VALUES OF FOREIGN COINS. 



The following statements show the valuation of foreign coins, as given 

 by the Director of the United States Mint and published by the Secretary 

 of the Treasury, in compliance with the first section of the act of March 3, 

 1873, vlz: "That the value of foreign coins, as expressed in the money of 

 account of the United States, shall be that of the pure metal of such coin of 

 standard value," and that "the value of the standard coins in circulation of 

 the various nations of the world shall be estimated annually by the Director 

 of the Mint, and be proclaimed on the ist day of January by the Secretary 

 of the Treasury." 



In compliance with the foregoing provisions of law, annual statements 

 were issued by the Treasury Department, beginning with that issued on Jan- 

 uary i, 1874, and ending with that issued on January i, 1890. Since that 

 date, in compliance with the act of October i, 1890, these valuation state- 

 ments have been issued quarterly, beginning with the statement issued on 

 January i, 1891. 



These estimates "are to be taken (by customs officers) in computing the 

 value of all foreign merchandise made out in any of said currencies, imported 

 into the United States." 



The following statements, running from January i, 1874, to April i, 

 1894, have been prepared to assist in computing the proper values in Ameri- 

 can money of the trade, prices, values, wages, etc., of and in foreign coun- 

 tries, as given in consular and other reports. The series of years are given 

 so that computations may be made for each year in the proper money values 

 of such year. In hurried computations, the reductions of foreign currencies 

 into American currency, no matter for how many years, are too often made 

 on the bases of latest valuations. When it is taken into account that the ruble 

 of Russia, for instance, has fluctuated from 77. 17 cents in 1874 to 37. 2 cents in 

 April, 1894, such computations are wholly misleading. All computations 

 of values, trade, wages, prices, etc., of and in the " fluctuating-currency coun- 

 tries ' ' should be made in the values of their currencies in each year up to 

 and including 1890, and in the quarterly valuations thereafter. 



To meet typographical requirements, the quotations for the years 1876, 

 1877, l8 79> 1881, and 1882 are omitted, these years being selected as show- 

 ing the least fluctuations when compared with years immediately preceding 

 and following. 



To save unnecessary repetition, the estimates of valuations are divided 

 into three classes, viz: (A) countries with fixed currencies, (B) countries 

 with fluctuating currencies, and (C) quarterly valuations of fluctuating cur- 

 rencies. 



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