 2,657,01 5,018,19 706,07 1,137.37 1,010,20 10,588. 84
The^wastage and loss on sale of sweeps amounted to $10,588.84. Against these losses there were gains arising from the operations in bullion during the year aggregating $116,543.30, as follows:
Fiscal year Character of gains. 1910.
Surplus buUion returned by operative officers $40,797,5.1 Precious metals recovered in grains and sweeps 26,006,88 Net gains on buUion shipped from assay offices to the mints for coinage 4,508,89 Received in excess of assay values of melter and refiner's sweeps sold.. 457, 82 Charges for treatment of deposit melting room sweeps 807, 88 Gain on light-weight tJnited States gold coin for recoinage 220,26 Value of bullion recovered from cleaning refinery pipes after settlement 1,088,45 Receipts from the sale of by-products 41,836,82 Amount recovered on account of embezzlement '. •• 818,77 Total 116,543.30
Deducting the incidental gains on bullion operated on from the value of the total wastages and losses on sale of sweeps, there has been a net gain in the operations of the mints during the fiscal year of $105,954.46.
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DIRECTOR OF MINT. 287
RECEIPTS AND DISPOSITION OF GOLD BULLION, FISCAL YEAR 1910.
The receipts of gold bullion at the mints and assay oflices aggre gated $166,904,784.96, as shown by the following table:
Deposited.
Uncurrent Surplus Redeposited— Institutions, United States bullion Receipts from Total. Deposits. coin trans- recovered. assay offices. , ferred for recoinage.
Philadelphia $1,535,289.56 $2,213,740.31 1 $14,771. 90 $20,314,147. 54 $24,077,949.31 San Francisco 34,750,377.94 1,292. 65 1,266.24 7,659,097.19 42,412,034. 02 New Orleans 873,228..57 2 4,010.40 877,238. 97 Denver 14,704,274. 40 11,661. 06 7,5.33,903.93 22,249,839.39 New York ;. 57,741,835.87 5,490.80 3 1,031,052.31 58,778,378. 98 Carson , 1,302,626. 74 3,144. 87 1,305,771.61 Helena 1,938,916. 67 335. 22 1,939,251. 89 Boise • 797,997.72^ 420. 25 798, 417. 97 Charlotte. 88, .387. 51 190. 74 88 578 25 St. Louis 723,929. 92 46:96 723,976. 88 Deadwood . 676,095.98 3()9. 62 676,465. 60 Seattle •. 12,090,312.16 2,527.10 12,092,839.26 Salt Lake City .... 883,894.54 148. 29 884,042. 83
Total 128,107,167. 58 2,215,032.96 44,383. 45 36,538,200,97 "166,904,784. 96 , 1 Of this amount $217.07 was gained on United States light-weight coin melted, 2 Of this amount $10.21 was gained on shipments to Philadelphia Mint, 3 Fine bars received from Philadelphia Mint. The disposition of gold bullion contained in the above table is as follows:
Shipped to Sold in Bars Wast Institutions. Bars paid the mint .for exchanged Coinage, Total. depositors. coinage. sweeps. for coin. age.
Philadelphia.... $279,195. 85 i$i;031,052.31 $14,633.81 $7,373,683. 54 $441,175. 00 $1,119.85 $9,140,860. 36 San Francisco. 34,323. 91 14,639. 21 9,057,449. 93 23,826,500. 00 1,575.90 32,934,488. 95 New Orleans.. . 18,638.21 13,872.00 1,321.26 2 3.10 33,834. 57 Denver 13,787. 55 2,008. 76 23,311,200.00 799. 81 23,328,396,12 New York 3,589,277. 87 16,487,528.19 7,090.62 23,687,715.21 43,771,611,89 Carson 1,288,989.75 1,288,989. 75 Helena... 375,44 1,967,699. 80 1,968,075,24 Boise 791,446. 58 791,446. 58 Charlotte. 170, 47 88,407. 78 88,578, 25 St Louis 734,541.07 734,541.07 Deadwood 690,571.00 690,571,00 Seattle 12, .543,021.10 12,543,021,10 Salt Lake City... 48. 50 901,033.04 1 901,081,54
Total 3,935,817,80 36,538,162.62 40,293. 66 40,118,848.68 47,578,875.00 3,498,06jl28,215,496,42
1 Fine bars shipped to New York assay office. ' Loss on shipments to Pliiladelphia Mint.
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288 REPORT ON THE EINANCES.
BALANCES, RECEIPTS, AND DISBURSEMENTS. Balances of gold bullion on hand June 30, 1909, and receipts, dis bursements, and balances June 30, 1910, at the mints and assay offices are shown in the following table:
Balance on Receipts dur Disbursements Balance on Institutions. hand June 30, ing the fiscal Total. during fiscal June 30,1910. 1909. year 1910. year 1910.
Philadelphia . .. $16,710,902.98 $24,077,949.31 $40,788,852.29 $9,140,860.36 $31,647,991.93 San Francisco 31,808,687.41 . 42,412,034.02' 74,220,721.43 32,934,488.95 41,286,232.48 New Orleans 2,759,100,66 877,238.97 3,636,339.63 33,834.57 3,602.505.06 Denver. 4,974,794.29 22,249,839,-39 27,224,633.68 . 23,-328,396.12 3,896,237.56 NewYork 7,231.244.51 58,778,378,98 66', 009.623. 49 43,771,611.89 22,238,011.60 Carson 69', 438.33 1,305,771.61 1,375,209.94 1,288,989.75 86,220.19 Helena 85,402.80 1,939,251.89 2,024,654.69 1,968,075.24 56,579.45 Boise 37,540.31 798,417.97 835,9.58.28 791,446.58 44,511.70 Charlotte . 88,.578.25 88,578.25 88,578.25 St, Louis 52,107.82 723,976.88 776,084.70 734,541.07 41,543,63 Deadwood 27,167.22 676,465.60 703,632.82 690,571.00 13,061.82 Seattle .. 1,828,211.24 12,092,839.26 13,921,050.50 12,543,021.10 1,378,029.40 SaltLake City 75,629.80 884,042.83 959,672. 63 901,081.54 58,591.09 Total 65,660,227.37 166,904,784.96 232,565,012.33 128,215,496.42 .104,349,515.91
COST OF MAINTENANCE.
The deposits, earnings, and expenditures of the mints and assay offices during the fiscal year 1910 were as follows:
COINAGE MINTS AND ASSAY OFFICE AT NE'W YORK, FISCAL YEAR 1910,
Num Num Value of deposits. ber of Employ ber of .Earnings. Expendi Institutions. de rede tures. ees, posits. posits. Gold, Silver.
Philadelphia 3,897 1,976 $24,095,005.64 $3,160,030.52 $3,750,372.94 -$594,909.15 360 San Francisco.... 8,108 502 42,412,034,02 2,154,413.07 917,514.27 364,660.73 209 New Orleans 881 877,228,-56 109,768.39 9,123,86 58,858.40 23 Denver 4,141 ""55i' 22,244,138.15 505,907.82 99,396.19 181,879.40 119 New York 12,303 34 57,747,326.66 2,977,258.04 49,284.77 139,396,26 75 Total 29,-3-30 3,063 147^375,733.03 8,907,377,84 4,831,692.03 1,339,703,94 786
NOTE,—The percentage of net earnings to deposits at Philadelphia is 11.59955, and at San Francisco 1,24051.
MINOR ASSAY OFFICES.
Value of deposits. Percent Number age of net Employ Assay oflices. of de Earnings, Expendi expenses posits. tures. . to de ees. Gold, Silver. posits
Carson 1,119 $1,305,771.61 $38,946.76 $6,432.05 $14,950.35 0.63 8 Boise 848 798,417.97 22,929.03 3.110,55 13,822.20 1.30 10 Helena 850 1,939,251.89 74,380.69 3; 438.22 21,841.74 ,91 12 Charlotte 216 88,578.25 653. 41 911.78 4,212,04 -3.69 4 St, Louis..- 329 723,976.88 1,688.79 799.17 3,742.32 ,41 3 Deadwood 166 676,465. 60 58,468.93 2,385.17 7,629.17 ' ,71 5 Seattle ... . 2,133 12,092,839.26 103.946.55 19,394.66 42', 498. 51 .19 28 SaU Lake City 333 884;042.83 20;il3.54 1,508,91 15,071,12 1.50^ 7 Total 5,994 18,509,344.29 321,127.70 37,980,51 123,767.45 177
i Includes 3 temporary employees.
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DIRECTOR OF MINT. 289
FREIGHT CHARGES ON BULLION AND COIN. The freight charges on bullion shipped to the mints by the assay offices and on coin shipped from the mints to the assay offices during the fiscal year 1910 aggregated $46,385.68.
MOVEMENT OF GOLD FROM THE PORT OF NEW YORK.
The superintendent of the United States assay office at New York has prepared the following tables, giving exports of gold through the port of New York.
STATEMENT OF UNITED STATES GOLD COIN AND GOLD BULLION EXPORTED FROM THE PORT OF NEW YORK TO EUROPE DURING THE FISCAL YEAR ENDED JUNE 30, 1910.
Rate Date. Countries, Amount, of ex change.
December 23. England. $14,600 4, 8775 1910, April 1.. do.... 2,000,000 4, 8775 April 4.. do.... 500,000 4, 8795 April 5.. do.... 5,150,000 4, 8785 April 12. do.... 4,000,000 4, 8765 April 13. Germany. 600 4,877 April 19. England.. 3,000,000 4, 8775 April 22. do 3,000,000 4, 8775 April 25. do.... 10,000,000 4, 8785 April 26. ....do.... 4,500,000 . 4, 8785 Total. 32,165,200
RECAPITULATION OF GOLD EXPORTS TO EUROPE.
Classification. France, England. Germany.
United States coin : .$32,164,600 $600 Foreign coin $500 3,855 Total 500 32,164,600 4,455
Grand total of exports to Europe $32,169,555 Shipped to West Indies, Mexico, Central and South America, Cuba, etc,, during the same period: United States coin $37,032,310 Foreign coin 3,720,968 — 40,753,278 Grand total of gold exports 72,922,833 The imports during the same period were as follows: From Europe: From other ports (West Indies, Mexico, United States coin Central and South America, Cuba, Foreign coin $3,868,150 etc): Bullion 246,159 United States coin $860,036 Bullion in ore, etc 8,926 Foreign coin 100,857 Bullion 3,883,144 Total gold Imports from Europe.. 4,123,235 Bullion in ore, etc .,... 355,852 Total gold from other ports 5,199,889 Grand total of gold Imports i. 9,323,124 65872°—FI 1910- -19
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290 REPORT ON THE FINANCES.
NET EXPORTS UNITED STATES GOLD COIN. The net exports of United States gold coin since January 1, 1870, are as follows:
Period. Imports, Exports, Period, Iraports. Exports,
Tan 1 to Tuly 1 1870 $6,384,250 Fiscal year—Cont'd, Fiscal year— 1893.... $6,074,899 $101,844,087 1871 55,491,719 1894 30,790,892 64,303,840 1872 40,391,357 1895 10,752,673 55,096,639 1873 35,661,863 1896 10,189,614 77,789,892 1874 28,766,943 1897 57,728,857 23,646,565 1875 59,309,770 1898 40,590,947 8,402,216 1876 27,542,861 1899 7,779,123 27,425,587 1877 21,274,565 1900 8,659,856 • 30,674,511 1878 • $7,325,783 6,427,251 1901 3,311,105 8,425,947 1879 3,654,859 4,120,311 1902 3,870,320 9,370,841 1880 18.207,559 1,687,973 1903 1,519,756 18,0415 660 I8S1 7,577,422 1,741,364 1904 5,780,607 15,682,424 1882 4,796,630 29,805,289 1905 2,236,399 54,409,014 1883 8,112,265 4,802,454 1906 35,251,921 20,573,572 1884 3,824,692 12,242,021 1907. 44,445,402 22,632,283 1885 3,352,090 2,345,809 1908 44,929,518 28,246,170 1886 1,687,231 5,400,976 1909 -..,.... 4,642,690 66,126,869 1887. . 5,862,509 3,550,770 1910 2,050,563 86,329,314 1888 5,181,512. 3,211,399 1889 1,403,619 4,143,939 Total ^. 411,797,454 1,187,822,914 1890 1,949,552 3,951,736 1891. .. 2,824,146 67,704,900 Net exports 776,025,460 1892 15,432,443 42,841,903
STOCK OF MONEY IN THE UNITED STATES.
On June 30, 1910, the stock of domestic coins in the United States was $2,254,511,253, as shown by the following table:
OFFICIAL TABLE OF STOCK OF COIN IN THE UNITED STATES JUNE 30, 1910.
items. Gold, Silver. Total.
Estimated stock of coin June 30,1909 $1,574,906,904 $727,685,265 $2,302,592,169 Net imports, United States coin, fiscal year 1910 2,052,816 2,052,816 United States coin returned in transports from the Philip pine Islands, fiscal year 1910, not recorded at the custom house 114,970 14,970 Coinage, fiscal year 1910 47,578,875 4,297,567 51,876,442 Total 1,622,485,779 734,050,618 2,356,536,397 Less: United States coin melted for recoinage (face value).. 3,632,031 814,362. 4,446,393 United States coin estimated to have been used in the arts 3,500,000 100,000 3,600,000 Net exports. United States coin, fiscal year 1910 84,278,751 84,278,751 Amount deducted by bureau of the mint for excess of Imports over exports of subsidiary silver coin, fiscal years I881-I910 9,700,000 9,700,000 Total '. 91,410,782 10,614,362 102,025,144 Estimated stock of coin In the United States June 30,1910 1,531,074,997 723,436,256 2,254,511,253
1 Of this amount $1,750 were in $1 pieces. NOTE.-—-The number of standard silver dollars coined to June 30, 1910, was 570,272,610, which added to the Hawaiian dollar coinage, 500,000, plus the number imported from the Philippine Islands, 150,000, and the number returned in Government transports from the Philippine Islands, 493,680, equals 571,416,290. Since July I, 1898, the number of standard silver dollars exported in transports has been 2,495,000, and since 1883 the number melted has been 188,964 (see this report, p, 249); and the number of Hawaiian dollars melted to June 30,1910, has been 454,818, a total disposition of 3,138,782, leaving In the United States on June 30,1910, 568,277,508 standard silver dollars, and $155,158,748 in subsidiary silver coins.
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DIRECTOR OE MINT. , 291
BULLION IN MINTS AND ASSAY OFFICES JUNE 30, 1910.
Bullion. Value.
Gold $104,349,516 Silver (cost) 3,642,048 Total. 107,991,564
METALLIC STOCK, JUNE 30, 1905, 1906, 1907, 1908, 1909, AND 1910.
Coin and bullion. June 30,1905. June 30,1906. June 30,1907. June 30,1908. June 30,1909. June 30,1910.
Gold . $1,357,881,186 $1,472,995,209 $1,466,056,632 $1,615,140,575 $1,640,567,131 $1,635,424,513 Silver 686,401,168 687,958,920 705,330,224 723,594,595 733,250,073 727,078,304 Total..:. 2,044,282,354 2,160,954,129 2,171,386,856 2,338,735,170 2,373,817,204 2,362,502,817
O'WNERSHIP OF GOLD .AND SILVER IN THE UNITED STATES JUNE 30, 1910.
Silver coin and bullion.. Total gold Gold coin and Ownership. and silver coin bullion. Silver Subsidiary Silver Total and dollars. coin. bullion. silver. bullion.
United States Treasury (free} $241,792,322 $17,247,756 $19,575,017 $3,642,048 $40,464,821 $282,257,143 United States Treasury (for certificates o u t - standing) 802,7.54,199 478,597,238 478,597,238 1,281,351,437 National banks (June 30)., 151,129,891 13,455,754 18,641,256 32,097,010 183,226,901 National banks (for clear ing-house certificates).., 70,975,000 70,975,000 Private banks and In dividuals 368,773,101 58,976,760 116,942,475 175,919,235 544,692,336 Total 1,635,424,513 568,277,508 155,158,748 3,642,048 727,078,304 2,362,502,817
LOCATION OF MONEYS OF THE UNITED STATES JUNE 30, 1910.
In national In other Money. In Treasury.' banks June 30, banks and in Total. 1910. circulation.
METALLIC. " Gold bullion $104,349,516 $104,349,516 Silver bullion •, 3,642,048 3,642,048 Gold coin 940,197,005 1 $222,104,891 $368,773,101 1,531,074,997 Silver dollars 495,844,994 13,455,754 58,976,760 568,277,508 Subsidiary silver coin. 19,575,017 18,641,256 116,942,475 155,158,748 Total metallic... 1,563,608,580 254,201,901 544,692,336 2,362,502,817
PAPER.
Legal-tender notes (old). • 11,893,146 176,429,038 158,358,832 346,681,016 Legal-tender notes (act July 14,1890)... 9,475 3,662,525 3,672,000 National-bank notes 29,771,198 2 49,453,446 634,206,089 713,430,733 Total notes • 41,673,819 225,882,484 796,227,446 1,063,783,749 Gold certificates 60,182,670 266,702,390 536,051,809 Silver certificates 10,519,7.62 123,439,564 355,157,674 Total certificates 70.702,432 390,141,954 891,209,483 Grand total 1,675,984,831 870,226,339 2,232,129,265 3,426,286,566
1 Includes $70,975,000 gold clearing-house certificates. 2 Includes $7,709,515 of their own notes held by different national banks.
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292 REPORT ON THE EINANCES.
ESTIMATED STOCK OF GOLD AND SILVER IN THE UNITED STATES AND THE AMOUNT PER CAPITA AT THE CLOSE OF EACH FISCAL YEAR SINCE 1873. ^
Total stock of coin and bul lion. Per capita. Fiscal year euded June 30— Populat on. Gold, Silver, Gold, Silver, Total metallic.
3873 41,677 000 $135,000,000 $6,149,305 $3,23 $0,15 $3,38 1874 42,796 000 147,379,493 10,355,478 3,44 .24 3.68 1875 43,951 000 121,134,906 19,367,995 2.75 ,44 3.19 1876 - - . 45,137 000 - 130,056,907 36,415,992 2.88 ,81 3 69 1877 46,353,000 167,501,472 56,464,427 3,61 1.21 4.82 1878 ' 47,598 000 213;199,977 88,047,907 4,47 1,85 6 32 1879 '. 48,866 000 245,741,837 117,526,341 5,02 2.40 7.42 1880 50,155 783 351,841,206 148,522,678 7,01 2.96 9.97 1881 . . 51,316 000 478,484,538 175,384,144 9.32 3.41 12.73 1882 52,495 000 506,757,715 203,217,124 9.65 3.87 13,52 1883 . 53,693 000 542,732,063 • 233,007,985 10.10 4.34 14.44 1884 54,911 000 545,500 797 255,568 142 9.93 4.65 14,58 1885 • 56,148 000 588,697 036 283,478 788 10.48 5,05 15,53 1886 57,404 000 590,774 461 312,252,844 10.29 5.44 15,73 1887 58,680 000 654,520 335 352,993,566 11.15 6.00 17,15 1888 59,974 000 705,818,855 386,611,108 11,76 6.44 18 20 1889 61,289,000 680,063,505 420,548,929 11,09 6.86 17,95 1890 62,622,250 695,563,029 463,211,919 11,10 7,39 18.49 1891 63,975,000 646,582,852 522,277,740 10.10 8.16 18,26 1892 65,520,000 664,275,335 570,313,544 10,15 8,70 18.85 1893. . -. 66,946,000 • 597,697,685 615,861,484 8.93 9,20 18,13 1894...: 68,397,000 627,293,201 624,347,757 9,18 9,13 18,31 1895 69,878,000 636,229 825 625,854,949 9.10 8.97 18,07 1896 •. 71,390 000 599,597,964 628,728 071 8.40 8.81 17,21 1897 . .. 72,937 000 696,270 542 634,509 781 9.55 8.70 18 25 1898 74,522,000 861,514,780 637,672,743 11.56 8.56 20,12 76,148,000 639,286 743 12.64 8.40 1899 76,891,000 962,865,505 647,371,030 ' 13.45 8.42 21.04 1900 : 77,754,000 1,034,439,264 661,205,403 14.47 8,50 21.87 1901 79,117,000 1,124,652,818 670,540,105 15.07 8,48 22.97 1902 80,847,000 1,192,395,607 677,448,933 15.45 8.38 23.55 1903 81,867,000 1,249,552,756 682,383,277 16.22 8,33 23,83 1904 ' 83,259,000 1,327,672,672 686,401,108 16,31 8.24 24,55 1905 . 84,662,000 1,357,881,186 687,958,920 17.40 8.12 24 55 1900 ?. 86,074,000 1,472,995,209 705,330,224 17,03 8.20 25.52 1907 87,496,000 1,466,056,632 723,594,595 18.46 8.27 25 23 1908 88,926,000 1,615,140,575 733,250,073 18.45 8,25 26.73 1909. 90,363,000 1,640,567,131 727,078,304 18.10 8,05 '26,70 1910 1,635,424,513 26,15
UNITED STATES GOLD COIN IN CANADA. The holdings of United States gold coin in the treasury of the Dominion of Canada on December 31, 1909, was $62,988,474. The holdings of the charter banks (29In number)^ on the same date aggregated $17,364,362, or 63.24 per cent of°their specie holdings. The total amount of United States gold coin in Canadian reserves on the foregoing date was therefore $80,352,836.
GOLD AND SILVER USED IN INDUSTRIAL ARTS IN THE UNITED STATES DURING THE CALENDAR YEAR 1909.
Among the purveyors of gold and silver bars for use in the indus trial arts the United States Mint at Philadelphia and the United States assay office at New York hold the foremost places; conse quently, the larger portion of the material consumed in the arts is brought under Government notice and is a matter of public record.
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DIRECTOR OE MINT. 293
The following table gives the value of the gold and the quantity of the silver bars issued by the Government institutions and private refineries during the calendar year 1909, with the class of material from which they were made:
GOLD AND SILVER BARS ISSUED BY THE GOVERNMENT INSTITUTIONS AND MANUFAC TURED BY PRIVATE REFINERIES FOR USE IN THE INDUSTRIAL ARTS DURING THE CALENDAR YEAR 1909,
•'• • Value of gold issued by- Weight of sUver issued by—
Materials used. Govern Govern ment insti Private Total, ment insti Private Total. tutions. refineries. tutions. refineries.
Fine ounces. Fine ounces. Fine ounces. Domestic bullion $18,455,948 $224,255 $18,680,203 594,763 15,634,015 • 16,228,778 Foreign material 10,561,660 207 10,561,867 1,605,856 3,209,021 4,814,877 United States coin '.: 98 364,458 364,556 1,500 1,500 Old jewelry, etc 2,870,870 2,015,829 4,886,699 354,629 6,425,498 6,780,127 Total 31,888,576 2,604,749 34,493,325 2,555,248 25,270,034 27,825,282
Estimating that the total amount of gold coin used in the arts dur ing the calendar year 1909 has been $3,500,000, aiid silver coin $100,000, ecjuivalent to 77,344 fine ounces, the total industrial con sumption would be as follows:
Materials used. Gold. Silver.
Value. Fine ounces. Domestic bullion . $18,680,203 16,228,778 Foreign material -. - 10,561,867 4,814,877 United States coin . 3,500,000 77,344 Old material 4,886,699 6,780,127 Total 37,628,769 27,901,126
III order to arrive at the net consumption in the industrial arts, there should be deducted from the foregoing totals the amount of old jewelry, plate, etc., included, and also the amount of the same class of material returned to coinage use. In the year 1909 these amounts aggregated $7,380,560 in gold, and 6,941,962 fine ounces of silver, which leaves $30,248,209 of gold anci 20,959,164 fine ounces of silver as the net amount of new bullion devoted to industrial use.
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294 REPORT ON THE EINANCES.
The following table gives the amounts and the classification of gold and silver, used in the industrial arts in the United States since 1880:
GOLD AND SILVER BARS FURNISHED FOR USE IN MANUFACTURES AND THE ARTS, AND CLASSIFICATION OF THE MATERIAL USED, BY CALENDAR YEARS, SINCE 1880. GOLD.
Ne'w material. Old Grand Calendar years, , Foreign material. total. United States Domestic bullion and Total new coin. bullion. coin. material.
1880 $3,300,000 $6,000,000 $1,267,600 $10,567,600 $395,000 $10,962,600 1881 2,700,000 7,000,000 . 1,547,800 11,247,800 522,900 11,770,700 1882 2,500,000 7,000,000 671,500 10,171,500 696,500 10,868,000 1883. . 4,875,000 7,840,000 194,500 12,909,500 1,549,300 14,458,800 1884 5,000,000 6,000,000 385,500 11,385,500 3,114,500 14,500,000 1885 3,500,000 6,736,927 178,913 10,415,840 1,408,902 11,824,742 1886 3,500,000 7,003,480 638,003 11,141,483 1,928,046 13,069,529 1887 3,500,000 9,090,342 384,122 12,974,464 1,835,882 14,810,346 1888 3,500,000 9,893,057 718,809 14,111,866 2,402,976 16,514,842 1889 3,500,000 9,686,827 291,258 13,478,085 3,218,971 16,697,056 1890 3,500,000 10,717,472 362,062 14,579,534 3,076,426 17,655,960 1891 3,500,000 10,697,679 628,525 14,826,204 4,860,712 19,686,916 1892 3,500,000 10,588,703 771,686 14,860,389 . 4,468,685 19,329,074 1893 1,500,000 • 8,354,482 804,254 10,658,736 2,777,165 . 13,435,901 1894 1,500,000 6,430,073 543,585 8,473,658 2,184,946 10,658,604 1895 1,500,000 8,481,789 471,027 10,452,816 2,976,269 13,429,085 1896..." 1,500,000 7,209,787 316,804 9,026,591 2,369,343 11,395,934 1897 1,500,000 7,184,822 613,981 9,298,803 2,571,428 11,870,231 1898 1,500,000 9,463,262, 437,641 11,400,903 2,164,976 13,565,879 1899 1,500,000 13,267,287 344,906 15,112,193 2,734,985 17,847,178 1900 1,500,000 14,582,627 584,903 16,667,530 3,480,612 20,148,142 1901. 1,500,000 16,296,688 085,642 . 18,482,330 3,386,626 21,868,956 1902 1,500,000 18,653,625 851,673 21,005,298 4,677,549 25,682,847 1903 . 3,500,000 19,944,365 953,597 24,397,962 4,665,589 29,063,551 1904 3,500,000 12,298,459 7,131,577 22,930,036 5,725,927 28,655,963 1905 ...... 3,500,000 20,559,910 3,562,069 27,621,979 5,586,636 33,208,015 1906 3,500,000 18,667,804 10,452,037 32,619,841 6,506,922 39,126,763 1907 3,500,000 15,546,924 14,502,571 33,549,495 7,177,575 40,727,070 1908 3,500,000 8,407,971 2,846,974 14,754,945 16,721,146 31,476,091 1909 3,500,000 16,186,342 10,561,867 30,248,209 7,380,560 37,628,769 Total 85,875,000 329,790,704 63,705,386 479,371,090 112,567,054 591,938,144
SILVER (FINE OUNCES).
464,063 3,867,188 273,023 4,604,274 112,148 4,716,422 1881 154,687 4,563,281 286,945 5,004,913 137,672 5,142,585 1882 154,687 4,906,920 340,544 5,402,151 164,665 5,566,816 1883... 154,687. 3,576,143 119,883 3,850,713 434,595 4,285,308 1884 154,687 3,480,469 502,734 4,137,890 131,484 4,269,374 1885 154,687 3,511,310 48,501 3,714,498 357, 472 4,071,970 1886 154,687 2,804,635 638,562 3,597,884 312,589 3,910,473 1887 154,687 3,173,208 506,595 3,834,490 371,719 4,206,209 1888 154,687 5,010,218 597,082 5,761,987 504,318 6,266,305 1889 154,687 5,644,495 508,920 6,308,102 472,582 6,780,684 1890 154,687 5,525,155 963,254 6,643,096 495,077 7,138,173 1891 154,687 5,637,642 971,516 6,763,845 663,707 7, 427,552 1892 154,687 5,572,006 966,643 6,693,336 500,706 7,194,042 1893 77,344 5,082,054 1,346,326 6,505,724 945,787 7,451,511 1894 77,344 6,635,685 759,824 7,472,853 944,504 8, 417,357 1895 77,344 7,599,323 752,942 8,429,609 1,065,902 9, 495,511 1896...- 77,344 6,160,777 821,387 7,059,508 832,860 7,892,368 1897 77,344 7,116,009 616,579 7,809,932 853,457 8,663,389 1898 77,344 9,417,981 489,160 9,984,485 734,233 10,718,718 1899 77,344 8,388,658 529,137 8,995,139 1,583,678 10,578,817 1900 77,344 10,423,485 940,450 II, 441,279 1,776,006 13,217,285 1901 . 77,344 11,809,418 1,038,409 12,925,171 1,208,523 14,133,694 1902 77,344 15,236,711 1,289,623 16,603,678 2,741,331 19,345,009 1903 77,344 15,016,256 954,930 16,048,530 3,919, 726 19,968,256 1904 77,344 16,629,834 1,218,122 17,925,300 2,554,687 20,479,987 1905 77,344 16,580,307 2,754,003 19,411,654 4,289,023, 23,700,677 1906 77,344 15,231,628 2,734,187 18,043,159 3,810,105 21,853,264 1907 77,344 17,431,691 4,628,208 22,137,243 2,232,541 24,369,784 1908 77,344 15,842,812 4,490,942 20,411,098 3,439,730 23,850,828 1909 77,344 16,066,943 4,814,877 20,959,164 6,941,962 27,901,126 Total. 3,635,155 257,942,242 36,903,308 298,480,705 44,532,789 343,013,494
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DIRECTOR OF MINT. 295 The value and composition of bars issued for use in the industrial arts by the Government institutions during the fiscal year 1910 were as follows:
Gold. Materials used. Silver. Weight. Value,
Fine ounces. Fine ounces. Domestic bullion... 991,649,185 $21,536,655,42 2,029,845,71 United States coin.. 23. 776 491, 50 Foreign bullion 533,997. 489 10,063,275.82 1,033,642,87 Foreign coin 1,083.306 22,766, 05 5,667.10 Old material 141,590. 605 2,925,937.67 347,319,75 Refinery bars 27,728. 60
Total. 1,668,344.361 34,549,126, 46 3,444,204.03
EXCHANGE OF FINE GQLD BARS FOR GOLD COIN AND GOLD BULLION.
The value of the fijae gold bars furnished to the trade in exchange for gold coin and bullion, monthly by the United States Mint at Philadelphia and assay office at New York, for the fiscal year 1910 was as follows:
Exchanged for gold coin. Exchanged for gold bullion.
Phila New York, Phila delphia, Total. delphia, New York. Total.
1909. July $545,253. 37 $1,367,348.60 $1,912,601.97 $20,058,87 $291,208. 92 $311,267,79 August :. 619,032.08 1,952,052.34 2,571,084,42 24,526,51 234,898.36 259,424.87 September 563,362.94 2,418,518. 20 2,981,881.14 19,616,85 276,870.00 296,486,85 October 607,248.73 2,656,052.18 3,263,300.91 27,398.'67 319,621,32 347,019,99 November...:... • 600,735. 38 2,198,803.73 2,799,539.11 16,794.45 336,397.87 353,192.32 December 351,628.25 1,754,317.54 2,105,945.79 23,727.34 304,643,37 328,370,71
1910. January • 619,704. 76 1,659,741,10 2,279,445.86 18,705, 71 322,445,04 341,150,75 February 695,343.51 1,742,592.92 2,437,936.43 15,517:86 304,661,03 320,178,89 March 734,134. 09 2,063,298.39 2,797,432. 48 21,254,14 313,240,17 334,494.31 April.... •734,457.92 1,934,344.44 2,668,802. 36 30,087.05 311,414.68 341,501,73 May.-. 720,538.73 1,955,265.98 2,675,804. 71 32,630. 84 260,704,31 293,335.15 June 582,243. 78 1,985,379,79 2,567,623,57 28,877.56 299,055,70 327,933.26 Total 7,37.3,683.54 23,687,715. 2131,061,398.7 5 279,195.85 3,575160, 773,854,356,6 2
THE WORLD'S INDUSTRIAL CONSUMPTION OF THE PRECIOUS METALS IN 1909. This bureau estimates the world's consumption of the precious metals in the arts during the calendar year 1909 as follows: Gold, of the valueof $142,506,100, equivalent to 6,893,733 ounces, fine; and silver, 104,838,200 ounces, fine, of the commercial value of $54,515,864. In these estimates only new material is taken into account.
PRODUCT OF GOLD AND SILVER IN THE UNITED STATES IN 1909.
The detailed statistics of the product of gold and silver in theUnited States for the calendar year 1909 are presented in a special report to the Secretary of the Treasury.
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296 REPORT ON THE FINANCES.
The distribution of the product among producing States and Terri tories was as follows: ^
APPROXIMATE DISTRIBUTION, BY PRODUCING STATES AND TERRITORIES, OF THE PRODUCT OF GOLD AND SILVER IN THE UNITED STATES FOR THE CALENDAR YEAR 1909. [As estimated by the Director of the Mint.]
Gold, Silver. State or Territory, Fine Fine Commer oimces. Value, ounces. cial value.
Alabama. • 1,413 $29,200 200 $100 Alaska 983,928 339,600 198,600 103,300 Arizona 127,071 626,800 2,523,600 1,312,300 California 1,001,537 703,600 2,304,900 1,198,500 Colorado 1,056,829 846,600 8,846,300 .4,600,100 Georgia 2,099 43,400 200 100 Idaho 65,026 344,200 6,755,900 3,513,100 Illinois 900 500 Michigan 217,600 113,100 Missouri 10 200 15,200 7,900 Montana 181,411 750,100 12,034,500 0,257,900 Nevada 792,682 386,200 10,119,200 5,262,000 New H'ampshire... 3,000 1,600 New Mexico 12,229 252,800 324,200 168,600 North Carolina 1,519 31,400 400 200 'Oregon . 40,103 829,000 69,600 36,200 Pennsylvania 300 6,200 Philippine Islands. 11,978 247,600 3,000 1,600 Porto Rico 29 600 South Carolina 358 7,400 South Dakota 317,998 >, 573,600 196,300 102,100 Tennessee 208 4,300 65,300 . 33,900 Texas 19 400 408,100 212,200 Utah 203,818 1,213,300 10,551,100 5,486,600 Virginia 194 4,000 6,400 3,300 Washington 20,753 429,000 75,200 39,100 Wyoming 189 3,900 1,800 900 Total 4,821,701 99,673,400 54,721,500 28,455,200
WORLD S COINAGE. In the appendix will be found a table, revised from the latest infor mation received, exhibiting the coinages of the various countries of the world during the calendaT years 1907, 1908, and 1909. The figures in the following table represent, as nearly as this bureau has been able to ascertain, the total value of, and the fine ounces consumed in, the gold and silver coinages executed in the world since 1873. It must be borne in mind, however, that the total of these coinages does not correctly represent the amount of new gold and new silver made into coins during the year, for the reason that the coinages as reported include the value of domestic and foreign coins melted for recoinage, as well as old material, plate, etc., used in coinage. In the circular letter of inquiry prepared at this bureau and sent to foreign Governments through the Department of State, asking for information on these subjects, it was especially requested that each country report the amount of such recoinages. This has been done in many instances, but not in all.
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DIRECTOR OP MINT. 297
COINAGE OF GOLD AND SILVER OF THE MINTS OF THE WORLD BY CALENDAR YEARS SINCE 1873,
.Gold, Silver. Calendar years. Fine ounces. Value, Fine ounces. Coining value.
1873 12,462,890 $257,630,802 101,741,421 $131,544 464 1874 6,568,279 135,778,387 79,610,875 102,931,232 1875 9,480,892 195,987,428 92,747,118 119,915,407 1876 10,309,645 213,119,278 97,899,525 126,577,164 1877 9,753,196 201,616,466 88,449,796 114,359,332 1878 9,113,202 188,386,611 124,671,870 161,191,913 1879 .. . 4,390,167 90,752,811 81,124,555 104,888,313 1880 7,242,951 149,725,081 65,442,074 84,611,974 1881 7,111,864 147,015,275 83,539,051 108,010,086 1882 4,822,851 99,697,170 85,685,996 110,785,934 1883 : 5,071,882 104,845,114 84,541,904 109,306,705 1884 4,810,061 99,432,795 74,120,127 95,832,084 1885 4,632,273 95,757,582 98,044,475 126,764,574 1886 : 4,578,310 94,642,070 96,566,844 124,854,101 1887 : ... 6,046,510 124,992,465 126,388,502 163,411,397 1888.. 6,522,346 134,828,855 104,354,000 134,922,344 1889 8,170,611 168,901,519 107,788,256 . 139,362,595 1890 . 7,219,725 149,244,965 117,789,228 152,293,144 1891 5,782,463 119,534,122 • 106,962,049 138,294,367 1892 8,343,387 172.473.124 > 120,282,947 155,517,347 1893 11,243,342 232,420,517 106,697,783 137,952,690 1894 11,025,680 227,921,032 87,472,523 113,095,788 1895 11,178,855 . 231,087,438 98,128,832 126,873,642 1896 9,476,639 195,899,517 123,394,239 159,540,027 1897 21,174,850 437,722,992 129,775,082 167;790,006 1898 ... 19,131,244 395,477,905 115,461,020 149,282,930 1899 - 22,548,101 466,110,614 128,566,167 166,226,964 1900 , 17,170,053 354,936,497 143,362,948 185,358,150 1901 12,001,537 248,093,787 107,439,666 138,911,891 1902 10,662,098 220.405.125 149,826,725 193,715,362 1903 11,634,166 240,499,547 161,159,508 211,795,829 1904 22,031,285 455,427,085 136,518,406 176,508,646 1905 11,898,037 245,954,257 134,062,314 173,333,093 1906 . • 17,721,058 366,326,788 120,339,501 155,590,466 1907 - 19,921,014 411,803,902 171,561,490 221,816,876 1908 15,828,573 327,205,649 151,352,824 195,688, 499 1909 15,153,116 313,242,714 87,728,951 113,427,331 Total. 402,233,153 8,314,897,286 4,090,598,592 5,292,282,739
FOREIGN COINS MELTED BY VARIOUS COUNTRIES. The foreign gold ancl silver coins melted b}^ the countries of the world during the calendar 3^ears 1907, 1908, and 1909, so far as have been reported to this bureau, are exhibited in the following table:
1907 1908 1909 Countries, Gold. Silver. Gold, Silver, Gold, Silver.
United States $12,330,623 $250,132 $3,767, C69 $103,076 $147,413 $19,268 Austria-Hungary 207,274 28,912 401,573 14,778 11,345 Great Britain 3,162,733 •Germany ... 4,990,384 400,997 285 India 1,338 1,114 Italy 2,146 Japan . 2,435,637 5,955 324,543 Mexico 4,093,714 34,870 299,408 Peru 633,418 60,785 260,312 Portugal Russia 9 150 16,981 Siam 302,826 Turkey 9,219,795 168,957 4,770,012 20,469 8,076,902 Total 31,477,363 3,949,768 11,836,823 438,845 8,519,193 343,811
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298 REPORT ON THE FINANCES..
UNITED STATES GOLD COIN IMPORTED AND MELTED BY VARIOUS COUNTRIES DURING THE CALENDAR YEAR 1909. The following table shows the amount of United States gold coin imported by various countries and the value of the United States 2:oid coin melted at their mints: .
Import of Total import United United Countries, of gold from States States gold Ufiited gold coin coin. States, melted.
Austria-Hungary $11,345 Canada $5,427,453 Russia ...... 16,981 16,981 Guatemala :.. 240,000 Guiana (Dutch) ...... 30,000 Haiti. .. 400,000 Venezuela 611,742 Japan 4,710 4,992 Great Britain 1 $14,384,328
Total 6,730,886 14,384,328 33,318
1 Of this amount, $188,658 was British coin; $11,282,828 foreign coin; and the balance, $2,912,842, -was in bullion. RECOINAGES OP THE WORLD. The following table, compiled from ofiicial sources, exhibits ap proximately the gold and silver recoinages in the principal countries of the world for the calendar years 1907, 1908, and 1909,. so far as has been reported to this bureau:
1907 1908 1909 Countries. Gold. Silver. . Gold, Silver. Gold, Silver.
United States. . • $3,072,960 $1,233,298 $5,321,467 $977,211 $2,704,802 $759,677 Australia 3,474 1,631,393 914,941 Austria-Hungary 1,610,137 1,620,440 1,448,904 5,189,278 3,388 1,520 Belgium 2,191,796 Canada 219,100 France : 62,496 1,170,829 69,858 3,110,555 1,444,379 2,101,895 Germany 1,786,864 20,216,679 2,256,230 589,058 4,933,160. Great Britain 13,139,550 3,509,414 16,059,450 1,347,083 14,599,500 3,322,111 India (British). 10,345,352 7,864,560 3,132,457 Italy 3,769,263 Japan 1,137 2,299,669 1,797 3,944,363 12,924 5,319,499 Mexico .9,314 2,992,255 989,486 535,065 Netherlands ..: 1,869,300 3,011,463 Norway 14,847 • 9,836 14,606 Peru 41,534 Portugal 470,654 Russia 2,782 1,309,429 718 920,233 2,031,692 Siam 1,017,395 12,772 Straits Settlements 10,767,000 6,929,500 Sweden 107 35,532 1,136 23,007 Switzerland 267,305 193,000 115,800 Turkey.: 9,219,795 989,788 34,613 527,568
Total 28,908,509 63,392,263 26,824,537 35,680,266 24,614,230 20,251,651
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DIRECTOR OF MINT. 299
VALUES OF FOREIGN COINS.
TREASURY DEPARTMENT, Octoher 1,1910. In pursuance of the pre)visions of section 25 of the act of August 28, 1894, I hereby proclaim the following estimate by the Director of the Mint of the values of foreign coins to be the values of such coins in terms of the money of account of the United States, to be fol lowed in estimating the value of all foreign merchandise exported to the United States on and after October 1, 1910, expressed in any of such metallic currencies. A. PIATT ANDREW, Acting Secretary.
VALUES OF FOREIGN COINS,
Value in terms of Country. Standard. Monetary unit. United Coins. States gold dollar.
Argentine Republic. Gold. Peso... $0,965 Gold: Argentine ($4.824) and I argen tine. Silver: Peso and divisions. Austria-Hungary ..do.. Cro^ATi. ,203 Gold: 10 and 20 cro^vns. Silver: 1 and 5 crowns. Belgium. ..do.. Franc ,193 Gold: 10and20francs. Silver: 5francs. Boli via..- ..do.. Boliviano. ,389 Gold: Silver boliviano and divisions.^ Brazil ..do.. Milreis ,546 Gold: 5, 10, and 20 milreis. Silver: ^, 1, and 2 milreis. British possessions, .do... Dollar.. 1,000 North America (ex cept Newfoundland). Central American States: Costa Rica .do... Colon.. .465 Gold: 2, 5,10, and 20 colons ($9,307). Silver: 5,10, 25, and 50 centimos. British Honduras.. .do... Dollar.. 1.000 Guatemala Honduras .391 Nicaragua -Silver. Peso... Silver: Peso and divisions. Salvador Chile Gold...... do. .365 Gold: Escudo ($1,825), doubloon (.$3,65), and condor ($7.30). Silver: Peso and divisions. Amoy .641 Canton ,639 Cheefoo ,613 Chin Kiang.. ,626 Fuchau .'593 Haikwan .652 (customs). Hankow ,599 Tael... J Kiaochow .621 Nankin .634 China. Silver.. Niuchwang . .601 Ningpo: .616 Peking .625 Shanghai .585 Swatow .592 Takau ,645 ^Tientsin ,621 (Hongkong... .421 Dollar.. < British ,421 iMexican ,424 Colombia.. Gold. ..do 1.000 Gold: Condor ($9,647) and double condor. Silver: Peso. Denmark. .do., CrowTi. .268 Gold: 10 and 20 cro"wns. Ecuador.. .do.. Sucre.. ,487 Gold: 10 sucres ($4,8665). Silver: Sucre and divisions, 1 Gold standard adopted Dec, 31, 1908, 12^ bolivianos equal the pound sterling or Peruvian pound ($4.866i).
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300 REPORT ON THE FINANCES.
VALUES OF FOREIGN COINS—Continued.
Value interms of Country. Standard. Monetar}'^ unit. United Coins. States gold dollar.
Egypt Gold.... Pound (100 piasters).- $4.943 Gold: Pound (100 piasters), 5, 10, 20, and 50 piasters. Silver: l,-2, 5, 10, and 20 piasters. Finland ...do Mark .193 Gold: 20 marks ($3,859), 10 marks ($1.93), France ..do Franc .193 Gold- 5, 10, 20, 50, and 100 francs. Silver: 5 francs. German Empire ...do Mark : .238 Gold: 5,10, and 20 marks. ...do Pound sterling 4.866^' Gold: Sovereign (pound sterling) and GreatBritain ^ sovereign. Greece... .' ...do Drachma .193 Gold: 5,10, 20, 50, and 100 drachmas. Silver: 5 drachmas. Haiti...... do Gourde. .965 Gold: 1, 2, 5, and 10 gourdes. Silver: Gourde and divisions. India, British ...do Pound sterling I...Q... 4.866^ Gold: Sovereign (pound sterling). Silver: Rupee and divisions. Italy ...do Lira .193 Gold: 5,10,20,50, and 100 lire. Silver: 5 lire. Japan ...do Yen .498 Gold: 5, 10, and 20 yen. Silver: 10, 20, and 50 sen. Liberia ...do Dollar 1.000 Mexico. . ...do Peso 2 .498 Gold: 5 and 10 pesos. Silver: Dollar» (or peso) and divisions. Netherlands.. ...do Florin .402 Gold: 10 florins. Silver: 2^, 1 florin. and divisions. Newfoundland ...do Dollar 1.014 Gold: 2 dollars ($2,028), Norway Crown...... 268 Gold: 10 and 20 crowns. Panama ...ddo Balboa 1. 000 Gold: 1, 2h, 5, 10, and 20 balboas. Silver: Peso and divisions. p^sia Silver... Kran .072 Gold: ^, 1, and 2 tomans ($3,409). Silver: i, |, 1, 2, and 5 krans. Peru Gold.... Libra 4.866^ Gold: h and 1 libra. Silver: Sol and divisions. Philippine Islands ...do Peso .500 Silver peso: 10, 20, and 50 centavos. Portugal Milreis. 1,080 Gold: 1,2,5, and 10 milreis. Russia . ...ddoo Ruble .515 Gold: 5, 7^, 10, and 15 rubles. Silver: 5,10,15,20,25,50, and 100 copecks. Spain ...do Peseta ! ,193 Gold: 25 pesetas. Silver: 5 pesetas. Straits Settlements ...do Pound sterling 4 4.866^ Gold: Sovereign (pound sterling). Silver: Dollar and divisions. Sweden .do . . Crown .268 Gold: 10 and 20 crowns. Switzerland ..do Franc .193 Gold: 5, 10, 20, 50, and 100 francs. Silver: 5 francs. Turkey ...do Piaster...." .044 Gold: 25,50,100,250, and 500 piasters. Uruguay ...do Peso L034 Gold: Peso. Silver: Peso and divi sions. Venezuela ...do Bolivar .193 Gold: 5, 10, 20, 50, and 100 bolivars. Silver: 5 bolivars.
1 The sovereign is the standard coin of India, but the rupee ($0.3244-^) is the current coin, valued at 15 to the! sovereign. 2 Seventy-five centigrams fine gold. 3 Value in Mexico, $0,498. ^ The current coinof the Straits Settlements is the silver dollar issued on Government account, and which has been given a tentative value of $0.567758^. NOTE.—The coins of silver-standard countries are valued by their pure-silver contents at the average market price of silver, for the three months preceding the date of this circular.
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DIRECTOR. OF MINT. 301
CHANGES IN THE VALUE OF FOREIGN COINS DURING 1910.
Value, 1910. Countries. Monetary unit. Jan. 1. Apr. 1. July 1, Oct. 1.
Central Araerican States Silver peso $0,375 $0,378 $0,391 .$0,391 China: Do Silver tael, Amoy ,615 ,620 .641 ,641 Do . . . Silver tael, Canton.. ,613 ,019 .640 ,639 Do Silver tael, Chefoo ,588 ,593 .613 ,613 Do Silver tael, Chinkiang ,601. ,606 ,627 .626 Do ; Silver tael, Fuchau .569 ,574 ,593 ,593 Do . - Silver tael, haikwan (cus ,626 ,631 ,653 ,652 toms). Do Silver tael, Hankow ,575 ,580 ,600 ,599 Do Silver tael, Kiachow .596 ,601 ,622 .621 Do Silver tael. Nankin .609 ,614 ,635 .634 D'o 'Silver tael, Newchwang .577 ,582 ,601 ,601 Do Silver tael, Ningpo .591 ,596 ,617 ,616 Do Silver tael, Peking .599 ,605 ,625 ,625 Do : Silver tael, Shanghai .562 .567 ,586 ,585 Do Silver tael, Swatow .568 ,573 ,592 ,592 Do Silver tael, Takau.: .6.19 .624 ,645 ,645 Do Silver tael, Tientsin .596 ,601 .622 ,621 Do Silver dollar, Hongkong .404 ,408 .422 .421 Do : Silver dollar (British) .404 ,408 .422 .421 Do Silver dollar (Mexican) .407 .411 .425 ,424 Persia : Silver kran • .069 .070 .072 ,072
MONETARY LEGISLATION.
CHAP. 25.—An Act Prescribing certain provisions and conditions under which bonds and certificates of indebtedness of the United States may be issued, and for other purposes. Be it enacted hy the Senate and House of Representatives ofthe United States of America in Congress assemhled. That any bonds- and certificates of indebtedness of the United States hereafter issued shall be payable, principal and interest, in United States gold coin of the present standard of value; and that such bonds may be issued in such denominations as may be prescribed by the Secretary of the Treasury, SEC 2. That any certificates of indebtedness hereafter issued shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and that a sum not exceeding one-tenth of one per centum of the-amount of any certificates of indebtedness issued is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to pay the expenses of preparing, advertising, and issuing the same. SEC 3. That all acts or parts of acts inconsistent with the provisions of this act are hereby repealed. Approved, February 4, 1910,
CHAP. 240,—An Act To establish in the Department of the Interior a Bureau of Mines. Be it enacted hy the Senate and House of Representatives of the Wnited States of America in Congress assemhled. That there is hereby established in the Department of the Interior a bureau, to be called the Bureau of Mines, and a director of said bureau, who shall be thoroughly equipped for the duties of said office by technical education and experience and who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall receive a salary of six thousand dollars per annum; and there shall also be in the said bureau such experts and other employees as may from time to time be authorized by Congress, SEC 2. That it shall be the province and duty of said bureau and its director, under the direction of the Secretary of the Interior, to make diligent investigation of the methods of mining, especially in relation to the safety of miners, and the appliances best adapted to prevent accidents, the possible improvement of conditions under which mining operations are carried on, the treatment of ores and other mineral sub stances, the use of explosives and electricity, the prevention of accidents, and other inquiries and technologic investigations pertinent to said industries, and from time to time make such public reports of the work, investigations, and information obtained as the Secretary of said department may direct, with the recommendations of. such bureau. «
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302 REPORT ON THE FINANCES.
SEC 3. That the Secretary of the Interior shall provide the said bureau with fur nished offices in the city of Washington, with such books, records, stationery, and appliances, and such assistants, clerks, stenographers, typewriters, and other employees as may be necessary for the proper discharge of the duties imposed by this act upon such bureau, fixing the compensation of such clerks and employees within appropri ations made for that purpose. SEC 4. That the Secretary of the Interior is hereby authorized to transfer to the Bureau of Mines from the United States Geological Survey the supervision. of the investigations of structural materials and the analyzing and testing of coals, lignites, and other mineral fuel substances and the investigation as to the causes of mine explo sions; and the appropriations made for such investigations may be expended under the supervision of the Director of the Bureau of Mines in manner as if.the same were so directed in the appropriation acts; and such investigations shall hereafter be within the province of the Bureau of Mines, and shall cease and determine under the organiza tion of the United States Geological Survey; and such experts, employees, property, and equipment as are now employed or used by the Geological Survey in connection with the subjects herewith transferred to the Bureau of Mines are directed to be trans ferred to said bureau. SEC 5. That nothing in this act shall be construed as in any way granting to any officer or employee of the Bureau of Mines any right or authority in connection with the inspection or supervision of mines or metallurgical plants in any State. SEC 6. This act shall take effect and be in force on and after the first day of July, nineteen hundred and ten. Approved, May 16, 1910.
MONETARY STATISTICS OF FOREIGN COUNTRIES.
The statistics of the production and coinage of the precious metals, imports and exports or gold and silver, amount of bank and Govern ment notes both covered and uncovered of the different foreign coun tries published annually in the reports of this bureau are obtained directly from the Governments of such countries by the representa tives of the United States accredited to them. A copy of the interrogatories covering the points on which informa tion is sought from the Governments of foreign countries is sent yearly to the United States ambassadors and ministers through the Depart ment of State, and the replies, in the form of reports, are forwarded directly to the Bureau of the Mint. The interrogatories sent are as ^follows: 1. What was the amount of gold and silver coinage by denominations and number of pieces during the calendar year 1909 (new coinage and domestic and foreign recoinage. 2 (a). Was any coinage executed at your mint for other Governments during the year 1909? If so, state character and amount of same. 2 (6). Was any coinage executed at foreign mints for your Government? If so, state character and amount of same. 3. What was the. estimated weight of fine gold and silver used in the industrial arts during the calendar year 1909? 4. What was the total import of United States gold coin and what amount was deposited and melted at the mints during the year 1909? 5. What was the weight, expressed in kilograms, fine and the value of the gold and silver produced from the miiles of the country during the calendar year 1909? Give the product of the colonies of the country, naming them separately. 6. What, approximately, was the stock of gold and silver coin and bullion in the country on December 31, 190.9? Give stock in public treasuries and banks and in. circulation, separately. 7. What was the amount of Government and bank notes outstanding at the end of the year 1909, and what amount was not covered by gold coin and bullion and legal- tender silver coin held for their redemption? 8. Is gold at premium as compared with the actual currency of the country? If so, what is the actual currency? 9. Were any laws passed during-the year 1909 affecting the coinage, currency, or banking? If so, please forward copies of the same.
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DIRECTOR OF MINT. 303
10. Is there a report published on the operations cf the mint? If so, please for ward a copy; also, a report of the Department of Mines. 11 (a). What was the im^port and export of gold during the calendar year 1909; the value of coin, bullion, and ore to be given separately and by countries? 11 (6). What was the icaport and export of silver during the calendar year 1909; the value of coin, bullion, and ore to be given separately and by countries? 12. Please examine the appended description of the coins of your country, bring ing it down to date with corrections? The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal 3^ear ended June 30, 1910, is respectfully submitted. GEO. E. ROBERTS, Director of the Mint. Hon. FRANKLIN MACVEAGH, Secretary ofthe Treasury.
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REPORT OF THE DIRECTOR OF THE MINT.
TREASURY DEPARTMENT, BUREAU OP THE MINT, Washington, January 10, 1912. SIR: In compliance with the provisions of section 345, Revised Statutes of the United States, I am submitting herewith a report covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1911, being the thirty-ninth annual report of the Director of the Mint. I am also submitting for publication in connection therewith the annual report of this bureau upon the production and consumption of the precious metals in the United States for the calendar year 1910. Heretofore it has been the custom to pubhsh the latter report in a separate volume; but considerable confusion exists in the minds of the public over the two mint reports, and there has been more or less duplication of .contents. By condensing both reports they are now- included in one volume, which, it is believed, will answer every purpose and on the whole be more satisfactory.
o OPERATIONS OF THE MINTS.
The mints at Philadelphia, Denver, and San Francisco were in operation duriag the year. No coinage was executed at the New Orleans Mint, and, pursuant to the recommendations of the Secretary of the Treasury, Congress, in making the appropriations for this insti tution for the current year, definitely provided that it should be con ducted as an assay office. The reasons for discontinuing coinage operations at New Orleans were stated in this report last year. An important reduction has taken place in the volume of coinage. For many years the silver-dollar coinage was an important factor in mint operations, but this piece is no longer coined. The Philippine coinage has been an important factor for 10 years in the work of the San Francisco Mint, but the old stock of money in the islands has now been replaced with coins of the new system. Our stock of subsidiary coin, which ran very low some years ago, owing to the want of author ity to buy bullion, has been replenished. The new mint at Denver added to our coinage facilities at the very time when our requirements were being largely "reduced. Finally, Congress, by the act approved March 2, 1911, authorized the Secretary of the Treasury to issue gold certificates directly against gold bullion and foreign gold coin, pro vided that the amount of such bullion and coin in the reserve fund 227
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228 •= REPORT ON THE FINANCES.
should not at any time exceed one-third of the amount of gold cer tificates outstanding. This legislation will effect an important re duction in the volume of gold coinage. Altogether, it is quite impos sible t'o operate four mints on an economical basis, and each of the remaining three is being operated with a largely reduced force. The following statement shows the number of employees in each of the four mints at the dates given:
July 1, July I, Mints. 1909. 1911.
Philadelphia.. 460 356 San Francisco. 237 138 Denver 184 100 New Orleans.. 110 14 Total, four mints.-. 991
The New Orleans Mint will henceforth be conducted as an assay office, with an estimated expenditure for the next fiscal year of $18,300, which is a reduction from $120,000 from the appropriations for the fiscal year 1910.
THE ASSAY OFFICES. Nine assay ofiices were in operation during the year, but one of these, at St. Louis, was discontinued on June 30, 1911,„Congress hav ing failed to make an appropriation for its continuance. The bureau and the department has repeatedly recommended this action both as to the St. Louis and Charlotte offices, the volume of business at each being insignificant. No estimate for the maintenance of the Char lotte ofiice is submitted this year. The bureau has several times heretofore raised a question as to the advisability of maintaining the small assay offices, which serve comparatively few producers and bear little or no relations to the foreign trade of the country. The interior offices were most of them established many years ago at a time when the larger part of the gold output was from placers, and they were of real benefit to the individual miner by enabling him to dispose of his product direct to the Govern ment at approximately its coinage value. The placer production is now insignificant, and a large share of the bullion now going to the small assay offices could be sent direct to the mints at little or no greater cost to the producer. That these offices accommodate in a small way a limited number of patrons is no doubt true, but the service is not important enough to justify the cost of maintenance. The charge for the service of these offices has stood for many years at one-eighth of 1 per cent upon the bullion received, which means that assay offices collect the regular charges imposed at the mints and an additional charge of one-eighth of 1 per cent. The latter does not anywhere near cover the cost of maintaining the assay offices, but a proposal to increase it is always met with the representation that to do so will drive bullion direct to the mints and leave the assay offices farther from paying expenses than they are now. This argument supports the view that the service rendered by the local offices is not a very important or valuable one to the patrons.
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DIRECTOR OF THE MINT. 229
The foregoing comments upon the assay-office service do not apply to the assay office at New York, which by reason of its location is the office at which foreign monetary systems come into touch with ours. Commercial transactions between the United States and foreign countries are commonly based upon New York exchange. The prices of our products abroad are usually based on the cost of con verting foreign credits into money of the United States at New York. The point of exchange calculations at which gold moves to this country is that at which freight and insurance to New York allows the shipper a smaU profit. If there was no office of our mint service in New York,'the cost of transportiiig gold bullion from New York to the Philadelphia Mint and the loss of time in that movement would have to be included in all exchange calculations, and would figure in inter national transactions accordingly. In short, the New York assay office is in no sense a local institution, but an important factor in our moi^etary system.
MEETING OP SERVICE ASSAYERS.
Investigations by the bureau having shown that there was urgent need for iniprovement and unification of the practice of assaying throughout the service, the assayers from the six largest laboratories were called together at the Philadelphia Mint on April 18 for a thor ough discussion and action in the matter. In the absence of free and ready communication between the assayers there had previously been no opportunity to compare and unify the methods employed. At this meeting each one had the opportunity to learn of the difficulties the others had to contend with and the way they had been overcome, and also how the common difficulty, which is undoubtedly responsible for most of the differences shown in our assays, that of having to get out the assay results in the shortest time practicable, had been met. As the result bf the meeting 15 unanimous recommendations for the improvement of methods were adopted, and each assayer present was assigned a line of investigations for future improvements. Out side the recommendations a vast amount of good resulted from the consideration and discussion of miiior details of practice and in bring ing the assa3^ers into intimate personal contact mth each other.
COMPOSITION OF THE 1-CENT PIECE AND 5-CENT PIECE.
The composition of the 1-cent piece, 95 per cent copper and 5 per cent tin and ziac, is unsatisfactory. The coins soon become dull and dirty ia appearance and when exposed to the salt air of the seacoast are rendered unfit for circulation. This is particularly noticeable of coias which lie for a time in slot machines. They are offered for redemption in bad condition and niust be remelted. When handled in the Treasury offices and mints an objectionable dust arises from them. The act adopting the present composition was passed in 1864, prior to w^hich date the 1-cent piece was issued under the act of February 21, 1857, which provided for a composition of 88 per cent copper and 12 per cent nickel. The mint officials have always regarded the change as a backward step, and in the opinion of the bureau the percentage of nickel should nave been increased instead of reduced.
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230 REPORT ON THE. FINANCES.
The 5-cent nickel coin consists of 25 per cent nickel and 75 per cent copper, and gives good satisfaction in use, although several foreign countries are now using pure nickel. The cost of copper is now about 13 cents per pound, and of nickel about 40 cents. There is a liberal profit to the Treasury in the use of either metal.
THE QUARTER EAGLE. The gold quarter eagle is a coin for which there is no demand for business uses. There is a call for them each year, about.the holiday season, for gift purposes, and during^ the remainder of the year they drift back to the Treasury. New coins carrying the date of the year are wanted for each annual distribution. The piece is too small for ordinary circulation, and I recommend that it DC formally discontinued by act of Congress.
ESTIMATES FOR FISCAL YEAR 1913. An important change is inaugurated in the estimates of this year by which the class of expenditures heretofore made from the perma nent parting and refining fund are included. Section 3524 specifies certain services for which charges shall be levied upon bullion, and under a clause in the act making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year 1879 express authority was given to apply these charges directly to the payment of expenses, and under a clause in the act making appropriations to supply deficiencies for the fiscal year 1898 authority was given to use the proceeds arising from the sale of by-products and surplus bullion recovered in the refineries for paying the expenses thereof. Under these provisions the refineries have been self- supporting, no appropriations for their maintenance have been required and no estimates therefor have been submitted. The act making appropriations to supply deficiencies for the fiscal year 1911 carries the following paragraph, making a change in the practice heretofore followed: All laws and parts of laws, to the extent that they make a pennanent indefinite appropriation for the expenses of parting and refining bullion, are repealed to take effect from and after June thirtieth, nineteen hundred and twelve, and the Secretary of the Treasury shall, for the fiscal year nineteen hundred and thirteen, and annually thereafter, submit to Congress, in the regular Book of Estimate^, detailed estimates tor the expenses of this service. The unexpended balance, after meeting all obligations, of the permanent indefinite appropriation for parting and refining bullion remaining on the books of the' Treasury two ^rears after the close of the fiscal year nineteen hundred and twelve shall be cov ered into the Treasury as a miscellaneous receipt. In pursuance of this requirement the estimates submitted for the calendar year 1913 are made to include all expenditures of every kind and nature, and cause an apparent increase although in fact a large reduction from previous appropriations and expenditures has been made. The regular appropriations for the mint service for the current year amount to $1,178,670, and the actual expenditures from earnings last year amounted to $226,676.69, or a total of $1,405,346.69, while the estimates now submitted amount to $1,224,680, a net reduction of $180,666.69.
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DIRECTOR OF THE MINT. 231
APPROPRIATIONS AND EXPENDITURES.
The total appropriations for salaries, wages of workmen,- and con tingent expenses for the entire mint service, including $65,000 for freight on oullion and coin between mints an^ assay offices, $35,630 for salaries and contingent expenses, office of Du-ector of the Mint, and $25,000 transferred from /^Parting and refining bullion^^ for equipment for the assay office at New York, for the fiscal year 1911, amounted to $1,389,780. There were reimbursements credited to the several appropriations amountingto $39,896.15 for work done for the Philippine Government and for other institutions of the Govern ment service. The total expenditures during the year, including wastage and loss on sale of sweeps, and also including outstanduig obligations on unfulfilled contracts June 30, 1911, were $1,352,105.81. There remain a few minor items of unsettled accounts which may become a charge upon these appropriations. There is an unexpended balaiice to the credit of the appropriation for ^^New machinery, mint at Philadelphia,^' of $2,316.94, and for ^^New machinery, mint at Denver,^' of $343.01. The details of appropriations and reimbursements and expenditures therefrom are given, by institutions, below: '
APPROPRIATIONS AND REIMBURSEMENTS, NOT INCLUDING 'PARTING AND REPINING BULLION."
Freight on Institutions. Salaries. Wages of Contingent bullion and Total. workmen. expenses. coin.
Philadelphia ; $43,550,00 $340,000.00 $80,000.00 $463,550.00 Reimbursements 8.629.22 7,136.87 15,766.09 San Francisco .. 4i,ioo:oo 165,000.00 46,000.00 251,100.00 Reimbursements 17,982.53 8,990.95 26,973. 48 Denver ...... 39> 500.00 140,000.00 40,000.00 219,500.00 Reimbursements 60. 28 32.97 93.25 New Orleans . -. . . 27,300.00 55,000.00 25,000.00 107,300.00 New York 41,250.00 36,000.00 10,000.00 86,250.00 Additional mount transferred from "Parting and refining bullion" for equipment, assay office at New 25,000.00 25,000.00 Carson 6,000.00 6,600.00 3,000.00 15,600.00 Helena . . 6,450.00 13,250.00 3,500.00 22,200.00 Boise 3,400.00 8,300.00 2,500.00 14,200.00 Deadwood 3,200.00 4,000.00 800.00 8,000.00 Deficiency 1,000.00 1,000.00 Seattle 9,250.00 32,000.00 8,000.00 49,250.00 Salt Lake City 7,100.00 . '5,600.00 4,000.00 16,700.00 St. Louis 3,000.00 1,000.00 750.00 4,750.00 Charlotte 2,750.00 1,080.00 920.00 4,750; 00 Total 232,850.00 833,502.03 265,630.79 1,331,982.82 Bureau of the Mint- ... . . 30,330.00 5,300.00 $65,000.00 100,630.00 Grand total 263,180.00 833,502.03 270,930.79 65,000.00 1,432,612.82
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^32 REPORT ON THE EINANCES.
EXPENDITURES, NOT INCLUDING THOSE PAID PROM "PARTING AND REPINING BULLION."
Wages of Contingent Freight on Institutions. Salaries. coin and Total. workmen. expenses. bullion.
Philadelphia $42,484.00 $326,844.04 $67,721.12 $437,049.16 San Francisco 41,100.00 151,410.57 35,327.94 227,838.51 Denver 37,394.44 83,874.SO 24,873.89 $9.23 146,152.36 IsTew Orleans 14,320.53 13,960.64 4,380. 79 6,364.49 39,016.45 New York 38,244.17 29,079.67 9,959.91 10,592.17 87,875.92 Additional for equipment of assay office 7,176.40 7,176.40 Carson .'. 6,000.00 5,373.00 2,626.04 2,109. 73 16,108.77 Helena 4,691.66 12,689.75 2,749.59 1,691.00 21,822.00 Boise 3,400.00 8,076.10 2,015.42 1,053.40 14.544.92 Deadwood 3,200.00 3,865.00 1,187.33 2,233.00 10;485.33 Seattle 9,250.00 26,479. 75 5,688.07 18, 782.18 60,200.00 Salt Lake City 5,953.33 4,326.50 3,231. 72 1.549.11 15,060.66 St. Louis i.. 1,999.99 1.000.00 286. 22 '484.82 3,771.03 Charlotte 2,750.00 '820.00 712.27 82.50 4,364.77 Total 210,788.12 667, 789.82 167,936;71 44.951.63 1,091,466.28 Bureau of the Mint. 29; 280.36 4,682. 48 33,962.84 Grand total.. 240,, 068.48 667,789.82 172,619.19 44,951.63 1,125,429.12
EARNINGS AND EXPENDITURES OF THE REFINERIES' AT THE SEVERAL MINTS AND THE ASSAY OFFICE AT NEW YORK.
Charges Receipts, Institutions. Surplus sale by Total ' Expendi collected. buhion. products. receipts. tures.
Phhadelphia $53,865.41 $397.82 $230,460.63 $284,723.86 $61,483.15 San Francisco . . 45,860.94 18,242.88 64,103.82 60,920.79 New Orleans 3,133.60 229.28 3,362.88 156.18 Denver 88,846.35 7,007.99 2,586.35 98,440.69 33,090. 78 New York 76,315.06 76,315.06 71,025.79 Total . 268,021.36 25,877.97 233,046.98 526,946.31 226,676.69
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DIRECTOR. OF THE MINT. 233
CONSOLIDATED STATEMENT OF EXPENDITURES FOR SALARIES, WAGES, AND SUPPLIES OF THE MINTS AND ASSAY OFFICES DURING THE FISCAL YEAR 1911.
Ordinary Refinery Items of expenditm-e. expenses. expenses. Total.
Acids $2,675.70 $15,910.50 $18,486.20 Adjusting weights and repairing balances. 521. 31 122. 00 643. 31 Advertisements 129. 20 129. 20 Balances and weights 451.00 1,917. 60 2,368.60 Barrels and lard tierces 395. 25 395. 25 Binding of records 103.25 103. 25 Bullion boxes 1,358.54 1,358.54 Carpets, furnitmre, and fixtures , 1,49L07 103.50 1,594.67 Charcoal and coke 866.20 482. 27 1,348.47 Chemical apparatus 2,378.64 6,068.36 7,447.00 Chemicals not otherwise specified 1,926. 35 1,466.40 3,392. 75 Coal. 15,977. 33 2,380.17 18,357.50 Copper 5,720. 67 29.28 5,749. 95 Crucibles, covers, stirrers, and dippers 5,473. 98 8,672.83 14,146.81 Drayage '. 1,834.22 ILIS 1,845.40 Dry goods 2,104. 00 1,896.03 4,000. 03 Electric light and supplies 4,293.79 1,289.96 5,583.75 Electric power 7,209.27 ' 6,367.91 13,577.18 Electrical vault protection and bmglar alarm. 436. 00 436. 00 Ensigns 101. 35 101.35 Express and freight 1,492. 84 34. 68 1,527. 52 Fire brick 1,022.99 310.14 1,333.13 Fluxes 961.15 1,902.17 2,863.32 Furnaces and repairs 6,226.84 15,819.00 • 22,045. 84 Gas. 10,780. 62 3,756.15 14,536. 77 Gloves, gauntlets, mitts, etc. " 4,339.61 2,142. 46 6,482.07 Hardware 1,422. 00 88.53 1,510.63 Ice. 1,419.76 150. 81 1,570. 57 Iron and steel 1,155. 57 20.54 1,176.11 Labor (temporary) 688. 59 149.33 837. 92 Laimdry : • 751.15 751.15 Lead—bar, sheet, ahd pipe. 777. 48 168. 90 946. 38 Loss on sale of sweeps 1,225. 58 3,49L38 4,716. 96 Lumber 1,155. 40 240. 78 1,396.18 Machinery and appliances.. 28,276. 44 8,788. 45 37,064.89 Metal work and castings 4,929. 58 447. 20 5,376.78 Naphtha 8,239. 05 2,672. 55 10,911. 60 Oils. L20 L20 Coal 30.65 30.65 Fuel 5,317.68 486.10 6,803.78 Lubricating 1,282. 92 129. 30 1,412.22 Paint 389. 56 141. SO 531. 35 Rent of building 3,900.00 3,900.00 Repairs (machinery, etc.) 669.70 259.19 828.89- Sewing 1,098.14 100. 28 1,198.42 Stationery 1,372.78 1,372. 78 Steam, supply of 124.15 1,783.39 1,907. 54 Sundries 7,761. 99 1,357.86 9,119.85 Telegraphing 151. 50 151. 60 Telephone 2,042.12 2,042.12 Tools 664.85 664.85 Traveling expenses 2,187.34 233.48 2,420.82 Water: Sprinkling, heating, and irrigating. 3,152. 93 341. 04 3,493.97 Wood 242.83 48.10 290. 93 Zinc 19.00 624.46 643. 46 Wastage of operative officers 4,470.90 1,972. 47 6,443.37 Gold and silver fbr medals 3,339.96 3,339.96 Total 167,936.71 93,773. 78 261,710. 49 Salaries 210,788.12 210,788.12 Wages of workmen. 667,789.82 i32,'962."9i' 800,692. 73 Total 1,046,614. 66 226,676.69 1,273,19L34
DEPOSITS OF GOLD BULLION. The value of all gold bullion contained in original deposits at the mints and assay offices duruig the fiscal year 1911 was $175,383,090. The redeposits during the year, consisting of bullion transferred from one office to another and bars bearing the stamp of one of the mints or assay offices, amounted to $44,640,079. The value of the goW bullion and uncurrent domestic and foreign^coin received, including
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234 REPORT ON THE EINANCES. redeposits, amountedoto $220,023,123, which was the total of gold receipts. Statements which show the classification of deposits, the source of domestic bullion by States and Territories, and the receipts at the several offices of the service appear in tabular form elsewhere.
DEPOSITS OF FOREIGN GOLD BULLION AND COIN. Foreign gold bullion containing 1,917,430 standard ounces, of the value of $35,673,116, and foreign gold coin containing 541,082 stand ard ounces, of the value of $10,066,643, were deposited and consisted of bullion and coin produced in the following-named countries:
Crude bullion. Refined bullion. Coin.
Country. Standard Standard Standard ormces. Value. ounces. Value. ounces. Value.
British Columbia 54,525 $1,014,419 6,723 $125,079 Northwest Territory 288 5,358 Yukon 6,692 124,502 Ontario and Quebec 1,081 20,112 Nova Scotia. 3,742 69,619 Mexico 53,993 1,004,521 853,359 15,876,447 190,068 $3,536,149 West Indies 2,215 41,209 Central America 62,630 1,165,209 2,077 38,642 South America . . 154,674 2,877,656 02 1,153 85 1,581 Korea 106 1,972 England 717,340 13,345,860 13 242 Snain . . 3,718 69,172 Japan 281,253 5,232,615 France . 59,285 1,102,977 Germany -. 1,420 26,418 Russia . .. • 55 1,023 Australia 722 13,433 Mixed 2,386 44,391 Total 339,946 6,324,577 1,577,484• 29,348,539 641,082 10,066,643
DEPOSITS AND PURCHASES OF SILVER. The deposits of silver received at the mints and assay offices dur ing the fiscal year eiided June 30, 1911, for return to depositors, in fine or unparted bars, with the weight and fineness stamped thereon, aggregated 2,265,246.81 standard ounces. The United States assay office at New York received the greater part of these deposits. The government of the Philippine Islands deposited at the United States mint in San Francisco silver coins issued under the act of March 3, 1903, containing 690,944.14 standard ounces, for recoinage into coins of reduced weight and fineness as authorized by the act of June 23, 1906. The purchases and deposits of silver bullion at the mints and assay offices of the United States during the fiscal year 1911 were as follows:
Standard Items. ounces. Cost.
Commercial bars purchased 1,113,572.36 $538,749.83 Unrefined deposits, partings, charges, and fractions 1,268,996.30 600,175.02 Mutilated and uncurrent coins 610,712.86 633,525.19 Assay coins and surplus bullion 13,116. 98 6,589.75 For return in fine bars 2,265,246.81 Philippine coins transferred for recoinage 690,944.14 620,005.95 Total 5,862,689.45 2,399,045.74
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DIEECTOR OF THE MINT. 235
DEPOSITS OF FOREIGN SILVER BULLION AND COIN. Foreign silver bullion containing 887,894 standard ounces and foreign silver coin containing 6,712 standard ounces were received from various countries as follows:
Crude Refined Country of origin. bullion. bullion. Coin.
Stand, ozs. Stand, ozs. Stand, ozs. British Columbia. 9,754 Northwest Territory -57 Yukon 1,639 Ontario and Quebec 57,704 Nova Scotia. .' 453 Mexico .. 371,168 333,561 24 Westlndies 260 Central America 60,531 South America .. ' 52,699 754 Spain 811 Korea ...... 68 Mixed 5,123 Total 554,333 333,561 6,712
COINAGE OF THE MINTS OF THE UNITED STATES DURING FISCAL YEAR 1911.
Phil.adelphia. San Francisco. Denomination. . Pieces. Value. Pieces. ,, Value.
Gold: Double eagles 679,367 $13,587,340.00 2,602,500 $52,050,000.00 Eagles 824,140 8,241,400.00 Half eagles.. . 1,519,219 7,596,095.00 1,380,000 6,900,000.00 Quarter eagles 1,196,631 2,991,577.50 Total 4,219,357 32,416,412.50 ' 3,982,500 58,950,000.00 Silver: Half dohars .188,384 94,192.00 1,158,000 579,000.00 Quarter dollars .•.. 400,384 100,096.00 Dimes : 10,420,384 1,042,038.40 2,636,606 203,000.00 Total subsidiary ... 11,009,152 1,236,326.40 3,188,000 782,000.00 Minor: Five-cent nickel pieces 52,638,070 2,631,903.50 One-cent bronze pieces. 123,438,459 1,234,384.59 6,512,000 ^65,120.00 Total minor • 176,076,529 3,866,288.09 6,512,000 65,120.00 Total coinage 191,305,038 37,519,026.99 13,682,500 59,797,120.00
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236 REPORT ON THE FINANCES.
COINAGE OF THE MINTS OF THE UNITED STATES DURING FISCAL YEAR 1911—Con.
Denver. Total coinage. Denomination. Pieces. Value. Pieces. Value.
Gold: . Double eagles 1,275.500 $25,510,000.00 4,557,367 $91,147,340.00 Eagles 154,740 1,.547,400.00 978,880 9,788,800.00 Half eagles. 72,500 362,500.00 2,971,719 14,858,595.00 Quarter eagles 55,680 139,200.00 1,252,311 3,130,777.50 Total 1,558,420 27,559,100.00 9,760,277 118,925,512.50 Silver: • Half dollars • 1,346,384 673,192.00 Quarter dollars 2,433,600 608,400.00 2,833,984 708,496.00 DiTTies 5,690,000 569,000.00 18,140,384 1,814,038.40 Total subsidiary 8,123,600 1,177,400.00 22,320,752 3,195,726.40 Minor: Five-cent nickel pieces 52,638,070 2,631,903.50 One-cent bronze pieces.. 1,850,000 18,500.00 131,800,459 1,318,004.59 Total minor. 1,850,000 18,500.00 184,438.529 3,949,908.09 Total coinage . 11,532,020 28,755,000.00 216,519,558 126,071,146.99
Costa Rican coinage made at Philadelphia mint: 10-centavo, shver, pieces , 400,000 5-centavOj silver, pieces 400,000 Philippine comage made at San Francisco mint: Peso, silver, pieces :. •. : 932,000 20-centavo, shver, pieces : 500,259 1-centavo, bronze, pieces 3,300,800 Salvador coinage made at San Francisco mint: Peso, silver, pieces 511,108
PHILIPPINE COINAGE. The following coinage was executed during the fiscal year 1911 at the United States mint at San Francisco for the Philippine Government:
Fine Denomination. Pieces. ounces, consumed.
Silver: Pesos 932,000 479,420.80 20 centavos . . . 500,259 48,249.97 Total silver 1,432,259 527,670.77 Bronze: I centavo . . . . 3,300,800
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DIRECTOR OF THE MINT. 237
The total silver coinage to June 30, 1911, from coins received from Philippine Islands for recoinage and from bullion purchased for such coinage was as follows: • •,
Coined from new bul Coined from Philippine lion, acts of Mar. 2, coins received for recoin Total. 1903, and June 23,1906. age, act of June 23,1906. Denomination.
Pieces. Fine ounces. Pieces. Fine ounces. Pieces. Fine ounces.
Pesos 93,445 48,068.11 42,334,559 21,776,897.15 42,428,004 21,824,965.26 50 centavos 3,342,126 805,870.13 2,100,000 606,362.50 5,442,126 1,312,232.63 20 centavos 3,666,152 353,600.36 3,235,259 312,040.72 6,901,411 665,641.08 10 centavos 6,077,392 293,082.21 4,030,000 194,346.75 10,107,392 487,428.96 Total....- 13,179,115 1,500,620.81 51,699,818 122,789,647.12 64,878,933 24,290,267.93
1 Included in this amount is 12,124.02 fine ounces of coins reserved for assay. (The balance of silver now on hand to the credit of the Philippine Government is 94,179.23 ounces, fine.) Of the coins manufactured for the Philippine Government under the act of March 2, 1903, there were remaining in the Philippine Islands June 30, 1911, the following coins: ''
Value m Denomination. Pieces. pesos.
Pesos 2,385,885 2,385,885.00 50 centavos 582,118 291,059.00 20 centavos 2,109,268 421,853.60 10 centavos 3,907,557 390,755.70 Total 8,984,828 3,489,553.30
WORK OF THE GOVERNMENT REFINERIES. Bullion was operated upon by the refineries connected with the coinage mints during the fiscal year 1910 as shown by the following table:
Bulhon owned by the Govemment retained Bullion upon which by the refinery for charges for parting Total. were collected. parting purposes on Mints. which no charges for parting were imposed.
Gold. Silver. Gold. Silver. Gold. Silver.
Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Philadelphia . .. 714,130.311 1,953,889.03 887,080.118 369,763.77 1,601,210.429 2,323,652. SO San Francisco 1,621,954.223 441,340.90 1,905,674.552 160,654.99 3,527,628.775 601,995.89 Denver 1,576,93L258 707,949.19 219,600.132 814,418.37 1,796,531.390 1,522,367.66 Total weight 3,913,015.792 3,103,179.12 3,012,354.802 1,^44,837.13 6,925,370.594 4,448,016.25
MINT OF THE UNITED STATES AT PHILADELPHIA. This mint was in operation throughout the year, chiefly upon the subsidiary and minor coins." The details of the deposits and ordinary coinage operations are to be found in general tables elsewhere.
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288 REPORT ON THE FINANCES.
PROOF COINS AND MEDALS. The following table shows the number of proof coins and medals and their nominal value manufactured during the fiscal year:
Nominal Articles. value.
Gold medals 238 $6,089.48 Silver medals 1,026 1,160.12 Bronze medals... 14,025 2,649.13 Gold-proof coins. 1,107 6,412.50 Silver-proof coins 1,152 326.40 Minor-proof coins 2,666 79.98 Total 20,214 15,707.61
MINOR COINAGE. The minor coinage was in part upon blanks purchased from con tractors and in part upon blanks made in the mint. The amount of metal purchased was 878,755 avoirdupois pounds, at a cost of $144,691.66. Blanks were purchased from contractors as follows:
Pounds Character. avoirdu Cost. pois.
Bronze 1-cent blanks 408,020-1 $96,394.93 Nickel 5-cent blanks ------101,000 34,188.50 Total 509,0201 ^130,583. 43
The seigniorage or gain on the recoinage of minor coin was $1,184.63, as against a loss of $6,861.84, showing a net loss of $5,677.21. The seigniorage on the coinage of nickel and bronze coins coined from purchased metal was $3,476,570.90, which, less a net loss of $5,677.21 on the recoinage of minor coin and a wastage of the opera tive officers in the minor-coinage operations of $2,384.50, gives a net seigniorage on minor coin of $3,468,509.19. Minor coins to the amount of $3,025,749.10 have been distributed throughout the States and Territories of the United States during the fiscal year 1911—$1,923,270 in nickel 5-cent pieces and $1,102,479.10 in bronze 1-cent opieces. The expenditure for the distribution of minor coin for the same period was $45,412.25. The amount of uncurrent copper, nickel, and bronze coins trans ferred from the Treasury during the year for conversion into current coins, cost, and seigniorage are shown by the following table: Old copper cents $96.46 Nickel 1-cent coins '. 349.50 Bronze 1-cent coins 29,594.54. Bronze 2-cent coins 273.00 Nickel 3-cent coins 216.75 Nickel 6-cent coins 156,663,25 Total 187,193.50 Cost of nickel added to 1-cent nickel metal to convert into 5-cent alloy for recoinage into nickel 5-cent coin $8.02 Cost of tin and zinc added to old copper-cent metal to convert into bronze 1-cent alloy for re coinage into bronze 1-cent coin 1.80 Seigniorage (gain by recoinage) 1,184.63 Total , 188,387.96
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DIBECTOE OF THE MINT. 239
Coinage from above, nominal value: Bronze 1-cent coin : $22,151.26 Nickel 5-cent coin 101,036.85 $123,188. li Loss by recoinage 6,861.84 Balance uncoined 58,338.00' Total * , 188,387.95
MINOR COINS ISSUED, REMELTED, AND OUTSTANDING.
Outstanding Denomination. Coined. Remelted. June 30,1911.
Copper cents $1,562,887.44 $380,749.77 $1,182,137.67 Copper half cents... 39,926 11 39,926.11 Copper nickel cents. 2,007,720. 00 803,718. 21 1,204,001.79 Bronze 1-cent pieces 19,855,099.88 412,051.27 19,443,048.61 Bronze 2-cent pieces 912,020. 00 -340,107. 22 571,912.78 Nickel 3-cent pieces. 905,768. 52 283,319. 02 622,449. 50 Nickel 6-cent pieces. 34,780,957.85 3,196,160. 45 31,584,797.40 Total 60,064,379.80 5,416,106.94 54,648,273.8
ALL SEIGNIORAGE. The seigniorage on the coinage of purchased metal for the fiscal year was $4,203^722.78, as shown by the following table:
Items. Coined. Seigniorage.
Subsidiary silver coins $1,236,326.40 $727,151.88 Minor coins - 3,743,099.98 3,476,570. 90 Total-..-. 4,979,426.38 4,203,722.^78
VISITORS. A large number of visitors from all States of the Union and from foreign countries visited the mint during the year, 86,211 having been shown through the building by the several guides.
THE STATE OF THE NUMISMATIC COLLECTION. The growth of the collection of coins and medals at the mint has in the past year been somewhat greater than usual. The slight increase in the additions to the collection was due in a measure to some gifts, among which should be mentioned that by the corporation of the city of London of a set of medals issued by the city, and fav orable opportunities to use the small fund allowed for the purchase of coins have also helped to produce the results referred to. The activities of the curator the past year have been directed chiefly to the preparation of a catalogue of the collection. This work will deal chiefly with the coinages of the Western Hemisphere, to which is appended a list of the remainder of the collection. The preparation of the catalogue has brought out very strikingly how fragmentary the collection is, a fact that has rendered the task of arranging the lists very difficult. It is exceedingly regretable that this state of incompleteness pertains to the collection of the coins of our own country, which is limited, wfth but few exceptions, to the
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240 REPORT ON THE FINANCES. issues of the Philadelphia Mint. The only explanation of this state of affairs is, of course, the inadequacy of the purchase fund, which at present is small and in inany years since the collection was formed was even less. In view of the importance of such a miiseum, as well as the the special and general interest in it, this unfavorable situation should be speedily remedied, ahd the large economy introduced into the cost of maintaining the cabinet of coins and medals, resulting as it has in a reduction of about 50 per cent in the salary list, fairly warrants a greater liberality in the allowance for the purchase of coins. MACHINE SHOP. ^ In addition to the regular repairs and upkeep of the machinery and appliances, the following new work was done for this mint: Fifty coin boxes for Bates & Peard annealing furnace. One coin adjusting machine- ' Three automatic weighing'machiQes. . Six sets (144) nickel ingot inolds. . ^ Two belt-driven rolling mills from mini at New Orleans made over to motor-driven mills. One old type 10-inch rolling mill rebuilt and equipped with 50-horsepower motor. - One Bates & Peard annealing furnace installed and one rebuilt. Two hundred test weights for wagon and other scales. Five sets (120) copper-ingot*molds. • Two automatic feeders for milling machines. . The number of automatic-feeders for coin presses was further increased during the year. Each of the 21 presses is now equipped and the total number of feeders of the various denominations is 50. An extensive alteration was made in the main steani line in engine room by the substitution of steel headers for the line formerly in place, which carried a number of heavy valves. The change/will eliminate considerable expense in keeping this line in good order. The following work was built for the United States Mint, San Fran cisco, Cal.: Five automatic feeders for coin presses. One coin reviewing machine. Four sets of sectional collars and two sets of toggles for double-eagle coinage. One adjusting machine. Ten baskets and effects for automatic weighing machines. One bullion clipping machine. Thirty tubes for Philippine peso, for automatic weighing machines. Forty coin collars. The following work was built for the United States Mint, Denver, Colo.: ^ Three sets of sec tional-collars for double-eagle coinage. One coin-reviewing machine. One automatic weighing machine. , ' One bullion-clipping machine. Thirty-four coin collars. The following work was built; for the Bureau of the Mint and vari ous other offices: One assay cutting machine, Bureau of the Mint. Gold, silver, and copper bars and disks for the Geological Survey, Smithsonian Insti tution, and Rock Island Arsenal. One 500-ounce weight for assay office, Deadwood. Three sets of weights for Treasury Department.
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DIRECTOR OF THE MINT. 241 At the request of the Mexican Government four automatic feeders for coin presses were built for the mint at Mexico. As these presses are run by alternating-current motors, it was found necessary to pro vide a special breaker to govern the automatic throw out which Erotects the dies from coming together under pressure. These feeders ave been installed and are working very satisfactorily. The greater part of the new equipment for the New York assay office was done during this year. This equipment was as follows: One 3^-inch by 4-inch motor-driven rolling mill. One bullion-clipping machine. One 2|-inch by 4-inch double vertical, motor-driven rolling mill. One disk-punching machine. Propeller equipment for refinery. Four standard cast-iron ingot tables and frames. Five standard pouring pans and frames. . Thirty molds for gold anodes. Pans and tank for deposit melting room. One bottle shaker for assay department.
ASSAYER'S DEPARTMENT. The operations in this department during the fiscal year 1911 were upon the following: Gold and silver deposits and purchases 6,867 Gold-ingot melts 668 Silver-ingot melts 399- •s, barrels '. 3ia The number of assays made was as follows: Deposits and purcliases 39,692 Ingots (gold and silver) 6,162 Refinery samples 11,510 special assays 6,180 Miscellaneous assays, chiefly bronze and nickel 2,166 Total 63,700 The average cost per assay during the year was $0,402. In addition to the above, 477 ounces of proof gold and 620 ounces of proof silver were made. Of the 668 melts of gold ingots made by the melter and refiner, 3 were condemned and 42 were returned for remelting. Of the 399 melts of silver ingots, 397 were passed and 2 returned for remelting. The fineness of gold raelts passed was: The fineness of silver melts passed was: I melt at 900.3 10 melts at 900 6 melts at 900.2 7 melts at 899| 62 melts at 900.1 31 melts at 8994 216 melts at 900 32 melts at 899| 190 melts at 899. 9 128 melts at 899 131 melts at 899.8 63 melts at 898f • 27 melts at. 899.7 83 melts at 898^ 34 melts at. 898^ 623 9 melts at 898 397 Seventy-eight thousand cupels were made and 82,000 leads rolled,^ cut, and weighed. MELTER AND REPINER'S DEPARTMENT. Upon the settlement of the melter and refiner's accounts June 9,^ 1911, there was found an apparent gain, upon the gold bullion of 21.383 standard ounces, and in the operations upon the silver bulhon an apparent loss of 3,346.29 standard ounces. 12307 °—FI 1911 16
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242 REPORT ON THE FINANCES.
The melts made .aggregate as follows:
Melts. Bars. Ingots. Anodes. Deposits. SpecialSo Total.
Gold , ...... 184 668 7.72 4,709 275 6,608 Silver...... ' 731 399 693 1,823 Total..... 916 1,067 . 772 6,402 275 8,431
During the fiscal year three gold melts were condemned. During the year 310 barrels of sweeps w^ere gathered, containing by assay 1,447.388 standard ounces of gold and 3,771.84 standard ounces of silver. Of this the melter and refiner's department had 146 barrels, containing 864.747 standard ounces.of gold and 2,702.60 standard ounces of silver, and 7 barrels of melter and refiner's old sweeps reworked, containing 132.053 standard ounces of gold and 317.86 standard ounces of silver. The remaining barrels were from the other departments and the New York assay office.
NUMBER, WEIGHT, AND VALUE OF GOLD AND SILVER BARS POR INDUSTRIAL USE, INCLUDING FINE SILVER BARS TRANSFERRED TO NEW YORK ASSAY OFFICE.
Standard Coinage Metal. Bars. ounces. value.
Gold - 6,012' 382,718.298 $7,120,340.45 Silver . . . . . 7,671 1,673,142.05 1,957,262.94 Total 12,683 1,955,860.348 9,077,593.39
The operations of the refinery were as follows:
, , .^ Bullion. . Gold. Silyer.
Standard ozs. Standard ozs. Sent to refinery 4 073 900 15 gross ounces containing by assay.. 1,601,061.86,5 2,417,455.18 Bullion received from refinery. '. ^...... 1,600,275.916 2,411,476.27 Sweeps .-" 1 934.513 2,882.87 1 - , 1148.664 2 3^096.04
1 Apparent gain. 2 Apparent loss.- Silver bullion sent to the refinery upon which refining charges were collected contained by assay 1,953,889.03 standard ounces, and silver owned by the Government and returned to the refinery for parting purposes upon which-no parting charges were collected con tained by assay 369,763.77 standard ounces. Troy ounces. During the year the melter and refiner reeeived from the superintendent minor coinage metal. 27,575,868.24 Delivered prior to settlement:- Troy ounces. Bronzeingots X. 13,498,884.60 Nickel ingots - 13,169,631.90 -^ —26,668,616.06 Delivered in settlement: . ' - Ingot copper - 16,458.85, - Nickelshot ...:...... 437,281.25 Bronzeingots.. ------. ,167,268.60 Nickelingots - •. . 10,916.50 Zinc ...... :: .....:....- : „...... = 98,428.00 Tin ...:.:.... .- :....-... 78,554.16 • l^Jickel residue...... :--.. -^ 1,863.00 Bronze residue ...:... . 9.94. OQ Nickel blanks, 12 per cent ::...... 1,260.00 O.C. C. shoe bars .-- .- 7,467.00 Wastage... , :... : 87,880.38 . ^ -= 907,361.74 ., , 27,676,868.24
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DIRECTOR OF THE MINT. 243 During the year Mr. Hubert D. Coleman, formerly melter and refiner of the New Orleans Mint, now closed to coinage operations, was appointed assistant melter and refiner of this institution and entered upon his duties November 4, 1910.
COINER'S DEPARTMENT. The details of coinage operations are given in tables elsewhere. The fiscal year ended June 30, 1911, was remarkable in tbat there were made at this mint 176,076,529 pieces of one and five cent coins, amounting in value to $3,866,288.09, the largest amount of minor coin ever made in smj fiscal year at the mint in Philadelphia. This coinage has increased in the number of pieces from 101,301,753, made in 1900, to 176,076,529, made in 1911. The lower percentage than usual shown in the operation of gold in the amount of good coin produced from the amount operated upon is due to the fact that all the quarter-eagle and a large proportion of the half-eagle blanks were neither shaved nor filed. The coined pieces only were weighed, and those found above or below the toler ance returned to the melting pot. • During the^past year the coining department has adopted several changes in methods and apparatus used in the processes of cleaning and dr}dng the blanks, which have proved advantageous. Under the old method the annealed blanks or planchets were cleaned in an acid solution; this process was expensive in the consumption of acids, the deterioration of apparatus, and contributed largely to the wastage incurred in the coinage operations, and was-aii unpleas ant task for those who performed the work. Under the new method all acids have been eliminated and a cheaper preparation substi tuted, thereby saving the expense of acids, longer life for apparatus, a reduction of metal wastage, and an improvement in the conditions under which the men work. Also under the acid process the blanks always retained some of the acids, which had a bad effect on both the collars and the dies in the coirdng presses; the new method of cleaning corrects this trouble. Two Tolhurst centrifugal drying machines were installed during the year, displacing the old method of drying the cleaned blanks in expensive hardwood sawdust; this effects a considerable saving, as well as removing a cause of annoyance, the clinging of small particles of sawdust to the blanks and thence to the dies, resulting in defective coinage. ENGRAVING DEPARTMENT. All of the dies used in coining operations in all of the mints are made in the engraving department at Philadelphia. The embossed- envelope dies used by contractors supplying envelopes for the Post Office Department and postal savings bank are also made here; also dies for Army and Navy and other authorized public medals, the mint being reimbursed for the actual expenditures for labor and materials on these accounts. The number of dies prepared for United States coinage last year was 2,516. In addition, 120 dies were made for Philippine coinage, 72 for Costa Rica, 12 for San Salvador, 29 for the Post Office Depart-
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•2.44 REPORT ON THE FINANCES.
meiit, 17 for medals, and 30 master dies and hubs; in all, 2,796, as follows:
Phila San Denomination. delphia. Francisco. Denver. Tot,al.
GOLD. Double eagle 55 56 36 147 Eagle 67 10 6 83 Half eagle . , 84 35 4 123 Quarter eagle - - ^ - 75 4 79, . ,281 105 46 432
SILVER. Half dollar.. 8 10 18 Quarter dollar ...... 10 ,46 56 Dime. .:::.__. 181 40 76 297 189 60 122 ~ 371
MINOR. 5 cent...... '. 778 778 I cent 755 110 48 913 1,533 110 48 1,691
PHILIPPINE. Peso. i 10 10 20 centavos 40 40 Icentavo - - - . . . . 70 70 120 120
COSTA RICA. 10 centimos... - 32 32 6 centimos - - - - - 40 40 72 72
SAN SALVADOR. V Un peso 12 i2
Grand total coinage dies ._, 2,698 Proof dies - - -. 22 Master dies and hubs for coinage - 30- United States postal-savings dies and hubs .- - 4 United States embossed-envelope dies (2-cent stamp) 24 Medal dies. -. , 18 2,796 NUMBER OF EMPLOYEES. The total number of employees in this mint at the close of the fiscal year was 356, distributed in the several departments as follows: General -. - -. ,. 180 Assayer's - ~ ^13 Melter and refiner's -.. - - - -.. 60 Coiner's - - '....:•.... - ^. 95 Engraver's. : •,------, ...... '. 8 Total...... = ....- ...... :...... :. 356
" MINT OF THE UNITED STATES AT SAN FRANCISCO.
This mint was in operation throughout the year on a reduced scale. The details as to deposits and coinage operations are given in tables elsewhere. The only change among the operative officers of this mint during the fiscal year was caused by the rethement of Charles H. Sherman from the assayership and the appointment of Merrill A. Martin as
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DIRECTOR OF THE MINT* 245 his successor. Mr. Sherman resigned on June 30, 1911, after a serv ice extendiag over 39 years, duruig 11 of which he occupied the position of assayer. Mr. Merrill had been the assistant assayer.
THE REFINERY. The refinery operations were as follows:
GOLD BULLION. Sent to refinery: Standard ounces. Crude bullion with refining charges..- 1,621,954.223 Bullion without charges 1,905,674.552 3,527,628. 776 Returned from refinery: Fine bars 3,423,475.432 , 0 Settlement bars, sweeps, etc 104,827.485 3,528,303.917 Surplus • 675.142
SILVER BULLION. Sent to refinery: Crude bullion with refining charges : 441,340. 90 Bulhon without charges 160,654.99 601,995.89 Returned from refinery: Fme bars 549,106.19 Settlement bars, sweeps, etc ; '.. 60,027.54 — -. 609,133.73 Surplus '." 7,137.84 The surplus in gold is due to the recovery of metal lost duruig the fiscal years 1909 and 1910. The surplus in silver is due to the recovery of silver from ffiie gold deposits, all of which are rerefined in this mint. The refinery also produced 6,489 pounds of electrolytic copper.
SWEEP CELLAR. The sweep cellar returned gold and silver in bars and taUiags as follows:
Gold Silver Items. standard. standard.
Ounces. Ounces. Bars containing 2,022.217 2,174.58 680 sacks and 5 barrels tailings containing. 567.857 1,988.98 4,163.56
ASSAY DEPARTMENT. The following tables show the operations of'the department:
NUMBER OF ASSAYS. Deposits and purchases 42,206 Ingots (gold and silver) 9,664 Refinery : 6,945 Special assays : 7,033 Sweeps assays 264 Total 66,112 Average cost per assay for the year, S0.375.
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246 REPORT ON THE FINANCES.
INGOT MELTS.
Passed on first Re Melts. melt melted, Total. ing.
Gold ingots 2,022 2,035 Silver ingots 584 590 Philippine pesos 483 484 Philippine 20 centavos 77 81 Salvador pesos • 353 377 Total 3,519 3,567
No melts were condemned. FINENESS OF INGOT MELTS.
Gold Silver Philippme Philippine Salvador pesos. 20 centavos. pesos.
1 at 899.6 30 at 898.5 3 at 797.6. 2 at 747.6 24 at 898. 6 226 at 899. 7 155 at 898.6 1 at 797. 7 19 at 747.8 48 at 898.8 769 at 899.8 88 at 898.8 9 at 7^7.8 14 at 7^ 7.9 108 at 89?. 1 799 at 899.9 196 at 899.1 4 at 7^7.9 lat 7^8.0 55 at 899.3 225 at 900.0 60 at 899.3 64 at 798.0 26 at 748.1 82 at 899.5 13 at 900.1 45 at 899.5 81 at 798. 2 3 at 7^8.2 3 at 89C. 7 I at OCO. 2 10 at 8? 9.8 160 at 7C'8.4 4 at 7^8.3 27 at 89<. 8 1 at 900.3 . 5 at 900.0 88 at 798. 6 8 at 748.5 15 at 900.0 ^ lat900.2 40 at 798.8 4 at 748. 7 9 at 900.2 11 at 799. 0 6 at 900.4 14 at 799.2 5 at 799. 4 3 at 799.6 1 at 799.8 2,035 590 484 81 377 , .'
NUMBER OF EMPLOYEES. The number of employees in the institution at the close of the year was 138, distributed as follows:
Employ Department. ees.
General 62 Melterand refiners 35 Coiners 30 Assay. II Total 138
During the year 35,510 visitors were shown through the mmt.
MINT OF THE UNITED STATES AT DENVER. This muit was in operation throughout the year with a reduced force. Two automatic weighiag machines were installed, thus dispensing entirely with the use of adjusters and hand weighing. The weighing machines are very satisfactory, all denominations of gold (quarter eagles, half eagles, eagles, and double eagles) were executed with these machiaes in connection with the shaviag device, prqduciQg better than 70 per cent of coin to the amount of metal operated upon.
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DIRECTOR OF THE MINT. 247
ASSAYER'S DEPARTMENT.
The operations of this department during the fiscal year 1911 were as follows:
Samples operated on. Item. Gold. Silver. Total,
Deposits 3,327 623 3,950: Redeposits 1,620 1,620 Exchange bars 58 "ii' 69 Return bars 3 3 Anode raelts 66 674 Mint fine melts , 233 275 508 Ingot melts. 329 384 713 Consolidated melts 3 3 Experimental samples 40 206 Bullion assay samples 3 3 Copper melts 2 2 Superintendent's grain bars 7 7 Melter and refiner's settlement bars. 20 44 Coiner's settlement bars 15 15 Assayer's bars 41 10 51 Sweep samples 22 22 44 Forest Service samples 113 113 226 Total • 5,902 2,236
In addition there were assayed for the Forest Service 19 samples for copper, 10 samples for tungsten, 1 sample for iron, 1 sample for lead, 1 sample for alumina, and 1 sample for silica.
NUMBER OF ACTUAL ASSAYS MADE.
Gold : 35,856 Silver 27,425 Sweeps 434 Forest Service. , 422 Total 64,137 Cupels made 55,000 Lead cut and rolled 55,000 The average cost per assay during the year was $0,291.
FINE-GOLD DETERMINATIONS.
The reported finenesses of the refined gold melts were as follows:
Fineness. Melts.' Fineness. Melts.
999.2 2 999.8 61 999.3 7 999.9 -8 999.4 15 Remelted 1 999.6 20 999.6 20 Total 233 999.7 99
FINE-SILVER DETERMINATIONS. Fineness: ^^^^s. 999 58 999^. : '. 81 999i 96 9991 .-..-: - - 40 Total : ".... 275
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248 REPORT ON THE FINANCES.
INGOT FINENESS.
The reported fineness of the gold and silver ingot melts were as follows:
Fineness. Melts. .Fineness. Melts.
GOLD. SILVER. 899.8. 24 898.5 6 899.9 122 898.6 30 900.0 181 898.7 36 900.1 2 898.8 39 898.9. 25 Total 329 899.0 c 58 899.1 40 899.2 39 899.3 33 899.4 25 899.5 15 • 899.6. 19 899.7 7 899.8 4 899. 9 1 900.0 . 1 Remelted.. 7
Total 384
REFINERY. Refinery operations covering a period of 11 months were as follows:
GOLD .ACCOUNT. Standard ouuces. Metal delivered to the refinery 1,796,406.861 Metal returned prior to settlement 1,702,100.330 Metal returned at settlement in bars '. 94,265.894 Metal returned at settlement in sweeps 165.166 1,796,531.390 Surplus '. , 124.529
SILVER ACCOUNT. Metal, delivered to the refinery 1,522,367.56 ;Metal returned prior to settlement : 1,414,497.92 Metal returned at settlement in bars 106,312.91 Metal returned at settlement in sweeps 557.03 1,521,367.86 Wastage 999.70 The re&iery also returned 280 pounds copper, 96.52 ounces plati num, and 4.18 ounces palladium. The refinery earnings were as follows: Charges collected on bullion treated in refinery S78,609.37 Surplus bullion recovered 1,866.95 By-products 4,338.25 Total 84,704.57
MINOR COINAGE BULLION. First year's operations: * ^ Received— • Troy ounces. • Copper : 1,458,333.33 Zinc 43,822.91 Tin. : 29,392.70 Clippings 61,846.85 1,593,395.79 Delivered— Ingots - , 302,167.65 Bronze metal in settlement '. .• 1,290,453.49 - 1,592,621.14 Wastage 774.66
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DIRECTOR OF THE MINT. 249
The following melts were made:
Gold Character and number of melts. Gold. Silver. and Total. silver.
Anodes 66 608 674 Cathodes , . . 36 34 70 Ingots 329 384 713 Mint bars 233 276 508 Slime.
Ingot melts condemned, none;' remelts: Gold, none; silver, 7.
VISITORS AND EMPLOYEES. Visitors to the number of 80,301 witnessed the coining operations during the year. . The number of officers and employees in the mint at the close of the fiscal year was as follows: Department: General 53 Assayer's 9 Melter and refiner's „ 22 Coiner's 1 16 Total 100
UNITED STATES ASSAY OFFICE AT NEW YORK.
D. P. Kingsford was installed as superintendent of this office on August 1, 1910, and George R. Comings, formerly chief clerk and for many years an assistant in the assay department, became assayer on November 1, 1910. The work of the office was conducted during the year under serious diS&culties owing to the tumble-down, condition of the building. It is expected that the new refinery will be occupied about January 1, 1912. During the year imported bullion to the amount of 1,933,148.05 gross ounces was transferred to the mint at Philadelphia. With the opening of the new refinery in New York the receipts of the office, after being converted into fine bars, will be stored in the vaults^ of this institution instead of being transferred to Philadelphia. Gold bars were issued to depositors for domestic use in payment for bullion for $3,572,373.96, and gold bars were exchanged for gold coin for domestic use for $25,455,544.41, niaking a total value of gold bars issued for domestic use in the arts, etc., of $29,027,918.37, showing an increase of $2,106,307.22 compared with the previous year. The value of gold bars exchanged for gold coin for export was $284,052.64, being a decrease compared with last year of $71,329.29. The income from the exchange of gold bars for gold coin was $12,984.14 and from special assays $1,917. ^ • There were stamped during the year 65,003 gold bars as compared with 56,099 during the pr^evious year, or an increase of 8,904, and 13,572 silver bars compared with 14,016 during the previous year, or a decrease of 444.
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250 REPORT ON THE FINANCES.
MELTER AND REFINER'S DEPARTMENT. After 11 months of this department since the settlement of July 31, 1910, the settlement of June, 1911, developed a wastage of 9.371 ounces standard gold and 124.31 standard silver. The apparent sources of this loss are given below:
Apparent gains. • Apparent losses. Items. Standard Standard Standard Standard gold. silver. gold. silver.
Ounces. Ounces. Ounces. Ounces. Unparted bars •. '-. 1^4.703 448. SO Gold bars 208.640 Silver bars 282.52 Assayer's account 72.312 169.07 Shipments to Philadelphia ^7.706 127.10 Gains not otherwise accounted for from deposit melts received at one-fourth of one-thousandth in fineness and stamped to one-tenth of one-thousandth for delivery to superintendent... 9.959 Wastage, June 30,1911...... 9.371 124.31 Total . 216.345 575.90 216.345 575.90
The small gold bar allowances for the above 11 months, and for which the melter and refiner received no credit, amounted to 160.76 ounces gross and approximately to 178.086 ounces standard gold. This amount helps to make the above gold-bar account stand as it does. ASSAYER'S DEPARTMENT. During the fiscal year there were assayed 10,739 melts of gold deposits and 1,642 melts of silver deposits. Fine-gold melts from melter and refinery operations numbered 324, and fine-silver melts 49. Special assays numbered 850, being, as usual, largely articles of *ewelry and manufacturers^ samples. Assays were also made on 141 t)arrels of sweeps and there were the customary incidental ones for the melter and refiner, settlement officials, and the Mint Bureau. The total assays thus required were about 71,000. The necessary cupels were made in the department. Pyrometers with platinum- rhodium couples in a porcelain tube were installed in our cupel furnace and have given thorough satisfaction durmg the six months of opera tion. They permit a close control of muffle temperatures.
NUMBER OF EMPLOYEES.
The force employed in this office at the close of the year, including the superintencient, assayer, and melter and re&ier, numbered 66, distributed as follows: General department 27 Assayer's department : 17 Melter and refiner's department 22
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DIRECTOR OF THE MINT. 251
EXCHANGE OF FINE-GOLD BARS FOR GOLD COIN AND GOLD BULLION. The value of the fine-gold bars exchanged for gold coin and bullion, monthly, by the United States mint at Philadelphia and assay office at New York, for thefisoal year 1911 was as follows:
Exchanged for gold coin. Exchanged for gold bullion. Months. Philadelphia. New York. Total. Philadelphia. New York. Total.
1910 July $539,689.11 $1,588,147.28 $2,127,836.39 $65,363.48 $244,875. 61 $310,239.09 August 627,802.65 2,222,655.68 2,850,458.33 26,948.62 303,890. 43 330,839.05 September... 690,277.79 2,777,027.33 3,467,305.12 32,696.54 246, 111. 02 278,807.56 October 667,219.63 2,759,315.67 3,426,535.30 26,156.13 326,013.32 352,169.45 NovemlDer 487,236.96 2,520,162.08 3,007,399.04 31,990.67 285,667.82 317,658.49 December 372,309.15 1,864,607.25 2,236,916.40 26,042.79 307,540.03 333,582.82 1911 January 586,991.51 1,901,445.38 2,488,436.89 33,590.63 358,519.07 392,109.1^ February 564,417.78 1,804,079.72 2,368,497.50 23,740.70 281,635.86 305,376.56 March 664,320.59 2,193,303.41 2, ^bl, 624.00 25,276.05 278,137.74 303,413.79 April .' 622,312.76 1,768,360.05 2.390.672.81 27,080.27 317,098.73 344,179.00 May 520,429.99 2,213,971.76 2,734,401.71 29,021.22 316,536.88 345,558.10 June 405,290.38 2,126,521.44 2.531.811.82 24,135.09 306,347.45 330,482.54
Total 6,748,298.26 25,739,597.05 32,487,895.31 372,042.19 3,572,373.96 3,944,416.15
DEPOSITS, EARNINGS, AND EXPENDITURES OP ALL OFFICES. The deposits, earnings, and expenditures of the mints and assay offices during the fiscal year 1911 and number of employees at the close of the year, were as follows:
Number of— • Value of gold Expendi- Freight on Em Institutions. and silver de Earnings.! tmes.2 bullion De Rede posits. and coin. ployees. posits. posits.
Philadelphia • 4,117 1,758 $29,537,594.38 $4,510,884.99 $553,190.90 356 San Francisco 9,066 158 62,884,806.55 610,003.38 288,944.04 138 New Orleans 861 1,174,203.31 5,013.84 39,169.43 *$6,"364."49" 14 Denver 4,555 'i,"626' 37,965,460.23 853,424.22 179,413.46 9.23 100 New York 12,381 16 78,327,157.64 95,940.62 159,315.33 10,592.17 66 Carson... 1,005 1,294,634.47 3,300.44 16,810.49 2,109.73 10 Boise .'. 1,031 721,585.11 3,932.76 14,544.92 1,053.40 10 Helena 713 1,800,881.71 4,292.68 21,822.00 1,691.00 12 Charlotte.. . 284 91,262.05 1,210.33 4,364.77 82.50 4 St. Louis 265 451,657.02 1,063.88 3,771.03 484.82 2 Deadwood... • 385 6,002,481.19 8,282.00 10,485.33 2,233.00 5 Seattle 1,822 10,369,331.04 15,631.39 60,200.00 18,782.18 24 Salt Lake City. . 374 1,319,052.59 2,400.46 14,937.41 1,549.11 8 Total 36,859 3,552 231,940.107.29 6,115,380.09 1,365,969.11 44,961.63 749
1 Including seigniorage on subsidiary and minor coins manufactured. 2 Including freight on bullion and coin between mints and assay offices.
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252 REPORT ON THE FINANCES.
OPERATIONS OF THE MELTER AND REFINERS AND THE COINERS, FISCAL YEAR 1911.
The quantity of metals operated upon in the different departments of the.mints and assay office at New York during the fiscal year 1911 aggregated 32,335,716 standard ounces of gold and 15,800,755 standard ouiices of silver. The figures in the table following are the actual figures as obtained at the settlements of the accounts:
GOLD.
Percent Wastage age of , Amount Amount per 1,000 good coin Institution and delivered retm-ned Amount Sur Wast ounces on produced department. by superin to superin operated plus. age. amount to tendent. tendent. upon operated amount upon. operated upon.
Stand. Stand, Stand, Philadelphia Mint: Stand, ozs. Stand, ozs. Stand, ozs. ozs. ozs. ozs. Melter and refiner... 4,810,569.510 4,810,590 893 5,706,368.359 . 21 383 Coiner 3,946,263.340 3,946,177 463 3,933,357.890 85 877 0.0218 44.29 San Francisco Mint: Melter and refiner 7,977,303.419 7,978,061.145 9,652,194.691 ' 757 726 Coiner 6,466,128.381 6,466,086 326 5,915,534.650 90 355 .0152 53 76 Denver Mint: Melter and refiner... 2,680,362.408 2,680,655 024 2,415,308.023 292 616 Coiner 2,103,742 150 2,103,718 851 2,103,742.150 23 29 .0110 70.41 New York assay office,'' melter and refiner 4,903,007.156 4,902,997 785 2,609,210.652 9 371 . .0035 Total: Melter and refiner 20,371,242.493 20,372,304.847 20,383,081.725 1,071 725 9 371 Coiner 12,516,133.871 12,515,982.640 11,952,634.690 199 531 Grand total 32,887,376.364 32,888,287.487 32,335,716.415 1,071.725 208.902
SILVER.
Philadelphia Mmt: Melter and refiner 4,259,563.72 4,256,217.43 3,995,577.14 3,346.29 0.8401 Coiner 1,952,908.22 1,952,890.29 1,786,421.22 17.93 .0100 57.82 San Franciso Mint: Melter and refiner... 3,497,421.54 '3,505,869.83 3,509,788.30 8,448.29 Coiner 3,321,730.69 3,320,819.28 2,738,080.31 911.41 .3328 58.05 Denver Mint: Melter and refiner... 2,429,134.89 2,429,628.00 1,906,498.66 493.11 Coiner 1,361,546.10 1,361,197.68 1,349,624.85 348.42 .2582 70.13 New York assay office, ni filter anfl refin p.r. 2,393,350.40 2,393,226.09 615,866.08 124.31 .2432 Total: Melter and refiner 12,579,470.55 12,584,941.35 9,926,729.18 8,941.40 3,470.60 Coiner 6,636,185.01 6,634,907.25 6,874,026.38 1,277.76 Grand total 19,215,655.56 19,219,848.60 15,800,765.66 8,941.40 4,748.36
NICKEL.
Philadelphia Mint: Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs Melter and refiner. 8,690,958.78113,180,548.40 1 13,339,062.231 35,152.15! 2.64| Coiner 14,957,441.51 14,947,830.20 14,590,270.66 9,611.31 .65 .58 Grand total 23,648,400.29 28,128,378.60 27,929,332.89 44,763.46
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DIRECTOR OF THE MINT. 253
BRONZE.
Percent Wastage age of Amount Amount per 1,000 good coin Institution and delivered returned Amount operated Sur Wast ounces on produced department. by superin to superin upon. plus. age. amount to tendent. tendent. operated amount upon. operated upon.
Philadelphia Mint: Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Melter and refiner... 18,884,909.46 13,666,153.50 13,808,118.23 52, 728.23 3.81 Coiner 19,856,513.78 19,852,153.06 17,983,418.78 4,360.72 .24 68.7 San Francisco Mint: Melter and refiner 2,970,957.65 2,963,155.88 1,311,060.38 7,801.77 5.95 Coiner 2,115; 587.52 2,110,837.94 1,794,341.50 4,749.58 2.64 66.74 Denver Mint: Melter and refiner 1,593,395.79 1,592,621.14 313,991.45 774.65 2.47 Coiner. 302,167.65 302,019.45 267,806.60 148.20 4.90 69.19
Total: Melter and refiner.. 23,449,262.90 18,221,930.52 15,433,170.06 61,304.65 Coiner 22,274,268.95 22,265,010.45 20,045,566.88 9,258.50
Grand total 45,723,531.85 40,486,940.97 35,478,736.94 70,563.15 1 NOTE.—The legal limit of wastage on the amount of gold and silver bullion delivered by the superin tendent to the operative officers, as prescribed in section 3542, Revised Statutes, is as follows: Melter and refiner, 0.001 gold; 0.0015 silver. Coiner, 0.0005 gold; 0.001 silver. .The operations of the mint at New Orleans were suspended from June 1, 1910. The operations at the assay office at New York were only such as required melting and refining by fluxes.
WASTAGE AND LOSS ON SALE OF SWEEPS AND GAINS FROM OPERATIONS.
The value of the precious metals wasted in the metallurgical and mechanical departments was $6,287.19. A loss of $4,716.96 occurred from the difference between the assay value of the bullion contained in sweeps sold and the amount received for the same, as described in the following table:
Mint at Assay of fice at Items. Total. Philadel San" New Or New Fran Denver. York. phia. , cisco. leans.
Melter and refiner's gold wastage... $174.34 $174.34 Melter and refiner's silver wastage.. $1,706.58 63.00 1,769.58 Coiner's gold wastage 1,597.71 $1,681.02 $433. 47 3,712.20 Coiner's silver wastage 9.14 456. 67 165. 26 631.07 Loss on sale of sweeps 1,197.72 938.51 $151.58 927.94 1,501.21 4,716.96 Total.. 4,511.15 3,076. 20 151.58 1,738.55 11,004.15 Paid as follows: From contingent appropriation 1,921.63 2,639.10 151.58 984.17 5,696.48 From parting and refining appropria tion 2,589.52 437.10 542.50 1,738.55 5,307.67
Total. 3,076.20 151.58 1,526.,67 11,004.15
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254 REPORT ON THE FINANCES.
The wastage and loss on sale of sweeps amounted to $11,004.15. Against these losses there were gains arising from the operations in bullion during theyear aggregating $337,284.18 as follows:
Fiscal Character of gains. year 1911.
Charges for the manufacture of medals •. :.. . $4,924.34 Profits on medals and proof coins .". 2,401.15 Surplus bullion recovered by operative officers 26,777.45 Net gains on bullion shipped from assay offices to mints for coinage 4,160.05 Receipts from the sale of old material : 2,153.26 Receipts from the special assaj's of ore and bullion 3,551.90 Receipts for manufacturing appliances for Government and other institutions. 7,576.35 Charges received for the manufacture of foreign coins . 28,806.68 Gain on light weight United States gold coin for recoinage ' 280.21 Charges for treatment of deposit melting room and melter and refiner's sweeps 765.09 Receipts from the sale of by-products 233,046.98 Charges for certifying records 4.35 Value of deposit melting rooih grains and sweeps 22,836.37 Total 337,284.18
Deducting the incidental gains on bullion operated on from the value of the total wastages and losses on sale of sweeps, there has been a net gain in the operations of the mints during the fiscal year of $326,280.03.
RECEIPTS AND DISPOSITION OP GOLD BULLION, FISCAL YEAR 1911.
Deposited.
Surplus Redeposited Institutions. Uncurrent bullion receipts from Total. United States assay offices. Deposits. coin trans recovered. ferred for recoinage.
Philadelphia $1,785,737.61 $1,774,53a. 25 1 $34,035.85 $23,008,132.81 $26,602,436. 52 San Francisco 58,605,822.79 2 4,041.88 16,204. 23 1,970,596.21 60,596,666.11 New Orleans 1,137,282.13 654. 43 1,137,836.66 Denver 16,525,471.49 10,175.64 319,656,518.09 36,192,165.22 New York 73,951,817.82 7,228.39 4 1,033.60 73,960,079.81 Carson . 1,247,546.60 313.01 1,247,859.61 Helena 1,711,899.37 140.10 1,712,039.47 Boise 689,936.30 403.34 690,339.64 Charlotte 90,241.92 200.29 90,442.21 St. Louis 449,896.83 334.11 ' 450,230.94 Deadwood . ... 5,821,046.00 284.16 6,821,330.16 Seattle 10,272,941.81 944.43 10,273,886.24 Salt Lake City 1,273,498.42 274.73 1,273,773.15
Total 173,563,139.09 1,778,572.13 71,092.71 44,636,280.71 220,049,084.64
1 Of this amount $235.21 was gained in United States light-weight coin melted. 2 Tliis includes $2,067.18 proof gold. 8 This includes $3,050.39 proof gold. * Proof gold.
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DIRECTOR OF THE MINT. 255
The disposition of gold bullion contained in the above table is as follows:
Bars paid Shipped to Sold in Institutions. the mint for Bars exchanged depositors. coinage. sweeps. for coin.
Philadelphia $372,784.62 $17,152.46 1 $6,752,865.46 San Francisco 29,928.07 13,870.29 . 53,511.76 New Orleans 19,706.10 $4,302,595.24 848.07 Denver 18,595. 27 6,420. 48 New York 3,572,373. 96 18,133,342.28 9,911.21 25,739,597.05 Carson 1,3.33,600.56 Helena 1,648,936.65 Boise 650,105. 43 Charlotte 90,442. 21 491,774.57 Deadwood 5,354,750.92 Seattle 4,536.63 11,440,205.11 Salt Lake City 1,281,359.65 Total 4,017,924.65 44,727,112. 62 48,202. 51 32, 545,974. 27
Institutions. Coinage. Wastage. Total.
Philadelphia . . $32,416,412.50 $1,599.08 $39,560,814.12 San Francisco • 58,950,000.00 1,681.02 59,048,991.14 New Orleans..' ." 4,323,149.41 Denver . 27,559,100.00 433. 47 27,584,549.22 New York 174.34 47,455,398.84 Carson 1,333,600. 56 Helena 1,648,936.65 Boise 2 10. 63 650,116.06 Charlotte 90,442. 21 St. Louis 491,774. 57 Deadwood 5,354,750. 92 Seattle 11,444,741.74 Salt Lake City • 1,281,359.65 Total 118,925,512.50 3,898.54 200,268,625.09
^'Includes $4,567.20 proof gold. 2 Loss on shipment to Philadelphia Mint.
BALANCES, RECEIPTS, AND DISBURSEMENTS.
Balance of gold buffion on hand June 30, 1910,"and receipts, dis bursements, and balances June 30, 1911, at the mints and assay offices are shown in the following table :^
Balance on Receipts Disbursements Institutions. Total. Balance on June 30,1910. during the fiscal during fiscal year 1911. year 1911. June 30, 1911.
Philadelphia $31,647,991.93 $26,602,436.52 $58,250,428.45 $39,560,814.12 $18,689,614 33 San Francisco 41,286,232.48 60,596,665.11 101,882,897.59 59,048,991.14 42,833,906.45 NewOrleans 3,602,505.06 1,137,836.56 4,740,341.62 4,323,149.41 417,192.21 Denver 3,896,237.56 36,192,165.22 40,088,402.78 27,584,549.22 12,503,853.56 New York 22,238,011.60 73,960,079.81 96,198,091.41 47,455,398.84 48,742,692.57 Carsori 86,220.19 1,247,859.61 1,334,079.80 1,333,600.66 479 24 Helena 56,579.45 1,712,039.47 1,768,618.92 1,648,936.65 119,682.27 Boise 44,511.70 690,339.64 734,851.34 650,116.06 84,735.28 Charlotte ., 90,442.21 90,442.21 90,442.21 St. Louis . 41,543.63 450,230.94 491,774.57 491,774.57 Dea'dwood 13,061.82 5,821,330.16 5,834,391.98 5,354,750.92 479,641.06 Seattle 1,378,029.40 10,273,886.24 11,651,915.64 11,444,741,74 207,173.90 SaltLake City 58,591.09 1,273,773.15 1,332,364.24 1,281,359.65 51,004.59
Total 104,349,515.91 220,049;084.64 324,398,600.56 200,268,625.09 124,129,975.46
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256 REPORT ON THE FINANCES.
LABORATORY OF THE BUREAU OF THE MINT.
From the coinage of the calendar year -1910 the assayer of this bureau tested 413 gold and 316 silver coins, all of which were found within the legal requirements as to weight and fineness. In the gold coins the greatest deviation above standard (the legal limit being 0.001 above or below) was 0.0003, while the greatest deviation below was 0.0007. The greatest deviation of silver coins above standard (the legal limit being 0.003 above or below) was 0.0011, while the greatest deviation below was 0.0013. The following table summarizes these assays:
Philadelphia. San Francisco. Denver. Total. Fineness. Gold. Silver. Gold.' Silver. Gold. Silver. Gold. Silver.
898.7 4 4 898.9 9 1 10' 899.1 33 2 35 899.3 1 34 3 1 1 4 3& 899.4 10 10 899.5 . 1 29 2 32 899.6... . S ' 26 42 7 16 5 66 38- 899.7 •- 18 68 22 108 899.8 14 i5' 32 9 35 5 81 29 899.9 24 7 17 48 900 29 6 4 12 13 4 46 22 900.1 6 8 14 900.2.. . . 1 15 1 8 2 23 900.3 2 2 900.4 15 4 19 900.6 3 3 900.7 3 1 4 900.9.. 1 I 901.1 .- 2 2
Total. .. 104 127 195 68 114 31 413 226
Average 899.8- 899.3- 899.6- 900.1- 899.8- 899.9- 899.7- 899.6- Fineness 69 54 57 57 10 13 53 73
In addition to the above there were examined 104 Philippine silver coins, all of which were within the legal requirements as to weight and fineness. Also 92 assays for gold in lead were made for the^ Geophysical Laboratory. The extensive investigation into the question of the possibility of standard gold made from electrolytic gold segregating during the coinage operations was practically completed.' The investigation into the manufacture of cupels in the service was continued; about 1,500 used cupels were assayed, and a satisfactory process for the= determination of minute amounts of gold in refinery silver and coins, was developed.
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DIRECTOB OF THE MINT. 257
PROCEEDINGS OF THE ASSAY COMMISSION, 1911. The following-named gentlemen were designated as commissioners to test aud examine the weight and fineness of the coins reserved at the several mints during the calendar year 1910 pursuant to the provisions of section 3547 of the Eevised Statutes: Hon. Joseph F. Johnston, United States Senate; Hon. Thomas W. Hardwick, House_of Representatives; Hon. O. L. Branson, Mitchell, S. Dak.; Mr. L. A. Fischer, Bureau of Standards; Hon. John W. Hart, Menan, Idaho; Dr. J. M. Henderson, Columbus, Qhio; Mr. Alfred Holman, San Francisco, Cal.; Hon. James P. Kimball, Red Lodge, Mont.; Hon. Frank A. Leach, Oakland, Cal.; Hon. William McAleer, Philadelphia, Pa.; Mr. James H. Maiming, Albany, N. Y.; Dr. John A. Mathews, Syracuse, N. Y.; Hon. A. G. Proctor, St. Joseph, Mich.; Mr. Charles D. Rourke, Urbana, 111.; Dr. Rollin D. Salisbury, Chicago, 111.; Dr. Owen Louis Shinn, Philadelphia, Pa.; Dr. Horace L. Wells, New Haven, Conn.; Dr. Arthur L. Walker, New York, N. Y. ^ The commission met at the mint at Philadelphia on February 8, 1911, and Hon. Joseph F. Johnston was elected chairman. The following committees were appointed by the chairman with the approval of the commission: Committee on counting.—^Mr. Hardwick, chairman; Messrs. Man ning, Kimball, Rourke, and Branson. Committee on weighing.—^Mr. Fischer, chairman; Messrs. Walker and Comings. Committee on^assaying,—-Mr. Mathews, chairman; Messrs. Shinn, Henderson, and Wells. The committee on counting reported that the packages containing the pieces reserved by the several mints for the trial of coins were delivered to them, and that they were compared with the transcripts kept by the Director of the Mint and found to be correct. After verification the coins were delivered to the committees on weighing and assaying. The coins reserved by the mints for the purposes of the assay com mission were as follows:
Gold. Silver. Institutions. " Pieces. Value. Pieces. Value.
Philadelphia ...... 1,916 $17,270.00 7,100 $963.55 Denver 2,983 33,160.00 2,496 362.00 SanFrancisco: United States coin 3,711 64,546.00 1,694 549. 00 Philippine Islands coin 1,829
The committee on assaying reported receiving and making assays of coins reserved from the mints at Philadelphia, San Francisco, and Denver, representing the deliveries made by the coiners to the super intendents during the calendar year 1910. ' 12307°—FI 1911-—17 .
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258 REPORT ON THE FINANCES.
The highest assay value of the gold coinage at the different mints (the limit of tolerance being one one-thousandth) is at— Philadelphia 900.6 San Francisco : 900.0 Denver 900.2 The lowest assay value bf the gold coinage at the different mints, (the limit of tolerance being oiie one-thousandth) is at— Philadelphia 899.6 San Francisco ; 899.4 Denver :.. - 899.7 The highest assay value of the silver coinage at the different mints (the limit of tolerance being three one-thousandths) is at— Philadelphia '.. 900.9 San Fi-ancisco 901.1 Denver : 902.5 The lowest assay value of the silver coinage at the different mints (the limit of tolerance being three one-thousandths) is at— Philadelphia , .'. 898.9 San Francisco 900.0 Denver „ 898.9 The highest assay value of the Philippine silver coinage is at— San Francisco (pesos) 801.2 Sah Francisco (subsidiary) 750.4 The lowest assay value of the Philippine silver coinage is at— San Francisco (pesos) .^ 800.4 San Francisco (subsidiary) .' 749.5 The committee also tested the quartation silver and found it free from gold, and the lead used in the assay of the gold bullion and • found it free from gold aiid silver. The acid used in the humid assay of silver was found to be free from silver and also from chlorine. The balances used were tested and found to be correct. The committee on weighing reported having received and examined sample coins selected at random from those reserved by the mints at Philadelphia, Denver, and San Francisco and that in no case did the deviations from the standard weights of the coins examined exceed the limit of tolerance. The secondary troy pound of the mint was compared with the standard pound and found to be correct within 1 part in 400,000. Three separate pounds built up of working weights of the mint were found to oe correct within 1 part in 75,000.
MOVEMENT OF GOLD FROM THE PORT OF NEW ITORK.
The superintendent of the United States assay office at New York has prepared the following table giving exports of gold through the port of New York:
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- c^ DIIIECTOR OF THE MINT. 259
STATEMENT OP UNITED STATES GOLD COIN AND GOLD BULLION EXPORTED FROM THE PORT OF NEW YORK TO EUROPE DURING THE FISCAL YEAR ENDED JUNE 30, 1911. - .
Rate of Date. Country. Amount. exchange.
1910. Dec. 16...... England $500 4.8790 1911. Jan. 16 ..... Netherlands 600 4.8595' Feb. 24 do 600 4.8645 Mar. 15 - --. - .- - Germany ...... • 3,500 4.8615 Total ' 5,000^
RECAPITULATION OF GOLD EXPORTS TO EUROPE.
Classification. • Nether England. lands. Germany.
United States coin.. $500 $1,000 Bullion . . :. $3,500 Total.. .. :. 600 1,000 3,500
Grand total of exports to Europe ...... : $5,000 During the same period there were shipped to West Indies^ Mexico, Central and South Ainerica, etc., the following: United States coin. $3,443,360 Foreign coin :...:.... 558,248 Total gold exports to other ports. 4,001,608 Grand total bf gold exports ,.' 4,006,608 The imports during the same period were as follows: From Europe:. United States coin .-- $48,657 Foreign coin 662,356 Foreign bullion 13,850,748 , Bullion in ore .: 5,535 Total gold imports from Emope $14,467,296 From other ports (West Indies, Mexico, Central and South America, Cuba, etc.): United States coin • 1,557,898 Foreign coin ., 3,655,207 Foreign buUion • ....'. 5,301,194 Inore 364,324 Total gold imports fromother norts. 10,878,623 Grand total of gold imports 25,346,919
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260 BEPORT ON THE FINANCES.
NET EXPORTS, UNITED STATES GOLD COIN. The net exports of United States gold coin since 1870 were as follows: ,
IMPORTS AND EXPORTS OF UNITED STATES GOLD COIN SINCE 1870.
Fiscalyears. Imports; Exports. Fiscal years. Imports. Exports.
Jan. Ito June30— Jan. 1 to June 30— 1870 (0 $12,768,601 Continued. • 1871 Q) 55,491,719 1893 '• $6,074,899 $101,844,087- 1872 (1) 40,391,357 1894 . . 30,790,892 64,303,840 1873 35,661,863 1895 10,752,673 65,096,639 1874 28,766,943 1896 i 10,189,614 77,789; 892 • 1875 59,309,770 1897.... 57,728,797 23,646,535 1876 lii 27,542,861 1898 40,593,495 8,402,216 1877...... ;.... 21,274,565 1899 7,779,123 27,419,737 1878 $7,325,783 6,427,251 1900 8,659,856 30,674,511 1879 3,654,859 4,120,311 1901 3,311,105 8,425,947 1880 18,207,559 1,687,973 1902 3,870,320 9,-370,841 1881 --• ... 7,577,422 1,741,364 1903 1,519,756 18,041,660 1882 4,796,630 29,805,289 1904 6,780,607 15,682,424 1883: 8,112,265 , .4,802,454 1905 2,236,399 ' 64,409 014 • 1884 • 3,824,962 12,242,021 1906 35,251,921 .20,573,672 1885 3,352,090 2,345,809 19C)7 .. 44,445,402 ^ 22,632,283 1886 1,687,231 6,400,976 1908 ' 44,929,518 28,246,170 1887 5,862,609 3,550,770 1909 .... 4,642,690 66,126,869 1888 5,181,513 3,211,399 1910 2,050,563 86,329,314 1889 1,403,619 4,143,939 1911.. 6,041,646 20,661,276 1890 1,949,552 3,951,736 1891 2,824,146 67,704,900 Total 417,841,859 1,214,852,561 1892 .. " 15,432,443 42,841,963 Net exports 797,010,702
1 Imports of United States gold coin not separately given prior,to the fiscal year 1878.
N STOCK OF MONEY IN THE UNITED STATES. On June 30, 19W, the stock of domestic coins in the United States was $2,356,804,869, as shown by the following table: • ,p
OFFICIAL TABLE OF STOCK or Com IN THE UNITED STATES JUNE 30, 1911.
Items. . Gold. Silver. Total.
Estimated stock of coin June 30,1910 $1,631,074,997 $723,436,256 $2,254,511,263 Net imports. United States coin, fiscal year 1911 1,926,709 1,926,709 United States coin returned in transports from the Phil ippine Islands, fiscal year I9II, not recorded at the custom-house 1-11,578 11,678 Coinage, fiscal year 1911 118,925,513 3,195,726 122,121,239 Total 1,650,000,510 728,570,269 2,378,570,779 Less: United States coin melted for recoinage (face value). 2,972,742 683,638 3,556,280 United States coin estimated to have been used in the arts -. 3,600,000 100,000 3,600,000 Net exports, United States coiUj fiscal year 1911 14,609,630 14,609,630 Total :.. 21,082,372 683,538 21,765,910 Estimated stock of coin in the United States June 30,1911. 1,628,918,138 727,886,731 2,356,804,869
1 Of this amount $3,179 were in $1 pieces. , '^- NoTEi—The number of standard silver dollars coined to June 30,1911, was 670,272,610, which, added to the Hawaiian dollar coinage, 600,000, plus the number imported from the Philippine Islands, 160,000, and the number retmned in Government transports, 496,859, equals 571,419,469. Since July 1,1898, the num ber of standard silver dollars exported in transport's has been 2,495,000; and since 1883 the number melted has been 190,284 (see Report of the Director of the Mint, 1911); and the number of Hawanan dollars melted to June 30, 1911, has been 454,818, a total disposition of 3,140,102, leaving in the Unites States on Jxme 30,19II, 668,279,367 standard silver dollaxs, and 159,607,364 dollars in subsidiary silver coins.
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DIRECTOR OF THE MINT. 261
BULLION IN MINTS AND ASSAY OFFICES JUNE 30, 1911.
Bullion- Value.
Gold : $124,216,976 Silver (cost) .... - - . - . 4,115,717 Total... 128,331,693
METALLIC STOCK, JUNE 30, 1906, 1907, 1908, 1909, 1910, AND 1911.
Coin and June 30,1910. bullion. June 30,1906. June 30,1907. June 30,1908. June 30,1909. June 30,1911. 1
Gold $1,472,995,209 $1,466,056,632 $1,615,140,575 $1,640,567,131 $1,635,424,513 $1,753,134,114 Silver 687,958,920 705,330,224 723,594,595 733,250,073 727,078,304 732,002,448 Total. 2,160,954,129 2,171,386,856 2,338,735,170 2,373,817,204 2,362,502,817 2,485,136,562
OWNERSHIP OP GOLD AND SILVER IN THE UNITED STATES, JUNE 30, 1911.
Silver coin and bullion. Total gold Gold coin and silver Ownership. and bullion. Silver dol Subsidiary Silver bul Total sil coin and lars. coin. lion. ver. . bullion.
United States Treasury (free) $233,470,647 $42,289,622 $21,185,641 $4,115,717 $67,590,980 $301,061,627 United States Treasury (for certificates outstand ing) 930,367,929 453,543,696 453,543,696 1,383,911,625 National banks (June 7, 1911) 153,411,301 14,418,204 18,649,883 33,068,087 186,479,388 National banks (for clear ing-house certificates)... 79,758,000 79,758,000 Private banks and indi viduals 356,126,237 58,027,845 119,771,840 177,799,685 533,925,922
Total 1,753,134,114 568,279,367 159,607,364 732,002,448 2,485,136,562
LOCATIONS OP MONEYS OP UNITED STATES, JUNE 30, 1911.
In national In other banks Money. In Treasury. banks June andin Total. 7,1911. circulation.
•METALLIC. Gold buhion $124,215,976 $124,215,976 Shver bullion 4,115,717 4,115,717 Gold coin 1,039,622.600 i$233,169,301 $356,126,237 1,628,918,138 Silver dollars 495,833,318 14,418,204 58,027,845 568,279,367 Subsidiary silver coin 21,185,641 18,649,883 119,771,840 159,607,364 Total metallic 1,684,973,252 266,237,388 533,925,922 2,485,136,562
PAPER.
Legal-tender notes (old) 7,691,894 185,219,602 153,769,520 346,681,016 Legal-tender notes (act July 14,1890) 8,744 3,237,256 3,246,000 National bank notes 40,493,225 2 60,726,881 626,974,402 728,194,508 Total notes 48,193,863 245,946,483 783,981,178 1,078,121,524 Gold certificates 64,502,740 300,201,210 630,166,719 Silver certificates 9,955,304 140,277,909 313,265,787 Total certificates 74,458,044 440,479,119 ' 943,432,506 Grand total 1,807,625,159 952,662,990 2,261,339,606 3,563,258,086
1 Includes $79,758,000 gold clearing house certificates. 2 Includes $12,135,727 of their own, held by different national banks.
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262 REPORT ON THE FINANCES.
ESTIMATED STOCK OF GOLD AND SILVER IN UNITED STATES.
ESTIMATED STOCK OF GOLD AND SILVER IN THE UNITED STATES AND THE AMOUNT PER CAPITA AT THE CLOSE OF EACH FISCAL YEAR„SINCE 1873.
Total stock of coin and bul lion. Per capita. Fiscal year ended June 30— Popidation. Gold. Silver. Gold. Silver. Total metal Uc.
1873 41,677,000 $135,000,000 $6,149,305 $3.23 $0.15 $3.38 1874 42,796,000 147,379,493 10,355,478 3.44 .24 3.68 1875 : 43,951,000 121,134,906 19,367,995 2.75 .44 3.19 1876 45,137,000 130,056,907 36,415,992 2.88 .81 3.69 1877 46,353,000 167,501,472 56,464,427 3.61 1.21 4.82 1878 47,598,000 213,199,977 88,047,907 4.47 1.85 6.32 1879 48,866,000 245,741,837 117,526,341 5.02 2.40 7.42 1880. 50,155,783 351,841,206 148,522,678 7.01 2.96 9.97 1881 51,316,000 478,484,538 175,384,144 9.32 3.41 12.73 1882 • 52,495,000 506,757,715 203,217,124 9.65 3.87 • 13.52 1883 53,693,000 542,732,063 233,007,985 10.10 4.34 14.44 1SS4 54,911.000 545,500,797 255,568,142 9.93 4.65 14.58 1885 56,14S;000 588,697,036 283,478,788 10.48 5.05 15.53 1886 57,404,000 590,774,461 .312,252,844 10.29 5.44 15.73 1SS7 . 58,680,000 • 654,520,335 352,993,566 11.15 6.00 17.15 18SS 59,974,000 705,818,855 386,611,108 11.76 6.44 18.20 1889. ... 61,289,000 680,063,505 420,548,929 11.09 6.86 17.95 18901 • 62,622,250 695,563,029 .463,211,919 11.10 7.39 18.49 1891 63,975,000 646,582,852 522,277,740 10.10 8.16 18.26 1892 65,520,000 664,275,335 570,313,544 10.15 8.70 18.85 1893 66,946,000 597,697,685 615,861,484 8.93 9.20 18.13 1894' 68,397,000 627,293,201 624,347,757 9.1.8 9.13 18.31 1895 69,878,000 636,229,825 625,854,949 9.10 8.97 18.07 1896 71,390,000 599,597,964 628,728,071 8.40 8.81 17.21 1897 72,937,000 696,270,542 634,509,781 9.55 8.70 18.25 1898 74,522,000 861,514,780 637,672,743. 11.56 8.56 20.12 1899 76,148,000 962,865,505 639,286,743 12.64 8.40 21.04 1900 76,891,000 1,034,439,264 647,371,030 13.45 8.42 21.87- 1901 77,754,000 1,124,652,818 661,205,403 14.47 8.50 22.97 1902 '. 79,117,000 1,192,395,607 670,540,105 15.07 8.48 23.56 1903. 80,847,-000 1,249,552,756 677,448,933 15.45 8.38 23.83 1904 81,867,000 1,327,672,672 682,383,277 16.22 8.33 24.55 1905 83,259,000 1,357,881,186 686,401,168 16.31 8.24 24.55 1906 84,662,000 1,472,995,209 687,958,920 17.40 8.12 25.52 1907 86,074,000 1,466,056,632 705,330,224 17.03 8.20 25.23 1908- \ 87,496,000 1,615,140,575 723,594,595 18.46 8.27 26.73 1909.... 88,926,000 1,640,567,131 733,250,073 18.45 8.25 26.70 1910. - . 90,363,000 1,635,424,513 727,078,304 18.10 8.05 26.15 1911 93,983,000 1,753,134,114 732,002,448 18.65 7.79 26.44
A CORRECTION.
In the report of this bureau for the fiscal year 1907, on page 87, appeared the table of a corrected estimate of the stock of gold in the United States in each year from 1873 to 1906, and showing the dis tribution of the stock between the Treasury, national banks,-and cir culation. It has developed that in making up this stock no account was taken of NewYork Clearing House gold certificates held bythe national banks. In this bureau's estimates Treasury gold certificates held by national banks are never included in their gold holdings because the gold held against them is included in Treasury holdings, but clearing-house gold certificates are usually counted as gold in banks. By not doing so in this instance the amount of gold held by the New York Clearing House against certificates owned by national banks was included in the amount of ^' coin in circulation.'' As it is desirable to establish the definite location of our gold stock so far as possible, these sums are now transferred from ''coin in circulation" to ''coin in national banks." The figures of the "Total stock of gold" are not
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DIRECTOR OF THE MINT. 263
altered. Thus corrected, the table is reprinted below and brought down to the present year.
CORRECTED STOCK OF GOLD IN THE UNITED STATES.
Coin in national Coin in Bullion in Coin in cir Total stock Year. banks. culation. Treasury. Treasmy. Comptrol of gold. ler's report.
Fiscal year June 30: 1873 : $55,518,567 $15,669,981 $3,818,086 $30,000,000 $105,006,634 1874 60,972,107 9,539,738 5,536,086 39,607,488 115,655,419 1875 45,3S2,4S4 8,258,706 3,710,682 31,695,660 89,047,532 1876 41,912,168 9,589,324 3,225,707 44,533,218 99, 260,417 1877 76,661,703 10,962,169 6,306,263 39,058,592 131,988,727 1878 122,136,831 6,323,372 8,191,952 39'767,529 176,419,684 1879'. 129,920,099 5,316,376 21,530,846 53,601,228 210,368,549 Calendar year: 18791 95,790,430 61,999,892 98,104,792 46,843,424 302,738,538 ISSO^...... 61,481,245 93,789,622 92,184,943 150,085,854 397,541,664 1881 84,639,865 88,726,016 101,115,387 210,775,833 485,257,101 1882 ...... 119,523,136 51,501,110 75,326,033 234,205,711 480,555,990 1883 152,608,393 65,667,190 73,447,061 228,296,821 520,019,465 1884 171,553,205 63,162,982 76,170,911 215,813,129 526,700,227 1885 :.. ,75,434,379 72,938,221 90,741,747 313,346,322 558,460,669 1886..'... 187,196,596 81,431,262 97,781,405- 223,199,865 589,609 128 1887 182,618,963 123,145,136 99,162,377 245,145,579 650,072,055 1888 227,854,212 97,456,289 78,224,188 246,218,193 649,752,882 1889 246,401,951 67,265,944, 84,416,468' 235,434,571 633,518,934 1890 226,220,604 67,645,934 80,361,784 274,055,833 648,284,155 1891 196,634,061 83,575,643 91,889,590 253,765,288 625,864,582 1892 156,662,452 81,826,630 100,991,328 242,621,832 582,102,242 1893 73,624,284 84,631,966 151,233,989 281,940,012 591,430,251 1894 91,781,176 47,106,966 151,117,047 248,787,807 538,793;056 1895.. .. 83,186,960 29,443,955 147,308,401 242,644,697 502,584,013 1896 121,745,884 54,648,743 161,828,050 251,010,816 589,233,493 1897 152,488,113 45,279,029 187,608,644 252,419,033 637,794,819 1898 141,070,022 140,049,456 263,888,745 286,891,578 143,078,146 831,899,801 1899. ... 257,306,366 203,700,570 293,387,672 897,472,754 1900 : ..... 328,453,044 153,094,872 199,350,080 307,870,474 417,343,064 123,735,775 988,768,470 1901 190,172,340 318,388,468 1,049,639,647 1902 458,159,776 159,971,402 178,147,097 324,252,498 478,970,232 209,436,811 1,120,530,773 1903 170,547,258 332,730,-989 1,191,685,290 1904 : . 647,261,358 49,187,017 195,111, 219 662,153,801 101; 183,778 325,261,922 1,210,821,516 1905 737,677,337 166,542,687 196,680,998 327,549,686 1,287,568,263 1906 788,467,689 162,937,136 188,096,624 376,006,767 1,458,323,415 1907 924,316,981 111,041,339 203,289,046 457,996,462 1,612,689,332 1908 934,803,233 97,347,289 209,185,761 411,605,432 1,656,149,513 1909 982,586,379 120,726,077 213,990,955 392,507,842 1,638,649,319 1910 1,000,823,215 183,332,234 227,977,678 378,745,080 1,710,035,214 19112 235,184,404 378,281,198 1,797,621,051
1 Six months ending Dec. 31, 1879. 2 Subject to correction.
UNITED STATES GOLD COIN IN CANADA.
The holdings of United States gold coin in the treasury of the Dominion of Canada on December 31, 1910, was $68,261,279. The specie holdings of the charter banks (28 in number) on the same date aggregated $33,411,852, of which $21,472,620.50, or 64.26 per cent, was United States gold coin. The total amount of United States gold coin in Canadian reserves on the foregoing date was therefore $89,733,899.50.
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264 REPORT ON THE FINANCES.
MONETARY SYSTEMS AND APPROXIMATE STOCKS OF MONEY, IN THE AGGREGATE
Stock of gold. Mone tary Popula Comitries. stand Monetary unit. tion. In banks In circu ard. and public lation. Total. treasmies.
Thousands. Thousands. Thousands. Thousands. 1 UnitedStates Gold.. Dollar 93,200 $1,331,300 $378,700 $1,710,000 9 Austria Hungary ...do.. Crown. 50,500 271,600 85,500 357,100 3 Belgium .. do Franc 7,300 24,300 4 British Empire: 5 Australia ...do Pound sterling 4,300 184,500 14,600 199,100 6 Canada ...do . Dollar 6,200 108,200 108,200 7 United Kingdom ...do.. Pound sterling 45,000 314,200 335,800 1650,000 8 India ...do .. Pound sterling and 295,000 13,200 13,200 rupee. 9 South Africa ...do.. Pound sterling 7,800 50,400 15,000 65,400 10 Straits Settle ...do... Dollar 1,600 2,200 2,200 ments.2 11 Bulgaria ...do. . Lev 4,000 6,100 6,100 1? Cuba do - Peseta 2,100 42,000 13 T)p.uTna.rk . do Crown 2,700 19,700 18,200 37,900 14 Egypt ...do... Piaster 11,300 8,300 174,600 41S2,900 15 Finland . .do Markkaa 2,900 4,200 2,900 7,100 16 France do Franc 39,300 632,900 526,100 1,168,000 17 Germany do Mark 63,600 185,900 18 Greece ...do... Drachma 2,600 19,700 1,900 21,600 19 Haiti ...do . Gourde 1,500 1,300 ?0 Italy •. . do Lira ' 33,900 264,100 91 Japan ...do Yen 52,900 110,800 15,500 126,300 99 Mexico do Peso 13,600 28,600 28,600 23 Netherlands .do Florin 5,800 50,200 19,200 69,400 ?4 Norway ...do... Crown 2,300 .9,200 4,600 13,800 ?5 Portugal do Milreis 5,400 8,600 8,600 96 Roumania ...do... Lei .'. 6,800 19,700 97 Russia do Rouble 154,000 634,100 327,300 961,400 ?8 Servia .:.do . Dinar 2,800 6,100 ?Q Siam do Tical 7,000 100 30 South American States: • 31 Argentine. do. Peso . ... 7,000 244,400 244,400 ?P, Bolivia ...do... Boliviano 2,300 2,500 2,500 33 Brazil.. .do Milreis 20,500 98,500 98,500 34 Chile ...do... Peso 3,500 600 500 35 Colombia . .. -do Dollar 4,300 36 Ecuador ...do... Sucre 1,500 2,466 2,100 4,500 37 Guiana: British ...do... Pound sterling 300 . 100 100 39 Dutch ...do... Florin 100 . IOO 100 40 French.".. .do . Franc 100 100 100 41 Paraguay ...do... Peso 800 300 300 42 Peru ...do... Sol 4,500 8,300 3,900 12,200 43 Uruguay ...do... Peso.- 1,100 15,500 15,500 44 Venezuela ...do... Bolivar.. 2,600 400 2,900 3,300 A^ Spain ...do... Peseta ,. 19,700 106,800 106,800 46 Sweden .do.. Crowm -. 5,400 21, 600 3,200 24,800 47 Switzerland ...do... Franc 3,300 30,000 34,700 64,700 48 Turkey . .do... Piaster ;.. 24,000 15,500 136,400 151,900 49 Central American Silver Peso 5,300 1,500 100 1,600 States. Total 1,031,700 4,857,000 2,102,200 6,600,700
1 Estimates for the United Kingdom prior to that for 1910 were for coin only; these figures include $100,000,000 for bullion in the Bank of England. 2 Includes Straits Settlements, the Malay States, and Johore. 8 Except Costa Rica and British Honduras (gold standard countries). 4 This estimate is based upon a calculation made by Messrs. P. Aiminjon and B. Michel in 1908, who estimated the stock of gold in the country at from 33,000,000 to 41,000,000 Egyptian pounds. The mean of these figures was adopted in this table last year. Since their estimate was made the net imports of gold into Egypt to Dec. 31, 1910, have amounted to $28,919,061, but as there is said to be a considerable absorption of gold for ornaments, no change in the estimate of the monetary stock has been made. 6 This amount has been reduced to a gold basis; that is, 100 pesos equal 1 United States gold dollar. fi Gold conversion value. ' Estimate of A. De Foville, 1909. NOTE.—The blank spaces in this table signify that no satisfactory information is available.
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DIRECTOR OF THE MINT. 265
AND PER CAPITA, IN THE PRINCIPAL COUNTRIES OP THE WORLD, DECEMBER 31,1910.
Stock of silver. Per capita.
Uncovered paper. Limited Gold. Silver. Paper. Total. Full tender. tender.
Thousands. Thousands. Thousands. Thousands. $568,300 $161,200 $729,500 $784,600- $18.35 $7.83 • $8. 41 $34.59 Nil. 129,100 129,100 143,500 7.07 2.56 2.84 12.47 12,400 2,600 15,000 135,300 3.33 2.05 18.53 23.91 Nil. 10,000 10,000 46.30 2.33 48.63 Nil. 6,700 6,700 76,800 17.45 1.08 12.39 30.92 Nil. 116,800 116,800 115,200 14.44 2.60 2.56 19.60 101,000 45,000 146,000 38,900 .05 .49 .13 ,67 Nil. 20,000 20,000 8.38 2.56 10.94 Nil. 37,500 37,500 1.37 23.44 4.69 29.50 4,800 4,800 1.53 1.20 2.45 5.18 Nil. 5,000 5,000 20.00 2.38 22.38 Nil. 8,000 8,000 13,500 14.04 2.96 5.00 22.00 Nil. 15,800 15,800 6,700 16,19 1.40 .59 18.18 Nil. 500 500 11,500 2.45 .17 3.96 6.58 347,400 63,700 411,100 223,000 29.46 10.47 5.67 45.60 Nil. 243,900 243,900 276,100 2.93 3.83 4.34 11 10 3,000 3,000 24,600 8.31 1.15 9.46 18.92 1,000 1,500 2,500 8,200 .87 1.67 5.46 8.00 22,700 1,400 24,100 182,300 • 7.79 .71 5.38 13.88 Nil. 125,100 125,100 89,300 1.36 2.36 1.69 5.41 52,000 4,000 56,000 51,200 2.10 4.12 3.76 9.98 33,300 33,300 60,300 11.97 5.74 10.39 28.10 Nil. 3,400 3,400 5,400 6.00 1.48 2.35 9.83 Nil. 37,200 37,200 72,600 1.59 6.89 13.44 21.92 200 200 38,100 2.90 .03 5.60 8.53 Nil. 78,500 78,500 6.24 .51 6.75 1,500 1,500 5,300 1.82 .54 4.25 '49*466 49,400 2,100 .01 7.06 .30 7.37
Nil. 9,400 9,400 6 315,000 36.21 1.34 45.00 82.55 Nil. 500 500 4,000 LOO .22 L73 3.04 Nil. 25,000 25,000 6 200,700 4.80 1.22 9.79 15.81 Nil. 2,800 2,800 53,400 .14 .80 15.26 16.20 Nil. 610.000 2.33 2.33 Nil. 1,300 1,300 2; 000 3.00 .87 1.33 5.20 Nil. 400 400 500 .33 1.33 1.67 3.33 Nil. 300 300 200 1.00 3.00 2.00 6.00 Nil. 100 100 600 1.00 1.00 6.00 8.00 Nil. 33,000 .38 41.25 41.63 Nil. 2,400 2,400 2.71 .53 3.24 Nil. 4,300 4,300 1,700 14.09 3.91 1.55 19.55 Nil. 11,500 11,500 4,300 1.27 4.42 1.65 7.34 173,700 173,700 76,000 5.42 8.82 3.85 18.09 Nil. 8,600 8,600 32,400 4.59 1.59 6.00 12.18 13,500 13,500 25,400 19.60 4.09 7.70 31.39 Nil. 26,400 26,400 6.33 1.10 7.43 Nil. 5,400 5,400 14,500 .30 1.01 2.74 4.05
1,154,200 1,445,300 2,599,500 3,155,500
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266 BEPORT ON THE FINANCES.
THE WORLD'S ABSORPTION OF GOLD AND THE RISE OF PRICES.
The enormous increase in the production of gold which has occurred in recent years, and the relationship that may exist between these enlarged supplies and the advancing prices of commodities, has awakened a world-wide interest among economists. ^ It has seemed for this reason worth while to undertake the task of tracing the yield of the last two decades into actual use for the purpose of dis covering where it has been located and how much of it has been placed where it would probably exert an influence for the expansion of credit, the stimulation of industry, and the rise of prices. ^ The new golden era may be said to have had its oeginning with the discovery of the Transvaal deposits in South Africa and the development of the cyanide process, which was first used successfully in the treatment of the Transvaal ores, but has since contributed in an important degree to the increased production of nearly all gold- mining districts. The introduction of the cyanide process was an epoch-making event in the history of gold production, and, must be taken into ac count in any well-considered review of the gold-mining industry. Recently the suggestion has been made that some kind of a memorial should be provided in the Transvaal to Messrs. McArthur and Forrest, who originated the process. In a published letter making this proposal a prominent resident of Johannesburg says: It is many years ago since mining men, if my memory does not play me false, were confronted with the problem of how to win the gold from the pyritic ore which the mines were found to contain when the red free-milling ore changed to blue hard rock, from, which the gold was not easily obtainable with the then existing methods of gold winning. The advent of the McArthur-Forrest process was a wonderful piece of good fortune for these fields, and there are men still in Johannesburg who know all about it from the very beginning, and others competent to place on record the history of the process are in England or Scotland, and it has often seemed to me that in the rush of life we have, to all intents and purposes, failed to remember how the Rand was saved by the cyanide process. The Mining World and Engineering Record, of London, comment ing upon this proposal, says: The discovery qf the cyanide process must be regarded as one of the greatest achieve ments of modern times. And there can be no doubt that cyaniding will be hailed by coming generations for its importance, not so much to the mineral industries directly, as for its bearing upon world economies in rendering possible a greatly increased output of gold and silver year after year. In the comparatively brief 20-year interval since 1891, when Messrs. McArthur and Forrest brought the modern perfected cyanide process prominently before the mining world, the output of gold has amounted to 284,081,289 fine ounces. This is a raost astonishing showing, especially when com pared with a total output of 401,311,148 fine ounces for .the entire 397 years previous— from 1493 to 1890.
•X- * * ^ ^ * ^ For the great expansion in the world's output, particularly noticeable in the past 15 years, the spread of the cyanide process is directly responsible. Nor, if we except the Klondike, has this record production been boomed by the development of new fields. The cream of the world's gold fields had already been skimmed in previous years in California, Australia, South Africa, Siberia, India, and elsewhere. It is mainly on the cast-off lea^dngs of the old fields that the cyanide process has achieved a record production of the yellow metal. And among those leavings, we must not forget the innumerable lower-grade properties whose exploitation has been rendered fundamentally possible only by the cyanide process. It is these latter which now furnish the bulk of the world's supply of gold, and upon which the world must depend very largely for its future requirements.
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DIRECTOR OF THE MINT. 267
The total production of the Transvaal from 1884 to June 1,1889, was reported by this bureau ih 1889, at $11,037,676. During the decade from 1880-to 1889, inclusive,, the production of gold in the world was lower than in any other 10 years after the California discov ery, the annua! a ver age for the period being estimated at $106,250,000. In 1888 the output was $110,000,000; in 1889, $123,000,000, and for the next 21 years as shown below. The production of the world fox the 10 years from 1890 to 1899, inclusive, and for the 11 years from 1900 to 1910, inclusive, is given in separate tables and the yield of the three principal producing countries is also shown separately. The African product is mainly from the Transvaal but includes Rhodesia and lesser fields which altogether had in 1910 a proxiuction of $19,592,679.
GOLD PRODUCTION—FIRST PERIOD—10 YEARS.
United Australasia. Years. . Africa. - States. Otliers. Total.
•
1890 • $9,887,000 $32,846,000 $29,808,000 $40,609,620 $113,149,620 1891 16,742,400 33,175,000 31,399,000 60,333,600 130,650,000 1892 . . . 24,232,000 33,000,000 34,159,000 65,424,100 146,816,100 1893... .- 28,943,600 36,965,000 36,688,600 56,907,700 157,494,800 1894 40,271,000 39,500,000 ' 41,760,800 .69,643,800 181,175,600 1895... 44,728,400 46,610,000 44,798,300 62,626,900 198,763,600 1896.... . 44,681,100 53,088,000 43,776,200 60,806,300 202,261,600 1897 .-.; :..- 58,558,700 .67,363,000 62,665,700 67,486,300 236,073,700 1898.:.. 80,128,600 64,463,000 64,860,800 77,427,400 286,879,700 1899 :... 73,023,000 71,053,400 79,321,600 83,326,100 306,724,100 Total 420,096,600 467,052,400 458,238,000 •614,591,820 1,969,977,820
GOLD PRODUCTION—SECOND PERIOD—11 YEARS. ,
United . Years. Africa.i States. Australasia.. Others. Total.
1900 $8,671,900 $79,171,000- $73,498,900 $94,292,700 $255,634,500 1901 9,089,600 78,866,700 76,880,200 98,738,300 263,374,700 1902...... 39,023,700 80,000,000 81,578,800 96,135,100 296,737,600 1903 -67,998,100 73,691,700 89,210,100 96,902,800 327,702,700 1904 86,913,900 80,464,700 87,767,300 .92,941,400 347,087,300 1905: .' 113,264,700 88,180,700 85,926,600 92,926,800 380,288,700 1906 ^ 135,368,000 94,373,800 82,391,400 90,379,800 •r402,503,000 1907 .... 151,984,100 90,436,700 76,677,700 94,869,100 412,966,600 1908 .- 166,520,500 94,560,000 73,327,300 108,069,100 442,476,900 1909 170,988,600 99,269,100 71,007,900 . 112,476,800 454,145,700 1910.... 175,1.89,900 96,269,100 65,470,600 117,774,300 454,703,900 Total -- ...":.. 1,123,992,900 955,386,800 862,736,700 1,095,506,200 4,037,621,600
1 The falling off in the production of Africa in the 1899-1903 period was due to the Boer war. By way of accounting for the distribution and employment of this product there follows, first, a table giving the estimates that have been made annually by this bureau upon the consumption of gold in the arts and industries; second, a statement of the amounts taken by Egypt, Asia, and South America, which to a great extent are with drawn from monetary use; and third, a table showing the principal stocks of gold in sight at the beginning of the years 1890, 1900, and 1911.
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268 REPORT ON THE FINANCES.
/ GOLD USED IN THE ARTS.
It is confessedly a difficult task to make a satisfactory estimate of the amount of gold consumed in the arts and industries, for the rea son that only a few countries have made it the subject of official inquiry. Evidently, however, it is necessary in any consideration of the influence of the new supplies of gold upon prices to make some allowance for the portion of these supplies or of the existing monetary stock that has been diverted to industrial uses. The most distinguished investigator in this field has been Dr. Adolph Soetbeer, of Goettingen University, who pubhshed his first estimate in 1881. At that time, after gathering considerable data from establishments engaged in the manufacture of gold commodities, he calculated that the industrial consumption of gold in the principal countries of the world was approximately 84,000 kilograms, in value about $55,800,000. In 1885 he published another estimate, which he called the * ^probable consumption of the precious metals in the arts, in civilized countries, on the average of recent years,^' the summary of which is given herewith:
DR. SOETBEER'S ESTIMATE OP INDUSTRIAL CONSUMPTION.
GOLD.
Gross' Deduct Net Countries. consump for old consump tion. material. tion.'
Kilograms. Per cent. Kilograms. United States 21,700 10 19,500 Great Britain... 20,000 15 17,000 France 21,000 20 16,800 Germany 15,000 20 12,000 Switzerland. 15,000 30 10,500 Netherlands and Belgium 3,200 20 2,900 Austria-Hungary 2,800 15 2,400 Italy. 6,000 25 4,500 Russia '. 3,000 20 2,400 Other civilized countries.. 2,300 2,000 Total 110,000 90,000
Ninety thousand kilograms of fine gold has the value of $59,800,000. In 1891 Dr. Soetbeer, reviewing the subject, placed the net amount of new gold required annually in industry and the arts at 100,000 to 120,000 kilograms ($66,460,000 to $79,752,000) and considered the latter figure conservative if the exports to British India were included. Dr. Soetbeer in all calculations treated coin as new mate rial, holding properly that it was immaterial so far as influence upon monetary stocks was concerned whether manufacturers withdrew coin from existing stocks or intercepted new bullion on its way to the mints. ' In 1894 Ottomar Haupt, of Paris, an eminent writer upon finance, ih the eighth edition of his work. Arbitrages et Parites, after dis cussing the subject with some detail, summed up his conclusions as follows: It is exceedingly difficult to arrive at an exact valuation of the amounts of gold and silver annually^ absorbed by industry. The following figures, therefore, of the indus trial consumption of the precious metals, which are only those of the metal obtained from new production, must be taken with caution:
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DIRECTOR OF THE MINT. 26*9
OTTOMAR HAUPT'S TABLE OP THE INDUSTRIAL CONSUMPTION OF GOLD AND SILVER IN THE WORLD IN 1893.
Industrial Industrial consumption consump Countries. of gold. tion of silver.
Kilograms. Francs. Kilograms. England in 1890... 17,000 68,000,000 80,000 France in 1890 ' 80,000 France in 1892 12,000 41,000,000 100,000 Germany in 1890. : 16,000 ' 61,000,000 America in 1891 - 15,000 61,000,000 115^ 000 Switzerland in 1890 6,000 20,000,000 Switzerland in 1892 60,000 Austria in 1892. ; 30,000 Other countries -...'. . 14,000 49,000,000 145,000 Yearly total '. -..'. 79,000 1270,000,000 600,000
1 Approximately $54,000,000. Mr. Ottomar Haupt continues: If we were to proceed in an entirely rigorous way, it would be necessary to add to the amounts which industrial consumption takes from the manufacture of gold and silver coins a certain sum represented by the abrasion of the coins in circulation. Wear and tear evidently cause these pieces to lose a small fraction of their weight, but this loss can not be generalized nor applied to the total gold and silver in circula tion, and all the less as this deperdition, although it exists as a fact, plays no part in practice. Indeed, thousands of millions of coins remain always intact in the vaults of the great banks of issue, and scarcely any Government dreams of systematically retiring from circulation the pieces that have become too light from abrasion. These facts show that it is wrong to put the amount of gold and silver lost annually by^ the abrasion of coin at a very high figure; if we increase the total of the consumption given above by 10,000,000 and.4,000,000 francs, respectively, by raising them to 280,000,000 francs for gold and 630,000 kilograms for silver, we believe that we shall have taken sufficiently into the account not only abrasion, but any other mode of deduction that can be foreseen. Prof. Lexis, of Germany, is another authority who has given much attention to the subject. His conclusions, published in 1896, allowed only $48,790,000 for the consumption of new gold in Europe and the United States. In 1896, before the English royal commission upon the relative- values of gold and silver. Sir Hector Hay gave testimony as to inquiries he had made of the principal gold and silver refiners of England con cerning the industrial consumption of these metals. They esti mated that the sales of new gold in bars amounted to If millions of pounds sterling per annum, and that the total consumption, including old material and coin, would be about 2 J millions of pounds sterling. He thought the coin would amount to about 10 per cent of the total, which would make an aggregate of approximately $10,000,000 of new gold and coin. There has been little public information since then that would aff ord a basis for an estimate. The deputy master of the royal mint, London, made extensive inquiries in 1910 with the sole view of ascertaining how much coin was withdrawn from circulation for use in the arts, and in his report for that year says that' replies from some 80 firms enable him to state that instead of using gold coin their wants are now almost wholly supplied by bullion of the required fineness secured from gold refiners. He estimates that in the seven years ending December 31, 1910, the total value of gold
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270 REPORT ON THE. FINANCES.
coin consumed for this purpose did not exceed $1,500,000. The bureau's estimates for the consumption of the United Kingdom have been made largely on the strength of what was known about the industrial consumption of the United States, Germany, and France. The German Government in the years 1896 and 1897 caused an official inquiry to be made by its statistical office into the consumption of gold for those years, and its conclusions were republished in the, report of this bureau upon the Production of Gold and Silver for the year 1898 (pp. 37-41). The average figures for the two years were given as 45,000,000 marks, of which 25,000,000 marks were coin. Old material was estimated at one-third of the whole, or 15,000,000 marks, which would leave the net consumption of coin and new bullion at 30,000,000 marks, or $7,140,000 per year—not far from Dr. Soetbeer's estimate of 1891. It may be added that the years 1896 and 1897 were not very prosperous years in Germany or any where else. Ten years later, i. e., in 1906 and 1907, the German Government repeated its inquiry, and the official report of its findings is as follows:
Material used. 1906 1907
Marks. Marks. German-gold coin. 45,685,000 49,371,000 Foreign gold coin., 2,540,000 2,026,000 Fine gold 35,506,000 ~40,219,000 Total 83,731,000 91,616,000
These sums, the equivalents of $19,927,998 and $21,804,608, have been accepted by this bureau, perhaps erroneously, as net figures. The department of coins and medals, France, makes an annual statement of the amount of gold and silver used in the industries and arts in that country, but does not give any opinion as to the propor tion of old material. In the estimates of this bureau prior to 1906 a deduction of 20 per cent was made from the reported consumption of gold, and since that year a deduction of 25 per cent, as an allowance for old material. Upon this basis the consumption of new material in France in 1910 was $18,941,086. If we estimate that one-third of the total was old material these figures would be reduced to $16,836,600. Switzerland has a Federal bureau, which reports upon the gold and silver industries of the country. Down to 1904 the amount of old material was estimated at approximately 40 per cent of the total; For the year 1909 the total weight of refined gold was estimated at 10,700 kilograms, of tJie value of $7,111,200, of which 5,000 kilograms was. estimated to have been gold coins. This would indicate that the proportion of old material was probably about the same as in Ger many, one-third. In 1910 the gross consumption was estimated at 12,800 kilograms, of the value of $8,506,823, and an allowance of one- third for old material would bring the net figures to $5,671,200. Austria-Hungary has reported regularly and quite satisfactorily. The net amount of new bullion and coin used in Austria in 1910 was 5,782 kilograms, of the value of $3,842,894, and the gold consumption of Hungary was reported at $2,853,482, with no estimate for the old material.
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DIRECTOR OF THE MINT. 271
Canada officially estimates the amount of new material consumed in that cpuntry in 1910 to have been $1,850,000. The Commonwealth of Australasia made an official report for 1909, the net figures being $932,400. If New Zealand is added the total would probably be not less than $1,000,000. The consumption of Russia in 1910 was officially reported at 8,902 kilograms, value $5,916,269; no information as to oia material. Portugal makes an official estimate for 1910 of 4,199 kilograms, value $2,790,755, but with no allowance for old material. Sweden was officially estimated for 1910 at $490,000, the Nether lands at $640,000, and Finland at $160,000. Turkey reported for the year 1904 that 4,425 kilograms of gold objects and ware were brought to the mint at Constantinople to be hall-marked. This would include old material, and may not signify fine gold. The value of 4,425 kilograms of fine gold would be $2,940,000. In the United States the mint service, prompted originally by a desire to minimize the destruction- of coin, caters to the manufactur ing interests by selling fine gold bars in convenient sizes at so small a charge that it has little competition in the business, and consumers find it usually economical to use them instead of coin, which is likely to have suffered some abrasion. During the calendar year 1910, for example, the mint service sold $36,082,599 worth of gold bars for industrial use, of which $404,320 went to Canada, and private refin eries sold $2,204,553 worth, the latter being chiefly composed of scrap materials. Deducting from these sales $7,626,278 worth of old jew elry, plate, and sprap which entered into them or was received at the mints, and adding $3,500,000, the estimated amount of gold coin melted or destroyed by private parties, the sum of $33,756,554 is obtained as the amount oi new gold diverted to industrial use or lost to monetary use in the United States in that year. The annual estimates for the United States have been revised in order that allowance may be made for all of the old material deposited at the mints, whether the same was actually used in making jewelry bars or in coinage. The revised figures for the entire 21 years are as follows: INDUSTRIAL CONSUMPTION OF THE UNITED STATES.
1890 $13, 025, 500 1902 $21,106,000 1891 13,068,000 1903 22, 603, 600 1892 13,408,100 1904. 20, 775, 000 1893 - 10, 998, 700" 1905 25, 475, 200 1894 8,810,100 1906 31,881,100 1895 : 10,954,400 1907 : 31, 467, 800 1896 9,505,100 1908 24, 445, 800 1897. 10,233,200 1909 30, 248, 200 1898.-... 11,976,900 1910 33, 756, 600 1899 15,715,800 1900 : 18,061,600 Total 396,148,600 1901 18,631,900
Upon the information available at the time, the bureau of the mint has made from year to year an estimate of the world's consumption of gold, which is now repeated with the corrections that have been made ih the figures for the United States and with a reduction from the figures originally made for Germany, France, and England in 1909.
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272 REPORT ON THE FINANCES.
WORLD'S INDUSTRIAL CONSUMPTION AS ESTIMATED BY THE BUREAU OP THE MINT.
Calendar year—. Value. Calendar year— Value.
1890 $50,000,000 1900 $76,291,600 1891 50,000,000 1901 79,417,600 1892 '. 50,000,000 1902 75,865,100 1893 60,517,300 1903 74;556,200 1894 52,520,200 1904 77,845,000 1895 59,080,800 1905. • 82,975,200 1896 59,730,200 1906 93,145,900 1897 59,940,300 1907 97,168,600 1898 65,576,200 1908 88,572,300 1899 : 73,262,100 1909 100,506,100 1910 • . 111,848,500 First period 570,627,100 Second period. 958,192,100
These estimates are confessedly inconsistent and unsatisfactory in raany respects, and have been given as estimates only. It now seems probable that the bureau erred in treating the results of the German inquiry of 1907-8 as showing the consumption of new material. If a deduction of one-third is made from these figures the result is more consistent with the returns from the inquiry of 1896-97, and this has now been done for the years 1909 and 1910, the only ones for which the bureau has used the high figures. The figures for Great Britain and France have also been reduced to make them con form more reasonably with those for Germany, and because there is reason to believe that sufficient allowance has not in the past been made for old material entering into the articles presented at the French stamping office. The following is the bureau's estimate in detail for the consumption in the arts and waste of gold for the calendar year 1910, excluding Asia and Africa:
WORLD'S INDUSTRIAL CONSUMPTION, 1910.
Gold Gold Countries. (value). Countries. (value).
United States $33,756, Norway $200,000 Germany 15,536', Sweden 500,000 France 16,836, Finland 160,000 Great Britain 18,000; Portugal and Spain 1,800,000 Switzerland 6,670, Southeastern Europe 1,200,000 Italy 3,000, Australasia 1,000,000 Austria-Hungary 5,750, Canada 1,850,000 Russia 4,000, Mexico and;Central and Soutli America. 1,000,000 Belgium..". 700, Netnerlands 640, Total 111,848,500 Denmark 250,
Some writers of repute in the past have made large estimates for the abrasion which coins suffer under use. This was doubtless a larger factor in former times than it is now, the principal use of coin in modern monetary systems being to serve in reserves against paper money in circulation. The following table gives the loss shown by the recoinage of United States coins at the mints of the United States from 1890 to 1910, inclusive:
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DIEECTOR OF THE MINT. 273
RECOINAGE OF UNITED STATES GOLD COINS.
Fiscal year. Face value. Loss.
1890 . . . $693,276.60 $37,801.64 1891 604,038.50 20,190.84 1892 576,255.50 18,287.64 1893 . 806,874.00 14,403.67 1894 2,106,984.00 12,368.64 1895 1,200,685.00 • 12,426.79 1896 1,683,880.50 13,874.97 1897 1,025,121.00 9,806.59 1898 *. 1,198,860.00 11,177.01 1899 1,168,851.00 10,543.43 1900 1)401,464.60 12,352.82 1901. .- . . 1,126,281.00 10,101.14 1902 1,501,592.60 13,144; 31 1903. . . • 970,468.00 9,560.05 1904 2,177,719.60 17,900.93 1905. . 3,431,211.00 26,244.37 1906 1,528,653.00 14,261.81 1907 2,779,236.50 24,953.21 1908 4,020,668.50 30,896.60 1909 3,458,338.00 26,049.38 1910 3,632,031.00 28,891.10 Total 37,091,378.50 376,235.64
EXPORTS TO ASIA.
In the estimates for industrial consumption as given above no amounts have been included for Asia, for the reason that it is impos sible to distinguish the amounts that have been taken by India and most Asiatic countries for currency and hoards from what has been taken for ornaments, etc. It is more satisfactory to deal simply with the amounts of gold which these countries have drawn from the, world's supply for all purposes. There are practically no figures for the absorption of western or central Asia. The statistics for China are of little value, but on the whole there is a movement outward, showing that the production, possibly augmented by unrecorded imp()rts, exceeds the recorded imports. In statistics of the precious metals India is the most important country of Asia, and has long been one of the most important in the world. The Government of India has advised this bureau that the uncoined gold imported uito that country might be considered to be lised for ornaments and in manufactures. Tms amounted ia 1910 to $47,026,698. ^ The movement to India deserves to be treated in a class by itself. A large part of the gold and silver that goes there sinks out of sight, and whether it is made into ornaments or buried in the ground, is withdrawn at least in large part from the monetary stock of the world. Some of it may be brought out in periods of emergency, such as times of famine, and reconverted into money, but in the past a steady stream of the precious metals has moved into India and dis appeared as a factor in the commercial world. Sir James Wilson, K. C. S. I., for many years in the Government service in India, in a comprehensive address delivered before the East India Association of London, on June 14, 1911, reported the net imports of gold by India since 1840 at about $1,200,000,000, or one-tenth of the world's production in that time. 12307'—FI 1911 18,
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274 REPORT ON THE FINANCES.
It may be questioned whether the economists who are expressing fears as to the effects that may result from the production or gold at the present rate are aware of the amount of that metal taken by India since the gold standard was definitely established and the Government began to pay out sovereigns freely. That occurred in 1900. For the 10-year period, 1890-1899, the net imports plus the country's own production were $135,800,000; for the 11 years, 1900-1910, they aggregated $433,800,000. For the British fiscal year ended March 31, 1911, they amounted to $90,487,000, or about one-quarter of the world's production after the industrial consump tion was provided for. If this ability on the part of India to take and pay for gold proves to be permanent it is apparent that there will be no oversupply to trouble the rest of the world. . The finance department of the Government of India, in its report for the fiscal year ended March 31, 1911, commenting upon tnese figures, says: The gold figures are striking, but it is perhaps equally remarkable that the increase in gold has not been at the expense of silver; the country, in other words, continues to take practically the same amount of silver, but it prefers that the addition to the imports of treasure which it has been able to claim should be in the form of gold. Sir James Wilson, in the address alluded to, sums up his expla nation by sayiag: As for India, her prosperity is steadily advancing. Great numbers of her people prefer to spend their savings on gold rather than on other commodities. The proba bility is that altogether apart from questions of currency India will continue to absorb gold in ever-increasing quantity. Samuel Montague & Co., bullion brokers, of London, in a recent circular, refer to the value of the irrigation works to which the Government of India is devoting large sums, the immunity from famine which has already been in part secured by this means, and indicate that the standard of prosperity has been permanently raised. Their circular says as to the increasing use of gold: Big harvests mean free circulation of currency; that is to say, silver, notes, and gold. During recent prosperous years the standard of prosperity among the lower classes has been raised considerably, so that where silver alone once passed from hand to hand, paper and gold are also current. The spread of manufacture by machinery implies the oirth or growth of towns; the use of machine implements for agriculture compels cooperation, and thus a movement has set in which, by eliminating distrust and fostering mutual interdependence, will impel the natives of India to the use of currency generally rather than of silver alone. In fact, the so-called never-changing East is changing as to its use of the precious metals. Gold and Government notes are beginning to oust silver in India from the predominant position which it has occupied for centuries. Japan adopted the gold standard in 1897, and has been accumulat ing gold moderately smce. The increase in the stock of the Bank of Japan during the first period was $25,800,000, and during the second eriod $59,400,000. The currency of the country consists chiefly of Eank notes and subsidiary silver coins. According to official esti mates the amount of gold coins in circulation, which includes what are held by other banks, was increased by about $10,000,000 during the second period under examination. There must be a considerable con sumption of gold in the arts, but no authoritative estimate is avail able, and the exports and imports figures indicate that whatever this demand may have been it was not satisfied fi'om outside sources.
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DIKJEOTOR OF THE MINT. 275
It is to be noted that the gold which has been taken by Japan has been used for the rehabilitation of its monetary system, enabling it to provide a convertible paper currency in substitution for the incon vertible currency previously circulated. This raises a c^uestion that will be met elsewhere, viz. What influence upon world prices does such a substitution effect ?
EGYPTIAN ABSORPTION.
The Egyptian situation is somewhat like that of India. The coun try is on a gold basis, and for 30 years has been steadily taking gold in the settlement of its trade balances. The high price of cotton in recent years and the increasing production of the country explains the trade balances, but there is some mystery about the way the gold disappears from view. It does not enter into bank stocks, and it is difficult to understand how a country of its size and population and ia which the masses of the people are so poor can absorb so much gold coin. In the first period under review the customs records show net imports of $58,670,000, and in the second period $146,660,000. For the year 1910 they were $30,000,000. Some light is shed upon the situation by the following statement in ail address by Lord Cromer, made in London in 1907: A little while ago I heard of an Egyptian gentleman who died leaving a fortune of £80,000, the whole of which was in gold coin in his cellars. Then, again, I heard of a substantial yeoman who bought a property for <£25,000. Half an hour after the con tract was signed he appeared with a train of donkeys bearing on their backs the money, which had been buried in his garden. I hear that on the occasion of a fire in a pro vincial town no less than £5,000 was found hidden in earthen pots. I could multiply instances of this sort. There can be no doubt that the practice of hoarding is carried on to an excessive degree. (The Statist, Nov. 2.) A memorandum by Mr. L. G. Roussin, who was connected with the Egyptian Government, dated January 4, 1905, and published in House of Commons sessional papers, 1905, contains this reference to the excess of imports over exports in recent years: These sums are far larger than would be required for cii'culating pm'poses by the normal rate of increase of the population. The excess is to be accounted for partly by the stimulus given to commercial activity by profitable cotton seasons, coupled with the comparatively slow progress of the credit system, and partly by the predilec tion of the native for hoarding his gains. This prosperity is common, not only among the poorer class of natives but also among the well-to-do. Some remai'kable instances have recently been adduced to show that the native, even when possessed of hoai'ded wealth, will borrow money at interest in order to conceal the fact. Inquiries made among the native goldsmiths in Cairo have elicited the information that very large quantities of gold coins are annually melted down and converted into ornaments. In a communication, dated March 23, 1909, addressed to Mr. Iddings, consul general of the United States at Cairo, Mr. H. P. Harvey, of the Egyptian Government, answered an inquiry upon this subject as follows: ' With reference to the inclosed letter from the director of the Washington Mint, which you left with me some days ago, I have made inquiries on the three points raised by that letter. (a) A few years ago the head of the bureau de poingonnement ^ made some inquii-ies in the goldsmiths' bazaar with the object of arriving at an estimate of the amount of gold melted down into gold ornaments. The estimate submitted for the year in question, 1905, was the enormous sum of £2,000,000, which, however surprising, was not inconsistent with the amount of gold
. — •—. 2 : _-• 1 Bureau of stamping.
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276 REPORT ON THE FINANCES.
coin registered thi'ough the customs as having been retained in the country during the period 1902-1905, viz, £11,000,000. We are, however, quite unable to confii-m the above estimate, which has not been made the subject of a systematic inquiry, and which, at best, does not amount to more than a rough guess.
THE .MOVEMENT TO SOUTH AMERICA.
During the first period there was little change in the gold stocks of South America, but in the second peiiod there was an important movement to several countries. Two in particular, viz, Argentina and Brazil, drew heavily for the accumulation of reserves as a basis for their paper currencies. This policy in Argentina is being carried out under the law of November 4, 1909, and in Brazil under an act that went into effect December 2, 1906. The total stock of gold in Argentina at the close of the calendar years 1889 and 1899 was esti mated in official returns to this bureau at $13,000,000 and $25,000,000, respectively; the stock in the conversion fund and in the Bank of the Nation on the 31st of December, 1910, was $244,400,000. No estimates are available for the amount of gold in monetary use in BrazU in the years 1889 or 1899, but it was probably not in excess of $10,000,000 at either time. On December 31, 1910, the stock in the conversion fund was $98,500,000. According to the customs records of Great Britain and the United States, Uruguay has imported large amounts of gold. Their records indicate an excess of exports to Uruguay over imports from that country of $128,000,000. There are no published figures for Uruguay either of customs records or bank reserves. The country is on a gold basis, but its population, banking business, and trade are all too small for such an absorption of gold. Probably most of these imports ultimately reached Argentina. There have been small gains in other South ^American countries and it is probably fair to estimate that altogether South America during the second period has increased its gold holdings by the amounts now in the conversion funds of Argentina and Brazil, or, in round figures, $343,000,000. This gold has been taken for the reor ganization of monetary systems. It has not entered into circulation nor has there been any material increase in the amount of paper cur rency outstanding. Argentina resumed gold payments on the basis of 44 cents in gold as the equivalent of the paper dollar and Brazil on the basis of 16 pence to the milreis, 27 pence being the par of exchange. The use of gold as a reserve against paper currency, thus affording a stable basis for the exchanges, is undoubtedly beneficial to trade and industry and particularly favorable to international trade 4nd investments, but the infiuence of development in these new countiies, chiefly devoted to agriculture and the production of raw materials, would seem to be for a downward rather than an upward movement of world prices. The exports of Brazil and Argentina consist of coffee, cocoa, rubber, tobacco, cotton, wheat,^ corn, linseed, wool, hides, and leather, live stock and meats, all of which commodities are important factors in price tables. Although the market course of these products has been upward, the influence of these countiies upon their prices has been unmistakably downward.
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DIBECTOR OF THE MINT. 277
MEXICO.
Mexico adopted the gold standard in 1905, and on December 31, 1910, the gold stock in banks amounted to $28,600,000. As bank notes and silver are the common media of exchange, it is not likely that much gold has gone into circulation. The principal exports of Mexico are silver, copper, coffee, and hides.
SUMMARY OF FOREGOING.
During the first period Asia and South America took comparatively little gold. Where they had any metallic standard or currency, it was silver, and for many countries the currency was inconvertible and depreciated paper. Reviewing the second period, in which the production of gold amounted to approximately $4,037,000,000, the following amounts appear to have been diverted from monetary use, or so employed that apparently they would not be directly effective upon world prices: Industrial consumption $958,000, 000 India. 433, 000, 000 Egypt : 146, 000,000 Japan 69,000,000 South America 343,000,000 Mexico. 28, 500,000 TotaL 1, 977, 500, 000 The total represents nearly one-half of the production of the period. The demand outside of the old circle of gold-using nations is a growing one, greater in the last half of the period than in the first, still increas ing in the countries named and spreading to other countries that in the past have not been accustomed to use gold as money. The inquiry now comes to the accumulation of gold by the coun tries of Europe, the United States, and the British colonies of Canada, Australasia, and South Africa. Here it is possible to deal with known stocks in banking institutions and treasuries. The State banks of issue carry the only stocks of gold of any consequence in European coun tries. As related to the subject, a statement is given of the amount of circulating notes outstanding and the loans and discounts of these institutions at the same dates. The loans and discounts of the joint- stock banks of Great Britain and of the State banks of the United States are also given, but Ihis information for the private banks of other countries, while necessary for a complete showing of credit expansion, was not available.
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278 BEPORT ON THE FINANCES.
GOLD STOCKS IN SIGHT m EUROPE, THE U.NITED STATES, CANADA, AUSTRALASIA, AND SOUTH AFRICAN COLONIES.
Increase, 1910 Banks and treasuries. Dec. 31,18S9. Dec. 31,1899. Dec. 31,1910. Increase, 1899 over 1889. over 1899.
Bank of England ,... 1 $86,537,923 $141,128,500 $151,312,000 $54,590,577 $10,183,500, Scotch banks of issue 22,339,381 30,301,000 23,932,000 7,961,619 2 6,369,000' Irish banks of issue 16,936,101 13,703,000 17,756,000 2 3,233,101 4,053,000 Germany: Imperial Barik 59,534,011 111,626,750 159,418,000 52,092,739 47,791,250 German war fund 28;560,000 28,560,000 28,560,000 Austria-Hungary 26,405,629 214,022,698 267,498,000 187,617,069 53,475,302 Bank of France 245,602,522 361,604,800 632,847,000 116,002,278 271,242,200 Bank of Spain 29,239,500 65,620,000 79,323,000 36,380,500 13,703,000 Bank of Portugal 3 5,000,000 5,230,300 6,562,000 230,300 1,331,700 Bank of Netherlands 24,619,624 18,149,496 50,566,000 2 6,470,128 32,416,504 National Bank of Belgium... 12,681,659 21,067,078 24,511,000 8,385,419 3,443,922 Bank of Italy [ 188,175,000 Bank of Naples .. • 88,233,271 76,408,700 \ 39,372,000 i 2 11,824,571 162,139,300 Bank of Sicily 1 11,001,000 Bank of Hussia 4 207,127,600 439,293,000. 634,005,000 232,165,400 194,712,000 Bank of Finland 4,ISS,100 4,323,200 4,246,000 135,100 2 77,200 National Bank of Roumania. 9,785,100 7,025,200 23,160,000 2 2,759,900 16,134,800 National Bank of Bulgaria.. 2,073,400 618,000 6,100,000 2 1,455,400 5,482,000 National Bank of Servia 1,677,170 1,389,600 4,825,000 2 287,570 3,435,400 Imperial Ottoman Bank . 6 3,600,000 6,734,070 30,030,800 3,134,070 23,296,730 Royal Bank of Sweden 6,709,410 10,683,092 21,809,000 3,973,682 11,125,908 National Bank of Denmark.. 13,400,000 15,812,000 19,879,000 2,412,000 4,067,000 National Bank of Norway... 8,541,133 8,635,710 9,264,000 94,577 628,290 Banks of Switzerland 11,504,730 18,931,176 30,108,000 7,426,446 11,176,824 Bank of Greece.. 100,000- 386,000 193,000 286,000 2193,000 Total Europe. 914,396,264 1,601,253,370 2,464,452,800 686,857,106 863,199,430 United States: ' In national banks 6 84,416,468 203,700,570 227,977,678 119,284,102 24,277,108 In state banks 7 25,821,919 79,804,488 79,431,488 53,982,569 2 373.000 In the Treasury 313,667,895 400,384,512 1,103,312,456 86,716; 617 702,927,944 Total United States... 423,906,282 683,889,570 1,410,721,622 259,983,288 726,832,052 Banks of Australasia 89,853,167 106,432,311 184,500,000 16,579,144 78,067,689 Canadian treasury and banks. 7,322,710 22,630,659 108,200,000 15,307,949 85,569,341 Banks of South Africa 5,000,000 32,800,000 50,400,000 27,800,000 17,600,000 Total 102,175,877 161,S62,,970 343,100,000 59,687,093 181; 237,030 Grand total 1,440,478,423 2,447,005,910 4,218,274,422 1,006; 527,487 1,771,268; 512
1 The reserve at this date was unusually low. The average holdings of the bank at the last statement of the year for 10 years ending Dec. 31,1889, was $98,894,497. 2 Decrease. 3 Estimate. 4 Bulletin de Statistique. 5 Cash. 6 Statement nearest to Dec. 31. 7 Statement nearest to June 30. NOTE.—An approximate statement of the stock of full legal-tender silver in the principal countries for which statistics are available is given herewith: ^ APPROXIMATE STOCK OF FULL LEGAL-TENDER SILVER IN THE PRINCIPAL COUNTRIES OF THE WORLD.
On Dec. 31- Country. 1889. 1899. 1910.
United States $361,564,396 $563,265,024 $568,277,508 Austria-Hungary. 77,029,819 73,242,400 Belgium 48,400,000 38,600,000 ""25," 666,'665 Bulgaria 3,400,000 France 400,000,000 361,875,000 347,400,000 Germany 107,000,000 85,637,357 Greece 1,800,000 500,000 3,500,000 Italy 16,000,000 16,000,000 22,700,000 Netherlands 49,956,054 49,897,768 33,300,000 Total. 1,061,760,269 1,192,417,647 1,000,177,508
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CIRCULATING NOTES AND LOANS AND DISCOUNTS.
Notes in circulation. Loans and discounts.
Institutions. Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1889. 1899. 1910. 1889. 1899. 1910.
Bank of England $162,135,672 $231,380,954 $240,884,183 $135,338,762 $168,474,278 $196,531,364 Joint stock and pri vate banks, of Eng land and Wales i 6,265,453 4,277,868 559,677 1,271,400,557 1,856,444,394 2,276,938,156 Scotch banks i 30,207,962 38,372,771 34,679,171 282,192,971 342,835,839 343,873,231 Irish banksi 32,430,941 31,814,062 35,094,288 134,354,897 180,235,314 214,743,890 Germany: Imperial Bank 2 240,238,218 277,816,805 390,751,238 151,500,625 239,913,584 339,461,004 Austria-Hungary 3211,532,155 295,630,142 476,902,400 104,902,274 109,501,116 210,490,725 Bank of France 614,196,099 775,428,110 1,024,106,260 225,391,948 327,637,113 344,854,790 Bankof Spain 142,797,710 294,948,832 333,880,832 198,485,069 227,591,706 175,510,323 Bank of Portugal 8,318,300 73,706,700 83,781,300 14,823,400 20,400,100 43,618,000 Bank of Netherlands.. 85,587,136 88,915,822 112,897,934 51,078,784 50,884,124 60,811,784 Bank of Belgium 76,598,710 109,958,568 169,169,273 16,078,916 72,590,029 131,113,243 Bank of Italy f 65,832,300 142,802,576 Bankof Naples 13 281,453,444 323,020,240 476,610,660 144,402,600 \ 16,617,300 38,001,700 Bank of Sicily [ 8,318,300 15,478,600 Bankof Greece 21,017,700 24,260,100 25,669,000 2,489,700 13,452,000 26,093,600 Bankof Russia 4807,740,036 251,739,179 •607,193,205. 150,771,600 203,570,562 361,498,220 Bank of Finland 14,455,700 23,912,700 10,788,700 18,971,900 Bank of Roumania.... 21,114,200 21,616,000 67,125,400 9,013,100 15,169,800 40,277,100 Bankof Bulgaria 77,586 1,541,105 15,751,100 1,428,200 8,241,100 10,130,295 Bank of Servia 6,619,900 9,746,600. 2,972,200 4,188,100 Imperial Ottoman Bank 2,394,459 4,050,490 4,477,600 4,643,298 32,523,146 43,907,500 Bankof Sweden...... 10,808,000 18,026,200 55,823,622 • 17,524,401 26,691,900 47,132,053 Bank of Denmark 20,014,100 26,074,300 55,454,100 8,742,900 13,664,400 12,023,900 Bank of Norway 13,162,600 16,694,500 22,492,963 9,862,300 14,513,600 15,183,480 Banks of Switzerland.. 30,108,000 42,846,000 57,852,952 96,770,200 155,268,500 32,761,278 Total, Europe... 2,818,198,481 2,973,194,348 4,324,716,358 3,031,196,402 4,184,131,405 5,146,396,802 United States: National banks 5.. 126,323,880 199,358,383 684,135,804 1,933,509,332. 2,507,954,980 6,443,149,394 State bariks and trust companies^ 197,484 53,109 27,707 1,908,762,799 2,659,940,630 7,412,163,800 Total, United States 126,521,364 199,411,492 684,163,511 3,842,272,131 5,167,895,610 12,855,303,194 Banks of Australasia.. 29,078,000 21,995,908 107,240,549 623,589,889 492,110,885 626.862.333 Banks of Canada 32,207,144 41,513,139 82,120,303 149,958,980 251,467,076 870,100,890 Banks of South Africa. 5,036,093 9,091,762 8,773,000 25,620,935 107,044.970 179,028,958 Banksof Japan 78,871,326 124,779,896 200,009,214 109,874,197 601,357,073 915,641,306 Total 145,192,563 197,380,705 398,143,066 909,044,001 1,351,980,004 2,591,633,487 Grand total 3,089,914,408 3,369,986,645 5,407,022,936 7,782,512,534 10,704,007,019 20,693,333,483
1 May 17,1890. 4 Government notes. 2 Yearly average of notes in circulation. 6 Nearest date to Dec. 31. 3 Government and bank notes. 6 Nearest date to June 30.
RELATIVE VALUE OF FACTORS IN THE CALCULATION. In considering the figures for production, consumption, and distri bution, those for the holdings of banks and treasuries are, of course, of first importance, there being no element of uncertainty in them. Next to them in order of credibility are the figures for production, which for all the more important mining districts are reported by responsible authorities. The figures for consumption in the arts must be allowed a larger margin for error, and have oeen fully explained. The official statements of the exports and imports of different coun tries, which might be supposed to be from trustworthy records, in fact must be used with great caution, as they are frequently contradictory or inconsistent with more credible evidence. For example, Austria- Hungary reports importing 54,900 kilograms of gold bullion from Ger many in 1909, while Germany reports exports of only 636 kUograms
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280 EEPORT ON THE EINANCES.
to Austria-Hungary. The United States customs returns show net exports of $31,309,209 of this country^s gold coins to -Canada during the four years 1907-1910, while the amount of United States gold coin in Canadian reserves increased by $45,856,870 during the same time. It is generally understood that exports are given a less strict surveil lance than imports, and that movements by sea are more accurately recorded than those between adjacent countries by rail.
THE FIRST PERIOD. The production of the first period was estimated in round numbers at $1,960,000,000, which from the best data available seems to have been distributed about as follows: Industrial arts |570,000,000 Banks and Treasury of United States 260,000,000 European banks 686,800,000 Banks of Canada, Australasia, and South Africa 59,700,000 Total... I... 1, 576, 500,000 Other banks, circulation, private holdings, etc ,. 383, 500,000 Total 1,960,000,000 These figures on their face seem to be fairly probable. By summing up the other factors the remainder, $383,500,000, is obtained as the amount of gold gained by other banks or entered into circulation and private holdings during the decade. As this includes approximately $195,000,000 taken by India and Egypt, the amount left for distri bution elsewhere is $188,500,000, which certainly is none too large, but if anything too small. The Russian Government began to pay out gold in 1897, in pursuance of its monetary reform, and between that date and the close of 1899 estimated that the gold circulation of that country increased by $146,550,000. The estimated,increase in the gold circulation of the United States in the decade was $63,000,000. But excepting these two countries and Great Britain, there were few countries that were paying gold into circulation freely at that time. Of the amounts which entered into European bank stocks during this period, viz, $686,000,000, $535,000,000 was taken by the State banks of Austria-Hungary, Russia, and France. The first two were managing radical schemes of monetary reform, both countries being engaged in establishing their currencies on a gold basis. In both countries treasury notes were retired and bank notes substituted in the circulation. In accomplishing this end the gold unit of each country was reduced, the effect of which was to mark down the face value of the currency to correspond with its circulating value. The Russian gold ruble of 1899 was equal one and one-half rubles of 1889. The old paper florin of Austria-Hungary, nominally worth $0,482, was retired at a valuation of $0.4052. The Bank of France was accumulating gold in pursuance of the policy which it has system atically followed since the free coinage of silver was suspended. In 1890 its reserve consisted of about equal amounts of gold and silver; in 1900 the percentages were 61 and 39, and in 1910 they were 80 and 20. The change in the Bank of England was not in fact so great as appears in the statement. The loans and discounts of the Austro-Hungarian Bank increased but slightly during the period, of the Bank of''Russia by about 25 per cent, and of all the banks of Europe taken together 33 per cent
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In the United States financial conditions were much disturbed dm^ing the decade, but loans and discounts increased about 40 per cent. The production of gold during this decade was approximately $900,000,000 greaJter than in the preceding one, and the increase was largely taken for the reorganization of monetary systems and for strengthening bank reserves. The gold reserves of European banks increased 75 per cent, while the paper issues increased less than 5 per cent. The world over it was a decade in which enterprise was at a low ebb, although the years 1890-1892 were very prosperous in the United States* and there was a general revival in the last two years of the period. Prices reached the lowest 10-years level for whicb records are existent.
SECOND PERIOD. According to the figures given the distribution of new gold during the second period was apparently about as follows: Industrial consuinption... ^ „ |958, 000, 000 India 433,000,000 Egypt ..; 146,000,000 Bank of Japan 69,000, 000 Banks and conversion funds of South America 343, 000, 000 Banks of Mexico. 28, 500, 000 Banks and Treasury of the United States ' 726, 800, 000 Banks and treasury of Canada - 85, 700, 000 Banks, Australasia and South Africa 95, 600, 000 Banks of issue of Europe 863, 200, 000 • Total 3, 748, 800, 000 Other bankSj circulation, private holdings, etc. 288, 200, 000 Grand total „ „ 4, 037^ 000, 000 Again, the amount unaccounted for, and which is considered to have been gained by other banks or to have entered into circulation and private hoards, may seem small for the volume of production. In the United States a calculation based Upon coinage and the exports and imports of domestic coin, indicates a net gain of gold coin in circulation of $71,000,000. It is to be considered that there is an undoubted tendency ia aU countries to use banks more than formerly, and it is probable that the stock of gold in banks has been recruited not only from new production but to some extent from gold heretofore held in private hoards and out of use. In every country the younger generation to whom these hoards descend is likely to put them to some use. The table shows that banks of issue in Europe in the second period increased their gold stocks by about 50 per cent and their note issues about the same. Their advances or loans and discounts increased about 25 per cent, or by a lower percentage than during the previous period. An examination of the individual gains of these institutions will show that a large amount of the new gold taken by Europe has been devoted to the same purpose as in the preceding period, to wit, the rehabilitation of monetary systems and to strengthen and buttress the institutions of issue. In southeastern Europe four countries, chiefly devoted to agri culture, to wit, Bulgaria, Roumania, Servia, and Turkey, have taken since 1899 approximately $48,000,000 for their banking institutions, which previously held insignificant reserves of gold.
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282 EEPORT ON THE FINANCES.
Italy is one of the important countries of Europe which 10 years ago had an inconvertible paper currency but has since acquired large reserves of gold. Of the total gain, $863,000,000, made by all the European banks, southeastern Europe, including Austria-Hungary with the four coun tries already named, and Italy, Russia, and France took $729,568,000, and all the other banks of Europe, including those of the United Kingdom, secured $133,000,000. In this connection it should be noted that although the Bank of France increased its gold reserve during this period by 75 per cent, its discounts and advances increased only 5 per cent. In short, the dis tribution of new gold in Europe does not appear to have been such as might be expected to have a large influence upon prices. To a great extent it has evidently been governed by national or banldng policies, the banks that have most largely increased their reserves having resolved for business or political reasons upon this course. The Bank of the Netherlands has increased its holdings from $18,000,000 to $50,000,000, while the Bank of Belgium has increased its holdings from $21,000,000 to $24,000,000, and there is no corre sponding increase in. the business of the two institutions. In fact, the latter is now the larger institution of the two. The two countries of Europe which made the greatest industrial progress during the period were unquestionably the United Kingdom and Germany, and ol the $863,000,000 distributed to all the European banks of issue the two great banks of issue which hold the final reserves of money and credit for these countries secured less than $60,000,000. England, sitting at the crossroads of the world's exchanges, financ ing enterprises in all quarters of the globe, handling a larger volume of international credits and payments than any other country and owning more gold mines than any other country, presents the anomaly of holding less of the new gold than any other important country. The loans and discounts of its banks increased $450,000,000, with a gain of only $10,000,000 in its reserves. Canada makes a notable showing of increased reserves and credits, the gold stock rising from $22,000,000 to $85,000,000, and the bank loans from $251,000,000 to $870,000,000, but in attempting to trace the influence of this gold and credit upon prices it is to be considered here, as in the case of South American countries, that they have been chiefly used in increasing the production of food supplies and raw materials. The chief products of Canada, wheat and flour, are among the commodities of the price tables which show the smallest percent age of advance over^former years. The full effects upon the prices of food staples of this expansion of industry and credit in Canada has not yet been felt. A large increase in the production of these com modities is, no doubt, impending. The country which appears as the largest factor in the absorption of gold and in the expansion of credit during this period is the United States. . The banks and Government Treasury increased their gold holdings by $702,927,944, the national banks increased their note circu lation $557,800,000, and the national and State banks together increased their loans and discounts from $5,167,895,610 to $12,855,503,194, The gain in gold was 106 per cent and in bank loans 115 per cent. The reasons for this enormous absorption of gold and expansion of credit in the United States can not be dwelt upon here further than to
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suggest that the explanation is to be found in the natural resources of the country, its location and chmate, the character of its population, its accumulated wealth, and the readiness of other peoples to invest their capital here. Taking all things together, conditions were doubtless more favorable in this country and Canada for develop ment on a great scale during the period under review than anywhere else in the world. OTHER INFLUENCES THAN GOLD. It is a fact to be carefuUy weighed in any study of prices that this development in the Unitea States during the period was chiefly an industrial development, and that neither in acreage nor production did agricultural development keep pace. The principal crops of the United States which are used mainly for human food or fed to meat- producing animals, and thus contribute to the food supply, are wheat, corn, potatoes, and rice, and the acreage in'these crops within the United States decreased 2.5 per cent between the census of 1899 and the census of 1909, while the population increased 21 per cent. In number of cattle, sheep, and swine the country barely held its own between 1900 and 1910, as show„n by the census counts. This relative falling off in food supplies was despite the encouragement of rising prices, and but for the rising prices would doubtless have been greater. In view of the position previously held by the United States as an exporter of food supplies, this failure to increase its production while its own population was rapidly growing is a fact of the first importance. Have there been increased offerings on the world markets from other quarters to make good the shortage here ? The increased cost of food, of wearing apparel, and of rent is inevitably followed by higher wages, and these enter into the prices of all manufactured goods. The cost of wearing apparel is largely dependent upon wool, cotton, and hides, and rent is affected in part by the cost of building materials, in which the growing scarcity of timber is the chief factor, and in part by increasing population. Agricultural products and raw materials are primary factors in all costs, and the extreme sensitiveness of the markets to any surplus or deficit in the supply of these staples is shown by the fluctuations of cotton during the last two years, ranging from 10 to 19 cents per pound. RISE OF PRICES EXAGGERATED. The rise of prices since the decade 1890-1899 has been exaggerated by the common practice of comparing current prices with the abnor mally low prices which prevailed during the years 1896-97. Those were years of industrial panic and paralysis in the United States, and prices all over the world were in some degree affected by the state of industry here. Conditions in every line of production were confess edly abnormal and it is misleading to calculate from that basis. It is a well-recognized fact that commodity prices were upon a declining scale from about 1870 to 1896. The London commodity tables compiled by Mr. A. Sauerbeck are the most commonly known authority for the period. They are based upon the prices of 45 staple commodities in the wholesale London market during the 11 years 1867-1877. Mr, Sauerbeck has averaged the prices of the same
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284 EEPOET ON THE FINANCES.
commodities for each year since 1877 and compared them with the 11 years' average by a percentage calculation. His tables show the following percentages from 1878 to 1910, inclusive:
THE SAUERBECK TABLES.
[1867-1877=100.] 1878 87 1895 62 1879 83 1896 61 1880... 88 1897 62 1881 85 1898. 64 1882 84 1899... • 68 1883 82 1900 75 1884 76 1901.. 70 1885 72 1902 69 1886 69 1903 69 1887 68 1904 70 1888 70 1905 72 1889 72 1906 77 1890 : 72 1907. 80 1891 72 1908 73 1892 68 1909 74 1893 68 1910 78 1894 63 These tables show an average for the five years ended with 1910 of 76.4 and for the five years ended with 1891 of 70.8, while for the years 1894-1897 the average was 62. Thq Bureau of Labor of the United States Government has com piled a table showing wholesale prices on 250 common commodities in the principal markets of the United States. These tables include our principal native products and an important list of standard articles of manufacture, upon which prices can be fairly compared from year to year. For facility in comparison the system of annual percentages used in the Sauerbeck tables was adopted. The follow ing table shows the figures by groups for each year from 1.890 to 1910:
SUMMARY OF RELATIVE PRICES OF COMMODITIES, 1890 TO 1910, BY GROUPS.
[Average price for 1890-1899= 100.]
Lum Cloths Fuel Metals ber and Drugs House All Farm Pood, and and build Mis prod and and fur com Years. etc. cloth light imple mg chem cellane ucts. nishing ous. modi ing. ing. ments. mate icals. goods. ties. rials.
1890 110.0 112.4 113.5 104.7 .119.2 111.8 110.2 111.1 110.3 112.9 1891 121.5 115.7 111.3 102'. 7 111.7 108". 4 103.6 110.2 109.4 111 7 1892.. 111.7 103.6 109.0 101.1 - 106.0 102.8 102.9 106.5 106.2 106.1 1893 107.9 110.2 107.2 100.0 100.7 101.9 100.5 104.9 105.9 105.6 1894 95.9 99.8 96.1 92.4 90.7 96.3 89.8 100.1 99.8 96.1 1895 93.3 94.6 92.7 98.1 92.0 94.1 87.9 96.5 94.5 93.6 1896 78.3 83.8 91.3 104.3 93.7 93.4 92.6 94.0 91.4 90.4 1897 85.2 87.7 91.1 96.4 86.6 90.4 94.4 89.8 92.1 89.7 1898 96.1 94.4 93.4 ,95.4 86.4 95.8 106.6 92.0 92.4 93.4 1899 100.0 98.3 96.7 105.0 114.7 105.8 111.3 95.1 97.7 101.7 1900 109.5 104.2 106.8 120.9 120.5 115.7 115.7 106.1 109.8 110.5 1901 116.9 105.9 101.0 119.5 111.9 116.7 115.2 110.9 107.4 108.5 1902 130.5 111.3 102.0 134.3 117.2 118.8 114.2 112.2 114.1 112.9 1903 118.8 107.1 106.6 149.3 117.6 121.4 112.6 113.0 113.6 113.6 1904 126.2 107.2 109.8 132.6 109.6 122.7 110.0 111.7 111.7 11.3.0 1905 124.2 108.7 112.0 128.8 122.5 127.8 109.1 109.1 112.8 115.9 1906 123.6 112.6 120.0 131.9 135.2 140.1 101.2 111.0 121.1 122.5 1907 137.1 117.8 126.7 135.0 143.4 146.9 109.6 118.5 127.1 129.5 1908 133.1 120.-6 116.9 130.8 125.4 133.1 110.4 114.0 119.9 122.8 1909 153.1 124:7 119.6 129.3 124.8 138.4 112.4 111.7 125.9 126.5 1910 164.6 128.7 123.7 125.4 128.5 153.2 117.0 111.6 133.1 131.6
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These tables show that a considerable recovery from the period of 1894-1897 was necessary for the restoration of normal conditions in the markets. So much of the advance as represents a recovery from the lowest point to the level of 1890-1892 needs no other explanation. It is to be observed that the groups which are composed whoUy or in part of manufactured goods show a smaller percentage of ad vance than those which include a larger proportion of natural prod ucts. Farm products and lumber show the greatest advance. The theory that the prevalent- rise of prices is largely due to a growing scarcity of raw .materials, which in turn is chiefly due to the more complete occupation of the United States and other readily accessible territory, is supported again by the following division of the Bureau of Labor price tables into the two classes, raw commodi ties and manufactured commodities. The showing by years is as follows:
RELATIVE PRICES OF RAW AND MANUFACTURED COMMODITIES, BY YEARS, 1890 TO 1910.
Raw Manu com factured All com Years. modi com modi ties. modi ties. ties.
1890 115.0 112.3 . 112.9 1891 116.3 ' 110.6 111.7 1892 107.9 105.6 106.1 1893 104.4 105.9 105.6 1894, 93.2 96.8 96.1 1895 91.7 94.0 93.6 1896 "84.0 91.9 90.4 1897 87.6 90.1 89.7 1898 94.0 93.3 93.4 1899 105.9 100.7 101.7 1900 111.9 110.2 110.5 1901, 111. 4 107.8 108.5 1902 122.4 110.6 112.9 1903, 122.7 111.5 113.6 1904, 119.7 111.3 113.0 1905, 121.2 114.6 115.9 1906, 126.5 121.6 122.5 1907, 133.4 128.6 129.5 1908 125.5 122.2 122.8 1909 136.8 123.9 126.5 1910, 139.7 129.6 131.6
It is to be considered that the raw commodities quoted enter into the manufactured commodities of the same table and force up the price of the latter, not only by their own enhanced cost but by forcing up all wages. For example, if hides and leather in one column advance the increase enters into the cost of shoes in the other column. It appears, generally speaking, that where it has been possible to improve the methods of production or to employ capital advantage ously, the tendency toward higher prices has been in part overcome, and if the increased cost of raw materials, including food, could be eliminated from manufactured products and wages the level of prices would be lower instead of higher than 15 years ago. THE QUANTITATIVE THEORY OF MONEY. It is assumed in this discussion that nobody questions that there is a relationship between the volume of money and the prices of commodities, and that other factors remaining the same, prices will
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advance as the result of an increased supply of gold. There has been a persistent rise of prices since 1896 and along with it a great increase in the supply of gold. It would seem to be quite impossible to determine with any certainty to what extent one is the result of the other, but there is evidently some ground for the prevalent opinion that the two are closely related. The purpose of this discussion is not to refute that opinion but to discover where in the world's monetary systems the new supplies have been placed, with a view of estimating their influence. It is scarcely conceivable that the industrial develop ment which has taken place in the United States in the period 1900-1910 could have occurred or been financed without the enlarged bank reserves which the gold output of the period provided. At least it may be said that it would not have been possible under our present banking system. If the increased supplies of money have been the main factor in the world-wide rise of prices, it is the increase of $1,300,000,000 in the gold and uncovered notes of the United States that has been chiefly effective, for the gold distribution else where has had comparatively little relation to industry. And in the United States its influence can not be measured without taking into account other factors in the price-making equation that in the last 15 years have been undergoing radical changes.
THE OUTLOOK FOR GOLD PRODUCTION.
It has been a theory of writers on the subject that the rise of commodities and wages would automatically check the production of gold, thus providing its own corrective, but the gold-mining industry furnishes an illustration of how invention, organization, and the use of capital are able to accomplish a reduction in costs' when every factor in the calculation shows an advancing tendency. The cost of handling ore and extracting gold in the Transvaal mines per ton of ore treated has steadily declined and made a new low record in 1910. The cost of mining gold, however, unless revolutionary changes are accomplished, does not have*as great an influence upon production as in the case of common commodities for which there is an unlimited sup ply of raw materials. It is a fact already alluded to in this paper, and familiar to all who have followed developments in the gold- mining industry, that the great increase in the output since 1890 has been due in the main to two contributing discoveries that were directly related to each other, to wit, the discovery of the Transvaal field and the discovery of the cyanide process. Of course, it is possible at any time for both of these discoveries to be repeated in others as important, but until such new discoveries are made there will be no similar leap in production. Since 1906 the rate of pro duction in the United States, including Alaska, has been practically at a standstill. There is nqthing to indicate a considerable change in either direction. Australasia has been on a declining scale since 1903, the annual yield being now about $28,000,000 below the high year. Russia, Canada, and Mexico have shown an increase of late about sufficient to offset Australasia. The Transvaal has been pushed up to a new record in 1911, but the deposit is well defined, and the increased production of recent years has been due to an
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enlargement of the crushing plants rather than to any extension of the field. This policy of increasing the investments in order to exhaust the mines more rapidly has probably gone nearly as far as it can be profitably followed. The comnion opinion about the field in well- informed circles is in harmony with the following from the Johannes burg correspondent of the Engineering and Mining Journal, written near the close of 1910: One is now in a position to judge what the year 1911 has meant in the history of Rand mining. It seems that the best of the profitable ore on the Rand is exhausted and that the mining industry will have reached its maximum output in a few years and has already nearly reached the maximum of profit, if it has not already passed it. A few years will see many well-known outcrop producers exhausted, such as the Jubilee, Salisbury, and the Champ d'Or, which failed this year. The easily won ore left in the hanging and foot walls of old stopes has been heavily drawn upon dur ing the last three years, and the exhaustion of this ore of itself largely accounts for the rise in costs and decline in profits and dividends. While it is not likely that the Rand will show an appreciable decrease for a good many years to come, it is probably not far from the maximum output. There has been no gain in the world's pro duction for some years except that made by the Rand. The figures given in the foregoing tables show how the hitherto undeveloped countries, outside of the old circle of industrial nations, are reaching out for a share of the new supplies. As a river rises in flood the water creeps over its banks, backs up its tributaries, fills up adjacent low places, and spreads out over expansive areas of lowlands, with the result that vastly more water is required to raise the level at the high-water stage than when the river is low. A somewhat similar distribution of new gold is going on and in prospect.
THE HISTORICAL PAEALLEL.
The most impressive circumstance in favor of the theory that the present movement of prices is mainly due to the increased supply of gold is the fact that just such a movement of prices followed fast upon the discovery of gold in California and Australia. There are many features of similarity between the conditions of that period of expansion and the present one. The production of gold in the world prior to the discovery in Cali fornia was about $35,000,000 a year, and of silver probably about the same. Estimates for that period are vague. The amount of gold actually in sight in banks and treasuries was very small. England was practically the only country in Europe that had a considerable amount in circulation. January 1, 1850, the stock in the Bank of England was about $85,000,000, and Tooke and Newmarch estimated the amount of gold coin in circulation in the United Kindgom at $250,000,000. On the Continent, silver was the common money of trade. France was estimated to have $500,000,000 in silver coin and $15,000,000 in gold. TheUnited States, according to an estimate by the Secretary of the Treasury, had about $150,000,000 of gold and silver. In any calculation of the relative importance of the new supplies of money, of course the entire stock and production of both gold and silver must be taken into account. Also the use of paper money. The later years of the decade ending with 1849 had been
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288 EEPOET ON THE FINANCES. years of industrial depression and social unrest in Europe. Political agitation, extending in several countries to attempts at revolution, prompted in large degree by the desperate condition of the people, was general over Europe. Gold was discovered in California in 1848 and in Australia in 1851, and by 1852 these new fields were producing together over $100,000,000 per year. The first noticeable effect was an accumulation of gold in the Banl^ of England, which reduced its discount rate to encourage borrowing. The first industrial effect was in the shipping and shipbuilding industry, due to the demands of an increasing trade with the United States and Australia, but the revival soon extended to the building trades and thence to all branches of industry, and spread over Europe. By this time apprehensions were expressed as to the disturbing effects upon monetary systems of the threatened inundation of gold. Holland and Belgium stopped coining it. About this tune counteracting influences began to operate, and in view of the present movement of gold to India it is an interesting fact that the most irnportant modifying influence at that time was the movement of specie to India. In 1855-56 the construction of an extensive system of 'railways in India was commenced, and large sums of British capital in the form of silver were conveyed to India to pay for this work. The silver was obtaiaed from the circulation of France, and replaced with gold. Furthermore, the construction of railways facilitated the shipment of produce from the interior to the coast and stimulated exports from India, creating permanently a heavier balance of trade in her favor, to be settled m the precious metals. These exports of silver from Europe, which ran as high as $90,000,000 in a single year and averaged fully $50,000,000 from 1855 to 1865, by making place for new gold, to that extent nullifled the influence in Europe of the new supplies. In 1857 expansion had run to the liinit. Money and credit were tied up to the strangulation point, and every banking center in Europe and America was under tremendous strain. In the United States most of the banks suspended payment; the Bank of England reserve was practically exhausted, and the Government had to inter vene to save the institution. With an unparalleled outpouring of gold during the period, the expansive effects were exhausted in 10 years. In 1856 Messrs. Tooke & Newmarch prepared as the sixth volume of Tooke's History of Prices a review of the influence of the new gold supplies, as observed during the nine years which had intervened since the discovery of gold in Cdifornia. In summing up the authors said: That the first decided effects produced by the new gold in this country were in 1851-1853, in the form of large additions to tiie total metallic reserve of the Bank of England; that by means of the magnitude of that reserve, and the consequent reduc tion of the rate of discount by the Bank of England, a powerful influence was exerted in depressing the general rate of interest on all descriptions of advances. And that since 1853 an opposite state of'things has prevailed: First, in consequence of the exten sion of trade and enterprise, partly excited in the first instance by the low rates of interest; second, by the necessity of importing large, quantities of corn to supply domestic deficiencies.; and, third, by the foreign expenditures entailed by the war (Crimean). That since 1852 the arrival month by month of large convoys of treasure has been, on several occasions, the means of removing actual or apprehended financial pressm-e of the most formidable character. And hence, that the effect of the influx since 1852 has been to prevent any violent commercial revulsion, and to moderate from time
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DIEECTOE OF THE MINT. 289
to time the operation of the high rate of interest arising from the ordinary relation between the supply of capital on the one, hand and the demand for it on the other. That as far as can be ascertained by a careful examination of the course of prices in this country as regards a considerable number of leading commodities it does not appear that the prices prevailing in the early part of 1857, when compared with the prices prevailing in 1851, justify the inference that, in any manifest and appreciable degree, the increase in the quantity of metallic money,' by means of the new gold, has raised the price of commodities; in other words, in every instance of a variation of price a full explanation of the change is apparently afforded by circumstances affect ing the supply or the demand. That during the last four years, 1853-1856, the markets for a large and important class of commodities—both articles of food and articles of raw material—^have been seriously deranged by the war, by the sudden return of peace, and by the occurrence of deficient crops in,several parts of the world. That the wages of labor in this country, both skilled and unskilled, have increased during the last four or five years in the proportion of 15 to 20 per cent over the previous rates. That the whole process of the distribution of the new gold, in the first instance among the laborers and capitalists of the gold countries and in the second instance among the capitalists and laborers of this and other countries, resolves itself into a demand for more labor, and through the demand for more labor into a gradual rise of all classes of incomes. That set in motion and sustained by the production year by year of large quantities of new gold, there is at work a vast and increasing number of causes, all conducing to augment the real wealth and resources of the world—all conducing to stimulate and foster trade, enterprise, discovery, and production—and therefore all conducing with a greater and greater force to neutralize, by extensions of the surface to be covered and by multiplying indefinitely the number and magnitude of the dealings to be carried on, the a priori tendency of an increase of metallic money to raise prices by mere force of enlarged volume. Prof. Stanley Jevons, a contemporary writer of high repute, held more positive views as to the influence of the gold supplies upon prices. Writing in 1865 and reviewing prices since 1849, he said: If we compare prices now (March, 1865) with what they were at their lowest in 1849, we find there has been a rise of 21 per cent. If we take the average of 1845-1850 as our standard oi comparison, the rise is 11 per cent. The real permanent rise due to the gold discoveries is doubtless something between these, or probably nearer the higher limit, 21 per cent. The gold discoveries have caused this rise of price. They have also neutralized the fall of prices which might have been expected from the continuous progress of invention and production, but of which. the amount is necessarily unknown. - He gave much importance to the large exports of specie to India, and expressed the opinion that European markets alone could not have absorbed the new supplies without a revolution in prices. He said upon this point: Asia, then, is the great reservoir and sink of the precious metals. It has saved ua from a commercial revolution and taken off our hands many millions of bullion which would be worse than useless here. And from the earliest historical ages it has stood in a similar,relation to Europe. In the Middle Ages it relieved Europe of the excess of Spanish-American treasure, just as it now relieves it of the excess of Australian treasure. ^'The Indian trade," says Macpherson, "arose to considerable magnitude at the same time the American mines began to pour their treasures into Europe, which has happily been preserved by the exportation of silver to India from being over whelmed by the inundation of the precious metals, as it must have been had no such exportation taken place." 12307''—Fi 1911 19
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UNITED STATES GOLD COIN IMPORTED AND MELTED BY VARIOUS COUNTRIES DURING THE CALENDAR YEAR 1910. The foUowing table shows the amount of United States gold coin imported by various countries and the value of the United States gold coin melted at their mints:
Import of Total import United States Countries. United States of gold from gold coin gold coin. United States. melted.
Argentina $.6,039,935 Austria-Hungary. 115,400 $115,400 Brazil 14,183,370 Canada 4,980,787 Colombia . . 296,029 Great Britain 1 $32,473,147 9,726,994 Germany 104,342 Haiti 533,673 Japan 295 straits Settlements 1,565 Total 26,255,396 32,473,147 9,842,394
1 Of this amount $31,803,556 was foreign cotn; $669,591 was in bullion. The amount of gold and silver in the form of old plate, jewelry, and other old material returned from use in the industrial arts to monetary use by beiiig deposited at the mint for coinage is shown in the follow ing table:
Countries. Gold. Silver.
Fine ounces. Fine ounces. Canada 1,034.702 281.230 Australia , 6,688.000 90.000 Austria-Hungary - - - ... - - 984.131 3,968.544 Total... 8,706.833 4,339.774
VALUES OF FOREIGN COINS.
TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, Washington, Octoher 1, 1911. In pursuance of the provisions of section 25 of the act of August 27, 1894,1 hereby proclaim the following estimate by the Direcj:or of the Mint of the values of foreign coins to be the values of such coins in terms of the money of account of the United States, to be followed in estimating the value of all foreign merchandise exported to theUnited States during the quarter beginning October 1, 1911, expressed in any such metallic currencies. Entries of merchandise liquidated upon the values proclaimed herein will be subject to reliquidation upon the order of the Secretary of the Treasury whenever satisfactory evidence shall be produced to him showing that the values in United States currency of the foreign money specified in the invoices w,ere at the date of certification at least 10 per eentum more or less than the values herein proclaimed. JAMES F. CURTIS, Aeting Seeretary.
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DIEECTOE OF "JtK^ MINT. 291
VALUES OP FOREIGN COINS AS ESTIMATED BY THE DIRECTOR OF THE MINT.
Value interms Legal of Country. standard. Monetary unit. United Remarks. 1 States money.
Argentine Republic — Gold. Peso. SO.965 Currency: Depreciated paper, con vertible at 44 per cent of face value. Austria-Hungary ..do CrowTi. .203 Belgium... Gold and Franc. .193 Member of Latin Union; gold is the silver. actual standard. Bolivia . Gold Boliviano. 12|l-bolivianos equal 1 pound sterling. Brazil... ..do Milreis .546 Currency: Inconvertible paper; ex change rate, approximately, $0.3245. Britisli Colonies in Aus .do., Pound sterling. 4.8665 tralasia and Africa. Canada .do.. Dollar 1.000 Central American Sfcates: Costa Rica ..do.. Colon.. .465 British. Honduras.. ..do.. Dollar.. 1.000 Guatemala Honduras •Silver Peso. .383 Currency: Inconvertible paper, Nicaragua much depreciated and subject to Salvador wide fluctuations. Chile.. Gold. Peso. Currency: Inconvertible paper; 'Ex change rate, approximately, $0.2156. Amoy .629 Canton .627 Cheefoo .601 Chin Kiang. .614 Fuchau .581 Haikwan .640 (customs). Hankow .588 Tael... Kiaochow.... .609 Nankin .622 China. Silver. Newchwang, .589 Ningpo .604 Peking .613 Shanghai .574 Swatow .581 Takau .633 .Tientsin .609 Hongkong... .413 Dollar. British .413 Mexican .416 Colombia. Gold. Dollar. 1.000 Currency: Inconvertible paper; ex change rate, approximately, $100 paper to $1 gold. Denmark. .do. Crown. .268 Ecuador.. .do. Sucre .487 Egypt .do. Pound (100 piasters)., 4.943 The actual standard is the British pound sterling, which is legal tender for 97^ piasters. Finland.. ...do Mark.. .193 France... Gold and Franc. .193 Member of Latin Union; gold is the silver. actual standard. German Empire. Gold Mark .238 Great. Britain ...do Pound sterling. 4.8665 Greece Gold and Drachma...... 193. Member of Latin Union; gold is the silver. actual standard. Haiti. Gold Gourde. .965 Currency: Inconvertible paper; ex change rate, approximately, $0,238. India (British). ...do Rupee. 15 rupees equal 1 pound sterling. Italy Gold and Lira... .193 Member of Latin Union; gold is the silver. actual standard. Japan... Gold Yen... .498 Liberia. ..dc... Dollar. 1.000 Currency: Depreciated silver token coins. Customs duties are col lected in gold. Mexico .do., Peso .498 Netherlands .do., Florin.. .402 Newfoundland... .do., Dollar.. 1.014 Norway .do., Crown.. .268 Panama .do.. Balboa.. I.OOO 1 The exchange rates shown under this heading are recent quotations and given as an indication of the values of currencies which are fluctuating in their relation to the legal standard. They are not to take the place of the consular certificate where It is available. f
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VALUES OF FOREIGN COINS AS ESTIMATED BY THE DIRECTOR OF THE MINT—Con.
Value interms of Country. standard. Monetary unit. United Remarks. States money.
Persia Gold and Kran $0.1704 This is the value of the gold kran. silver. Currency is silver circulating above its metaUic value;, exchange value of silver kran, approxi mately, $0.0896. Peru Gold Libra 4.8665 Philippine Islands ...do..... Peso .500 Portugal do Milreis.. 1.080 Currency: Inconvertible paper; ex change rate, approximately, $0.9973. Roumania .do ! Leu .193 Russia ...do Ruble .515 Santo Domingo.. do Dollar ' 1.000 Servia ...dp Dinar.. :.. .193 Siam ...do Tical .3708 Spain.. Gold and Peseta.... .193 Valuation is for the gold peseta; cur silver. rency is silver circulating above its metalUc value; exchange value, approximately, $0.1794. Straits Settlements Gold Dollar .5677 Sweden.. .do Crown .268 Switzerland..: ...do Franc .193 Member of Latin Union; gold is the actual standard. Turkey ...do Piaster .044 Uruguay ...do Peso 1.034 Venezuela ...do Bolivar .193
CHANGES IN. THE VALUE OF FOREIGN COINS DURING 1911.
Value, 1911. Countries. Monetary unit. Jan. I. Apr. 1. July 1. Oct. 1.
Central American States. Silver peso $0.403 $0.389 $0.389 $0.383 China: Do Silver tael, Amoy , .661 .638 .638 .629 Do. Silver tael, Canton , — .659 .636 .636 .627 Do Silver tael, Chefoo .632 .610 .610 .601 Do Silver tael, Chinkiang .646 .623 .623 .614 Do Silver tael, Fuchau .612 .690 .590 .581 Do Silver tael, haikwan (customs).. .673 .649 .649 .640 Do Silver tael, Hankow .619 .597 .597 .588 Do Silver tael, Kaichow .641 .618 .618 .609 Do Silver tael. Nankin .655 .632 .631 .622 Do Silver tael, Newchwang . .620 .598 .598 .589 Do Silver tael, Ningpo. .636 .614 .613 .604 Do.... Silver tael, Peking .645 .622 .622 .613 Do Silver tael, Shanghai .604 .583 .583 .574 Do Silver tael, Swatow .611 .690 .589 .581 Do Silver tael, Takau .665 .642 .642 .633 Do Silver tael, Tientsin .641 .618 .618 .609 Do Silver dollar, Hongkong .435 .420 .420 .413 Do Silver dollar (British) .435 .420 .420 .413 Do Silver dollar (Mexican) .438 .423 .423 .416 Persia Gold kran (changed from silver) .170 .170 .170 .170 Straits Settlements Silver dollar — .421 .421 .567 .567
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DIEEOTOE OF THE MINT. 293
The foregoing report, covering the operations of the muits and assay ofiices of the United States for the fiscal year ended June 30, 1911, is respectfully submitted. GEO. E. ROBEETS, Director ofthe Mint. Hon. FEANKLIN MACVEAGH, Secretary ofthe Treasury,
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REPORT OF THE DIRECTOR OF THE MINT.
TREASURY DEPARTMENT, BUREAU OF THE MINT^ Washington, January 10, 1913. • SIR : In compliance with the provisions of section 345, Revised Stat-. utes of the United States, I am submitting herewith a report covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1912^ being the fortieth annual report of the Director of the Mint. I am also submitting for publication in connection therewith the annual report of this bureau upon the pro duction and consumption of the piecious metals in the United States for the calendar year 1911.
OFFICES OF THE SERVICE.
The mints at Philadelphia, Denver, and San Francisco were in oper ation throughout the fiscal year. The assay office at Sb. Louis was discontinued at the close of the fiscal year 1911 and the equipment shipped to other offices. The assay offices at New York, Charlotte, Deadwood, Helena, Boise, Salt Lake City, Carson, New Orleans, and Seattle were open to deposits as usual. In January, 1912, the new electrolytic refinery in the New York office was started up and has been in operation continuously since^ excepting while the annual settlement was underway at the close of the fiscal year. ELECTROLYTIC REFINERIES. -
The refinery at New York is the fourth in the mint service of this country to be equipped with the electrolytic process, but in the mean time refining operations have been discontinued at the Philadelphia Mint, leaving three refineries in operation. The electrolytic process as developed in the mint service is based on the Wohlwill patents, but the practice has been materially altered to suit the conditions. It gives good results, yielding a very high-grade bullion, ductile and favorable to the best results in coinage operations.
ASSAY OFFICE AT NEW YORK.
The old assay office building at New York, No. 32 Wall Street, was finally vacated during the last fiscal year, the entire establishment 64926°—FI 1912 -16 " 241
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242 REPORT ON THE FINANCES.
being moved temporarily into the new building on the rear of the lot, which is planned to be devoted eventually to the melting and refining department. This site was bought in 1822 by the Bank of the United States, which erected the building now standing upon the property. The United States assay office was established upon these premises in Sep tember, 1854, but from that date to 1873 the assay officie occupied only the upper fioor, the Government renting the. ground floor to private parties. The building will be torn down at an early day to make room for a new structure for which an appropriation has.been made. The present quarters are veryTDUch cramped and the working force labors under serious inconvenience and discomfort.
PHILADELPHIA MINT.
The refinery in the Philadelphia Mint has been discontinued, be cause with a refinery in operation at New York the amount of crude bullion received at Philadelphia is insufficient for economical opera tions. The western, bullion which formerly came to this mint now goes to the Denver Mint and bullion imported at New York is received at the New York office. So much of the Philadelphia equipment as could be advantageously used at New York was transferred. During the year a new set of 16-inch rolls, the heaviest ever used in our mint service, were installed for handling the minor coinage. They will take 'an ingot 24 inches long, 4^ inches wide, f of an inch thick and produce a strip from which six bronze or five nickel planchets may be struck at once. For other changes in the equip ment of this mint reference is made to the report elsewhere.
SAN FRANCISCO MINT.
Since the close of the fiscal year 1912 the superintendent of that institution, the Hon. Edward Sweeny, has died, and the Hon. Frank A. Leach, formerly superintendent of the same mint and later Director of the Mint at Washington, has been installed as his successor. The loss of Judge Sweeny was greatly deplored, but the Government is fortunate in being able to secure the services of Mr. Leach. A review of recent changes in the methods and equipment of this mint is given in the more extended account of its operations, which appears in this volume elsewhere. .
NUMBER OF EMPLOYEES IN THE SERVICE.
The number of employees in the mint service continues to show, diminution, being less by 36 on July 1, 1912, than on July 1, 1911. This continuous reduction is due in part to a smaller coinage, but in the main to the introduction and more efficient use of automatic machinery. The coinage of gold has been less than in previous years as a result of the act authorizing the issue of gold certificates against gold bulhon.
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DIRECTOR OF THE. MINT. 243 The number of employees at each institution at the beginning and end of the fiscal year is given herewith, aU officials included:
July 1, July 1, Institution. 1911. 1912.
Philadelphia 356 333 San Francisco . . .' 138 124 Denver 100 93 New Orleans . . 14 13 New York 66 89 Carson = - 10 8 Boise.' 10 10 Helena . -. • ' ... 12 8 Charlotte .- 4 3 Deadwood - - 5 5 Seattle 24 19 Salt Lake City - - 8 6 Total . 747 711
NEAV NICKEL PIECES.
During the year Mr. J. E. Eraser, of New York, was invited to submit designs for a new 5-cent nickel coin and he has prepared de signs that have been accepted. The features of the piece, in addition to the inscriptions required by law, are an Indian head for the obverse and a buffalo for the reverse. The coin is distinctively characteristic of America, and in its execution promises to take high artistic rank among the coinages of the world. It seems peculiarly appropriate that the Indian and buffalo should be associated permanently in a national memorial, and there can be no better form for such memorial than a popular coin. GOLD CERTIFICATE BARS.
At the close of the fiscal year refined gold bars, duly stamped with their weight, fineness, and value, in accordance with the provisions of the act of Congress approved March 2, 1911, providing for the issue of gold certificates against gold bullion and foreign gold coin, were held at the .several mints and the assay office at New 1 ork as follows: New York assay office $10,094,982.26 Philadelphia Mint. 6,109,745.11 Denver Mint : 36,088,677.49 San Francisco Mint : .• r... 56,755,513.06 Total 109,048,917.92
No certificates have been issued against deposits of foreign coin, and this feature of the act will probably be seldom used. The object in view, which was to avoid the melting of foreign coin, would be more effectively accomplished by authorizing the national banks to include foreign coin in their''reserves, as foreign banks do. Any invoice of coin, even if fresh from a mint, wiU show some loss upon being melted, and there is always a risk that counterfeits are included. A bank may import foreign coins and dispose of them in the regular course of business without melting, by exportation, but if the Treasury receives them there is no assurance that they can be disposed of at their face value. The Treasury is not engaged in exchange opera tions and can not export them without inconvenience and expense.
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244 REPORT ON THE FINANCES.
If melted they are certain to show a loss from their face value. The only condition under which the Treasury could s^afely issue certificates against foreign coins would be where an agreement was made, with proper security for its performance, by which the coins would be taken off its hands at their lace value.
ESTIMATES FOR FISCAL YEAR 1914.
The total estimates for the mint service for the fiscal year 1914, including all expenditures heretofore paid from earnings, are $1,222,270, which compares with $1,228,920, appropriated for 1913, a reduction of $6,650. Prior to the present.year all expenditures incidental to the mainte- nance^and operation of the refineries connected with the service were made directly from current earnings. The law contemplates. that this branch of the service shall be self-supporting, and to this end charges are imposed upon all bullion which requires treatment to fit it for coinage. These earnings in the past have been paid into the Treasury to the credit of the parting and refining fund and were all available under a continuing appropriation for the payment of the costs of refining operations. Beginning July 1, 1912, this prac tice was changed. The estimates for the inirt service for the fiscal year 1913 included the sums required for operating the refineries. The expenses connected with these operations are now being paid froin the regular appropriations, and the earnings are turned into the general fund of the Treasury as miscellaneous receipts. The earnings from all refinery sources during the last fiscal year, including the proceeds of sales of by-products and the surplus bullion recovered, ainounted to $359,315.2^, while the expenditures against these earn ings were $237,912.99.
ANNUAL APPROPRIATIONS FOR 1912.
The amounts appropriated for conducting the mint service during the fiscal year 1912 totaled $1,178,670, to which should be added the . reimbursements for w'ork done for the Philippines and San Salvador Governments and for United States Government institutions, amount ing to $51,441.11; also unexpended balances of permanent appro priations amounting to $20,483.55 and reimbursements thereto amounting to $2,556.30; this gives the total amount available for use during the fiscal year 1912, $1,253,150.96. The expenditures, from above funds (including the reimbursements noted) total $1,022,433.07, to which a few minor unsettled bills may be added. The unexpended balance totals $230,717.89, of which $13,353.35 (permanent appropriation balances) continues to be available until used, and the remainder, $217,364.54, reverts to the surplus fund of the Treasury. . ' These figures do not include expenditures from the earnings of the refineries. Details, by institutions, are shown in the following tabulated statement:
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DIRECTOR OF THE MINT. 245
Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1912.
Appropriations.
Equip ment Items. Contm Freight New ma Wages of New on bul chinery Salaries. workmen. gent ex York lion and Total. penses. and ap assay coin. pliances. office.
Office Director of Mint: Appropriated for 1912 $29,280.00 $5,300.00 $50,000.00 $84,580.00 Expended 27,094,72 3,709.20 126,577.74 57, .381.66 Unexpended balance.. 2,185.28 1,690.80 23,422.26 27,198.34 Mint at Philadelphia: Appropriated for 1912 80,300.00 $295,000.00 70,000.00 445,300.00 Repayments..' 12,286.88 9,195.07 $2,556.30 24,038.25 Unexpended balance of permanent appropria tion 2,316.94 2,316.94
Available for use 80, .300.00 307,286.88 79,195.07 4,873.24 471,655.19 Expended 74,851.12 293,073.35 66,231.25 434,155.72
Unexpended balance.... 6,448.88 14,213.53 12,963.82 4,873.24 37,499.47 Mmt at San Francisco: ApproiDriated for 1912 64,300.00 156,000.00 40,000.00 249,300.00 Repayments 19,808.49 9,904.73 29,713.22
Available for use 54,300.00 174,808.49 49,904.73 279,013.22 Expended 50,374.91 102,703.49 27,670.40 180,748.80 Unexpended balance 3,925.09 72,105.00 22,234.33 98,264.42 Mint at Denver: Appropriated for 1912 48,100.00 94,000.00 30. 000.00 172,100.00 Unexpended balance of permanent appropria tion 343.01 343.01 Expended 46,326.11 65,973.08 25,447.36 137,746.65
Unexpended balance 1,773.89 28,026.92 4,552.64 343.01 34", 696.46 Assay oflice. New York: Appropriated for 1912 46,600.00 30] 000.00 10,000.00 86,500.00 Repayments 184.00 61.94 246.94 Unexpended balance of permanent. appropria tion $17,82k 60 17,823 60 AvaUable for use . 46,500.00 30,184.00 10,061.94 17,823.60 104,569 64 Expended 46,013.89 25,674.00 9,784.75 9,686.50 (4,612.53) 91,159.14
' Unexpended balance 486.11 4,510.00 277.19 8,137.10 13,410.40 Mint, New Orleans: Appropriated for 1912 10,300.00 7,500.00 3,600.00 21;300.00 Expended 7,900.00 6,943.00 1,717.15 (2,296.53) 16,560.16
Unexpended balance 2,400.00 657.00 1,782.86 4,739.85 Mint, Carson: Appropriated for 1912 6,350.00 6,200.00 • 3,000.00 15,550.00 Expended 6,350.00 6,409.60 1,997.12 (1,628.05) 13,756.62
Unexpended balance 790.50 1,002.88 1,793.38 Assay office, Helena: Appropriated for 1912 10,400.00 6,500.,00 .3,250.00 20,150.00 Expended 8,800.00 5,198.00 2,328.58 (1,886.60) 16,326 58
Unexpended balance 1,600.00 1,302.00 921.42 3,823.42 Assay office, Boise: Appropriated for 1912 8,050.00 3,640.00 2,600.00 14,090.00 Expended 8,060.00 3,540.00 1,966.03 (986.11) 13, ,556.03
Unexpended balance 533.97 533.97 . " I Chargeable, as indicated in parentheses, to the various offices.
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246 REPORT ON THE FINANCES.
Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1912- Continiied.
Appropriations.
Equip ment Freight New ma Items. Contin Salaries. Wages of New on bul chinery Total. workfnen. gent ex York lion and and ap penses. assay coin. pliances. , office.
Assay office, Charlotte: Appropriated for 1912 $1,500.00 • $900.00 $500.00 $2,900.00 Expended 1,500.00 895.00 477.26 ($88.70) 2,872.26 • Unexpended balance 5.00 22.74 ,' 27.74 A.ssay office, Deadwood: Appropriated for 1912 6,450.00 2,300.00 1.500.00 10,250.00 Expended 6,271.12 2,300.00 1,368.18 (3,973.75) 9,939.30 Unexpended balance 178.88 131.82 310.70 A.ssay office, Seattle:' Appropriated for 1912 13,0.50.00 22,000.00 6,600.00 41,550.00 Expended 13,050.00 16,913.57 4,572.99 (10,108.17) 34,536.56 Unexpended balance 5,086.43 1,927.01 7,013.44 Assay office. Salt Lake: , Appropriated for 1912 7,100.00 4,500.00 3,600.00 15,100.00 Expended 7,100.00 . 3,883:50 2,710.20 (1,099.40) 13,693.70 Unexpended balance 616.50 789.80 1,406.30 Totals, entire service: Appropriated for 4912 321,680.00 627,440.00 179,550.00 50,000.00 1,178,670.00 Repayments 32,279.37 19,161.74 $2,556.30 63,997.41 Unexpended balance of permanent appropria tions $17,823.60 2,659.95 20,483.55
Available for use 321,680.00 659,719.37 198,711.74 17,823.60 .50,000.00 5,216.25 1,263,150.96 Expended 303,681.87 .532,606.49 149,980.47 9,686.50 26,677.74 1,022,433.07 Unexpended balance 17,998.13 127,212.88 48,731.27 8,137.10 23,422.26 5,216.25 230,717.89
Earnings and expenditures of the refineries at the several mints and the assay office at New York for thefiscal year 1912.
Surplus Receipts, Charges Total • Expend Institutions. coUected. buUion sale by recovered. products. earnings. itures.
Philadelphia' . . $15,749.86 $16,600.12 $72,124.69 $103,474.57 .$25,365.71 San Francisco 47,355.21 12,111.62 59,466.S3 52,862.85 Denver . 92,291.13 4,283.73 96,574.86 48,140.52 New York 93,174.41 189.62 93,364.03 1 136,450.12
Total 248,570.61 27,901.36 76,408.32 352,880.29 262,819.20
1 Includes approximately .$80,000 worth of new equipment; also cost of installing part of same.
ALL INCOME AND EXPENDITURES ON ACCOUNT OF MINT SERVICE. A complete statement of the income and expenditures of the Treasury on account of the mint service, including seigniorage on the silver and minor coins, is shown in the following statements
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All income and expenditures on account of the mint service.
Expenditures. Earnings. Compensationof employees: Deductions on bulhon deposits: Mints and assay offices— Credited to parting and refirung fund— Salaries appropriations $276,687.15 Parting and refining charges $190,054.19 Wages appropriations ' 532,606.49 Melting charges ' 38,961.14 Parting and refining fund 117,235.13 Fme bar charges 25,990. f" $926,328.77 .$265,005.61 Bureau of the Mint, salaries appropriation 27,094.72 Credited to miscellaneous receipts— $953,423.49 Assaying and stamping charges 27,955.94 Equipment, supphes, and other expenses: Alloy charges 15,175.49 Mints and assay offices— 43,131.43 Contingent appropriations (including $298,137.04 $1,199.79, operating waste, and $772.38, Special assays of ore and buUion 3,680.34 loss on assay value of sweeps sold) 146,271.27 Proceeds of sale of medals and proof coins. 2,364.94 Equipment of New York Assay Office Building appropriation 9,686.50 Contingent. Wages. Totals. o Parting and refining fund (including Reimbursements to appropriations: H $2,769.75, operating waste, and $4,841.65, For manufacture of machinery .O loss on assay value of sweeps sold) , 120,677.86 and apphances for Government Freight on bulhon and coin between institutions $4,128.16 $6,502,20 $10,630.36. mints and assay offices, appropriation .. 26,577.74 For manufactm'e of Phihppine o 303,213.37 comage 9,904.73 19,808.49 29,713.22 Bureau of the Mint, contingent appropriation • 3,709.20 For manufacture of Salvador 306,922.57 coinage 1,061.11 4,202.69 5,263.80 For manufacture of medals :. 4,005.80 1,581.99 5,587.79 W For ore analyses for Department of Justice 61.94 184.00 245.94
Total. 19,161.74 32,279.37 51,441.11 51,441.11 Total earnings 356,623.433 Net expenditures, to profit and loss statement (below) 904,722.6 Total expenditures 1,260,346.06 1,260,346.06
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All income and expenditures on account ofthe mint service—Continued. to 00 Losses. Profits. Net expenditures, from earnings and expenditures statement (above). 904,722.63 Seigniorage: Net revenues from mint service. 5,652,045.45 On subsidiary (silver) coinage $4,567,823.96 On minor (rhckel and bronze) coinage $1,880,591.03 Less— Operating waste $1,205.68 Cost of distribution 29,945.62 31,151.30 1,849,439.73 On recoinage of minor coin. 1,466.83 6,418,730.52 Surplus buUion recovered: Fjro m deposit melting room grains and sweeps 23,832.74 From operations of coiner 1 1,229.47 From operations of melter and refiner (credited to part O ing and refining fund) 27,901.36 Froin gain oh shipments (difference in assays). $1,397.37 Less losses on shipments 353.36 1,044.01 O 54,007.58 Gain on hghtweight gold coin purchased for recoinage '. 131.07 Proceeds of sale of b5'--products (platinum, etc.) (credited to parting arid refining fund) .- 76,408.32 Proceeds of sale of old material 7.490.59
556,768.08 Total 6,.556,768.08 w • tzj ^— ^ NOTE 1.—Except where otherwise stated, aU earnings and profits were covered into the Treasury as misceUaneous receipts. - ^ a td U2
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DIRECTOR OF THE MINT. 249
DEPOSITS OF GOLD BULLION. The value of aU gold buUion contained in original deposits at the mints and assay offices during the fiscal year 1912 was $15.1,929,881. The redeposits during the year, consisting of bullion transferred from one ofiice to another and bars bearing the stamp of one of the mints or assay offices, amounted to $28,817,726. The value of the gold bulhon and uncurrent domestic and foreign coin received, including redeposits, amounted to $180,747,607, which was the total of gold receipts at all ofiices. Statements which show the classification of deposits, the source of domestic buUion by States and Territories, and the receipts at the several ofiices of the service appear in tabular form in this volume elsewhere.
DEPOSITS OF FOREIGN GOLD BULLION AND COIN. Foreign gold buUion containing 1,124,140 standard ounces, of the value of $20,914,227, and foreign gold coin containing 115,844 stand ard ounces, of the value of $2,155,233, were deposited, and consisted of bulhon and coin produced in the foUowing-named countries:
Crude buUion. Refined buUiOn. Coin. .
Country. Standard Standard Value. •Value. Standard • ounces. ounces. ounces. Value.
British Columbia .. ... 48,485 $902,047 9,269 $172,438 Northwest Territory 935 17,395 Ontario and Quebec 6,017 111,944 Nova Scotia 2,995 55,722 Mexico : 46,198 859,498 774,909 14,416,912 1,183 . $22,008 Central America 89,287 1,661,154 74 • 1,377 South America 145,473 2,706,474 9,101 169,321 West Indies 572 10,643 Great Britain : 1,021 18,994 Spain 8,267 153,805 Germany 563 10,474 France . • 46 865 Austria-Hungary . 33 614 Sweden 15 279 Holland - ..', 12 223 Russia •. 6 112 South Africa 10 186 Japan 95;087 1,769,060 Mixed 426 7,925
• Total' 339,962 6,324,877 784,178 14,589,350 115,844 2,156,233
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250 REPORT ON THE FINANCES.
DEPOSITS AND PURCHASES OF SILVER.
The deposits of silver received at the mints and assay, offices dur ing the fiscal year ended June 30, 1912, for return to depositors, in fine or unparted bars, with the weight and fineness stamped thereon, aggregated 2,000,291.55 fine ounces. - The United States assay office at New York received the greater part of these deposits. The government of the Phihppine Islands deposited at the United States mint in San Francisco silver coins issued under the act of March 2, 1903, containing 227,303 fine ounces, for recoinage into coins of reduced weight and fineness as authorized by the act of June 23, 1906. The purchases and deposits of silver buUion at the mints and assay offices of the United States during the fiscal year 1912 were as follows:
Items. Fine ounces. Cost.
Commercial bars purchased 3,462,471.76 $2,021 866.59 Um"efined deposits, partings, charges, and fractions 1,328,866.37 727,671.56 Mutilated and uncurrent coins '... 1,982.54 1,087.61 Assay coins and surplus buUion 10,347.65 6,288.97 For return of fine bars 2,000,291.56 1,092,855.16 PhUippine corns transferred for recomage 227,303.00 222,866.28
Total 7,031,262.87 4,072,626.17
DEPOSITS OF JFOREIGN SILVER BULLION AND COIN.
Foreign silver buUion containing 1,063,592 standard ounces and foreign silver coin containing 8,816 standard ounces were received from various countries as follows:
Country of origin. Crude Refined bullion. buUion. Com.
Stand, ozs. Stand, ozs. Stand, ozs.' British Columbia 8,313 Northwest Territory • 211 Nova Scotia 184 Ontario and Quebec 2,389 ~ Mexico ". 500,079 435,376 14 Central America ... 57,094 South America "T. 59,886 853 West Indies . . . 60 Spain 1,026 Mixed 6,923
- Total : 628,216 435,376 8,816
COINAGE.
The coinage durins the fiscal year 1912 amounted to 173,388,176 pieces of the value of $24,567,835.40, as foUows:
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DIBECTOE OF THE MINT. 251
- PhUadelphia. San Francisco. Denominations. Pieces. Value. Pieces. Value.
Gold: Double eagles 130,329 $2,606,680.00 134,500 $2,690,000.00 Eagles •. 104,108 1,041,080.00. 361,000 3,510,000.00 Half eagles :.. 366,167 1,830,836.00 36,000 180,000.00 Quarter eagles . -356,2.38 890,595.00
Total gold . 956,842 6,369,090.00 521,500 6,380,000.00 Silver: Half dollars 1.848,665 904,332.50 2,120,000 1,060,000.00 Quarter dollars 4,016,665 1,004,166.25 1,696,000 424,000.00 Dimes 29,480,665 2,948,066.50 5,730,000 673,000.00
Total silver 35,305,995 4,856,565.25 9,546,000 2,057,000.00 Minor: 5-cent nickels 23,187,764 1,159,388.20 1-cent bronze " ^. 60,998,195 609,98L95 3,494,000 34,940.00
Total minor 84,185,959 1,769,370.15 3,494,000 34,940.00
Total coinage 120,448,796 12,995,025.40 13,561,500 8,471,940.00
Denver. . Total. Denominations. Pieces. Value. Pieces. Value.
V Gold: Double eagles 264,829 $5,296° 580.00 Eagles 455,108 4,561,080.00 Half eagles 402,167 2,010,835.00 " • Quarter eagles 356,238 890,595.00 Total gold : 1,478,342 12,749,090.00 Silver: Half dollars '1,329,880 $664,940.00 5,268.645 2,629,272.50 Quarter dollars 5,712,665 1,428,166.25 Dimes 20,769,000 2,076,900.00 65,979,665 5,597,966.50 Total silver , 22,098,880 2,741,840.00 66,950,875 9,655,405.25 Minor: 5-cent nickels. 4,656,000 232,800.00 27,843,764 1,392,188.20 1-cent bronze 12,623,000 126,230.00 77,115,195 - 771,151.95 Total minor 17,279,000 359,030.00 104,958,959 2,163,340.15
Total coinage 39,377,880 3,100,870.00 173,388,176 24,667,836. 40
In addition to the regular domestic coinage there were manufac tured the following: ' Silver coinage for San Salvador, made at the mint at Philadelphia, consisted of 510,993 peso pieces. The coinage for the Philippine Islands was made at the San Fran cisco Mint as follows: - ° / Pieces'. Pesos (silver) , 295,000 20 centavos (silver) 1,265,000 10 centavos (silver) .' 1,000,505 1 centavo (bronze) , 6,703,000 Total : 8,253,505
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252 REPORT ON THE EIN-ANCES. Average number of pieces struck per die at the coinage mints dur ing the calendar year 1912:
PhUadelphia. San Francisco. Denver. Denominations. Obverse. Reverse. Obverse. Reverse. Obverse. Reverse.
DOMESTIC. Pieces. Pieces: Pieces. Pieces. Pieces. Pieces. Double eagles 51,254 51,254 Eagles 82,702 82,702 11, 536 11, bm Half eagles 22,327 28,486 105,595 105,595 Quarter eagles 28,347 40,749 Half dollars 79,448 124,847 92,552 123,403 56,243 172,48....,0 Quarter dollars ^.. 127,467 163,886 71,243 59,369 Dimes 203,941 208,281 201,723 163,299 198,092 172,254 5-cent nickels 166,405 166,405 23,972 23,972 86,018 93,241 1-cent bronze 345,136 355,886 221,152 192,305 381,076 323,337
FOREIGN. Costa Rica: • ^ 10 centimes 27,533 27,533 5 centimes 54,655 43,724 Philipphies: Pesos 122,939 122,939 20 centavos 56,081 41,323 10 centavos 50,738 50,738 1 centavo 143,289 125,378
PURCHASE OF MINOR COINAGE METAL. There was purchased during the year 17,143,339.05 ounces, equiva lent to 1,775,600 pounds avoirdupois, of minor coinage metal, at a cost of $189,680.46,'and delivered at the Philadelphia and Denver Mints, as follows:
Philadelphia. Denver. Total. Metal. Ounces. Cost. Ounces. Cost. Ounces. Cost.
Copper 13,132,798. 44 $114,055.47 1,458,333.33 $13,460.00 14,591,131.77 $127,505.47 Tm 278,009. 37 8,279.44 8,939.58 275. 85 286,948.95 8,555.29 Zinc 335,737. 50 1,366.03 29,181.25 130. 07 364,918.76 1,496.10 Nickel 1,459,339.68 40,027.60 441,000.00 12,096.00 1,900,339.68 52,123.60
Total 15,205,884.89 163,728.54 1,937,454.16 26,961.92 17,143,339.06 189,680.46
In addition to the above there were purchased 8,000 pounds of prepared nickel blanks, at a cost of $2,708; and 40,000 pounds of bronze blanks, at a cost of $9,450, for dehvery at the mint at Phila delphia. DISTRIBUTION OP MINOR COINS. The amount of minor coins distributed was $2,471,215.35, $307,875.20 in excess of the actual coinage, which excess was drawn from the accumulated stock. The expense of distribution was $29,821.72 for bags, twine, seals, and kegs and for freight between mints and subtreasuries.
From Phila From San From Denomination. delphia. Francisco. Denver. Total.
6-cent, nickel ' $1,669,154.70 $11,020.65 $1,580,175.35 1-cent, bronze 767,332.90 $32,876.60 90,830.50 890,040.00 Total distribution. 2,336,487.60 32,876.60 101,851.15 2,471,215.35 Expenses , ^ 27,937.22 84.50 . • 1,800.00 29,821.72
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DIRECTOR OE THE MINT. 253
Minor coinage issued, melted, and amount outstanding.
Denomination. Coined. Issued. On hand. Melted. Outstanding June 30,1912.
PhUadelphia: Copper cents '.. .$1,562,887.44 $1,562,887.44 $380,827.41 $1,182,060.03 Copper half-cents 39,926.11 39,926.11 39,926.11 Copper nickel cents... 2,007,720. 00 2,007,720.00 803,961.44 1,203,758.56 Bronze 1-cent pieces 20,381,811.83 20,301,330.10 $80,481.73 434,854.41 19,866,475.69 Bronze 2-cent pieces 912,020. 00 912,020.00 340,260.32 571,759.68 Nickel 3-cent pieces .941,349.,48 941,349.48 283,511.95 657,837. 63 Nickel 6-cent pieces 36,916,356.05 34,710,546. 05 i, 205,816.66 3,304,681.50 31,405,864.55
Total 61,762,070.91 60,475,779.18 1,286,291.73 5,548,097. 03 64,927,682.16 San Francisco: Bronze 1-cent pieces 157,980.00 144,466.10 13,513.90 ^ 144,466.10 Denver: . Bronze 1-cent pieces 144,730.00 96,030.50 48,699.60 K 96,030.50 Nickel 5-cent pieces . 232,800.00 18,600. 50 214,199. 50 18,600. 50
Total 377,530. 00 114,631.00 262,899.00 114,631.00 Grand total. ... 62,297,580.91 60,734,876.28 1,562,704. 63 5,548,097.03 55,186,779.25
PHILIPPINE COINAGE.
The following coinage was executed during the fiscal year 1912 at the United States mint at San Francisco for the Philippine Govern ment:
Denomination. Fine ounces Pieces. consumed.
SUver: 88 8 Pesos 151,748.00 20 centaA'^os ! ^ 121.053.22 10 centavos 48,257.82
Total, sUA'^er . 2,550,505.00 321,059.04 Bronze: 1 centavos 5,703,000.00
The total silver coinage to June 30, 1912, from coins received from Philippine Islands for recoinage and from bullion purchased for such coina2:e was as follows:
Coined from new bul Coined from PhUippine coin received for re Total. lion, acts of Mar. 2, coinage, act of June 23. 1903,and June 23,1906. Denomination. 1906.
Pieces. Fine ounces. Pieces. Fine ounces. Pieces. Fine ounces.
Pesos 93,445 •^ 48,068.11 42,530,059 21,929,272.78 42,623,504 21,977,340.89 50 centavos 3,342,126 805,870.13 2,136,000 534,382.26 5,478,126 1,340,262.38 20 centavos . 3,666,162 353,600.36 3,270,759 339,511.24 6,936,911 693,111.60 10 centavos 6,077,392 293,082. 21 4,055,000 213,607.96 10,132,392 506,690.17
Total 13,179,115 1,500,620. 81 51,991,818 123,016,774. 23 66,170,933 24,517.396.04
1 Included tn this amount is 12,299.92 fine ounces of coins reserved for assaj^. (The balance of silver now on hand to the credit of the PhUippine Government is 423.19 ounces, fine.)
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254 REPORT ON THE FINANCES.
Of the coins manufactured for the Philippine Government under the act of March 2, 1903, there were remaining in the Philippine Islands June 30, 1912, the following:
Denomination. Value in Pieces. pesos.-
Pesos 2,190.385 2,190,385.'00 50 centavos 546,118 27«,059.00 20 centavos 2,073,768 414,753. 60 10 centavos -. 3,882,557 388,255. 70
Total : 8,692,828 3,266,453.30
WORK OF THE GOVERNMENT REFINERIES. Bullion was operated upon by the refineries connected with the • coinage mints and assay office at New York during the fiscal year 1912, as shown by the following tables: ^ \ Bullion ojoerations of the refineries.
Sent to refinery. Returned from refinery. Institutions. Gold. SUver. Gold. SUver.
Stand, ozs. stand, ozs. Stand, ozs. stand, ozs. Philadelphia 240,636. 684 622,501.47 241,264.263 '623,926. 75 San Francisco...'. 2,073,517.634 439,190.34 2,073,738.009 444,286.25 Denver .. 1,926,534.596 1,710,630.69 1,926,265.297 1,708,581.96 New York i 2,313,792.947 1,057,193.01 2,313,803.139 1,055,610.67
Total 6,554,481.861 3,829,515.61 6,555,070.698 3,832,405.63
Apparent gain. Apparent loss. Institutions. . . Gold. Silver. Gold. Silver.
Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Philadelphia 627.569 1,425.28 San Francisco 220.375 5,095.91 Denver 269.299 2,048.73 New York i 10.192 1,582.34
-Total' '.'.. 858.136 6,521.19 269. 299 3,631.07
1 Refining operations in the new refinery began on Jan. 11,1912.
Bullion upon which charges were collected and bullion owned by the Goveriiment.
Bullion owned by the Bullion "• upon Avhich GoA^ernmenfretained by the refinery for parting charges for parting were purposes on which no Total. collected. Institutions. charges for parting Avere imposed.
' Gold.. Silver. Gold. SilA^er. Gold. SilA^er.
Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. ' Stand, ozs. Philadelphia 60,917.674 242,041.91 179,719.010 380,459:56 240,636.684 622,501.47 San Francisco 793,751.150 269,362.69 1,279,766.484 169,827.65 2,073,517.634 439,190.34 DeuAJ-er 1,464,267.187 758,597.14 462,267.409 952,033.55 1,926,534.596 1,710,630.69 NcAV York 92,251.589 974,093.31 2,221,541.358 83,099.70 2,313,792.947 1,057,193.01 Total 2,411,187.600 2,244,095.05 4,143,.294. 261 1,585,420.46 6,654,481.861 3,829,615.^51
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DIRECTOR OF THE MINT. 255
By-product of refineries.
Electrolytic Sponge platinum. • Sponge palla Institutions. copper. dium. Osmiridium. Total.
Pounds. Value. Ounces. Value. Ounces. Value. Ounces. Value. Value. Philadelphia.. .. 891.55 $38,871.58 116.50 $5,056.10 $43,927.68 San Francisco 5,126. 67 $908. 44 70.60 2,471.00 12.82 320. 50 1.18 $41.30 3,741.24 Denver 573.70 74.58 116.15 5,400.97 14.95 485.87 6,961.42 NcAv York 175.50 7,634.25 7,634. 25
Total 5,699.37 983.02 1,253.80 54,377.80 144.27 5,862.47 1.18 41.30 61,264.59
EXCHANGE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION. The value of the fine gold bars exchanged for gold coin and bullion monthly by the United States mint at Philadelphia and,assay ofiice at New York for the fiscal year 1912 was as follows:
Exchanged for gold coin. Exchanged for gold buUion.
Months. Philadel New York. Philadel Total. phia. Total. phia. New York.
1911. July $479,633.18 $1,457,339.64 $1,936,972.82 $23,874.01 $404,836.48 $428,710.49 August 476,855.58 2,217,864.70 2,694,720.28 13,816.90 287,142.36 300,959.26 September 581,998. 23 4,182,320.48 4,764,318.71 26,467.72 357,184. 34 383,642.06 October 610,821.81 4,746,719.96 5,357,541.77 27,369.27 370,353.07 397,722.34 November 445,600.29 2,239,395.07 2,684,995. 36 21,643.49 364,658.30 386,301.79 December 312,448. 63 1,608,906.87 1,921,355.50 24,834.21 382,640.93 407,475.14 1912. January 506,013.11 r, 989,988.51 2,496,001.62 17,599.04 313,219.48 330,818.52 February 564,073.09 10,091,055.78 10,655,128.87 16,689.92 319,022.49 335,712.41 March 627,184.27 5,893,418.58 6,520,602. 85 18,429.79 376,047.39 394,477.18 April 658,604.35 2,183,987.86 2,842,592.21 17,549. 64 308,480.56 326,030.20 Kay 557,602.68 2,117,194.19 2,674,796.87 20,296.84 296,935.33 317,232.17 June. 541,965. 68 6,025,925.81 6,567,891.49 18,540.54 340,384.71 358,925.25
Total... 6,362,800.90 44,754,117.45 51,116,918.35 247,101.37 4,120,905.44 4,368,006.81
UNITED STATES MINT AT PHILADELPHIA. This mint was in operation throughout -the year, chiefly upon sub sidiary and minor coins. The details of the deposits and ordinary coinage operations are to be found in general tables elsewhere in this report. PROOF COINS AND MEDALS.
The following table shows the number of proof coins and medals a.Qd their nominal value, manufactured during the fiscal year:
Nominal Articles. A'^alue.
Gold medals 127 $3,456.51 SilA^er medals 545 1,296.55 Bronze medals... 8,620 2,774.03 - Gold proof coins.. 592 4,090.00 SiWer proof coins 1,995 565. 25 Minor proof coins 4,390 131.70
Total 16,269 12,314.04
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256 REPORT ON THE FINANCES.
THE STATE OF THE NUMISMATIC COLLECTION.
Preliminary to a brief statement on the condition of the numismatic collection at the close of the fiscal year just ended it might be well to make an observation upoii the more important subject of the interest now shown by the public in the objects embraced in the collection. In this country there is an improved general as well as scientific interest in that branch of archaeology known as numis matics. It is not easy'to describe in few words the manifestations of an advance in the knowledge and appreciation of a large and important field of information such as the study of the world's coinages has produced during the last seven centmies; yet one is readily made aware of the fact that within the last decade knowledge of the historical significance and cultural value of coins has been widely disseminated among our people, and decidedly marked is the im proved taste for the medal, the artistic character of which is far more widely insisted upon than heretofore. In view of the vast and schol arly literature on the subject one is surprised at the scant attention given to numismatics in this pountry until he learns that the whole subject of archaeology is of rather recent cultivation in America. Comparatively few oi the larger universities of the country have yet been able to provide themselves with professorships of archaeology, and a department so special as numismatics could hardly be expected to have secured large attention. Yet, as before stated, interest in the subject is now increasing; in some of the universities occasional courses of lectures on the Greek orJRoman coinages are now offered, and, judging from the number of instances in which this department has been called upon for advice and expert assistance, the num.ber of institutions whose small historical museums include a limited general collection of ancient and modern coins must be rather large. During the past year the catalogue of the collection has been pub lished and is now on sale. This is a single volume of 639 pages and embraces the entire collection of both coins and medals, and since the collection includes specimens of almost every period and of every country of the civilized world, the catalogue presents a fairly complete conspectus of the world's coinages: Additions to the collection for the j^ear just closed have greatly exceeded the excellent showing of the previous year. A specially good opportunity, in the sale of the large collection of Mr. G. PI. Earle7 jr., was presented for securing long-desired specimens and a considerable number were purchased at that sale—very many, indeed, when the small ainount of the funds available for the purchase of'coins is taken into consideration.
MACHINE SPIOP. 0 In addition to the regular repairs and upkeep of the machinery and appliances, the following new work was done for this mint: Fifteen 2,000-ounce fijie gold bar molds. Iron rack and truck for storeroom. One surfacing machine for boiler headers. Beds, punches, collars, and tubes for automatic weigliing machines for Salvador Un Peso coinage. The three automatic weighing machines of our own designs were run almost constantly since their installation last year, and the grati-
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DIRECTOR OF THE MINT. ° 257
fying tesults obtained in speed and accuracy of weighing were such that two more of these machines were completed during this fiscal year, making a total of five in use at this mint. The three coin presses sent here from the mint at New Orleans, La., were entirely dismantled and rebuilt. . Individual motor drives replace the old belt drives and automatic hopper 'feeds have been added. A new method has been provided for delivery of the finished coin at the side of the press instead of underneath. These improve ments have made the presses up to date in every respect. One new outside packed Worthington boiler feed pump has been installed to take the place of one Barr pump which had cracked and was condemned. Owing to the rush of work necessary to complete the two automatic weighing machines, work on the minor coinage plant was somewhat delayed. The two 16 by 16 inch rolling niills with motor drives have been installed, and the heavy cables, for current have been carried from the main switchboard in engine room to the panel boards at the mills. These mills are the heaviest ever used in minting operations and will be capable of breaking down in a comparatively few passes an ingot 24 inches long, 4^ inches wide, | inch thick, and producing a strip from which will be cut six bronze or five nickpl planchets at each stroke of the cutting press. ^ One new rotary annealing furnace has been purchased and placed in position. i, Considerable progress has been made on the heating and ventilating system. ® . One 100-ton shear for topping the heavy ingots has been completed and is ready for installation in melting room. Several different molds have been made ih order to determine which will prove the best in pouring the large ingot. Work is now in progress on the beds and punches for cutting presses, and also on a 6-inch lever shear'for cutting the strips. During the same period the following work was done in the shops for the mint at San Francisco, Cal.: Equipment for whitening room, consisting df two tumbling barrels, or washing machines. Two conical and two square copper colanders. Three tanks and carriages for rotary annealing furnaces. ' - Six copper-lined trucks. One copper and one lead-lined tub. Two brass pots and two copper colanders for gold. Six copper-lined clipping boxes. • One 6-foot balance with complete complement of weights. . One steel-covered table for use at scale. Three sets of automatic coin press feeders for nickel. ^ Two sets of toggles for sectional collars. Four sets of eagle sectional collars (48 stars). During this year, by reason of the admission of two new States to the Union, it was necessary to change the design on the edge of the eagle from 46 to 48 stars, which made necessary the destruction and replacing of all tools, collars, etc., bearing the 46 stars. For the mint at Denver 58 coin collars were made. For the Department of Agriculture, 10 silver disks. For the United States assay office at New York, repair parts for various machines. 64926°—FI 1912 17
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258 REPORT ON THE FINANCES.
CARPENTER SHOP. .Besides the general repairs and upkeep of the machinery and appli- ^ ances the following work was done by the chief carpenter and nis assistants during the year: , The roof on the Spring Garden Street front of the building was repaired. Part of the old refinery was altered, repaired, and painted, so that it could be used as a workshop by the electricians. The iron grill work, front doors, railings, fences, tree boxes, etc., were cleaned and painted. The new storeroom was equipped with shelving, bins, tables, sta tionery cases,, etc. " ° ^ Two mahogany exhibition cases were made for the numismatic room: ' Card-filing cases were made for the offices of the chief clerk, medal clerk, and coiner. Improvements were designed and added to the counting hoppers, which greatly facilitates the bagging and handling of coin. The counting boards were improved by a new method of inserting and fastening the brass division strips that >vill allow the wood to shrink or ^swell without splitting it or tearing out the brass strips.' Three of these boards have been made for the St. Louis subtreasury. A new safet}^ device has been added to the coin-examining machines. One steelrrail top table was made for the superintendent's transfer, weigh room. Dne table was made for, a new scale in the assay department. Patterns were made for scales, automatic weighing machines, machinery, etc. One counting board was made for Costa Rican 5-centimo pieces coined here. One thousand five hundred and fifty-six silver-dollar storage boxes were made. ' - , ^ Two hundred hardwood-bottom coiii boxes were manufactured. Shipping boxes for San Salvador coins were made. Secret locking devices for the exhibition cases in the numismatic room were designed, made, and placed upon the cases. These locks clamp the covers on the cases, so as to make the cases as near dust-" proof as possible. One portable vise bench was made for the rolling room. For tile San Francisco Mint the following new equipment was made: Two counting hoppers. . . Eight counting boards. Three copper-lined annealing tanks. , . One lead-lined acid tank. One copper-lined cleaning tank.. One selecting table. - , ' ' One steel-rail top bench for ^6-foot scale. Six copper-lined strip cars. Six copper-lined clipping boxes. One mahogany case for 6-foot scale. For the St. Louis subtreasury there were manufactured: Six counting boards.
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DIRECTOR OF THE MINT. 259^
For the New York assay office the equipment of the refinery of this mint was repaired and put in good order, many new articles made, and the whole boxed and crated for shipment.
ASSAYING DEPARTMENT. The operations of this department during the fiscal year 1912 were as follows: = ^ '
Samples operated on.
Item. Gold and Gold. Silver. silver.
Deposits 2,814 Redepos^'ts , 120 Anode melts '. 44 160 Fine melts 37 141 Ingot melts 234 2,430 Experimental melts 13 Bullion assay samples 188 Melter's assay samples 181 Coiner's bars 30 Assayer's bars 37 Superintendent's grain bars\ 32 SAveep samples.^ 38 Certificate bars 12 Silver purchase bars 1,738 Total. 3,154 5,136 626
The number of assays made was as follows: Deposits and purchases 51,310 Ingots (gold and silver) 9,820 Special assays •- .' 3,173 Miscellaneous assays, bronze and nickel 698 Oil assays 36 Total :... - ,- 65,036 The average cost per assay during the year was $0,357. In addition to ,the above, 488 ounces of proof gold and 340 ounces of proof silver were made. Of the 234 melts of gold ingots made by the melter and refiner, 42 were returned for remelting. Of the 2,430 melts of silver ingots, 16 were returned for remelting and 8 were condemned.
The fineness of gold melts passed Avas: The fineness of silver melts passed Avas: 3 melts at: 900.2 42 melts at :.. 900 9 melts at 900.1 92 melts at 899f 57 melts at 900.0 220 melts at : 899^ 63 melts at 899.9 233 melts at .- '.. 899^ 44melts at... 899.8 . 626 melts at «. 899 16 melts at 899. 7 423 melts at 898f 555 melts at 898^ 192 139 melts at 898i 76 melts at..: i 898 2,4Q6 About 70,000 cupels were made.
MELTING AND REPINING DEPARTMENT. Upon the settlement of the melter and refiner's accounts, June 29, 1912, there was found an apparent gain upon the gold bullion of 710.259 standard ounces, and in the operations upon silver bullion an apparent gain of 4,437.32 standard ounces.
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260 REPORT ON THE FINANCES.
The melts 'made aggregate as follows:
Con Melts. Bars. Ingots. Anodes. Deposits. Specials. Re- melted. demned.
Gold 64 .234 47 ' 4,675 47 42 Silver . . 262 2,431 160 368 17 7
Total 326 2,665 207- '5,043 47 59 .7
The large number of remelts in gold was due to the lack of high refinement iii gold shipped to us for coinage. It was not the product of Government electrolytic refineries, and assayed from 993.8 to 998.8. This department, likewise the coiner's department, secures much better results when using highest-grade electrolytically refined gold bars for coinage. ' During the year, 260 barrels of sweeps were recovered^ containing by assay 715.766 standard ounces of gold and 2,545.49 standard, ounces of silver. Of this lot. 111 barrels were.recovered from sweeps sent by the United States assay office at New York, which contained 362.999 standard ounces of gold and 368.56 standard ounces of silver. This 'department yielded 129 barrels of sweeps, containing 273.534 standard ounces of gold and 1,927.10 standard ounces'^of silver, the balance representing superintendent's and coiner's material. Besides this, grains and pellets from minor coin melting operations to the extent of 23,667.67 ounces were recovered by treating in sweep mill. This latter work was carried on without conflicting with regular sweep operations.
Number, weight, and value of gold and silver bars for industrial use, including gold- certificate bars and fine silver bars transferred to New York assay office.
Met^l. Bars. standard ounces.. Coinage value.
Gold - 5,666 686,070.773 $12,764,107.49 Silver 4,441 887; 857.20 - 1.104 643 48
Total. 10,107 1,573,927.973 13,868,750.97
The operations of the refinery were as foUows:
Bullion. Gold. Silver. •
Standard ozs. Standard ozs. Sent to refinery 891,246.30 gross ounces containing by assay 240,636. 684 622,501.47 Bullion received from refinery '. 241,093.795 622,859.21 SAveeps . 170.458 1,067.54 Apparent gain 627.569 1,425.28
The surplus of gold and sUver as shown by our refinery account is almost entirely due to the large returns from dismantling the refinery equipment and burning apparatus that would otherwise have served for years.
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DIRECTOR OF THE MINT- 261 SUver bullion sent to the refinery upon which refining charges were collected contained by assay 242,041.91 standard ounces, and sUver owned by the Government returned to the refinery for parting pur poses upon which no parting charges were collected contained by assay 381,884.84 .standard ounces.
Receipts and deliveries by the melter and refiner.
Minor coinage metal account. Items. Gold account. Silver account. Nickel. Bronze.
Receipts: Stand, ozs. Stand, ozs. Troy ozs. Troij ozs. ^ Settlement metal of June 30,1911... 696,917.492 1,111,855.68 441,851.25 193,435.01 Deposits and purchases. . 105,862.882 315,722.66 Redeposits 56,078.883 27,372.42 ClioDing 610,163. 868 4,023,688.90 Medal clips... ' 343. 556 1,526.52 ' Uncurrent coin s 129,462.005 543,455.90 Transfers from New York 459,835.098 1,308,270.36 Treasury purchases 2,668,.815.85 Pm'chases for San Salvador coinage. 410,710.29 Purchases for medals. 1,435.83 Chips 17,085.150 75,502. 40 Coiners' bars 616.979 11.71 For Agricultural Department 12.58 • For medals... 48.25 Ingot copper 13,125,000.00 Silicon copper. 1,798. 44 Tin 278,009.37 Zinc... 335,737.50 Clipnings 4,457,282.15 3,626,284.80 Uncurrent coin ' 333,030.23 223,824.76 Nickel cubes... 1,459,339.58
Total 2,076,365.913 10,488,459.35 6,705,301.65 17,782,291.44 6,705,301.65 I^'otal minor coinage metal 24,487,593.09 Deliveries: Gold-certificate bars 330.788.530 Merchant bars 335; 890.103 856,877.01 .Fine bars.' -157,287. 616 48.25 Unparted bars 95,465.370 348,125. 06 Ingots .. 1,151,248.650 9,273,405.50 9,561,286.20 10,853,151.50 Assayers' proof '623.166 654. 67 Strips and disks 16. 702 97.65 Medal ingots '.'. 682. 778 3,148.39 SA^'ceps 273. 534 1,927.10 Miscellaneous. 4,799. 723 ' 8,613.04 Copper 2,854,614.58 Silicon copper. 3,366. 00 Tin 285,177.08 Zinc... 155,720.83 Clippings 1,409.70 407.60 Nickel metal 697,433.33 Shoe bars i.iei. 60 Grains from SAveeps 280. 50 Residue. : ' 4,057.50 . 1,352.00 Total . 2,077,076.172 10,492,896.67 10,267,833.23 14,151,584.59 10,267,833.23 Total minor coinage metal 24,419,417.82
Surplus 710.259 4,437.32 Wastage 68,175.27
Refinery 240,636. 684 622,501.47 Ingot room 1,428,638.609 9,544,954.87 9,699,591.10 10,921,993.06
Total 1,669,275.293 10,167,456.34 9,699,59L10 10,921.993. 06 9,699,591.10
Total minor coinage metal • 20.621,584.16
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262 ' REPORT ON THE HNANCES.
This department has had before it for consideration an improved method for melting and handling the minor coin metals, so as to turn out an ingot weighing about 25 pounds. Our present system of pouring two 4-pound ingots into a double mold and then throwing this filled mold down to the next in line to open and extract the ingots is crude, though it might pass muster for the deliberate and exacting work of gold and silver ingot making. However, for quickly and effectively handling large volumes of minor coin metal a less laborious and more mechanical method impresses the careful ob- . server as much to be desired. This department during the past year has with comparatively little expense tried out two different types of oil furnaces on our special work. The furnaces were shipped to us and after trial re turned at the expense of the factories and this Government- was only at the expense of setting up, providing suitable molds, and operating. The first type tried was an oil-burning reverberatory tilting furnace. Tt was originally planned to run our metal down in this furnace under a heavy flux; this not being feasible, we tried it out with the flame playing directly over metal charge. The results upon bronze were better than anticipated, in that the ingots were solid and the pro- ortion of zinc not unduly reduced. On the cupro-nickel melts, Eowever, it was impossible to get solid ingots, the oxides of the metals preventing a uniformly sound casting. While with this fur nace we poured direct into the molds, the mechanism for tilting was not perfect, which resulted in spilling by overflowing, when it • was desired to exactly fill the molds. The other furnace tried out 'was an oil-burning tilting crucible type, using No. 125 crucible. This furnace possesses some excellent, features and much better accuracy in tilting and pouring direct was secured by its use. The great trouble, however, as found by. testing it out, was due to excessive oxidation on account of the construction not permitting use of a cover on the crucible. The problem before us now seems not to be so much a furnace one (unless it be an electric crucible furnace) as, one dealing with' good mechanical methods \)f getting molten metal into molds and in a nonlaborious way extracting the ingots from the molds. This department sees the possibilities of quickly getting the molten metal from the crucible if this is grappled by heavy tongs, removed from the furnace, and tilted over the molds. This, while rapid, involves great risk to workmen and shortens the life of the crucible, primarily by crushing with tongs while hot and mor'e or less soft and then again by subjecting it to cooling drafts outside of furnace. We think some better method than this will be evolved and are about to try out another plan that will get out very much more metal in eight hours than we are now doing, and less laboriously than is our present practice. As we now see it, an electric crucible furnace would be^ our most satisfactory melting scheme, though we have 3^et to see the efficient type that will meet our requirements. This being the case, we are led to expect that our coming equipment must be of the oil-burning type, for no strides of any consequence have lately been made in the matter of melting large quantities of high-grade nonferrous metals without undue oxidation.
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DIRECTOR OF THE MINT. 263
There is little difficulty in getting proper temperature in most any modern oil furnace, but the proper control of this high temperature so as to melt with a minimum of oxidation is of utmost importance; after this, getting the metal out quickly and with a minimum of labor into good bars should follo^y. The assistant melter and refiner has invented a new form of mold, which need not be lifted in order to remove the ingot. It promises to be a very useful and labor-saving .device which can be used with any furnace. A number of these molds are being prepared and a new experimental furnace is expected here in the near future. - Our experiments have demonstrated that the tilting type of furnace, as now made, is unsuitable for oiir service, though possessing some attractive mechanical features. A further development along melt ing lines is necessary if good solid metal is to result.
COINING DEPARTMENT.
During the fiscal year 1912 this department received from tne superintendent 1,193,100.92 standard ounces of gold for coin, which was operated upon and from which there was produced 343,338.587 standard ounces of coin of the value of- $6,369,090, and delivered to the superintendent during the fiscal year prior to settlement. There was also delivered to the superintendent prior to settlement, 627,- 839.958 standard ounces of gold in clippings, bars, condemned coin, and sweeps, and there were delivered in settlement 222,939.05 stand- , ard ounces in finished coin and blanks. The entire operation showed a gain or surplus of 16.796 standard ounces.of the value of $312.48. A recovery of former wastage from the pipes and wells contributed this surplus. The percentage of coin produced to the amount of metal operated upon was 28.69 per cent. This low percentage was due to a low-grade gold which had not passed through the mint refinery and the coinage of a large amount' of half eagles, and all quarter eagles without adjusting the blanks, the pieces being weighed only after coinage, and those found above or below the tolerance returned to the melting pot. The design of these two denominations will not allow any shaving or fUing of the blanks. A large percentage of the gold delivered to the superin tendent at settlement consisted of unfinished coin and blanks. During the same period the coiner also received from the super intendent 9,189,533.65 standard ounces of silver for coinage, of which 9,156,325.45 standard ounces were operated upon, from which there were produced 3,903,152.33 standard ounces of coin of the value of $4,856,565.25 in subsidiary silver coin, and 410,710.29 standard ounces of silver coin for the Government of San Salvador, from which there were produced $510,992.58 in United States subsidiary value, and delivered to the superintendent during the fiscal year prior to settlement. There were also delivered to the superintendent during the fiscal year prior to settlement 4,099,343.56 standard ounces of silver clip pings, condemned coin, and sw^eeps, and there were delivered at settlement 775,629.05 standard ounces of ingots, unfinished half dollars, quarter dollars, dimes, and finished Costa Rica coin. Upon
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264 RE.PORT ON THE FINANCES.
the entire operation there was a wastage of 693.27 standard ounces - of the value of $372.78, being 7.57 per cent of the legal allowance. The percentage of coin produced to the amount operated upon was 54.80 per cent. This includes the coined half and quarter dollars . (awaiting weighing), dimes, and finished Costa Rica coin delivered in ^settlement. ^ There were also delivered to the coiner durmg the sanie period 9,944,707.25 standard ounces of nickel ingots and blanks, from which 'there were produced from the metal operated upon 3,727,986.76 stand ard ounces of 5-cent pieces of the face value $1,159,388.20, upon which there was a wastage of 6,472.19 standard ounces of the value of $75.74, being 79 per cent of the legal allowance as allowed on sUver. There were also delivered to the supermtendent during the Jiscal year prior to settlement 4,457,208.80 standard ounces ui chppings, condemned blanks, condemned coin and chips, and there were delivered at settle ment 1,753,039.50 standard ounces of ingots. The percentage of coin produced to the amount of metal operated upon was 45.51 per cent. This low. percentage is owing to the large percentage of con- deinned blanks. There were also delivered to the coiaer during the same period 13,832,172.33 standard ounces of copper-bronze mgots and blanks, from which there were produced from the metal operated upon 6,113,984.30 standard ounces of 1-cent coin of the lace value of $609,981.95, upon which there was a wastage of 2,920.93 standard ounces of the value of $34.18, being 29.98 per cent of the legal allow ance as allowed on sUver. - ~ There were also delivered to the supernitendent duruig the year, prior to settlement, 3,626,284.80 standard ounces in clippings, con demned coin, and blanks, and there were delivered in settlement 4,088,982.30 standard ounces of mgots. The percentage of com produced to the amount of metal operated upon was 62.75. It will be noticed from the above figures that the wastage on minor coin is much lower than in previous years. This saving is due to the new process of cleaning, supplanting the old and expensive method of acid cleaning. By the elimination of the acid process we not only save in the wastage, but in the cost of material and wear and tear of machinery. In addition to the gold received for coinage the coin,er received 682.778 standard ounces of fine gold for medals, from w^hich 176.623 standard ounces were used in the manufacture of medals. This amount and 343.556 standard ounces in clippmgs were delivered to the supermtendent prior to settlement and 162.720 standard ounces delivered in settlement. The coiner also received from the superintendent durmg the same period 3,148.39 standard ounces of fine silver. From this amount 1,404.61 ounces were used in the manufacture of medals, and this amount with 1,531.53 ounces in clippings were delivered to the super intendent prior to settlement and 217.40 standard ounces in fine silver delivered in. settlement. The slight gain in gold and silver is included m the gain and loss in the comage of gold and sUver. The gold, silver, and minor domestic coinage for the vear amounted to $12,995,025.40 in United States com, and $510,992.58 m United
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DIRECTOR OF -THE MINT. 265 States subsidiary value of coins made for the Government of San Salvador, making a total of 14,498,172.26 standard ounces of metal consumed in the entire operation. Net wastage on this amount of metal was $170.22. IMPROVEMENTS. Improvements in the way of an independent minor-coin plant are well under way. The basement under the northwest terrace corner of the building has been fitted up for that purpose. The object of this separate plant is to keep the workings oi the base metal isolated as much as possible from those of the precious metals. Considerable suitable machinery has already been installed. Two large 16-inch rolling mills, driven by 175-horsepower 'electric motors, have been placed in position. These mUls will be used for rolling and finishing bronze and nickel ingots 24 inches long, 4^ inches wide, and | inch thick. Two cutting presses capable of cutting six blanks or planchets, two automatic rotary gas furnaces for annealing blanks, and one strip annealing gas furnace for annealing large ingots. Two centrifugal drying machines and sufl5.cient tumbling barrels to do the work are being added. The plant wiUhe in operation before the end of the year. Two automatic weighing machines have been added to the three now in use in the automatic scale ;room, making five m aU. In weigh ing blanks or com these five machines wfll weigh over 200,000 pieces per day. Three coining presses and one 9-inch rolling mill from the New Orleans Mmt have been rebuilt and added to our present equip ment. An improvement has.been made on the coining presses. Instead? of delivering the coin after it is struck through a leather boot to a box or receptacle directly under the press it is delivered through a pipe to a screened box fastened on the side of press. The advantage over the old way is the money can be easily handled and is always in full view of those in charge of the presses.
Receipts and deliveries by the coiner.
Items. Gold account. Silver account. Nickel account. Bronze account.-
Receipts: Stand, ozs. Stand, ozs. r- Troy ozs. Troy ozs. Settlement metal of June 30,1911... 12,902.870 181,428.55 367,318.88 2,239,060.40 Ingots 1,180,198.050 9,008,105.10 9,460,721.70 11,009,778. .60 Ingots, medal 682.778 3,148.39 Blanks 116,666.67 583,333.33 Total. 1,193,783.6 9,192,682.04 9,944,707.25 13,832,172.33 Deliveries: Coin, domestic 342,338.587 3,903,152.33 3,727,986.76 6,113,984.30 Coin, San Salvador 410,710.29 Clippings, condemned and SAveeps. 627,839.968 4,099,343.56 "4,'457,'268."86 '3'626,'284.'SO Medals and clippings 520.179 2,936.14 Coin and blanks 222,939.050 775,629.05 Medal metal 162.720 217.40 Ingots: 1,753,039.50 4,088,982.30 Total. 1,193,800.494 ' 9,191,988.77 9,938,235.06 13,829,251.40 Surplus 16.796 Wastage 693." 27' 6,472.19 2,920.93 Amount operated upon 1,193,783.698 9,159,473.84 8,191,667.75 9,743,190.03 Percentage of coin produced to amount operated upon 28.69 47.10 45.51 -62.75
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266 REPORT ON THE FINANCES.
ENGRAVING DEPARTMENT, All the dies used in coining operations-in all of the mints are made in the engraving department at Philadelphia. The embossed-enve lope dies used by contractors supplying envelopes for the Post Oflice Department and Postal Savings Bank are also made here; also dies for Army and Navy and other authorized public medals. The mint is reimbursed for the actual expenditures for labor and materials ori these medal accounts. The number of dies prepared for United States comage last year was 2,110. In addition, 265 dies were made for Philippine coinage, 78 for Costa Rica, 4 for San Salvador, 158 for Post Office Depart ment, 11 for medals, and 30 master dies and hubs; in all, 2,056, as foUows:
Denomination. Philadel San Fran Denver. phia. cisco. Total.
Gold: Double eagle 10 10 Eagle... . 10 20 30 Half eagle 35 35 Quarter eagle . 35 35 Total 90 20 110 Silver: Half dollar 80 70 44 194 Quarter dollar 158- 55 24 237 Dime .... 315 SO 246 641 Total ... 553 205 314 1,072 Minor: 5-cent 295 158 453 1-cent .' 217 52 78 •347 Total ' 512 52 236' SOO Philippme: Peso " 20 20 20 centaA'^os 70 70 10 centaA'^os 40 40 1 centaA'^o .. • 90 90 Total 220 220 Costa Rica: 10 centimes 38 38 5 centimes : 40 40
Total 78 78 San Salvador: Peso 4 4
Grand total coinage dies 2,418 Proof dies 38 Master dies and hubs for comatje \ 31 United States pOstal-saA'^ings die and hub 2 United States embossed-euA'^elope dies (stamp dies) 156 Medal dies 11 Total : 2,C56
NUMBER OP EMPLOYEES. The total number of employees in this-mint at the close of the fiscal year was 333, distributed in the several departments as follows:
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DIRECTOR OF THE MINT. 267
General : ^.. 175 Assayei-s : 13 Melter and refiners , "^46 Coiners 91 Engravers , 8 Total 333
A large number of visitors from all States of the Union and from foreign countries visited the mint during the year, 84,763 having been shown through the building by the several guides.
MINT OF THE UNITED STATES AT SAN FRANCISCO. . '
This mint was in operation throughout the year. The details as to deposits and coinage operations are given in tables elsewhere. The appended extracts from the report of the superintendent of the mint are submitted: Until the year 1897, this mint was operated with an equipment unchanged in any respect from the date of its first installation, more than 40 years before. However, that was a condition existing in all United States mints. With the advent of the McKinley administration came a Director of the Mint who saw there was need of remodeling the methods of mint operations by the introduction^ of improved machin ery^, the use of electric drives instead of steam power, the adoption of gas and oil as a' substitute for coal and coke in melting furnace work and the adoption of the electro lytic method of refining in place of the old acid system, all of which was conducive to better or higher class of work, and with neatness and economy and greater coinfort to the employees. ' - . " With the mint at Philadelphia the changes were brought about in comparatively short time as a new building was erected and the new machinery installed while the old mint was operated without interference until the new quarters were ready for occupancy, but with this institution the conditions were quite different. The extraordinary demand for coinage from it began with the Alaska gold discovery in 1897, a demand that exceeded any requirement way beyond anything in its history or even expected of it, and this was augumented by the necessity of making the ^ coinage for the Philippines here. Under this call upon its resources, it operated to ' the full capacity of its machinery and the excellent force of men employed without cessation or lull for nearly 13 years, making a record for quantity, quality, and cost that was a source of pride to all concerned. Yet it was during this period that the changes above alluded to were made. Prior to the alterations, the power plant consisted of one 150-horsepower walking beam steam engine, one 30-horsepower Corliss steam engine and four other smaller steam engines—six in all, steam being supplied by a battery of four Scotch boilers of the marine type. The rolling mills were all driven from one main shaft 8 inches in diameter and .60 feet long. The coining presses were all operated from one shaft line. Thus, if only one press was needed to be run, the least power that could be used was the 30-horsepower engine. The efficiency of the 150-horsepower engine was only about 50 per cent of its rating, consequently the great waste in the power plant was obvious. The old-fashioned • coal and coke melting furnaces were changed one by one to gas or oil burning, so that the melting was done by gas flame in some instances and by oil in others. Electric motors one by one were placed in position and made to drive- different macliines and by degrees took the place of steam power. New rolling mills, punching machines, annealing and cleaning devices of the latest pattern were installed. In fact, an entire change in the coinage niachinery was perfected, with the exception, I may say, of the presses. The presses used in the United States mints are equal, if not superior, to any press that has been devised, but even the presses have been equipped with additional devices that have greatly added to their efiiciency. The old acid refining plant was entirely removed and in its place was substituted an electrolytic refinery which for neatness, capacity, and efficiency is unequaled, unless it shall be by the new refinery that is being installed in the New York assay- office, o
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268 REPORT ON THE FINANCES.
The old methods of adjusting were dispensed with and hand scales replaced by the modern" weighing machines. It is something of interest to know that all of these changes made, whereby the institution was brought up to the highest standard of a modern plant, were accom plished, as I said before, while it was being operated to its fullest capacity on coinage, without the loss of one single day in operation. To accomplish this has taken much time, but the work has been completed, and the San Francisco Mint is equal to any other institution in the matter of modern machinery and efficiency. It may well be said here that our Government has not relied or depended on other Governments for ideas in modernizing or remodeling its coinage machinery, for almost in every instance the new machines are the invention of, or have been constructed on ideas offered by, officers engaged in the mint service. This mint has contributed its share in the general improvement of machinery. It was here that the rolling mill now in use was made and brought up to its high grade of efficiency. Perfect work in the rolling mill siniplifies all other operations. The officers of this institution spent much time and study and experimenting in perfecting the rolling mills, and when success finally crowned their efforts the introduction of the automatic cutting and weigliing was a simple matter. Accompanying this review I beg to call your attention to the statement of Asst. Coiner P. A. Kearney on matters connected with rolling mill work. I also desire to refer to the statement herewith made by Mr. E. R. Leach, super intendent of the melting and refining department, relating to the adoption of a sirnple method for recoveries of volatilized metals in the melting department, also to \he discovery of a refining-furnace product by Mr. E. J. Wagor, superintendent of the refinery, a matter of considerable scientific interest as something new and possibly unheard-of before, and also direct attention to the very interesting report by Mr. M. A. Martin, assayer of this mint, bearing on,matters relating to the accuracy of assay -work, and particularly, to the method devised by him of assaying fine silver, a method which seems to reach more reliable and accurate results in the determination of the silver contents of certain classes of bullion. The assayer of the niiat reports, in part, as follows: During the fiscal year several interesting experiments were inaugurated in the hope of increasing the efficiency of the assay department, the most important of these coming under the following heads: ''The relation between the surcharge and the denomina tion of a gold proof," ''The modification of the Gay-Lussac method for the humid, assay of fine silver bars," and "The determination of silver in mass melts of gold bullion." The results of these investigations appear below.
THE RELATION BETWEEN THE SURCHARGE AND THE DENOMINATION OP A GOLD PROOF.
In a large institution like the San Francisco Mint, where the daily deposits of gold bullion vary in fineness from 200 or less to 990 and over, it is evident that frequent instances necessarily occur where the question of suitable proof denominations has an important bearing upon the problem of reporting the assays with as much prompt ness as rs consistent with a proper degree of accuracy. Upon many occasions the work has been so congested as to render it extremely inconvenient, if not actually out of the question, to accompany the assays of certain deposits of widely varying finenesses with-individual proofs of special denominations, In. the effort to obviate tliis difficulty, a length^ series of experiments was conducted with the idea of ascertaining the definite relation, if such existed, between the respec tive surcharges of gold proofs made up with varying amounts of gold, but cupeled and . parted under identical conditions. The proofs were weighed up in sets of eight, each set being run in two rows of four- cupels each, with 40 grains of lead, 15 gold weight of copper, and 2 parts of silver to I of gold. Each set was subjected to two 10-minute partings in 32° nitric acid. To avoid drawing any erroneous conclusions from results possibly due -to position in the furnace, the odd-number sets were run with the liigher proofs in the front row of cupels and the lower ones in the row behind, while in the case of the alternating sets the low proofs were placed in front With the higher proofs in the rear. One set' containing duplicate proofs of four denominations was run through daily for a period of four weeks. The results were as follows:
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Denominations. Set. / 1,0,00 • 900 800 700 • 600 500 400
/1,000.3 900.1 799.9 ' 699.9 1 \1,000.3 900.1 800.0 699.8 2 /1,000.55 900.45 800.2 700.1 \1,000.6 900.35 800.15 700.1 /1,000.6 •900.3 800.2 700.0 \1,000.6 900.4 800.3 700.1 ^ /I,000.6 900.45 800.4 700.2 \1,000.65 900.5 800.3 - 700.2 /1,000.7 900.4 800.2 700.1 \1,000.6 900.35 800.25 700.1 • \ 700.1 599.9 499.7 399.55 6 \ 700.05 599.8 499. 65 399.45 d, OOO. 25 900.15 799.95 699.85 \1,000.3 • . 900.05 800.0 699.9 " a,ooo.7 900.55 800.5 ' 700.4 900.6 800.45 700.35 \1,000.8 900.45 800.35 700.25 9 /1,000. 6 900.45 800. 4 700.25 \1,000.65 in 900.35 800.25 700.15 11,000.55 900.35 800.25 700.1 n \1,000.6 900.35 800.2 700.1 11,000.55 900.4 800.25 \1,000.5 700.15 900.4 800.2 700.1 599. 95 12 •| 900.35 800.15 700.1 599.95 > 900.1 800.0 699.9 599. 85 13 < 900.05 799.95 700.0 599.75 800.2 14 / 900.3 700.05 599.9 900.3 800.2 700.05 599. 95 \i 900.55 800.4 700.3 . 600.1 , 15 900.5 800.35 700.25 600.1 •N { 900.35 800.2 700.05 699. 95 . 16 I\ :•;. GOO.25 800.2 700.1 599.9 { 700.25 600.05 499.9 •399.7 .^ {;:... 700.2 600.1- . 499.9 399.8 18 1 •-- 700.05 599.9 499.85 399.7 \ 700.05 599.95 499.8 399.7 19 J 700.2 600.0 499.9 399.75 700.2 600.1 499.9 399.8 \ 900.6 800.5 700.3 600.1 20.. .• 900.6 800.4 700.25 600.1 •( 900.1 800.0 700.0 599.8 21 {\ 900.1 800.0 699.9 599.8 22 j 900.4 800.25 700.1 600.0 900.4 800.25 700.1 600.0 23 I 900.5 800.4 700.3 600.1 900.5 800.35 700.2 600.05 \ 900. .35 800.3 700.15 600.0 OA )::::::::. • \ 900.4 800.2 700.1 600.0 . -
The average cornet weights of the different denominations were as follows:
1,000 900 800 700 600 500 400
1,000.56 900.35 800.22 700.11 599.96 499.82 399.68
A study of the above figures shows conclusively that under identical conditions, and between certain limits, the surcharge of a gold proof increases in direct proportion to the amount of gold added, this increase in the case of proofs running from 400 to 900 fine averaging slightly over one-tenth of a thousandth for each extra hundred points of gold added. It is also demonstrated that the same cupelling temperature which gives, a surcharge of three-tenths of a thousandth upon a 900 proof will inevitably give us ''minus" proofs in the cases of all denominations under 600. The practical application of the inference to be drawn from these conclusions is very apparent. Whenever, for instance, it is inconvenient to run a proof of special denom ination with one or more assays of bullion between 400 and 700 fine, it is possible to correct the weights of the assay cornets by means of an arbitrary surcharge based.upon the surcharge of the regular proofs which have accompanied the sets. By this means it is possible to save considerable time without materially endangering the accuracy of the assayer's figures. The method is, of course, not applicable to low-grade bullion relativelyhigh in base, special proofs being required for such deposits,
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270 REPORT ON THE FINANCES.,
The following table gives the assay results upon several bullion samples accompanied by 900 proofs, but corrected by means of arbitrary surcharges. The results subse quently obtained in assaying these samples separately are included for purposes of- comparison:
Assays with 900 proofs. Special assays. •
No. , Arbi Cornet! Proof. trary- Reported. Cornets. Proof. Net. proof.
6601 ' '. 713.2 900.3 700.1 713.0 713.4 700.2 713.2 713.1 900.2 700.0 713.3 713.1 6614 710.1 900.5 700.3 709f 710.1 700.2 709.9 710.1 900.4 700.2 709.9 709.7 6621 674.6 900.5 700.3 674i 674.5 ' 700.1 674.4 674.6 900.5 700.3 674.4 674.3 6665 "- 512.9 900.7' 500.3 512.5 512.6 500.0 512.6 512.7 900.6 500.2 512.5 512.5 6679 558.9 900.8 600.5 558J 558.7 600.2 558.5 558.6 900.5 600.2 558.5 558.3 6725 387.5 : 900.5 400.0 387i 387.3 399.9 387.4 387.4 900.5 400.0 387.3 387.4 6744 602.8 900.5 600.2 602.5 603.1 600.4 . 602.7 602.9 900.7 600.4 603.1 602.7 6760 504.0 900.5 500.1 503i 504.1 500.2 503.9 503.9 900.5 500.1^ 503.9 503.7 6918 461.3 900.7 500.3 4601 460.9 500.1 460 8 460.8 900.4 500.0 461.0 460.9 6965 -c 616.7 900.8 600.5 616i 616.7 600.2 616.5 616.7 900.6 600.3 616.6 616.4
MODEFICATION OF THE GAY-LUSSAC METHOD OF ASSAYING FINE SILVER BARS. ^ Differences having arisen during the latter part of 1911 between this mint and an outside refinery, regarding the fineness of certain silver bars purchased by us for coin age purposes, it was considered advisable to adopt some system of hiimid assaying which would enable the assayer to determine the silver contents of such bars to a closer degree of accuracy than was practicable under the straight Gay-Lussac method. With this idea in view a modified method was utilized, said ihodification consisting in the use of ammonium sulphocyanate instead of the usual decinormal salt to deter mine the amount of silver unprecipitated by the standard salt solution." This process, while occupying more time than that consumed by the old method; gave results which npt only agreed closely, but which enabled us to determine the finenesses of the bars in question to the tenth of a thousandth. The assays follow: \ ! Silver fineness. Silver fineness. No. No. A. B. B.
556 ' 998.9 998.9 559 999.0 998 8 998.9 998.9 998.9 998.8 557 998.9 998.9 560 999.1 999 2 998.9 998.9 999.1 999.2 558 . •:- ..." 998.9 998.8 561 999.1 999 1 998.9 998.8 999.1 999.1
In preparing to run through a series bf fine silver assays we weigh up two proofs of pure silver at 1,020 milligrams, dissolve in an ounce of 32° nitric acid (retaining bottles on sand bath untU the fumes of nitric acid have disappeared), and 100 c. c. ' of standard salt solution and agitate for five minutes in the usual manner. The clear- eolutions are then decanted into fresh bottles (humid assay pattern), care bemg taken that no appreciable amount of the chloride passes over with the nitrate. If the decan- tations have been performed-with the proper care it will be safe to ignore the com paratively minute amount of silver solution retained in the chloride precipitates. JEowever, we usually wash in a little distilled water, and decanting as before, add the wash water to the balance of the solution. Five c: c. of a saturated solution of ferric, ammonium sulphate are now added as an indicator, and each bottle in turn is placed, under a burette containing a solution of ammonium sulphocyanate, 1 c. c. of which will precipitate 1 milligram of silver. The sulphocyanate is run in a few drops at a time, the bottle being rotated in the
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DIRECTOR OF THE MINT. 271
hand after each addition, until the precipitated silver commences to settle to the bottom. The reagent is now, added drop by drop until the appearance of a faint brownish red color that will not disappear on shaking. This point having been reached, a reading is taken of the burette and theamount of silver precipitated by the standard salt solution deterniined by differences. For instance, if it was necessary to add 18.9 c, c. of the sulphocyanate solution in order to reach the end point, the standard salt is credited with havmg precipitated 1,020 milligrams minus 18.9 milligrams, or 1,001.1 milligrams of silver. The strength of the standard solution having been determined, samples of the bars to be assayed are weighed up at 1,020 milligrams each and treated as described for the proofs. The calculation of the actual fineness of a sample is very simple. Taking the direct reading of the burette as representing so many milligrams of silver pre cipitated by the sulphocyanate, the amount thus determined is added to the number ' of milligrams precipitated by the standard salt, and the sum divided by the weight taken for assay. Thus, if it has required 18.1 €. c. of sulphocyanate to arrive at the end point in a certain assay, we have: Milligrams. Precipitated by standard salt (as shown by proofs) 1,001.1 Precipitated by sulphocyanate (as shown by burette) 18.1 Total 1,019.2 1,019.2 divided by 1,020 equals 0.9992. The sample, therefore, is 999.2 fine in silver. In making up the sulphocyanate solution about 8 grams of the salt are dissolved in a liter of water. After determining the strength of this stock solution by means of pure silver proofs weighed at 200 milligrams each, a portion is diluted and tested until 1 c. c. will precipitate exactly 1 milligram of silver. To secure correct results it appears essential to add a uniform amount of acid upon, each occasion, to boil off all traces of nitric oxide fumes, to decant the solutions with close uniformity of detail and to perform this operation as soon as possible after the addition of the standard salt, to use a uniform quantity of the indicator and to -conduct the titrations at approximately the same temperature. It is especially necessary to use care in decanting. No harm would probably be done if quite an appreciable amount of silver nitrate was retained in the chloride, provided that the same amount had been retained in the case of the proofs, for the amount of silver thus neglected would be credited to the standard salt solution and an error thereby avoided. The moment, however, that the decanting operations cease to be uniformly executed, the value of the method is vitiated and the results become unreliable. It may be suggested by some assayer that the solutions should be filtered instead of decanted. We have done this upon several occasions,- but do not find that the resulting slight increase in accuracy is of sufficient importance to warrant the con sumption of extra time involved. THE, DETERMINATION OP SILVER IN MASS MELTS OP GOLD BULLION. For several years past we have experienced no little difficulty in the endeavor to correctly determine the silver contents of gold bullion mass melts by means of cupel- lation, the many varieties of alloy usually present in bullion of this character ren dering it almost impossible to obtain a close agreement between duplicate assays. Early in the fiscal year we experimented with a different method, the results of which have been so satisfactory as to justify its permanent adoption. The details of the process are as follows: A scorifier about two-thirds full of 98 per cent potassium cyanide is placed in the front of the muffle furnace, care being taken that the contents are kept below the boiling point. The assay is weighed up at 1,000 gold weight, wrapped in a small sheet of lead foil weighing about 1 gram and immersed in the molten cyanide. A piece of stick cadmium weighing approximately 5 grams is immediately added, and by a slight rotation of the scorifier is brought into contact with the bullion sample. The metals unite rapidly, a complete .alloy usually being formed in two or three minutes. The contents of the scorifier are then poured into a round bottom mold, allowed to cool for a few moments, and the cadmium button separated from the cyanide, which may be used a second and a third time before being discarded. The button is cleansed with hot water, placed in an ordinary humid assay bottle, and boiled in 2 ounces of 32° nitric acid. When the brownish red fumes have entirely disappeared, the solution is diluted with 100 c. c. of distilled water and 5 c. c. of a saturated solution of iron alum added as an indicator. The contents of the bottle are then titrated with a solution of ammonium sulplocyanate, 1 c. c. of which is equivalent to 10 gold weight
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272 REPORT ON THE FINANCES.
of silver.. The complete- precipitation of the silver is, of course, 'indicated by the formation of a brownish red color which will not disappear on shaking. The fineness of the sample is obtained by multiplying the dnect burette reading, by 10. Operations of the assay department, fiscal year 1912.
Samples operated on. Item. Gold. Silver. Total.
Deposits 16,258 1,642 17,900~ Redeposits 432 432 Exchange bars 68 '"162 170 Purchase bars. 134 134, Return bars 52 52 Anode melts 612 452 1,064 Mint fine melts 2,120 316 2,436 Ingot melts 232 3,230 3,462 Consolidated melts. 172 172 Experimental samples 116 22 138 Bullion assay samples 12 12 Superintendent's grata bar 14 14 Melter and refiner settlement bars 122 150 Coiner's settlement bars 18 26 Assayer's bars 44 56 Sweep samples ,.. 93 186 General Land Office ore samples.. 75 . 147 Forest Service ore samples.. • 10 20 Total 20,584 5,987 26,571 In addition there were assayed for the General Land Office and the Forest Service 3 samples,for copper^ 9 samples for lead, 8 samples for tin, and 5 samples for platinum. Number of assays made and segregated. > Number Number Assays. Assays. segre made. gated.
Gold ...... 62,596 Deposits 52,413 Silver 7,456 Purchases 1,893 Sweeps 210 Ingots 4,208 Bureau of the Mint .' 713 Refinery . 7,073 'General Land Office 314 Miscellaneous 5,772 Forest Service 70 Total 71,359 Total 71,359
Cupels made, 120,000. Leads cut and rolled, 120,000. The average cost per assay was $0,298.
Fine gold determinations. ^ Fine silver determinations.
Fineness. Melts. Fineness. Melts.
994.3 : ' 1 999 :... 3 9981 6 999^ 74 998.2 • 3 1 999| . . 2 998 3 5 998.4 5 Total..... 79 998 5 5 998.6 '. 2 998.7 3 998.8 • 3 998.9 9 999.0 21 999.1 14 999 2 .. .'.... 23 999.3...: 54 999 4 39 999.5 • 16 9996 '.... 3 Total -.. 212
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Ingot melts.
Passed ' Melts. on first Remeited. Total. melting.
Gold ingots 108 2 110 Silver ingots . 1,118 24 1,142 Philippine pesos 233 0 233 Philippine 20 centavos 167 3 170 Philippiue 10 centavos - -. 69 1 70 Total 1,695 30 1,725
Two melts of Philippine pesos were condemned. Fineness of ingot melts.
Domestic coinage. Philippine coinage.
Gold. Silver. Pesos. 20 centavos. 10 centavos.
16 at 899.8 1 at 898.7 9 at 798.4 1 at 747.8 54 at 899.9 97 at 898. 8 17 at 798. 6 2 at 748. 0 32 at 900.0 267 at.899.1 30 at 798. 8 19 at 748.2 23 at 748.2. 5 at 900.1 274 at 899. 3 52 at 799. 0 29 at 748.5 11 at 748.5 1 at 900.2 ' 226 at 899.5 53 at 799.2 32 at 748. 7 17 at 748. 7 158 at 899. 8 35 at 799.4 41 at 748.9 • 15 at 748.9 67 at 900.0 28 at 799. 6 25 at 749.2 2 at 749.2 20 at 900. 2 4 at 799. 8 9 at 749.5 1 at 749.2 8 at 900.4 5 at 800.0 3 at 749.8 2 at 750.0 4 at 750.3
108 1,118 233 167 69
MELTING AND REPINING DEPARTMENT. The melter and refiner submits an extract from the report of the. superintendent of the refinery on the discovery in a refinery furnace . product of platinum arsenide. Durmg the last year two matters of sufficient interest to merit mention in the Annual Report of the Director have occurred in the melting and refining department of this mint. One was the discovery in a refinery furnace product of platinum arsenide by Mr. • E.J. Wagor, superintendent of the refinery, an account of which is inclosed herewith. The other relates to the use of wire cloth instead of smgle wires for collecting dust in settling chambers. In the attic above the refinery melting room is a long, horizontal flue leading into a settling chamber, 9 feet 5 inches wide by 12 feet long by 6 feet high, just before entering the stack. In July, 1911, a part of this large chamber was equipped with baffles, consisting of sheets of wire cloth 6 feet by 4 feet in size, hung transverse to the current on rods 4 inches apart. Two sheets were hung on each of 10 rods and so arranged that a complete clogging of the meshes would not choke the draft. That is, while the chamber is 9 feet 5 inches wide, two pieces side by side cover only 8 feet, the remaining opening of 1 foot 5 inches being left first on one side then on the other, so that the draft could zigzag through even though the meshes were closed completely by the dust. The cloth used had a f-inch space (i. e., actual opening was f inch square) and was made of iron whe, size No. 8 W. & M. (equals No. 6 B. & S. or equals 0.162 inch diame- • ter). Each piece contained 708 linear feet of wire, the 20 containing 14,160 feet. By actual time, two men hung and adjusted the 20 pieces, containing over 2f miles of wire, in 10 minutes. At settlement, June, 1912, after being in use 11 months, three times as much dust was collected as in previous years before the installation of the wire baffles. And while the dust from this part of the chambers usually produced about 10 ounces of gold, this year 16 ounces were obtained, and this in spite of the fact that less than two-thu'ds as much gold was melted as usual. This method of using wire cloth, I believe, is new and certainly is vastly superior to that of single wires, on account of the time and labor saved in. hanging and cleaning. PLATINUM ARSENTOE—A FURNACE PRODUCT. Of no commercial importance, but perhaps of some scientific interest is the fact that .platinum arsenide may be formed undea: certain conditions in the operation of melting the anode mud from our copper refining cells. Of special in'terest, inasmuch as the 64926°—FI 1912 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1912
>274 REPORT ON THE FINANCES.
crystals so formed are identical with the rare mineral sperrylite, the only mineral ih which platinum is found as an essential constituent and which has been found only in the province of Ontario, Canada, and in Macon County, N.C, and in copper ore at the Rambler mine, in Wyoming. Twenty-three years ago Francis L. Sperry, connected with the Vermillion mine, near Sudbury, Canada, sent to Horace L. Wells for examination a bright crystalline substance which had been found in pockets of decomposed masses of pre, in conjunc tion with sulphides of copper and iron. Wells found this bright-looking sand to be plat inum arsenide (PtAs2) and he named his new mineral sperrylite. Wells also produced artificial PtAs2 by heating a known weight of platinum to redness and passing over it vapor of arsenic in a current of hydrogen, confirming the claim of its previous preparation by Murray. " o The anode sludge, the melting of which produced the crystals of platinum arsenide, differs from ordinary copper sludge and is quite variable in composition, dependent wholly upon the anode content, but will probably average 20 to 30 sper cent of the precious metals, including 2 to 4 per cent platinum, copper in fragments and powder, sulphate of lead, basic sulphates of antimony, bismuth and tin, sulphides of silver, copper and iron, arsenates and antimonates, silica, carbon, and fragments of slag. These slunes are washed thoroughly, dried, and melted in crucibles with borax and soda, and allowed to settle. The crystals were found in a very thin layer of speiss, which separated from the metal with considerable difficulty. The fact that the crystals are not attacked by acids generally, and only slightly by aqua regia, led to theh discovery in testing the speiss. In washing free from acid, it was noticed that the crystals were not easily wet by water, and, notwithstanding their high specific gravity, showed a marked tendency to float when brought to surface of the water, a marked characteristic of the mineral. The microscope develops striking tin-white, isometric crystals with extremely brilliant crystal faces and sharp-cut edges. The crystals are mostly fragmentary, showing cubes, octahedrons, and pyritohedrons, and a conchoidal fracture. When heated rapidly in a porcelam crucible, a slight decrepitation is noticed, and then abundant fumes of AS2O3 are given off until a certain point is reached, when the mass fuses readily to a hollow silver-white globule, which is slightly malleable. Heated slowly, all the arsenic is driven off, leavmg a platinum sponge. A known weight of PtAs2 was heated very slowly until fumes ceased to be given off. It was then given high heat, cooled, and weighed. The loss in weight accounted for 42.7 per cent arsenic, which agrees within 0.8 per cent of the theoretical amount. The hardness is between 6 and 7; the specific gravity is given as 10.6 and the fusi-" bility as 2. The crystals when dropped upon a red-hot platinum foil instantly melt, giving off white fumes of AS2O3, and porous excrescences are formed on the platinum', which do not differ in color from the untouched portions of foil. This is given by Wells _ as the most characteristic reaction. The melter and refiner received, operated upon, and delivered gold and silver bullion and minor-coinage metal during the fiscal year 1912, as follows:
Gold account. Silver account. Minor coinage metal account.
Receipts: Stand, ozs. Stand, ozs. Gross ozs. Settlement metal of June 30, 1911 1.896,566.472 685,882.29 1,311,060.38 Deposits and purchases 2,895,435.799 1,159.357.21 Redeposits .' 52,575.368 31! 601. 06 Clippmgs 333.157.414 1,447,996.13 613,891.31 Proof gold, superintendent's sweep bars, etc. '293.990 Philippine recoinage 252,372.34 Subtreasury transfers, etc 12,604.75 Cojjper purchase 500.864.58 Tin purchase 14,991.66 Zinc purchase 14,991.66 /rotal. 5,178,029.043 3,589,813.78 2,455,799.59 Deliveries: Gold certificate bars 3,427.856.697 Merchant bars 5,834.309 Fine bars 17,822.73 Ingots 331,638.400 3,189,378.36 1,889,919.90 Sweeps 440.847 1,054.73 Settlement of June 30, 1912. 1,412,765.126 386, 746.04 559,315.78 Total. 5,178,535.379 3,595,001.86 2,449,235.68 Surp'us.. 506.336 Wa.stage..
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DIRECTOR OF THE MINT. 275
Amount operated upon during fiscal year 1912.
Operations.. Gold. Silver. Bronze.
Stand, ozs. Stand, ozs. Gross ozs. Refinery 2.073,738.009 444,286.25 D eposit room >.. 2,895,435.799 210,291.08 Ingot room 342,400.009 3,286,678.41 1, 891,291.90 Total 5,311,573.817 3,941, 255. 74 1,891,291.90
Refinery.
GOLD BULLION. standard • Standard Delivered to refinery: ounces. ounces. Bullion without charges 1,279,766.484 Crude bullion with charges 793,751.150 ••—2,073,517.634 Returned from refinery: Fine bars : 2,004,212.931 Settlement June 30, 1912 •. 09,525.078 2,073,738.009 Surplus 220. 375
P.ILVER BULLION. Delivered to refinery: Bullion without charges 169,827.65 Bullion with charges 269,362.69 439,190.34 Returned from refinery: Fine silver bars 365,592.56 Settlement June 30, 1912 ,78,693.69 444,286.25 Surplus , 5,09.5.91
COINING DEPARTMENT. The coiner of the mint submits a report on the new equipment in stalled, the results of experiments made, and improvements achieved. He says: Uniformity of rolling is the goal toward which the various mints have been directing their best efforts for many years. The accuracy attained is remarkable, considering the difficulties to be met in rolling strips of metal of varying degrees of hardness. The enormous pressure necessary to produce a displacement of the metal and the strain put upon the rolls, bearings, and housings varies with the hardness or softness of the metal being rolled and the amount of ''draft" or squeeze. It has long been known that bodies really solid do not exist. Let us then consider metals as semifluid bodies, whose forms may be changed by pressure. All metals possess some elasticity, and will resist pressures or strains to their limits of elasticity before permanently changing their forms or taking on "permanent set." The strains put upon the housings cause them to stretch to a greater or less extent as the pressure varies, thus making wider or narrower, as the case may be, the opening between the rolls through which the metal p'asses, thereby varying the thickness of the strip. The problem of properly lubricating the journals to prevent friction is one of great difficulty, when we consider the possibility of squeezing the film of oil out of the boxes and thereby changing the thickness of the strip, resulting in a variation sufficient to condemn the blanks punched from it. The thinnest possible film of oil must con stantly be kept in the bearings when the rolls are in operation. Intermittent lubrica tion would result in imperfect work. • . The process of rolling hardens the metal and causes it to lose its malleability. The working of the metal causes.its temperature to rise. Tests on silver show this rise of temperature to be in some instances as much as 150° Fahrenheit from start to finish of rolling. The hardness of the metal varies with the temperature at which it is worked, and as some of the melts, or some of the strips in a melt will cool more rapidly than others, the rolling of each strip is not finished at a uniform temperature. " ' • ' ;' ;'' , Some of the heat generated in the metal by rolling passes into the rolls and, togeth^Or with the heat of journal friction, causes expansion of the various parts, again interfering
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276 REPORT ON THE FIISr.ANCES.
with the uniform thickness of strips operated upon. The rise of temperature of the rolls and bronze boxes.is at times from 80° to 100° Fahrenheit. Taking 0.00000599 as the coefficient of expansion of steel,^ 0.00001037 as that of brass or bronze, 18 inches as the outside distance of roll journals, and 3 inches as the thickness of the bottoms of the two boxes, then the expansion for 1° of temperature in the rolls and boxes would be 0.000011577 inch, and. for 80° would be 0:000926 inch. As this expansion would be from fixed points in the housing inwardly, it would result in making the strips thinner. But when this heat is transmitted to the housings by conduction, and the housings in turn expand,, the opposite effect is experienced and the counteracting tendency would be to make the strips thicker. Of course, this tendency is not so quickly manifested because the rise of temperature in the housing is slower than that of the rolls and boxes. The hardness or softness of gold is much more uniform than that of silver, and records show that it is possible to attain much greater accuracy in rolling with gold than with silver. Having all these varying factors to contend with, it is nevertheless possible to do com paratively accurate rolling if the metal operated upon is fairly uniform in hardness, as that is the principal obstacle to perfection. As the diameters of the punched blanks are practically constant, their weights must vary according to their thickness. The following tables give the legal weights and tolerances of the several denomina tions, both gold and silver, coined here at "the present time, together with the thickness of standard cut blanks and variations of thickness which would equal change of weights of different pieces corresponding to one grain—to legal tolerance from standard—and to working tolerance: ' Table I.
Working Weight of Legal tolerance Diameter Thickness Denomination. standard punched punched tolerance. from •blank. coin. standard. blank.
Grains. Grains. Grains. Inches. Inch. Double eagles 516.00 0.5 0.35 1.350 0.083 F agles 258. 00 .5 , .35 1.066 .068 Half eagles ' '. 129.00 .25 .13 .834 .054 Half dollars : 192. 90 1.5 1.25 1.209 .066 Quarter dollars ,. 96.45 1.5 1.25 .958 .051 Dimes. 38.58 1.5 1.25 .711 .038
Table II. [Weights and variations of coin blanks in grains equivalent to thickness in inches.]
GOLD.
Double eagles. Eagles. Half eagles.
Grains. Inch. Grains. Inch. Grains. Inch. . 516.00 0.083000 258. 00 0.068000 • 129.00 0.054000 1.00 .000160 1.00 .000263 1.00 .000418 . .50 . OOOOSO .50 .000131 .25 . 000104 .35 . 000056 .35 .000092 .13 .000054
^ SttVER.
Half dollars. Quarter dollars. Dimes.
Grains. ^ Inch. Grains. Inch. Grains. Inch. 192.90 0.006000 96.45 0.051000 38. 58 0.038000 1.00 .000342 1.00 .000528 1.00 .000984 1.50 .000513 • 1.50 • . 000793 1.50' .001477 1.25 . 000427 1.25 . 000660 1.25 .001231
Of course, in the practical work of rolling it is not possible to make such close measure ments with a micrometer as the foregoing table indicates would be necessary. The
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strips are rolled down as close to standard as possible, test blanks are punched out and weighed, and the final adjustment of the rolls made in accordance with the weight test. But it is nevertheless true that when the standard point of thickness is reached the greatest allowable variation from that point in operating on double-eagle strips is 0.0000562984 of an inch, and a variation of 0.000080426 would cause the blanks to reach the legal tolerance limit in weight. The total allowable working variation, 0.70 grain, between a blank 0.35 of a grain heavier than the standard and one 0.35 grain lighter than standard is equal to 0.000112596 inch in thickness. It was formerly the custom in this mint, as it was at one time in all the mints, to roll the strips down close to standard, anneal them, and finish the operation bypassing them through the small stationary rolls of the drawbench die. The heavy blanks from these strips, on reaching the adjusting room, were filed down to weight by hand. At that time the weighing and adjusting was all done by hand and the expense of maintaining the adjusting room was very great; the labor cost for adjusting at times amounted to nearly $200 per day. The amount of adjusted blanks produced varied, as now, in accordance with the closeness and uniformity of the rolling. The com paratively small additional expense of maintaining the annealing process and the draw bench at that time was justified by the lowered labor cost of adjusting resulting from it. This was before the rolling had been brought up to its present standard, and before the perfecting and adoption of. the automatic weighing and reducing machines. The lessened cost of adjusting under the new conditions did not warrant the longer maintenance of the drawbench, and the wisdom of discarding it is unquestioned. A new impetus was thus given to the already strenuous efforts to perfect the rolling, which is resulting in permanent good to the service. During the last year two of our 10-inch rolling mills were changed from the wedge adjustment of the bottom-roll type to the screw adjustment of the top-roll type, which proved to be quite an improvement, as the number of joints is lessened and the rolls and bearings are held more firmly in the housings. The boxes of the bottom roll rest directly upon the frames in the housings, and the top roll is held firmly against the upper bearings by means of rods passing through the top of the frame. The tops of these rods are fastened to the case which contains the worm and screw adjustment gears of the pressure screws by means of adjustable nuts resting upon coil springs. The bottoms of these rods are screwed into the bronze frarnes containing roller bearings. The top roll is supported by these roller bearings and, together with its bronze boxes, is held up against the housings. The roll can be more firmly held in place, with less friction, by means of these roller bearings than it could with the bronze boxes formerly used, and the open frame allows for greater radiation of the heat generated in rolling. The rollers are made of tool steel, hardened and ground, and are run in bronze cages of suitable design ' to fit housings. The upper roll is fitted with pressure controlling and indicating mechanisms con sisting of two accurately turned tool steel screws, 3 inches in diameter, " V " thread, four threads per inch, passing through bronze nuts pressed into and locked to hous ings; ends of screws hardened and working in hardened steel sockets on bronze bear ings. The adjustment of upper roll is positive, both up and down; heavy compensating coil springs with adjustable nuts surround pressure screws and rest on top of housings. The pressure-adjusting screws are actuated by worm gearing with handwheel ar-/ rangement, having adjustable micrometer indicator dial, graduated and reading to 1/20,000 of an inch. ^ _ - Each pressure screw is capable of separate adjustment to change position of roll not more than 1/2,000 of.an inch. These rolls are equipped with universal coupling drives, in place of the wabbles formerly used, and the jar upon the machines and the noise were almost entirely eliminated. 'These changes were not completed until late in the fiscal year. During the year we weighed 905,473.19 ounces of half dollars, of which 55,687.40 ounces, or 6.1 per cent were condemned on account of weight-; 93.9 per cent, or 849,785.7.9 ounces, was within the working limit; therefore 93.9 per cent, of the strips from which these blanks were punched did not vary from standard by more than .000427 inch in thickness; 353,237.30 ounces of quarter dollars weighed showed 96.2 per cent, or 339,790.71 ounces within the working limit; 96.2 per cent of the strips from which this was cut did not vary from standard by more than 0.000660 inch in thickness; 464,859.98 ounces of dunes were practically all within the tolerance limit, or nearly -100 per cent within a variation of less than 0.001231 inch in thickness. This metal was not operated on by the rolls which were being changed to the screw adjustment.
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278 REPORT ON" THE FINANCES.
. We were able, however, to get a test run on eagle strips when the rolls were com pleted, and the following statement of the adjusting-room record of operations on eagle blanks punched from these .strips shows how satisfactory the test was: Adjusting-room record of operations on eagle blanks for April, 1912.
Items. Ounces. Per cent.
Amount-inside limit 145.392.84 84. ,38445127 Hea\nes 21,760.00 12.62927156 Condemned punches lights 5,145.30 2.98627715 Heavies filed hght 718.52 Heavies recovered by filing machine 20. 977.53 12.17513433 Per cent of total operated on condemned by filing machine. .00454137 Total condemned lights and fihngs 5,927.77 3.4404140 Amount good work ." 166.370.37 96.55958561 Amount condemned 5,863.82 Amount filings 63.95 Total ounces operated on 172,298.14 Filings per 1,000 ounces operated on .37
Over 84.38 per cent of blanks as they came from the punch, without any shaving or filmg whatever, were within the working tolerance lunit of 0.35 grain above to 0.35 grain below standard; or, in other words, over 84.38 per cent of the metal rolled did not vary either way from standard more than 92/1,000,000 of an inch.- This is fairly accurate rolling, even for the mint service, but we hope- to improve upon it. The refinery also produced: , , Value. Electrolytic copper, 5,126.67 pounds $908.40 Sponge platinum, 70.60 ounces 2,471.04 Sponge palladium, 12.82 ounces 320.50 Osmiridium, 1.18 ounces 41.30 The surplus in gold is due to the recovery of metal lost in previous years and the surplus in silver to the recovery of silver from fine gold deposits re-refined in this mint. COINING DEPARTMENT. The coiner received gold, silver, and bronze from and delivered to the superintendent during the fiscal year 1912 as follows:
Item. Gold. Silver. Bronze.
Receipts: Stand, ozs. Stand, ozs. Trov ozs. Ingots^ .' 737,394.400 3,576,494. 82 1,957,633.66 Deliveries: Coin 342,925.000 2,010,147.24 1,299,528.32 Clippings, etc 394; 487.038 1,565,60S.59 656,603. 01 737,412.038 3,575,755.S3 1,9.56,131.33 Surplus 17. 638 W astage 738. 99 1,502.33 Amount operated upon 628,345. 850 3,458,809.13 1,913.399.50 Percentage of coin produced to amount operated upon.. 54.58 58.12 67. 91
NUMBER OF EMPLOYEES. The number of employees in the institution at the close of the year was 12^, distributed as follows:
Department. Employees.
General 58 Melter and refiner's (mcluding refinery) 30 Comer's .".. 26 Assay 10 Total
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DIEECTOK OF THE MINT. 279
VISITORS. During the year 41,369 visitors were shown through the mint.
MINT OF THE UNITED STATES AT DENVER. This mint was in operation throughout the year. Nickel coinage was executed here and the first delivery amounting to $1,000 in these corns was made on February 5, 1912. The first coinage made here of bronze 1-cent pieces was on May 20, 1911. On January 12, Mr. John C. Wells, assistant coiner, was made coiner to succeed Mr. Jabin B. Baldwin, deceased. Redeposits of bullion were received during the entire year from the United States assay ofiices at Seattle, Deadwood, Helena, Boise, and Salt Lake. ASSAYING DEPARTMENT. The operations of this department during the fiscal year 1912 were as follows:
Samples operated on. Items. Gold. Silver. Total,
Deposits 3.301 3,992 •Redeposits 1,495 '1,495 Exchange bars 38 53 Return bars 3 3 Purchase 540 "540 Anode melts 57 • 502 559 Mint fine melts 203 197 400 Ingot melts 808 Consolidated melts 3 Experimental samples 175 256 Bullion assay samples , 4 Copper melts 7 Superintendent's grain bar 15 Melter and refiner's settlement bars.. 17 31 Coiner's settlement bars 2 2 Assayer's bars 12 38 Coin samples 906 906 Sweep samples 26 26 52 Forest Service samples 129 129 258 Total. 5,402 4,020 9,422
Number of actual assays made.
Gold 36,484 I Forest Service . Silver 31,675 271 Total.... There were made, 60,000 cupels, and 60,000 pieces of lead cut and rolled. The average cost per assay during the year was SO.259. Determinations.
Fine gold. Fine silver.
Fineness. Melts. Fineness. Melts.
999 3 11 999 ^78 999.4 23 999i 53 999 5 . 32 999J . 65 999.6 V 65 9991 1 999 7 '.. 51 999.8 19 Total.... '. 197 999 9 .. .. 2 Total 203 . ="
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280 EEPORT ON THE EIISrANC:fiS.
INGOT FINENESS. The reported fineness of the silver ingot melts were as follows:
Fineness. Melts. Fineness. Melts.
898.6 28 899.4 52 898.7 56 899.5 15 898.8 111 899.6 : 7 898..9 87 899.7 • 1 899.0 170 899.8 • 1 899 1 125 899.2 83 Total 808 899.3 72
MELTING AND REFINING DEPARTMENT. The melter and refiner received from and delivered to the super intendent during the fiscal year ended June 30, 1912, the following:
Items. Gold account. Silver account. Nickel accomit. Bronze account.
Receipts: Standard ozs. Standard ozs. Troy ozs. Troy ozs. Settlement metal of June 30 1911.. 306,471.505 908,423.67 ' 1,290,453.49 Deposits 1,091,126.173 1,180,545.49 Redeposits 930,627.340 • 370,563.15 CliDnincs 1,110,103.95 373,175.10 437,652.65 Ingot copper . 1,458,333.38. . 138,297.70 Tin 8,9.39.58 Zinc -• 29,181.25 Cube nickel 441,000.00 Total " 2,388,225.018 3,569,636.26 2,272,508.43 1,804,524.61 Deliveries: Gold certificate bars 1,641,004.349 Commercial bars 1,805.211 2,586.38 TuEots . 3,249,642.30 1,227,366.60 1,774,404.30 Sweeps . 305.828 2,281.54 Nickel composition ^ 2 38,297.70 Bronze coijiposition ^ 999,877.33 18,414.06 Settlement metal of June 30 1912 745,028.258 3.14,207.80 Total 2,388, .143. 646 3,5.5S; 718.02 2,265,541.63 1,792,818.36 Surplus Wastage ' 81.372 918.24 6,966.80 11,706.31
1 Transferred from nickel account. 2 Transferred from bronze account. 3 Settlement of June 30,1912.
THE REFINERY. The refinery operations, covering a period of eight months, were as follows:
Items. Gold. Silver.
Deliveries: Stand, ozs. Stand, ozs. Sent fo refmerv - - - 1,926,534.596 1,710,630.69 Returns: Prior to settlement 1,849,959.678 1,627,651.73 Bars at settlement 76,185.045 SO,3S2.41 SwppT)<> at settlement 120.574 547.82 1,926,265.297 1,708,581.96
Surnlus i Wastage - 269.299 2,048.73 Amount operated upon 1,926,534.596 1,7.10,630.69
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DIRECTOR or THE MINT. 281
Ojyerations fiscal year 1912.
Items. Gold. Silver. Nickel. Bronze.
Stand, ozs. Stand, ozs. Troy ozs. Troy oe9. Refuiery 1,926,534.596 1,7.10,630.69 Ingot room 3,32.5,4.10. .35 1,23^,333.40 1,786,110.61 Total 1,926,534.596 5,036,041.04 1,234,333.40 1,786,110.01
The refinery also returned 573.7 pounds copper; 116.15 Troy ounces Nplatinum, and 14.95 Tro}^ ounces palladium. The refinery earnings were as follows:
Charges collected on bullion treated S75,809.03 By-products as above set forth (approximated).'. , 5,961.42
Total ...:...... _..... 81,770^45'
MELTS MADE. The following melts were made:
Items. Gold. Silver. Total.
Deposits 3,799 739 4,538 Anodes... . • 283 502 - 785 Cathodes 27 27 54 Ingots 808 808 Fine bars 203 196 399 Shmes 154 221 375 Settlement • 14 17 ^31 Sweats 661 Nickel ingots.. 356. Bronze ingots.. 452 Miscellaneous.. 71 Total. 8,530
Ingot melts condemned or rernelted. ^ None. Number of employees in the refinery..: • , ". ;; 1....:... "15 Number of employees in the melter and refmer's department 21 •
The sweeps cellar was operated under the supervision of the super intendent of the mint. COINING DEPARTMENT.
During the fiscal year 1912 the coiner received and operated upon 3,323,873.95 standard ounces of silver and produced therefrom 2,203,188.83 standard ounces of coin,-valued at $2,741,840, and repre senting 22,098,880 pieces. The loss in operations was 894.69 stand ard ounces, being 26.92 per cent of the legal allowance. Thfe per cent of coin produced to the amount operated upon was 66.28. The first nickel coinage in this institution was executed during the year. One-cent pieces were also coined. The per cent of coin to the amount operated upon was as follows: Five-cent nickel, 66.66, and 1- cent bronze, 75.13.
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282 REPORT ONT THE riN"A]SrCES.
Receipts and deliveries by the coiner.
Items. Silver. ' Nickel. Bronze.
Receipts: Standard ozs. Troy ozs. Troy ozs. Ingots 3,323,873.95 1,123,297.60 1,681,002.75 Deliveries: Coin.. •. 2,203,188.83 748,747.70 1,262,856.30 Clippings, etc .• 1,119,790.43 373,175.10 417,163.70 Total .. 3,322,979. 26 .1,121,922.80 1,680,020.00 Wastage .' 8^4. 69 • 1,374.80 982. 75 Amount operated upon 3,323,873.95 1,123,297.60 1,681,002.75 Percentage of coin produced to amount operated upon.. 66.28 66.66 75.13
In cleaning up at the end of the fiscal year 31.65 standard ounces of gold were recovered from the sweeps.
EMPLOYEES. The number of officers and employees in the mint at the close of the fiscal year was as follows: General department 49 Assayer's department 8 Melter and refiner's department 21 Coiner's department 15 Total , 93
VISITORS. Visitors to the number of 69,363 witnessed the coining operations during the year.
UNITED STATES ASSAY OFFICE AT NEW YORK.
REMOVAL. The year has been a notable one for this institution, as, during December, 1911, and January, 1912, the old building at 32 Wall Street, which has been the home of the United States assay office at New York since it was opened in 1854, was vacated and the work transferred to the new refinery buildingin the rear of the old building. The employ ees deserve the highest praise for their loyalty and faithfulness when they were working during the last two years in the insanitary and dangerous conditions of the old building, and it is hoped that the new building on Wall Street mil soon be erected, as the temporary quar ters for the clerical force in the refinery building are not suitable for their work. It is worthy of note here that the old building was erected in 1823, presumably for the Second Bank of the United States, and occupied by the New York branch of that bank until 1836, when, the bank went into liquidation. The property was then transferred to the Bank of the State of New York, which sold it to the Government in 1854. From 1854 to 1873 the United States assay oflice occupied the upper part of the building and the first fioor was rented. A picture of the old building, now about to be demolished, is given herewith. A con siderable expression of sentiment has been heard in Wall Street against the demolition of the old building, and the the architects
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DIRECTOR OF THE MINT. 283
have seriously considered incorporating the front wall in the new building in order to preserve the historic landmark. REDEPOSITS. Since January 1, 1912, redeposits have been received from the assay office at Charlotte, N. C, to the amount of 1,746.626 standard
United States Assay Office Building, Wall Street, New York City; erected in 1823, occupied by the Assay Office in 1854, and vacated for demolition in 1911. ounces of gold and 278.22 standard ounces of silver, and from the mint at New Orleans, La., 40,825.913 standard ounces of gold and 28,069.77 standard ounces of silver. GOLD BARS ISSUED. Gold bars were issued to depositors for domestic use in payment for bullion for $4,120,950.44, and gold bars were exchanged for gold
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284 BEPORT ON THE FUSTANTCES.
coin for domestic use for $24,629,211.61, making a total value of, gold bars issued for domestic use in the arts, etc., of $28,750,117.05, showing a decrease 'of $277,801.32 as cpmpared with the previous year. The value of gold bars exchanged fpr gold coin for export was $20,124,905.85, being an increase compared with last year of $19,840,853.21. The income for the exchange of gold bars for gold coin was $20,564.45, and from special assays $2,021. There were stamped during the year 63,812 gold bars as compared with 65,003 during the previous year, or a decrease of 1,191, and 12,873 silver bars compared with 13,572 during the previous year, or a decrease of 699. EMPLOYEES. The number of officers and employees in this assay office at the close of the fiscal year was as follows: . General department : 43 Assay department — 14 Melter and refiner's department '. 32 ^ Total 1 89
DEPOSIT MELTING ROOM.
The almost intolerable conditions of the assay office were some what .relieved September 15, 1911, when the deposit melting room was moved from the cramped quarters in the front building to the larger ones in the new building. The dirt and heat necessary for the operations of a melting room were at last placed on the ground floor of a fireproof building speciaUy built for the purpose with high ceilings and sufficient space for the work. . The eq^uipment of the deposit melting room consists of one stand-' ard melting furnace and three medium-sized furnaces usin^ oil for fuel, seven gas furnaces of a somewhat smaller capacity than the medium-sized oil furnaces, and two smaller gas furnaces for the small deposits. The use of both gas and oil in the deposit melting room is to insure an uninterrupted service under all conditions and yet to obtain the high temperature and economy of the fuel oil. It would be possible in case of a severe snowstorm to do all the melting by gas in this particular room. The benches, dumping pans, settling tanks, etc., have all been made fireproof—that is, there is no wood in their construction. A special lead-lined iron tank with a pan and washing sink above was installed on this fioor with its overflow running to a large settling tank in the basement. This system of traps practicaUy insures the wash waters which run to the sewer to be free from value. The pressure blower system which gives air to all the furnaces in the ]3uilding, and has given perfect satisfaction, is rather different from that generally in use for similar purposes. It is laiown as a centrifu gal compressor and has a rotating element mounted upon the com mon shaft with the driving element of the motor. This eliminates all gears, belts, chains, etc., and the compressor runs the same speed as the driving motor. The essential characteristics are: The air pres sure is constant through aU loads, and the power consumption is proportional to the load.
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DIRECTOR OF THE MINT. 285
THE REPINING DEPARTMENT.
On December 18, 1911, the melting room of the melting and refin ing department started operations in the new building. Eight standard oil furnaces arranged around a square, with the necessary tanks, pans, and benches, furnish the equipment of the room. The square, which is in the middle of the room, is built of fire brick and so constructed that it constitutes a settling chamber with the outlet le'ading from its center to a large fine off to one side. The flue is vertical and connects aU furnaces throughout the building to a large settling chamber on the ninth floor. The construction is such that aU flues and settling chambers can be easily cleaned and the values obtained from the dust. The standard furnace is so built that the burner looks directly down in the combustion chamber, which arrangement puts the blow torch flame against the bottom fire brick instead of the crucible, as is usual in many of this type of furnace. The make-up room and ofl&ce occupies the other haU of the third floor and contains the. necessary working desks, two large scales, one long table with soaps tone top covered with leather, and the working vault.- The vault has a lowering platform before the door, whicE allows the floor level of the vault to be the same as the room. The vaults throughout the building have the same construction, and this has proved to be of great value, because it allows the heavy trucks to be moved in and out easily. The sixth floor contains the shop and the electrical dynamos for producing the proper current for the refining cells, the switchboard, and controlling devices. The three low-volt age machines are sepa rately excited from an outside source and are so connected through the switchboard that any machine can be used on any circuit. The machines are duplicate, and each is capable .of producing 1,200 amperes at 20 volts, but only one is run at a time. The third machine was speciaUy built to produce the pulsating current by placing an alternating current in series with a direct current. This is accomplished by mounting on one bed plate four machines, a driving motor, a direct-current dynamo, a single-phase alternating-current dynamo, and an exciter. One lead from the alternate passes directly to one lead of the direct current machine, and the other two leads go to the gold cells. The controlling device is unique because of the fact that the 110- volt exciter excites the fields of both the alternat®r and the direct- current machine, but with a hand rheostat in series with each, thus allowing'a relative adjustment of voltage. The fields of the exciter itself are excited by an outside source through an adjustable rheostat. This complete arrangement gives the necessary large range of adjust ments to suit every condition that might arise. The value of this combination machine is that at allows the use of anodes containing a greater proportion of silver, does aw^ay with the necessity of heating the electrolyte, and makes a slime containing a less quantity of gold. The low-voltage dynamos have- a graphite composition brush and a device that gives a series of end thrusts on the end of the shaft which prevents the brushes from wearing tracks in the commutator.
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286 REPORT ON THE FINANCES.
The shop proper contains a lathe, driU press, shaper, emery and grind stone, and several smaUer machines, aU of them operated by individual motors. The rolls for making cathodes are located on this fioor and are driven by an. alternating-current motor. The idea has been to place all possible machines on the sixth fioor, so they will be out of acid fumes, and this plan has given all that was expected of it. .The seventh floor has been given over to the silver cells and the precipitating tanks for the foul electrotyte. There are two circuits of vertical cells, each series containing 16 jars placed on a long table built of brick topped with soapstone slalDS. The slabs are counter sunk, making a 4-inch rim around the whole table, thus preventing drops of the electrolytes from falling on the floor. The two series of horizontal cells are placed on a somewhat higher table but of similar construction. The floor of this room, and the eighth, or gold room, is made of soapstone slabs so that any spill of acid or electrolyte does no harm. A centrifugal hard rubber pump lifts the foul electrolyte from the level of the cells to that of the precipitating tanks and for this purpose is much superior to the reciprocating type, as there are no valves under which small pieces of foreign matter may lodge, inter fering with the proper action of the machine. On March 7, 1912, the current was turned through the gold cells on the eighth floor, which, with the exception of the sweep cellar, com pletes the plant. The gold cells are set on soapstone-topped tables somewhat simHar to those on the silver floor. There are two tables each holding two sets of 12 cells, with a heavy soapstone aividing slab through the middle. On the top of the dividing slab, electrically driven, runs a light shaft li :e with pulleys at proper intervals. The propellers are carried on wooden arms bolted to the central slab and are driven by a light belt from the shaft line. In cleaning up the entire top of the cell is exposed, thus giving the man. in charge ample space for lifting out anodes and slimes. A large soapstone hood with wire reenforecd glass for sides gives the proper facilities for the treatment of platinum and palladium solutions. A testing laboratory is partitioned off from this floor, in which all the foul solutions are tested for values before they pass to the sewer. The different electrolytes are tested tor their strength of acid and metal values and also any necessary experimental work done.
TREATMENT OF SWEEPS. The sweep cellar has been put in operation recently and its equip ment consists of a jaw crusher which crushes the sweeps to 1 inch or less in diameter, one mill with 60-mesh screen which grinds the sweeps under water until they are fine enough to pass tlirough the screen to the two settling taiiks, and a steam drier. The type of mill is a standard mining machine where the rolls revolve and the pan remains stationary. It is of sufficient size so that it will not be neces sary to keep the mill in continuous operation and the misn will be available in other places. The drier constantly agitates the wet sweeps so that they can not bake on the bottom. One settling tank is directly above the other and the lower contains a steam siphon which lifts the water to the upper. From the upper tank there is an overflow to the sewer and a connection which leads the water back to the mill so that it may be used over again.
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DIRECTOR OF THE MINT. 287
Year's operations in refinery.
Sent to refinery. Returned from refinery.
GOLD. GOLD. Stand, ounces. Stand, ounces. Crude bullion with charges 92,251.589 Fine bars I 2,087,855.686 Bullion without charges.. 2,221,.541.358 Settlement bars, sweeps, etc 225,947.453 Amount operated upon 2,313,792.947 Total .. 2,313,803.139
SILVER. Surplus 10.192
Crude bullion with charges 974,093.31 SILVER. Bullion without charges 83,099.70 Fine bars 932,376.27 Amount operated upon 1,057,193.01 Settlement bars 123,234.40 Total 1,055,610.67 Wastage 1,582.34
Refining operations in the new r3finery began on January 11, 1912.
ELECTOLYTIC PARTING AND REFINING OF BULLION.
DESCRIPTION OF THE NEW INSTALLATION. The Government, in its dealings with the public, purchases both gold and silver, so that a suitable refining process must handle both " of these metals. This is accomplished by a double system, one for silver and one for gold. In the system which gives as a product pure silver, the gold contained is also sufficiently refined to pass to the gold process. If deposits which the Government buys are very high in gold contents, 0.850 or above, they pass directly to the gold cells, thus saving much work, but if low, they pass through both processes.
THE SILVER SYSTEM. In practice, the deposits are so combined that the resulting melt will vary between 250 and 400 parts in 1,000 in gold, 120 parts base and the remaining parts silver. This melt, 3,800 troy ounces, is poured into anodes 16 inches long, 3 inches wide, and ^ inch thick, with a J-inch hole at one end for suspension in the electrolyte. Allowing the gold contents in the anodes to vary between the above limits reduces the clerical work materially and is permitted by the process. s Each anode is placed inside a muslin bag, tied at the top, and then suspended in the electrolyte by a golcl hook from the proper connection. The cells for the silver refining are 47 inches long, 24 inches wiele, and 24 inches deep, and are made from vitreous acid- proof stoneware. The electrolyte contains about 2 per cent free nitric acid and 2 per cent silver nitrate, anel this proportion must be practically maintained in order to keep other metals from plating on the cathode. The silver is plated on a thin strip of rolled silver, which is lifted out once in eight hours, and the loosely adhering crystals scraped into a dish. Ihe addition of glue to the electrotyte for preventing treeing has been discontinued. The portion of.the crystals which fall tb the bottom of the tank are regained periodically and added to the fine silver output. This bottom silver runs almost as fine as does that which is scraped from the cathodes. The silver
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288 REPORT ON THE FINANCES.
and other soluble metals contained in the anodes are gradually dissolved by the action of the electric currenty whUe-the gold remains as a coherent mass, retaining the shape of the original anode, but of a spongy nature and very-easily broken. • One of the functions of the bag is td prevent these easily broken anodes from mixing with the silver in the bottom of the cells, which, if it happened, would necessitate a second refining. In general, the buUion purchased by the Government contains so many base metals that the resulting anode is very brittle, and. of ten breaks .before the current has had time! to act properly. This fact has necessitated the modification of the vertical cell to what is called the ^'horizontal cell,^' so named because the anode and cathode lie in a horizontal position. The position, however, is the important point, for the broken anodes from the vertical cells can be selected out and placed in the horizontal cells, and the refining action will continue. The horizontal cell is slower, and requires more energy than the vertical ceU, so that it does not replace the vertical type, but supplements it. A porcelain basket, with a "filter bottom, is used in the horizontal cells to hold the anodes, and the cathode is a graphite plate placed about 4 inches below the other pole. The deposited sUver is taken out periodicaUy by, means of wooden scrapers and added to the fine silver output. ' The product, from the silver ceUs runs from 0.999 to nearly 1,000 fine, and if any of this product contains more than 1 part of gold in 30,000 parts of silver it is retreated. The treatment of the foul electrolyte consists in precipitating the silver by metallic copper and regaining this copper by a chemical process. A hard rubber centrifugal pump aids in the exchange of solutions from one set of tanks to another. There are 2 sets of 16 vertical cells, each in series across the circuit of 11 volts. The current density is about 6 amperes per square foot, although this varies considerably according to the condition of the solutions and the nature of the anodes. The 28 horizontal ceUs are connected 2 in series across the same circuit as the vertical cells, and they carry a current density of 35 amperes per square foot. The circulation in the vertical cells is obtained by a glass propeUer in each cell, a small belted motor furnishing the necessary power, while no circulation is required in the horizontal ceUs.
THE GOLD SYSTEM. There are 4 sets of 12 ceUs each on the fioor above the silver room which are used for gold refining. Each cell is 19 inches long, 15 inches wide, and 12 inches deep, and is made of Royal Berlin porcelain, which withstands the action of gold chloride. The anodes are 8 inches long, 3 inches wide, and ^ inch thick, weighing about 75 ounces, with the top reduced in thickness and having the shape of a triangle, with a hole for suspension at the apex. The casting molds contain an iron peg which puts the hole through the anode at the time of pouring. It is impossible in this process to entirely submerge the anode as is done in the silver ceUs, because the gold suspension hook would be eaten off and the anode would drop to the bottom of the tank. The electrolyte is composed of a 10 per cent solution of free hydro chloric acid containing 30 grams of gold as a chloride to the Uter. The anodes run about 0.910 fine with 70 parts of silver, and the product from' the cells will average 0.9995 fine.
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DIRECTOR OF THE MINT. 289
The use of the electric current in series with the direct current has done away with the necessity of applying outside heat, has reduced the amount of free hydrochloric acid necessary, anci has allowed a greater proportion of silver in the anode without resorting to hand scraping. An effective current density of 70 amperes per square foot is main tained in actual working conditions, and this is easily increased when necessary. The circulation is accomplished by means of small hard rubber propellers driven by a motor. The slimes and the electrolyte contain all the metals which were in the anodes, and it is here that most of the platinum and paUadium gradually accumulate. When the solution becomes foul the plati-- num is precipitated by sal ammoniac as platinum-ammonium chloride, which is carefully washed and upon heating yields spongy latinum. This by-product pf platinum is sold at intervals by the grovernment, and is a source of income which was lost in the old acid processes. The rare metal, palladium, is also separated by a chemical process and adds to the Government's revenue, but the amount recovered is much smaUer than the amount of platinum. The slimes produced are chiefly a mixture of silver chloride and a finely divided gold, which product is washed throroughly, the chloride reduced to metallic silver by zinc, and the whole, poured directly into anodes which are suitable for the silver ceUs. .The ordinary difficulty of imperfect contacts in an electrolytic process is reachly obviated in the Government refineries by using the noble metals as conductors. Thin silver strips, half-rounded, along a hard rubber tube, reenforced through the center by a steel rod, serves the double purpose of a suspension rod and a conductor of the current. The anodes are hung from these rods by gold hooks, which method entirely eliminates all contact problems. The general arrangement of the ceUs in the silver and gold rooms is in duplicate, each set ordinarily sufficient to refuie all the deposits as they are received. This present year it has been found necessary to run both sets most of the time because of the large surplus of bullion on hand. The chief advantage of two sets is to aicf in quarterly settlements without shutting down, by cutting out one and starting the other. ASSAYING DEPARTMENT.
During the fiscal year 1911-12 there were assayed 10,749 melts of gold deposits a.nd 1,987 melts of silver deposits. Fine gold melts from melter and refiner's operations numbered 303, and fine silver melts 238. The usual assays of anodes, etc., were made for the refinery and upon the sweeps obtauied as well as those incident to settlement and for the Mint Bureau. Special bullion assays numbered 861, consisting very largely of articles of jewelry and manufacturers' samples, m a number of cases, being for the enfor<^.ement of the stamping act governing the manufac ture and sale of jevv-elry marked with karat fineness. An anusual feature of our work was the making for the United States district attorney, by authorization of the Director of the Mint, about 500 assays upon over 400 samples of ore, to determine the gold contents. 64926°—FI 1912 19
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290 REPORT ON THE FINANCES.
The necessary cupels for aU these operations were made in the de partment, and since removal to our present quarters in the new refin ery building we have been rolling and cutting the silver disks used in our assaying. A gas-operated still has supplied water for our labo ratory operations and also for drinking purposes for the other depart ments where desired. For our laboratory work it is conducted direct to the boiling table. This table has a glass flue and hood set in aluminum frame, so that the acid fumes may be conducted off and still give the light desired for the delicate work performed there. The steadily increasing quantity of the. work done and the effort to keep it up to a high standard of accuracy has made it an exceed ingly busy year and prevented any experimental assaying other than that involved in the ones made for the bureau and in the prepa ration of proof alloys for controlling results in the regular operations.
THE UNITED STATES ASSAY OFFICE AT SEATTLE.
The total number of deposits of gold dust and bullion received at the Seattle assay office during the fiscal year 1911 was 1,822, weighing 578,531.57 standard^ ounces of the value of $10,363,153.17. The origin of these deposits is shown below:
Silver Source. Gold stand standard Total coining ard ounces. ounces.. value.
Alaska: Circle 2,392.641 592.25 $45,203.41 Cooks Inlet 6,035. 728 880. 84 113,317.60 Copper River 19,143.169 3,165.19 359,835.11 Eagle 1,456.288 309.36 27,453. 71 Iditarod 56,0.35.947 7,642.17 1,051,421.95 Koyukuk 8,219.546 452. 85 153,448. 74 Nome 193,572.096 22,078.55 3,627,032.73 Southeast Alaska 14,249.513 3,050.33 268,656.69 Tanana 178,493.046 24,648. 27 3,349,481.44 Total for Alaska 479,597.974 62,819.81 8,995,851.38 California 83.177 28.20 1,580.29 Colorado 33.222 30.79 653.91 Idaho .' 138. 679 35.94 2,621.89 Montana. 644.599 135 33 12,150.01 Nevada 20. 979 15. 25 408.05 Oregon 297.984 57.43 5,610.72 South Dakota 8.196 1.91 154. 70 Utah 6.719 1.08 126.26 ' Washington 1,687. 262 1,341.92 32,952. 43 British Columbia 61,171.439 9,718.43 1,149,382.00 Yukon Territory 6,691.658 1,638. 88 126,403.03 Foreign gold coin 9.704 .00 180.54 Mutilated domestic gold coin 39. 707 .00 738.78 Jeweler's bars, etc 1,711.524 815.03 32,790. 71 Deposit melting room grains. 26. 223 4.01 492.53 Bullion recovered from slag... 23.170 3.37 434.98 G ains on purchases 1.318 68.15 93.17 Redeposits : 27.853 8.25 527. 79 Total 552,221.387 76,713.78 10,363,153.17
" Statement of gold deposits from the opening of the institution on July 15, 1898, to the close of business June 30, 1911.
Number of deposits ' 48,125 Troy ounces 11, 668, 362. 50 Avoirdupois tons 399. 90 Coining value $200, 483, 637. 37
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DIEECTOE OF THE MINT. 291
SOURCE. Nome, Alaska, United States $46,006, 306. 90 Tanana, Alaska, United States .- 41, 327, 385. 78 Iditarod, Alaska, United States 1, 051, 421. 95 Balance of Alaska, United States 9, 629, 418. 62 Total for Alaska, United States $98, 014. 533.25 British Columbia, Canada .^ 13, 555, 560. 62 Yukon Territory, Canada 86, 751, 767. 00 All other sources : 2,161, 776. 50
Total 200, 483, 637. 37 The net cost of operating the office for the fiscal year 1911 was $25,897.10. The total number of deposits of gold dust and gold buUion received at the Seattle assay office during the fiscal year 1912. was 1,614, weighing 312,823.891 standard ounces, of the value of $5,872,647.14. The origin of these deposits is shown below:
Gold. Silver. Total Source. Coining value
Alaska : Stand, oxs. Stand, oxs. Circle " . 2,337.535 510.95 $44,083.58 Cooks Inlet 7,028.542 991.76 131,917.62 Copper River. 14,126.340 2,438.97 265,653.70 Eagle • 2,776.408 431.10 52,155.74 Iditarod 49,836.786 6,728.24 935,025.24 Koyukuk : 6,819.334. 369.75 127,301.58 Nome 99,091.820 11,005.61 1,856,374.51 Southeast Alaska. 6,664.261 1,341.27 125,547.00 Tanana 57,557.144 8,326.28 1,080,519.35 Total for Alaska 246,238.170 32,143.93 4,618,578.32 California 63.332 .99 1,179.42 Colorado 13.125 4.76 249.73 Idaho 692.333 101.20 12,998.37 Montana 1,090.206 137.94 20,443.41 Nevada 7.705 2.26 145.98 Oregon 2,365.972 933.19 45,103.97 Washington '. 3,388.329 2,874.57 66,383.63 British Columbia 56,548.770 8,083.68 1,061,476.60 Yukon Territory 909.502 197.23 17,150.47 South America 27.027 2.35 505.56 Foreign gold coin 2.596 48.30 Mutilated domestic gold coin 17.091 318.00 Jewelers, bars, etc 1,379.768 746.09 26,538.28 Pepartment melting-room grains 25.112 5.42 473.51 Gains on purchases 1.924 21.16 61.16 Redeposits 52.929 6.60 992.43 Total...... 312,823.891 45,261.37 5,872,647.14
Total deposits from the opening ofthe office.
Ninnber of deposits 49,739 Coining value •. $206,356,284.51
Origin of foregoing. Alaska: Nome • $47,862,681.41 Tanana 42,407,905.12 Iditarod 1,986,447.19 Balanceof 10,376,077.85 Total for Alaska $102,633,111.57 Canada: • . British Columbia 14,617,548.76 Yukon Territory 86,768,911.49 All other sources 2,336,712.69 Total .,.,.., ,...,,..,,,.,, ,..,..,..,...,,.,...,....: 206,356,284.51
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292 REPORT ON THE FINANCES.
The foUowing table shows the number, weight before and after melting, loss in melting, and percentage of loss of the various classes of bullion received:
Weight Weight Loss in Per Character of deposit. Number of before after centage deposits. melting. melting. inelting. of loss;
Ounces. Ounces. Ounces. Bars 244,083.58 243,959.56 124.02 0.058 Dust..'. , 626 51,256.95 49,562.56 1,694.39 3.305 Retort 216 10,293.01 9,656.12 636.89 6.187 Nuggets 98 1,407.35 / 1,332.44 74.91 5.322 Mixed. 166 23,144.57 21,877.42 1,267.15 5.474 Jewelry, scraps and bars 83 3,404.68 3,348.84 55.84 1.640 Dental scraps and bars.. 34 331.39 283.89 47.50 14.333 United States gold coin.. 17.03 17.03 Foreign gold coin 0) 2.55 2.55 Redeposits 63.14 63.14 Total 1,614 334,004.25 330,103.55 3,900.70 1.167
1 Foreign gold coin received with mixed deposits are not taken into account as to number. The average fineness of the buUion deposited was as follows: Gold, 852.8.; silver, 123.3. For convenience in shipping to the rnints for coinage, 1,242 bars, each under 400 ounces in weight and aggregatkig 62,611:62 ounces troy, were melted into 61 large bars. A summary of the work done in the assaying department during the year is as follows: Quartatipn of silver manufactured 1. ounces.. 450 Cupels manufactured .• number.. 10,000 Bullion assays made do 6,500 Ore assays made for gold and silver , do— 197 Ore assays made for base metals do ; 89 special bulUon assays made do 36 Mutilated domestic coins tested (gold) .do 51 ASSAY OFFICES AT CHARLOTTE, DEADWOOD, HELENA, BOISE, SALT LAKE CITY, NEW ORLEANS AND CARSON. These offices were open throughout the year as usual for deposit of buUion and the detaUs of their operations wiU be found in tables elsewhere. DEPOSITS, EARNINGS, AND EXPENDITXIRES OF ALL OFFICES. The deposits, earnings, and experiditures of the mints and assay offices during the fiscal year 1912 and number of employees at the close of the year, were as follows:
Number of— Value of gold Expendi- Freight on Em Institutions. and silver Earnings.2 coin and ploy Deposits. Rede tures.3 posits. deposits.! buUiou. ees.
Philadelphia 3,724 309 $18,201,688.98 $3,325,370.36 $487,315.21 333 San Francisco ' 8,184 112 56,679,450.03 1,372,466.04 225,498.03 124 Denver 3,357 1,495 39,756,910.22 2,093,623.43 176,204.75 93 New York 10,707 113 58,039,399.17 110,256.16 227,355.12 $4,612.53 89 Nev/ Orleans . 692 1,492,828.79 3,704.60 19,969.60 2,295.53 13 Carsc€i 881 1,041,422.32 3,717.93 15,284.67 1,528.05 8 Boise- 1,115 911,303.18 6,017.46 14,541.14 985.11 10 Helena 837 1,904,975.80 4,037.27 18,358.05 1,886.50 8 Charlotte.. 211 79,509.82 854.16 2,986.00 88.70 3 Deadwood 473 7,866,736.03 10,917.95 14,096.40 3,973.75 5 Seattle 1,614 5,882,549.09 10,681.40 44,644.73 10,108.17 19 Salt Lake City 389 1,158,499.28 2,249.41 14,793.10 1,099.40 6 Total 32,184 2,029 193,015,272.71 6,943,896.17 1,261,046.80 26,577.74 711
1 Silver calculated at subsidiary rate. 3 Including freight on shipments of bullion and coin * Including seigniorage on coinage. loetween mints ^nd assay offices.
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DIRECTOR OF THE MINT. 293
OPERATIONS OF THE MELTER AND REFINERS AND THE COINERS, FISCAL YEAR 1912. The quantity of metals operated upon in the different departments of the mints and assay office at New York during the fiscal year 1912 aggregated 13,043,306 standard ounces of gold, and 36,144,103 standard ounces of sUver. The figures in the table following are the actual figures as obtained at the settlements of the accounts:
Per- centage- Wast of good age per coin Amount de Amount re Amount 1,000 livered by turned to Wast pro- Institution and depart operated Surplus. ounces . duced ment. superintend superintend upon. age. oper ent. ent. -to ated amount upon. oper ated upon.
Stand. Stand, Stand, Philadelphia Mint: Stand, ozs. Stand, ozs. Stand, ozs. ozs. ozs. ozs. Melter and refiner 2,076,365.913 2,077,076.172 1,669,275.293 710.259 Coiner. 1,193,783.698 l,193,800.-494 1,193,-783.^698 16.796 28.69 San Francisco Mint: Melter and refiner.... 5,178,029.043 5,178,535.379 5,311,573.817 506.336 Coiner 737,394.400 737,412.038 628,345.850 17.638 54.68 .Denver Mint: Melter and refiner 2,388,225.018 2,388,143.646 1,926,534.596 81.372 0.042 Coiner 1.. 131.650 31.650 New York assay office: Melter and refiner 3,143,322.283 3,143,332.475 2,313,792.947 10.192 Total: Melter and refiner 12,785,942.257 12,787,087.672 11,221,176.653 1,226.787 81.372 Coiner 1,931,178.098 1,931,244.182 1,822,129.548 66.084
Grand total 14,717,120.355 14,718,331.854 13,043,306.201 1,292.871 81.372
SILVER.
Philadelphia Mint: Melter and refiner.... 10,488,459.35 10,492,896.67 10,167,456.34 4,437.32 Coiner 9,192,682.04 9,191,988.77 9,159,473.84 693.27 54.80 San Francisco Mint: Melter and refiner 3,589,813.78 3,595,001.86 3,941,255.74 5,188.08 Coiner 3,576,494.82 3,575,755.83 3,458,809.13 738.99 58.38 Denver Mint: Melter and refiner 3,569,636.26 3,568,718.02 " 5,036,041.04 918. 24 0.182 Coiner..: 3,323,873.95 3,322,979.26 '3,323,873.95 894.69 .269 66.28 New York assay office: Melter and refiner 2,470,617.16 2,469,034.82 1,057,193.01 1,582.34 1.497 Total: Melter and refiner 20,118,526.55 20,125,651.37 20,201,946.13 9,625.40 2,500.58 Coiner 16,093,050.81 16,090,723.86 15,942,156.92 2,326.95 Grand total.... 36,211,577.36 36,216,375.23 36,144,103.05 9,625.40 4,827.53
NICKEL.
Troy Troy Troy Troy Philadelphia Mint: Troy ozs. Troy ozs. Troy ozs. ozs. ozs. ozs. ozs. Melter and refiner 10,309,361.53 10,267,833.23 9,699,591:10 22,725.09 2.343 Coiner 9,944,707.25 9,938,235.06 8,191,667.75 6,472.19 .790 45.51 Denver Mint: Melter and refiner 2,272,508.43 2,265,541.63 1,234,333.40 6,966.80 5.645 Coiner 1,123,297.60 1,121,922.80 1,123,297.60 1,374.80 1.224 - 66.66 Total: Melter and refiner 12,581,869.96 12,533,374.86 10,933,924.50 29,691.89 Coiner 11,068,004.85 11,060,157.86 9,314,965.35 7,846.99 Grand total 23,649,874.81 23,593,532.72 20,248,889.85 37,538.88
1 No gold coinage; recovered from sweeps.
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294 REPORT ON THE FINANCES.
BRONZE.
Per centage Wast of good age per coin Amount de Amount re Amount pro Institution and depart livered by turned to Wast 1,000 operated Surplus. ounces duced"^ ment. superintend superintend age. ent. upon. ope to ent. rated amount upon. oper ated upon.
Stand, Stand. Stand, Philadelphia Mint: Stand, ozs. Stand, ozs. Stand, ozs. ozs. ozs. ozs. Melter and refiner. . 14,178,231.56 14,151,584.59 10,921,993.06 45,450.16 4.161 Coiner 13,832,172.33 13,829,251.40 9,743,190.03 2,920.93 .299 64.80 San Francisco Mint: Melter and refiner 2,455,799.59 2,449,235.68 1,891,291.90 6,563.91 3.471 Coiner 1,957,633.66 1,956,13L33 1,913,399.50 1,502.33 .785 67.91 Denver Mint: Melter and refiner . 1,804,524.67 1,792,818.36 1,786,110.61 11,706.31 6.554 Coiner 1,681,002.75 1,680,020.00 1,681,002.75 982.75 .584 75.13 Total: Melter and refiner 18,438,555.82 18,393,638.63 14,599,395.57 63,720.38 Coiner 17,470,808.74 17,465,402.73 13,337,592.28 5,406.01
Grand total 35,909,364.56 35,859,041.36 27,936,987.85 69,126.39
WASTAGE AND LOSS ON SALE OF SWEEPS AND GAINS FROM OPERATIONS. The value of the precious metals wasted in the metallurgical and mechanical departments was $3,969.54. A loss of $5,614.03 occurred from the difference between the assay value of the bullion contained in sweeps sold and the amount received for the same, as described in the foUowing table:
Mint at- Assay efiice Items. San at New Total. Phila- Fran Denver. York. delphia. cisco.
Melter and refiner's gold wastage.. $1,513.90 $1,513.90 Melter and refiner's silver wastage. 455.27 $800.62 1,255.89 Coiner's silver wastage •... $372.78 $383.37 443.60 1,199.75. Loss on sale of sweeps 1,361.06 455.05 869.06 2,928.86 5,614.03 TotaL 1,733.84 838.42 3,281.83 3,729.48 9,583.57 Paid as follows: From contingent appropriation 930.28 475.51 566.34 1,972.13 From parting and refining appropriation. 803.56 362.91 2,715.49 3,729.48 7,611.44 Total. 1,733.84 838.42 3,281.83 3,729.48 9,583.57
The gains from operations in bullion during the fiscal year 1912 amounted to $130,546.97, as follows:
Character of gains. Amount.
Surplus bullion recovered by the operative officers $29,130.83 Value of deposit melting room grains and sweeps 23,832.74 Net gains on bullion shipped from assay offices to mints for coinage. 1,044.01 Gain on light weight gold coin purchased for recoinage 131.07 Receipts from the sale of by-products 76,408.32 Total. 130,546.97
Deducting the wastage and loss. $9,583.57, from the gains^ $130>646.97i gives a net gain from bullion opera" tion during the flscal year 1912 Of $120)963.40.
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DIEECTOE OF THE MINT. 295
Receipts and disposition of gold bullion, fiscal year 1912.
Deposited. Redeposited Uncurrent Surplus receipts from Institutions. bullion Total. United States recovered. mints and Deposits. , coin trans assay offices. ferred for recoinage.
Philadelphia $1,923,040.26 $2,429,221.65 I $18,474.30 y $9,560,748-. 90 $13,931,485.11 San Francisco 53,868,573.00 11,897.86 • 2 981^146.38 54,861,617.24 Denver 20,327,099.88 3,718.71 2 17,486,001.49 37,816,820.08 New York 53,612,839.63* 5,539.16 3 794,047.25 54,412,426.04 New Ojleans .... 1,427,824.92 442.06 1,428,266.98 Carson 997,717.80 199.83 • 997,917.63 Helena. . . . . 1,815,566.74 221.39 1,815,788.13 Boise 869,595.61 549.83 870,145.44 Charlotte 78,174.86 186.84 78,361.70 Deadwood 7,592,073.78 187.96 7,592,261.74 Seattle . 5,819,475.65 503.74 '5,819,979.39 Salt Lake City 1,122,415.30 185.37 1,122,600.67
O Total .' 149,454,397.43 2,429,221.65 42,107.05 28,821,944.02 180,747,670.15
1 Of this amount $94.16 was gained in United 2 This includes $3,000 proof gold. states light-weight coin melted. 3 This includes $2,000 proof gold. The disposition of gold biUlion contained in the above table is as follows:
Shipment to Bars ex Bars paid Sold in Wast Institutions. mint for changed for Coinage. Total. depositors. coinage. sweeps. coin. age.
Philadelphia $247,101.37 $14,913.86 i$6,373,495.82 $6,369,090.00 $13,004,601.05 San Francisco 24,743.41 8,201.80 7,102,366.89 6,380,000.00 13,515,312.10 Denver. 2 $3,754.42 8,549.81 13,600.19 25,904.42 New York 4,120,905.44 3 11,672,674.49 5,024.80 44,754,117.46 60,552,722.19 New Orleans.... 13,553.33 1,707,428.69 1,720,982.02 Carson 1,557.71 974,625.46 ^ 976,183.17 Helena 229.08 1,845,657.41 1,845,886.49 Boise 917,788.93 917,788.93' Charlotte 78,360.51 <$1.19 78,361.70 Deadwood 7,837,084.39 , 7,837,084.39 Seattle 472.50 5,764,777.79 5,765,250.29 Salt Lake City 1,117,607.90 1,117,607.90 Total...... 4,408,562.84 31,919.759.99 36,690.27 58,243,580.36 12,749,090.00 1.19 107,357,684:65
1 Includes $7,098.19 proof gold and $3,596.73 for medals. 2 Error Seattle mass melt No. 70. 8 Includes $3,116,156.75 certificate bars to Assistant Treasurer and $1,446.12 grain bar to Philadelphia. 4 Loss in mass melting. BALANCES, RECEIPTS, AND DISBURSEMENTS. Balance of gold bullion on hand June 30, 1911, and receipts, dis bursements, and balances June 30, 1912, at the mints and assay offices are shown in the following table:
Receipts dur Balance on Disbursements Institutions. ing the fiscal Total. during fiscal Balance on June 30.1911. year 1912. year 1912. June 30, 1912.
Philadelphia $18,689,614.33 $13,931,485.11 $32,621,099.44 $13,004,601.05 $19,616,498.39 San Francisco 42,833,906.45 54,861,617.24 97,695,523.69 . 13,515,312.10 84,180,211.59 Denver 12,503,853.56 37,816,820.08 50,320,673.64 25,904.42 50,294,769.22 New York 48,742,692.57 54,412,426.04 103,155,118.61 60,552,722.19 ' 42,602,396.42 New Orleans 417,192.21 1,428,266.98 1,845,459.19 1,720,982.02 124,477.17 Carson 479.24 997,917.63 998,396.87 , 976,183.17 22,213.70 Helena 119,682.27 1,815,788.13 1,935,470.40 1,845,886.49 89,583.91 Boise 84,735.28 870,145.44 954,880.72 917,788.93 37,091.79 Charlotte 78,361.70 78,361.70 78,361.70 Deadwood 479,641.06 7,592,261.74 . 8,071,902.80 7,837,084.39 234,818.41 Seattle 207,173.90 5,819,979.39 6,027,153.29 5,765,250.29 261,903.00 Salt Lake City.* 51,004.59 .1,122,600.67 1,173,605.26 1,117,607.90 55,997.36 Total 124,129,975.46 180,747,670.15 304,877,645.61 107,357,684.65 197,519,960.98
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296 REPORT ON THE FINANCES.
LABORATORY OF THE BUREAU OF THE MINT. From the coinage of the calendar year 1911 the assayer of this bureau tested 232 gold and 358 silver coins, all of which were found within the legal requirements as to weight and fineness. In the gold coins the greatest deviation in fineness above standard (the legal limit being 1 above or below) was 0.4, while the greatest deviation below was 0.5. The greatest deviation in fineness of silver coins above standard (the limit being 3 above or below) was 2, whUe the greatest deviation below was 1.5. The following table and statement summarize these assays:
Philadelphia. Denver. San Francisco. Total. Fineness. • Gold. Silver. Gold. Silver. Gold. Silver. Gold. Silver.
t 898.5 2 1 3 .7 .: 10 10 .9 ..- ... .. 13 1 14 899.1 14 1. 8 23 .3 . - . 24 4 6 34 .5 1 1 3 5 ,6 1 21 9 5 17 . 3 27 29 .7 4 5 19 28 .8 8 33 17 9 28 8 53 50 .9 17 12 25 54 900.0 17 31 4 7 13 14 34 52 ,1 13 6 24 .2 3- 25 13 ie 3 54 .4 ." 11 1 9 14 1 34 .7 5 9 8 22 .9 11 3 2 16 901.1 2 • 5 2 9 .3 1 3 ' 1 5 .5 1 1 .8 1 1 902.0 ... • 1 1
Total 64 202 55 72 110 84 229 358 Average fineness..;.. 899.95 899. 78 .899.85 900.25 899.81 900.03 899.87 900.03
Besides the coins tabulated above, two coins from the Philadelphia mint and one from the Denver mint on repeated assays showed wide variations, but within the limits above stated, in the composition of the metal in different parts of the coins. There were also examined 24 Philippine and 10 San Salvador silver coins, aU of which were within the legal requirements as to weight and fineness. As the result of investigation by the bureau assayer upon the methods of a:ssa3^ing followed in our various laboratories, which had been going on for several years, a meeting of six service assayers was convened at the PhUadelphia mint on April 18 and continued until May 4, 1911, for the purpose of devising improvements in the general ractice which should lead to greater accuracy in the assay work. P*his meeting resulted in the adoption of 15 unanimous recommenda tions, most of which have been incorporated into the practice of the department, and it is expected that much improvement in the assay work will follow as the result of the meeting. Later in the year the bureau assayer inaugurated an extensive investigation into the sampling of gold bullion in its relation to the settlement of accounts between purchasing offices and offices of rede-
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DIRECTOR OF THE MINT. 297 posits. The results of this investigation are described in a pamphlet entitled '^The Sampling of Gold BuUion,'' which wiU be supplied to those who may be mterested in the subject.
PROCEEDINGS OF THE ASSAY COMMISSION, 1912.
The foUowing-named gentlemen were designated as commissioners to test and examine the weight and fineness of the coins reserved at the several mints during the calendar year 1911 pursuant to the pro visions of section 3547 of the Revised Statutes: Hon. Weldon B. Heyburn, United States Senate; Hon. D. J. Eiordan, House of Representatives; Hon. WiUiam E. Cox, House of Representatives; Mr. Zina Richey, Yankton, S. Dak.; Dr. Marcus Benjamin, Washington, D. C; Hon. Warren R. Austin, St. Albans, Vt.; Mr. Edwin S. Church, Akron, Ohio; Dr. Owen Louis Shinn, Philadelphia, Pa.; Dr. John Trowbridge, Cambridge, Mass.; Dr. G. W. Stewart, Iowa City, Iowa; Dr. R. C. Benner, Pittsburgh, Pa.; Hon. Joseph Perrault, Boise, Idaho; Mr. Judson Brenner, De Kalb, IU.; Col. R. J. Woods, Sioux Falls, S. Dak.; Mr. James H. Mannmg, Albany, N. Y.; Mr. John D. Walker, Sparta, Ga.; Mr. Charles T. Kountze, Omaha, Nebr.; Mr. H. Dudley Coleman, Waveland, Miss.; Mr. Waldo C. Moore, Lewisburg, Ohio; Mr. L. A. Fischer, Bureau of Standards, Washington, D. C; Mr. Charles S. McDonald, Sioux Falls, S. Dak.; Hon. Arthur W. Kopp, House of Representatives, Wash ington, D. C. The commission met at the mint at PhUadelphia on February 14, 1912, and Hon. Daniel J. Riordan was elected chairman. The foUowing committees were appointed by the chairman with the approval of the commission: Cow/mittee on couniing.—^Mr. Manning, chairman; Messrs. Church, Walker, McDonald, Perrault, Austin, and Richey. Committee on weighing.—^Dr. Benjamin, chairman; Messrs. Stew art, Kopp, Coleman, and Kountze. Committee on assaying.—^Dr. Shinn, chairman; Messrs. Comings, Benner, Moore, and Breimer. The committee on counting reported that the packages containing the pieces reserved by the several mints for the trial of coins were delivered to them, and that they were compared with the transcripts kept by the Director of the Mint and found to be correct. Alter verification the coins were delivered to the committees on weighing and assaying. The coins reserved by the mints for the purposes of the assay com mission were as follows:
Gold. Silver. Institutions. Pieces. Value. Pieces. Value.
Philadelphia- ... 2,334 $15,465.00 12,010 $1 763 40 Denver 1,009 17,795.00 6,420 851 25 San Francisco: United States coin 2,244 23,130.00 2,890 617 50 PhiUppine Islands coin .• 986
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298 REPORT ON THE FINANCES.
The committee on assaying reported receiving and making assays of coins reserved from the mints at Philadelphia, San Francisco, and Denver, representing the deliveries made by the coiners to the super intendents duririg the calendar year 1911. The highest assay value of the gold coinage at the different mints (the limit of tolerance being one one-thousandth) is at— Philadelphia i 900. 6 San Francisco : 900.1 Denver 900.1 The lowest assay value of the gold coinage at the different mints (the limit of tolerance being one one-thousandth) is at— Philadelphia 899.7 San Francisco 899.7 Denver : 899.7 The highest assay value of the silver coinage at the different mints (the limit of tolerance being three one-thousandths) is at— Philadelphia .90L1 San Francisco. -..:.. 901.4 D en ver .' 901.5 The lowest assay value of the sUver coinage at the different mints (the limit oi tolerance being three one-thousandths) is at— Philadelphia. 898.8 San Francisco ; 898.8 Denver 898.8 The highest assay value of the Philippine sUver coinage is at— San Francisco (pesos) '. 800.8 • San Francisco (subsidiary) 751.5 The lowest assay value of the PhUippine sUver coinage is at— San Francisco (pesos) ; : 799.8 San Francisco (subsidiary)
COMMITTEE ON RESOLUTIONS. Mr. Kopp, chairman, submitted the report of the committee on resolutions, as foUows:
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DIEECTOE OF THE MINT. 299
Whereas tliere is now in the mint at Philadelphia a National Coin Collection of great value, the result of years of effort on the part of the mint officials; and Whereas this collection is yearly visited by thousands of interested visitors and is of great educational and historical value; and Whereas with a reasonable annual appropriation it would be possible to greatly increase this collection and make it one of the finest in the world; and Whereas the Government has made and is selling at a reasonable price bronze medals of the Presidents of the United States; Now, therefore, be it resolved— • First. That the annual assay commission of 1912 hereby renews the recommenda tions of prior commissions with reference to the maintenance and increase of this National Coin Collection at the mint in Philadelphia. Second. That in the opinion of the commission, in order to facilitate this work, an official souvenir mint medal of typical and characteristic design should be struck off and a descriptive booklet of the mint published, to be sold at a moderate price to visitors at the mint. Third, That the proceeds from such sales be devoted exclusively, under the super vision of the Secretary of the Treasury, to the extension of this collection of coins and medals at the Philadelphia.Mint as aforesaid. We recommend an annual appropria tion of $2,000 for this purpose. Be it further resolved. That the thanks of the commission be heartily tendered to Hon. George E. Roberts, Director of the Mint, Mr. J. W. Sheetz, and to the various officials and employees of the mint for their uniform courtesies extended dm-ing the session. Respectfully submitted'. A. W. KOPP, Chairman. . JUDSON BRENNER. WALDO C. MOORE. The report of the committee on resolutions was unanimouslyo adopted. MOVEMENT OF GOLD FROM THE PORT OF NEW YORK.
The superintendent of the United States assay office at New York has prepared the foUowing table giving exports of gold through the port of J^ewoYork:
Statement of United States gold coin and gold bullion exported from the port of New York to Europe during thefiscal year ended June 30, 1912.
Rate of Date. Country. Amount. exchange.
1911. \ Sept. 29 $1,492,507 $4.8645 Oct. 2 Francdoe 2,011,238 4.8615 Dec. 30 Netherlands 500 4.8625 1912. Feb. 2 France 2,052,669 4.8760 5 do ^ 2,116,291 4.8750 7 do ; 2,091,657 4.8735 8 do . . •. 1,733,070 • 4.8725 26 Netherlands 500 Mar. 6 France 2,631,424 4.8725 8 do ,1,405,376 4:8720 Apr. 1 Netherlands . . . 500 4.8685 19 Spain 50,000 4.8740 26 Netherlands 500 • 4.8720 May 20 do :.. 500 4.8710 25 do ... 500 4.8720 June 17 do 500 4.8735 24 France. .• 2,098,536 4.8735 24 Netherlands 500 4.8735 26 France 1,913,555 4.8720 Total 19,600,323
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300 REPORT ON THE FINANCES.
Recapitulation of gold exports to Europe.
Classification. France. Spain. Nether lands.
United States coin, ." $50,000 $4,000 Bullion $19,546,323
Total 19,546,323 50,000 4,000
Grand total of exports to Europe $19,600,323 During the same period there were shipped to Westlndies, Mexico, Central and South America, etc., the following: United States coia $13,690,405 Foreign coin. 2,270,387
Tbtal exports to other ports 15,960,792
Grand total of gold exports 35,561,115 The imports during the same period were as follows: From Europe: United States coin $68,814 Foreign coin 969,021 Foreign bullion ." 266,188 Bullion in ore 5,770
Total gold imports from Europe $1,309,793 From other ports (West Indies, Mexico, Central and South America, Cuba, etc.): United States coin $494,767 Foreign coin 1,545,391 Foreign bullion 16,618,424 Bullion in ore 124,029
Total gold imports from other ports. 18,782,611 Grand total of gold imports 20,092,404
NET EXPORTS, UNITED STATES GOLD COIN. The net exports of United States gold coin since 1870 were as follows: Imports and exports of United States gold coin since 1870.
. Fiscal years.- Imports. Exports. • Fiscal years. Imports. Exports.
Jan. 1 to June 30— Jan. 1 to June 30— 1870 0) $12,768,501 Continued. 1871 0) 55,491,719 1894 $30,790,892 $64,303,840 1872 0) 40,391,357 1895 10,752,673 55,096,639. 1873 C) 35,661,863 1896 10,189,614 77,789,892 1874 ..... C) 28,766,943 1897 57,728,797 23,646,535 1875 (0 59,309,770 1898.... 40,593,495 8,402,216 1876 (0 27,542,861 1899 7,779,123 27,419,737 1877 (1) 21,274,565 1900 8,659,856 30,674,511 1878 $7,325,783 6,427,251 1901 3,311,105 , 8,425,947 - -1879..' 3,654,859 4,120,311 1902 3,870,320 9,370,841 • • 1880 18,207,559 1,687,973 1903 1,519,756 18,041,660 1881 '7,577,422 1,741,364 1904 5,780,607 15,682,424 •• '.1882 4,796,630 29,805,289 1905... 2,236,399 54,409,014 1883 8,112,265 4,802,454 1906 35,251,921 20,573,572 . 1884 3,824,962 12,242,021 1907 44,445,402 22,632,283 1885 3,352,090 2,345,809 1908 ... 44,929,518 28,246,170 1886 1,687,231 5,400,976 1909 4,642,690 66,126,869 '. 1887 5,862,509. 3,550,770 1910 2,050,563 86,329,314 "1888 5,181,513 3,211,399 1911 6,041,646 20,651,276 1889 1,403,619 4,143,939 1912 6,283,968 25,677,378 ' 1890 1,949,552 3,951,736 1891 2,824,146 67,704,900 Total 424,125,827 1,240,529,939 1892 15,432,443 42,841,963 1893 6,074,899 101,844,087 Net exports • 816,404,112
»Imports of United States gold coin not separately given prior to the fiscal year 1878;
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DIRECTOR OF THE MINT. 301
STOCK OF MONEY IN THE UNITED STATES. On June 30, 1912, the stock of domestic coins in the United States was $2,354,115,223, as shown by the following table: Official table of stock of coin in the United States June 30, 1912.
Items. Gold. Silver. • Total.
Estimated stock of coin June 30,1911 $1,628,918,138 $727,886,731 $2,356,804,869 Net imports, United States coin, fiscal year 1912 2,103,148 2,103,148 Coinage fiscalyear 1912.. . 12,749,090 9,655,405 ' 22,404,495 Total 1,641,667,228 739,645,284 2,381,312,512 Less: , United States coin melted for recoinage (face value).. 3,524,820 1679,059 4,203,879 United States coin estimated to have been used in the arts . . 3,500,000 . ^^ ioo;ooff 3,600,000 Net exports. United States coin, fiscal year 1912 . 19,393,410 19,393,410 . Total i. 26,418,230 779,059 27,197,289 Estimated stock of coin tn the United States June 30,1912 1,615,248,998 738,866,225- 2,354,115,223
1 Of this amount $601 were Hawaiian coins. NOTE.—The number of standard silver dollars coined to June 30,1912, was 570,272,610, which, added to the Hawaiian dollar coinage, 500,000, plus the number imported from the Philippine Islands, 150,000, and the number returned in Government transports, 496,859, equals 571,419,469. , Smce July 1,1898, the num ber of standard silver doUars exported in transports has been 2,495,000; and since 1883 the number melted to June 30,1912, has been 191,308 (see Report of the Director of the Mint, 1912); and the number of Hawaiian doUars melted.to June 30, 1912, has been 455,141, a total disposition of 3,141,449, leaving in the United States on June 30,1912,568,278,020 standard sUver doUars, and 170,588,205 doUars in subsidiary silver coins. Bullion in mints and assay offices June 30, 1912.
BuUion. Value.
Gold $197,607,243 Silver (cost) .. - - - - - . - _ 2,317,870 ^ Total 199,925,113
Metallic stock June 30, 1907, 1908,1909, 1910, 1911, and 1912.
Coin and bullion. June 30,1907. June 30,1908. June 30,1909. June 30,1910. June 30,1911. June 30,1912.
Gold $1,466,056,632 $1,615,140,575 $1,640,567,131 $1,635,424,513 $1,753,134,114 $1,812,856,241 Silver 705,330,224 723,594,595 733,250,073 727,078,304 732,002,448 741,184,095 Total 2,171,386,856 2,338,735,170 2,373,817,204 2,362,502,817 2,485,136,562 2,554,040,336
Ownership of golddnd silver in the United States, June 30, 1912.
Silver coin and buUion. Total gold Gold com Ownership. - •. and silver and buUion. Silver Subsidiary Silver Total coin and doUars. coin. buUion. silver. bullion.
United States Treasury (free) $258,696,470 $28,714,046 $25,554,007 $2,317,870 $56,585,923 $315,282,393 United States Treasury (for certificates out standing) 943,435,618 469,224,400 469,224,400 1,412,660,018 National hanks (June 14,1912) 149,294,418 12,637,221 19,180,041 31,817,262 181,111,680 National banks (for clearing-house certifi cates) 80,479,000 .80,479,000 Private banks and indi viduals 380,950,735 57,702,353 125,854,157 183,556,510 564,507,245 Total 1,812,856,241 568,278,020 170,588,205 2,317,870. 741,184,095 2,554,040,336
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302 BBPOBT ON THE PINANCES.
Location of moneys of United States June 30, 1912.
In national In other banks Money. In Treasury. banks June 14, and in circu Total. 1912. lation.
METALLIC. Gold buUion $197,607,243 $197,607,243 Silver buUion .... 2,317,870 2,317,870 Gold coin ^ . 1,004,524,845 1 $229,773,418 $380,950,735 1,615,248,998 Silver doUiars 497,938,446 12,637,221 57,702,353 568,278,020 Subsidiarv silver coin 25,554,007 19,180,041 125,854,157 170,588,205
Total metallic 1,727,942,411 261,590,680 564,507,245 2,554,040,336 PAPER.
Legal-tender notes (old) 8,983,695 188,440,207 149,257,114 346,681,016 Legal-tender notes (act July 14,1890)... 13,430 2,915,570 2,929,000 National bank notes 39,992,733 2 59,539,974 645,602,285 745,134,992 Total notes 48,989,858 247,980,181 797,774,969 1,094,745,008 Gold certificates 96,621 ,'751 296,921,380 646,514,238 SUver certificates ... 12,324,600 138,569,628 330,654,772 Total certificates 108,946,351 435,491,008 977,169,010 Grand total 1,885,878,620 945,061,869 •2,339,451,224 3,648,785,344
1 Includes $80,479,000 gold clearing-house certificates. 2 Includes $11,975,697 of their own, held by different national banks. Estimated stock of gold and silver in the United States and the amount per capita at the close of each fiscalyear since 1873.
Total stock of coin and bul lion. Per capita. Fiscal year ended June 30— Population. Total , Gold. SUver. Gold. Silver. metallic.
1873 ,677,000 $135, 000,000 $6,149,305 $3.23 $0.15 $3.38 1874....%; ,796,000 147, 379,493 10,355,478 3.44 .24 3.68 1875 ,951,000 121, 134,906 19,367,995 2.75 .44 3.19 1876 ,137,000 130, 056,907 36,415,992 2.88 .81 3.69 1877 ,353,000 167, 501,472 56,464,427 3.61 1.21 4.82 1878 ,598,000 213, 199,977 88,047,907 4.47 1.85 6.32 1879 : ,866,000 245, 741,837 117,526,341 5.02 2.40 7.42 1880 ,155,783 351, 841,206 148,522,678 7.01 2.96 9.97 1881 ,316,000 478, 484,538 175,384,144 9.32 3.41 12.7? 1882 ,495,000 506, 757,715 203,217,124 9.65 3.87 13.52 1883 ,693,000 542, 732,063 233,007,985 10.10 4.34 14.44 1884 ,91i;000 545, 500,797 255,568,142 9.93 4.65 14.58 1885 ,148,000 588, 697,036 283,478,788 10.48 5.05 15.53 1886 ,404,000 590, 774,461 312,252,844 10.29 5.44 15.73 1887 ,680,000 654, 520,335 352,993,566 11.15 6.00 17.15 1888 ,974,000 705, 818,855 386,611,108 11.76 6.44 18.20 1889 ,289,000 680, 063,505 420,548,929 11.09 6.86 17.95 1890 ,622,250 695, 563,029 463,211,919 11.10 7.39 18.49 1891 ,975,000 646, 582,852 522,277,740 10.10 8.16 18.26 1892. ,520,000 664; 275,335 570,313,544 10.15 8.70 18.85 1893 ,946,000 597, 697,685 615,861,484 8.93 9.20 18.13 1894 ,397,000 627, 293,201 624,347,757 9.18 9.13 18.31 •1895. ,878,000 636, 229,825 625,854,949 9.10 8.97 18.07 1896 ,390.000 599, 597,964 628,728,071 8.40 8.81 17.21 1897 ,937,000 270,542 634, .509,781 9.55 8.70 18.25 1898 ,522,000 514,780 637,672,743 11.56 8.56 20.12 1899 ,148,000 962, 865,505 639,286,743 21.04 439,264 647,371,030 12.64 8.40 1900 ,891,000 1,034, 13.45 8.42 21.87 1,124; 652,818 661,205,403 22.97 1901 ,754,000 395,607 670,540,105 14.47 8.50 23.55 1902. ,117,000 1,192. 552,756 677,448,933 15.07 8.48 23.83 1903. ,847,000 1,24.9; 672,672 682,383,277 15.45 8.38 24.55 1904 ,867,000 1,327, 881,186 686,401,168 16.22 8.33 24.55' 1905 ,259,000 1,357; 995,209 687,958,920 16.31 8.24 25.52 1906 ,662,000 1,472, 056,632 705,330,224 17.40 8.12 25.23 1907 ,074,000 1,466, 140,575 .723,594,595 17.03 8.20 26.73 1908 ,496,000 1,615 567,131 733,250,073 18.46 8.27 26.70 1909 ,926,000 1,640; 424,513 727,078,304 18.45 8.25 "26.15 1910 , ,363,000 1,635, 134,114 732,002,448 18.10 8.05 26.44 1911 ,983,000 1,753, 856,241 741,184,095 . 18.65 7.79 26.70 1912. ,656,000 1,812; 18.95 7.75
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DIRECTOR OF THE MINT. 303
STANDARD. SILVER DOLLARS USED IN SUBSIDIARY SILVER COINAGE. There were purchased as bulUon and melted at the mints and assay offices 1,024 mutilated silver doUars during the fiscal j^ear 1912, owhich were used in the manufacture of subsidiary silver coin. The following have been used since 1883:
Fiscal years. Amount. Fiscal years. Amount. Fiscal years. Amount; Fiscal years. Amount.
1883 $621 1891..i $10,800 1899 $1,734 1907 $1,548 1884 1892 42,881 1900 1,341 1908 1,170 1885 1,850 1893 10,500 1901 1,786 1909 1,293 1886 1894 15,055 1902 1,893 1910 • 961 1887 8,292 1895 18,580 1903 1,777 1911 1,320 1888 14,055 vl896 . 2,034 1904.... 1,304 1912 1,024 1889 ' 31,042 1897 1,898 1905 2,298 1890 11,977 1898 1,365 1906 909 Total.... 191,308
RECOINAGE OP UNCURRENT UNITED STATES COIN. . The table following shows the face value of abraded subsidiary coin transferred and purchased for recoinage, the amount of new coin made therefrom, and the loss since 1891:
Fiscal years. Face value. Value of new coin produced. Loss.
1891 , $910,046. $861,680.41 $48,366.28 1892 , 7,118,602. ,937,886.02 180,716.76 1893 , 7,618,198. ,381,289.58 236,908.67 1894 , 7,184,472. ,924,753.05 259,719.12 1895 4,361,761. ,161,820.73 199,940.63 1896 .4,627,141. ,377,258.40 249,883.06 1897 , 3,197,998. ,048,861.64 149.136.86 1898...... • 6,109.772. ,820,159.16 289; 613.16 1899 8,584; 304. ,098,485.18 485,819.08: 1900 5,261,070. ,950,088.96 310,981.39 1901 3,832,280. ,613,021.59 219,259.10 1902 3,333,437. ,141,548.04 191,889.02 1903 3,008,747. ,829,890.71 178,857.27 1904.. 2,828,384. ,656,104.21 172,280.69 1905 1,964,476. ,839,219.24 125,256.87 1906 1,414,963. ,322,834.27 92,129.63 1907 ". 1,142,184. ,064,826.39 77,357.61 1908 1,162,982. ,086,691.94 76,290.12 1909 977,321. 912,300.40 65.020.83 1910 814,361. 758,695.55 55,666.02 1911 583,538. 544,539.09 38,999.35 1912 678,457. 634,101.94 44,356.00 Total 76,714,504.02 72,966,056.50 3,748,447.52
The loss on the recoinage of $3,524,820 in worn and uncurrent gold coins was $28,050.61 and the net loss on the recoinage of $678,457.94 in worn and uncurrent silver coins was $44,356. The Treasury was reimbursed the following losses for uncurrent coin transferred during the fiscal year 1912 for recoinage from the appropriation for that purpose: Uncurrent gold coins $4,848.09 Uncurrent sUver coins 44,321.70 Uncurrent minor coins 9,184.49
Total 58,354.28 UNITED STATES GOLD COIN IN CANADA. The holdings of United. States gold coin in the treasury of the Dominion of Canada on December 31, 1911, was $93,507,764. The holdings of United States gold coin bf the charter banks (23 in number) on the same date aggregated $21,330,458. The total amount of United States gold coin in Canadian reserves on the foregoing date was therefore $114,838,222.
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304 REPOKT ON THE FINANCES.
Monetary systems and approximate stocks of money, .in the aggregate and
Stock of gold.
Monetary Monetary unit.. Population. Countries. standard In banks and public In circula Total. treasuries. tion. 1 Thousands. Thousands. Thousands. Thousands 1 United States Gold.... Dollar 94,800 1,429,800 369,800 1,799,600 ? Austria-Hungary...... do.... Crown 49,400 "265,700 90,600 356,300 3 Belgium -...do.... Franc 7,300 36,500 4 British Empire: 5 Australia: ....do.... Pound sterhng 4,400 207,800 14,600 222,400 6 Canada ... do .. Dollar 6,200 138,200 7 United King ....do.... Pound sterling 45,000 1375,000 335,800 1716,806 dom. 8 India ....do.... Pound sterhng and 295,000 2 44,600 rupee. 9 South Africa...... do.... Pound sterhng 7,800 50,400 15,000 65,400 10 Straits Settle- ....do.... Dollar l',600 6,800 ments.2 11 Bulgaria do Lev 4,000 7,700 12 Cuba do ... Peseta 2,100 42,666 13 Denmark ....do.... Crown 2,700 19,800 18,500 ' 38,300 14 Egypt do Piaster ..' 11,300 8,200 174,500 4 182,700 15- Finland ....do.... Markkaa 2,900 .6,900 3,700 10,600 16 France . do Franc . .. 39,300 635,000 565,000 5 1,200,000 17 Germany ...do .. Mark 64,900 6 205,700 18 Greece ....do.... Drachma 2,600 2,500 1,900 4,466 19 Haiti . . do Gourde 1,500 1,300 2,100 3,400 20 Italy ....do.... Lira 33,900 288,500 21 Japan do Yen 52,200 117,000 16,900 133,966 22 Mexico...... do.... Peso... 15,000 31,200 23 Netherlands do Florin 5,900 56,400 19,200 75,666 24 Norway ...-do-..- Crown 2,400 16,200 4,600 20,800 25 Portugal do Milreis 5,400 ' 6,500 .8,000 14,500 26 Roumania ....do.... Lei 6,800 30,600 2,100 32,700 27 Russia. do Ruble .' 160,100 611,700 334,600 946,300 28 Servia do Dinar 2,800 6,500 29 Siam do Tical 7,000 100 30 South American States: 31 Argentina ...do Peso 7,000 248,300 32 Bolivia ....do.... BoUviano ^ 2,300 7,800 33 Brazil do Milreis 2Q,500 116,500 34 Chile ....do.... Peso 3,500 500 35 Colombia do DoUar 4,300 36 Ecuador ....do.... Sucre 1,500 3,300 2,100 5,400 37 Guiana— 38 British ... do Pound sterling 300 100 39 Dutch ....do... Florin 100 200 40 French ....do.... Franc 100 100 41 Paraguay ....do.... Peso 800 15,200 42 Peru ....do.... Sol 4,500 8,300 3,900 12,200 43 Uruguay do Peso 1,100 15,200 44 Venezuela ....do.... Bolivar 2,600 600 2,500 3,100 45 Spain do Peseta 19,700 74,900 138,200 213,100 46 Sweden . .do Crown 5,400 22,800 3,200 26,000 47 Switzerland ....do..-, Franc 3,300 31,000 34,700 65,700 48 Turkey •.. do Piaster 24,000 14,900 127,500 142,400 49 Central American Silvers.. Peso 5,300 1,300 100 1,400 States. Total 1,040,600 5,167,600
NOTE.—The blank spaces in this table signify that no satisfactory information is available. 1 Estimates for the United Kingdom prior to that for 1910 were for coin only; these figures include 8100,000,000 for buUion in the Bank of England; also $12,200,000 gold belonging to Indian gold-standard reserve. 2 This is the amount in the currency reserves. Fred. J. Atkinson, accountant general of India, in 1908, estimated the active rupee circulation at 2,040,000,000 rupees; small silver coin at-140,000,000 rupees. 3 Includes Straits Settlements, the Malay States, and Johore. 4 This estimate is based upon a calculation made by Messrs. P. Arminjon and B. Michel in 1908, who estimated the stock of gold in the country at from 33,000,000 to 41,000,000 Egyptian pounds. The mean -of these figures was adopted in this table last year. Since their estimate was made the net imports of gold into Egypt to Dec. 31,1911, have amounted to $28,919,061, but as there is said to be a .considerable absorption of gold for ornaments, no change in the estimate of the monetary stock has been made. 5 Estimate of A. De Foville, 1909. 6 German war fund and Imperial' Bank of Germany. No definite.information as to other holdings. The coinage of gold since the establishment of the Empire, less recoinage, amounts to $1,125,023,299, but the exports are unknown, and there has been-an industrial consumption. 7 Gold conversion value. 8 This amount has been reduced to a gold basis; that is, 100 pesos equal 1 United States gold doUar. » Except Costa Rica^and British Honduras (gold-standard countries).
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per capita, in the principal countries of the world, Dec. 31, 1911.
Stock of silver. Per capita. -
Uncovered Limited paper. Full tender. tender. Total. Gold. Silver. Paper. Total.
Thousands. Thousands. Thousands. Thousands. 568,300 167,600 735,900 764,500 $18.98 $7.76 $8.07 $34.81 1 NU. 122,900 122,900 197,600 7.21 2.49 4.00 13.70 2 8,700 2,400 ' 11,100 139,000 5.00 1.52 19.04 25.56 NU. 10,000 10,000 50.54 2.27 52.81 I NU. 7,700 7,700 79,'166' 22.29 L24 "'*i2."76* 36.29 56 Nil. 116,800 116,800 115,200 15.80 2.59 2.56 20.95 7 97,400 45,000 142,400 45,400 .14 .48 ;'16 .78 8 NU. 20,000 20,000 8.38 2.56 10.94 9 NU. 19,000 19,000 " 7,'566' 4.25 11.88 4*68* 20.81 10 NU. 4,800 4,800 9,900 1.93 1.20 ' 2.47 5.60 11 NU. 5,'000 5,000 20.00 2.38 22.38 12 NU. 7,900 7,900 i7,'366' 14.19 2.92 6.'4i* 23.52 13 Nil.. 14,300 14,300 6,600 16.17 1.26 .•58 18.01 14 NU. 500 500 14,900 3.66 .17 5.13 8.96 15 347,400 63,700 411,100 . 245,900 30.53 . 10.46 6.26 47.25 16 NU. 253,600 • 253,600 276,100 3.16 3.90 4.24 11.30 17 NU. 3,000 •3,000 27,600 1.69 1.15 10.62 13.46 18 1,000 1,500 2,500 8,200 2.26 1.67 5.47 9.40 19 22,700 1,400 24,100 182,300 8.51 .71 5.38 14.60 20 NU. 64,200 64,200 101,700 2.57 1.23 1.95 5.55 21 52,000 4,000 56,000 51,200 2.08 3.73 3.41 9.22 22 NU. 29,000 29,000 64,700 12.81 4.92 10.97 28.70 23 NU. 3,700 3,700 8,700 8.67 1.54 3.62 .13.83 24 NU. 33,100 33,100 69,900 2.69 6.13 12.94 21.76 25 NU. 12,600 12,600 43,200 4.81 1.85 6.35 13.01 26 NU. 78,800 78,800 5.91. . .49 6.40 27 NU. 1,300 1,300 4,'966' 2.32 .46 *""i.'75" 4.53 28. NU. 52,200 52,200 2,100 .01 7.46 .30 7.77 29 30 NU. 9,400 9,400 ^ 692,200 35.47 1.34 98.89 135.70 31 NU. 700 700 2,000 •3.39 .30 .87 4.56 32 NU. 25,000 25,000 7 77,900 5,68 1.22 3.80 10.70 33 NU. 8,500 8,500 19,000 .14- 2.43 5.43 8.00 34 NU. 8 10,000 2.33 2.33 35 , . NU. i,'366" '.i,"366 1,700 3.'66* .'87* 1.13 5.60 36 37 NU. 400 400 100 .33 1.34 .33 2.00 38 NU. 300 300 300 2.00 3.00 3.00 8.00 39 NU. 100 100 600 L.OO LOO 6.00 8.00 40 NU. 42,900 19.00 53.63 72.63 41 NU. 2,'466' "*• 2,'460. 2.71 .'53' 3.24 42 NU. 4,300 4,300 8,'666' 13.82 3.90 7.'28' 25.00 43 NU. 10,800 10,800 800 1.19 4.15 .31 5.65 44 NU. 256,800 256,800 "76,000 10.82 13.04 3.85 27.71 45 NU. 8,600 8,600 34,700 4.81 1.59 6.43 12.83 46 NU. 13,500 13,500 27,900 19.91 4.09 8,45 32.45 47 NU. 26,400 26,400 5.93 1.10 7.03 48 NU. 9,200 9,200 89,'966' .26 1.74 '"'ie.'ge' 18.96 49
1,097,500 1,523,700 2,621,200 3,567,500
64926°—FI 1912- -20
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306 REPORT ON THE FINANCES.
MONETARY STOCKS OF GOLD. The foregoing table is by no means complete or satisfactory, but all of the figures given have some reputable authority behind them, and in most cases are from official sources. No official information was received from Germany last year, but the figures for the Imperial Bank are from its published statements. No authoritative estimate has been made for a number of years of the stock of gold in Germany outside of the"Imperial Bank and the war fund. The coinage of imperial gold since the first act authorizing coinage under the Empire in 1871 to the close of 1910, less recoinage, amounted to 4,726,988,650 marks, or approximately $1,125,000,000, but. there has been a con siderable reduction at the hands of manufacturing jewelers and of course considerable exportation. It is to be said, however, of expor tation that ordinarily coins passing from one European country to another are not melted, but held in the reserves of the banks of issue until fluctuations of exchange return them to the country of origin. There is good reason for this in the fact that melting would always involve a loss, while the coins may be returned at their face value. In 1887 Mr. Edward Atkinson, of Boston, having been appointed by the President of the United States to make an inquiry into mone tary conditions abroad, made a report in which he stated that the net gold coinage under the Empire to the close of 1885 had amounted to 1,928,890,830 marks, and that competent authorities estimated that of this 1,550,000,000 marks, or about $369,000,000 remained in the country. As the net coinage to the end of 1910 is about two and one-half times the coinage to the end of 1885, it would appear that the total stock of German gold coin remaining in the country at the close of 1910 might be reasonably estimated at not less than $800,000,000. The changes in the table of gold holdings of the principal institu tions of issue, including for the United States the Treasury and national banks, from the table of last year are as given below: Gold in institutions of issue.
Country. Gain. Loss. Country. Gain. Loss. .
United States $98,500,000 Roumania ;. $10,900,000 Austria-Hungary $5,900,000 Russia $22,400,000 Belgium 12,200,000 Servia I.. 1,400,000 Australia ... • 23,300,000 Argentina •3,900,000 Canada 30,000,000 Bolivia 5,300,000 Great Britain 60,800,000 Brazil 18,000,000 India 31,400,000 Ecuador 900,000. Straits Settlements 4,600,000 Guiana—Dutch 100,000 Bulgaria. 1,600,000 Paraguay 14,900,000 Denmark 100,000' Uruguay 300,000 Eevnt 166,666 Venezuela 200,000 ^Fmland 2,700,000 Spain 31,900,000 France 2,100,000 Sweden 1,200,000 Germany ^ 19,800,000 Switzerland 1,000,000 Greece 17,266,666 Turkey 600,000 Italy 24,400,000 Central American States.. 200,000 6,200,000 Mexico 2,600,000 Total 391,300,000 80,700,000 Netherlands 6,200,000 80,700,000 7,000,000 Portugal 2,100,000. Net gain 310,600,000
THE MOVEMENT TO INDIA. The persistent absorption of gold by India which began to occasion comment in the early part of 1911 has become decidedly the largest
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factor in the question of future banking reserves. The annual pro duction in the world has increased since 1908 from approximately $442,500,000 in that year to perhaps $470,000,000 in 1912, or some what less than $30,000,000. The economists of the world have been busy tracing the effects of these increasing supplies upon prices and forecasting the influence of future supplies. Meanwhile the net imports of gold by India have risen from $56,346,699 during the Britr ish fiscal year ended.March 30, 1908, to $134,409,087 during the fiscal year ended March 30, 1912. For five years they have been as follows: 1907-8 $56,346,699 I 1910-11 '. $90,270,816 1908-9 14,130,583 1911-12 134,409,087 1909-10 '. 81,017,584 1 „ • At this writing it seems probable that the imports of 1912-13 wUl equal and possibly exceed those of the preceding year. The ability of India to take this amount of gold is explained by its increasing favorable balance in the international trade, as appears by the following statement of the net merchandise movement the last five years: 1907-8 .•-... $132,846,889 I 1910-11 $248,068,313 1908-9 79,-048,235 1911-12 272,305,961 1909-10 211,919,211 | The figures given elsewhere for the movement of gold and sUver to India in past years show that the importations of silver are not declin ing but that the increasing balances due that country have been taken of la;te in gold. This absorption of gold, amoimting last year to approximately 29 per cent of the world's output, must be regarded as of great importance, because the history of India shows that that country seldom gives up any of the precious metals which enter into its possession. Its holdings of gold and silver steadily increase and to a great extent the additions to its stock are retired from monetary use and from the world's available supply. The Government of India last year instituted a formal inquiry directed to all its treasury offices asking for information concerning the use of gold ui current trade. All replies agreed that its use was increasing, but there is no indication of hoarding in any other sense than that the mass of i^e people prefer to use coin rather than paper money and have made but little progress in the use of banks or credit instruments. Two of the provincial reports will serve as examples of them all, and they are here given: Anibala.—^^Gold is now very largely in demand not only by banks, firms, and contractors, but also by the public in general. Indian firms in this district make very large demands for gold in payment of bUls, checjks, etc., and also in exchange for notes, and from inquiries I have made, it appears that their demands are to supply the wants of the general public and not for any particular purpose. The use of gold among all classes inay now be considered general. The agent of the Agricultural Bank takes large quantities of gold for the use of the agricmfural cornmunity. Land revenue payments include very fair amount of sovereigns; the post-office paynaents into the treasury include a large number of sovereigns.'' Shahpur.—^^ Kboui three-fifths of the gold issued from the treasury is actually in circulation as currency. The receipts come in chiefly with the land revenue both at TahsU and Sadar treasuries and also with payments for the purchase of proprietary rights. Excise and
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308 REPORT ON THE FINANCES.
opium contractors make payments in gold and stamp. Municipal and post-office receipts contain gold to some extent; generally speak ing, gold forms part of all the payments that are made at the treasury. Gold is demanded by the people in payments of every.sort and is, issued freely from the treasury if in stock. Gold is issued in exchange for notes and rupees, but there are very few instances in which gold has been received and sUver or notes issued in exchange. Crops are paid for partly in gold; out of the gold thus paid a portion of it is tendered in the bazaars when some domestic necessities arise and the balance (if any) after payments of government dues, is hoarded."
PRODUCTION AND DISTRIBUTION. The production of gold has been steadily increasing since abou^ 1890, and during the last 10 years the reserves of the principal bank ing institutions of the world have been largely augmented by the new supplies. The United States has been particularly, successful in securing and holding a large share of this new gold, the gains of the Treasury and national banks from January 1, 1900, to January 1, .1912, aggregating $825,705,052 and representing an increase of over 100 per cent. The volume of trade and of bank credits, of private, corporate, and public indebtedness, and the general level of prices have all been affected to some degree no doubt by this enlargement of bank reserves and the stimulus thereby imparted to enterprise and industry. It is an interesting question whether the gold supplies of the next 10 or i 20 years will be sufficient to allow of further additions to banking reserves, corresponding to those ofthe past and to the natural expan sion of trade and industry. The effect of the new supplies will depend not alone upon their actual amount but upon their relative amount as compared with the existing stock. On December 31, 1899, the gold holdings of the prin cipal banks of issue of Europe, Australasia, South Africa, and Canada, including the United States Treasury, were $2,367,201,422 (see report of this.bureau for 1911, p.. 58), and on December 31, 1911, these insti tutions held approximately $4,570,000,000, an increase of about $2,200,000,000, or nearly 100 per cent in 12 years. But it is apparent that there will have to be a much larger actual gain in the future to make the same percentage of gain. The importations of India last year plus the world's industrial con sumption equaled fully one-half of the world's production, leaving perhaps $210,000,000 or $220,000,000 for monetary' use. At that rate bank reserves would scarcely gain more than 50 per cent in the . next 10 years. It can not be safely predicted on the strength of present conditions' in the principal gold fields of the world that the production of gold . will materially increase in the next 10 years. On the other hand, it must be recognized that the increase in gold supplies during the last 20 years has been at an abnormally high rate, and it is not probable that any harmful results will come from a slow ing down in the rate of accumulation. The fact that bank credits have kept pace with bank reserves and even shown a tendency to overrun them, does not prove an insufficient supply of money. Never in the history of the world was the supply of money equal to the de mand, excepting in periods of temporary depression and reaction,
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when the business'community was controlled by a spirit of caytion instead of the normal spirit of enterprise. The opportunities for profit in exploiting the latent resources of the world, in developing the multitude of new inventions and new ideas that are forever com ing forward, create a practically unlimited demand for capital. These opportunities constantly bid against each other in the invest ment market, in?vite the use of credit, and will absorb any amount of money. The effect of increasing supplies of gold is to stimulate the demand for labor and commodities until wages and prices .are forced to higher levels and the equilibrium thus restored.
UNITED STATES GOLD COIN IMPORTED AND MELTED BY VARIOUS COUN TRIES DURING THE CALENDAR YEAR 1911.
The following table shows the amount of United States gold coin imported by various countries and the value of the United States gold com melted at their mints:
Import of •United States Countries. United States gold coin gold coin. melted.
Austria-Hungary $160,000 $160,000 Austraha 1,000 BrazU ... 250,575 Canada 22,097,630 7,120 Finland ...... ' 82,000 82,000 Great Britain 19,958,355 Japan 10 Turkey - - 290 290 Total 22,591,505 20,207,765
The amount of gold and sUver in the form of old plate, jewelry, and other old material returned from use in the industrial arts to monetary use by being deposited at the mint for coinage during the calendar year 1911 is shown in the following table:
Countries. Gold. • Silver.
• Fine ounces. Fine ounces. United States 454,480 2,116,671 Austraha .. 6,305 Austria-Hungary 878 5,218 Canada . 927 253 Finland ' - ° 81 Total 462,671 2,122,142
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310 REPORT ON THE FINANCES.
VALUES OF FOREIGN COINS. The following values calculated by the Director of the Mint were proclaimed by the Secretary of the Treasury under the provisions of section 25 of the act of August 27, 1894, as the basis for estimating the value of foreign merchandise exported to the United States during the quarter beginning October 1, 1912: Values of foreign coins.
Value in Legal terms Country. • Monetary unit. of Remarks.! standard. United States money.
Argentine Republic. Gold. Peso. $0.965 Currency: Depreciated paper, con vertible at 44 per cent of face value. Austria-Hungary.. ..do Crown. .203 Belgium Gold and Franc. :i93 Member of Latin Union; gold is the silver. actual standard. Bolivia. Gold...... Boliviano, .389 12| bolivianos equal 1 pound sterling. - Brazil... ..do Milreis .546 Currency: Government paper, con vertible at $0.3244 to the milreis. British Colonies in Aus ..do. Pound sterling 4.8665 tralasia and Africa. „ Canada .do. Dollar LOOO Central American states: CostaRica .do. Colorf.. .465 British Honduras., .do. Dollar. 1.000 Guatemala Honduras Guatemala: Currency, inconvertible Nicaragua •Silver. Peso paper, exchange rate .16 to 18 Salvador pesos=SL Honduras: Currency, bank notes, exchange rate March 20, 1912, $0,415. Nicaragua: Cur rency, inconvertible paper, ex change rate 16^ to 17 pesos=$L Salvador: Currency, convertible into silver on demand. Chile.. Gold. .do. .365 Currenc}'^: Inconvertible paper; ex change rate, approximately, $0.2230. Amoy .740 Canton .738 Cheefoo .708 Chin Kiang.., .723 Fuchau... .685 H a i k w a n .753 (customs). Hankow .692 Tael. Kiaochow .717 Nankin .732 China. Silver... Niuchwang.. • .694 Ntngpo .712 Peking .721 Shanghai .676 Swatow ^ .684 Takau .745 Tientsin .717 Yuan .539 Hongkong .487 Dollar British .487 Mexican...... 490 Colombia. Gold. Dollar. 1.000 Currency: Inconvertible paper; ex change rate, approximately, $102 paper to $1 gold. Denrnark. .do. Crown .268 Ecuador.. .do. Sucre .487 Egypt.... .do. Pound (100 piasters). 4.943 The actual standard is the British pound sterling, which is legal ten der for 97^ piasters. Finland. ..do Mark.. .193 France.. Gold and Franc. .193 Member of Latin Union; gold is the silver. actual standard. German Empire. Gold Marie .238 Great Britain...... do Pound sterling. 4.8665 Greece Gold and Drachma, ' .193 Member of Latin Union; gold is the silver. actual standard. J The exchange rates shown under this heading are recent quotations and given as an indication of the values of currencies which are fluctuating in their relation to the legal standard. They are not to take the place of the consular certificate where it is available.
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DIRECTOR OF THE MINT. 311 Values of foreign coins—Continued.
Value in Legal terms Country. Monetary unit. of ' Remarks. standard. United States money.
Haiti Gold Gourde .. . . $0,965 Currency: Inconvertible paper; ex change rate, approximately, India (British) ...do Rupee-^ .3244A 15 rupees equal 1 pound sterUng. Italy Gold and Lira .193 Member of Latin Union; gold is the silver. actual standard. Japan...- Gold Yen .498 Liberia .. do Dollar .... 1.000 Currency: Depreciated silver token coins. Customs duties are col lected in gold. Mexico ...do Peso .498 Netherlands .. ...do Florin .402 Newfoundland ...do Dollar 1.014 Norway ...do . . Crown ... .268 Panama ...do Balboa 1.000 Persia . . . Gold and Kran . 1704- This is the value of the gold kran. silver. Currency is silver circulating above its metaUic value; exchange value of silver kran, approximate ly, $0.0885. Peru Gold Libra 4.8665 Philippine Islands ..do Peso .500 Portugal do Milreis 1.080- Currency: Inconvertible paper; ex change rate, approximately, $0,986. Roumania ,...... do Leu .193 Russia ...do Ruble : .515 Santo Domingo ...do Dollar 1.000 Servia ...do. ... Dinar .193 Siam ...do" Tical .3708 Spain Gold and Peseta .'.. .193 Valuation is for the gold peseta; silver. currency is silver circulating above its metallic value; exchange value, approximately, $0.1794. Straits Settlements Gold Dollar .- .5677 Sweden.. do Crown .268 Switzerland do. ... Franc .193 Member of Latin Union; gold is the actual standard. Turkey ...do Piaster .044 100 piasters equal to the Turkish £ Uruguay ...do Peso L034 Venezuela do Bolivar .193
Changes in the value of foreign coins during 1912.
Value , 1912. Countries. Monetary unit. Jan. 1. Apr. 1. July 1. Oct. 1. "
Central American States Silver peso $0.400 $0.423 $0.442 $0,451 China Silver tael, Amoy .655 .693 .725 .740 Do Silver tael, Canton • .654 .691 . .723 .738 Do Silver tael. Chin Kiantr 640 .677 .708 .723 Do Silver tael, Cheefoo 627 .663 .693 .708 Do SUver tael, Fuchau .606- ..641 .670 .685 Do SUver tael, Haikwan (customs) — 667 .706 .737 .753 Do Silver tael, Hankow 613 .649 .678 .692 Do Silver tael,' Kiaochow . 635 .672 .7^2 .717 Do Silver tael. Nankin .649 .686 .717 .732 Do ' Silver tael, Newchwang .615 .650 .680 .694 Do . Silver tael, Ningpo .630 .667 .697 .712 Do Silver tael, Peking .639 . 676'' .706 .721 Do Silver tael, Shanghai 599 .633 .662 .676 Do Silver tael, Swatow 605 .641 .669 .684 Do . . . Silver tael, Takau. 660 .698 .729 .745 Do ..: Silver tael, Tientsin 635 .672 .702 .717 Do Silver dollar. Yuan .505 .528 . .539 Do Silver dollar, Hongkong ... 431 .456 .477 .487 •• Do Silver dollar, British 431 .456 .477 .487 Do . Silver dollar, Mexican .4:34 .459 .480 .490 India (British) Rupee .3244^ .3244^
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312 REPORT oisr THE FINANCES.
MONETARY LEGISLATION,
Public, No. 299. Chapter 350.—An Act Making appropriations for the legislative, [H. R. 26371.1 executive, and judicial expenses of the Government for the fiscal year ^ ending June thirtieth, nineteen hundred' and thirteen, and for other purposes. Be it enacted by the Senate and .House of Representatives of the United States of America in Congress assembled. That the following sums be, and the same are hereby,, appropriated, out of any money in the Treas ury not otherwise appropriated, in full compensation for the service of the fiscal year ending June thirtieth, nineteen hundred and thirteen, for the objects hereinafter expressed, namely:
LEGISLATIVE.
TREASURY DEPARTMENT.
MINTS AND ASSAY OFFICES.
* ^ •?«• ^ * •»«• * Coiner, melter, The position of coiner, which has heretofore existed in each of the Positions aboi- coinage mints, and the position of melter and refiner, which has here- ished. R. S., tofore existed in each of the coinage mints and in the United States qSt '^'folf'^qS' ^^^^y office at New York, are hereby abolished, to take effect on and 3509' 353o' 35.34 ^^^^^ 'T^ly ^I'st, nineteen hundred and' twelve, and on and after that 3538-3542,' 3550^ date the duties and responsibilities heretofore imposed by law on the 3551, 3554, 3556, officers holding said positions in each of said mints and the assay 702". ^Amended, office shall devolve upon the superintendents of said institutions; iEmployees to and all assistants and employees of the mints and assay offices of the be appointed by United States shall, from and after July first, nineteen hundred and Secretary. twelve, be appointed by the Secretary of the Treasury. . ^ * •}«• ^ ^ -K- -Jt SEC. 9. That until otherwise provided by law, the regular annual estimates of appropriations for expenses of the Government of the United States shall be prepared and submitted to Congress, by those charged with the duty of such preparation and submission, only in the form and at the time now required by law, and in no other form and at no other time. SEC. 10. That all laws or parts of laws inconsistent with this Act are repealed. Approved, August 23, 1912. The foregoing report, covering the operations of the mints and assay oflBces of the United States for the fiscal year ended June 30, 1912; is respectfully submitted. GEO. E. ROBERTS, Director of the Mint. .Hon. FRAN-KLIN MACVEAGH, • Secretary of the Treasury.
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REPORT OF THE DIRECTOR OF THE MINT.
TREASURY DEPARTMENT, BUREAU OF THE MINT, Washington, D. C, January 10,1914- SIR: In compliance with the provisions of section 345, Eevised Statutes of the United States, I am submitting herewith a report covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1913, being the forty-first annual report of the Director of the Mint. I am also submitting for publication in connection therewith the annual report of this bureau upon the production and consumption of the precious metals in the United States for the calendar year 1912.
MINT SERVICE.
OPERATIONS' OF THE MINTS. The three coinage mints at Philadelphia, Denver, and Sau Fran cisco were in operation during the fiscal year, and nine assay offices, located at New York, Charlotte, New Orleans, Deadwood, Helena, Seattle, Boise, Salt Lake City, and Carson. The original deposits of gold at all of the offices of the Mint Service during the year amounted to $161,131,878.30. The total coinage of the year amounted to $37,496,529.70, of which $30,058,227.50 was gold, $3,448,199.75 was silver, $2,861,768.55 was nickel, and $1^28,333.90 was brcDnze. The purchases of silver during the year amounted to 1,779,992.99 ounces, costing $1,086,347.87, at an average cost of 61 cents per ounce. The seigniorage on subsidiary silver coins during the year aniounted to $1,618,475.17, and the seigniorage on the minor coin amounted to $3,548,520.03, all of which was duly accounted for and turned into the Treasury. The mint at Philadelphia during the year also coined 803,348 pieces of silver for the Government of Costa Kica, and the mint at San Francisco coined 2,638,820 pieces of silver and 5,001,000 bronze pieces for the Phihppine Islands government.
PHILADELPHIA MINT. The Philadelphia Mint has been in operation throughout the year, excepting the period required for the annual settlement. A new minor coinage plant has been put into partial operation during the year. Heretofore the minor com ingots nave been made of approxi mately the same size as the ingots of gold and silver and roUed in the same mills. The new ingots are 23 inches long, 4J inches wide, and 301
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302 REPORT ON THE FINANCES.
three-fourths of an inch thick, and will be rolled in 16-inch miQs in stalled for this purpose. The capacity of the mint for minor coins is greatly increased. Particulars are given elsewhere in this report. Continuous, experiments with oil-burning furnaces have been under way at this mint for the last two years, but the results have not been entirely satisfactory. The increase in the price of gasohne duruig the year has been so great that after a calculation of costs it was found advantageous to go back to the use of illuminating gas for melting purposes. SAN FRANCISCO MINT. A change of superintendents has occurred at this mint since the close of the fiscal year, Thaddeus W. H. Shanahan succeeding Mr. Frank A. Leach. The latter origuially served between August, 1897, and November, 1907, becoming Director of the Mint at the latter date. Having resigned the latter position in 1909, he was reappointed in August, 1912, as superintendent of the mint, to fiU the vacancy caused by the death of Edward Sweeney. A complete settlement of the accounts and count of funds was had, which was completed November 12, 1913. In making the count, vaults beheved to contain in the aggregate $61,395,000 m silver dol lars, which had not been disturbed for more than 30 years, were opened, the bags emptied, and the contents examined and weighed. Five bags were found to have been, tampered with, 18 coins in all having been abstracted and iron washers substituted therefor. This pilfering was undoubtedly done at the time the coins were origuially sacked, as the vaults have been continuously under seal. The original sacking was done in 1880, 1881, and 1882-. Aside from these discrepancies, all bulhon and moneys were accounted for and duly delivered to the incoming, superintendent.
DENVER MINT. A change in superintendents at this institution has been made since the close of the fiscal year, Thomas Annear succeeding Frank M. Downer, who had held the position since September 3, 1902. Under his administration, in 1906, the institution was reorganized from simply -an assay office to a coinage mint. Upon settlement every thing was found in order, and the bullion and coin charged to the institution, amounting to $499,695,091.90, was turned over to the incoming superintendent. In the detailed report upon the operations of this mint wiU be found an account of successful experiments in the re&iery by which an important economy has been developed in the electrolytic process. At the close of the fiscal year B. P. Wirth, who has been in charge of this re&iery almost from the opening of the mint, was transferred and promoted to the position of superintendent of the melting and refining department ofthe New York assay office.
ASSAY OFFICE AT CHARLOTTE CLOSED. The United States assay office at Charlotte, N. C, was closed finally on June 30, 1913, Congress having failed to make provision for its support beyond that date. Such pieces of equipment as were valuable for further use were shipped to other institutions of the
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DIRECTOR OF THE MINT. 303
service and the remainder of the furniture and outfit was sold at auction on the premises and the proceeds turned into the Treasury. In recent years the receipts of buUion at the Charlotte office have been insufficient to warrant its contiauance, amounting in the last fiscal year to only $29,428.30. The Charlotte assay office was originally established as a coinage mint in an act approved March, 3, 1835, which also established branch mints at New Orleans, La., and Dahlonega, Ga. The mints at Char lotte and Dahlonega were designed to serve the gold-producing dis tricts of the southern Appalachian region, which at that time com- grised the only gold-mmmg territory in the United States. New Orleans was an important commercial port, and the mint there was expected to operate upon foreign coin and bullion. From 1804 to 1823 small deposits of native gold aggregating iri three years $47,000 had been received at the Philadelphia Mint from North Carolina. The receipts from this State gradually increased, and in 1829 they amounted to $134,000, and there was also $2,500 from Virginia and $3,500 from South Carolina. In 1830 Georgia entered the list of gold-producing States with an output of $212,000, and the yield of the four States aggregated $466,000. In 1831 Alabama and Tennessee each made a small showing and in 1834 tfie southern Appalachian region made its best output, approximately $900,000. in the following year the act providing for the three new branch mints was passed. In November, 1835, Levi Woodbury, Secretary of the Treasury, was notified by Samuel McComb, who had been appointed to select a site for the Charlotte branch, that he had purchased from William Carson and F. L. Smith a full square containing near 4 acres of land for $1,500. Proposals for the erection of the builduig were advertised for in the Charlotte Journal, Washington Globe, Richmond Inquirer, and the North Carolina Standard. The contract was awarded to Perry & Ligon, of Raleigh, N. C, on October 15,1835, at $29,800, to be com pleted January 1, 1837. The cost of the machinery, to be furnished by the Director of the Mint at Philadelphia, was estimated at $15,000. Coleman, Sellers & Sons, Philadelphia, furnished the steam engine, shaft, etc., for $8,297, while Merrick, Agnew & Tyler furnished coining presses, draw benches, etc., for $6,690. This equipment was shipped to Charlotte in April, 1837. Considerable difficulty occurred in transporting the heavy machinery to Charlotte, and the steam engine was not set up untU the middle of August. John H. Wheeler, of North Carolina, was appointed as the first super intendent. J. H. Gibbon and John R. Bolton, of Pennsylvania, were appointed assayer and coiner, respectively. In December, 1837, the Secretary of the Treasury was adVised tnat the deposits of gold had amounted to $130,600 and the coinage to $84,165. The dies for this coinage were made at the PhUadelphia Mint, and in transmitting them the Director of the Mint urged Col. Wheeler, the superintendent, to hasten the coiaage, and mentioned that although the dies are dated 1838, there was no objection to using them in 1837. The reason given for haste was that the equipment might be tested and par ticularly the operation of the coinage press by steam power, which was regarded as in some degree experimental. The application of
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304 REPORT ON THE FINANCES.
steam power to coinage was first made in this country at the Phila delphia Mint in 1836. On the night of July 27, 1844, it was nearly destroyed by fire, which occurred in the coining room, and nearly consumed the entire buUding. The machinery was seriously injured but the records being stored iri the vault, were not injured. Mr. Caldwell, the superin tendent, reported that evidently the fire was the work of a thief, as his living apartments had been entered and articles stolen. The present building was authorized by act of March 3, 1845, and was completed at a cost of $31,572.97, and occupied in 1846, and used for coinage purposes until May 20, 1861, when North Carolina entered the Confederacy and operations were suspended. The build ing was used duiing the Civil War as a Confederate hospital. The coinage made at Charlotte was as follows:
Gold.
Calendar year. Total value. Half Quarter, Dollars. eagles. eagles.
1838 $64,565 $19,770.00 $84,335.00 1839 .. 117,335 45,432.50 162,767.50 1840 95,140 32,095.00 122,235.00 1841 107,555 25,742.50 133,297.50 1842 137.400 16,842.50 154,242.50 1843 221,765 65,240.00 287,005.00 1844 . 118,155 29,055.00 147,210.00 18451 1846 64,975 i'2,620.66 76,995.00 1847 420,755 58,065.00 478,820.00 1848 322,360 41,970.00 364,330.00 1849 324,115 25,550.00 $11,634 361,299.00 1850 317,955 22,870.00 6,966 347,791.00 1851 245,880 37,307.50 41,267 324,454.50 1852 362,870 24,430.00 ^ .9,434 396,734.00 1853 . . 327,855 11,515 339,370.00 1854 196,455 18,237.50 4 . 214,696.50 1855 ' .. 198,940 9,192. 50 9,803 217,935.50 1856 142,285 19,782.50 162,067.50 1857 156,800 13,280 170,080.00 1858 .. 194,280 22,640.00 216,920.00 '1859 159,235 5,235 164,470.00 I860 74,065 18,672.50 92,737.50 18612 : 34,395 34,395.00
Total 4,405,135 544,915.00 109,138 5,059,188.00
1 Mmt burned July 27,1844. » Operations suspended May 20,1861. In 1867 the assay office at Charlotte was reestablished by act of Congress dated March 19, and was maintained as such until the close of the fiscal year 1913. The mint at Dahlonega was never reopened after the Civil War. Coinage operations were resumed at New Orleans after the war, but were suspended and the coining niachinery removed in 1910.
ASiSAY OFFICE AT NEW YORK. The New York assay office has handled more bullion and made more assays during the past year than ever before, and the work has been done under many difficulties, the chief of which have been due to insufficient appropriations. The receipts of the office are steadily increasing and the amount of jewelers^ gold and silver bars issued is constantly increasing, all making more work. The closing of the refinery in the Philadelphia Mint and opening of the new electrolytic
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DIRECTOR OF THE MINT. 305
refinery in the New York office has greatly increased the expenses. The earniags of the office from charges on bullion for treatment and for the manufacture of bars have correspondingly increased, but these earnings go directly into the Treasury and are not available for the payment of expenses. These earnings for the last three fiscal years were as follows:
Fiscal year. Amount.
1910-11 $95,940.62 1911-12 110,266.16 1912-13 166,641.53
The total expenditures of this office for the fiscalyear 1913 were $191,773.47, so that it does not fall far short of reimbursing the Treasury for all expenditures in its behalf. As the larger part of the receipts consists of refined gold, which under the law is almost free from charges, the proportion of earnings to expenditures is very high. It is earnestly represented that the increased estimates submitted for this office should be allowed in fuU. The office is stUI crowded into the rear buUding intended to accom modate only the melting and refining departments. The rooms are inadequate for the entire office force and are unsuitable for transac tions with the public. It is very much hoped that the new building planned for the Wall Street front may be pushed forward for early occupancy. WESTERN ASSAY OFFICES. The appropriations for the fiscal year 1914 for the assay offices at Deadwood, Helena, Salt Lake City, Boise and Carson were finally agreed to in conference between the two houses of Congress on the morniag of March 4, 1913, after a protracted struggle between the House of Representatives, favoring the abolition of these offices, and the Senate, desiring to retain them. By the agreement the appro priations were cut below the cost of maintaining the offices on an efficient basis, and the appropriation for the transportation of buUion from the assay offices to the mints was cut far below the amount required for this purpose if aU of these offices are to be kept open on the usual terms. The department has had no alternative but to cease receiving buUion at these offices, except upon the condition that the buUion would be transported to the mints at the expense of the depositors. This condition has been comphed with to some extent, but the deposits at all of the minor offices have faUen off in conse quence. If these offices are to be maintained at all, the appropriations should be sufficient for the employment of competent assayers and helpers to safely and promptly care for the bullion. The assayers are authorized to buy all of the gold bullion offered and to draw checks on the Treasury of the United States in payment therefor. This is an important responsibUity and should only be trusted with men of technical abihty and substantial character. The estimates submitted for the fiscal year 1914 are made upon the lowest possible basis consistent with the proper administration of these offices. 16726°—FI 1913 20
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306 REPORT ON, THE FINANCES.
EMPLOYEES AND EXPENDITURES OF THE MINT SERVICE, 1893-1913. The number of employees in the entire mint service on the 1st day of July, 1913, was less by 25 than on the 1st day of July, 1912. In this connection it will be interesting to note that the number of employees in the service is now considerably less than it was 20 years ago, although more offices are maintained and the volume of business is much larger. The number of persons on the pay roUs at each institution in 1893, 1912, and in 1913 are given below:
July 1, July 1, July 1, Institution. 1893. 1912. 1913.
Philadelphia.... 387 333 329 San Francisco . 174 124 115 Denver. . 16 93 93 New Orleans.. 107 14 14 Carson 31 8 5 New York. 67 89 92 Helena 13 8 6 Boise 10 10 5 St. Louis 3 Charlotte. 3 3 Deadwood 5 5 Seattle 19 19 Salt Lake 6 4 Bureau 18 14 14 Total 829 726 701
The amount of business handled in each of the two years 1893 and 1913 is shown by the following figures:
Item. 1893
Gold deposits $46,449,841 $161,131,878 Operating expenditures $1,344,006 $1,175,750 Income from charges, by-products, etc — $196,257 $482,317 Net operating expenditures $1,176,620 $693,433 Gold bars made for the arts $12,996, 491 $38,011,583 Gold bars made for certificate reserve $101,677,121 Coinage: Value $43,685,179 $37,539,375 Pieces .* 97,280,875 195,070,039 Bulhon treated in refineries: Fine ounces.. 6,419,134 11,501,736
The only faUing off shown by operations in 1913 from 1893 was in the value of the gold coinage, which was due to the law of 1911, aUowing gold bars to^ be carried in the certificate reserve. The num ber of pieces coined in 1913 was twice as many as in 1893, owing to the increased demand for the smaU coins. It should be added that in 1893 the one and five cent blanks were purchased of outside manufacturers, while in 1913 aU coins were made in the mints com plete from the ingots. It should also be said that the wage scale averaged higher in 1913 than in 1893. These results were due for the most part to the introduction of improved equipment, much of it automatic machinery, and prac tically all of it developed within the mint service and buUt by the mint mechanics.
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DIRECTOR OF THE MINT. 307
GOLD CERTIFICATE BARS. At the close of the fiscal year refined gold bars, duly stamped with their weight, fhieness, and value, in accordance with the provisions of the act of Congress approved March 2, 1911, providing for the issue of gold certificates against gold bullion and loreign gold coin, were held at the several mints and the assay office at New York as follows: San Francisco Mint $44, 887, 579.12 Denver Mint 16,085,408.79 New York assay office ' 44, 887, 558. 45 Total 105, 860, 546. 36
ESTIMATES FOR THE FISCAL YEAR 1915. The total of estimates for the mint service for the fiscal year 1915, including the bureau office in Washington, is $1,217,830, which compares with estimates of $1,222,270 for the fiscal year 1914 and appropriations for the latter year of $1,154,130. As already stated above, the appropriations for the support of several of the assay offices during the current year are too small to allow of their being conducted in a proper manner. Either the appropriations should be increased or the offices should be abolished. In making comparison between appropriations since the fiscal year 1912 with appropriations for prior years it should be understood that in former years the earnmgs from charges upon bullion were directly available for use in payment of expenses, thus supplementing the annual appropriations, while since 1912 all charges upon bullion have been paid into the general fund of the Treasury as a miscellaneous receipt. The charges during the fiscal year 1913, thus applicable under former practice to current expenses, amounted to $356,079.24.
APPROPRIATIONS FOR 1913. The amounts appropriated for.conducting the mint service during the fiscal-year 1913 totaled $1,230,002.08, to which should be added the reimbursements for work done for the Philippine and Costa Rican Governments and for United States Government institutions, amounting^ to $44,277.11; also unexpended balances of permanent appropriations amounting to $13,353.35; this gives the total amount "availaole for use during the fiscal year 1913, $1,287,632.54. The expenditures from above funds (includuig the reimbursements noted) total $1,171,964.39, to which a few minor unsettled bills may be added. The unexpended balance totals $120,372.10, from which should be deducted deficiencies totaliag $4,703.95, giving net unexpended balances of $115,668.15. Of the unexpended balances $12,700.13 (permanent appropriation balances) continues to be available until used, and the remainder, $107,671.97, reverts to the surplus fund of the Treasury. The deficiencies occurred at the New York assay office and the Denver Mint-and were occasioned, principally, by losses of precious metals in refinery operations. In prior years such losses were paid frofQ the earnings; but, beginning with the fiscal year 1913, are now payable from our annual appropnations.
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308 REPORT ON THE FINANCES.
Details, by institutions, are shown in the following tabulated statement:
Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1913.
Appropriations.
Equip Items. Contin ment, Freight New ma Wages of New on bul chinery Salaries. workmen. gent ex Totals. penses. York lion and and ap assay coin. phances. office.
Oflice Director of Mnt: Appropriated for 1913 $26,124.72 $4,800.00 $25,000.00 $55,924.72 Expended 24,895.28 3,708.32 123,696.23 52,099. 83 Unexpended balance... 1,429.44 1,091.68 1,303.77 3,824.89
Mint at Philadelphia: Appropriated for 1913 74,246.28s!;305.000.00 70,000.00 449,245.28 Reimbursements 6,272. 68 10,563.79 16,836.47 Unexpended balance of permanent appropria tion $4,873.24 4,873.24
Available for use 74,245.28 311,272.68 80,563.79 4,873.24 470,954.99 Expended 71,652.84 300,170.30 72,309.71 (5,211.40) 444,032.85 Unexpended balance... 2,692.44 11,102.38 8,254.08 4,873. 24 26,922.14 Mint at San Francisco: Appropriated for 1913..... 54,300.00 122,500.00 40,000.00 216,800.00 II el mbur sements 18,212.20 9,106.09 27,318.29
Available for use 54,300.00 140,712.20 49,106.09 244,118.29 Expended 48,262.57 118,208.65 27,927.85 192,398. 77 Unexpended balance... 6,037.43 24,503.65 21,178.44 51,719.52 jS:int at Denver: Appropriated for 1913 47,332.50 94,000.00 35,000.00 176,332.60 Reimbursements. 62.50 59.85 122.35 Unexpended balance of permanent appropria tion 343.01 343.01 47,332.50 94,082.50 36,069.85 343.01 176,797.86 Expended . 45,284.73 90,047.78 35,901.66 171,234.07
Unexpended' balance... 2,047. 77 4,014.72 2 811.71 343.01 5,563.79 Assay office at New York: Appropriated for 1913 60,422.78 80,000.00 60,000.00 190,422.78 Unexpended balance of permanent appropria tion $8,137.10 8,137.10
Available for use 50,422.78 80,000.00 60,000.00 8,137.10 198,559.88 Expended .. .'.. .. 49,642.20 77,716.81 63,862.24 663. 22 191,773.47 Unexpended balance... 880.58 2,284.19 2 3,862.24 7,483.88 6,786.41
Mint at New Orleans: Appropriated for 1913 10,300.00 7,600.00 3,500.00 21,300.00 Exnended 7,900.00 7,079.70 2,104.49 (1,451.57) 17,084.19 Unexpended balance... 2,400.00 420.30 1,396.51 4,215.81
Mmt at Carson City: Appropriated for 1913..... 6,350.00 6,200.00 3,000.00 16,560.00 6,360.00 4,779.60 2,037.02 (979.38) 13,168.52 1,420.60 962.98 2,383.48
Assay office at Helena: Appropriated for 1913 10,400.00 6,500.00 3,260.00 20,150.00 8,800.00 5,194.75 2,884.88 (1,620.60) _ ' 16,879.63 Unexpended balance... 1,600.00 1,305.25 365.12 3,270.37
1 Chargeable, as indicated tn parentheses, to the various offices. 2 Deficiency, $4,703.95.
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DIEECTOE. OF THE MINT. 309
Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1913- Con tinued.
Appropriations.
Equip Items. ment, Freight New ma Contin New Salaries. Wages of gent ex on bul chinery workmen. York hon and Totals. penses. and ap assay coin. phances. office.
Assay office at Boise: Appropriated for 1913 $8,060.00 $3,640.00 $2,600.00 $14,090.00 Expended. 8,046.83 3,290.00 2,323.44 ($1,103.13) 13,659.27 Unexpended balance... 4.17 . 260.00 178.58 430.73 Assay office at Charlotte: Appropriated for .1913 1,600.00 900.00 400.00 2,800.00 Expended '. 1,600.00 898.91 208.63 (35.06) 2,803.64 Unexpended balance 3.09 • 193.37 196.46 Assay office at Deadwood: Appropriated for 1913...!. 6,236.80 3,000.00 1,500-. 00 10,738.80 Expended ." 6,106.61 2,994.99 1,488.37 (3,804.00) 10,589.97 Unexpended balance.. 130.19 5.01 11.63 148. 83 Assay office at Seattle: Appropriated for 1913 13,060.00 22,000.00 • 6,500.00 41,650.00 Expended 13,060.00 14,695.25 4,827.05 (8,802.66) 32,572. 30
Unexpended balance 7,304.76 1,672.95 8,977.70 Assay office at Salt Lake City: Appropriated for 1913 7,100.00 4,600.00 3,500.00 15,100.00 Expended . 7,100.00 3,487.50 3,302.48 (688.55) 13,869.98
Unexpended balance .. 1,032.50 197.62 1,230.02 Totals, enthe service: Appropriated for 1913 315,412.08 656,640.00 233,960.00 25,000.00 1,230,002.08 Reimbursements 24,547.38 19,729.73 44,277.11 Unexpended balances of permanent appropria tions $8,137.10 $6,216.25 13,353.35
Avahable for use 315,412.08 680,187.38 263,679.73 8,137.10 26,000.00 6,216.26 1,287,632. 54 Expended 298,190.06 628,641.04 222,883.84 663.22 23,696.23 1,171,964.39 Unexpended balance... 17,222.02 53,646.34 30,796.89 17,483.88 1,303.77 16,216.25 115,668.16
1 AvaUable for future use, $12,700.13.
PARTING AND REFINING FUND. The balance in the parting and refining fund, which, prior to the fiscal year 1913, formed a permanent indefinite appropriation for the expense of parting and renning buUion, was on June. 30, 1913, $694,804.11. Against this there is a known encumbrance of $3,000. The remainder, $691,804.11, is to be covered into the Treasury as a misceUaneous receipt on June 30, 1914. The expenses of parting and refining bullion are now paid from our regular annual appropriations.
CONSOLIDATED INCOME AND EXPENDITURES. A complete statement of the income and expenditures of the Treasury on account of the mint service, including seigniorage on the silver and minor coins, is shown in the statement foUowing.
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Consolidated statement of income and expenditures of the entire mint service for the fiscal year 1913. GO
EXPENDITURES. EARNINGS. O Compensation of employees: Deductions on bullion deposits: Mints and Assay Offices— Parting and refining charges $199,406.64 Salaries appropriation $273,494. Melting charges 39,775.84 Wages appropriation 626,541. Assaying and stamping charges 24,219.45 • $900,035.82 Alloy charges 15,291.34 Bureau of the Mint, salaries appropriation. . 24,695.28 Fine-bar charges 36,005.14 $924,731.10 $314,698.41 Equipment, stores, and other expenses: Special assays of bullion and ores 3,496.40 Mints and Assay Offices— Proceeds of sale of medals and proof coins 2,971.07 Contingent appropriation (Including $17,744.86 operating waste of precious Relmbmrsements to appropriations: Contingent. Wages. Totals. metals and $7,032.81 loss on assay value For manufacture of machinery and of precious metals contained in operative appliances for Government insti sweeps sold) 219,175.62 tutions $2,053.89 $2,504.32 $4,558.21 Equlpmentof New York assay office, appro For manufacture of medals 8,141.26 1,484.31 9,d25.57 priation 653.22 For manufactmre of Philippine O Freight on bullion and coin shipments be comage 9,106.09 18,212.20 27,318.29 tween mints and assay offices, appropria For manufactmre of Costa Rican tion 23,696.23 coinage 428.49 2,346.55 2,775.04 243,524.97 O Bureau of the Mint, contingent appropriation. 3,708.32 19,729.73 24,547.38 44,277.11 247,233.29 Total earnings 365,442.99 W Net expenditures, to profit and loss statement, below. 806,521.40 1,171,964.39 1,171,964.39 ^ Net expenditures, from earnings and expenditmes statement, above 16,521.40 Seigniorage: Loss on face value of minor coins recoined .... $6,330.88 On subsidiary (silver) coinage $1,618,475.17 > Less seigniorage on recoinage of minor coin .... 1,263.16 On minor (nickel and bronze) coinage $3,583,256.87 Less- O Net revenues from mint service Operating waste $1,819.82 Cost of distribution 24,692.95 26,512.77 3,556,744.10 $5,175,219.27 Surplus bullion recovered: From deposit melting room grains and sweeps 33,279.15 From coining operations 203.27 From" melting and refining operations 11,156.59 From gain on shipment (difference in assays) $739.27 Less losses on shipments .215.97 45,162.31 Gain on light weight gold coin purchased for recoinage. 66.71 Proceeds of sale of byproducts (platinum, etc.) :. 69,735.03 Proceeds of sale of old materials . 1,713.66 5,291,896.« 5,291,896.98 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913
DIRECTOR OF THE MINT. 311
DEPOSITS OF GOLD BULLION. The value of aU gold bullion contained in original deposits at the mints and assay offices during the fiscal year 1913 was $161,131,878. The. redeposits during the year, consisting of buUion transferred from one office to another, and bars bearing the stamp of one of the mints or assay offices, amoimted to $27,937,471. The value of the gold buUion and uncurrent domestic and foreign coin received, including redeposits, amounted to $189,069,349, which was the total of gold receipts at aU offices. Statements which show the classification of deposits, the source of domestic bulhon by States and Territories, and the receipts at the several offices of the service appear in tabular form in this volume elsewhere. DEPOSITS OF FOREIGN GOLD BULLION AND COIN. Foreign gold bulhon containing 1,547,317 fine ounces, of the value of $31,985,879, and foreign gold coin containing 132,172 fine ounces, of the value of $2,732,228, were deposited, and consisted of bullion and coin produced in the following-named countries:
Crude bullion. Refined bulhon. Coin. ,
Country. Fine Coining Fine Coining Fine Coining ounces. value. ounces. value. ounces. value.
British Columbia 51,235 $1,059,121 9,802 $202,624 Northwest Territory 545 11,268 Ontario and Quebec 126,781 2,620,382 Nova Scotia 903 18, 687 Mexico 26,388 545,488 435,281 8,998,057 2,180 $45,064 Central America 82,769 1, 710,986 142 2,935 South America 148,474 3,069,230 •6,673 116, 204 West Indies 233 4,817 Great Britain 664,570 13, 737,881 206 4,258 Austraha 280 5,788 Canada 10 206 South Africa ^356 7,359 21 434 Russia 6,954 123,079 Germany 1,119 23,130 France 27 568 Spain 24,661 509 788 Holland 20 413 Sweden 14 289 Turkey 199 4 113 Japan • 91,607 1,893,683 Austria-Hun gary 36 744 Other 123 2,542 Total 437,684 9,047,316 1,109,653 22,938,662 132,172 2,732,228
DEPOSITS AND PURCHASES OF SILVER. The deposits of sUver at the mints and assay offices during the fiscal year ended June 30, 1913, for return to depositors in fine or unparted. bars, with the weight and fineness stamped thereon, aggre gated 2,238,284.41 fine ounces. The United States assay office at New York received the greaiter part of these deposits. The Government of the Philippine Islands deposited at the United States mint at San Francisco silver coins issued under the act of March 2, 1903, containing 342,054 fine ounces, for recoinage into coins of reduced weight and fineness as authorized by the act of June 23,1906.
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312 REPORT ON THE FINANCES.
, ># The purchases and deposits of silver buUion at the mints and assay offices of the United States during the fiscal year 1913 were as follows:
Items. Fine ounces. Cost.
Commercial bars purchased 1,287,791.07 $787,041.00 Unrefined deposits, partings, charges, and fractions 488,852. 62 297,166.13 Mutilated and uncurrent coins 1,764. 58 1,072.28 Assay coins and surplus bulhon 1,784. 74 1,068.45 For return of fine bars _ 2,238,284.41 1,358,845.79 Phihppine coins transferred for recoinage 342,053.53 335,381.41
Total 4,360,330.93 2,780,575.07
DEPOSITS OF FOREIGN SILVER BULLION AND COIN. Foreign sUver bullion containing 624,215 fine ounces and foreign silver coin containing 17,010 fine ounces were received from various countries as follows:
Country of origin. Crude Refined bulhon. bulhon Coin.
Fine ozs. Fine ozs. Fine ozs. British Columbia 13,090 Northwest Territory 129 1 Ontario and Quebec 25,141 1 Nova Scotia 65 1 Mexico . .. 384,005 5,9S5 West Indies 75 Central America 81,944 South America 133,652 3,550 China 117 South Africa 12 Spain 1 523 Other 11,937 Total 618,230 5,985 17,010
COINAGE. The domestic coinage during the fiscal year 1913 amounted to 186,626,871 pieces of the value of $37,496,529.70, as foUows:
Philadelphia. San Francisco. Denomination. Pieces. Value. Pieces. Value.
Gold: Double eagles 176,091 $3,521,820.00 Eagles 743,050 7,430,500.00 66,000 $660,000.00 Half eagles.. 1,340,099 6,700,495.00 800,000 4,000,000.00 Quarter eagles 810,185 2,025,412.50
Total gold 3,069,405 19,878,227.50 886,000 4,660,000.00 Silver: Half dollars 1,074,236 537,117.50 708,000 354 000 00 Quarter dollars 4,104,235 1,026,058.75 40,000 10,000.00 Dimes 3,730,235 373,023.50 480,000 48,000.00
Total silver 8,908,705 1,936,199.75 1,228,000 412,000.00 Minor: 5-cent nickels. 43,727,371 2,186,388.55 2,852,000 142,600.00 1-cent bronze 95,748,390 957,483.90 6,104,000 61,040.00
Total minor 139,475,761 3,143,852.45 8,958,000 203,640.00
Total coinage 151,453,871 24,758,279.70 11,050,000 5,275,640.00
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DIEECTOB OF THE MINT. 313
Denver. Total. Denomination. Pieces. Value. Pieces. Value.
C.olCi: Oouble eagles 286,000 $5,720,000.00 462,091 $9,241,820.00 Eagles 809,050 8,090,500.00 Half eagles 2,140,099 10,700,495.00 Quarter eagles 810,185 2,025,412.50
Total gold 286,000 5,720,000.00 4,221,405 30,058,227.50 Silver: Half dollars 2,200,000 1,100,000.00 3,982,235 1,991,117.50 Quarter dollars 4,144,235 1,036,058.75 Dimes 4,210,235 421,023.50 Total silver 2,200,000 1,100,000.00 12,336,705 3,448,199.75 Minor: 5-cent nickels. 10,658,000 532,800.00 57,235,371 2,861,768.55 1-cent bronze 10,981,000 . 109,810.00 112,833,390 1,128,333.90
Total minor 21,637 000 642,610.00 170,068,761 3,990,102.45 Total coinage 24,123,000 7,462,610.00 186,626,871 37,496,529.70
The approximate amount of copper used tn the above coinages was 819.142 tons, of which 5.539 tons were used in alloying gold and 9.502 tons in alloying silver, whhe 804.101 tons were used in minor coinage. In addition to the regular coinage there were manufactured at the mint at Philadelphia sUver coins for the Government of Costa Rica, as follows:
Value in United Silver con Denomination. Pieces. Value. States sumed in subsidiary coinage. coin.
Silver: Colons. Fine ozs. 10 centavos . ... 287,783 28,778.30 $21,422.63 15 496.59 5 centavos '. 535,565 26,778. 25 21,422.62 15,496. 59
Total 803,348 53,656.55 42,845.25 30,993.18
For the government of the Philippine Islands the mint at San Francisco manufactured silver and bronze coins as foUows:
Value in United Metal con Denomination. Pieces. Value. States sumed in subsidiary coinage. coin.
Silver: Pesos. Fine ozs. Pesos 385,000 385,000.00 $270,167.23 195,432.22 20 centavos 743,565 148,713.00 99,168.60 71,728.78 10 centavos 1,510,265 151,025.50 104,460.05 75,563.79
Total silver 2,638,820 684,738.50 473,785.78 342,724.79 Bronze: 1 centavo.. 5,001,000 50,010.00 125,005.00 2 833,500.00 Total coinage 7,639,820 734,748.50 1498,790.78
1 Value in United States minor coin. 2 Troy ounces.
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S14 REPORT ON THE FINANCES.
PURCHASE OF MINOR COINAGE METAL. There were purchased during the year" 14,834,078.26 ounces, avoirdupois, of minor coinage metals, at a cost of $202,493.32, which was dehvered at the coinage mints as foUows:
Philadelphia. San Francisco. Metal. Ounces. Cost. Ounces. Cost.
Copper 8,753,901.62 $102,673. 44 583, 333. 33 $7,180. 00 Tin 17,995.83 632 42 Zinc . 298.827.09 1,548.92 15,472.91 • 68 98 Nickel 1,458,397.49 37,930.66 218,749.99 5,893. 60 Total 10,611,126.20 142,063.02 835,662.06 . 13,754.98
Denver. Total. Metal. Ounces. Cost. Ounces. Cost.
Copper 2,916,754.16 $32,750.91 12.253,989.11 $142,484.35 Thi 46,136.42 1,666.38 63,131.25 2,198.80 Zmc 88.010. 42 512. 99 402,310. 42 2,130.87 Nickel.. 437; 500. 00 11,855. 04 2,114,647. 48 55,679.30 Total .• •-. 3,487,400.00 46,685.32 14,834,078.26 202,493.32
Minor coinage metals were purchased, during the fiscal year, for Philippine coinage for delivery at San Francisco Mint:
Metal. ' Ounces. Cost.
Copper. 874,708.33 $10,076. 64 Tin •-. 29,895.83 1,048.37 Zinc - 30,245. 83 134. 60 Total 934,849.99 11,259.61
PURCHASE OF MINOR COINAGE BLANKS. There were purchased during the year 499.40 pounds of prepared nickel blanks at a cost of $149.82; and 1,368.79 pounds of prepared bronze blanks at a cost of $273.76, for delivery at the Philadelphia Mint. DISTRIBUTION OF MINOR COINS. The amount of minor coins distributed was $4,139,066.40, and the expenses for distribution, including cost of bags, twine, seals, and tags, were $24,992.95, as foUows:
Frora Phil Frora San From Denomination. adelphia. Francisco. Denver. Total.
5-cent nickels $2,433,954.25 $77,152.90 $557,146. 75 $3,068.263.90 1-cent bronze 878. 427. 42 53,967. 24 138.417.84 1,070,812. 60 Total distribution. 3,312,381.67 131,120.14 695,564.59 4,139.066. 40
Expenses of distribution: Transportation 8, 739. 56 11,390. 79 20,130. 36 Bags 3,370.20 254. 70 754. 70 4,379.60 Seals 465. 00 466.00 Drayage... 18.00 18.00
Total 12,574. 76 254. 70 12,163.49 24,992.95
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DIRECTOR OF THE MINT. 315 Minor coinage issued, melted, and amount outstanding.
Outstanding, Denomination. Corned. Issued. On hand. Melted. June 30,1913.
Philadelphia: Copper cents $1,662,887.44 $1,562,887.44 $380,887.22 $1,182,000.22 Copper half cents 39,926.11 39,926.11 39,926 11 Copper-nickel cents ,.. 2,007,720.00 2,007,720.00 804,176.44 1,203,543.56 Bronze 1-cent pieces 21,339,296.73 21,187,221.33 $152,074.40 454,916.60 20,732,304.73 Bronze 2-cent pieces 912,020.00 912,020.00 340,393.32 571,826.68 Nickel 3-cent pieces 941,349.48 941,349.48 283,847.95 657,601.53 Nickel 5-cent pieces 38,102,724.60 37,239,048.96 863 675.65 3,385,069.50 33,853,989.45 TotaL 64,906,923.36 63,890,173.31 1,015,760.05 6,649,281.03 58,240,892.28 San Francisco: Nickel 5-cent pieces 142,600.00 77,152.90 65,447.10 77,162.90 Bronze 1-cent pieces 219,020.00 198,433.34 20,688.66 198,433.34 "^ Total 361,620.00 276,586.24 86,033.76 275,586.24 Denver: Nickel 5-cent pieces . 765,600.00 675,747.25 189,862.75 31,700.00 544 047 25 Bronze 1-cent pieces 254,540.00 234,448.34 20,091.86 1,400.00 233,048.34 Total - 1,020,140.00 810,196.59 209,944.41 33,100.00 777,095.59 Grand total 66,287,683.36 64,975,965.14 1,311,728.22 5,682,381.03 59,293,574.11
The uncurrent minor coins melted at the mint at Denver are not necessarily of the former coinage of that particular mint.
PHILIPPINE COINAGE. The following coinage was executed during the fiscal year 1913 at the United States mint at San Francisco for the Philippine Islands Government: •
Consumed in Denomination. P eces. coinage.
silver: Fine ounces. Pesos 385,000 196,432.22 20 centavos 743,566 71,728.78 10 centavos - 1,510,255 76,663.79 Total silver 2,638,820 342,724.79 Troy ounces. Bronze: 1 centavo - 5,001,000 833,600.00 Total coinage 7,639,820
The total silver coinage to June 30, 1913, from coins received from Phihppine Islands for recoinage and from bullion purchased for such coinage was as follows:
Coined from new bullion, Coined from Philippine Denomination. actsofMar.2,1903,and coin received for recoin Total. June 23,1906 age, act of June 23, 1906.
Pieces. Fine ounces. Pieces. Fine ounces- Pieces. Fine ounces. Pesos 93,445 48,068.11 42,915,059 22,124,705.00 43,008,504 22,172,773.11 60 centavos 3,342,126 805,870.13 2,138,000 534,382.25 5,478,126 1,340,252.38 20 centavos 3,668,152 353,600.36 4,014,324 411,240.02 7,680,476 764,840.38 10 centavos... 6,077,392 293,082.21 5,566,265 289,171.75 11,642,647 582,253.96 Total 13,179,115 1,500,620.81 64,630,638 123,359,499.02 67,809,753 24,860,119.83
1 Included iu this amormt is 12,542.29 fin© ounces of coins reserved for assay.
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316 REPORT ON THE FINANCES.
WORK OF THE GOVERNMENT REFINERIES.
BuUion was operated upon by the refineries connected with the mints at San Francisco and ^Denver and the assay ofiice at New York, during the fiscal year 1913, as follows:
Sent to refinery. „ Returned from refinery. Institution. Gold. Shver. Gold. silver.
Firie ozs. Fine ozs. Fine ozs: Fine ozs. San Francisco 868,064.252 246,614.33 868,338.613 249,741.00 Denver 1,711,670.548 1,276,561.06 1,711,490.188 1,276,917.20 New York 4,164,629.661 3,254,406.01 4,163,866.791 3,251,928.48 Total 6,724,164.461 4,777,571.40 6,723,695.572 4,778,686.68
Apparent gain. Apparent loss. Institution. Gold. Shver. Gold. Silver.
Fine ozs. Fine ozs. Fine ozs. Fine ozs. San Francisco. 274.381 3,128.67 Denver 386.14 80.380 NewYork 662.870 2, ill. 63 y Total 274.361 3,492.81 743.250 2,477.53
NOTE.—Refinery operations were suspended at the PhUadelphia Mint and the equipment was removed to the assay office at New York. Bullion upon which charges were collected and bullion owned by the Government.
Bullion owned by the Gov Bullion upon which charges ernment retained by the refinery for parting'pur- Total. for parting were collected. poses on which no Institution. charges were Imposed.
« Gold. Silver. Gold. SUver. Gold. Silver.
Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. San Francisco 329,098.180 163,097.80 528,968.072 183,516.53 858,064.252 246,614.33 Denver 1,244,893.041 604,263.81 466,877.507 672,563.39 1,711,570.548 1,276,917.20 NewYork 1,605,399.972 2,678,434.26 2,649,129.689 575,97L75 4,154,529.681 3,254,406.01 Total 3,079,391.193 3,445,795.87 3,644,773.268 1,432,041.67 6,724,164.461 4,777,937.54
BY-PRODUCTS OF REFINERIES.
Institution. Electrolytic copper. Sponge platinum. Sponge palladium. Osmhidlum, Total.
Pounds. Value. Ounces. Value. Ounces. Value. Ounces. Value. Value. San Francisco 3,085.50 $516.82 205.74 $895.99 0.35 $1,400 $1,428.81 Denver. 477.50 506.93 58.20 2,328.00 10.16 $406.00 3,240.93 New York 1,403.00 69,712.09 18.10 760. 20 60,472.29 Total 3,563.00 1,023.75 1,686.94 62,936.08 28.25 1,166.20 .35 1,400 65,140.03
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DIRECTOR OF THE MINT. 817
EXCHANGE OF FINE GOLD BARS FOR GOLD COIN AND GOLD'BULLION. The value of the fine gold bars exchanged for gold coin and buUion, monthly, by the United States Mint at Philadelphia and assay oflSice at New York for the fiscal year 1913 was as follows:
Exchanged for gold coin. Exchanged for gold bulhon.
Months. Total. Philadel New York. Total. Philadelphia. New York. phia.
1912 July $467,967.42 $5,782,225.55 $6,260,182.97 $17,616.26 $361,667.89 $379,074.15 August 661,170.19 2,436,562.36 2,997,732.55 17,695.12 341,460.79 359,146.91 September.. 725,096.19 2,683,582.01 3,408,658.20 16,824.24 298,684.26 316,508. 50 October 526,822.18 3,632,890.69 4,069,712.87 20,084.60 377,788.37 397,872.97 November.. 394,968.02 2,671,164.94 2,966,132.96 22,303.26 397,780.42 420,083.68 December... 222,68L10 2,241,919.53 2,464,600.63 16,634.05 302,556.61 319,190.66
1913 January 426,712. 71 2,818,265.87 3,044,978.58 20,621.26 329,080.96 349,682.20 February... 462,701. 21 3,436,186.24 3,887,887.45 20,452.30 246,888.77 267,341.07 March 454,310.25 15,666,340.65 16,120,860.80 15,95L98 314,913.71 330,866.67 April 512,808. 86 2,936,730.49 3,448,539.36 22,034.32 313,685.61 335,719. 83 May 494,452. 61 14,699,297.30. 15,193,749.91 21,756.60 311,488.78 333,245.38 Jime 466,361.39 2,822,345.19 3,278,708.58 22,181.67 278,772.59 300,954.26 Total. 6,696,042.13 61,425,490.72 67,121,532.85 234,055.63 3,874,628.66 4,108,684.28
MINT OF THE UNITED STATES AT PHILADELPHIA. This mint was in operation throughout the year.
PROOF COINS AND MEDALS. The following table shows the number of proof coins and medals and their nominal value manufactured during the fiscal year:
Nominal Articles. Pieces. value.
Gold medals 164 $7,375.20 Silver medals .- 574 1,384.70 Bronze medals 7,751 3,463.49 Gold proof coins 340 2,860. 00 Silver proof coins 780 221. 00 Minor proof coins ^ 4,012 120.36 Total 13,621 16,424.75
THE STATE OF THE NUMISMATIC COLLECTION. Although for the fiscal year just past the numismatic coUection has not had the usual smaU apj)ropriation for the purchase of his torical coins and medals, yet the increase of the number of specimens in the coUection has not faUen much short of the normal aggregate of accessions in late years. And if the cost and historical value of the couis acquired the past year be taken into consideration the cabinet has fared unusually weU. ^ These favorable results in a year that opened so inauspiciously are directly due to the action of the officials of the Treasury JDepartment in placing with the cashier of the mint a considerable number of gold coins which commanded a premium amo'ng coUectors. The most of
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318 REPORT ON THE FINANCES.
these pieces were disposed of and the premium received used for the pur chase of coins and medals. A few of the eagles are stUlin hand. Per sons interested in the welfare of the cabinet of coins, and there are many who are interested in it, wiU feel grateful to the oflS.cials who made this continued growth possible by a wise use of a number of coins which eventu.aUy would have slowly dribbled into private possession at face value. A cause of no little, gratification has been the sale of the large catalogue of the collection pubhshed in 1912. Numismatic pubhca tions are of such narrow appeal that the sale of even the customary small editions is generaUy very slow. The ready exhaustion, there fore, of the first edition of this unpretentious catalogue foUowed by the sale of nearly all of the second edition is more than was expected. There has been prepared during the past year a small guide book for the coUection, a pamphlet of little more than a hundred pages. This guide is sold at 10 cents. It was prepared with a view of meeting the demands of visitors as their desires have been ascertained by the interest they manifested and the questions they asked. The guide can be mailed for 2 cents postage.
MACHINE SHOP. In addition to the regular repairs and upkeep of the machinery and appliances, the foUowing new work was done for this mint: 4 tumbhng barrels of washing machine; 3 scrap cutters; metal work of 2 coin- reviewing machines; 5 sets of old-style nickel molds; 1 six-foot bal ance for transfer weigh room; 2 twenty-five horsepower roUing miUs changed to fifty horsepower; 1 six-inch lever shear; 4 beds and punches for cutting 6 bronze planchets; 4 beds and punches for cut ting 5 nickel planchets; 2 centrifugal coin-drying machines instaUed in minor coinage plant; 8 coUars for dime coinage; 588 coUars for nickel coinage; 103 coUars for bronze coinage; 4 sectional collars for eagle coinage; and 2 sectional coUars for double-eagle coinage. There are also 2 automatic weighing machines under construction in the shop, about 50 per cent of the work on which is completed. During the same period the following work was done in the shops for the various mints and assay oflBices: Mint of the United States at San Francisco, Cal.: Special screws for automatic weighing machine; 30 coUars for nickel coinage; 10 coUars for bronze coinage; 10 coUars for dime coinage; 5 coUars for haU- eagle coinage; and 15 coUars for Philippine coinage. Mint of the United States at Denver, Colo.: 12 coUars for bronze coinage; 30 collars for nickel coinage; 1 set of double-eagle dressing tools for mUhng machine; 25 center-knife edges and 50 end-knife edges for automatic weighing machines; 20 beams complete for auto matic weighing machines; 25 basket traps for automatic weighing machines; 25 basket backs for automatic weighing machines; and 25 kickers for automatic weighing machines. United States assay ofiice at New York, N. Y.: 1 bullion-clipping machine; 1 pair of long couplings for vertical rolhng mill; 8 silver disks for Smithsonian Institution; 30 silver disks for Geological Sur vey; and 22 silver disks for Bureau of Engraving and Printing.
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DIRECTOR OF THE MINT. 319
There have been designed and built 4 rotary baU-bearing turntables and 44 ingot molds. The turntables are made up of 2 six-foot cast- iron disks. The bottom disk is the ball race, which carries 146 one- inch diameter hardened steel baUs. The top disk has a cone which fits the bottom race. On the top disk are mounted 11 ingot molds equally spaced on a four-foot six-inch circle in an upright position. The molds will produce either a nickel or bronze ingot 24 inches long, 4i inches wide, three-quarters of an inch thick. The back half, or, in other words, the plain part of the mold, is bolted fast to the table, and the half that carries the ingot swings down to an angle of 45° on two trunnion bearings which are bolted to the table. The locking device for clamping the mold wliile the ingot is being poured is four links connected to the stationary part of the mold with a loose bolt. The other end of the hnk carries two eccentric pressure bars which clamp on three lugs equaUy spaced on the mold. The one end of each hnk carries an eccentric bushing which can be adjusted to take up any expansion or contraction. This principle eliminates aU handling and lifting of the mold. Q
CARPENTER SHOP. Besides the general repairs and upkeep of the machinery and appliances, the following work was done by the chief carpenter and his assistants during the year: The tar or mastic appUed to the roof to stop leaks would not adhere to the glazed tiles and formed regular water pockets. This was all removed, the roof painted and covered with painted mushn, and the joints filled up with plastic cement, which proved very satis factory. The same method was applied as new leaks appeared. Eleven ventilating monitors were built on the northwest terrace roof to give light and ventilation to the basement, in which the new minor-coinage plant is installed. Three of these monitors, which were crushed by falling stone when the building was struck by lightning, were rebuilt. The room on the second floor formerly occupied by the electrician was fitted up as a telephone exchange. The partitions between this and the counting room were fined with beaver board to deaden the sound of the noise made by the counters, which proved very satis factory. A new wardrobe for the operator was built. The new minor-coinage plant was equipped with all necessary water and acid tubs, vats, and tanks, 20 extra large copper-lined strip cars, switchboards, etc. Two new coin-reviewing machines were built and some very impor tant improvements made bn them. The 'same improvements Were made on the six older machines. One counting hopper and eleven counting boards, of the following denominations, were made for the subtreasury at St. Louis, Mo.: Two 1-cent boards, two 5-cent boards, two dime boards, two quarter- dollar boards, two half-dollar boards, and one 1-dollar board. All patterns for new machinery," etc., were made in this department.
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320 REPORT ON THE FINANCES.
SEWING ROOM. The sewing room, besides making the necessary repairs to fiags, awnings, window shades, rugs, machine belts, etc., manufactured for this mint 957 pairs asbestos mitts; 1,496 pairs fire mitts; 5,222 aprons, sleeves, and miscellaneous articles, and. 122,450 coin bags received from contractor were marked. There were also manufactured for the New York assay office 656 pairs canvas mitts, 194 pairs asbestos mitts, and 22,500 anode bags. For the mint at San Francisco, 206 pairs fire mitts, 118 pairs asbestos mitts. For the assay ofiice at Deadwood, 4 pairs asbestos mitts. For the assay ofiice at Boise, 12 pairs asbestos mitts. For the assay oflice at Helena, 12 pairs asbestos mitts.
ASSAYING DEPARTMENT.
The operations of this department during the fiscal year 1913 were as follows: ^
Samples operated on. Item. Gold and Gold. SUver. silver.
Deposits.. 3,859 684 Ingots 660 325 Fine melts 12 Bullion assay samples...-.... 225 Superintendent's grain bars.. 79 Assayer's bars 41 Melter's bars 45 Sweep samples 27 SUver-purchase bars.' 376 Total. 4,531 989 793
The number of assays made was as follows: Deposits and purchases — 39,920 Ingots (gold and silver) 3,488 Special assays ,. 2,724 Miscellaneous assays, bronze and nickel 1.. 529 SUver purchases 392 OU tests 23 Total 47,074 The average cost per assay during the year was $0,469. In addition to the above, 490 ounces of proof gold and 300 ounces of Droof silver were made. Of the 660 melts of gold ingots made in the melting and refining department, 90 were returned for remelting and 1 was condemned. Of the 325 melts of silver ingots, 1 was returned for remelting. The fineness of the gold melts passed was: The fineness ofthe silver melts passed was: 11 melts at. 900.2 7 melts at 899.75 30 melts at 900.1 43 melts at . 899.5 116 melts at 900. 0 47 melts at . 899.25 174 melts at 899. 9 109 melts at 899. 171 melts at 899. 8 52 melts at . 898.75 64 melts at 899. 7 41 melts at ... 898.5 3 melts at 899.6 14 melts at . 898.25 11 melts at . 898 569
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DIRECTOR OF THE MINT. 321
MELTING AND REFINING DEPARTMENT. Dming the fiscal year^ 660 gold-ingot melts were made, making a total charge to the melting pot of 2,066,745.994 fine ounces. There was 1 melt condemned. Out of this quantity of bullion melted, the loss found at settlement amounted to 26.421 fine ounces, or 1.27 p.er cent of legal allowance based on actual charge. It has been the custom here for years past to make gold-ingot melts to the full capacity of the No. 70 crucible, which amounts to approxi mately 6,000 ounces gross of standard metal. We find, however, if our basis of coinage metal is not electrolytic gold but uncurrent coin, and fine gold lower in fiuaeness than 998, that, owing to impurities, segregation troubles this department greatly on these large melts, and great difficulty is experienced in getting an ingot melt of uniform composition. In order not to reduce our melting capacity or increase labor, we decided to melt the same amount of metal per pot, but stir the charge twice, treating it as two melts. In other words, when full pot is ready for dipping, use plunger 100 strokes and dip half out of ot, giving this half a number; then again using plunger on second Ealf 100 times and giving this second half of the melt a number. In this way a smaller volume is expected to be uniform and is more easily mixed, and results prove the benefit of this method in reducing the ounces remeited. In silver there were 325 melts made, none condemned, making a total charge to melting pots of 1,013,263.95 fine ounces. Upon settlement of the accounts of this department a gaia in silver of 355.46 ounces was found, which in no way removes the fact that a loss of 87 ounces in melting was suffered. During the fiscal year this department received from the superin tendent bullion containing 1,993,067.302 fine ounces in gold, the coinage value being $41,200,357.57. The silver contents of buUion received contained 1,818,499.04 fine ounces, of the coinage value of $2,513,909.14. The melts made aggregate as foUows:
Con Melts. Bars. Ingots. Remelts. demned. Good ingots.
Ounces. Gold 23 640 86 1 1,935,752.905 Silver 34 280 1 986,410.35 Bronze 3,519 11,978,490.60 Cupro nickel.. 4,123 12,127,186.30 Total 57 8,562 87 1 27,027,840.165
16726°—Fl 1913 21
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322 REPORT ON THE FINANCES.
During a nine days^ run,including overtime to 10 p.m., from March 20 to 29, inclusive, working three gangs of men, 10 sets of molds, 12 and 13 furnaces, 12 men to gang, the results in melting cupro nickel were as follows:
Number of— Date. Weight of In gots made. Melts. Ingots.
Ounces. Mar. 20 '. 61 2,829 192,150.60 21. 61 2,810 190,688.40 22 61 2,837 192,387.30 24. .. 61 2,843 192, 704. 50 25 81 2,836 192,388. 60 26. 58 2,811 176,120.00 27 84 2,918 197,108.60 28. 59 2,777 187,710. 60 29 64 2,925 197,192.40
Total 548 26,385 1,718,446.90 Daily average 80.9 2,820 5 190,938.54
The total amount of ingots poured (25,385) in this time amounts to the large weight of 59 tons.
Sweeps cellar operations.
Number Departments. Kmd treated. Gold SUvei. Cupro barrels. Bronze. nickel.
Recoveries: Ounces. Ounces. Ounces. Ounces. /Gold and silver Melting and refimmg. 40 .81.382 296.58 \Minor coin metal 15,822.55 31,261.70 Superintendent's— Gold and silver 12 58.298 80.83 Coming do 6 18.368 62.04 United States assay do 88 189.468 636.69 office, New York.
Total 128 346.606 1,065.14 15,822.55 31,261.70
In treating the broken crucibles, burned out refractories, and drosses from the minor coinage meltiag operations, the larger mate rial is put through the crusher, then it is fed, together with the smaller refuse, into the Ellspass mill and crushed in the wet way. The more or less large pellets remaining upon the pan of the mUl are saved; the resultiag fine material, or tailings, is thrown away. The value of the metals saved by thus treatiag these waste mate rials was upward of $800. The cost to recover same ia labor, power, and maintenance was not half this amount. Since the refinery operations have been discontinued here and the bulk of the old equipment sent to New York, we have found it greatly to our advantage to separate the precious-metal operations from that of the minor coiQage metals by using for gold and sUver nigot purposes the furnaces left vacant by the closing of our refinery. These five furnaces are connected to a settling chamber, and this room being far removed from our regular melting room, and being of ample size, gives convenient facilities for handliag this branch of ingot making without any risk of contaminating the preQiQus metals.
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DIRECTOR OF THE MINT. 323
The first instaUation of the new large molds on turntable for bronze- ingot making has been put in successful' operation. This change enables us to cast a melt of 3,200 ounces into ingots (24 by 4|- by | inches) in four minutes. It is proposed that one turntable, holding 11 molds, will serve two furnaces, with two melters pouring together and three men manipulating molds and ingots, as follows: Two melters pour simultaneously, table then turned until next mold is in position for filling; first helper opens up mold and releases ingot, second helper picks up ingot, conveys it to pickling and coohng tanks, while third helper removes pellets and slivers and greases, closes, and clamps mold. As a heat can be taken off this way in 5 minutes, an actual saving of 10 minutes is eft'ected on each melt, or 50 minutes in a day^s work per furnace, which can be utilized toward getting more metal melted. These ingots in bronze weigh 23 pounds, or about six times what our small ingot weighs, making 10 to a heat, in place of 60 of the smaller ingots. The filing is slightly heavier than on tlie small ingots, but in linear measure is 40 feet, as against 120. The topping is done on heavy shears made in mint machine shop and placed in position on melting-room fioor this fiscal year. This large shearing machine is a valuable acquisition, for it is no little trouble to top the large ingots and shear copper bars and zinc slabs to any size desired. Four such turntables are soon to be put in place on melting- room fioor; these will serve the present coinage requirements for large ingots. This department has been on the lookout for an oil-burning fur nace for the past two years, and this fiscal year tested four dift'erent makes, with a view of recommending the equipment that together showed low fuel cost per 1,000 pounds of metal melted with prac tical and suitable furnace details for our special requirements. The results of our tests showed a wide variation in fuel consumption, running from $4.77 per 1,000 pounds of cupro nickel melted up to $10. This is based on oil at 9 cents per gallon, an extremely high, price, but the cost to us at this time in 6-barrel lots. The furnace showing lowest oil consumption per 1,000 pounds of metal melted was of the pit type, and upon our melting-room floor stood too high and rendered dipping extremely difficult. Not one of these furnaces fulfilled our requirements, and up to date no recom mendation has been made. A modified furnace is still awaiting a test, which we hope to run as soon as a little let-up can be indulged in. In the meantime, due to poor and inconstant results with our present furnaces on account of high price and low quality gasoline, we made some tests using city gas as fuel. We found that our present furnaces with but little alteration could be adapted to this illuminating-gas fuel, and by using same show a saving over gasoline fuel and secure uniform melting periods for our dift'erent metals, which constancy and -convenience appealed so strongly to us as to warrant a recommendation that city gas fuel be used. This recom mendation being approved, we are now in the position of being prom ised a fuel entirely satisfactory, in so far as convenience, sufficient heat units, and suitability for our melting-room requirements are concerned. On the other hand, oil fuel is cheaper, though the life of furnace parts is shorter and punishment to melters much greater; how much cheaper, and if better, when everything is considered, we hope to determine next year,. -
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324 REPORT ON THE FINANCES.
Minor coinage metal operations.
During the year the melting and reflning department received from the Troy ounces, superintendent minor coin metal 27,700,946.72 Delivered prior to settlements: Troy ounces. Cupro nickel 11,730,196.90 Bronze 11,776,770.90
23,506,987.80 Delivered at settlement June 14,1913: Troy ounces. Bronze mgots, small 198,359.20 Bronze mgots, large 3,360.50 Bronze grains , 3,830.50 Cupro nickel ingots, small 373,926.60 Cupro nickel ingots, large •... 22,962.80 Cupro nickel residue 6,274.80 Cupro nickel grains 2,501.00 Cupro nickel cubes. 784,758.33 Ingot copper 2,243,937.50 SUicon copper , 720.30 Thi 229,551.75 Zmc 233,482.02 4,103,665.30 27,610,633.10
Total loss 90,313.62 Fhst loss, Aug. 23, 1912 9,070.30 Second loss, June 14,1913 81,243.32
Receipts and deliveries by the superintendent of the melting and refining department, June 30, 1913.
Minor coinage metal account. Items. Gold-account. SUver account. Nickel. Bronze.
Receipts: Fine ozs. Fine ozs. Troy ozs. Troy ozs. Settlement metal June 30,1912 216.480 1,805.62 714,878.53 3,309,074. 59 Deposits and purchases 92,216.478 157,119.26 Clippings 1,047,508. 618 699,320.83 Transfers from New York. 485,439.477 428,219.48 Treasury purchases 260,521.98 Silver purchases by Costa Rica 30,993.18 Certificate bars 253,223.940 Fine bars 89,747.420 2,698. 03 Medal clips, Ingots, etc 2,675. 982 3,618.38 Uncurrent coin 41,021.811 238,724.16 Silver purchased for medals .. .. 1,181.80 Coiner's, residues, and grain bars... 945.013 3,683.93 Assayer's proof 172.103 456.96 Ingot Conner 4,181,666.86 4,588,333.34 SUicon copper 3,756.21 Tin ... Zinc 298,827.09 Clippings 6,426,424.20 8 304 068.20 Nickel cubes 1,448,333.33 Uncurrent coin .... 247,928.16 197,869. 41
Total '. 1,993,067.302 1,818,143.58 13,002,984.09 14,897,962.63 13,002,984.09
Total minor coinage metal 27,700,946.72 Deliveries: Ingots .. . - 1,716,667.715 1,141,898.58 12,127,086.30 11,978,490.60 Merchant bars 178,676.016 58,664. 67 Fine bars 22,821.803 16,354.81 New York transfer 394,377.08 Clippings 43,047. 54 Unparted bullion 72,880.677- 154,1)81.84 Assayer's proof 798.964 1,1)46. 95 Medal ingots 1,645.241 4,824.78 Strips and disks 14.301 230.93 Coiner's, residues, and grain bars. 627.238 3,670. 60 Sweeps 81.382 295. 58 Ingot Conner 38,570.36 2,205,367.14 Sihcon oopper 720. 30 Tin ... 229,551.75 Zinc. 233,482.02 Nickel cubes-. , 784.758. 33
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DIEECTOB OF THE MlliTT. 325 Receipts and deliveries by the superintendent of the melting and refining department, June 30, iP.?,?—Continued.
Minor coinage metal account. Items. Gold account. SUver account. NiGfeel. Bronze.
Deliveries—Continued. Fine ozs. Fine ozs. Troy ozs. Troy ozs. Sweep grains 2,501.0b 3,830.60 Residues ' 6,274.80 Total 1,993,003.226 1,818,393.16 12,969,911.09 14,660,722.01 12,959,911.09 Total of minor coinage metal 27,610,633.10 Wastage settlement: Aug. 23, 1912 37. 666 105.88 June 30, 1913 26.421 90,313.62 64.076 105.88 Surplus June 30, 1913, settlement 356.46 Ingot room charge 2,068,746.994 1,013,263.95 12,907,842.69 12,454,302. 73 Total operated upon 2,068,745.994 1,013,263.95 12,907,842.69 12,454,302.73 12,907,842.99 Total minor coinage metal 24,362,145.42
COINING DEPARTMENT. From fJuly 1, 1012, to August 23, 1912, when settlement was made with the coiner, whose office was abolished by act of Congress and in lieu thereof the ofl&ce of superintendent of the coining department created, the coiner received from the superintendent and operated upon 322,233.810 standard ounces of gold, from which there was produced 205,593.750 standard oances oi coin, of the value of $3,825,- 000, or 486,000 pieces, which was delivered to the superintendent during this part of the fiscal year. Prior to this settlement there was returned to the superintendent 90,591.912 standard ounces of gold in clippings, condemned coin, and bars, and there was delivered in settlement 26,048.010 standard ounces in coin -and blanl^s. The entire operation showed a loss of 5.444 standard ounces, of the value of $101.28, being 3.37 per cent of the legal allowance. The percent age of coin produced to the amount operated upon was 66.83. During this same period, from July 1, 1912, to August 23, 1912, the coiner also received from the superintendent and operated upon 1,229,270.65 standard ounces of silver, from which there was pro duced 502,896.96 standard ounces of coin, of the value of $626,000 in subsidiary silver coin, or 3,450,000 pieces. Prior to the coiner's settlement of August 23, 1912, he returned to the superintendent 227,779.57 standard ounces of chppings, condemned coin, and bars, and dehvered at settlement 498,576.76 standard ounces finished, un finished, and condemned coin. Upon the entire operation there was a wastage of 17.41 standard ounces of the value oi $9.4.0, being 1.41 per cent of the legal allowance. .The percentage of coin produced to the amount operated upon was 76.02. The coiner also received from the superintendent during the same period, from July 1, 1912, to August 23, 1912, 3,059,415.80 standard ounces of bronze ingots, of which 2,935,905.20 standard ounces were operated upon, from which there was produced 1,327,408.25 stand-
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326 REPORT ON THE FINANCES.
ard ounces of 1-cent pieces, of the face value of $132,700, or 13,327,000 pieces, upon which there was a wastage of 874.35 standard ounces of the value of $10.23, being 29.74 per cent of the legal allowance as allowed on silver. There was returned to the superintendent prior to the coiner's settlement August 23, 1912, 1,058,085.50 standard ounces in clippings, condemned coin, and blanks, and there was de livered in settlement 673,047.70 standard ounces in ingots, strips, and condemned coin. The percentage of coin produced to the amount of metal operated upon was 45c21. In addition to tbe gold and sUver received for coinage, the coiner received from the supermtendent 294.422 standard ounces oi fine gold for medals, of which 47.999 standard ounces were used in the manufacture of medals. This amount and 167.147 standard ounces in clippings were dehvered to the superintendent prior to settlement, and 78.970 standard ounces were delivered at settlement. The coiner also received from the superintendent during the same period 873.27 standard ounces of fine silver. Of this amount 301.77 stand ard ounces were used in the manufacture of medals, which, with 305.04 standard ounces in clippings, were delivered to the superin tendent prior to settlement and 266.41 standard ounces delivered at settlement. The slight loss in gold and silver is included in the wastage in the manufacture of gold and silver coin. The gold, silver, a,nd minor coinage for this period of the fiscal year, July 1, 1912, to August 23, 1912, amounted to $4,583,700, or 5,268,000 pieces. The net wastage in coining this.amount was $120.91. Receipts and deliveries by the coiner, July 1 to Aug. 23, 1912.
Gold Silver Nickel Bronze Items. account. account. account. account.
Receipts: Standard ozs. Standard ozs. Troy ozs. Troy ozs. Settlement metal of June 30,1912.. 221,298.330 • 775,848. 45 Ingots 101,100.200 453,641.80 3,059,415.80 Ingots, medal.. 131.702 655. 87 Total.... 322,528. 232 1,230,143.92 3,059,415.80 Deliveries: Corn- Domestic 205,593.750 502,896.96 1,327,408.25 Costa Rica 64,300.00 Clippings, condemned, and bars 90,591.912 229,758. 87 1,181,596.10 Coin and blanks . 26,043.010 432,297. 46 549,537 10 Medals and clippings 215.148 606. 81 Medal metal 78.970 266. 41 Total 322,522. 788 1,230,126.51 3,058,541.45 Wastage • 5. 444 17.41 874.35 Amount operated upon 322,528. 232 1,230,143.92 3,059,415.80 Percentage of coin to amount operated upon 68.83 78.02 45. 21 Percentage of legal allowance for wast age 3.37 1.41 29.74
From August 24, 1912, to June 30, 1913, the coining department received from the superintendent 1,736,813.980 fine ounces of gold for coinage, which was operated upon and from which there was pro duced 766,899.881 fhie ounces of coin, of the value of $15,853,227.50, or 2,583,405 pieces, and 964,351.001 fine ounces in chppings, con demned coin, blanks, and bars delivered to the superintendent dur-
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DIRECTOR OF THE MINT. "" 32^
ing this portion of the fiscal year prior to settlement, and there was delivered in settlement 5,553.256 fine ounces in condemned coin, blanks, bars, and sweeps. The entire operation showed a wastage of 8.845 fine ounces, of the value of $182.84. The percentage of coin to the amount of metal operated on was 44.15. The percentage of the legal allowance was 1.60. During the same period the coining department also received from the superintendent for coinage 1,430,828.87 fine ounces of silver, of which 1,429,555.91 fine ounces were operated upon, and from which there was produced 947,255.37 fine ounces of coin, of the value of $1,310,199.75, or 5,458,705 pieces in subsidiary silver coin, and 30,993.18 fine ounces of silver coin, of the value of $42,845.25 in United States subsidiary coin, or 803,348 pieces for the Government of Costa Rica, 451,231.43 ounces in clippmgs, condemned coin, and bars were returned to the superintenaent prior to settlement and 1,342.20 fine ounces in ingots, condemned coin, and blanks were delivered at settlement. Upon the entire operation there was a wastage of 4.64 fine ounces, of the value of $2.84, being 0.43 per cent of the legal allowance. The percentage of coin produced to the amount operated upon was 68.43. There was also delivered to this department during the same period 13,586,385.90 ounces of nickel ingots and 7,283 ounces of ScovUl blanks, from which there was produced from the metal operated upon 7,027,438.50 ounces of 5-cent pieces, of the face value of $2,186,368.55, or 43,727,371 pieces. Of this amount $154,329.25, or 3,086,585 pieces, were the old design, and $2,032,039.30, or 40,640,786 pieces, of the new buffalo design, all of which and 6,416,424.20 ounces of clip pings, condemned coin, and blanks were delivered to the superin tendent prior to settlement. There was also delivered at settlement 136,244 ounces in ingots, coin, and blanks. On the entire opera tion there was a wastage of 13,562.20 ounces, qf the value of $175.87. The percentage of the legal allowance, based on the silver aUowance, was 99.76. The percentage of coin produced from amount of metal operated upon was 51.77. This department during the same period received 13,353,939.50 ounces of bronze in ingots and blanks, and 19,961.54 ounces in ScovUl blanks, from which there was produced from the metal operated upon 8,242,710.30 ounces of 1-cent coin, of the face value of $824,783.90, or 82,478,290 pieces. This amount, together with 5,120,527.10 ounces in clippings, condemned coin, and blanks, were delivered prior to settlement. The amount returned at settlement was, ingots 6,632.70 ounces, condemned coin and blanks, 177.60 ounces. The wastage on this operation amounted to 3,853.34. ounces, of the value of $49.97. The percentage of wastage was 28.88. The percentage of good coin produced to amount operated upon was 67.38. In addition to the buUion received for coinage, the following shows the amount used in the manufacture of medals: Of the 754.574 fine ounces of gold received from the superintendent 286.839 fine ounces were used in the manufacture of medals, which, together with 300.836 fine ounces in clippings were delivered prior to settlement and 167.896 fine ounces returned in settlement.
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328 REPORT ON THE FINANCES.
The amount of fine sUver received was 2,167.63 ounces, of which 843.37 fine ounces were used in the manufacture of medals, and that amount, with 1,021.90 fine ounces of clippings, were delivered prior to settlement and 304.41 ounces returned in settlement. The slight gain in gold and sUver is included in the loss in gold and sUver coinage. On this large operp^tion, including coin and medals, the wastage amounted to the very low figure of $411.52.
Total amount of domestic coin for fiscal year ended June 30, 1913.
Items. Pieces. Value.
Gold 3,069,405 $19,678,227.50 Silver 8,908,705 1,936,199.75 5-cent nickel 43,727,371 2,186,388.66 1-cent bronze . . 96,748,390 957 483 90
Total . 151,463,871 24,768,279.70
In addition the following coin was made for the Government of Costa Rica:
Items. Pieces. Value.
10 centimes. '267,783 $21,422.63 5 centluxos.. 635,566 21,422. 62 803,348 42,845.25
Receipts and deliveries by superintendent of coining department, fiscal year 1913.
Items. Gold account. Silver account. Nickel account. Bronze account.
Receipts: Fine ounces. Fine ounces. Troy ounces. Troy ounces. Settlement metal, June 30,1912.... 199,188. 697 698,261.80 1,753,039.50- Ingots 1,804,365. 450 1,390,387.23 11,833,346.40 16,865,753.20 Medalingots 812. 672 •2,518.14 Scovlll blanks 7,283.00 19,961.54 Total 2,004,344. 823' 2,091,167.17 13,693,668.90 15,885,714. 74 Dehveries: Domestic coin 951,934.256 1,399,862.63 7,027,438.50 9,670,118.55 Costa Rica coin 30,993.18 Clippings, condemned and bars.... 1,045,883.722 656,260. 24 6,416,424.20 6,304,236. 80 Sweeps 18. 368 62.04 Coin and blanks 5,534. 888 123,394.80 Medals 297. 481 843.37 Medal clippings 662.363 1,872.44 Ingots 1,272.96 12,849. 20 6,832.70 Total 2,004,331.078 2,091,146.86 13,580,106.70 15,880,987.05 Wastage 13.745 20.31 13,582.20 4,727.69
Amount operated upon ." 2,003,632.151 2,088,649.03 13,680,819.70 16,879,082.04 Percentage of com production to amount operated r.pon 47.51 67.02 61.77 60 26 Percentage of legal allowance for wast age 1.37 .97 99.76 29 77
IMPROVEMJENTS. Reference has aheady been made in last year's report to the minor- coin plant. It was well under way at that timCc It has since been completed and is now in operation.
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DIRECTOR OF THE MINT. 329
Two large 16-inch rolls are breaking down and finishing bronze and nickel. The ingots used are 23 mches long, 4J inches wide, and three-fourths of an inch thick. A copper ingot wUl produce 2,200 blanks and the nickel ingot about 1,500 blanks. Two cutting presses, each running 170 revolutions per minute, are used in cutting bronze and nickel blanks. When cutting these blanks six pieces of the former and five of the latter are punched at each stroke, making respectively 1,020 and 850 pieces per minute. Up-to-date cleaning and annealing machinery, consistmg of rotary annealing furnaces, tumbling barrels, and centrifugal. dryers prepare the blanks for stamping. In addition to the rotary annealing furnaces two strip annealing furnaces have been added and gas is used to operate these furnaces. The object of this plant is to keep the workings of the base metal isolated ^s much as possible from those of the precious metals and also to turn out the minor coin more rapidly and at less expense. Owing to the increasing demand for minor coin we wUl be compelled to enlarge this plant in the near future by installing two additional rolls and more cutting presses. At times we could use the rolls in our regular rolling room, when not working on gold or sUver, but to do so when working the precious metals would be defeating the principal object for which this minor-coin plant was created. During the past year we have made and placed in operation two reviewing machines simUar to those now in use for reviewing coined money. These machines, being much faster and more accurate, wUl replace the old-style selecting tables. The only annoying feature we had to contend with during the past year was a very inferior quality and irregular fiow of gas for annealing. This appears to have been due to a low grade of naphtha and a mucm heavier tax on the gas plant. The trouble has been overcome by installing city gas. We find that, owing to the increased price in gasoline, we can buy city gas cheaper than we can make our own supply. At present the workings are equally balanced, having sufficient facUities for operating the product of one department with the other without any delay or annoyance. It wUl be our aim to keep up this well-balanced system, thereby reducing the cost of production to the lowest figure. All gold and silver now used in the operation of coinage is calculated at 1,000 fine instead of 900 standard as heretofore. The figures in the above report from August 23, 1912, are 1,000 fine ounces. The only blanks now adjusted are the double eagle and eagle; all other denominations, except dunes and the minor coin, are weighted after coinage. Five automatic weighing machines are doing this work. Our system for keeping the daUy records of the metal in operation, recently introduced, is giving entire satisfaction. A tabulated statement of the metal passing from one department to the other during the day is kept. This shows the amount of finished and unfinished metal, together with the wastage or loss at the close of each day's workings.
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330 REPORT ON THE FINANCES.
ENGRAVING DEPARTMENT. AU the dies used in coining operations in all of the mints are made in the engraving department at Philadelphia. The embossed- envelope dies used by contractors supplying envelopes for the Post Office Department and postal savings bank are also made here; also dies for Army and Navy and other authorized public medals. The mint is reimbursed for the actual expenditures for labor and materials on these medal accounts. The number of dies prepared for United States coinage last year was 2,640. In addition, 175 dies were made for Philippine coinage, 30 for the Post Office Department, 9 for medals, and 36 master dies and hubs; in all 2,890, as foUows:
Denomination. Philadel San Fran Denver. phia. cisco. Total.
Gold: Double eagle 10 10 56 76 Eagle 22 10 20 52 Half eagle : 110 30 20 160 Quarter eagle •. 50 50
Total . 192 50 96 338 Silver: Hah doUar • 20 86 106 Quarter doUar... 15 20 20 55 Dime 13 20 20 53 Total .. 28 60 126 214 Minor: 5 cents 830 170 •203 1,203 1 cent 645 70 140 855
Total 1,475 240 343 '2,058 Phihppine: 20 centavos 45 45 10 centavos i 60 60 1 centavo . . .1 70 70 Total 175 176 1 Grand total coinage dies 2,785 Proof dies 30 Master dies and hubs for coinage 36 United States embossed-envolope dies (stamp dies) 30 Medal dies 9 Total 2,890
NUMBER or EMPLOYEES. The total number of employees in this mint at the close of the fiscal year was 327, distributed in the several departments as follows: General 163 Assayer's 12 Melting and refining 47 Coinhig 97 Engraver's '. 8 Total 327
VISITORS. A large number of visitors from aU States of the Union and from foreign countries visited the mint during the year, 86,278 having been shown through the building by the several guides.
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MINT OF THE UNITED STATES AT SAN FRANCISCO. This mint was in operation throughout the fiscal year.
MINOR COINAGE. Minor coins to the amount of $131,120.14 have been distributed during the year, as follows:
5-cent nickel pieces S77,152.90 1-cent bronze pieces ' 53,967.24 Total minor - 131,120.14 During the above-mentioned period bronze 1-centavo pieces have been coined for the Government of the Philippine Islands from new metal deposited and from old Spanish copper coins received for re coinage, as follows:
Items. Value.
1-centavos, from— Metal deposited 5P135,233.00 Minor coins for recoinage ... ' 59,061.12 Total 194,294.12
SEIGNIORAGE. The seigniorage on the coinage of purchased metal for the fiscal year was $417,045.19, as shown by the follo\\dng table:
Items. Coined. Seigniorage.
Subsidiary shver coins $412,000.00 $227,791.87 5-cent nickel coins 142,600.00 136,129. 75 1-cent bronze coins. 61,040.00 53,123.57 Total.... 615,640.00 417,045.19
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332 REPORT ON THE FINANCES.
ASSAY DEPARTMENT. The operations of this department during the fiscal year were as follows:
Number samples operated on. Items. Gold. Silver. Total
Deposits 17,147 457 17,604 Redeposits 424 424 Exchange bars 46 "354' 400 Purchase bars 198 198 Return bars 42 3 45 Anode melts 311 206 517 Mint fine melts 832 192 1,024 Ingot melts 640 1,309 1,949 Mass melts 168 168 Experimental bars 112 138 Bullion assay samples 35 35 Superintendent's gi-ain bars 22 22 Melter and refiner's settlement bars 148 178 Coiner's settlement bars 12 22 Assayer's bars 24 30 Sweeps 76 76 152 General Land Office samples 156 154 310 Forest Service samples 19 19 38 Total 20,412 2,842 23,254
In addition there were assayed for the General Land Office and Forest Service six samples for tin, one sample for zinc, one sample for lead, and eight samples for copper.
Number of assays made and segregated.
Assays. Number. Assays. Number.
Gold 52,305- Deposits 46,339 Silver 4,739 Purchases 1,462 Sweeps.. 255 Ingots ." 4,060 Bureau of the mint... 2,090 Refinery 3,746 General Land Oflice., 636 Miscellaneous. 4,510 Forest Service 92 Total.. 60,117 Total., 0,117
Cupels made 100,000 Leads cut and rolled 100;000 Parting silver disks made . .ounces.. 5,000
Fine gold determinations. Fine silver determinations.
Fineness. Melts. Fineness. Melts.
998.3 i 998.5 1 998.5 .... 1 998.7 2 998.8... 3 998.9 1 999.0 11 999.1 12 999.2 6 999.3 9 999.4 6 999.5 14 999.5 •. 47 999.6 20 999.7 4
Total. .. 90 Total 4'?.
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Ingot melts.
Passed Re- Con Melts. on first Total. melting. melted. demned.
Gold ingots 287 291 SUver ingots 180 208 Philippine pesos 280 Phhippine 20-centavos 54 Phhippine 10-centavos 80
Total.... 913
Finenesses of ingot melts.
Domestic coinage. Phhippine coinage.
Gold. Shver. Pesos. 20-centavos. 10-centavos.
5 at 899.7 12 at 898.8 2 at 798.4 lat 748.2 1 at 748.2 38 at 899.8 50 at 899.1 2 at 798.6 2 at 748.5 5 at 748.5 113 at 899.9 43 at 899.3 16 at 798.9 9 at 748.7 13 at 748.7 93 at 900.0 77 at 899.5 15 at 799.0 25 at 748.9 16 at 748.9 33 at 900.1 9 at 899.8 62 at 799.2 12 at 749.2 14 at 749.2 8 at 900.2 12 at 900.0 33 at 799.4 5 at 749.6 16 at 749.6 lat 900.3 lat 900.4 78 at 799.6 7 at 749.8 30 at 799.8 8 at 750.0 30 at 800.0 6 at 800.2 291 204 272 54 80
The reports covering the workings of the operative departments for the fiscal year ended June 30, 1913, which foUow, show the wast age and surplus for the year. The wastage and surplus so shown will be a part of the wastage and surplus taken up in the bullion accounts at such time as the settlement is made.
MELTING AND REFINING DEPARTMENT. The melter and refiner received, operated upon, and dehvered gold and silver bullion and minor-coinage metal during the fiscal year 1913, as follows:
Items. Gold account. Silver account. Nickel account. Bronze account.
Receipts: Settlement metal— Fine ozs. Fine ozs. Troy ozs. Troy ozs. Of June 30,1912.... : 1,271^ 488.613 348,071.43 559,315.78 Of Aug. 28, 1912 . 1,830,446.382 • 388,874.17 560)397.20 Deposits and purchases 2,616,774.939 480,779.46 Philippine Islands silver for recoin age 342,065.59 Redeposits 40,111. 095 19,204.17 Clippings and coiner's bars 202,604.605 520,627.87 229,454.80 723,261.60 UncmTent coin 522. 804 89.31 Superintendent's sweep bar 58.512 46.37 Comer's sweeps 26.086 143.59 Proof gold 96. 750 Ingot copper ". 1,458,041.66 Tin 47,891.66 Zmc 45,718.74 Nickel shot 218,749.99 Total.. 5,962,127.786 2,099,901. 96 448,204.79 3,394,626.54 448,204.79 Total minor coinage metal 3,842,831.33
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334 BEPOET ON THE FINANCES.
Items. Gold account. Shver account. Nickel account. Bronze account.
Deliveries: Fine ozs. Fine ozs. Troy ozs. Troy ozs. Gold certificate bars 2,171,436.640 Merchant bars 10,972.557 141,386.28 Fine bars 217,384.648 88,328.76 Unparted bars . 650,267.807 349.631.24 Ingots". 1,081,030.950 1,132,007.66 687,962.10 2,260,150.30 Sweeps 972.161 3,747.81 Settlement metal, Aug. 28, 1912 1,830,446.382 388,874.17 560,397. 20 Nickel 97,408.71 Clippings 24,614.60 Copper 173,275.50 Tops and bars 1,700.70 3,385.44 Tin 8,949.10 Zinc 10,325.30 Alloy 5.013.20 Total 5,962,510.145 2,103,975.92 8n,686.11 3,021.496.04 811,686.11
- Total minor coinage metal 3,833,182.15 Surplus 382.359 4,073.96 1,081.42 Wastage 10,730.60 Amount operated upon: Refinery 858,338.613 249,74L00 Ingot room . . . 1,107,224.471 1,226,497.28 714,819.41 2,321,683.31 Total 1,965,563.084 1,476,238.28 714,819.41 2,321,583.31 714,819.41 Total minor coinage metal 3,036,402.72
COINING DEPARTMENT. The coiner"" received gold, sUver, nickel, and bronze from and de livered to the superintendent during the fiscal year 1913 as follows:
Receipts and deliveries by the superintendent of the coining department, fiscal year 1913.
Items. Gold account. Silver accoimt. Nickel account. Bronze account.
Receipts: Fine ozs. Fine ozs. Troy ozs. Troy ozs. Settlement metal of Jmie 30,1912... 55,181.178 105,822.92 42,711.70 Ingots.. 1,081,030.950 1,132,007.66 687,962.10 2,260,160.30
Total.... 1,136,212.128 1,237,830.58 687,962.10 2,302,862.00 Deliveries: Corn- Domestic 225,427.500 298,072.12 457,347.58 610,828.38 Phhippine Islands 342,724.79 833,822.10 Clippings (cond.), sweeps and bars.. 202,664; 903 521,117.47 ,229,454.80 731,615.80 Coin and blanks 851.508 12,196. 47 Ingots 707,278.050 63,553.67 125,177.00 Total.. . 1,136,221.961 1,237,664.52 686,802.38 2,301,443.28 Surplus 9.833 Wastage 166.06 1,159.82 1,418 72
Amount operated upon 428,214.330 1,135,638.48 687,962.10 2,174,068.80 Percentage of coin to amount operated upon.. 62.70 58.13 68.47 68.64
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The^ foUowing table shows the coinage during the fiscal year 1913: DOMESTIC COINAGE.
. Denominations. Pieces. Value.
Gold • 866,000 $4,660,000.00 Silver 1,228,000 412,000.00 Minor: 5 cents 2,852,000 142,600.00 1 cent 6,104,000 61,040.00 Total minor 8,958,000 203,640.00 Total domestic comage 11,050,000 5,276,640.00
PHILIPPINE COINAGE.
Silver 2,638,820 ^"684,738.60 Bronze 5,001,000 60,010.00 Total Phhippine coinage. - 7,639,820 734,748.50
MINT OF THE UNITED STATES AT DENVER.
This miat was in operation during the entire fiscal year, the coin age being of the denominations of double eagles, half doUars, nickels, and bronze cents. The particulars as to bullion deposits and coinage will be found in tables numbered 1 and 3, and in the general coinage statement, num bered 22. IMPORTANT REFINERY CHANGE. In the spring of 1913 there was installed in the refinery of this in stitution a novel special induction potential regulator, embodying the ideas of the foreman of the refinery, Mr. B. JP. Wirth, who was seconded in perfecting his plans by Mr. White, chief electrician of the mint. The new equipment consists of the foUowing items: One special induction potential regulator, single-phase, 60-cycle, oil-immersed primary 2,200, secondary potential 36-volt, maximum secondary current 1,300 amperes, complete, with all necessary oil. One complete switchboard panel, including wiring, having mounted thereon the following: One single-phase, 60-cycle, 2-wire watt-hour meter to read direct the current , used through the above induction regulator. One 2,000 to 100 volt potential transformer.^ One 2,000-volt series transformer, proper ratio. One Type II automatic oil circuit breaker with inverse Mme-limit attachment. One low-tension switchboard on which are mounted the following: One voltmeter, maximum scale 30 volts. One ammeter, scale 1,500 amperes. One series transformer, ratio 1,500 to 5. One double-pole, single-throw, l,600-amper3 time switch. One electrolytic lightning arrester, 2,200 volts, single-phase, 60-cycle, complete, with oil, electrolyte, and horn gaps, for outdoor mounting. The cost of the above, delivered at the mint, was $1,374. About the middle of March the general use of the pulsating current in the gold ceUs in the refinery was Qommenced, The alternating
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336 REPORT ON THE FINANCES.
current is delivered through a 39-kilowatt induction regulator^ with 200 volts on the primary circuit, and a capacity of 36 volts, 1,300 amperes, on the secondary circuit. A direct-current voltage of 1.2 per cell and an alternating-current voltage (maximum) of 1.8 per cell is used; current density, 65 amperes per square foot. The electro lyte contains 60 grams of gold per liter, and from 4 to 7 per cent hydrochloric acid; temperature, 65° C.
NOTABLE BENEFITS.
The benefits of this new system, as applied to the character of buUion received at this mint, can be best shown by a comparison with the operations under the former, or direct-current, system. The refinery has been in operation (in this fiscal year) since October 1, 1912, a period of seven months; the months of October, November, and December, 1912, and January and February, 1913 (which shall hereafter be referred to as the ^^five months^ 0? the refinery operated under the old system. In March the change was made, and in that month the refinery was operated under both systems, and in April the new system was used exclusively; so, in making comparisons, the month of March will be omitted and the first five months under the direct-current system used, and the average of those months compared with the month of April under the pulsating-current system. Under the old method there could not be ^'made up^' many gold anode melts, because there was not received enough high-grade bul lion to permit it; so, in October, after four months^ shutdown of the refinery, 25 were made; in November, 9; in December, 12; in January, 10; and in February, 7; total for the five months, 63 melts, weighing 387,333.32 ounces; while in April, without any change in the character of the deposits, under the new system 44 gold anode melts were made, weighing 236,778.77 ounces, and many more could have been made had they been needed. During the ^^five months'' the gold anodes amounted to 18.6 per cent of the total amount of bullion operated upon in the refinery, whUe during the month of AprU the gold anodes comprised 58.5 per cent of the total operated upon. The radical dift'erence is due to the reduced necessary fineness of the gold anodes. In the ^^five months'' there were produced 731,669.949 ounces of fine gold an,d recovered from the slimes (and scrap gold contained therein) 125,821.3 fine ounces; that is, the gold in the slimes equaled in amount 17.19 per cent of the fine gold deposited on the cathodes. In the month of AprU there were produced 224,161.16 ounces of fme gold and recovered from the slimes (and scrap gold therein) 25,496.89 ounces of fine gold, so that in this month the gold recovered from the slimes equaled m amount 11.37 per cent of the gold deposited on the cathodes, and the average fineness of the fine gold under each system was 0.9995 plus. Further, m the ^^five months" acids were used as follows: Hydro chloric, 28,184 pounds, and nitric, 28,023 pounds, an average per month, respectively, of 5,637 and 5,605 pounds. In AprU, 12,954 pounds of hydrochloric acid were used, an increase above the average of 7;317 pounds, costing $109.75, and 1,041 pounds of nitric acid; a
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DIRECTOR OF THE MINT. 337
decrease below the average of 4,564 pounds, which would have cost $422.17, thus making a net saving in acid for AprU of $312.42. Further, the cost of operating the refinery for the ^^five months" was $23,332.94 (including in each month $414.41 as one-ninth shut down cost), beiag an average of $4,665.58, and the cost for AprU (including said $414.41) was $4,478.38. Further, the production of fine gold for the ^^five months" was 731,669.949 ounces, an average of 146,333.989 ounces per month, and the production of fine gold in AprU was 224,161.16 ounces, being an increase over the average of said ^^five months" of 53 per cent. Further, m the ^^five months" there were sent to the refinery 244 sUver anode melts, weighiag 1,319,761.9 ounces, an average per month of 263,952.38 ounces, and in the month of AprU there were sent 20 sUver anode melts, weighing 104,047.6 ounces; and in the ^^five months" there were used 139,718.97 ounces of mint fine sUver bars in making up the said sUver anode melts, which were absolutely necessary on account of the comparatively small amount of sUver deposits received at this mint. However, in AprU, no mint fine sUver was used, and also one-half of the sUver cells were cut out of operation.
LOWER GRADES BULLION DIRECTLY THROUGH GOLD CELLS.
The most important benefit derived from the operation of this new regulator and transformer lies in the fact that it is possible to treat directly through the gold cells bullion of a much less fineness in gold than it was possible to so treat with the direct current only. Formerly bullion of a less fineness than 900 could not be successfully treated in the gold cells, whUe the regular bullion, running as low as 800 parts gold, is successfully treated. This table exhibits the fineness of all of the bullion received at this mstitution, including both the deposits and redeposits, for the months of January, February, and March, 1913, as follows: Gross ounces. Below 700 fine 263,302.87 From 700 to 800 fine 135,901.42 Prom 800 to 850 fine 77,769.48 From 850 to 900 fine 80,514.79 From 900 to 925 fine 43,757.30 From 925 to 950 fine 24,611.66 From 950 to 999 fine 44,417.23 Total ° 670,264.75
From an examination of this table it wUl be readily seen that a large percentage of the bullion received at this institution runs less than 900 in gold; in fact, 83 per cent of it runs less than that figure, and but 17 per cent 900 or more. The number of sUver cells in operation in the refinery have been reduced one-half. Heretofore it has been necessary to rely very largely on the output of the sUver cells for bullion of a proper fineness in gold to use in the gold cells. The number of sUver cells now in operation wUl just about take care of receipts of bullion that must necessarUy be put through tha,t system. It wUl also be noted that it is no longer necessary to re-treat mint fine silver in the sUver ceUs, as was formerly the case. 16726°—ril913 22
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338 REPORT ON THE FINANCES.
ANODE MELT OF LOW FINENESS.
The anode melt of the lowest gold fineness treated in April was No. 125; the make-up of that melt was as follows:
Fineness. Gross Items. weight. Gold. Silver.
Ounces. One bar from the Seattle oflSce. 901 01 819.0 177 2 Do 995 07 820.2 173 2 Do 841 12 88L2 115.0 One Goldfield Consolidated bar 852 78 780.0 116 2 One Homestake bar from Deadwood ofl&ce 1,965 39 768.0 216 0
The resulting anodes ran 804.7 gold, 171.6 silver. Especial atten tion is directed to the large amount of silver in the melt. Gold anode melt No. 1 of this fiscal year, which was treated directly through the gold cells through the old system, ran 921.2 gold, 52 silver. This equipment and its operation has, without doubt, fulfilled in every respect our expectations. It has increased the output at a reduced cost per ounce. It more than paid for itself during the six weeks it was in operation, from the middle of March to the 1st of May.
ASSAY DEPARTMENT.
The operations of this department during the fiscal year 1913 were as follows:
Melts operated on. Items. Gold. SOver. Total
Deposits 3,094 629 3,723 Redeposits 1,248 1,248 Exchange bars 50 11 61 Return bars 7 1 Purchase 430 Anode melts 170 301 471 Mint fine melts 197 144 341 Ingot melts 134 328 462 Consolidated melts 2 2 Experimental samples 314 195 509 Bullion assay samples 4 4 Copper melts 9 9 Superintendent's grain bars 12 12 Melter and refiner's settlement..., 16 45 61 Coiner's bars 4 1 5 Assayer's bars 38 7 43 Coin samples 86 363 429 Sweep samples 44 44 88 Forest Service samples 37 37 74 Nickel and bronze ingot samples.. 47 Total. 5,444 2,536 8,027
Number of actual assays made.
Gold. 35,860 Bronze and nickel Ingots Silver 24,285 Sweeps 431 Total 60,873 Forest Service 156 There were 60,450 cupels made and 60,450 pieces of lead cut and rolled.
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The reported fineness of the refined gold and silver melts were as follows: Determinations.
Gold ingots. Fine shver.
Fineness. Melts. Fineness. Melts.
999.3.... 4 9981 3 999 4... .. 31 999 65 999.5 60 999i 25 999 6 69 999^ 61 999.7 31 999.8 .o - 2 Total.. 197 Total... 144
INGOT FINENESS. The reported fineness of gold and sUver ingot melts were as foUows:
Gold Ingots. Shver ingots.
Fhieness. Melts. Fineness. Mehs.
899.7 2 898.6 4 899 8. 10" 898 7... 11 899.9 68 898.8 32 900 0.. 44 898 9... 26 900.1 8 899.0 61 Remelts 2 899 1 ... 62 899.2 : . . 61 899.3 37 899.4 20 899.5 5 899.6 4 899.7 2 899.8 2 900.0 1 Remelts.. 2
Total.. 134 Total.. 330
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340 REPORT ON THE FINANCES.
MELTING AND REFINING DEPARTMENT. The superintendent of the melting and refining department re ceived from and delivered to the superintendent of the mint during the fiscal year 1913 the foUowing:
Items. Gold account. Silver account. Nickel account. Bronze account.
Receipts: Fine ozs. Fine ozs. Troy ozs. Troy ozs. Settlement metal of June 30,1912... 685,562.345 299,808.59 999,877.33 18,414.06 Deposits 1,011,763.840 971,077.03 Redeposits 756,108. 785 . 271,969.72 Clippmgs.... 109, 758. 637 310,087.03 778,598.10 348 377 30 Condemned coin and blanks 41,468.490 112,046.12 53,131.10 12,036.10 Uncurrent coin. 96,184.12 13,432.20 Ingot copper 1,458,420.83 1,468,333.33 Tin 45,136.42 Zinc 88,010.42 Cube nickel 437,500.00
Total -. 2,804,649.997 1,964,988.49 3,823,709.48 1,983,737.83 Deliveries: Gold certificate bars 778,131.660 Commercial bars... 3,793.70 Ingots 733,234. 437 1,195,346.13 2,473,734.50 1,498,447.70 Sweeps ." 130. 040 446.66 Settlement metal of June 30,1913... 1,093,127.342 766,434.30 1,338,665.18 477,123.23
Total 2,804,623. 469 1,966,020.79 3,812,299.68 1,975,670.93 Surplus 1,032.30 Wastage 26.528 11,409.80 8,186.90 Amount operated upon. 2,464,865. 743 • 2,511,269.54 2,485,144.30 1,606,614.60
The refinery also returned 477.5 pounds copper, 58.2 Troy ounces platinum, and 10.15 Troy ounces palladium. The refinery earnings were as follows:
Charges collected on bullion treated $71,995.43 By-products as above Itemized (approximated) 3,240.93 Total 75,236.36
Melts made.
Item. Gold. Silver. Total.
Deposits 4,823 920 5,543 Anodes 170 308 476 Cathodes 28 19 47 Ingots - - 134 328 482 Fine bars 197 144 341 Slimes 486 Settlement . 16 45 61 Sweats 534 Nickel Ingots 729 Bronze ingots 378 Miscellaneous - 9 Total 9,068
Ingot melts condemned, none; ingot melts remeited, 2 gold and 2 silver.
COINING DEPARTMENT. During the year 1913 the coining department operated upon gold, silver, nickel, and bronze, as follows: 445,089.816 fine ounces gold, producing 276,705 ounces coin, valued at $5,720,000; 1,218,179.03 fine ounces silver, producing 795,509.14 fine ounces of coin (half
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DIRECTOR OF THE MINT. 341 doUars), valued at $1,100,000; 2,547,803.10 Troy ounces nickel, pro ducing 1,712,782.80 ounces coin, valued at $532,800; 1,458,708.6 ounces bronze, producing 1,097,837.7 ounces coin, valued at $109,810.
Receipts and deliveries by the superintendent of the coining department.
Item. Gold. Silver. Nickel. Bronze.
Fine ounces. Fine ounces. Troy ounces. Troy ounces. Receipts: Ingots 733,234.437 1,326,873.75 2,577,803.50 1,626,255.70 Deliveries: Coin 276,705.000 795,509.14 1,712,782.80 1,097,837.70 cunnings, etc 456,527.735 530,973.81 881,727.60 527,959.50 Total 733,232.735 1,326,482.95 2,574,510.40 1,625,797.20 Wastage 1.702 390.80 3,293.10 458 50 Total 733,234.437 1,326,873.75 2,577,803.50 1,626,255.70 Amount operated upon 445,089.816 1,218,179.03 2,547,803.10 1,458,708.60 Percentage of good coin produced to amount operated upon 62.17 65.30 67.23 75.26
VISITORS AND MINT FORCE. During the year 64,312 visitors witnessed the coining operations from the balconies. On June 30 there were 94 officers and employees of this mint, divided as foUows among the departments: General 49 Assay 9 Coining 14 Melting, and refining .^. : 22
UNITED STATES ASSAY OFFICE AT NEW YORK. This assay office and refinery were in operation throughout the year, and the records show that the business transacted continued to increase. On account of the delay in erecting the new buUding on Wall Street, the clerical force and the assay, department are stUl in the refinery buUding, and the employees deserve credit for the manner in which they have performed their duties in crowded and unsuitable conditions. During the year 485,691.188 fine ounces of gold and 428,628.51 fine ounces of silver were transferred to the mint at Philadelphia. Gold bars were issued to depositors for domestic use in payment for bullion for $3,873,693.93, and gold bars were exchanged for gold coin for domestic use in the arts, etc., for $30,196,829.92, showing a total increase of $5,320,361.80 compared with the previous year. Gold bars were exchanged for gold coin forexportfor$41,363,473.89, showing an increase of $21,238,568.04. The income received for the exchange of gold bars for gold coin amounted to $31,888.42, an increase of $11,323.97. There were stamped during the year 75,104 bars of fine gold, an increase of 11,292 bars, and 16,018 bars of fine silver, an increase of 3,145 bars.
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342 REPORT ON THE FINANCES. The total number of deposits received was 13,324, an increase of 659, and 171 redeposits were received from New Orleans and Char lotte, being an increase of 58. There was received from the sale of platinum and palladium '0,472.29. MELTING AND REFINING DEPARTMENT. The melter and refiner received, operated upon, and delivered gold and sUver bullion during the fiscal year 1913 as follows:
Receipts and deliveries by the superintendent of melting and refining.
Items. Gold account. Silver account.
Receipts: Fine ounces. Fine ounces. Settlement metal of June 30,1912. 894,142. 292 1,046,284.51 Deposits and purchases 3,179,981.503 2,180,083.46 Redeposits. 51,830.833 27,938.04 Uncurrent coin 28,454.095 Transfers from Philadelphia 120. 938 100.00 Total. 4,154,529.661 3,254,406.01 Deliveries: Gold certificate bars 1,969,063.605 Commercial (fine) bars 1,647,094.656 2,764,083.86 ^Sweeps 1,345.502 3,175.50 Balance, June 30,1913 536,363.028 484,669.12 Wastage 662.870 2,477.53 Total 4,154,529.661 3,254,406.01
Yearns operations in refinery.
Sent to refinery. Returned from refinery.
Gold: Fine ounces. Gold: Fine ounces. Crude bullion with charges 1,505,399.972 Fine bars 3,616,158. 261 Bullion without charges 2,849,129.689 Settlement bars, sweeps, etc... 537,708.530 Amount operated upon 4,154,529.661 Total 4,153,866.791 682 870 Silver: Silver: Crude bullion with charges 2,678,434.26 Fine bars 2,764,083.86 Bullion without charges 575,971.75 Settlement bars, sweeps, etc.. - 487,844.62 Amount operated upon ^ 3,254,406.01 Total 3,251,928.48 Wastage 2,477.53
By-products of refinery. United States assay office at New York, fiscal year 1913.
Classification. Weight. Value.
Ounces. Sponge platinum 1,403.00 S59,712.09 Sponge palladium., 18.10 760.20 Total value 60,472.29
SUver buUion sent tp the refinery upon which refining charges were coUected contained by assay 2,299,853.78 fine ounces, and sUver owned by the Government returned to the refinery for parting purposes upon which no parting charges were coUected contained by assay 103,678.08 fine ounces.
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DIRECTOR OF THE MINT. 343
All copper recovered during that year is unrefined and in the form of settlement bars and slabs, weighing in gross 22,484.90 ounces, and containing 366.486 ounces of fine gold and 458.32 ounces of fine sUver.
ASSAYER'S DEPARTMENT.
During the fiscal year 1913 there were made a total of 109,925 assays upon 40,388 samples, divided as foUows:
Items. Samples. Assays.
Deposits 32,451 89,864 Refinery 5,944 14,060 specials 1,993 6, Oil
Average cost per assay was SO.237. The deposit samples came from 11,258 melts of gold and 2,237 melts of sUver, the refinery samples from 344 melts of fine gold, 594 melts of fine sUver, gold and silver anodes, sweeps, and other refinery assays, and the specials from 665 deposits of small samples for the determination of gold and sUver fineness. Many of these specials were articles of jewelry and manufacturer's samples, some of them being used for the enforcement of the law relating to the manufacture and sale of jewelry, etc., marked with karat fineness. Others were samples from the Mint Bureau, and there were also many made in a careiul investigation of the relative accuracy of humid .assays for sUver in gold buUion by cadmium-sodium chloride and cadmium- sulpho cyanate^ methods, the results of which were embodied in reports to the Director of the Mint. The refinery operations this year, including metal that had accumu lated during the suspension of refining, resulted in sweeps containing noticeable amounts of platinum, and the platinum contained was therefore reported, thus decreasing the usual losses in the sale of sweeps. The large amount of current work (the gold deposits being greater in number than in any previous year) required the constant effort of the force to complete with promptness and accuracy, but special attention has been given to the correct determination of sUver in gold bullion by humid assay and to the assay of fine gold from the refinery and in deposits made into certificate bars. About 95,000 cupels were made, and the sUver disks used in aUoying the assays for parting were roUed and cut in the department. The fine gold, fine sUver, and standard bars made were all stamped with the assay fineness. The number of officers and employees at this assay office at the close of the fiscal year was as follows: General department 48 Assayer's department 15 Melter and refiner's department 27 Total. : 90
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344 REPORT ON THE FINANCES.
THE ASSAY OFFICE OF THE UNITED STATES AT SEATTLE, WASH. The total number of deposits of gold dust and bullion received during the fiscal year was 1,558 weighing 239,557.528 fine ounces of the value of $5,006,750.25. The origin of these deposits is shown below:
Total coining Source. Gold. Silver. value.
Alaska: Fine ounces. Fine ounces. Circle 4,118.837 979.52 S88,498.02 Cooks Inlet 9,311.639 1,164.40 194,096.27 Copper River 12,913.380 2,115.31 269,867.48 Eagle 1,342.604 233.20 28,076.47 Iditarod 68,541.766 10,412.91 1)431,278.00 Koyukuk 5,296.408 235. 22 109,8n.64 Koskokwim 8.674 1.32 181.13 Nome 48,067.153 5,392.22 1,001,090.49 _ Southeast Alaska 2,716.019 546.94 56,880.51 Tanana , 20,912.964 3,663.30 437,373.51 Total for Alaska 173,228.343 24,744.34 3,615,153.52 California •62.773 10.94 1,106.04 'Colorado 2.269 .34 47.37 Idaho 338.799 69.79 7,100.09 Montana 1,714.080 220.19 36,737.57 Nevada 17. 905 7.12 379.99 Oregon 758. 554 297.13 16,091.46 Washington 1,527.009 639.14 32,449.62 British Columbia 51,053.051 13,063.39 1,073,419.16 British Columbia, refined... 9,802.229 .00 202,630.05 Yukon Territory 288.123 77. 61 6,083.31 Mexico LOOO .12 20.84 United States gold coin 21.914 .00 453.01 Jewelry, old plate, etc 729.324 387.04 15,611.51 Deposit melting room grains 20. 076 2.91 419.03 Gains on purchases 2.079 17.23 67.68'
Total 239,667.528 39,637.29 6,006,760.26
Statement of gold deposits from the opening ofthe institution on July 15, 1898, to the close of business June 30, 1913. Number of deposits t 61,297 Troy ounces 12,294,202.83 Avoirdupois tons 421.3 Coming value S211,363,034.76
; ORIGIN OF THE FOREGOING. A IQCITQ • Noime $48,863,771.90 Tanana : 42,846,278.63 Iditarod 3,417,725.19 Balance of - 11,121,489.37 Total for Alaska -. S106,248,265.09 Canada: British Columbia 15,893,597.97 Yukon Territory. : 86,774,974.80 All other sources 2,448,198. 90 Total 211,363,034.76
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DIRECTOR OF THE MINT. 345 The following table shows the number, weight before and after melting, loss in melting, and percentage of loss of the various classes of bullion received:
Weight be Weight I^ss in Percent Character of deposit. Deposits. fore melt- after melt- age of mg. mg. melting. loss.
Ounces. Ounces. Ounces. Ounces. Bars 374 210,971.00 210,83L05 139.95 0.066 Dust 599 49,030.80 47,032.69 1,998.11 4.075 Retort 221 11,259.94 10,669.81 590.13 5.240 Nuggets 106 2,284.52 2,162.86 121.66 5.325 Mixed deposits 162 15,778.90 14,792.51 986.39 6.261 Jewelry, bars and scrap. 61 2,314.87 2,284.37 30.50 1.317 Dental, bars and scrap., 21 17L64 153.00 18.64 10.859 United States gold coin. 14 24.41 24.41 Total 1,568 291,836.08 287,950.70 3,885.38 L331
The average fineness of the buUion deposited was as follows: Gold, 831.8; silver, 137.2. For convenience in shipping to the mint for coinage, 1,252 bars, each under 400 ounces in weight and aggregating 65,437.80 ounces Troy, were melted into 72 large bars. A summary of the work done in the assaying department during the year is as follows: Quartation shver manufactured ounces.. 460 Cupels manufactured number.. 17,500 Bullion assays made do 6,000 Ore assays made for gold and shver e do — 181 Ore assays made for base metals do 92 Assays of slag, etc., from melting room do— 250 Special buhion assays made do 27 Muthated domestic coins tested (gold) ! do 58 There were 19 persons, male, employed at the close of the fiscal year.
ASSAY OFFICES AT CHARLOTTE, DEADWOOD, HELENA, BOISE, SALT . LAKE CITY, NEW ORLEANS, AND CARSON. These offices were open throughout the year as usual for deposit of bullion.
LIFE OF COINAGE DIES. Average number of pieces struck per die at the coinage mints dur ing the calendar year 1913:
Phhadelphla. San Francisco. Denver. Denomination. Obverse. Reverse. Obverse. Reverse. Obverse. Reverse.
United States: Pieces. Pieces. Pieces. Pieces. Pieces. Pieces. Double eagles.. 43,445 43,445 20,833 20,833 44,880 44,880 Eagles 49,331 63,425 34,301 34,301 Half eagles 32,564 39,348 106,148 106,148 Quarter eagles 49,867 60,552 21,467 21,467 Half dollars 101,198 101,198 92,214 215,166 71,472 107,211 Quarter dollars 100,308 167,180 86,607 115,343 Dimes 166,152 201,756 177,319 132,989 6 cents, nickel 104,428 125,314 41,589 51,187 98,412 146,015 1 cent, bronze 337,752 323,621 218,275 160,835 501,364 391,309 Phihppines: 20 centavos 50,160 36,655 10 centavos 97,896 91,370 1 centavo 142,953 142,963 ,
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346 REPORT ON THE FINANCES.
DEPOSITS, EARNINGS, AND EXPENDITURES, BY INSTITUTIONS.
The deposits, earnings (including seigniorage), and expenditures of each office of the mint service during the fiscal year 1913, and the number of employees in each, on July 1, 1913, are shown below:
Number of— Value of gold Freight on Employ Institution. and silver Earnings. Expendi coin and tures.! ees July Depos Rede deposit. bullion. 1,1913. its. posits.
Phhadelphla 4,622 184 $12,926,883.73 $3,648,421.97 $449,244.25 $5,211.40 329 San Francisco 7,780 90 55,152,050.60 517,707.11 192,398.77 115 Denver 3,723 1,248 37,645,870.86 1,283,418.78 171,234.07 93 New York 13,324 171 67,374,598.71 190,141.71 191,773.47 92 New Orleans 596 956,607.73 5,250.70 18,535.76 1,451.57 14 Carson City 891 735,085.95 3,072.10 14,145.90 979.38 5 Boise . 957 1,022,087:29 3,908.21 14,762.40 1,103.13 5 Helena 669 1,521,620.87 6,438.97 18,500.13 1,620.50 6 Charlotte 143 29,428.30 1,107.70 2,638.69 35.05 Deadwood 426 7,388,284.97 13,208.24 14,393.97 3,804.00 5 Seattle 1,558 4,976,444.91 10,875.19 41,374.95 8,802.65 19 Salt Lake City 300 600,632.02 1,761.69 14,568.63 688.55 4
Total 34,989 1,693 190,329,595.94 5,685,312.37 1,143,560.79 23,^698.23 687
1 Includes freight on shipments of coin and bullion between mints and assay oflices.
OPERATIONS OF THE MELTER AND REFINERS AND THE COINERS, FISCAL YEAR 1913.
The quantity of metals operated upon in the different departments of the mints and assay office at New York during the fiscal year 1913 aggregated 13,001,515 fine ounces of gold and 12,210,488 fine ounces of sUver. There were also operated upon at the coiaage mints 68,718,751 ounces of minor coinage metal. The figures in the table following are the actual figures as obtained at the settlements of the accounts: GOLD.
Per Wast centage age of good Amount Amount per coin Amount pro Institution and delivered by returned to 1,000 operated Surplus. Wastage. ounces duced department. superhi- superin upon. tendent. opera- to tendent. amount upon. opera ted upon.
Philadelphia limt: Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs Meltmg and refining. 1,993,067.302 1,993,003.226 2,086,745.994 64.078 0.031 Coining 2,004,344.823 2,004,331.078 2,003,532.151 13.745 0.006 47.51 San Francisco Mmt: Meltmg and refining. 5,962,127.786 5,962,510.146 1,965,563.084 382.359 Coining 1,136,212.128 1,136,221.981 428,214.330 9.833 52.64 Denver Mint: Melting and refining. 2,604,649.997 2,604,623.469 2,464,865.743 26.528 0.010 Coining 733,234.437 733,232.736 455,089.816 1.702 0.003 62.17 New York assay office: Melting and refining. 4,154,529.661 4,153,868.891 3,617,503.763 662.870 0.183 Total: Melting and refining. 14,714 374. 746 14,714,003.731 10,114,678.584 382.359 753.474 Coining 3,873,791.388 3,873,785.774 2,886,836.297 9.833 15.447 Grand total 18,588,168.134 18,687,789.505 13,001,514.881 392.192 768.921
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DIRECTOR OF THE MINT. 347
SILVER.
Per Wast centage age of good per coin Amount Amount Amount pro Institution and dehvered by returned to 1,000 operated Surplus. Wastage. ounces duced department. superin superin upon. to tendent. tendent. opera ted amount upon. opera ted upon.
Philadelphia Mint: Fine ozs. Fine ozs. Fine ozs:- Fine ozs. Fine ozs. Melting and refining. 1,818,143.58 •1,818,393.16 1,013,263.95 355.46 Coining 2,091,167.17 2,091,146.86 2,088,649.03 20.31 0.009 67.02 San Francisco Mint: Melting and refining. 2,099,901.96 2,103,975.92 1,476,238.28 4,073.96 Coining 1,237,830.57 1,237,664.51 1,135,638.48 166.06 0.146 56.13 Denver Mmt: Melting and refining. 1,984,988.49 1,966,020.79 2,511,259.54 1,032.50 Coining 1,328,873.75 1,326,482.95 1,218,179.03 390.80 0.320 65.30 New York assay office: Melting and refining. 3,254,406.01 3,251,928.48 2,767,259.36 2,477.53 0.895 Total: Melting and refining. 9,137,440.04 9,140,318.35 7,768,021.13 5,461.92 2,477.53 Coining 4,666,871.49 4,655,294.32 4,442,486.54 577.17
Grand total 13,793,311.63 13,795,612.67 12,210,487.67 5,461.92 3,054.70
NICKEL.
Philadelphia Mint: Tray ounces. Troy ounces. Troy ounces. Troy ozs. Troy ozs. Meltmg and refining 13,002,984.09 12,959,911.09 12,907,842.69 43,070.00 3.337 Coining 13,593,668.90 13,580,106.70 13,580,819.70 13,562.20 0.998 51.77 San Francisco Mint: Melting and refining. 488,204. 79 811,686.11 714,819.41 1,460.85 2.074 Coining 687,962.10 686,802.28 687,962.10 1,159.82 1.688 Denver Mint: Melting and refining. 3,823,709.48 3,812,299.68 2,485,144.30 11,409.80 4.591 Coining 2,577,803.60 2,674,510.40 2,547,803.10 3,293.10 1.292 67.23 Total: Melting and refining. 17,314,898.36 17,583,896.88 16,107,806.40 55,940.65 Coining 16,859,434.50 16,841,419.38 16,816,584.90 18,015.12
Grand total 34,174,332. { 34,425,316.26 32,924,391.30 73,955.77
BRONZE.
Phhadelphla Mint: Melting and refining. 14,697,962.63 14,650, 722.01 12,454,302. 73 47,240.62 3.793 Coining 15,885,714.74 15,880, 987.05 15,879,082.04 4,727.69 0.297 60.26 San Francisco Mint: Melting and refining. 3,394,625.54 3,021, 496.04 2,321,583.31 9,289.75 3.993 Coining 2,302,862.00 2,301, 443.28 2,174,068.80 1,418.72 0.653 68.44 Denver Mint: Melting and refining. 1,983,737.83 1,975, 670.93 1,506,614.60 8,166.90 5.422 Coining 1,626,255.70 1,625, 797.20 1,458,708.60 458.50 0.314 '75.'26 Total: Melting and refining. 20,076,326.00 19,647, 788.98 16,282,500.64 64,677.27 Coining 19,814,832.44 19,808, 227.63 19,511,869.44 6,604.91
Grand total 39,891,158.44 39,458,018. 61 35,794,360.08' 71,282.18
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348 REPORT ON THE FINANCES.
WASTAGE AND LOSS ON SALE OF SWEEPS AND GAINS FROM OPERATIONS.
The value of the precious metals wasted in the metallurgical and mechanical departments was $17,744.86. A loss of $7,0.32.61 occurred from the difference between the assay value of the bullion contained in sweeps sold and the amount received for the same, as described in the following table:
Mint at— Assay of Items. San fice at Total. Philadel Fran Denver. NewYork. phia. cisco.
Gold wastage of melting and refining department. $1,324.57 $548.38 $13,702.74 $16,575.69 Silver wastage of melting and refining department 63.55 1,443.22 1,506.77 Gold wastage of coining"department" .. .^ 284.12 35. is 319.30 Silver wastage of coining department 12.24 $98.50 232. 36 343. LO Loss on sale of sweeps . 233.04 1,213.10 1,852. 91 "'3,"933.'56' 7,032.61 Total 1,917.52 1,311.60 2,468.83 19,079.62 24,777.47 Paid as foUows: From contingent appropriation 1,917.52 l,3n.60 2,468.83 16,988.10 22,666.05 Frnm parting anri refining appropri ation 2,111.42 2,111.42 Total 1,917.52 1,311.60 2,468. 83 19,079.52 24,777.47
The gains from operations in bullion during the fiscal year 1913 amounted to $115,180.02, as follows:
Character of gains. Amount.
• Surplus bulhon recovered by the operative officers $11,359.86 Value of deposit melting room grains and sweeps ' 33,279.15 Net gains on bulhon shipped from assay offices to mints for coinage 739.27 Gain on hght weight-gold coin purchased for recoinage , 68.71 Receipts from the sale of by-products , 69,736.03 Total 116,180.02
Deducting the wastage and loss. $33,144.14, from the gains, $115,180.02, gives a net gain from bulhon opera tion durmg the fiscal year 1913 of $82,035.88. Receipts and disposition of gold bullion, fiscal year 1913.
Deposited. Redeposited Uncm-rent Surplus receipts from Institution. United States . bulhon mints and Total. Deposits. coin trans recovered. assay offices. ferred for recoinage.
Philadelphia $1,787,275.88 $904,295.23 $2,351.18 10,041,911.61 $12,735,833.90 San Francisco 54,104,136.11 4,061.51 831,380.98 64,939,577.60 Denver 21,068,164.73 6,340.04 15,998,911.00 37,073,405.77 New* York 66,195,661.80 "" 5,211.22 1,073,938.48 67,274,811.48 New Orleans 941,005. 21 636.91 941,542.12 Carson 724,617. 20 364.69 724,881.89 Helena.... 1,495,670. 25 162. 41 1,496,832. 66 Boise 1,007.332.06 714.08 1,008,046.14 Charlotte 29,187.77 103. 76 29,271.63 Deadwood 7,290,751.45 197.27 7,290,948. 72 Seattle 4,951,634.71 458.87 4,952,093.58 Salt Lake City 595,352. 65 167.36 595,520.01 Total 160,190,658.82 904,295.23 20,669.30 27,948,142.05 189,061,765.40
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DIRECTOR OF THE MINT. 349
The disposition of gold buUion contained in the above table is as follows:
Shipment Bars Wast Bars paid Sold in exchanged Coinage. Total. Institution. depositoi-s. to mint age. for coinage. sweeps. for coin.
Philadelphia.... $237,482.11 $947. 29 $5,711,031.89 $19,678,227.50 $1,608.69 $25,629,297.48 San Francisco... 20,226. 47 18,266.04 206,596.53 4,660,000.00 4,905,089.04 Denver 18,567.24 4,978.69 5,720,000.00 1,513.90 5,745,059. 83 "NJftw "Vovlc 3,873,693.93 $10,040,127.92 30,392.19 71,560,303.81 85,604,517.85 18,348.80 1,037,132. 37 1,053,479.17 Cai'son 746,802.81 746,602. 81 Helena 1,584,653.59 1,584,653.59 Boise 1,046,032.56 15.32 1,046,037.88 Charlotte 29,270.25 11.28 29 271.53 Deadwood 7,500,438.11 7,500,438.11 Seattle 5,212,988.16 5,212,988.16 Salt Lake City.. 650,940.42 650,940.42 Total 4,166,316.56 27,848,186.19 54,584.21 77,477,932.23 30,058,227. 50 3,129.19 139,608,375.87
1 Loss in mass melts.
BALANCES, RECEIPTS, AND DISBURSEMENTS. Balances of gold buUion on hand June 30, 1912, and receipts, disbursements, and balances, June 30, 1913, at the mints and assay offices are shown in the following table:
Receipts dur Dlsbm-sements Institution. Balance on ing the fiscal Total. Balance on June 30, 1912. during fiscal June 30, 1913. year 1913. year 1913.
Phhadelphla . $19,618,498.39 $12,735,833.90 $32,352,332.29 $26,629,297.48 $6,723,034.81 San Francisco 84,180,211. 69 54,939,577.60 139,119,789.19 4,905,089.04 134,214,700.15 Denver 50,294,769. 22 37,073,405.77 87,368,174. 99 5,745,059.83 "81,823,115.16 New York 42,602,398. 42 67,274,811.48 109,877,207.90 85,504,517.85 24,372,690.05 New Orleans 124,477.17 941,542.12 1,068,019.29 1,053,479.17 12,540.12 Carson 22,213. 70 724,881.89 747,095.59 746,602 81 492 78 Helena 89,583.91 1,495,832.66 1,585,416.57 1,584,653.59 762 98 Boise 37,091. 79 1,008,046.14 1,045,137.93 1,046,037.88 100 05 Charlotte 29,271.53 29,271.53 29,271.53 Deadwood 234,818. 41 7,290,948.72 7,525,767.13 7,500,438.11 24,329. 02 Seattle 281,903.00 4,952,093.58 5,213,996.58 •5,212,988.16 1,008.42 Salt Lake City 55,997.36 595,601.05 651,598.41 660,940.42 • 676 95
Total 197,519,960.96 189,061,846.44 386,581,807.40 139,608,375.87 246,973,350.49
LABORATORY OF THE BUREAU OF THE MINT. From the coinage of the calendar year 1912 the assayer of this bureau tested 170 gold and 378 silver coins, aU of which were found within the legal requirements as to weight and fineness. In the gold coins the greatest deviation above standard (the legal limit being 1 point above or below) was 0.5 and below, 0.6. The greatest deviation of silver coins above standard (the legal limit being 3 points above or below) was 1.3 and below, 1.3.
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350 REPORT ON THE FINANCES.
The following table summarizes these assays:
Phhadelphla. Denver. San Francisco. Total. Fineness. • Gold, c Shver. Gold. Shver. Gold. Shver. Gold. Silver.
898.7 1 1 .9 2 2 899.1 10 1 1 12 .3 15 4 1 20 .4 -. 1 1 .5 3 1 4 .6 3 29 13 2 6 5 47 .7 12 4 16 .8 19 46 4 5 9 24 59 .9 30 7 37 900.0 . . 32 47 14 5 13 37 74 .1 ,23 1 24 .2 16 44 15 11 16 70 .3 2 2 4 2 20 13 15 2 48 .5 2 2 7 15 7 5 27 .9 ... 2 4 6 12 901.1 1 1 2 3 2 2 4 Total . ' 144 234 None. 76 26 68 170 378 Average fineness ' 899.96 899. 95 900.11 899.82 900.21 899.89 900.09
Besides the coins tabulated above, two coins from the Philadelphia Mint on repeated assays showed wide variations, but within the limits above stated, in the composition of the metal within the coin. Twenty additional assays were made on this lot. There were also examined 32 Philippine silver coins from the San Francisco Mint, which were found to be within the legal requirements as to weight and fineness.
PROCEEDINGS OF THE ASSAY COMMISSION, 1913.
The following-named gentlemen were designated as commissioners to test and examine the weight and fineness of the coins reserved at the several mints during the calendar year 1912 pursuant to the pro visions of section 3547 of the Revised Statutes: Dr. R. C. Benner, Pittsburgh, Pa.; Mr. Judson Brenner, De Kalb, IU.; Hon. Theo. Davidson, Asheville, N. C; Mr. George M. Eckels, Chicago, 111.; Mr. L. A. Fischer, Bureau of Standards, Washington, D. C.; Mr. Charles R. Fitzpatrick, Warrenton, Ga.; Mr. WiUiam F. Gibson, St. Anthony, Idaho; Mr. A. J. Hazeltine, Warren, Pa.; Hon. James H. Manning, Albany, N. Y.; Mr. W. H. Starr, Decatur, 111.; Mr. Robert A. Roos, San Francisco, Cal.; Dr. Owen Louis Shinn, PhUadelphia, Pa.; Mr. Albert L. Smith, Helena, Mont.; Mr. Joseph W. Smith, Philadelphia, Pa.; Mr. Ambrose Swasey, Cleveland, Ohio; Mr. George Vaux, jr., Bryn Mawr, Pa.; Col. Richard J. Woods, Sioux Falls, S. Dak.; Mr. Addison B. Colvin, Glens Falls, N. Y. The commission met at the mint at Philadelphia on February 12, 1913, and Hon. James H. Manning was elected chairman. The following committees were appointed by the chairman with the approval of the commission: Committee on counting.—Mr. Hazeltine, chairman; Messrs. Eckels, Gibson, J. W. Smith, Starr, and Fitzpatrick. Committee on weighing.—Mr. Fischer, chairman; Messrs. Brenner and Vaux.
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DIRECTOR OF THE MINT. 351
Committee on assaying.—Dr. Shinn, chairman; Messrs. Comings, Davidson, A. L. Smith, and Swasey. The committee on counting reported that the packages containing the pieces reserved by the several mints for the trial of coins were delivered to them, and that they were compared with the transcripts kept by the Director of the Mint and found to°be correct. After verification the coins were delivered to the committees on weighing and assaying. The coins reserved by the mints for the purposes of the assay com mission were as follows:
Gold. Shver. Institutions. Pieces. Value. Pieces. Value.
Philadelphia 1,969 $12,657.50 12,688 $1,910.10 Denver 7,031 1,163.60 San Francisco: United States coin 692 4,960.00 2,749 602.00 Philippine Islands coin 1,222
The committee on weighing reported that the working standards of the mint were compared with the standards in the possession of the mint which were certified to by the Bureau of Standards, test No. 9502, September 15, 1911. The 10-ounce and the 20-ounce weights were found to be correct to within 1 part in 250,000; the 30-ounce and 40-ounce weights were found to be correct to within 1 part in 150,000. The other weights, bothlarger and smaUer, were all found to be correct to within 1 part in 100,000. The peso, 50- centavo, 20-centavo, and 10-centavo weights used in testing the Philippine coins were tested by comparison with the standards of the mint which had been verified by the Bureau of Standards, and the deviations from the statutory standard weights of the coins ex amined were aU within the legal limit of tolerance. The committee on assaying reported receivuig and making assays of coins reserved from the mints at PhUadelphia, San Francisco, and Denver, representing the deliveries made by the coiners to the super intendents during the calendar year 1912. The highest assay value of the gold coinage at the different mints (the limit of tolerance beiag one one-thousandth) is at— Philadelphia 900.3 San Francisco 900.3 The lowest assay value of the gold coinage at the different mints (the limit of tolerance being one one-thousandth) is at— Philadelphia 899.7 San Francisco 899.7 The highest assay value of the sUver coinage at the diSferent mints (the limit of tolerance being three one-thousandths) is at— Philadelphia 900.9 San Francisco 901.1 Denver 901.1 The lowest assay value of the sUver coinage at the different mints (the limit of tolerance being three one-thousandths) is at— Philadelphia 898.6 San Francisco 899.1 Denver 899.1
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352 REPORT ON THE FINANCES.
The highest assay value of the PhUippine sUver coinage is at—^ San Francisco (pesos) .' 801.1 San Francisco (subsidiary)., , 760.0 The lowest assay value of the PhUippine silver coinage is at— San Francisco (pesos) .* 799.6 San Francisco (subsidiary)...". 748.8 The committee also tested the quartation sUver and found it free from gold, and the lead used in the assay of the gold buUion and found it free from gold and silver. The acid used in the humid assay of silver was found to be free from silver and also from chlorine. The balances used were tested and found to be correct. The committee therefore deem the assays exhibited in the accom panying schedules to be entirely trustworthy.
COMMITTEE ON RESOLUTIONS. Mr. Eckels, chairman, submitted the report of the committee on resolutions, which was unanimously adopted, as foUows: Whereas the interest in the national coin collection in the mint at Philadelphia is rapidly increasing because of its educational and historical value; and Whereas the collection is annually visited by thousands who are anxious to secure a souvenir of the mint; and Whereas in the near future the United States will consummate one of the greatest engineering projects of the world's history in completing the canal across the Isthmus of Panama: Now, therefore be it Resolved, First. That the annual assay commission of 1913 hereby renews the rec ommendations of. prior commissions with reference to the maintenance and increase of the national coin collection Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. 353 Statement of United States gold coin and gold bullion exported from the port of New York to Europe during thefiscal year erided June 30, 1913. Rate of Date. Country. Amount. exchange. 1912. July 1 France $2,012,119 $4.8720 do 2,091,825 • 4.8735' 15 Netherlands 600 4.8740 Aug. 12 do , 600 4.8725 13 do . 500 4.8720 Sept. 9 do 500 4.8720 1913. Jan. 8 France .. . 2,023,288 4.8610 11 do i 1,012,093 4.8700 15 ... do 2,060,448 4.8700 17 do 2,018,206 4.8730 20 ... do 2,031,352 4.8740 31 do - 989,426 4.8725 Feb 3 do 1,063,516 4.8735 Mar. 7 do 2,045,617 4.8790 7 Belgium 500,000 4.8790 8 do 220,053 4.8790 8 Netherlands .-> 250,000 4.8790 12 France . 2,040,753 4.8760 14 do 2,007,702 4.8695 15 Germany 714,000 4.8710 18 do . 2,001,969 4.8710 19 ...do -.--. 4,046,032 4.8780 Apr. 25 Belgium. . 220,499 4.8675 May 5 France 2,027,610 4,8675 .... do 2,014,608 4.8660 9 do 2,007,471 4.8610 14 .... dOi 2,024,202 4.8640 15 do 2,014,064 4.8630 21 do - 2,022,185 4,8650 June 6 Belgium. . . 220,492 4.8690 Total 41,670,529 Recapitulation of gold exports to Europe. Classification. Germany. France. Belgium. Nether lands. United States coin $600,000 $252,000 Bullion . $714,000 $39,543,485 661,044 Total 714,000 39,543,485 1,161,044 252,000 Grand total of exports to Europe $41,670,529 During the same period there were shipped to West Indies, Mexico, Central and South America, etc., the followiag: United States coin $23,835,353 Foreign coin 689,572 Total gold exports to other ports 24,524,925 Grand total of gold exports 66,195,454 The imports during the same period were as follows: From Europe: United States coin $1,168,453 Foreign coin 640,931 Foreign bullion 9,572,477 Bullion In ore 7,288 Total gold Imports from Europe $11,387,149 From other ports (West Indies, Central and South America, Cuba, etc.): United States coin 1,058,712 Foreign coin 978,504 Foreign bullion 17,735,052 Bullion In ore 121,218 Total gold Imports from other ports. 19,893,486 Grand total of gold imports 31,280,635 .16726°—FI 1913 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 354 REPORT ON THE. FINANCES. NET EXPORTS, UNITED STATES GOLD COIN. The net exports of United States gold coin since 1870 were as follows: Imports and exports of United States gold coin since 1870. Fiscal years. Imports. Exports. Fiscal years. Imports. Exports. Jan. 1 to June 30— Jan. Ito June 30— 1870 $12,768,501 Continued.. 1871 55,491,719 1894 $30,790,892 $64,303,840 1872 40,391,357 1895 ... 10,752,673 55,096,639 1873 35,861,863 1896 10,189,614 77,789,892 1874 \ 28,766,943 1897 57,728,797 23,646,535 1875 59,309, 770 1898 40,593,495 8,402,216 1876 0) 27,542,861 1899 7,779,123 27,419,737 1877 21,274,565 1900 8,659,850 30,674,511 1878 $7,325,783 6,427,251 1901 3,311,105 8,425,947 1879 3,654,859 4,120,311 1902 3,870,320 9,370,841 1880 18,207,559 1,687,973 1903 ... 1,519,758 18,041,660 1881 7,577,422 1,741,364 1904 5,780,607 15,682,424 1882. 4,796,630 29,805,289 .1905 2,236,399 54,409,014 1883 8,112,265 4,802,454 1906 35,251,921 20,573,572 1884 3,824,962 12,242.021 1907 44,446,402 22,632,283 1885 3,362,090 2,345,809 1908 44,929,518 28,246,170 1886 1,687,231 5,400,970 1909 4,642,690 66,126,869 1887. 5,862, 609 3,550,770 1910 2,060,563 86,329,314 1888 5,181, 513 3,211,399 1911 . 6,041,648 20,651,276 1889. 1,403,819 4,143,939 1912 8,283,968 25,877,378 1890 1,949,552 3,951,738 1913 13,941,240 34,238,021 1891 2,824,146 67,704,900 1892 15^432,443 42,841,963. Total 438,067,067 1,274,787,960 1893 6,074,899 101,844,087 Net exports'. 836,700,893 1 Imports of United States gold coin not separately given prior to the fiscal year 1878. STOCK OF MONEY IN THE UNITED STATES. On June 30, 1913, the stock of domestic coins in the United States wa3 $2,363,115,066, as shown by the following table: OffiMal table of stock of coin in the United States June 30, 1913. Items. Gold. Silver. TotaL Estimated stock of coin, June 30,1912 ;.. $1,615,248,998 $738,866,225 $2,354,115,223 Net imports United States coin, fiscal year 1913 1,668,707 1,668,707 Coinaee fiscal vear 1913 .... 30,058,228 3,448,382 33,506,590 Total 1,845,307,228 743,983,294 2,389,290,520 Less: United States coin melted for recoinage (face value).. 1,864,638 414,035 2,278,673 United States coin estimated to have been used in arts 3,500,000 100,000 3,600,000 Net exports United States coin, fiscalyear 1913 20,296,781 20,296,781 Total 25,661,419 514,035 28,175,454 Estimated stock of coin In the United States, June 30, 1913.. .. • 1,619,645,807 743,489,259 2,363,115,066 NQTE.^The number of standard silver dollars coined to June 30, 1913, was 570,272,610, which, added to the Hawaiian dollar coinage, 500,000, plus the number-imported from the Philippine Islands, 150,000, and the number ret^rnedan Government transports, 496,859, equals 571,419,469. Since July 1,1898, the number of standard silver dollars exported in transports has been 2,495,000; and since 1883 the number melted to June 30,1913, has been 196,085 (see Report of the Director of the Mint, 1913); and the number of Hawaiian dollars melted to June 30,1913, has been 455,141, a total disposition of 3,148,206. leaving in the UnitedStates on June 30,1913,568,273,263 standard silver dollars and 175,195;996 dollars In subsidiary silver coins. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. 355 Bullion in mints and assay offices, June 30, 1913. Bullion. , . Value. Gold $246,973,360 Silver - -- - - 2,116,705 Total 249,090,065 Metallic stock June 30, 1908, 1909, 1910, 1911, 1912, and 1913. Coin and bullion. June 30,1908. June 30,1909. June 30,1910. June 30,1911. June 30,1912. June 30,1913. Gold $1,615,140,575 $1,640,567,131 $1,635,424,513 $1,753,134,114 $1,812,866,241 $1,866,619,167 • Silver 723,694,695 733,250,073 727,078,304 732,002,448 741,184,095 745,585,964 Total 2,338,735,170 2,373,817,204 2,362,502,817 2,485,136,562 2,654,040,336 2,612,205,121 Ownership of gold and silver in the United States, June 30, 1913. Silver coin and bullion. Total gold Gold coin Ownership. and silver and bullion. coin and SHver Subsid Silver Total dollars. iary coin. bullion. • silver. bullion. ; United States Treasury (free) — $254,220,648 $27,017,478 $20,737,926 $2,116,706 $49,872,109 $304,092,757 • United States Treasury (for cer tiflcates outstanding) .. , 1,003,997,709 469,128,592 469,128,592 1,473,126,301 National banks (June 4,1913).... 143,762,659 13,720,873 20,188,461 33,909,334 177,671,993 National banks (for clearing- i house certificates) 89,443,500 89,443,600 ' Private banks and individuals.. 375,194,641 58,406,320 134,269,609 192,675,929 567,870,670 Total .. 1,866,619,157 668,273,263 176,196,996 2,116,705 745,585,964 2,612,205,121 Location of moneys of Uniteci States June 30, 1913. In National In.other banks Money. In Treasury. banks and In Total. June 4,1913. circulation. METALLIC. Gold bullion $246,973,350 $246,973,350 Silver bullion 2,116,705 2,116,705 Gold coin 1,011,245,007 1 $233,206,159 $375,194,641 1,619,645,807 Silver dollars 496,146,070 13,720,873 58,406,320 568,273,263 Subsidiarv silver coin 20,737,926 20,188,461 134,269,609 175,196,996 Total metallic 1,777,219,068 267,115,493 667,870,570 2,612,205,121 ^ PAPER. 0 Legal-tender notes (old Issue) 9,465,836 189,908,013 147,307,167 346,681,016 Legal-tender notes (act July 14,1910) 3,330 2,656,670 2,660,000 National bank notes 43,403,670 2 63,106,604 662,647,632 759,157,906 Total notes 52,872,836 263,014,617 802,611,489 1,108,498,922 Gold certificates 82,949,460 277,813,310 726,184,399 Silver certificates 14,421,408 133,339,825 335,788,767 Total certificates 97,370,868 411,153,135 1,061,973,166 Grand total 1,927,462,762 931,283,245 2,432,455,206 3,720,704,043 1 Includes $89,443,500 gold clearing-house certificates. 2 Includes $11,667,796 of their own, held by different national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 356 REPORT ON THE FINANCES. Estimated stock of gold and silver in the United States and the amount per capita at .the close of each fiscal year since 1873. Total stock of coin and bul lion. Per capita. Fiscal year ended June 30— Population. SUver. Total Gold. Gold. Silver. metallic. 1873. 41,677,000 $136,000,00 0 $8,149,305 $3.23 $0.15 $3.38 1874. 42, 798,000 147,,379,49 3 10,365,478 3.44 .24 3.68 1875. 43,951,000 121,,134,90 6 19,367,995 2.76 .44 3.19 1876. 45,137,000 130,,058,90 7 36,416,992 2.88 .81 3.69 1877. 48,353,000 167,,501,47 2 56,464,427 3.61 1.21 4.82 1878. 47,598, 000 213,,199,97 7 88,047,907 4.47 1.86 6.32 1879. 48,886,000 246,.741,83 7 117,526,341 5.02 2.40 7.42 1880. 50,155, 783 351,841,20 6 148,522, 678 7.01 2.96 9.97 1881. 51,318,000 478,484 , 538 175,384,144 9.32 3.41 12.73 1882. 52,496,000 508,767,71 5 203,217,124 9.86 3.87 13.52 1883. 53,693,000 542, 732,063 233,007,986 10.10 4.34 14.44 1884. 54,911, 000 546,500,79 7 265,568,142 9.93 4.65 14.68 1886. 56,148,000 588,697,03 8 283,478,788 10.48 6.05 15.53 1886. 57,404,000 590,774,46 1 312,252,844 10. 29 5.44 15.73 1887. 58,680, 000 654,620,33 6 362,993,586 11.16 6.00 17.15 1888. 69,974,000 705,818,86 5 386,611,108 11.76 6.44 18.20 1889. 61,289,000 680,063.50 5 420,648,929 11.09 6.86 17.95 1890. 62,622, 250 695,563,02 9 483,211,919 11.10 7.39 18.49 1891. 63,975,000 646,582,86 2 622,277, 740 10.10 8.16 18.26 1892. 66,520,000 664,,275,33 6 570,313,544 10.16 8.70 18.85 1893. 68,946,000 597,897,88 5 616,861,484 8:93 9.20 18.13 1894. 68,397,000 627, 293, 201 624,347, 757 9.18 9.13 18.31 1896. 69,878,000 636,229,82 5 625,854, 949 9.10 8.97 18.07 1896. 71,390,000 599,597,96 4 628,728,071 8.40 8.81 17.21 72,937,000 696,,270,54 2 634,509, 781 9.56 8.70 1897. 74,622,000 18.25 1898. 861,514,78 0 637,672,743 11.56 8.56 20.12 76,148,000 866.506 639,288,743 12.64 1899. 76,891,000 982, 8.40 21.04 1900. 1,034,439,26 4 647,371,030 13.45 8.42 21.87 77,764,000 662,818 1901. 79,117,000 1,124, 661,206,403 14.47 8.60 22.97 1902. 1,192,395,60 7 670,540,106 16.07 8.48 23.55 80,847,000 552,758 1903. 81,887,000 1,249, 677,448, 933 15.45 8.38 23.83 1904. 1,327,872,67 2 682,383,277 16.22 8.33 ' 24.55 83,259,000 881,188 1905. 84,662,000 1,357, 686,401,168 16.31 8.24 24.55 1906. 1,472,995,20 9 687,958,920 17.40 8.12 25.52 86,074,000 056,632 1907; 87,498,000 1,466, 705,330,224 17.03 8.20 25.23 1908. 88,926,000 1,615,.140,67 6 723,594,595 18.46 8.27 26.73 1909, 90,363,000 1,640,, 667,131 733,260,073 18.45 8.26 • 26.70 1910; 93,983,000 1,635,424,51 3 727,078,304 18.10 8.05 26.15 1911. 95,666,000 1,753,, 134,114 732,002,448 18.65 7.79 26.44 1912. 97,337,000 1,812,,866,24 1 741,184,095 18.95 7.75 26.70 1913. 1,866,,619,16 7 745,585,964 19.17 7.66 26.83 STANDARD SILVER DOLLARS USED IN SUBSIDIARY,SILVER COINAGE. There, were purchased as bullion and melted at the mints and assay offices 4,757 mutilated silver dollars during the fiscal year 1913, which were used in the manufacture of subsidary silver coin. The following have been used since 1883: 0 . Fiscal years. Amount. Fiscal years. Amount. Fiscalyears. Amount. Fiscal years. Amount. 1883 ...... $621 1891 • $10,800 1899 $1,734 1907 $1,548 1884..... 1892 42,881 1900 1,341 1908 1,170 1885 1,850 1893 . 10,500 1901. 1,786 1909 1,293 1886 1894 15,055 1902 1,893 1910 961 1887 .8,292- 1895 . 18,580 1903 1,777 ! 1911 1,320 1888 14,055, 1898...'. 2,034 1904 1,304 1912 1,024 1899 31,042 1897..... 1,898 1905 2,298 1913 4,757 1890 . ,11,977 1 1898 1,365 1906 909 Total... 196,065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. 357 RECOINAGE OF UNCURRENT UNITED STATES SILVER COIN. The table following shows the face value of abraded subsidiary coin transferred and purchased for recoinage, the amount of new coin made therefrom, and the loss since 1891: Fiscal years. Face value. Value of new Loss. coin produced. 1891 $910,046.69 $861,680.41 $48,366.28 1892 .7,118,602.78 6,937,886.02 180,716.76 1893 7,818,198.25 7,381,289.58 236,908.87 1894 7,184,472.17 6,924,753.05 259,719.12 1895 4,361,781.36 4,161,820.73 199 940 03 1898 4,627,141.48 4,377,258.40 249,883.06 1897 3,197,998.50 3,048,881.84 149,136 86 1898 0,109,772.32 5,820,159.16 289,813.16 1899 .. 8,584,304.28 8,098,485.18 485,819.08 1900 5,261,070.35 4,950,088.96 310,981.39 1901 3,832,280.69 3,613,021.59 219,259.10 1902 3,333,437.06 3,141,548.04 191,889.02 1903 3,008,747.98 2,829,890.71 178,857.27 1904 2,828,384.90 2,656,104.21 172,280.69 1905 1,964,476.11 1,839,219.24 125,258.87 1906 1,414,963.90 1,322,834.27 92,129.63 1907 1,142,184.00 1,064,828.39 77,367.61 1908 1,162,982.08 1,086,691.94 78,290.12 1909 977,321.23 912,300.40 65,020.83 1910 814,361.57 758,695.55 55,686.02 1911 ... 583,538.44 544,539.09 38,999.35 1912 678,457.94 634,101.94 44,356.00 1913 .. 414,035.30 388,028.37 26,008 93 Total 77,128,539.32 73,354,082.87 3,774,456.15 The loss on the recoinage of $1,863,637.50 in worn and uncurrent gold coins was $16,757.58 and the net loss on the recoinage of $414,035.30 in worn and uncurrent silver coins was $26,008.93. : The Treasury was reimbursed from the appropriation for that pur- ose the foUowing losses on uncurrent com transferred during the Eseal year 1913 for recoinage: UncmTent gold coins $148.43 Uncurrent silver coins 28,000.75 UncmTent minor coins 8,170.36 Total 34,319.54 UNITED STATES GOLD IN CANADA. The holdings of United States gold coin in the treasury of the Dominion of Canada on December 31, 1912, was $98,648,736.50. The holdings of United States gold coin of the chartered banks (25 in number) on the same date aggregated $19,210,327. The total amount of United States gold coin in Canadian reserves on the foregoing date was, therefore, $117,859,063.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 358 REPORT ON THE FINANCES. Monetary systems and approximate stock of money in the aggregate Stock of gold. Monetary Popula Countries. Monetary unit. In banks standard. tion. and pub In circu lic treas lation. Total. uries. Thou Thou Thou- Thou sands. sands. sands. United States Geld. Dollar. 96,500 1,494,600 385,000 1,879,500 Austria-Hungary ..do. Crown. 49,400 245,900 48,600 294,500 Belgium ..do.. Franc. 7,500 41,400 20,000 61,400 British Empire: Australia ...do.. Pound sterling.. 4,600 162,900 14,000 186,900 Canada ...do.. Dollar 7,200 1137,800 10,000 147,800 United Kingdom ...do.. Pound sterhng.. 45,400 2 395,100 335,800 730,900 India ...do.. Pound sterhng 244,300 3 124,000 250,000 374,000 and rupee. South Africa .do., Pound sterhng.. 6,000 42,600 15,000 57,600 Straits Settlements«.. .do., Dollar 2,000 4,900 4,900 Bulgaria .do., Lev 4,400 9,800 9,800 Cuba5.: .do., Peseta 2,200 30,000 Denmark .do.. Crown 2,700 21,400 21,400 Egypt -do., Piaster 11,300 8,800 181,200 6 190,000 Finland .do., Markka 3,100 6,900 3,700 10,600 France .do., Franc 39,600 619,000 581,000 171,200,000 Germany 8 .do., Mark 64,900 213,400 650,000 863,400 Greece .do., Drachma 2,600 3,000 2,000 5,000 Haiti .do., Gourde 2,000 1,300 2,100 3,400 Italy .do., Lira 34,700 248,300 248,300 Japan .do., Yen 53,000 124,500 17,700 142,200 Korea (Chosen) .do., do 14,800 4,400 4,400 Mexico -do., Peso 15,100 31,200 31,200 Netherlands .do., Florin 6,000 66,000 7,000 73,000 Norway .do., Crown 2,400 10,300 6,100 16,400 Portugal .do., Escudos 8,000 65,600 8,200 73,800 Roumania .do., Lei 7,300 30,000 2,100 32,100 Russia .do., Ruble ".... 167,000 648,100 354,100 1,000,200 Servia .do., Dinar , 2,900 9,700 9,700 Siam .do.. Tical 8,100 100 100 South American States: Argentina .do., Peso 7,200 281,400 281,400 Bolivia .do., BoUviano. 2,300 7,800 7,800 Brazil .do., Milreis 17,300 125,500 125,500 Chile .do., Peso 3,400 500 500 Colombia .do., Dollar 5,200 Ecuador .do.. Sucre 1,300 2,300 2,300 Guiana- British ..do..... Pound sterhng.. 300 100 100 Dutch ..do Florin 100 200 200 French ..do Franc 100 100 100 Paraguay ..do Peso 700 Peru'. ..do Sol 4,600 8,300 3,900 12,200 Uruguay ..do Peso 1,200 21,700 21,700 Venezuela ..do Bohvar 2,700 800 2,600 3,300 Spain ..do Peseta 19,700 123,600 123,600 Sweden ..do Crown 5,600 27,000 3,200 30,200 Switzerland ..do Franc 3,700 33,400- 11,600 45,000 Turkey ..do Piaster 23,800 14,900 127,500 142,400 Central American States. Silver 10. Peso 4,700 1,800 100 1,900 Total. 1,016,900 5,408,300 3,042,400 8,480,700 NOTE.—The blank spaces in this table signify that no satisfactory Information is available. In some in stances the amount of gold in banks and public treasuries is carried out as the total stock in the country, although an unlaiown amount Is in circulation. The case of Italy Is an example of this. The per capita circulation is based upon known amounts only. All estimates for stock of money tn circulation must be accepted with reserve. 1 "Specie " includes subsidiary coin In banks. * Estimates for the United Ejngdom prior to 1910 were for coin only; these figures include $100,000,000 for bullion In banks. 3 Based on estimate of active rupee circulation by Accountant General of India in 1908. * Includes Straits Settlements, Malay States, and Johore. ^ United States paper currency is legal tender and constitutes a considerable proportion of the circulation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. 359 and per capita in the principal countries of the world, Dec. 31,1912. Stock Of silver. Per capita. Uncovered Limited paper. Full tender. tender. Total. Gold. Silver. Paper. Total. Thousands. Thousands. Thousands. Thousands. 368,300 173,800 642,100 781,600 19.48 5.61 7.89 32.98 1 Nil. 152,000 162,000 279,400 5.96 3.07 5.65 14.68 2 30,000 13,000 43,000 14,400 8.18 6.73 1.92 15.83 3 Nil. 10,000 10,000 36.28 2.17 38.45 • 4 Nil. 94,'666' 20 62 13.65 33 57 Nil. lie'soo' iie'soo' 16.10 2.'57' •2! 54 21.21 5 115,200 6 3 850,000 46,000 890,000 45,400 1.63 3.48 .18 5.19 7 Nil. 20,000 20,000 9.60 3.33 12.93 8 Nil. 6,900 6,900 5,'666' 2.45 3.46 2.60 8.40 9 Nil. 4,800 4,800 9,900 2.23 1.09 2.25 5.57 10 Nil. 600 500 13.63 .22 13.86 11 Nil. 7,900 7,900 is,'666' 7.92 2.92 '""'6*89' 17.73 12 Nil. 15,800 16,800 7,000 16.81 L39 .62 18.82 13 Nil. 500 600 14,900 3.42 -.16 4.80 8.38 14 347,400 63,700 411,100 325,800 30.30 10.38 8.23 48.91 15 Nil. 261,700 261,700 261,600 13.30 4.03 4.03 21.36 16 Nil. 3,000 3,000 20,800 1.92 1.16 8.00 11.07 17 1,000 1,500 2,600 8,200 1.70 1.-25 4.10 7.05 18 22,700 1,400 24,100 182,300 7.15 .69 6.26 13.09 19 Nil. 57,800 67,800 101,400 2.68 1.09 1.91 5.68 20 Nil. 3,900 3,900 8,000 .30 .26 .64 1.10 21 62,000 4,000 56,000 51,200 2.07 3.71 3.39 9.17 22 Nil. 29,000 29,000 59,200 12.17 4.83 9.88 26.88 23 Nil. 3,700 3,700 9,900 8.83 1.64 4.13 12.50 24 Nil. 33,100 33,100 89,900 12.30 6.51 11.66 29.46 25 Nil. 12,600 12,600 52,000 4.40 1.72 7.12 13.24 26 Nil. 78,800 78,800 5.98 .47 6 45 27 Nil. 1,300 1,300 4,'966' 3.36 .46 i'.m 5.49 28 37,100 37,100 3,000 .01 4.62 .37 5.00 29 Nil 9,400 9,400 234,600 39.08 1.30 32.58 72.96 30 Njl. 700 700 2,000 3.39 .30 .87 4.56 31 Nil. 25,000 25,000 174,700 7.26 1.44 10.10 18.79 32 Nil. 8,500 8,500 19,000 .15 2.50 6.69 8.24 33 Nil. 2,100 2,100 9 10,000 .40 1.92 2.32 34 Nil. 1,300 1,300 2,400 i.'77' 1.00 1.85 4.62 35 Nil. .33 . .33 36 Nil. 2.00 * 2.00 37 Nil. 1.00 1.00 38 Nil. 466" .'57' .67 39 Nil. 2,466 2,166" 2.65 .52 ' 3.17 40 Nil. 4,300 4,300 i,'i66' 18.08 3." 58' .92 22.68 41 Nil. 10,800 10,800 800 1.22 4.00 .29 5.61 42 142,300 32,800 176,100 94,600 6.27 8.89 4.80 19.96 43 Nil. 8,600 8,600 26,600 6.60 1.54 4.55 11.69 44 2,600 12,900 16,400 29,600 12.16 4.18 8.00 24.32 45 Nil. 26,400 26,400 5.98 1.11 7.09 46 2,500 9,200 11,700 ii5,"966' .40 2.49 ""'24.'66' 27.55 47 1,865,800 1,276,900 3,132,700 3,234,200 6 Based upon a calculation by Messrs. P. Arminjon and B. Michel in 1908, who then estimated the stock of gold at 33,000,000 to 41,000,000 Egyptian pounds. The mean of these figures was adopted. Since then the net imports of Egypt, by customs records, have been $50,000,000, but the 1908 estimate has been changed only to the extent of the Increase in bank holdings. It does not seem probable that Egypt can have ab sorbed the amount of gold Indicated by the customs records. 7 Estimate of A. De Foville, 1909. 8 The figmes for the stock of gold in Germany are based upon an estimate by Dr. Arnold, a director of the Reichsbank, of 3,000,000,000 marks in German coin in the country at the end of 1910. At the close of 1912 the Reichsbank held $80,284,892 in bullion and foreign coin. 9 This paper currency has been reduced to a gold basis at 100 pesos to the United States dollar. 10 Except Costa Rica and British Honduras (gold standard countries). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 360 REPORT ON THE FINANCES. MONETARY STOCKS. The. foregoing table is offered \vith the usual words of explanation and caution. The footnotes should be carefully observed. The in formation is sought through the diplomatic representatives of the United States at foreign capitals. The figures for stock of money in banks and treasuries are usuaUy from official sources, although for some of the smaUer countries it is sometunes necessary to resort to financial journals. The figures for the amount of money in circulation are of uncertain value, but the best obtainable and thought to be worth giving. The changes in the table from year to year are not always changes in fact, but sometimes corrections; thus for several years no figures have been given for the gold stock of Germany outside the Keichsbank, ' but this year an estimate is indicated based upon one by Dr. Arnold. The figures for the stock of gold in banks and treasuries are greater by $240,000,000 than for the preceding year, the largest gains being by the United States, Russia, and Argentina. GOLD MOVEMENT TO INDIA. The movement of gold to India continues to be a matter of world wide importance and interest. During the last three British fiscal years, ending March 31, the net imports of gold coin and bulhon, plus the Indian production, have been approximately as foUows: 1910-11 188, 517, 513 1911-12 • : 133,560,027 1912-13 132, 977, 746 It appears that India has taken during the last two years about 28 per cent of the world's production of gold. For the current fiscal year, however, trade conditions have not been so favorable to India and the movement is less. The above importations came in about equal amounts from London, Egypt, and Austraha. The movement from Egypt takes place annu ally after the crop-moving season in that country is over. Every year there is a larger movement of sovereigns from London to Egypt to move the cotton crop; when this is over and the coin is released the situation is favorable for moving a portion of the supply on to India, one-half of the journey being done. The proportion of gold bulhon in the imports has remained about the same durmg these three years, the increase being in sovereigns, which by aU accounts are entering more and more into the commer cial transactions of the people. An extract elsewhere from the report of the Comptroller of the Currency Department of the Indian Govern ment discusses this subject. There is much evidence that modern economic ideas are making headway in the great population of India. The people are learning to use banks and to invest in the shares of joint stock companies, and as the advantages of such disposition of surplus funds becomes apparent the old hoarding habit is slowly abandoned. The long-established custom of hoarding the precious metals in the form of personal ornaments has an economic explanation in the Hindu inlieritance laws, which do not permit property to descend to the female members of a family. They may, however, retain their personal ornaments.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. 361 GOLD AND PRICES. That there is a relationship between the supply of gold and.the prices of commodities scarcely admits of controversy, but there are so many other factors in price making that great practical difficulty- attends upon any effort to identify and estimate the particular effect of the changes that occur from time to time in the output of gold. The production of gold in the world has been practically stationary for the last five years, and industrial consumption plus the movement to India have taken approximately one-haK of the output. The remainder has been sufficient to aUow of important annual additions to monetary stocks, and in some countries, notably the United States, it can scarcely be questioned that these additions have been related ^ to a long-continued period of enterprise and credit expansion. The most persuasive statement of the affirmative theory is that, however many influences may have participated in making the pres ent price level, the level could not have been made as high as it is without the enlarged supply of gold. If the gold supply has anything to do with prices, this proposition can hardly be controverted, and if anyone is disposed to deny the quantitative theory in toto, he should consider what results would ensue from the discovery of a cheap process of artificially producing gold. WUl anybody contend that such a discovery would have no effect upon monetary or industrial conditions ? On the other hand, the dramatic effect of the phenomenal increase in the production of gold, coincident with the general rise of prices, has fixed attention upon this factor and given it, possibly, an undue importance. Other and very important influences have undoubtedly contributed to the movement. It is evident that an increasing production of gold has a direct effect in swelling bank reserves. The new gold flows into the banks, not only for safekeeping but to create balances against which the mine owners may draw to meet operating expenses. Even for the best fields, approximately 75 per cent of the credits so created must be used for this purpose. But, unlike bank credits created by other industrial operations, these credits, accompanied by an equal amount of new gold, enlarge in a much greater degree the ability of the banks to make loans. The entire gold-producing industry of the world miay not, as an industry, be more than self-supporting, but when the prod uct in the form of money enters bank reserves, it may as the basis of credit create purchasing power to several times its own value. One way or another the new supplies of credit will force their way into use. They make capital available for new undertakings and for the enlargement of old ones, and in this era of industrial activity and change there is practically no end of promising opportunities for investment. There are many countries, both old and new, with vast undeveloped resources appealing for capital. Competent authori ties have estimated that as much as $3,500,000,000 of foreign capital has been invested in Canada in the last dozen years in constructive work. Probably $800,000,000 has been similarly invested in Brazil in the last ten years. And these are new countries with compara tively small populations. The sums so invested in the United States, of course, have been very much greater than in these two put together. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 362 REPORT ON THE FINANCES. The entire organization and equipment of the industrial world is constantly undergoing change. The alterations in power equip ments alone, resulting from improvements in the steam engine, the development of internal combustion, and the various applications of electricity, call for enormous.amounts of capital, or, for what amounts to the same thing, credit accommodations. Modern industrial equip ment, like the modern battleship, does not wear out, but is forced out by the pressure of the ever-coming new and superior substitutes. This entire movement is stimulated by increasing bank reserves. There is a familiar tendency in the business world to alternating periods of expansion and contraction, the former running its course until credit is strained, when reaction sets in and is more or less pro tracted according to the degree in which credit may have been over used. But with constantly increasing bank reserves the periods of expansion are longer maintained and the periods of reaction are sooner overcome. The growing importance of stock and produce exchanges and the vast multiplication of corporate securities have been important factors in the expansion of credits, and therefore had an effect upon prices. In the last analyses it is effective demand that influences prices, and the demand is usuaUy financed by credit, which in turn must have some relation to the gold reserves. But the great supply of dividend-pa3nLng stocks and bonds now in the possession of the public affords a most convenient facility by means of which loans may be obtained. No doubt there is a great deal more borrowing for miscellaneous investments upon the securities of a corporation whose issues are widely distributed than there was upon the credit of the same business before it was incorporated or wliile the owner ship was in few hands. Perhaps it is not too much to say that in times of prosperity, when the spirit of money-making is infectious, it is difficult for the average man to keep good collateral in his own box while many inviting opportunities for investment pass by. It will naturaUy be said, however, that if the present rise of prices is due to an extraordinary demand for commodities and labor, to be used in construction and for improved equipment, there should be results in the way of an increased production of commodities at lower costs, and that these results in turn should show in lower prices. This is a perfectly logical conclusion, and the only answer that can be made is that unless the world has been wasting its savings in unprofitable investments or population has become unduly congested where the cost of living is necessarily high, a reaction in the course of prices should soon appear. A study of aU price tables Avill show that the level of prices under review has been carried up by the rise in articles of food and raw materials. Manufactures have either not risen at aU or have risen by a lower percentage than the raw materials and labor which have entered into them. The greatest rise of all in the last 15 years in the United States has been in lumber, but it is not necessary to resort to the gold h5^othesis for an explanation in this case. AU of the products of timber have been going higher because near-by sup- hes were being exhausted. And so all of the products of the soil Eave been going higher because the cheap, easily tUled prairie lands of this country have been occupied, while our population continues to increase. Meats are dearer for the obvious reason that cattle can Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. 363 no longer be pastured free on the pubhc domain; the great ranches and herds have been broken up, and for some years the supply of meat animals in the United States has not been increasing. In all price tables these products of the farms and forests and pubhc lands are very important factors. For a long time, during the period of land settlement in the United States, when it cost but httle to open new farms, the prices of farm products were so low as to afforcf very small compensation to the producers. The desire to own land, which was expected ultimately to increase in value, was the chief inducement for the opening of new farms, and it was sufficient to keep the price of products down close to the bare labor cost, upon most farms, of producing them. With the cheap and easily tilled lands occupied, there was a slowing down in agricultural expansion. Since then development in agriculture has not kept pace with progress in manufactures or transportation. Since the Baring crisis in 1890, caused by overfree investments in Argentine railways, there has been no extensive railway construction opening up large areas of cheap lands until the Canadian construction began a few years ago. And while there has been an important movement of farmers into the Canadian Northwest the results of the development expenditures have only begun to make themselves felt. It is, however, true that wheat, the principal crop of Canada, is one of the farm staples that has made the smallest advance. The expenditures of capital upon the raUways of the United States during the last 15 years have been enormous, but they have been mainly directed to the improvement of the existing lines and not to the opening of new territory, as in the decade from 1881 to 1890. The roads have been straightened, grades have been reduced, additional tracks have been provided, heavier rails have been laid, new and stronger bridges have been built; and along with these betterments upon the roadways have come more powerful and more economical locomotives, and freight cars of much greater capacity. These improvements have called for a vast amount of labor and materials and have had an important influence upon wages and prices. They have undoubtedly been very effective for the purpose for which they were made, to wit, an economy in labor and power in the operation of the lines. Judged by the higher efficiency obtained, these outlays were well worth making, but the rising prices of timber, ties, and various supplies, and the higher wages required of the companies by reason of the higher cost to their employees of food and clothing, have apparently more than offset all the gains accomphshed by reconstruction and improved equipment. And the situation of the railways is illustrative of what has occurred throughout the industries. In aU lines heavy investments of capital have been made for the purpose of reducing labor costs, and results have been obtained wliich would have naturally appeared in lower prices if the higher costs of raw materials and of the food and clothing of the operatives had not intervened and overbalanced them. Indeed, it would require nothing less than a revolution in the methods of industry to offset in importance a rise of 50 per cent in the cost of the food staples and of such common commodities as cotton, hides, and lumber. According to the tables of the United States Bureau of Labor, the average of prices of farm products during the year 1912 was 171,3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 364 REPORT ON THE FINANCES. per cent of the average for the 10 years 1890-1899, while the average of all the commodities included in its tables was but 133.6 of the same base. It is evident that the commodities other than farm products increased by a less percentage than 133.6, and it is easy to believe that the rise of 171.3 in farm products, which include not only food but the raw materials of clothing, was the main factor in the rise of other commodities. The percentages of increase in certain raw commodities and of merchantable products related thereto, as they appear in the tables of the United States Bureau of Labor for the year 1912, are given below: Average wholesale prices for the year 1912. [1890-1899=100.] Raw commodities. Per cent. Manufactures. Per cent. Cattle, good-to choice. 177.5 Beef sides 157.3 Hides - 187.8 Tallow 142.8 Cotton, raw 148.2 Calico, American standard prints 100.4 Calico, Amoskeag ginghams 117.3 Cotton flannels, 3^ pounds to yard 131.1 Cotton thread, Coats 126.4 Hosiery, women's cotton, seamless foot, black, 26 to 28 ounces, 160 to 170 needles. Print cloths, 64 by 64 134.3 Sheetings, bleached, 9T-4 Atlantic 120.9 Shirtings, bleached, 4-4 Fruit of the Loom 113.9 Corn 180.2 Corn starch .' 108.8 Grain alcohol 114.7 Flaxseed, No. 1 167.6 Linseed oil, raw 148.3 Hides 187.8 Leather, harness ^ 131.9 Leather, chrome calf 128.4 Leather, sole 123.6 Shoes 128.8 Shoes 119.0 Shoes 118.8 Shoes 133.3 flogs, heavy 172.1 Lard, prime contract 180.4 Hogs, light 170.8 Bacon 164.0 Salt pork, mess 165.8 Hams, smoked 145.2 Petroleum, crude 173.0 Petroleum, refined, 150° fire test, water white 125.5 Pig iron 115.7 Bar iron 103.5 Barb wire 84.5 Hammers, Maydole, No. 1§ 121.8 Nails, wire, 8-penny, fence and common. 80.5 Saws, Disston, No. 7 101.3 Shovels, Ames, No. 2 94.7 Steel billets 104.0 Steel sheets, black. No. 27 . 87.5 Table cutlery 87.3 Sheep, wethers 111.7 Mutton ; 111.3 Sugar, raw 107.5 Sugar, granulated 106.7 Wheat 139.7 Flour, spring, patents 122.7 Flom', win ter-wheat, straights 121.9 Wool, Ohio, fine fleece, X and XX Underwear, white, all wool 115.8 • scoured Women's dress goods, all wool, 8-9 twill, 35-inch, Atlantic M:ills 138.0 Suitings, Indigo bine, all wool, Middle sex 115.1 WORLD PRICES. The British Board of Trade has issued a special report upon rents, prices, and wages in 1912, and in this report includes a comparative showing of the rise of prices of food since 1900 in 11 foreign countries and several of its own colonies., In this table the figures for each country are all reduced to percentages of the price level of 1900. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. .365 The figures for several countries, including the United States, for 1912 were not available when the report was closed. The close correspondence between the figures for the United States and Canada is worthy of note and, of course, was to be expected: Index numbers of changes in the level of food prices since the year 1900 in the United King dom and certain foreign countries and British dominions oversea. [1900=100.] Country and nature of index num ber. 1900 1901 1902 1903 1904 1907 1909 1910 United Kingdom: Retail prices of 23 articles of food In London, weighted, according to worlanen's con sumption 100 100 101 103 102 103 105 109 109 115 Foreign countries: . Aus trIa-Hungary— (a) Austria,Tetail prices of 14 articles of food in Vi enna (unweighted) 100 101 108 113 113 118 120 126 135 (6) Hungary, retail prices of 48 articles of food In 22 principal towns (un weighted) 100 101 103 128 129 137 • Belgium- Retail prices of 11 articles of food in 16 principal towns, weighted accord ing to workmen's con sumption 109 110 112 116 120 122 128 132 France- Retail prices of 24 articles of food (Including wine), fuel, and lighting mate rials in Paris, v/eighted according to workm.en's consumption 100 98 99 100 100 Germany— Retail prices of 13 articles of food In Prussia, Bava ria, Baden, and Wurt- temburg, weighted ac cording to workmen's consumption i 100 103 116 127 128 130 Holland- Retail prices of 23 articles of food ia 6 priacipal towns (unweighted): — 102 103 105 107 109 117 123 Italy- Contract prices of 13 arti cles of food supplied to 43 State colleges in va rious parts of the country (unweighted) 100 100 99 99 97 99 99 101 105 112 118 120 Norway- Retail prices of all articles of food (26 specified) In Chi'istlania, weighted ac cording to workmen's consumption (2) 100 99 97 100 103 108 109 106 119 Russia— Wholesale prices of 30 ar ticles of food at repre sentative markets (un weighted) 100 112 130 130 127 116 121 United States- Retail prices of 15 articles of food In 39 principal cities, weighted accord ing to workmen's con sumption 100 105 111 113 113 117 122 126 133 140 139 Japan- Wholesale prices of 20 arti cles of food in 19 to 25 towns (unw^elghted) 100 97 100 108 120 1 132 I 127 I 134 | 136 I 132 132 138 1 Baden onlj^; figures for the remaining States not yet available for this year. 2 Data for the year 1900 are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 366 REPORT ON THE FINANCES. Index numbers of changes in the level of food prices since the year 1900 in the United King dom and certain foreign countries and British dominions oversea—Continued. [1900=100.] Country and nature of index num ber. 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 British Dominions: Canada- Wholesale prices of 78 arti cles of food (including fodder) at representative markets, weighted ac cording to national con sumption 100 104 109 108 109 111 115 128 129 133 135 136 151 Australia— Retail prices of 41 articles of food (besides soap. starch, washing blue. kerosene, and candles) tn the 6 capital cities. weighted according to national consumption.... (0 100 109 105 96 101 101 98 106 104 103 103 116 New Zealand— Wholesale prices of 17 ar ticles of food at repre sentative markets (un weighted) 100 101 109 109 102 107 107 112 117 108 110 116 UNITED STATES GOLD COIN IMPORTED AND MELTED BY VARIOUS COUN TRIES DURING THE CALENDAR YEAR 1912. The following table shows the amount of United States gold coin imported by various countries and the value of the United States gold coin melted at their mints: Imports of United States Countries. United States gold coin gold coin. melted. Aus tria-Him gary $68,100 $68,100 Argentina 8,540,000 Brazil 1,856 Canada 7,484,089 800 Cuba 1 '. 778,363 Japan 1,636 40,595 Servia . 600 Panama 80,000 Costa Rica 1,624,623 "Venezuela 1,010,120 Total 19,689,286 109,495 1 Data for the year 1900 are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. 367 VALUES OF FOREIGN COINS. The foUowing values calculated by the Director of the Mint were proclaimed by the Secretary of the Treasury under the. provisions of section 25 of the act of August 27, 1894, as the basis for estimating the value of foreign merchandise exported to the United States during the quarter beginning October 1, 1913: Values of foreign coins. Value Legal stand in Country. Monetary unit. terms Remarks.! ard. of U.S. money. Argentina.. Gold. Peso. SO. 9647 Currency: Depreciated paper, convertible at 44 per cent of face value. Austria-Hungary.. do Crown. .203 Belgium Gold and sil Franc. .193 Member of Latin Union; gold Is ver. the actual standard. Bolivia. Gold.- Boliviano. .389 12^ bolivianos equal 1 pound sterling. Brazil... -do. Milreis Currency: Government paper, .646 convertible at $0.3242 to the milreis. British colonies in .do. Pound sterling Australasia and 4.8685 Africa. Canada .do. Dollar Central American 1.000 States: Costa Rica .do. Colon.. .465 British Hondu .do. Dollar.. 1.000 ras. Guatemala Currency: Inconvertible paper; exchange rate, 16 to 18 pesos equal $1. Honduras.. Currency: Bank notes; exchange Peso. rate Mar. 20,1912, $0,416. Nlcai-agua.. Silver. .435 Currency: Inconvertible paper; exchange rate, 16£ to 17 pesos equal $1. Salvador, Currency: Convertible into sil- . ver on demand. Chile Gold. .do. .365 Currency: Inconvertible paper; exchange rate approximately $0.2061. Amoy .713 Canton .711 Chefoo .682 Chinkiang .697 Foochow .680 Haikwan .726 (customs). Hankow .687 Tael. Kaiochow .691 Nanking .706 China. Silver. Newchwang... .669 Ningpo .886 Peking .695 Shanghai .661 Swatow .859 Takau .718 Tientsin .691 Yuan .519 Hongkong .469 Dollar.... British .469 Mexican .473 Colombia.. Gold- Dollar.... 1.000 Currency: Inconvertible paper; exchange rate approximately $102 paper to $1 gold. " Denmark. .do. Crown. .268 Ecuador.. -do. Sucre.. .487 1 The exchange rates shown under this heading are recent quotations and given as an Indication of the values of currencies which are fluctuating In their relation to the legal standard. They are not to take the place of the consular certificate where it is available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 368 REPORT ON THE FINANCES. Values of foreign corns -Continued. Value in Country. Legal stand Monetary unit. terms ard. olU. S. money Egypt. Gold. Pound (100 piasters) $4.943 The actual standard is the Brit ish pound sterling, which is legal tender for 97.^ pisaters. Finland...... do Mark .193 France.. Gold and sil Franc .193 Member of Latin Union; gold is ver. the actual standard. German Empire.. Gold Mark .238 Great Britain ....do Pound sterling 4.8685 Greece Gold and sil Drachma .193 Member of Latin Union; gold is " ver. the actual standard. Haiti.. Gold- Gomde .905 Currency: Inconvertible paper; exchange rate approximately $0.2941. India (British). .-..do Rupee .3244^1 15 rupees equal 1 pound sterling. Italy Gold and sil Lira '.... .193 Member of Latin Union; gold Is ver. the actual standard. Japan... Gold Yen .498 Liberia.. ..-.do Dollar 1.000 Currency: .Depreciated silver token coins. Customs duties are collected in gold. Mexico ..-.do. Peso .498 Netherlands do. Florin .402 Newfoundland. do- Dollar 1.014 Norway do. Crown .268 Panama .do. Balboa 1.000 Paraguay Silver.. Peso .435 Currency: Depreciated paper, exchange rate, 1,550 per cent. Persia.. Gold and sil Kran .1704 This is the value of the gold kran. ver Currency is silver circulating above its metallic value; ex change value of silver kran, approximately $0.0875. Peru Gold... Libra.. 4.8885 Philippine Islands. ...do. Peso... .500 Portugal do. Escudo 1. OSO Currency: Inconvertible paper; exchange rate approximately $0.9394. Roumania do Lei .193 Rusfjla ..-.do Ruble.. .615 Santo Domingo. ..--do.--...- Dollar.. 1.000 Servia ..--do Dinar.. .193 Siam do Tical... .3708 Spain Gold and sil Peseta. .193 Valuation is for the gold peseta; ver. cmTency is silver circulating above its metallic value; ex change value approximately $0.1794. Straits Settlements: Gold.-. DoUar.. .5677 Sweden do. Crown. .268 Switzerland do- Franc. .193 Member ol Latin Union; gold is the actual standard. Turkey. -do- Piaster. .044 100 piasters equal to the Turkish pound. Uruguay... -do. Peso... 1.034 Venezuela.. -do. Bolivar .193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1913 DIRECTOR OF THE MINT. 369" Changes in the value of foreign coins during 1913. Value, 1913. Countries. Monetary unit. Jan. 1. Apr. 1. July 1. Oct. 1 Argentine Republic , Silver peso $0.965 $0.9647 $0.9646 $0.9647 Central American States., do .462 .445 .436 .435 China Silver tael, Amoy .758 .729 .715 .758 Do Silver tael, Canton .756 .727 .713 .756 Do Silver tael, Chefoo .725 .596 .683 .725 Do Silver tael, Chinkiang .740 .712 .698 .740 Do Silver tael, Foochow .701 .674 .661 .701 Do Silver tael, Haikwan (cus .771 .742 .727 .771 toms). Do.... Silver tael, Hankow .709 .682 .692 .709 Do.... Silver tael, Kiaochow .734 Do.... Silver tael, Nanking .750 .722 .707 .750 Do.... Silver tael, Newchwang .711 .684 .670 .711 Do.... Silver tael, Nin^o .728 .701 .687 .728 Do.... Silver tael, Pekmg .739 .711 .697 .739 Do..:. Silver tael, Shanghai .692 .666 .663 .692 Do.... Silver tael, Swatow .700 .673 .660 .700 Do.... Silver tael, Takau.... .762 .734 .719 .762 Do.... Silver tael, Tientsin. .734 .706 .692 .734 Do.... Silver dollar (Yuan) .562 .531 .620 .522 Do.... Silver dollar, Hongkong .479 .470 .498 Do.... Silver dollar, British .479 .470 .498 Do.... Silver dollar, Mexican .502 .483 .473 .502 Paraguay. Silver peso .436 .435 The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1913, is respectfully submitted. GEO. E. ROBERTS, Director ofthe Mint. Hon. W. G. MCADOO, Secretary ofthe Treasury. 16726°—FI 1913 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 REPORT OF THE DIRECTOR OF THE MIHT. TREASURY DEPARTMENT, BUREAU OF THE MINT; Wasliington^ D. C, October I4, 1914- SIR: In compliance with the provisions of section 345, Eevised Statutes of the United States, I am submitting herewith a report covering the.operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1914, being the forty-second annual report of the Director of the Mint. I am also submitting for publication in connection therewith the annual report of this bureau upon the production and consumption of the precious metals in the United States for the calendar year 1913. OPERATIONS OF THE MINTS. The three coinage mints, located at Philadelphia, Denver, and San Francisco, have been in operation as usual during the fiscal year, and there is little out of the ordinary, to report concerning them. The transfer from Frank M. Downer, retiring superintendent of the Denver Mint to his successor, Thomas Annear, and from Frank A. Leach, retiring superintendent of the San Francisco Mint, to his successor, Thaddeus W. H. Shanahan, were made during the fiscal year, but so early that they were covered by the last report. On July 21, 1914, John H. Landis, who had been superintendent of the Philadelphia Mint since April 30, 1902, was succeeded by Adam M. Joyce, of Phila delphia. The count of coin in this mint is not yet concluded. . The most notable change in technical operations during the year was the return at the Philadelphia Mint to the use of city gas for general melting purposes. This was brought about by the rise in the price of naphtha, which was the raw material from which the mint plant produced, the supply of gas used for the last 10 years or more. A new system of mixing air with the city gas and regulating the pres sure has been installed, from which it is believed important results will be realized. NEW YORK ASSAY OPEICE. Attention is again earnestly .directed to the need for increased appropriations for the New York assay ofiice. The receipts of bul lion at this office exceeci those at any other assay office or mint in the service, and its earnings from charges on bullion and the sale of by-products last year exceeded all expenditures under the appropria tions by approximately $30,000. It was the only office of the service that was self-supporting last year. In view of this state of 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 394 REPORT ON THE FINANCES. affairs the institution is fairly entitled to appropriations sufficient to maintain good service to the public and properly safeguard the im mense values that are being handled there. The force is frequently overworked and in some cases is underpaid, numerous resignations having occurred during the past year for thig reason. The labors of the institution require skilled men and the responsibilities require picked men, and it is discouraging to those charged with the conduct of aflfairs to be obliged to lose tried and capable employees because they are underpaid. THE WESTERN ASSAY OrPICES. The differences between the House of Representatives and Senate over the policy of maintaining the western assay offices resulted last year in a compromise upon appropriations that was satisfactory to neither body and inconsistent with good administration. The assay offices should be either abolished or given adequate appropriations. The responsibilities that attach to the officers and employees of these institutions are very considerable. They receive important amounts of gold bullion, determine its value, and draw drafts on the Treasury for the payments. These functions should be intrusted only to capa ble and experienced men of technical education, and the Government should expect to pay them fair compensation. Considerable amounts of bullion are on hand at times and a proper watch force should be employed. If these precautions are too costly, the offices should be abohshed and the public informed that it must do business with the mints direct. Last year, as a result of the controversy between the two bodies of the Congress, the appropriation for the transportation of bullion was reduced to $10,000 and was all exhausted before the close of October. As the matter had been brought to the attention of the Congress in extra session, and it had failed to supplement the appropriation, there seemed to be nothing for the department to do but stop buying bullion at the assay offices. It was finally arranged, however, that where depositors would pay the express charges on their bullion to the mint the assay office might assay it and pay for it. At Seattle the chamber of commerce assumed payment of the transportation charges. The business of all the other assay offices was materially affected by this situation. The appropriation for the transportation of bullion during the current year is $20,000 and will certainly prove inadequate. The appropriations for contingent expenses are smaller than they should be, and it will be impossible to maintain the offices on a plane of efficiency unless a more liberal policy is adopted. APPROPRIATIONS, EXPENSES, AND INCOME. • Amounts appropriated for the fiscal year totaled $1,154,130, which, together with unexpended balances of permanent appropria tions amounting to $12,700.13 and reimbm-sements within the service and from other Government services of $84,795.45, aggregated an available total of $1,251,625.58. The total expenses chargeable to appropriations were $1,138,303.36; those chargeable to income were $22,365.35; aggregate, $1,160,668.71. The income, including $5,421,960.63 seigniorage, realized by the Treasury from the mint service totaled $5,957,157.58. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 395 Income and expenses are itemized below: Income. Mint charges on bullion - $297, 328. 81 Proceeds of stock medals and proof coins sold. 6, 773. 97 Charges for manufacture of special medals. ' 9, 359. 76 Charges on foreign coinage executed. 67, 970. 58 Charges for work done for other institutions : 6, 871. 33 Refund on account of reduction in contract price of electricity •.. 593. 78 Receipts from special assays of bullion and ores 3, 342. 00 Surplus bullion recovered (including 87 cents minor) 48, 919. 84 Gain on bullion shipments to Government refineries |634. 90 • Less contra losses 283.80 • . . 351.10 Commission on telephone calls 2. 63 Cashier's surplus and interest thereon. .' 519. 93 Proceeds of sale of old material 2,364. 99 Proceeds of sale of by-products 90, 798. 23 535,196.95 Seigniorage on subsidiary silver coinage 3, 013, 060. 36 Seigniorage on minor (nickel and bronze) coinage. 2,408, 900. 27 5, 957,157. 58 Expenses. Salaries of officers and clerks , 277,135. 97 Wages of workmen : 611,403. 91 Contingent expenses (including equipment), less amount to reimburse wastage and loss on sale of sweeps ;.. 224, 240.10 Wastage of operative departments (gold and silver) 13, 049. 42 Loss on operative sweeps sold 2, 486. 30 Freight on bullion and coin shipments between mints and assay offices 9, 987. 66 1,138,303.36 Wastage of operative departments (minor metal) ^ 2,107. 77 Expenses of distributing minor coin ^. 20, 257. 58 1,160,668.71 EMPLOYEES AND EXPENDITURES OF THE MINT SERVICE OVER 20 YEARS. In last yearns report a statement was given showing the number of officers and employees in each office of the mint service on July 1, 1913, and 20 years earher. This statement is now repeated and the number of employees on July 1, 1914, added: Julyl, July 1, July 1, Institution. 1893. „ 1913. 1914. Philadelphia 387 329 313 San Fra,no,i«!Cf>... -. -. - 174 115 119 Oenvfir - - - - , 16 93 95 New Orleans I ^.. 107 14 14 Carson 31 5 4 New York . . . . 67 92 91 Helena 13 8 6 Boise 10 5 5 St. Louis 3 Charlotte 3 Deadwood 5 5 Seattle 19 19 Salt Lake , . '. 4 3 Bureau 18 14 14 Total 829 701 688 I Payable from, the seigniorage on minor coinage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 396 REPORT ON THE FINANOES. The amount of business handled in each of the three fiscal years, 1893, 1913, and 1914, is shown by the following figures, which cover the most important facts of the operations: ^ Item. 1914 Gold deposits I $46,449,841 $161,131,878 $146,298,555 Operating expenditures 1,344,005 1,175,750 1,160,955 Income from charges, by-products, etc.... 198,257 482,317 535,480 Net operating expenditm'es 1,176,620 893,433 625,474 Gold bars made for tho arts 12,996,491 38,011,583 39,767,944 Gold bars made for certificate reserve 101,677,121 75,064,734 Coinage: Value 43,685,179 37,539,375 38,704,080 Pieces 97,280,875 195,070,039 206,934,573 Bullion treated in refineries: Fine ounces. 5,419,134 11,501,738 10,679,942 It will be seen that more than three times as much gold bullion was received and handled during each of the fiscal years 1913 and 1914 as in 1893, and twice as many pieces were coined. Twice as much bulhon was treated m the refineries and three times as many jewelers' bars were made. The only respect in which the operations of 1893 exceed in magnitude those of the two later years is in value of the coinage, and this is due to the fact that the law now allows gold bars, duly stamped, to be carried in the Treasury reserves. No certificate bars appear in the statement for 1893. Although the value of coinage was greater in 1893, the labor upon coinage was much greater in the later years, owing to the greater number of pieces coined, and to the fact that in the former year blanks for the one and five cent pieces were purchased ready made of outside contractors. The gains in economical administration shown by these state ments are due in the main to the installation of new labor-saving equipment, designed and built in the mints. UNCLAIMED DEPOSITS. The books of the San Francisco Mint show the following unpaid deposits now of long standing and for which probably no claim will, ever be made: Date. Depositor. 1858, June quarter H.J. Peters.. $127.87 1858, December quarter." Jos: Baker... 333.27 1883, September quarter J. N. Souther 151.96 The weigh clerk's original receipts for gross ounces of bullion, '^ value to be ascertained," were issued, but no other form of obliga tion is outstanding. After the value was ascertained certificates of deposit wei^e filled out in favor of the parties named for the amounts stated, but never passed out of the hands of the superintendent of the mint. During the March quarter of 1882 the New York assay office received from Thomas F.. Davis 180.90 ounces (standard) of silver bullion, which was deposited foj* return in fine bars. The deposit has never been called for and the foregoing amount of silver bullion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 397 is held in the New York assay office to the credit of the said Davis, at the (1882) value of $1 per ounce, $180.90. . Other similar unpaid deposits of long standing are in the posses sion of mint service officers. There is no way by which the accounts can be relieved of these items, the Comptroller of the Treasury having held under date of June 7, 1913, that section 306, Revised Statutes, does not cover items of this character. I recommend that legislation be enacted that will permit the clearing of these and similar items in the future from the accounts. The matter has been submitted to the Treasurer, of the United States, and with his approval the following paragraph has been prepared for the accomplishment of the purpose: At the expiration of each fiscal year, upon the recommendation of the Director of the Mint, all moneys representing the values of bullion or uncurrent coin in the possession of mint service officers remaining unclaimed for three years or longer, shall be covered into the Treasury of the United States by warrant, and be carried to the credit of the parties who are entitled to receive pay therefor, and into the appropriation account denominated '^Outstanding liabilities." EXHIBIT AT THE PANAMA-PACIFIC EXPOSITION. The mint service will maintain a working exhibit at the Panama- Pacific Exposition, showing coinage operations complete from pig metal to the finished piece. It has not yet been determined whether coin and medals or only medals will be struck, but the striking of medals fully exhibits the methods of coinage. Most of the ma chinery installed in the exhibit will be borrowed from the San Francisco Mint, and coinage operations at this mint will in conse quence be restricted in some degree while the exposition is open. . ESTIMATES FOR THE FISCAL YEAR 1916. The total of estimates for the mint service for the fiscal year 1916, including the bureau office in Washington, is $1,177,580, which compares with estimates of $1,217,83^0 for the fiscal year 1915 and appropriations for the latter year of $1,147,380. As already stated above, the appropriations for the support of several of the assay offices during the current year are too small to allow of their being conducted in a proper manner. Either the appropriations should be increased or the offices should be abohshed. In making comparison between appropriations since the fiscal year 1912 with appropriations for prior years it should be understood that in former years the income derived from charges upon bulUon and sale of by-products was directly available for use in payment of expenses, thus supplementing the annual appropriations, while since 1912 this has been paid into the general fund of the Treasury as a miscellaneous receipt. The income during the fiscal year 1914 thus applicable under former practice to current expenses, amounted to $385,669.23. APPROPRIATIONS FOR 1914. The amounts appropriated for conducting the mint service during thefiscal year 1914 totaled $1,154,130, to which should be added the reimbursements for work done for the Phihppine and San Salvador Governments and for United States Government institutions, etc., Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 398 REPORT ON THE FINANCES. amounting to $84,798.12; also unexpended balances of permanent appropriations amounting to $12,700.13; this gives the total amount available for use during the fiscal year 1914 $1,251,628.25. The expenditures from above funds (including the reimbursements noted) total $1,138,306.03, to which a few minor unsettled bills may be added. The unexpended balance totals $120,718.19, from which should be deducted a deficiency of $7,395.97, giving net unexpended bal ances of $113,322.22. Of the unexpended balances $12,700.13 (per manent appropriation balances) continues to be available until used, and the remainder, $108,018.06, reverts to the surplus fund of theTreasury. The ^deficiency occurred at the Denver Mint and was occasioned by loss of precious metals in refinery operations. Prior to the fiscal year 1913 such losses were paid from the earnings, but are now payable from our annual appropriations. Ajypropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1914» Annual appropriations. Perma nent ap .. Iteras and offices. Contin propria Total. Wages of Freight tion Salaries. workmen. gent on bullion expenses. and coin. balances.! Office Director of Mint: Appropriated.- $25,580.00 $5,600.00 $10,000.00 $41,180.00 Expended 2 25,580.00 3,532.33 3 9,987.68 39,099.99 Unexpended balance 2,067.67 12.34 2,080.01 Mint at Philadelphia: Appropriated 72,300.00 $300,000.00 65,000.00 $4,873.24 442,173.24 Reimbursed 39,883.01 20,850.02 60,733.03 Available for use 72,300.00 339,883.01 85,850.02 4,873.24 502,906 27 Expended 67,353.24 294,305.22 83,601.54 (866.40) 445,260.00 Unexpended balance 4,946.76 45,577.79 .2,248.48 4,873.-24 57,646.27 Mint at San Francisco: Appropriated 48,200.00 122,500.00 40,000.00 210,700.00 Reimbursed... 15,629.00 7,814.50 23,443.50 Available for use 48,200.00 138,129.00 47,814.50 234,143.50 Expended 45,785.26 115,580.22 42,452.93 203,818.41 Unexpended balance 2,414.74 22,548.78 5,361.57 30,325.09 Mint at Denver: Appropriated ' 47,-200.00 94,000.00 35,000.00 343.01 176,543.01 Reimbursed 14.65 10.49 25.14 Available for use -. 47,200.00 94,014.65 35,010.49 343.01 176,568.15 Expended .- 45,374.45 90,835.01 42,406.46 178,615.92 Unexpended balance... 1,825.55 3,179.64 4 7,895.97 343.01 2,0Jf.7.77 Assay office at New York: Appropriated 51,100.00 80,000.00 60,000.00 7,483.88 198,583.88 Reimbm'sed 593.78 593.78 Available for use 51,100.00 80,000.00 60,593.78 7,483.88 199,177.66 Expended 50,008.60 79,197.17 58,683.10 187,888.87 Unexpended balance . 1,091.40 802.83 1,910.68 7,483.88 11,288.79 1 New machinery and appliances at Philadelphia and Denver mints; equipment of assay office at New York; total available for future use. ' 2 $4,400 paid employees detailed to other Treasury offices. 3 Chargeable, as indicated in parentheses, to the various offices; this appropriation practically exhausted 3.^ months after beginning of fiscal year. 4 Deficiency $7,395.97 caused by wastage of precious metals in operation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIEECTOB OF .THE MINT. 399 Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1914- Continued. Annual appropriations. Perma nent ap Items and offices. propria Total. Contin-. Freight Salaries. Wages of tion workmen. gent on bullion balances. expenses. and coin. Mint at New Orleans: Appropriated $7,900.00 $7,200.00 $3,000.00 $18,100.00 Expended 7,900.00 7,113.00 1,508.33 ($289.68) 16,521.33 Unexpended balance 87.00 1,491.67 1,578.67 Mint at Carson City: Appropriated 4,200.00 2,000.00 1,000.00 7,200.00 Expended 4,200.00 1,996.78 937.88 (221.80) 7,134.66 Unexpended balance 3.22 62.12 65.34 Assay office at Helena: Appropriated 5,400.00 2,500.00 1,000.00 . 8,900.00 • Expended 5,127.77 2,500.00 607.93 (640.50) 8,235.70 Unexpended balance 272.23 392.07 664.30 Assay office at Boise: Appropriated : 4,200.00 2,000.00 1,000.00 7.200.00 •Expended .- 4,200.00 2,000.00 951.41 (612.15) 7,151.41 Unexpended balance 48.59 48.59 Assay office at Deadwood: Appropriated 5,000.00 2,000.00 500.00 • 7,500.00 Expended 4,916.65 1,981.26 408.44 (1,247.60) 7,366.35 Unexpended balance . 83.35 18..74 31.56 133.65 Assay office at Seattle: Appropriated .• 13,050.00 22,000.00 6,500.00 41,550.00 Expended 13,050.00 14,695.25 4,368.17 (6,036.38) 32,113.42 Unexpended balance 7,304.75 2,131.83 9,436.58 Assay office at Salt Lake City: Appropriated ; 4,200.00 2,000.00 1,000.00 7,200.00 Expended 3,640.00 1,200.00 257. 30 (73.15) 5,097.30 Unexpended balance 560.00 800.00 742.70 2,102.70 Totals, entire service: Appropriated 288,330.00 636,200.00 219,600.00 10,000.00 $12,700.13 1,166,830.13 Reimbursed 55,526.66 29,268.79 84,795.45 Available for use 288,330.00 691,726.86 248,868.79 10,000.00 12,700.13 1,251,625.58 Expended • 277,135.97 611,403.91 239,-775.82 9,987.66 1,138,303.36 Unexpended balance 11,194.03 80,322.75 9,092.97 12.34 12,700.13 113,322.22 CONSOLIDATED INCOME AND EXPENDITURES. A complete statement of the income and expenditures of the Treasury on account of the mint service, including seigniorage on the silver and minor coins, is shown in the statement following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 Corisolidated statement of income and expenditures of the entire mint service for the fiscal year 1914. O O EXPENDITURES. EARNINGS. Compensation of employees: Deduction on bullion deposits: Mints and assay offices— Parting and refining charges . $204,102.33 Salaries appropriation $251,655.97 Melting charges 40,391.09 Wages, appropriation '. 611,405.44 Assaying and stamping charges 8,857. 77 $862,961.41 Alloy charges 13,033.35 Bureau of the Mint—Salaries appropria Fine-bar charges. •. 30,944. 27 tion 25,580.00 $297, 328.81 $888,541.41 Special assays of bullion and ores .• 3, 342.00 Equipment, stores, and other expenses: Proceeds of sale of stock medals and proof coin 6, 773.97 •Mints and assay offices- Reimbursements to appropria Contingent appropriation (including ^ tions: Con- $13,049.42 operating waste of pre For manufacture of machinery tingent. Wages. Total. cious metals and $2,486.30 loss on and appliances for Govern S assay value of precious metals con ment institutions $1,697.90 $5,173.43 $6,871.33 tained tn operative sweeps sold)— . 236,244.83 For manufacture of special O Freight on bullion and coin ship medals. 7,452.87 1,906.89 9,359.76 ments between mints and assay For manufacture of. Philippine n offices, appropriation 9,987.66 coinage.'. 7,814.50 15,829.00 23,443.50 o 246,232.29 For manufacture of San, Sal Bureau of the Mint, contingent appro vador coinage 11,709.74 32,817.34 44,527.08 priation 3,532.33 For reduction of contract price 249,764.62 of electricity 593.78 593.78 29,268.79 55,526.66 84,795.45 84,795.45 Total earnings 392, 240. 23, Net expenditures, to profit and loss statement, below. 748, 065. 80 > 1,138,306.03 1,138,306.03 o PROFITS. Seigniorage: Net expenditures,, fi'om eamuigs and esxpenditures statement, above 746,065.80 On subsidiary silver coinage $3,013,060.36 Net revenues from mint service : 4,796,486.20 On minor (nickel and bronze) coinage... $2,407,351.70 Less— Operating waste $1,732.81 Cost of distribution.... 20,257.58 21,990.39 2,385,361.31 On minor recoinage..: 1,548.57 Less loss on same. 374.96 1,173.61 5,399,595.28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 Surplus bullion recovered: From deposit melting room, grains and sweeps 29,235.86 From coining operations 118.45 From melting and refining operations 19,433.31 From gain on shipments (difference in O assays, etc.) $634.90 Less losses on shipments 283.80 49,138.72 Gain on light-weight and mutilated coin pmchased for recoinage . 132.22 Proceeds of sale of by-products (platinum, etc.) 90,798. 23 CD Proceeds of sale of old materials 2,364.99 Commission on telephone calls. : 2.63 Cashier's surplus and interest thereon 519.93 6,542,552.00 5,542,552.00 O O O O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 402 REPORT ON THE FINANCES. GOLD-CERTIFICATE BARS. At the close of the fiscal year 1914 refined gold bars, duly stamped with their weight, fineness, and value, in accordance with the pro visions of the act of Congress approveci March 2, 1911, providing for the issue of gold certificates against gold bullion and foreign gold coin, were held at the several mints and the assay office at New York . as follows: San Francisco Mint • :.. $127, 354, 014. 91 Denver Mint 53,604,597.68 New York Assay Office 580, 486. 51 Total ..:.... 181,539, 099.10 DEPOSITS OF GOLD BULLION. The value of all gold bullion contained in original deposits at the mints and assay offices during the fiscal year 1914 was $146,296,- 555.30. The redeposits during the year, consisting of bullion trans ferred from one office to another, and bars bearing the stamp of one of the mints or assay offices, amounted to $14, 560,082.68. The value of the gold bullion and uncurrentdomestic and foreign coin received, including redeposits, amounted to $160,856,637.98, which was the total of gold receipts at all offices. Statements which show the classification of deposits, the source of domestic bullion by States and Territories, and the receipts at the several offices of the_ service Appear in tabular form in this volume elsewhere. DEPOSITS OF FOREIGN BULLION AND COIN. Foreign gold bullion containing 918,088 fine ounces, of the value of $18,978,572, and foreign gold coin containing; 157,798 fine ounces', of the value of $3,261,967, were deposited, which was received from the following countries: Crude bullion. Refined bullion. Coin. Country. • Fine Coining Fine Coining Fine Coining ounces. value. ounces. value. ounces. . value. British Columbia 81,300 $1,287,185 8,506 $175,835 Northwest Territory. •. 13 269 Yukon 9,050 187,082 Ontario and Quebec 168,480 3,482,792 Nova Scotia.; 385 7,960 Mexico 13,503 279,133 292,530 6,047,129 60,430 $1,249,198 Central America. 87,319 1,805,045 53 "1,095 South America 155,778 3,220,218 1,209 24,992 West Indies 147 • 3,040 Germany 1,298 28,833 1,713 35,411 2,893 59,803 Australia 23 - 476 957 19,782 Great Britain 118', 043 2,440,164 138 2 811 Janan . . 12,064 2491385 France , 67,081 1,388,887 Russia.. i' 3,223 66 625 Spain 8,693 179,899 Turkey 472 9 757 Sweden..' 30 620 A-ustria-Hungary . . 29 599 Holland . . . 38 • 785 Unclassified 490 10,129 Total 497,296 10,280,033 420,792 • 8,698,539 157,798 3,261,967 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 403 DEPOSITS AND PURCHASES OF SILVER. The deposits of silver at the mints and assay offices during the fiscalyear ended June 30, 19.14, for return to depositors in fine or unparted bars, with the weight and fineness" stamped thereon, aggre- , gated 2,928,833.89 fine ounces. The United States assay office at New York received the greater part of these deposits. The Government of- the Philippine Islands deposited at the United States mint at San Francisco silver coins issued under the act of March 2, 1903, containing 143,793 fine ounces, for recoinage into coins of reduced weight and fineness as authorized by the act of June 23, 1906. The purchases and deposits of silver bullion at the mints and assay offices of the United States during the fiscal year 1914 were as follows: - . Items. Fine ounces. Cost. Commercial bars purchased -.... 4,824,966.58 $2,826,796.92 Unrefined deposits, partings, charges, and fractions 1,300,799.32 746,390.03 Mutilated and uncurrent coins 1,812.92 1,037.50 Assay coins and surplus bullion 12,935.37 7,738. 53 For return of fine bars. 2,928,833.89 1,685,796.29 Philippine coins transferred for recoinage 143,792. 73 71,897.31 Total- 9,213,140. 81 5,339,656.58 DEPOSITS OF FOREIGN SILVER BULLION AND COIN. Foreign silver bullion containmg 527,233 fine ounces and foreign silver coin containing 85,041 fine ounces were received from various countries, as follows: Crude Country. bullion. Coin. Fine ozs. Fine ozs. British Columbia .. -. 37,558 Yukon - 2,999 Ontario and Quebec 54,482 Mexico - 296,028 74,159 Central America • 79,723 South America i 56,314 Germany 72 Spain : 222 Unclassified • 57 10,660 Total 527,233 85,041 No deposits of refined foreign silver bullion were received during the fiscal year. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 404 REPORT ON THE FINANCES. COINAGE. The domestic coinage during the fiscal year 1914 amounted to 199,934,493 pieces of the value of $36,047,386.24, as follows: PhHadelphia. San Francisco. Denomination. • Pieces. Value: Pieces. Value. Gold: • Double eagles : 12,280 $245,600.00 701,000 $14,020,000.00 Eagles 21 210.00 72,000 720,000.00 Half eagles Quarter eacles 172,000 430,000.00 Total gold - 184,301 675,810.00 773,000 14,740,000.00 Silver: Half dollars 313,087 156,543.50 774,000 387,000.00 Quarter dollars 6,697,073 1,674,268.25 Dimes ... 20,601,077 2,060,107.70 1,690,000 169,000.00 Total silver 27,611,237 3,890,919:45 2,464,000 556,000.00 Minor:' 5-cent nickel -. 35,952,558 ' 1,797,827.80 1,807,000 90,350.^00 1-cent bronze 96,185,899 961,858.99 5,944,000 59,440.00 Total minor ' 132,138,455 2,759,486.79 7,751,000 149,790.00 Total coinage 159,933,993 7,326,218.24 10,988,000 15,445,790.00 Denver. Total. Denomination. Pieces. Value. Pieces. Value. Gold: Double eagles 560,500 $11,210,000.00 1,273,780 $25,475,600.00 Eagles : ' 72,021 720,210.00 Half eagles Quarter eagles 172,000 430,000.00 Total gold 560,500 11,210,000.00 1,517,801 26,825,810.00 Silver: Half dollars 1,087,087 543,543.50 Quarter dollars ^ 4,046,000 1,011,500.00 10,743,073 2,885,768.25 Dimes 7,818,000 781,800.00 30,109,077 3,010,907.70 Total silver . 11,864,000 1,793,300.00 41,939,237 6,240,219.45 Minor: 5-cent nickel .• 2,655,000 132,750.00 40,414,556 2,020,727.80 1-cent bronze ... 13,933,000 139,330,00 116,062,899 1,160,628.99 Total minor 16,588,000 272,080.00 156,477,455 3,181,356.79 Total coinage... 29,012,500 13,275,380.00 199,934,493 36,047,388.24 The approximate amount of copper used in the above coinage was 571.950 tons, of which 5.963 tons were used in alloying gold, 20.898 tons in alloying silver, and 545.089 tons were used in minor coinage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 405 In addition to the regular coinage, silver coins were manufactured at the mint in Philadelphia for the Government of Salvador, as follows: Value in Value. United States Denomination. Pieces. subsidiary silver coin. Pesos. Pesos ... .. 2,100,020 2,100,020 $2,100,020.00 25 centavos ". 1,400,000 350,005 324,726.S8 10 centavos. . •. 1,500,020 150,002 139,168.52 5 centavos 2,000,020 100,001 92,778.71 Total 7,000,080 2,700,028 2,656,894.11 NOTE.—The peso piece is 0.900 fine and the 25, 10, and 5 centavo pieces are 0.835 fine. For the government of the Philippine Islands there were manu factured at the mint at San Francisco silver and bronze coins as follows: Value in Metal con United States Denomination. Pieces. Value. sumed in • subsidiary coinage. silvercoin. Silver: Pesos. Fine ozs. 20 centavos 705,000 141,000.00 $93,999.90 67,997.25 10 centavos 1,570,438 157,043.80. 104,895.82 75,734.37 Total silver... . 2,275,438 298„043. 80 198,895.72 143,731.62 Bronze: 1 centavo 5,000,000 50,000.00 125,000.00 2 833,333.33 Grand total 7,275,438 348,043.80 223,895.72 1 Value ih United States coin. 2 Troy ounces. PURCHASE OF MINOR COINAGE METAL FOR DOMESTIC USE. There was purchased during the fiscal year 1914, 19,843,468.81 ounces of minor coinage metals for use in domestic coinage, at a cost of $240,000.47, which was delivered at the coinage mints as follows: Purchase of minor coinage metal for domestic use. Philadelphia. San Francisco. • Metal. Troy ounces. Cost. Troy ounces. Cost. Copper 13,854,166.64 $148,375.00 1,473,321.92 $15,922.27 Silicon copper 3,835.42 69.70 Phosphor copper 145.83 2.60 Tin.. 29,852;07 811 07 Zinc 291,535. 42 1,209.46 30,187.49 104.82 Nickel . ... 1,458,333.33 36,500.00 .384,583.33 8,959.81 Cupro-nickel ..: 557,068.75 8,111.84 Mutilated bronze coin 707.58 6.80 Mutilated nickel coin ... 112.29 1.15 Total - 16,165,905.26 190,276.55 1,897,944.81 25,797.97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 406 REPORT ON THE FINANCES. Purchase of minor coinage metal for domestic use^Continued. Denver. 1 Total. Metal. Troy ounces. Cost. Troy ounces. Cost. Copper : 1,458,508.33 $16,877.02 16,785,996.89 $179,174!'29 Silicon copper 3,835.42 69.70 Phosphor copper 145. 83 2.60 Tin 44,027.08 1,418.93 73,879.15 2;230.00 Zinc 58,333.33 260.00 380,056. 24 1,574.28 Nickel 218,750.00 5,370.00 2,041,666.66 50,829. 81 Cupro-nickel 557,068.75 6,111.84 Mutilated bronze coin 707.58 6.80 Mutilated nickel coin 112.29 1.15 Total 1,779,618.74 23,925.95 19,843,468.81 240,000.47 1 Period July 1,1913, to July 31,1914. FOR PHILIPPINE ISLANDS^ COINAGE. Minor coinage metals were purchased for dehvery at the mint at San Francisco for Philippine Islands' coinage as follows: - . Metal. Troy ounces. Cost. Copper ...... 685,445.83 $7,073.80 Tin , 22,553.12 601. 20 Zinc.. . 21,875.00 80.63 Total 729,873.95 '7,755.63 There were no purchases made during the fiscal year 1914 of pre pared blanks fot use in minor coinage. DISTRIBUTION OF MINOR COINS. The amount of minor coins distributed was $2,640,448.52 and the expenses for distribution, including the cost of bags, twine, seals, and tags were $20,257.58, as follows: From Phila From San From Denomination. delphia. Francisco, Denver. 1 Tbtal. 5-cent nickels $1,424,862.50 $105,206.45 $284,243.00 $1,814,311.95 1-cent bronze . 860,745. 44 46,498.19 • 118,892.94 826,136.57 Total distribution 2,085,607.94 151,704.64 403,135.94 2,640,448.52 Expenses of distribution: Transportation 7,337.64 8,422.18 15,759.82 Bags 3,614.51 843.55 4,258.06 Seals 227. 70 227. 70 Drayage 7.50 7.50 Twine 4.50 4.50 Total. 11,179.85 4.50 9,073.23 20,257.58 I Period July 1,1913, to July 31,1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIBECTOE OP THE MINT, 407 MINOR COINAGE, ISSUED, MELTED, AND AMOUNT OUTSTANDING. Outstanding Denomination. Coined. Issued. On hand. Melted. June 30,1914. Philadelphia: Copper cents.. . $1,562,887.44 $1,562,887.44 $380,997.90 $1,181,889.54 Copper half cents 39,928.11 39,928.11 39,926.11 Copper-nickel cents 2,007,720.00 2,007,720.00 -804,480.34 1,203,239.68 Bronze 1-cent pieces... 22,301,154.72 21,853,078.28 $448,076.44 476,603.25 21,376,475.03 Bronze 2-cent pieces 912,020.00 912,020.00 340,595.48 571,424.54 Nickel 3-cent pieces.... 941,349.48 941,349.48 284,135. 83 657,213.65 Nickel 5-cent pieces.... 39,900,352.40 39,112,423.70 787,928.70 3,952,195.45 35,160,228.25 Total .. . 87,665,410.15 88,429,405.01 1,238,005.14 6,239,008.23 60,190,396.78 San Francisco: Copper cents 5.05 Bronze 1-cent pieces... 278,460.00 245,374.23 33,085.77 1,267.83 244,108.80 Bronze 2-cent pieces 11.52 Nickel 3-cent pieces 13.80 Nickel ^-cent pieces.... 232,950.00^ 182,506.45 50,443.55 5,743.00 176,783.45 Total 511,410.00 427,88a 68 83,529.32 7,041.00 420,870.05 Denver: Bronze 1-cent pieces... 393,870.00 364,160.00 29,710.00 1,400.00 262, J60.00 Nickel 5-cent pieces.... • 898,350.00 879,260.00 • 19,090.00 31,700.00 847,560.00 Total ... 1,292,220.00 1,243,420.00 48,800.00 33,100.00 1,210,320.00 Grand total.. 69,469,040.15 68,100,705.89 1,368,334.48 6,279,149.23 81,821,586.83 Deduct $30.37, value of old minor coins melted at San Francisco Mint for the net amount outstanding, viz, $61,821,556.46 ' ' The uncurrent minor coins melted at each mint are not necessarily the coins of former coinage of any particular mint. WORK OF THE GOVERNMENT REFINERIES. Bullion was operated upon by the refineries connected with the mints at San Francisco and Denver and the assay office at New York during the fiscal year 1914 as follows: Sent to refinery. Returned from refinery. Institution. Gold. Silver. Gold. Silver. Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 1,498,353.539 390,821.42 1,498,337.415 393,681.11 Denver! 2,199,614.425 1.493,884.51 2,199,285.397 1,493,401.63 New York 2,720,818.234 2,376,470.12 2,720,636.395 2,377,097.90 Total 8,418,788.198 4,261,156.05 6,418,259.207 4,264,180.84 Apparent gain. Apparent loss. Institution. Gold. Silver. Gold. Silver. Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 2,859.89 16.124 Denver 1 329.028 462 88 New York 627.78 181.839 Total 3,487.47 528.991 482.88 1 From August 29,1913, to July 31,1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 408 EEPORT OK THE FINANCES. ' Bullion upon which charges were collected and bullion owned by the Government. Bullion owned by the Gov- . ernment retained by the BulUon upon which charges refinery for parting pur Total. for parting were collected. poses upon which no Institution. charges were imposed. Gold. Silver. Gold. Silver. Gold. Silver. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 607,139.909 275,014. 84 891,213.630 115,806.58 1,498,353.539 390,821.42 Denver 1 123,005.831 278,965.27 2,078,608.594 1,214,899.24 2,199,614.425 1,493,864.51 NewYork 1,038,358.109 2,197,589.79 1,682,460.125 178,880.33 2,720,818.234 2,376,470.12 Total 1,768,503.849 2,751,569.90 4,650,282.349 1,519,586,15 6,418,786.198 4,261,156.05 feY-PRODUCTS OF REFINERIES. Sponge Electrolytic Institution. Sponge platinum. Osmiridium. palladium. copper. Total. Ounces. Value. Ounces. Value. Ounces. Value. Pounds. Value. Value. San Francisco . 188.14 $7,061.88 2.78 $97.30 5,513.85 $818.05 $7,975.23 Denver 1 72.85 3,278'. 25 3.95 $165.90 1,024.36 172.88 3,617.01 New York 1,868.00 79,456.00 112.10 4,708.00 (2) (2) 84,164.00 Total 2,108.99 89,796.13 ^ 2.78 97.30 116.05 4,873.90 6,538.21 988.91 95,756.24 1 From August 29, 1913, to July 31, 1914. 2 All copper recovered is in the form of crude settlement bars and slabs. EXCHANGE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION. The value of the fine gold bars exchanged for gold coin and bullion, monthly, by the United States Mint at Philadelphia and assay office at New York for the fiscal year 1914 was as follows: Exchanged for gold coin. Exchanged for gold bullion. Months. Phila Philadelphia, New York. Total. delphia. New York. Total. 1913 July $387,445.55 $7,145,902.18 $7,533,347.73 $17,636.78 $301,291.75 $318,928.53 August.. 460,432.07 2,378,468.93 2,836,899.00 22,290.00 .284,008.84 •306,298.84 September 488,986.61 3,130,031.98 3,619,018.59 19,414.47 311,889.91 331,304.38 October 472,557.41 3,172,384.48 3,644,941.89 26,584.70 343,126.23 369,710.93 November 246,482.75 2,624,144.77 2,870,627.52 24,488.15 292,983.48 317,471.63 December 30,486.20 2,289,561.65 2,320,047.85 32,347.39 295,358.20 327,703.59 1914 January.. ,634,418.93 634,418.93 29,293.77 323,144.46 352,438.23 February. 10,546,723.11 10,548,723.11 22,911.76 251,274.55 274,186.31 March 4,797,436.82 4,797,436.82 22,698.46 297,225.09 319,923.55 April..... 2,584,19189 2,584,192.89 22,664.72 277,893.15 300,557.87 May 8,493,5^8.53 8,493,548.53 27,689.26 259,397.50 287, D86..76 June 3,934,517.20 3,934,517.20 33,612,33 271,110.37 304,722.70 Total.^ 2,086,390.59 59,729,329.47 61,815,720.06 301,631.79 3,508,701.53 3,810,333.32 MINT OF THE UNITED STATES AT PHILADELPHIA. The mint was in operation throughout the year. The particulars as to deposits and coinage appear in tables elsewhere. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 mSECTOR 0]? THE MINT. 409 ASSAYING DEPARTMENT. The operations of this department during the fiscal year 1914 were as follows: Samples operated on. Item. Gold and Gold. Silver. silver. Deposits 4,198 561 Ingots^. 136 2,547 Bullion samples and ore assays. 208 Assayer's bars 41 Coiner's bars 31 Sweep samples 8 Superintendent's bars 98 Silver purchases 3,680 Total. 3,108 4,066 The number of assays made was as follows: Deposits (gold and silver) 39,543 Ing.ots (gold and silver) 6,415 Special assays 2,390 Purchases - - 4,551 Nickel and bronze. : Sweeps :. 74 Total. 53,2 8 The average cost per assay during.the year was $0,414. In addition to the above, 530 ounces of proof gold and 1,380 ounces of proof silver were made. Of the 136 melts of gold ingots made in the melting and refining department, 44 were returned for remelting, although within the standard fineness required by law, to be thoroughly mixed. Of the 2,547 melts of silver ingots, 1 was condemned and 1 returned for remelting. The fineness of the gold melts passed was: The fineness of the silver melts passed was: . 15 melts at 900 25 melts at 900 34 melts at 899.9 51 melts at , 899.75 33 melts at 899.8 222 melts at 899.50 10 melts af 899.7 292 melts at 899.25 632 melts at 899 515 melts at 898.75 427 melts at. 898.50 84 melts at 898.25 46 melts at 898 92 2,294 In addition to the above, 251 melts of silver'ingots were made for Salvador coin 835 fine. MELTING AND REFINING DEPARTMENT. During the fiscal year this department received from the super intendent bullion containing 357,726.826 fine ounces in gold, the coinage value of which being $7,394,869.79. The amount of silver received was 9,050,382.32 fine ounces, the coinage value being $7,274,244.79. • ' / . • Upon settlement of the accounts of the melting and refining de partment there was found a gain in both the gold and silver bullion. In the gold account the surplus amounted fco 338,840 fine ounces, and of silver a surplus of 2,171.54 fine ounces was found. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 410 REPORT ON THE FINANCES. In both accounts, the surplus this year can be largely traced to recoveries from tons of old iron kings, accumulations of many years, that were considered too base to work and were put aside as contain ing values in the aggregate, but-troublesome and expensive to rid of iron. This year all this accumulation was granulated, treated with dilute sulphuric acid, the residue dried and melted, the result ing base bars naving an average combined fineness of gold and sil ver of 500. Sweep cellar operations. Number Net Department. barrels. weight. Gold. Silver. Pounds. Fine ozs. Fine ozs. Melting and refining, 29,758 77.782 •840.03 Superintendent's 7,374 78.235 123.19 Coining : 3,004 10.078 72.28 In bronze 24,714 pounds were treated and 21,652 ounces in grains recovered. In cupro nickel 29,572 pounds were treated and 31,024 ounces in grains recovered. Ingot melts made. Number Ounces, Con Metal. made. melted. demned. Gold : 136 493,195.500 Silver ...... 2,547 9,278,523.96 9 Bronze... 1 " 6,174 17,909,751.18 Nickel 3,428 11,119,783.79 Total • . . 12,285 38,801,254.430 9 In the last year's report was noted the advent of the changed sys tem of ingot making in the minor coinage metal melting room, and the molding of a larger bar of approximately six times the weight of the old mgot. The equipment of five turntables is now installed and being oper ated daily, our total production of minor coin ingots being made from these large molds. After about nine months' service of this improved mold we are in a position to state positively that it effi ciently fills our requirements, showing no appreciable warpage, and maintains a sufficiently close joint upon clamping to prevent unusu ally large fins appearing upon bars. It was originally planned that 1 turntable would serve only 2 furnaces, its 11 molds bemg filled 5 times per day per furnace, or make 100 bars. It has been found that the molds are good for heavier demands than this, and no appreciable depreciation noted when used for double this service. We realize it is better, however, to maintain a lower average temperature, and therefore try to ar range our pourings so as to distribute the work evenly to all turn tables. In my last report I referred to the tests under way to determine a suitable oil furnace. These tests are at an end and no recommenda tion for an oil-burning equipment has been made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 411 Another line of investigation being authorized, I was enabled to get facts and figures by actual tests here upon our own furnaces, which resulted in a recommendation that we contract with the Solas Co. of New York to install their machine and equip our fur-, naces, etc., with burners for use under their system of mixing gas and air. This recommendation being approved and sufficient funds being available, the contract has been let, and I expect in the next 60 days to see our mint equipped with this new, cheaper, and more efficient system of burning city gas, which will be fully de scribed in the next report. The ventilation of the minor coinage metal melting room, I hope, will be pronouncedly improved by the installation of three 48-inch direct-connected exhaust fans, placed at well-tlistributed points in the arches of the windows some 15 feet above the floor. In warm weather the heavy atmosphere surcharged with smoke, vapor, and carbonaceous matter resulted in untold hardship upon the melters, and these fans should greatly alleviate this condition by inducing proper circulation and ridding the melting room of these high-tem perature gases. COMPARATIVE TESTS IN MELTING CUPRO NICKEL (75 CUPRO, 25 NICKEL). In regular No. 6 A. G. W. furnace, city gas as fuel, with 22 ounces air pressure, against same furnace and same fuel mixed and delivered by Solas system at 2.45 pounds air pressure, and mixture at machine being 3.1 parts air to 1 of city gas. Cubic feet gas Cost Ounces Pounds Cubic per per Start. End. Time. melted. melted. feet gas hour, 1,000 used. aver pounds age. metal. Heat No. 1: Regular, i 5.55 10.35 4.40 3,400 Selas 6.00 8.39 2.39 3,584 • Heat No. 2: Regular 10.35 1.05 2.30 3,400 Selas 8.39 10.20 1.40 3,940 Heat No. 3: Regular 1.05 3.20 2.15 3,431 Selas • 10.20 11.49 1.29 3,931 Heat No. 4: Regular Selas 11.49 1.21 1.32 3,931 Heat No. 5: Regular Selas 1.21 2.50 i.29 4,590 Total, complete melting period: Regular 5.55 3.20 9.25 10,231.50 701.50 5,230 565 $7.45 Selas 6.00 2.50 8.50 19,978 1,369.80 8,575 744 4.79 It wiU be noted upon first consideration of this table that the speed of the furnace is as 3 is to 5 +, as in the Selas furnace 5 fuU melts were taken out in 8 hours and 50 minutes, as against 3 melts in our -regular furnace in 9 hours and 25 minutes. This speed, which is synonymous with high temperature, makes it possible to melt cheaper with this system, though the consumption pt gas per hour is as 565 is to 744 cubic feet. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 412 REPORT ON THE FINANCES. . Upon a four-heat run and test of this Selas system the figure $5.19 cost per 1,000 pounds of metal melted was secured. The average for two days' run of 5 heats and 4 heats gives the figure $4.97 as the fuel cost per 1,000 pounds of inetal melted. This figure is exactly 33.28 per cent less than $7.45, the assumed normal working fuel cost as we are at present operating. A No. 80 specification crucible was used in the regular test, and a No. 70 special extra high in the Selas. A comparison with the melting periods upon oil fuel furnaces, will show the speeds secured in these Selas tests were equally good as oil fuel can give. COINING DEPARTMENT. During the fiscal year ended June 30, 1914, this mint coined double eagles, eagles, quarter eagles, half doUars, quarter dollars, dimes, 5 and 1 cent pieces, and, in addition, pesos and centavos were coined for the Government of Salvador. During the year the coining department received from the super intendent 99,517.635 fine ounces of gold for coinage, which was operated upon and from which there was produced 32,692.309 fine ounces of coin in double eagles, eagles, and quarter eagles of the value of $675,810, or 184,301 pieces. This, and 63,066.654 fine ounces in chppings, condemned coin, blanks, bars, and sweeps were dehvered to the superintendent prior to settlement, and there was dehvered in settlement 3,765.240 fine ounces in blanks. The entire operation showed a surplus of 5.655 fine ounces of the value of $116.90. The percentage of coin to the amount of metal operated upon was 34.78. The lower percentage on the amount operated upon is due to the blanks of the smaller denominations not being weighed or adjusted. The pieces were first struck, and then weighed after coinage. During the same period the coining department also received from the superintendent for coinage 8,661,413.27 fine ounces of silver, of which 8,605,042.49 fine ounces were operated upon and from wliich there was produced 2,814,490.47 fine ounces, of the value of $3,890,919.45, or 27,611,237 pieces in subsidiary coin; and 1,921,784.74 fine ounces of coin of the value of $2,656,694.11 in United States sub sidiary coin, or 7,000,080 nieces for the Government of Salvador together with 3,868,299.23 fine ounces in chppings, condemned coin, blanks, bars, and sweeps were returned to the superintendent prior to settlement, and 56,570.78 fine ounces in ingots were dehvered at settlement. Upon this operation there was a wastage of 454.92 fine ounces of the value of $266.68, being 5.29 per cent of the legal aUowance. The percentage of coin produced to the amount operated upon was 55.04. A large percentage of the foreign coin made, being of a lower fineness than the domestic coin, reduced the percentage of the coin produced to the amount operated upon and increased the percentage of wastage. This department during the same period received 10,917,659.50 ounces of-nickel ingots, from which there was produced from the ingots operated upon 5,778,546.18 ounces of 5-cent pieces, of the face value of $1,797,627.80 or 35,952,556 pieces, aU of which and 3,604,399.20 ounces of chppings, condemned coin, and blanks were dehvered to the superintendent prior to settlement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 413 There was also dehvered at settlement 1,422,676.90 ounces in ingots and blanks. On the entire operation there was a wastage of 12,037.22 ounces of the value of $170.22. The percentage of coin produced from ingots operated upon was 60.86. There was also dehvered to this department during the same period 17,210,615.20 ounces of bronze ingots, from which there was produced from the metal operated upon 9,617,949.10 ounces of 1-cent coin, of the face value of $961,858.99 or 96,185,899 pieces. This amount, together with 6,058,441.10 ounces of chppings, condemned coin, and blanks was dehvered prior to settlement. , The amount returned at settlement was, ingots 1,257,794.90 ounces, good blanks 266,687.50 ounces, and condemned blanks 1,330 ounces. The wastage on this operation amounted to 8,412.60 ounces, of the value of $82.55. The percentage of wastage was 52.73. The percentage of good coin produced to the amount operated upon was 60.28. In addition to the bulhon received for coinage the foUowing shows the amount used in the manufacture of medals: Of the 657.139 fine ounces of gold received, 298.015 fine ounces were used in the manufacture of medals, which, together with 358.211 fine ounces in clippings and fihngs, were dehvered to the superintendent prior to the settlement. The amount of silver received was 2,785.15 fine ounces, of which 1,389.32 fine ounces were used in the manufacture, of medals, and that amount, with 1,408.96 fine ounces in chppings and fihngs, were dehvered prior to settlement. The gain in gold and silver in the manufacture of medals is included in the surplus and loss in gold and silver coinage. As will DC seen by the above, on the operation of 34,146,869.36 ounces of metal for coinage and 3,442.29 ounces of buUion for medals there were produced 166,934,073 pieces of coin, of the value of $9,982,910.35, and 969 gold and silver medals.. Upon this entire operation the wastage or loss amounted to $402.55. Total amount of domestic coin for fiscalyear ended June 30, 1914. Items. Pieces. Value. Gold .. .. • 184,301 • $675,810.00 Silver : 27,811,237 3,890,919.45 5-cent nickel ^ 35,952,556 1,797,827.80 1-cent bronze 96,185,899 961 858 99 Total * 159,933,993 .7,326,216.24 In addition the following coin was made for the Government of Salvador: Item. Piedes. Value. Pesos 2,100,020 $2,100,020.00 25 centavos - 1,400,020 324,726.88 10 centavos 1,500,020 139,168 52 5 centavos .• 2,000,020 92,778.71 Total 7,000,080 2,658,694.11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 414 REPORT ON THE FINANCES. ENGRAVING DEPARTMENT. AU the dies used in coining operations in all the mints are made in the engraving department at Philadelphia. The embossed- envelope dies used by contractors supplying envelopes for the Post Office Department smd postal savings bank are also made here; also dies for Army and Navy and "other authorized public medals. The mint is reimbursed for the actual expenditures for labor and materials on these medal accounts. The number of dies prepared for United States coinage last year was 2,711. In addition 160 dies were made for Philippine coinage, 232 for the Government of Salvador, 97 for the Post Office Depart ment, 57.for medals, and 30 master dies and hubs; in all 3,287, as follows: Philadel San .Fran Denomination. phia. cisco. Denver. Total. Gold: Double eagles - 50 20 ' 70 Eagles 10 20 • 30 Half eagles 20 20 40 Quarter eagles 20 20 Total 80 80 160 Silver: Half dollars • 20 20 10 50 Quarter dollars - ' 120 10 105 235 Dimes 260 20 194 • 474 Total 400 50 309 759 Minor: 5 cents •. 680 60 68 808 1 cent 655 50 54 759 Total 1,335 110 122 1,567 Philippine: 20 centavos; 30 30 10 centavos 40 40 1 centavo : 80 80 Total 150 150 Salvador: Pesos - 49 49 25 centavos - - 51 51 10 centavos 88 88 5 centavos 44 44 Total 232 • 232 Grand total coinage dies. 3,081 Proof dies '22 Master dies and hubs for coinage -. 30 United States embossed-envelope dies '. " 97 Medal dies '. ' 57 Total \ 3,287 THE STATE OF THE NUlk^ISMATIC COLLECTIONS. Progress in building up the collection of coins and medals at the mint during the past fiscal year, though at all times necessarUy slow and almost negligible' when compared with the rapid growth of similar collections.in other countries, was nevertheless better than in any previous year, . This was of course due to a more generous allowance for purchase fund. Marked improvements have also been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIEECTOE OF THE MINT. 415 made in the facilities intended to render the exhibition of selected coins more instructive to visitors. The accessions of coins and medals for the year amounted to 403 specimens of all kinds, of which 352 were coins ^nd 51 medals. The following is an analysis of these accessions: As to metals:' As to period: Coins- Coins- Gold 31- Antique 47 Electrum 12 Medieval 80 Silver 277 Modem 239 Billon 8 Oriental " 6 Nickel 3 Medals- Bronze '. 21 Modem 51 Medals- Gold 1 Bronze 50 As to the geographical distribution of the coins acquired, 212 specimens came from various countries of the Western Hemisphere, the remainder from European countries, except for. the few oriental coins. ^ - An interesting and noteworthy group of medals acquired the past year consists of 31 portrait pieces of typical North American Indians, the work of the American sculptor, Mr. Edward Sawyer. The studies and sketches for these medals were made by Mr. Sawyer at the various Indian agencies and reservations in Arizona, Montana, Oklahoma, and South Dakota. The majority of the portraits are of elderly pure-blood Indians, and because such pure types of the race are rapidly vanishing these medals wiU have for the future con siderable ethnological value. The demand for the small guidebook which was published last year has been fairly satisfactory if not fully up to the expectations which requests for such a work had warranted. The second edition of the larger catalogue of the collection was exhausted and a third, considerably enlarged, has now been brought out, MACHINE SHOP. In addition to the regular repairs and the upkeep of the machinery and apphances the following work was done for this mint: Sixteen pairs 01 counting boards; 1 set of weights for 5-foot balance, from .01 to 300 ounces; 55 large ingot molds for bronze coinage; 1 cadmium cutting machine for assayer; 2 turntables for new ingot-casting device; 1 old roUing mill rebuilt and fitted up with 50-horsepower motor; 2 conical copper colanders; 4 washing-machine cones; 44 large ingot;molds for nicKel coinage; one 6-foot balance; 3 assayers' hand clipping shears; 6 gas meters instaUed in order to get the accurate gas ^consumption in the various departments. A complete exhibit of minting processes was prepared, shipped, and operated by mint employees at the New York Electrical Exposition. The operations consisted of melting the pig metal into an ingot and passing it through the various processes until a finished bronze metal was struck from the: coining press. Plans have been made for the layout of the Panama-Pacme Exposition at San Francisco, and the necessary machinery to be sent from this mint is well under way. Two 10-beam automatic weighing machines are under construction in our shops and are about 70 per cent completed. During the same period the foUowing work was done in the shops for other institutions: Two automatic weighing machines for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 416 REPORT ON THE FINANCES. New York and Chicago subtreasuries were designed and built. These machines have four beams and each beam has two discharge boxes underneath the machine to receive the two separations which the machine is weighing. They are equipped with a motor generator which makes a very complete drive and also furnishes the current for the magnet controls. Mint of the United States at San Francisco, Cal.: Two complete ratchet feeds for cutting press; 8 sets of sectional double eagle collars;' 4 sets of toggle for gold collar device; 2 automatic coin-feeder devices for nickels and cents; 6 assayers' hand clipping shears; 5 baskets com plete, and repair parts for automatic weighing machines; 10 Philip pine coin collars. Mint of the United States at Denver, Colo.: Twenty-four dime collars; 12 quarter-dollar collars; 12 coUars for bronze coinage; 6 sets of double eagle sectional coUars; 1 set of dressing tables for milhng machines. - Smithsonian Institution: Seventeen silver disks. Rock Island Arsenal: Twenty-four silver strips. Punches, beds, and collars for Salvador coinage. PROOF COINS AND MEDALS. The following table shows the number of proof coins and medals and their nominal value manufactured during the fiscal year: Nominal Articles. value. Gold medals $6,-688.35 Silver medals 1,568.56 Bronze medals... 7,706.26 Gold proof coins. 1,182.50 Silver proof coins 728.15 Minor proof coins 94.96 Total 17,868.78 NUMBER OF EMPLOYEES. The total number of employees in this mint at the close of the fiscal year was 313, distributed in the several departments as follows: General 152 Assayer's 11 Melting and refining .'. 46 Coining 96 Engraver's 8 Total 313 A large "number of visitors from all States of the Union and from foreign countries visited the mint during the year, 85,239 having been shown through the building by the guides. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 417 MINT OF THE UNITED STATES AT SAN FRANCISCO. The following changes, occurred during the year: On August 14, 1914, Mr. T. W. H. Shanahan assumed the superintendency made vacant by the resignation of Mr. Frank A. Leach; Mr. E. J. Wagor, formerly foreman of the refinery, was promoted to the position of superintendent of the melting and refining department on October I, 1913, vice Mr. E. R. Leach, resigned. During the year this mint received 8,927 gold and silver deposits and 389 redeposits from the Carson mint, containing 2,269,311.664 fine ounces of gold of the value of $46,910,835.26, and 1,137,597.68 fine ounces of silver at a subsidiary coinage value of $1,572,625.09. The'details covering classification of bullion and source of origin are set out in tables appearing in another part of this report.- The receipts of gold bullion were as follows: Deposits : $46,586,177.17 Uncurrent United States coin transferred 2,738.60 Surplus bullion recovered 10,652.21 Redeposits : , 311,267.28 Total 46,910,835.26 The disposition of the gold bullion shown above was as follows: Bars paid depositors .' $10,144.13 Sold in sweeps 5,643.08 Bars exchanged for coin. 104,017.99 Coinage , 14,740,000.00 Wastage 913.17 Total ., 14,860,718.37 Balances, receipts, and disbursements. Balance on June 30, 1913, a§ per report $134,214,700.15 Surplus bullion pertaining to fiscal year 1913, taken up after close of that year 5,214.02 Receipts fiscal year 1914, per above. .• , 48,910,835.28 181,130,749.43 Disbursements fiscal year 1914, per above 14,860,718.37 Ledger balance June 30, 1914 '. 168,270,031.06 The purchases, deposits, and redeposits of silver bulhon at this mint during the fiscal year 1914 were as follows: Items. Fine ounces. . Cost. Fine silver purchased 502,566.03 $295,964.37 Unrefined deposits, partings 188,088.64 96,080.24 Surplus bullion, sweeps, bars, proof, etc 4,371.31 2,571.86 For return in fiiie bars 229,247.63 132,970.25 Philippine Island coins transferred for recoinage. 143,794.18 71,898.49 Mutilated and uncurrent coins 38,404.30 50,199.74 Total original deposits 1,084,462.07 849,854.95 Redeposits 53,135.61 30,789.58 Total silver 1,137,697.6 680,424.53 64402°—FI 1914- -27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 418 REPORT ON THE FINANCES. Bars manufactured during the year. •• Items. Fine ounces. Value, Gold: Certificate 1,243,766.888 $25,710,943.41 ' For exchange for gold coin.... 5,031.870 104,017.99 For payment to -depositors 490. 731 10,144.13 Total gold bars 1,249,289. 489 25,825,105..53 Silver: For payment to depositors. 229,041.49 132,850.80 The gold certificate bars on hand at this mint June 30, 1914, amounted to $127,354,014.91. For. the government of the Philippine Islands this mint manu factured during the fiscal year 1914 silver and bronze coin as follov/s: Value in United Metal con Denomination. Pieces. Value. States sub sumed in sidiary coinage. coin. Silver: Pesos. Fine ozs. 20 centavos • 705,000 141,000.00 $93,932. 69 67,948,56 10 centavos 1,570,438 157,043. 80 104,750.92 75, 774. 20 Total silver 2,275,438 298,043. 80 198,683. 61 143,722. 76 Bronze: 1 centavo. 5,000,000 50,000. 00 1 25,000. 00 2 833,798. 89 Total coinage 7,275,438 348,043. 80 223,683. 61 1 Value in United States minor coin. 2 Troy ounces., The purchase of minor coinage metals during, the year for tbe, manufacture of minor coin for the United States and the government of the Philippine Islands was as follows: For United States minor For Philippine Islands coin. minor coin. Metal. Troy Troy ounces. Cost. ounces. Cost. Copper .. . 1,-473,321.92 $15,922.27- 685,445.83 $7,073.80 Tin : '. 29,852.07 811.07 22,553.12 601.20 Zinc 30,187.49 104.82 21,875.00 80 83 Nickel 364,583.33 8,959.81 Total 1,897,944.81 25,797.97 729,873.95 7,755.63 From October, 1908, to June 30, 1914, bronze 1-centavo pieces have been coined for the government of the Philippine Islands from new metal purchased and from old Spanish copper coins deposited for recoinage as follows: 1 centavo from— Vailue. - New metal purchased • F185,233.00 Minor coins for recoinage : 59,061.12 Total 1-centavo coinage ,,...... 244^ 294.12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIR;ECTOR OF THE MINT. 419 ASSAY DEPARTMENT. The operations of this department for the fiscal year were as follows: Number of saihples-op erated oh. Item. Gold. Silver. Total Deposits 16,822 2,067 18,889 Redeposits 894 Exchange bars 36 50 Purchase bars 838 838 Return bars 28 4 30 Anode melts 508 328 836 Mint fine melts 1,468 390 1,858 Ingot melts., 632 940 1,572 Crude mass melts. .194 2 198 Fine mass melts 1,266 1,266 Experimental bars. 98 108 Bullion assay samples . 34 34 Superintendent's grains bars. 52 52 Coiner's settlement bars 30 8 38 Assayer's bars 64 37 101 Sweeps .' 21 21 42 General Land Oflice samples 189 186 375 Forest Service samples ".. 20 20 40 Secret Service samples... 32 3 35 Bureau of the Mint samples.. 122 28 150 Total. 23,344 4,092 27,436 Number of assays made and segregated. Number. - Number. Gold 68,112 Deposits 52,381 Silver 4," 928 Redeposits...... '. 2,751 Sweeps 188 Purchases. 3,044 Bureau of the Mint 251 Ingots 2,026 General Land Office 891 Refinery 8,415 Forest Service 129 Miscellaneous 5,860 Total 74,477 Total : 74,477 Mint fine gold determina Mint fine silver determina tions. tions. Fineness. Melts. Fineness. Melts. 998.7 1 998.0 4 .8 1 .25 2 .9 7 .5! .1 999.0 13 999.0 19 .1 13 .25 7 .2 19 .5.... 59 .3. 31 • .75 3 A... 64 1,000.0 2 5 44 .6 8 Total...... 97 Total 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 420 REPORT ON THE FINANCES. Ingot melts. Passed on Re- Con Melts. first Total. melting. melted. demned. Gold ingots 287 298 Silver ingots 316 337 Philippine 20 centavos 52 52 Philippine IO centavos 60 80 Total 715 Finenesses of ingot melts. Domestic coinage. Philippine coinage.i Gold ingots. Silver ingots. 20 centavos. 10 centavos. 1 at 899. 7 20 at 898.8 6 at 748. 2 5 at 748.2 35 at 899.8 82 at 899.1 12 at 748. 5 14 at 748.5 107 at 899.9 88 at 899.3 14. at 748. 7 7 at 748. 7 105 at 900.0 96 at 899.5 10 at 748. 9 14 at 748.9 38 at 900.1 35 at 899.8 5 at 749. 2 10 at 749.2 9 at 900. 2 • 15 at 900.0 5 at 749.5 8 at 749.5 1 at 9O0.-3 1 at 900. 2 2 at 750.0 298 2 337 3 52 60 1 Average fineness of Philippine subsidiary, 748.830. 2 Average, 899.959. 3 Average, 899.364. The following table shows the coinage during the fiscal year 1914: DOMESTIC COINAGE. Denominations. Pieces. Value. Gold.. ------773,000, $14,740,000.00 Silver. 2,484,000 556,000.00 Minor: 5 cents 1,807,000 90,350.00 1 cent - 5,944,000 59,440.00 Total minor 7,751,000 149,790.00 Total 10,988,000* • 15,445,790; 00 ' PHILIPPINE COINAGE. Silver : 2,275,438 F298,043.80 Bronze. -- 5,000,000 50 000.00 Total 7,275,438 348,043.80 During the year the guides took 20,145 visitors through the mint. On June 30, 1914, there were 119 officers and employees in the mint, as follows: General department 61 Coining department • 19 Melting and refining department 29 Assay department 10 - Total.... 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 421 MINT OF THE UNITED STATES AT DENVER. ' This niint was in operation throughout the fiscal year. On August 29, 1913, Frank M. Downer was succeeded by Thomas Annear as superintendent and Arthur R. Hodgson by Frank E. Wheeler as assayer. There were purchased during the year minor coinage metals con taining 1,779,618.74 troy oiAnQes, at a cost of $23,925.95. Of the minor coins struck during the year there were distributed $403,135.94, the expenses of which amounted to $9,073.23 for transportation, bags, and drayage. The annual settlement of the accounts was completed on July 31, 1914. ASSAY DEPARTMENT. The operations of this department during the fiscal year 1914 were as follows: Melts and samples operated on. Items. Gold. Silver. Total. Deposits 3,468 4,316 Redeposits 1,872 1,872 Exchange bars 58 11 69 Return bars.: 1 2 3 Purchase -. 1,732 1,732 Anode melts 237 244 481 Mint fine melts 230 143 373 Ingot melts 102 677 779 Consolidated melts 6 6 Experimental samples 352 247 599 Bullion assay samples 15 15 Copper melts 1 5 Superintendent's grain bars 9 9 Melter and refiner's settlement... 5 13 Coiner's bars 5 2 7 Assayer's bars 17 2 19 Coin sam^^les. 265 564 829 Sweep samples 107 107 Forest Service samples 126 126 Nickel and bronze ingot samples.. 19 19 Grain bars 11 11 Bureau of the Mint 117 117 Total. 7,023 4,484 11,507. Number of actual assays made 60,213. Number of cupels made 67,890 Number of pieces of lead cut and rolled.. 56,500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 42:2 REBORT ON THE FINANCES. The reported fineness, of the refined gold and silver were as follows: Dejterfrninatipns. Fine go,l$iv Fine silver. Finen_ess. Melts.; Fineness-. Melts. 999.2 1 999 33 .3 ; • 8 999i 22 .4 - - - - 12 999^ 55 .5 \ 82 999f 33 .6 93 .7 - '- -- 36 Total - 230 - Total.... 143 I>TGOT EINENESS, The reported finenesses of gold and silver ingot melts were as follows: Gold ingots. Silver ingots. Fineness. Melts. Fineness. Melts. 899.7 7 898.5- .....\ 8 .8 29 .6 - 55 .9 31 .7 1 64. 900.0 22 .8 ' H8 .1 : 5 .9 .. . t 77 .2 1 899.0 1-17' Remelts : . 7 .1 ! 74 .2 . 45" .3 41 .4.... 27 .5 17 .6 7 .7... : 12 .8 8 .9 4. 900.0 2 , Remelts 1 Total 102 Total 677 MELTING AND REFINING DEPARTMENT. The superintendent of the melting and refining department re ceived from, the superintendent of the mint-during the period from August 29, 1913, to July 31, 1914, inclusive: Gold account: Fine ounces. In buUion 2,998,588.630 Returned prior to settlement 1,882,500.429 Returned at settlement ;. 1,115,706.884 2,998,207.313 Operating wastage 381.317 Silver account: In buUion 4,211,179.77 Returned prior to settlement 2,485,722.84 Returned at settlement...-. ." 1,728,720.35 — 4,212,443.19 Surplus '. 1,283.42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 423 . Refinery operations, covering a period of nine months, were as follows: Gold account: Fine ounces. Delivered to the refinery 2,199,614.425 ' Returned prior to settlement 2,000,861.294 Returned at settlement 198,424.103 :— 2,199,285.397 Operating wastage 329.028 Silver account: Delivered to the refinery. -. 1;493,884.51 Returned prior to settlement 1,369,750.53 Returned at settlement ' T 123,651.10 1,493,40L83 Operating wastage ." .- 482.88 The refinery also returned 1,024.36 pounds copper, 72.85 troy ounces platinum, and 3.95 troy ounces palladium. The refinery earnings were as follows: Charges coUected on buUion treated S92,090.55 By-products (estimated value) 3,617.01 Total ...- '. 95,707.58 Minor coinage metal. ^ Received: Troy ounces. Redelivery settlement metal of August 28, 1913 1,116,365.33 Copper ~. 1,458,508.33 .Tin ; >. 44,027.08 Zinc '.... 58,333.33 Nickel. 218^ 750.00 Clippings .• 479,789.40 Condemned coin and blanks , 29,750.60 Total 3,405,524.07 Returned: Ingotspriortosettlement{gj^;;;-;;;:;;;;;;;;;;;;;;;;;;;;;;; •;;;;;;;;;;;;;-;;;;;:;; ^^JJ^\'}ltl^ Metalin settlement -. .- 1,549,756.59 operative wastage.: '.' 6,811.48 Total '. - 3,405,524.07 COINING DEPARTMENT. During the fiscal year 1914 the coining department operated upon gold, silver, nickel, and bronze, as follows: 812,365.578 fine ounces gold, producing 542,283.750 fine ounces of coin valued at $11,210,000; 1,922,138.82 fine ounces silver, producing 1,297,279.22 fine ounces of coin valued at $1,793,300; 762,583 troy ounces nickel, producing 426,815.60 troy ounces of coin valued at $132,750, and 1,952,478 troy ounces' bronze, producing 1,462,596.50 troy ounces of coiii valued at $139,330. The total coinage for the fiscal year was $13,275,380. •During the last six months we have been using carbon tetrachloride instead of grain alcohol for cleaning rolls. It has been found very satisfactory and is less expensive. Visitors to the number of 67,027 witnessed coining operations from the balconies. On.June 30 there were 2 officers' and 93 employees of this mint, divided as follows among the departments: General 48 Assay 9 Coining. 16 Melting and refining ' 22 Total.... 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 424 REPORT ON THE FINANCES. UNITED STATES ASSAY OFFICE AT NEW.YORK. This assay office and refinery were in operation throughout the fiscal year, but on account of the continued delay in erecting the new building on Wall Street the employees continued to perform their duties under most trying and disadvantageous conditions. The total revenue of this office during the fiscal year 1913-14 amounted to $213,416.06, and the total expenditures, including salaries, wages, and contingent expenses, amounted to $188,798.12, or a surplus revenue of $24,617.94. Notwithstanding this financial showing, however, the modest estimates submitted for increased appropriations, although approved by the Treasury Department, failed of allowa^ce. The constant growth of the business of the office makes it absolutely necessary that more money shall be provided to meet the expenses. During the year 72,880.965 fine ounces of gold and 271,517.87 fine ounces of silver were transferred to the mint at Philadelphia. Gold bars were issued to depositors for domestic use in payment for bullion for $3,508,701.53, ^and gold bars were exchanged for gold coin for domestic use in the arts, etc., for $30,650,685.99, showing a total increase of $453,856.07 compared with the previous year. .Gold bars were exchanged for gold coin for export for $29,078,643.48, showing a decrease of $12,284,830.41. The amount received for the exchange of gold bars for gold coin amounted to $27,149.61, showing a decrease of $4,738.81. MELTING AND REPINING DEPARTMENT. The melter and refiner received, operated upon, and delivered gold and silver bullion during the fiscal year 1914 as follows: Receipts and deliveries by the superintendent of melting and refining. Items. Gold account. SUver account. Receipts: ' . Fine ounces. Fine ounces. Settlement metal, June 30,1913 536.024. 225 483,416.04 Deposits and purchases 2,84i;509.159 2,839,944.68 Surplus United States light-weight coin • 2.360 Redeposits^ 29,419.820 9,973.93 Uncurrent coin 26,591. 954 Transfers from Philadelphia 96. 750 200.00 Total.... ' 3,433,844.268 3,333,534.63 Deliveries: . Gold certificate bars .' •. 1,034,578.311 Commercial (fine) bars • 2,027,335.169 2,879,847. 66 Sweeps..:" 1,558.762 3,786.^6 Balance June 30,1914 370,030.713 450,569.20 Total ... 3,433,500.955 3,334,203.52 Wastage 143.313 Total '. 3,433,644. 268 Surplus , 688. 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 425 By-products of refinery, United States assay office at New' York, fiscal year 1914. Classification. Weight. Value. Ounces. Platinum 1,868 $79,458 Palladium . • . 112 4,708 Total value . 84,184 Silver bullion sent to the refinery upon which refining charges were collected contained by assay 2,197,589.79 fine ounces, and silver owned by the Government returned to the refinery for parting urposes, upon which no parting charges were collected, contained Ey assay 178,880.33 fine ounces. All copper recovered during.the year is unrefined and in the form of settlement bars and slabs. ASSAYER S DEPARTMENT. During the fiscal year 1914, 121,529 assays were made upon 4@,551 samples, divided as follows: Items. Deposits.. Redeposits Refinery.. Specials... Tlie average cost per assay up to May 1, the time of the instaUation of a new cost system, was $0.230231. The deposit and redeposit samples represented 11,573 melts gold and 2,046 melts silver; the refinery samples, 322 melts fine gold and 522 melts fine silver, 321 melts gold anodes and 813 melts silver anodes; the remainder settlement melts, sweeps, and other refinery assays. Of the special assays 5,964 were from samples representing 678 articles of jewelry, manufacturer's samples, etc., deposited for the determination of gold and silver fineness, a number of them being used in legal proceedings for the enforcement of acts relative to the stanip ing of goods with karat fineness. The remainder were assays made for the Mint Bureau and experimental ones looking toward improvement of assay processes. Over 104,000 cupels wefe made, the silver disks used in alloying , assays for parting were rolled and cut and the fineness stamped upon all the fine gold and silver bars manufactured. The number of officers and employees at this assay office at the close of the fiscal year was as follows: General department 33 Assayer's department; 14 Melter and refiner's department 44 Total ^...: 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 426 REPORT ON THE FINAl^CES. THE ASSAY OFFICE OF THE UNITED STATES AT SEATTLE, WASH. The total number of deposits of gold dust and bullion received during the fiscal year was 1,828 weighing 393,086.392 fine ounces of the value of $8,249,272.60. The origin of these deposits is shown below: Total coining Source. Gold. SUver. value.' Alaska: Fine ounces. Fine ounces. Circle 1,637.411 365.40 $34,353.42 Cooks Inlet... 10,006.776 1,439.91 208,848.96 Copper River 13,485.908 2,235.65 281,869.04 Eagle 933.864 174.09 19,545.34 Iditarod :... 52,964.803 8,685.38 1,106,886.40 • Koyukuk 7,689.336 323.46 159,399.83 Kuskokwim 923.051 231.82 19,401.63 Nome. 111,630.404 12,525.33 2,324,919.98 Southeast Alaska 3,814.875 890.44 -80,091.42 Tanana 107,142.120 16,458.20 2,237,572.98 Total for Alaska 310,228.548 43,327.68 8,472,889.00 Califori^ia.. 31.319 - 4.73 653.98 Idaho. ^- -... 262. 487 77.37 5,533.05 Montana 75. 838 1L20 1,583.19 Oregon : 1,717.742 4,533.75 41,776.38 Washington... 954. 082 336.04 20,187.17 British Columbia 60,299.907 37,167. 22 1,297,890.01 British Colurabin, refined... - 8,505.695 .00 175,828.32 Yukon Territory 9,049.779 2,996.41 .191,217.79 •Jewehy, etc 1,368.682 845.63 29,462.18 United States gold coin 21.150 .00 437. 20 Deposit melting-room grains. 23.154 . 5.15 485. 76 Redeposits 548. 009 .00 11,328.59 Total.. 393,086.392 89,305.18 8,249,272.60 Statement of gold deposits from the opening of the institution on July 15, 1898, to the close of business June 30, 1914:. Number of deposits .' 53,125 Troy ounces 12,800,581.52 Avordupois tons 438.6 Coining value.^ :., $219,812,307:36 ORIGIN OF THE FOREGOIN.G. A IcjoV'Cv • Nome. • : $51,188,691.88 Tanana 45,082,851.61 .- Iditarod : : 4,524,611.59 Balance of 11,924,999.01 Total for Alaska .• ^ $112,721,154..09 Canada: i British Columbia : 17,367,318.30 Yukon Territory : 86,986,192.59 '• All other sources 2,557,844.38 Total 219,612,307.36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 427 The following table shows the number, weight before and after melting, loss in melting, and percentage of loss of the various classes of deposits received. Weight Weight Percent Character of deposit. Deposits. before after Loss in age of melting. melting. melting. loss. Ounces. Ounces. Ounces. Ounces. Bars '. 845 427,883.10 427,565.23 317.87 0.07 Dust 543 46,489.33 44,949.67 1,539.66 3.31 Retort 188 8,370.96 7,838.48 532. 48 6.38 Nuggets •---. 108 1,283.81 1,201.39 82.42 6.41 Mixed deposits 173 17,145. 88 16,414.84 731.04 4.28 RedepositS; 30 548.27 548.27 Jewelry, bars, and scrap 91 4,353.50 4, .307. 71 45.79 1.05 Dental, bars and scra,p.. •30 280.39 257.28 23.11 8.24 United States gold coin. 22 23.45 23.45 Total 1,828 508,378.69 503,108.32 3,272.37 The average fineness of regular deposits being 0.781 gold, and 0.1774 silver. For convenience in shipping to the mint for coinage, 986 bars, each under 400 ounces in weight and aggregating 51,728.62 ounces Troy, were melted into 56 large bars. Summary of work done in the melting department during the year. Num Weight Weight Items. ber of before after melts. melting. melting. Ounces. Ounces. Regular deposits :.. ,776 505,806.97 502,534.60 Mass melts 56 51,732.27 51,705.84 Special bullion assays 27 3,467.40 2,420.43 Granules, bars •-.. 10 292. 42 284.78 Chips, bars- 12 1,382.20 1,358.86 D. M. R. G. bars 11 41.32 38.88 D. M, R. G. consolidation bar 1 31.94 31.85 Slag bar --.. 1 '3.49 . 3.33 Settlement, bar 1 9.85 9.71 Rem.Qlts for reassays 28 14,644.63 14,605.52 Total 1,923 577,392.49 572,993.40 Summary ofthe work done in the assaying department during the year. Quartation silver manufactm-ed .ounces.. 450 Cupels manufactured number.. 18,000 Bullion assays made do— 12,476 Ore assays made for gold and sUver do.— 248 Ore assays made for base metal do 194 Slag assays from melting room .do 48 Special buUion assays .do 131 Mutilated; domestic gold coins tested do 72 There were 19 persons, male, employed at the close of the current year. ASSAY OFFICES AT DEADWOOD, HELENA, BOISE, SALT LAKE CITY, NEW ORLEANS, AND CARSON. These offices were open throughout the year as usual for deposit of bullion, and the details of their operations will be found in tables of the appendix to the report on the operations of the mint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 428 REPORT ON THE FINANCES. Deposits, expenses, income, and employees, by institutions. Number of— Value of gold Freight Em Institution. and silver Income. Expenses.! on bul ployees Rede deposits. hon and June 30, Deposits. posits. coin. 1914. Philadelphia , 8,436 37 $14,344,708.02 $3,812,197.41 S458.697.24 $866.40 .313 San Francisco 8,927 389 48,483,460.35 518.388.79 204,281. 81 119 Denver 4,335 1,872 36,965,84L87 1,386,484.86 187,949.90 95 New York i. 13,319 298 83,839,263.06 220,885.88 187,888.87 91 New Orleans 518 783.955.23 2,264.35 16,811.01 289.68 14 Carson City... 649 333,161. 67 •2,324.21 7,356.46 221.80 4 Boise... 901 1,132,593.40 3,730.50 7,783.56 812.15 5 Helena 444 1 730,803.84 1,943.32 8,876.20 640.50 6 Deadwood 193. 2,774,689.18 4,856.04 8,789.60 1,247.80 5 Seattle 1,798 30 8,249,272.60 3,836.53 38,257.95 8,036.38 19 Salt Lake City 167 121,259.00 549. 51 5,170.45 ^ 73.15 3 Total 39,887 2,627 177,759,008.22 5,957,441.38 1,131,842.85 9,987.66 674 1 Includes freight on bullion and coin. OPERATIONS OF THE MELTER AND REFINERS AND THE COINERS, FISCAL YEAR 1914. The quantity of metals operated upon in the different departments of the mints and assay office at New York during the fiscal year 1914 aggregated 12,893,780 fine ounces of gold and 30,304,883 fine ounces of silver. There were also operated upon at the coinage mints 67,383,960 ounces of minor coinage metal. The figures in the table following are the actual figures as obtained at the settlements of the accounts: GOLD. Per centage Wast- of good age per coin Amount Amount Amount 1,000 pro Institution and department. delivered by returned to operated Sur Wast- ounces duced • superin superin upon. plus. oper to tendent. tendent. ated amount upon. oper ated upon. Fine Philadelphia Mint: Fine ozs. Fine ozs. Fine ozs. ozs. Fine ozs. Melting and refining 483.478.468 483,817.308 483,817.308 338.840 Coining 100,174.774 100, ISO. 429 93,987.765 5.855 34.78 San Francisco Mint: Melting and refining 3,889,561. .476 3,890.076.777 3,890,078.777 515.301 Coining 2,Oil,668.285 2,011,624.110 1,520,421.570 48.89 Denver Mint: Melting and refining 2,998.588.630 2,997,207.313 2,769.941.170 381.317 .137 Coining 770,886.684 770;872.936 701,891.154 13.728 .019 88.75 New York assay office: Melting and refining 3,433,644.268 3,433,500.955 3,433,844.268 143.313 Total: • Melting and refining 10,805,272.842 10,804,802.353 10,577,479.523 854.141 524.630 Coining .'. 2,882,729.723 2,882,877.475 2,318,300.489 5.855 67.903 Grand total 13,688,002.565 13,887,279.828 12,893,780.012 859.796 582.533 i Period Aug. 29,1913, to July 31,1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 429 SILVER. Per centage Wast- of good age per coin Amount Amount Amount 1,000 pro delivered by returned to Sur Wast- Institution and department. superin superin operated plus. ounces duced tendent. upon. oper to tendent. ated amount upon. oper ated, upon. Fine Philadelphia Mint: Fine ozs. Fine ozs. Fine ozs. ozs. Fine ozs. Melting and refining.. 9,618,224.89 9,620,396.43 9,620,398.43 2,171.54 Coining ,. 8,864,198.42 8,663,743.72 8,605,042.49 454.70 0.052 55.04 San Francisco Mint: Melting and refining.: 1,908,583.21 1,912,810.40 1,912,810.40 4,247.19 Coining 1,038,-315.06 1,036,206.41 881,438.18 108.65 .123 6L95 Denver Mint: Melting and refining i. 4,211,179.77 4,212,443.19 4,029,520.84 1,263.42 Coinng :.. 2,589,843.04 2,589,290.22 1,922,138.82 '552.'82 '.'287 "67." 49 New York assay office: Melting ahd refining.. 3,333,534.83 3,334,203.52 3,333,536.63 668.89 .. Total: Melting and refining.. 19,071,502.50 19,079,853.54 18,896,264.30 8,351.04 ' Coining 12,292,358.52 12,289,240.35 11,408,819.47 l,118.r Grand total..-. 31,363,859.02 31,369,093.89 30,304,883.77 8,35L04 1,116.17 NICKEL. Troy Philadelphia Mint: Troy ozs. Troy ozs. Troy ozs. ozs. Troif'ozs'. Melting and reflning. 12,987,558.6412.9,48.467.39 12,987,568.54 41; 091.25 3.164 Coining 10,917,659.5010,905,622.28 9,495,018.80 12,037.22 1.287 San Francisco Mint: Melting and refining. 1,010.854.94 1,008,043.24 1,008,043.24, 2,811.70 2.789 Coining 560,492.00 560,170.08 424,979.40 321.92 .758 Denver Mint: Melting and refining 1,516,456.42 1,515,287.72 776,898.90 1,168.70 1.506 Coining 901,225.00 900,591.40 762,553.00 633.60 .831 71.09 Total: Melting and refining. 15,514,870.00 15,469,798.35 14,772,510.68 45,071.85 Coining 12,379,376.50 12,366,383.76 10,682,551.20 12,992.74 Grand total... 27,894, 246.50;27,836,182.11 25,455,061.88 58,084.39 BRONZE. Philadelphia Mint: Melting and refining. 18,494,981.0218,438,473.25! 18,494,981.02 58,507.77 3.055 Coining 17,210,615.20 17,202,202.60 15,952,820.30 .8,412.80 .527 60.28 San Francisco Mint: Melting and refining. 2,803,164.^91 2,799,996.83 2,799,996.83 3,168.08 1.131 Coining — 2,227,668.80 2,226,303.99 2,130,032.50 1,362.81 .639 66.92 Denver Mint: Melting and refining 1,889.067.65 1,883,424.87 1,088,717.40 •5,642.78 5.188 Coining 1,465,000.20 1,464,648.05 1,462,350.30 454.15 .310 "74.'84 Total: Melting and refining. 23,187,213.58 23,121,894.95 22,383,895.25 65,318.63 Coining 20,903,282.20 20,893,052.64 19,545,203.10 10,229.56 Grand total 44,090,495.78 44,014,947.59 41,928,898.35 75,548.19 1 Period Aug. 29,191-3,-to July 31, 1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 430 REPORT ON THE FINANCES. WASTAGE AND LOSS ON SALE OF SWEEPS. The value of the precious metals wasted in the metallurgical and mechanical department was $14,782.23. A loss of $2,486.30 occurred from the difference between the assay value of the bullion contained in sweeps sold-and the amount received for the same, as described in the following table: Mint at— Assay . office at Wastage, by departments. Total. Phlladel- San Fran New ,phia. cisco. Denver. York. Gold wastage: Melting and refining department.. 18,064.79 $2,962.54 $11,027.33 Coining department.... — $913.17 455.1'7 1,368.34 Silver wastage: Melting and refining department.. Coining department -... $266.68 64.15 322.92 653.75 Nickel wastage: Melting and refining department.. 581.07 57.18 49.14 887.39 Coining department 170.22 6.41 4.12 180.75 Bronze wastage: Melting and refining department.. 554.48 13.94 193.43 '761.85 Coining department 82.55 6.21 14.08 102.82 Gold loss on sale of sweeps: Melting and refining department.. 286.75 379.13 1,023.17 594.90 2,263.95 Coining department 37.68 37.88 SUver loss on.sale of sweeps: Melting and refining department.. 25.88 33.21 55.17 87.33 181.59 Coining department :. 3.08 3.08 Total wastage'and loss.. 1,988.39 1,473.40 10,181.97 3,824.77 17,288.53 Reimbursement, wastage: From contingent appropriation' 266.68 977.32 1,842.88 2,962.54 13,^049.42 From minor-coinage profits 1,388.32 83.74 260. 75 1,'732.81 Reimbursement, loss oh sale of sweeps: From contin gent appropriation. 333.39 412.34 1,078.34 662.23 2,-486.30 1,988.39 1,473.40 10,181.97 3,824.77 17,268.53 GAIN FROM OPERATIONS. The gains from operations on bulhon during the fiscal year 1914 amounted to $139,981.75, as follows: Mint at-^ Assay ofiice at Minor Character of gains. "assay . Total. PhUadel San Fran New 'offices. phia. cisco. Denver. York. Surplus bullion recovered by operative officers : $8,394.34 $10,021.00 $773.53 $362.89 $19/551.76 Value of deposit melting-room grains and sweeps , 5,214. '25 1,868.48 5,181.44 14,862.00 [$2,111.69 :29,235.86 Net gain on bullion shipped from assay offices for coinage : 351.10 351.10 Gain on light-weight gold coin purchased for coinage 2 83.34 48.79 132.22 Receipts from sale of by-products 10,277.25 2,487.74 78,033.24 90,798.23 Total 13,691.93 22,164.82 8,442.71 93,308.92 2,462.79, 140,069.17 Less wastage and loss on sweeps.^ 17,268.53 Net gain from bullion operations. 122,800.64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 481 Receipts and disposition of gold bullion, fiscal year 1914. RECEIPTS. Uncm-rent United States Surplus Redeposited . Institution. Deposits. coin trans bullion receipts from mints and Total. ferred for recovered. recoinage. assay offices. PhUadelphia $1,853,55118 $3,801,762.31 $10,630.30 $1,510,378.06 $7,178,324.85 §an Francisco 46,584,808.61 2,738.51 17,382. 23 311,121.93 46,916,049.28 Denver 20,985,487.55 5,942.13 12,091,287.20 33,082,896.88 New York 59,255,468.89 8,345.65 . 835,307.79 59,899,122.33 New Orleans..: 768,687.85 240.11 768,927.96 Carson City 321,125. 76 174. 84 321,300.60 Plelena 708,232. 78 • 189.09 1280.45 708,662.30 B oise 1,072,188.95 587. 27 1,072,776.22 Deadwood 2,678,790.83 203.26 2,878,993.89 Seattle 8,125,337. 69 478.64 8,125,816.33 Salt Lake City. 111,524.86 81.14 111,606.00 Total 142,465,205.73 3,804,500.82 44,234.66 14,548,335.43 160,882,278.84 1 Proof metal. DISPOSITION. The disposition of gold bulhon contained in the above table is as follows: Bars paid Shipped to Sold in Bars ex Coinage ex Wast Institution. mmts for changed for • Total. depositors. coinage. sweeps. coin. ecuted. age. Philadelphia.... $301,631.79 $1,899.87 $2,101,236.82 .$675,810.00 $3,080,578.48 San Francisco 10,144.13 5,643.08 104,017.99 14,740,000.00 !S9L3.17 14,860,718.37 Denver 20,706.18 14,970. 97 26,403,056.66 11,210,000.00"- 937.22 37,649,871.01 New York 3,509,636.25 $1,508,583.25 31,401.48 59,729,329,47 13,702. 74 84,790,853.19 New Orleans. 11,493.02 864,296.52 675,789.54 Carson City 320,381.26 1 320,381.26 Helena 708yl32.14 708,132.14 Boise 1,072,776.27 1,072,776.27 Deadwood 2,703,084.62 2,703,084.62 Seattle 7,542,752. 72 7,542,752.72 Salt Lake City 111,326.41 111,326.41 Total 3,853,811.35 14,629,333.19 53,915.40 88,337,640.94 26,625,810.0015,553.13 133,515,884.01 BALANCES, RECEIPTS, AND DISBURSEMENTS. Balances of gold bulhon on hand June 30, 1913, and receipts, disbursements, and balances, June 30, 1914, at the mints and assay offices are shown in the following table: Receipts dur Balance on Disbursements Balance on Institution. ing fiscal year Total. during fiscal June 30,1913. 1914. year 1914. June 30, 1914. PhUadelphia :. $8,723,034.81 $7,178,324.85 $13,899,359.66 $3,080,578.48 $10,818,781.18 San Francisco 134,214,700.15 48,916,049.28 181,130,749.43 14,860,718.37 168,270,031.06 Denver 81,623,115.18 33,082,696.88 114,705,812.04 37,849,871.01 •77,056,141.03 New York 24,372,690.05 59,899,122.33 84,271,812.38 64,790,653.19 19,481,159.19 New Orleans 12,540.12 768,927.96 781,488.08 675,789.54 105,678.54 Carson City 492. 78 321,300.60 321,793.38 320,381.28 1,412.12 Helena 762.98 708,662.30 709,425.28 708,132.14 1,293.14 Boise 100.05 1,072,776.22 1,072,876.27 1,072,776.27 100.00 Deadwood 24,339.02 2,678,993.89 •2,703,322.91 2,703,084.62 238.29> Seattle. 1,008.42 8,125,816.33 8,126,824.75 7,542,752.72 584,072.03 Salt Lake City.. . 576.95 111,606.00 112,182.95 111,326.41 856.54 Total . 246,973,350.49 160,862,276.84 407,835,827.13 133,515,864.01 274,319,763.12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 432 REPORT ON THE FINANCES. LABORATORY OF THE BUREAU OF THE MINT. From the coinage of the calendar year 1913 the assayer of this bureau tested 116 gold and 186 silver coins, all of which were found within the legal requirements as to weight and fineness. In the gold coins the greatest deviation in fineness above standard (the legal hmit being 1 above or below) was 0.3, while the greatest deviation below was 0.4. The greatest deviation in fineness of silver coins above standard (the limit being 3 above or below) was 1.3, while the greatest deviation below was 1.5. . The foUowing table and statement summarizes these assays: . Philadelpliia. Denver. San Francisco. Total.- Fineness. Gold. Silver. Gold. Silver. Gold. Silver. Gold. Silver. 898 5 1 1 .7 - 2 2 ' -• 9 2 2 899.1 1 1 .3 1 1 .6 4 4 2 1 2 9 .7 10 1 4 15 .8 11 18 1 6 7 4 19 28 .9 17 2 2 21 900.0 24 23 7 10 4 8 35 41 .1 ..... 11 4 15 2 7 36 1 1 6 9 42 .3 . 2 8 10 .4 "is" 8 3 24 6 .7 8 5 17 . .9 3 3 Q 901.1 -. 1 1 .3 1 1 • Total ..-. 82 108 18 46 20 30 116 .186 Average fineness . 899.95 900.05 899.99 900.23 / 899.83 900.25 899.92 900.18 During the year the plan of having samples representing certificate bars made at the various offices and forwarded to the bureau for test assaying was inaugurated. In general, samples from every fifth melt of such oars have been assayed at the bureau. The bureau assayer has carried on an extensive investigation into methods of determining silver and base metal in gold bullion and the results have been pubhshed in the Journal of Industrial and Engineer ing Chemistry for August and September, 1914. PROCEEDINGS OF THE ASSAY COMMISSION, 1914. The following-named gentlemen were designated as commissioners to test and examine tho weight and fineness of the coins reserved at the several mints during the calendar year 1913, pursuant to the pro visions of section 3547 of the Revised Statutes: Hon. Fred E. Lewis, House of Representatives; Mr. Miller S. Bell, Milledgeville, Ga.; Prof. William G. Brown, University of Missouri; Mr. George Burnham, jr., Philadelphia, Pa.; Mr. Frank P. Drane, Charlotte, N. C.;.Mr. Powell Evans, Philadelphia, Pa.; Mr. L. A. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 433 Fischer, Bureau of Standards, Washington, D. C; Mr. Hennen Jen nings, Washington, D. C; Hon. James F. Manning, Albany, N. Y.; Mr. Leonard P. Morgan, Philadelphia, Pa.; Hon. John F. Shafroth, United States Senate; Dr. Owen Louis Shinn, University of Pennsyl vania; Mr. Frank L. Shup, Newton, 111.; Prof. Francis H. Smith, University of Virginia; Prof. L. B. Spinney, Iowa State College; Prof. A. E. Vinson, University of Arizona. The commission met at the mint at Philadelphia on February 11, 1914, and Hon. Fred E. Lewis was elected chairman. The following committees were appointed by the chairman with the approval of the commission: Committee on counting.—Mr. Frank L. Shup, chairman; Messrs. Bell, Evans, and Morgan. Committee on weighing.—Mr. Louis A. Fischer, chairman; Messrs. Shafroth, Spinney, and, Drane. Comm.ittee on assaying.—Dr. Owen Louis Shinn, chairman; Messrs. Brown, Jennings, Vinson, and Comings. ^ > The committee on counting reported that the packages containing the pieces reserved by the several mints for the trial of coins, in accordance with section 3539 of the Revised Statutes, were delivered to,them, and.upon comparison with the transcripts kept by the Director of the Mint were found to be correct. After verification of the packages, the coins were delivered to the committee on weighing and assaying. The coins reserved by the mints for the purposes of the assay commission were as follows: , . : i Gold. Silver. Institutions. Pieces. Value. Pieces. . Value. Philadelphia. 1,350 $7,587.50 2,972 $331.85 San Francisco •. 264 3,640.00 219 92 50 Denver. 285 6,700.00 287 101.00 •San Francisco, Philippine coinage 390 58 30 The committee on weighing reported that they have examined sample coins selected at random from those reserved by the several mints. The weighing was done on a balance made by Henry Troem- ner, of Philadelphia. The weights employed were furnished by the Director of the Bureau of Standards, and were accompanied by a certificate stating their variation in mass from the standards fixed by law. The balance was carefully tested and found to be sufficiently accurate without making corrections. Certain of the working standards of the mint, selected at random, were intercompared with the following results: 500 ounces =300 ounces+ 200 ounces+ 0.0014 ounce; 300 ounces = 200 ounces+ 100 ounces —0.0002 oiince; 200 ounces = 100 ounces+ 50 ounces + 30 ounces+ 20 ounces+ 0.0001 ounce. The 2 ounces+ 10 ounces were found equal to the standard Troy pound to within 1 part in 1,000,000; and the 20 centavo and,the 10 centavo weights used in testing the Philippine silver coins were likewise found to be in satis factory agreement with the other standards of the mint. 64402°—FI 1914 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 434 ' REPORT ON THE FINANCES. The committe on assaying reported receiving and making assays of coins reserved from the United States Mints at Philadelphia, San Francisco, and Denver representing deliveries made by the coiners during the calendar year 1913. The results of the assays made of the individual coins and of the same in mass are given in the following schedules. From these it will be seen that the highest assay value of the gold coinage at the different mints (the limit of tolerance being one one-thousandth) is at— Philadelphia : 900.2 San Francisco 900.2 Denver , 900.1 The lowest assay value, of the gold coinage at the different mints (the limit of tolerance being one one-thousandth) is at— Philadelphia : 899.8 San Francisco 899.8 Denver 899.8 The highest assay value of the silver coinage at the different mints (the limit of tolerance being three one-thousandths) is at— Philadelnhia. 900.2 San Francisco. 900.4 Denver 900.4 The lowest assay value of the silver coinage at the different mints (the limit of tolerance being three one-thousandths) is at— Philadelphia 898.4 San Francisco 898.4 Denver : : 898,6 The highest assay value of the Philippine silver coinage is at— San Francisco (subsidiary) 750.7 The lowest assay value of the Philippine silver coinage is at— San Francisco (subsidiary) 748.8 The committee tested the quartation silver and found it to be, for assay purposes, free from .gold, and the lead used in the assay of gold bullion to be free from gold and silver. The acid used in the humid assay of silver was found to be free from chlorine. The balances used were tested and found to be correct. The committee therefore deemed the assays exhibited in the accom panying schedules to be entirely trustworthy. The following report submitted by the committee on resolutions was unanimously adopted: Whereas the Annual Assay Commission, appointed by the President of the United States to examine and test the weight and fineness of the gold and silver coins re served by the different mints of the United States, has met in the city of Phila delphia on Februarjr 11 and 12, 1914; and Whereas the commission having completed its labors, begs to offer the following resolutions:' First. That the assay demonstrated the value of the gold and silver coinage at the different mints for the year 1913 was within the limit of tolerance. Second. That the commission also renews the recommendations of former com missions with reference to the maintenance and increase of the national coin collec tion at the Philadelphia Mint, and that.^the commission further recommends that an official souvenir mint medal, to commemorate the completing of the canal across the Isthmus of Panama,, be struck to be sold to the public, and that the proceeds from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 435 8uch sales be devoted to the extension of the collection, under the supervision of the Secretary of the Treasury; and Third. That the thanks of the commission be heartily tendered to Hon. George E. Roberts, Director of the Mint, to Mr. Leonard P. Morgan, secretary of the commission, to Mrs. Virginia Carpenter, and to the various officials and employees of the mint for the many courtesies extended the commission during its session. Respectfully submitted. FRED E. LEWIS, Chairman. A. E. VINSON. FRANK L. SHUP. LOUIS A. FISCHER, Secretary. MOVEMENT OF GOLD FROM THE PORT OF NEW YORK. The superintendent of the United States assay ofl&ce at New York has prepared the following table, giving exports of gold through the port of New York: Statement of United States gold coin and gold bullion exported from the port of New York to Europe during thefiscal year ended June 30, 1914. Rate .Rate Date. Country. Amount. of ex Date. Country. Amount. of ex change. change. 1913. 1913. July 7 France 13,026,219 U. 8705 May 22 France $2,010,890 $4 8855 9 . do 1,993,353 .4. 8690 25 England 2,000,000 4. 8880 14 do 1,564,835 4.8880 26 France 5,000,000 4 8870 16 do 1,551,322 4. 8675 29 do 503,303 4 8835 18 .... do 321,310 4. 8650 June 1 Holland 500 4.8830 18 Holland 500 4.8845 2 France "2,163,849 4.8860 Dec 4 Haiti 200,000 8 do 4,000,000 ^ 4. 8875 8 Holland . . . 500 "4." 8550 8 Holland 600 4 8875 9 France 7,500,000 4.8885 1914 11 do . . .. 3,014,210 4 8875 Jan 5 . do 500 4.8800 11 England 221,411 4.8875 13 France 2,007,304 4. 8680 12 France 6,000,000 4.8900 20 do 2,003,584 4.8635 15 Holland 500 4 8895 27 .... do .- 2,004,280 4.8630 15 France 5,000,000 4. 8895 Feb. 2 do 2,014,310 4.8575 15 England 244,400 4. 8895 10 do .... - 2,001,904 4. 8575 16 France 5,500,000 4 8900 17 .... do 2,014. 555 4. 8580 18 England 488,800 4. 8900 24 do 2,020,556 4.8590 18 ... .do 342,160 4 8850 Mar. 2 Holland 500 4.8580 18 France 1,000,000 4.8850 3 France 2,000,456 4. 8580 19 do 1,487,351 4. 8825 May 5 do 1,000,684 "4. 8765 22 .....do 1,490,080 4 8810 11 .... do 1,011,207 4. 8800 23 do 8,590,342 4.8820 11 Germany .. . 1,018,913 4.8800 25 do ... . 1,542,717 4 8820 11 France 2,020,159. 4.8800 26 do . 966,507 4. 8790 18 Holland 500 4. 8825 18 France 2,000,000 4. 8825 Total.. 87,844,731 Recapitulation of gold exports to Europe. Hol Classification. France. Belgium. land. England. Germany. Haiti. Total. United states coin $46,415,215 $100,000 $4,000 $2,000,000 $1,018,913 $200,000 $48,738,128 Foreign coin 1,075,360 1,075,360 Bullion 37,588,522 221,310 221,411 38,031,243 Total 83,003,737 321,310 4,000 3,298,771 1,018,913 200,000 87,844,731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 436 REPORT ON THE FINANCES. During the same period there were shipped to other points: United States coin^. ^ , $3,032, Oil Foreign coin 226,925 Total $3,258,936 Total gold exports to Em-ope ! 87,844,731 Grand total gold exports ...'. : 91,103,687 The imports during the same period were as follows: From Europe: ' United States coin ' $154,094 Foreign coin..' 792,357 Foreign bullion 2,829,963 Bullion in ore - 40,915 Total gold imports from Europe $3,817,329 From other ports: United States coin. 2,467,881 Foreign coin 2,250,051 Foreign bullion '12,518,522 Bullion in ore 198,807 Total gold imports from other points .."... 17,435,261 Grand total gold imports 5l, 252,590 NET EXPORTS, UNITED STATES GOLD COIN. The net exports of United States gold coin since 1870 were as follows: Imports and exports of United States gold coin since 1870. Fiscal years. Imports. Exports. Fiscal years. Imports. Exports. Jan. 1 to June 30— Jan. Ito June 30— 1870 $12,768,501 Contiaued. 1871 55,491,719 $10,752, $55,096,639 1872 40,391,357 1896. 10,189, 77,789,892 1873 35,661,863 1897. 57,728, 23,848,535. 1874... 28,766,943 1898.. 40,593, 8,402,216 1875 59,309,770 1899. . 7,779, 27,419,737 1878 27,542, 881 1900. 8,659, 30,874,511 1877 21,274,585 1901. 3,311, 8,425,947 1878 8,427,251 1902. 3,870, 9,370,841 ,1879 4,120,311 1903. 1,519, 18,041,860 1880 1,687,973 1904. 5,780, 15,882,424 1881 1,741,364 1905. 2,236, 54,409,014 1882 29,805,289 1906. 35,251, 20,573,572 1883 :... 4,802,454 1907. 44,445, 22,632,283 1884 12,242, 021 1908. 44,929; 28,246,170 1885 2,345,809 1909. 4,842, 66,126,869 1886 5,400,978 1910. 2,050, 86,329,314 1887 3,550,770 1911. 6,041, 20,651,278 1888 3,211,399 1912. 6,283, 25,877,378 1889 4,143,939 1913. 13,941, 34,238,021 1890. 3,951,736 1914. 28,048, 86,997,030 1891...... 67,704,900 1892 42,841,963 Total 464,115,928 1,341,784,990 1893.. 101,844,087 Net exports 877,649,064 64,303,840 1 Imports of United States gold coin not separately given prior to the fiscal year 1878. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 437 STOCK OF MONEY IN THE UNITED STATES. On June 30, 1914, the stock of domestic coin in the United States was $2,347,340,350, as shown by the following table: Official table of stock of coin in the United States June 30, 1914. Items. Gold. Silver. Total. Estimated stncV of coin JiiTie 30 1913 $1,619,845,807 - $743,489,259 $2,363,115,068 Net imports United States coin, fiscal year 1914 1,545,414 1,545,414 Coinage, fiscal year 1914 28,825,810 6,240,219 32,886,029 Total 1,646,271,817 • 751,254,892 2,397,528,509 Less: United States coin melted for recoiaage, face value, fiscal year 1914 4,762,261 875,727 5,637,988 United States coin used in the arts, estimated, fis cal vear 1914 3,600,000 100,000 3,800,000 United States coin, net exports, fiscal year 1914 40,948,171 40,948,171 Total . 49,210,432" 975,727 50,186,159 Estimated stock of coin m United States Juhe 30,1914.. 1,597,061,185 750,279,165 2,347,340,350 NOTE.—The number of standard silver dollars coined to June 30, 1914, was 570,272,610, which, added to the Hawaiian dollar coiaage, 500,000, plus the number imported from the Philippine Islands, 150,000, and the number returned in Government transport?, 496,859, equals 571,419,469. - Since July 1, 1898, the num ber of standard silver dollars exported in transports has been 2,495,000; and siace 1883 the number melted to June 30, 1914, has been 196,850; and the number of Hawaiian dollars melted to June 30, 1914, has been 455,141 a total disposition of 3,146,991, leaviag in the United States on Jime 30, 1914, 588,272,478 standard silver aollars and 182,006,687 dollars in subsidiary silver coias. Bullion in mints and assay offices, June 30, 1914. Bullion. Value. Gold . - $274,550,538 Silver 3,284,544 Total • 277,835,082 Metallic Stock, June 30, 1909, 1910, 1911, 1912, 1913, and 1914- Coin and bullion. June 30,1909. June 30,1910. June 30,1911. June 30,1912. June 30,1913. June 30, 1914. Gold ... :. ... $1,640,567,131 $1,835,424,513 $1,753,134,114 $1,812,858,241 $1,868,819,157 $1,871,611,723 Silver 733,250,073 727,078,304 . 732,002,448 741,184,095 745,585,964 753,563,709 Total 2,373,817,204 2,362,502,817 2,485,136,562 2,554,040,336 2,812,205,121 2,625,175,432 Ownership of gold aiid silver in the United States June 30, 1914- Silver coia and bullion. Total gold Ownership. Gold coia and silver and.bullion. Silver Subsidi Silver Total coia and dollars. ary coia. bullion. silver. bullion. United States Treasury (free) $233,917,'903 1119,370,016 $22,040,9891$3,284,54 4 $44,695,5491 $278,613,452 United States Treasury (for certi ficates outstandhlg 1,026,149,139 478,601,977 478,601,977 1,504,751,118 National banks (June 30,1914) 149,295,329 14,293,420 2i,'604,'425 35,897,845 185,193,174 National banks (for cleariag-house certificates) 99,964,000 99,984,000 Private banks and individuals 362,285,352 56,007,065 138,361,273 194,368,338 658,853,690 Total 1,871,811,723 568,272,478 182,006,687 3,284,544 753,563,709 2,625,175,432 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 438 BEPOET ON THE FINANCES. Location of moneys of United States June 30, 1914. ^In national In other banks Money. In Treasury. banks and ia Total. June 30,1914. circulation. METALLIC. Gold bullion. $274,550,538 . $274,550,538 Silver bullion 3,284,544 3,284,544 Gold coin . 985,516,504 1 $249,259,329 $362,285,352 1,597,081,185 Silver dollars 497,971,993 14,293,420 56,007,085 568,272,478 Subsidiary silver coin .... 22,040,989 21,804,425 138,381,273 182,006,887 Total metallic 1,783,384,588 285,157,174 558,853,690 2,825,175,432 PAPER. Legal-tender notes (old issue) 8,835,369 177,490,398 160,355,251 346,681,016 Legal-tender notes (act July 14,1910)... 11,237 2,427,783 2,439,000 National-bank notes . 35,491,862 2 61,934,099 653,245,938 750,671,899 Total notes .....' 44,338,468 239,424,495 818,028,952 1,099,791,915 Gold certificates 64,825,730 321,728,740 704,420,399 Silver certificates, .i 12,248,023 129,823,852- 348,778,125 Total certiflcates 67,073,753 451,552,592 1,053,198,524 Grand total 1,894,778,789 978,134,281 2,425,881,186 3,724,987,347 1 Includes $99,964,000 gold cleariag-house certiflcates. 2 Includes $12,274,371 of their own, held by different national banks. Estimated, stock of gold and silver in the United States and the amount per capita at the close of each fiscalyear since 1873. Total stock of coin and bul lion. Per capita. Fiscal year ended June 30— Population. Gold. Silver. Gold. Silver. Total metallic. 1873. 41,877,000 $135 000,000 $8,149,305 $3.23 $0.15 1874. 42,796,000 147, 379,493 10,355,478 3.44 .24 3.68 1875. 43,951,000 121 134,908 19,367,995 2.75 .44 3.19 1876. 45,137,000 130,' 056,907 36,-415,992 2.88 .81 3.69 1877. 46,353,000 167, 501,472 58,464,427 3.81 1.21 4.82 1878. 47,598,-000 213, 199,977 88,047,907 4.47 1.85 6.32 1879. 48,866,000 245, 741,837 117,528,341 5.02 2.40 7.42 1880. 50,155,783 351, 841,206 148,522,678 7.01 2.98 9.97 1881. 51,316,000 " 478, 484,538 175,384,144 9.32 3.41 12.73 1882. • 52,495,000 506, 757,715 203,217,124 9.85 3.87 13.52 1883. 53,693,000 542, 732,063 233,007,985 10.10 4.34 14.44 1884. 54,911,000 545, 500,797 255,568,142 9.93 4.65 14.58 1885. 56,148,000 588, 697,036 283,478,788 10.48 5.05 15.53 1886. 57,404,000 . 590, 774,461 312,252,844 10.29 5.44 15.73 1887. 58,680,000 854 520,335 352,993,566 11.15 8.00 17.15 - 1888. 59,974,000 705, 818,855 388,811,108 11.70 6.44 18.20 1889. 61,289,000 880, 063,505, 420,548,929 11.09 6.88 17.95 1890. 62,622,250 895, 563,029 483,211,919 11.10 7.39 18.49 1891. 63,975,000 646, 582,852 522,277,740 10.10 8.18 18.26 1892 65,520,000 684, 275,335 570,313,544 10.15 8.70 18.85 1893, 66,946,000 597, 697,885 615,861,484 8.93 9.20 18.13 1894 68,397,000 827 293,201 624,347,757 9.18 9.13 18.31 1895. 89,878,000 636, 229,825 625,854,949 9.10 8.97 18.07 1896 71,390,000 599, 597,964 628,728,071 8.40 8.81 17.21 1897 72,937,000 696, 270,542 634,509,781 9.55 8.70- 18.25 1898 74,522,000 861' 514,780 637,872,743 11.56 8.58 20.12 1899 76,148,000 982 865,505 639,286,743 12.64 8.40 21.04 1900 76,891,000 1,034: 439,264 647,371,030 13.45 8.42 21.87 1901 77,754,000 1,124; 652,818 881,205,403 14.47 8.50 22.97 1902 79,117,000 1,192',,395,60 7 670,540,105 15.07 8.48 23.55 1903 ,80,847,000 1,249; 552,756 877,448,933 15.45 8.38 23.83 1904 81,867,000 1,327, 672,872 882,383,277 18.22 8.33 24.55 1.905 83,259,000 1,357, 881,186 886,401,168 18.31 8.24 24.55 1906 84,862,000 1,472, 995,209 687,958,920 17.40 8.12 25.52 1907 86,074,000 1,466; 056,832 705,330,224 17.03 8.20 25.23 1908 87,496,000 1,815, 140,575 723,594,595 18.48 8.27 26.73 1909 88,926,000 1,640, 587,131 733,250,073 18.45 8.26 . 26.70 1910 90,383,000 1,635, 424,513 727,078,304 18.10 8.05 26.15 1911 93,983,000 1,753, 1.34,114 732,002,448 18.65 7.79 28.44 1912 95,658,000 1,812 ', 856,241 741,184,095 18.95 7.75 28.70 1913 97,337,000 1,886, 619,157 745,585,984 19.17 7.66 26.83 1914 99,027,000 1,871, 611,723 753,583,709 18.90 7.61 28.51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 439 Stock of gold in the United States. Coin ia Coin in national Year. Bullion ia banks. Cola ia cir Total stock Treasury. Treasury. Comptrol culation. of gold. ler's report. Fiscal year June 30; 1873 $55, 518,587 $15,669,981 $3,818,088 $30,000,000 $105,006,634 1874 60, 972,107 9,539,738 5,536,088 39,807,488 115,855,419 1875 45, 382,484 8,258,706 3,710,882 31,895,660 89,047,532 1876 41, 912,188 9,589,324 3,225,707 44,533,218 99,260,417 1877 76, 661,703 10,962,189 6,308,283 39,058,592 131,988,727 1878 122, 136,831 8,323,372 8,191,952 39,767,529 178,419,684 1879 129, 920,099 5,318,376 21,530,846 53,601,228 210,368,549 Calendar year: 18791 95, 790,430 61,999,892 98,104,792 48,843,424 302, 738,538 1880 61, 481,245 93,789,822 92,184,943 150,085,854 397, 541,684 1881 84, 639,865 88,726,018 101,115,387 210,775,833 485, 257,101 •1882 ,119,523,13 6 •51,501,110 75,328,033 234,205,711 480, 555,990 1883 152, 608,393 65,687,190 73,447,061 228,296,821 520, 019,465 1884 171, 553,205 63,182,982 76,170,911 215,813,129 528, 700,227 1885 75, 434,379 72,938,221 96,741,747 313,346,322 558, 480,669 1888 187, 196,598 81,431,262 97,781,405 223,199,885 589, 609,128 1887 182, 618,983 123,145,136 99,162,377 245,145,579 650, 072,055 1888 227, 854,212 97,456,289 78,224,18'8 248,218,193 649, 752,882 1889 248, 401,951 67,265,944 84,418,468 235,434,571 633, 518,934 1890 228, 220,604 87,645,934 80,361,784 274,055,833 648, 284,155 1891 196; 634,081 83,575,643 91,889,590 253,765,288 825, 864,582 1892 156, 662,452 81,826,630 100,991,328 242,621,832 582, 102,242 1893 73, 624,284 84, a31,966 151,233,989 281,940,012 591, 430,251 1894 91, 781,176 47,106,968 151,117,047 248,787,867 . 538,793,05 8 1895 83, 186,960 29,443,955 147,308,401 242,644,897 502, 684,013 1898 121, 745,884 54,648,743 181,828,050 251,010,816 589, 233,493 1897 152, 488,113 45,279,029 187,808,644 252,419,033 637, 794,819 1898 141, 070,022 140,049,456 263,888,745 288,891,578 831, 899,801 1899 257, 306,"368 143,078,146 203,700,570 293,387,872 897, 472,754 . 1900 328, 453,044 153,094,872 199,350,080 307,870,474 988, 768,470 . 1901 417, 343,064 123,735,775 190,172,340 318,388,468 1,049, 839,847 1902 458, 159,776 159,971,402 178,147,097 324,252,498 1,120, 530,773 1903 478, 970,232 209,436,811 170,547,258 332,730,989 1,191, 885,290 1904 647, 281,358 49,187,017 195,111,219 325,261,922 1,218,821,51 6 1905 862 153,801 101,183,778 196,680; 998 327,549,686 1,287, 568,283 1908 737; 877,337 156,542,687 188,096,624 376,008,787 1,458,323,41 5 1907 788, 467,889 182,937,138 203,289,045 457,995,462 1,812, 689,332 1908 924; 316,981 111,041,339 209,185,761 411,605,432 1,656, 149,513 1909 934, 803,233 97,347,289 213,990,955 392,507,842 1,638, 849,319 1910 982 586,379. 120,728,077 227,977,878 378,745,080 1,710,035,21 4 1911.... 1,001, 413,292 183,088,870 235,184,404 379,941,280 1,799,827,84 6 1912 995; 209,422 258,857,948 240,452,237 385,717,711 1,880,237,31 6 1913 987, 678,101 303,585,254 232,798,904 380,631,888 1,904, 694,145 1 Six months ending Dec. 31,1879. STANDARD SILVER DOLLARS USED IN SUBSIDIARY SILVER COINAGE. There were purchased as bullion and melted at the mints and assay offices 785 mutilated silver dollars during the fiscal year 1914, which were used in the manufacture of subsidiary silver coin. The following have been used since 1883: Fiscal yeai'S. Amount. Fiscalyears. Amount. Fiscal years. Amount. Fiscal years. Amount. 1883 $821 1892 $42,881 1901 $1,786 1910 :... $961 1884 1893 . . . 10,500 1902 1,893 1911 .... 1,320 1885 . 1,850 1894 15,055 1903 1,777 1912 1,024 ,1888 1895 18,580 1904 , 1,304 1913 4,757 1887 8,292 1896 ' 2,034 1905 2,298 1914 785 1888 14,055 1897 1,898 1906 . . 909 1889 31,042' 1898 1,365 1907 1,548 Total... 196,850 1890 11,977 1899- 1,734 1908: 1,170 I89I 10,800 1900 1,341 1909 1,293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 440 REPORT ON THE FINANCES. RECOINAGE OP UNCURRENT UNITED STATES SILVER COIN. The table following shows the face value of abraded subsidiary coin transferred and purchased for recoinage, the amount of new coin made therefrom, and the loss since 1891: . Fiscal years. Value of new Face value. coia produced. Loss., 1891 $910,046.69 $881,680.41 $48,366.28 1892 . . .. 7,118,802.78 6,937,886.02 180,716.76 1893 7,618,198.25 7,381,289.58 236,908.67 1894 7,184,472.17 6,924,753.05 259,719.12 1895 4,361,781.36 4,181,820.73 199,940.83 1896 4,827,141.46 4,377,258.40 249,883.06 1897 : 3,197,998.50 3,048,86L64 149,136.86 1898 6,109,772.32 5,820,159.18 289,613.16 1899 .... 8,584,304.26 8,098,485.18 485,819.08 1900 • . 5,261,070.35 4,950,088.96 310,981.39 1901 ... 3,832,280.69 3,613,021.59 219,259.10 1902 3,333,437.06 3,141,548.04 191,889.02 1903 3,008,747.98 2,829,890.71 178,857. 27 1904 2,828,384.90 2,656,104.21 172,280.69 1905 ... ' 1,964,476.11 1,839,219.24 125,256.87 1906. 1,414,963.90 1,322,834.27 92,129.83 1907 1,142,184.00 1,084,826.39 77,357.81 1908 : : 1,182,982.08 1,086,69L94 78,290.12 1909 - 977,321 23 912,300.40 65,020.83 1910 814,361.57 758,895.55 55,666.02 1911 583,538.44 544,539.09 38,999.35 1912 678,457.94 634,101. 94 44,358.00 1913 414,035.30 388,026.37 28,008.93 1914 : 875,727.40 815,800.49 59,926.91 .Total • 78,004,266.72 74,169,883.36 3,834,383.36 The loss on the recoinage of $4,762,261 in worn and uncurrent gold coins was $37,962.71 and the net loss on the recoinage of $875,727.40 in worn and uncurrent silver coins was $59,926.91. The Treasuiy was reimbursed from the appropriation for that pur pose the following losses on uncurrent coin transferred during the fiscal year 1914 for recoinage: Uncurrent gold coias : $7,789.30' Uncurrent silver coins 59,868.94 Uncurrent minor coins 7,413. 54 Total , : ,.. 75,071.78 UNITED STATES GOLD IN CANADA. The holdings of United States gold coin by the Keceiver General of the Dominion of Canada on December 31, 1913, was $106,642,969. VALUES OF FOREIGN COINS. The following values calculated by the Director of the Mint were proclaimed by the Secretary of the Treasury under the provisions of section 25 of the act of August 27, 1894, as the basis for estimating the value of foreign merchandise exported to the United States during- the quarter beginning October 1, 1914: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 441 Values of foreign coins. Value in terms of Country. Legal standard. Monetary unit. U.S. Remarks. I money. Argentine Republic. Gold. Peso $0. 965 Currency: Depreciated paper, convertible at 44 per cent of face value. • Austria-Huagary. ....do Crown .203 Belgium Franc, .193 Member of Latin Gold and silver Union; gold is the . actual standard. Bolivia. Gold... Boliviano . .389 12^ bolivianos equal 1 pound sterling. Brazil...... do. Milreis.,.- .540 Currency: Govern- ment paper. Ex change rate about 25 cents to the milreis. British Colonies in Austral .do. Pound sterling asia and Africa. Canada .do. Dollar LOOO Central American States: CostaRica .do. Colon .465 British Honduras .do. Dollar LOOO Nicaragua .do. 1.000. Guatemala..'. Cordova Currency: Inconverti ble, paper, exchange rate, 16 to 18 pesos equal $1. Honduras. Silver. Peso. Currency: Banknotes. Salvador.. Currency: Convertible into silver on de mand. Chile.. Gold. .do. .365 Currency: Inconverti ble paper; exchange rate, approximately, SO. 14. Amoy .652 Canton .650 Cheefoo ... .624 Chin Kiang... .637 Fuchau .603 Haikwan .664 (customs). Hankow .610' Tael... Kiaochow. .632- Nankin , .646 China. Silver. Niuchwang... .612 Ningpo .627 Peking. , .836 Shanghai.- .596 Swatow .603 Takau .657 /rientsin .632 Dollar., Yuan .475 (Hongkong... .429 ..do. British - .429 [Mexican .432 Colombia. Gold. .do-.. 1.000 Currency: Inconverti ble paper; exchange rate, approximately $102 paper to $1 gold. Denmark. .do. Crown .268 Ecuador.. .do. Sucre '.487 Egypt.... .do. Pound (100 piasters).. 4.943 The actual standard is the British pound sterling, which is legal tender for 97^ piasters. Finland. ...-do Mark . 193 France.. Gold and siR^'er Franc .193 Member of Latin Union; gold is the actual standard. German Empire. Gold Mark .238 Great Britain do Pound sterling 4. 8665 Greece Gold and silver Drachma .193 Member of Latin Union; gold is the actual standard. 1 The exchange rates shown under this heading are recent quotations and given as an indication of the values of currencies which are fluctuating in their relation to the legal standard. They are not to take the place of the consular certificate where it is available. Exchange rates since Aug. 1 have had violent fluctua tions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 442 REPORT ON THE FINANCES. Value of foreign coins—Continued. Value in terms of Country. Legal standard. Monetary unit. U.S. Remarks. money. Haiti. Gold. Gourde $0,965 Currency: Inconverti ble paper; exchange rate, approximately, $0.2941. India (British). ....do Rupee. .324 15 rupees equal 1 pound sterling. Italy Gold and silver I Lira... .193 Member of Latin Union; gold is the actual standard. Japan... Gold... Yen.... Liberia...... do. Dollar. LOOO Currency: Depreciated silver token coins. Custoins duties are collected in gold. liexico.. .do. Peso... .498 Mexican exchange rate fluctuating and un certain. Netherlands...... do. Florin. .402 Newfouiidland. ....do. Dollar. L014 Norway."... do. Crown. .268 Panama do. Balboa. 1.000 Paraguay .. Silver.. Peso... .398 Currency: Depreciated paper, exchange rate 1,550 per cent. Persia.. Gold and silver Kran.. .170 This is the value of the gold kran. Currency is silver circulating above its metallic value; exchange' value of silver kran, approximately, $0.0875. Peru Gold... Libra.. 4. 8685 Philippine Islands. do. Peso. -. .500 Portugal do. Escudo L080 Currency: Inconverti ble paper; exchange rate, approximately, $0.9394. Roumania do Leu .193 Russia do Ruble.. .515 Santo Domingo. do Dollar. LOOO Servia do Dinar.. .193 Siam — ....do Tical... .371 Spain Gold and silverl Peseta. .193 Valuation is for the gold peseta; currency is silver circulating above its metallic value; erchange value, approximate ly, $0.1794. Straits Settlements. Gold... Dollar. .567 Sweden ....do. Crown. .268 Switzerland do. Franc.. .193 Member of Latin Union; gold is the actual standard. Turkey .do. Piaster. .044 100 piasters equal to the Turkish £. Uruguay... .do. Peso... 1.034 Venezuela.. .do. Bolivar Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1914 DIRECTOR OF THE MINT. 443 Changes in the value of foreign coins during 1914. Value, 1914. Countries. Monetary unit. Jan. 1. Apr. 1. Julyl. .Oct. 1. Argentine Republic Silver peso $0. 9647 $0. 9647 1.9647 $0. 965 Central American Sta^s. do .434 .422 .422 .422 China Silver tael, Amoy ' .711" .692 .691 .652 Do Silver tael. Canton .709 .890 .690 .650 Do Silver tael, Cheefo .679 .661 .661 .824 Do Silver tael. Chin Kiang., .894 .676 .676 .637 Do Silver tael, Fuchau .657 .640 .640 .603 Do Silver tael, Haikwan .723 .704 .704 .664 (customs). Do.... Silver tael, Hankow .665 .647 .647 .810 Do.... Silver tael, Kiaochow '.889 .670 .670 .832 Do.... Silver tael. Nankin . .704 .685 .885 .846 Do.... Silver tael, Niuchwang ... .867 .849 .849 .612 Do.... Silver tael, Ningpo .883 .865 .865 .627 Do.... Silver tael, Pe'king .693 .674 .874 .638 Do.... Silver tael, Shanghai .649 .632 .632 .596 Do.... Silver, tael, Swatow .657 .639 .639 .603 Do.... Silver tael, Takau , .715 .898 .896 .657 Do.... Silver tael, Tientsin .889 .670 .670 .632 Do.... Silver dollar (Yuan)...: .518 .504 .504 .475 Do...- Silver dollar, Hongkong .467 .455 .455 .429 Do.... Silver dollar, British .487 .455 .455 .429 Do.-.. Silver dollar, Mexican .471 .458 .458 .432 Paraguay., Silver peso .434 .422 .422 .398' The foregoing report, covering the operations of the mints and assay ofl&ces of the United States for the fiscal year ended June 30, 1914, is respectfully submitted. GEO. E. ROBERTS, Director of the Mint. Hon. W. G. MCADOO, Secretary qf the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis