472 



FINANCES OF THE UNITED STATES. 



NEW YORK ASSAY OFFICE FOB 1862. 



The deposits of gold declined from nearly 

 63 millions to 2J millions, and the payments 

 in coin became nearly nominal. Of the silver 

 deposits $22,000 was from the new mines 



of Washoe, and $7,000 from those of Lake Su- 

 perior. The operations of the United States 

 mint underwent a corresponding reduction; 

 they were as follows : 



The manufacture of money has thus declin- 

 ed to a very small amount at the national 

 mint, although the national printing presses 

 have heen very prolific substitutes. 



The use of paper money during the year in 

 its effect upon business has not been adverse 

 to the interests of holders of goods and prop- 

 erty. It has indeed checked the movements 

 of importers, since it has caused the cost of 

 importation to rise faster than the market 

 prices of the commodities. This has diminish- 

 ed importations, thereby giving additional effect 

 to the paper in its influence upon the value of 

 goods held. These have generally risen in 

 price under the joint influence of small impor- 

 tations, lessened production, higher duties, and 

 paper money. The rise thus brought about has 

 been a welcome profit to many holders of 

 goods. The following table gives the range of 

 prices of some leading articles at the beginning 

 and close of the year (see Table A). 



This list suffices to show the general rise 

 which has affected all branches, some more and 

 some less according to the peculiar circum- 

 stances of each article. Some commodities, of 

 which the value depends mostly upon the ex- 

 port demand, and which in the absence of that 

 demand sells no higher than at the same time 



TABLE A. 



last year, have actually fallen in value to the 

 extent of the rise in exchange. Other articles 



