FIXAXCES OF THE UNITED STATES. 



305 



950 fine will not give sufficient silver for alloy the 

 difference is shown by lessened proceeds in column for coin. 



The Assay Office in Xew York was establish- 

 ed in 185i, as a kind of compromise for a mint. 

 Since that time the bullion deposits at the 

 Xew York Assay Office by individuals for 

 coinage or for conversion into fine bars, to the 

 st October, 1861, have exceeded one hundred 

 eighty millions of dollars of which was in 



Gold about 95.70 per cent. 



In silver 4.30 " 



Of this large sum nearly thirty per cent, was 

 deposited in the last year, (October 1, 1860, to 

 October 1, 1861,) viz. : 



Bullion Deposited at the New York Assay Office. 



Thus in the past year the deposits have in- 

 creased from a previous annual average of less 

 than twenty millions (1854-1860) to the sum 

 of fifty-eight millions of dollars. 



The Assay Office has furnished to depositors 

 in the same period of seven years, fine bars to 

 the value of one hundred and twenty-one mil- 

 lions of dollars, viz. : 



Gold $119.656,621 



Silver 1,725,2-JO 



Total $121,331,841 



an annual average exceeding seventeen millions 

 of dollars. 



And during the same period of seven years 

 the Assay Office has forwarded to the mint at 

 Philadelphia, for coinage, a sum of over one 

 hundred and seven millions of dollars, viz. : 



Bullion sent to the Mint at Philadelphia from JKew 

 York, for Coinage. 



Thus the amount of gold and silver forward- 

 ed to Philadelphia for coinage has increased 

 from a previous annual average of eight mil- 

 lions for the first six years (1854-'60) to more 

 than fifty-eight millions in the past year. The 

 estimated expense for mere transportation of 

 this large sum for the vear past (Oct. 1860 to 

 Oct. 1861) was $71,V55, viz.: 



For gold, $1 per thousand $64.855 



For silver, $3 per thousand 6,900 



Total $71,755 



When to the consideration of this unavoid- 

 able expense, under the present law, is added 

 the loss of time to the depositor, (say from 

 twenty to thirty days,) equivalent to about one- 

 half of one per cent., the annual loss may be esti- 

 mated at about one hundred thousand dollars. 



The operations of the Assay Office monthly 

 for the past year were as follows. It will be 

 observed to how great an extent the imports 

 of gold from abroad have swollen the opera- 

 tions, of the office. 



NEW YORK ASSAY OFFICE, 1S1. 



