290 



FINANCES OF THE UNITED STATES. 



The coinage at the different mints during 

 the fiscal year was as follows : 



It is stated by the Director of the Mint that, 

 from the most authentic sources of information 

 which could be procured, it has been ascer- 

 tained that the domestic production of gold 

 and silver, for the last fiscal year ending June 

 30, 1876, was about $85,250,000; of which 

 amount $46,750,000 was gold, and $38,500,000 

 silver. 



The estimates of the same Director of the 

 Mint made for the previous fiscal year fixed 

 the stock of gold and silver coin in the United 

 States at about $142,000,000, of which some 

 $12,000,000 was probably silver. Taking this 

 estimate as a basis, we have : amount of gold 

 coin June 30, 1875, $130,000,000; adding to 

 this the product of the mines for 1876, $46,- 

 750,000, and importations, $7,992,000, furnishes 

 $184,742,000 ; deducting the exports, $31,- 

 177,000, and about $2,000,000 consumed in 



the arts and manufactures, leaves a net balance 

 of about $151,565,000 gold in the country at 

 the close of the fiscal year, June 30, 1876. 

 The estimated amount of silver coin, June 30, 

 1875, was about $12,000,000 ; importations 

 during 1876, $7,942,000 ; product of the mines, 

 $38,500,000; giving a gross amount of $58,- 

 442,000, from which deduct exportations, $25,- 

 329,000, and amount employed in manufact- 

 ures, $3,000,000, leaving $30,113,000 as the 

 stock of silver coin and bullion : June 30, 1876, 

 a total amount of both gold and silver coin and 

 bullion of $181,678,000. This is an increase 

 during the year of about $39,000,000 in the 

 national coin. 



The following facts, stated by the Director 

 of the Mint on the change in the relative 

 value of gold and silver, are important : 



The average relative value of gold and silver from 

 tlie establisbment of the money system of the United 

 States in 1792 down to the year 1870 was about as 1 

 to 15i, from which ratio there were no important 

 variations, except that in 1859 silver appreciated 

 nearly five per cent., as compared with its relative 

 value to gold in 1843. In 1760 the relative value of 

 gold and silver was as 1 to 14.29 ; in 1781, 1 to 13.33 ; 

 and in 1809, 1 to 16.25 ; or a change of 21A per cent. 

 Taking 1781 as the year of the highest relative value 

 of silver since 1760, and the average of the first seven 

 months of 1876 as the lowest within a period of ninety- 

 five years, shows a change of 34 per cent, in the rela- 

 tive value of the two metals. In 1649 the ratio was as 

 1 to 15.78, and in 1859, 1 to 15.19, representing a 

 'change of 3& per cent. This covered the period of 

 an extraordinary addition to the world's supply of 

 gold from the mines of California and Australia. 

 That the change in relative value was not greater 

 than this appears to be conclusive that either there 

 existed a vacuum for the absorption of gold, or that 

 it is naturally more unvarying in value than silver. 

 Evidences of an approaching important alteration 

 became apparent in 1872, or immediately after a 

 change from a silver to a gold standard by the Ger- 

 man Empire had been definitely determined upon. 

 This change progressed very gradually during tlie 

 years 1872, 1873, and 1874, became marked in 1875, 

 and during the first seven months of 1873 was so 



