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archieftoegang 2.10.02, inventarisnummer 2901, pagina 21

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The official figures furnished by Sir E. Thornton Show Similar results in the
total exporis trom the United States, 112.:
Silver Bullion
and Coin.
Dollars.
39, 720, 833
137, 242, 800
25, 151, 000
16,285, 000
8, 142, 000
24, 427, 800
.
L.
27, 950, 000
7, 450, 830
5, 630, 603
Fissal gear endins 3oth Tune 1873
33
1874
1873
33

Por the eight months ending 23th February 1876,
the amount siven is
Add tor tne remainins tour months, assumins the
same scate
To2a1 for 1875-76 -
4, 880, 600
The toregoins tigures appear to apply to tgross exports, vut in the
Appendix will also be tound the official statement of the Chiet of the Bureau
of Statisties, in which both exports and imports are siven. The surplus of ex
ports over imports is the most correct mode of calculation.
the tollowins is the excess of exports over imports of Silver durins tour
years:-
Dollars.
25, 302, 543
26, 933, 869
23, 636, 216
17947, 241
L.
5, 850, 509
5, 390, 674
4, 127, 243
3,389, 448
187172.
167273.
1873-74.
187475.

Ot the total exports, it stiould ve observed, that more than 1000, 0001.
per annum is exported to Sapan and the tiast. I will be seen, on a general
revier of these ticures, that, 50 tar, the lutest increase in the neu mines nas
not throun any additional supplies on the luropean markets.
The cause of the diminished export of Silver, notwithstandins the increased
production, is to be sought in the coinins operations of the United States (vern
ment, and is due in the main to an Aet passed tor substitutins Silver coin tor
the papert tractional curreney: Tour Committee reter on this vead to the
information supplied to them by Sir H. Thornton.
It appears that in the nine months ended March 31, 1876, 4, 801. 700 trade
dollars ans 8, 537, 500 dollars of subsidiary Silver coin nad veen coined, 16. a
total of 13, 338, 800 dollars, or about 2667, 0001. 1t will be remembered that
12000, 000 dollars o2 2400, 0001. of Silver vullion nad veen stated to have
veen bought by the Government in the year 1873. The tollowins important
statements are contained in a communication made to Sir L. Thornton by the
Director of the Mint.
It is expected that the substitution of subsidiary Silver coin tor the
i tractional curreney now outstandins will be commenced soon, and continued
until the notes are all withdrawn. The amount of tractional currency ont
1 standins is about 40, 000, 100 dollars 13000,0001. The amount of Silver
t coin now on hand tor the redemption of the tractional currenoy is 14,000000
1 Aollars. This coinase, it is provable, will hereatter amount 10, 5ay, 1, 500, 000
dollars per month.
Atter the redemption of the tractional notes, Silver coin can only ve issued
11 at par.
It is provable that, atter redemption, about 73, 000, 000 dollars of Silver
coin ot limited tender will be used in the United States. (he Aet tixes the limit
of lexal tender tor this coin at 20 dollars, 1. 0. 41. s Silver trom present appear
is ances is not likely to be made a tull lexaltender in the United States. Is 15e,
subordinate to 9018. is litely to ve larger than in some other countries, and the
is tabrication
tPhis amount does not agree with tiat given by the Chiet of the Bureau of Statisties, vi2,
32, 588, 600 d0llars 16, 510, 0001.) (see Appendix.
Appendix 21
N0. 221.
Appendix 21
(10, 231.
ou oxeaxciariov op Stvrk.
tabrication of Silver coin will have to be sufficiently large to allow a portion of
it to meet the demand tor export to some of the South American States.
special coinages ot Silver, and the temporary relaxation of the rute
requirins the issue of Silver in exchange tor Cola coins at par, are provable.
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the operation, it will be observed, is double: the issue of subsidiary Silver
coin 1ot the value of 10, 20, 23 and 50 cents.) and the issue of a Silver dollar
of the weight of 412e, grains troy of Standard Silver, 1. e. of sull value,
tor limited lexal tender. ihe tieure siven tor the amount of subsidiary
Silver coin i5 40, 000. 000 dollars 18, 000. 0001. of wlich not more than 14,000, 000
Aollars, 16, 2,800, 0001. nad veen provided up to the end of February. The
amount to ve coined monthly is siven at 1,500. 000 dollars, 5ay 300, 0001: o2
3,600, 0001. per annum. The amount of Silver coin to ve used in the Onited
States after redemption, is Stated at 73, 000. 000 dollars, or 13,800. 0001. 1t
would appear as it the amount of 173, 000, 000 dollars of limited tender was
exclusive of the amount to ve coined tor tractional ourrency, vut the passage
quoted is not quite clear on the point. Moreover, while recognisins the impor„
tance of such a declaration made to Her Majestys Minister at Washinston,
pour Committee are aware that the tuttiment ot the intention must depend on
many political considerations, which they are totally unable 10 gauge.
Since the Committee nave closed their evidence it nas veen reported in the
publie papers that bills have veen introduced and passed at Washinston to autho.
rise the coinins of 6, 000, 0001. of Silver tull weightea coin, of limited lezal tender,
apparently in pursuance of the poliey tores hadowed by the Director of the Mint.
but pour Committee must call special attention to the circumstance that, until
atter the resumption of specie payments, it is very doubttul noir tar Silver coin
il issued, would remain in circulation. Onthis point the tollowins passage trom
the Report of the Secretary of the Treasury, Mr. Bristow, on the State of the
Finances tor the year 1873. deserves special attention:
t The Mints have veen put into active operation, and the acgregate amount of Silver
te coin now in the Treasury is 10,000, 000 dollars.
t The Secretary nas been urged to begin the work of resumption by issuins Silver
e coin in redemption of ontstandins currenoy, and it nas been insisted that, under the
is tirst section of the Act, ne nas no discretion, vut must issue the Silver coin as tast as it
is can be turned ont trom the Mints. While the Aet requires che coinage to proceed as
es rapidly as practicable, it does not, in terms, require tne Secretary to issue it at once,
ie nor does it tix the period ot time when the issue must begin. tor obrions reasons, it
is nas been, and yet is, impracticable to put or reep Silver coin in circulation. The
e present depreciation ot curreney beloi Cola precludes the probability that Silver would
et remain in circulation, and theretore it nas been deemed impracticable to issue it tor the
es present, or until, by the nearer approach of, or creater preparation tor, general resump
e tion, there shall be such an appreciation of the circulatins ourreney of the country as
es would give assurance that the Silver coin to be issued would not be hoarded tor ship
ie ment abroad, or converted into plate and jewellery, or reduced to bullion.
It should ve added, that as pour Committee have understood, a considerable
amount even of the tractional curreney nas touna its way out of the districts
where it is issued. to Calitornia. trom theee considerations, it woula appear
that while the United States Covernment will continue to buy and to manutae.
ture Silver coin, they will be sloi to issue it tor the present: a circumstance
wlich must ve tully weished in estimatins the scate on which the Government
purchases of Silver vullion are littely to proceed in the near tuture. Still, even
takins this circumstance into account, it is evident that unless a change of policy
should take place, a large proportion of the American supplies will be kept in the
United States. Vor does it appear that, on the basis of a total production of
3000, 0001. in che year 1876 in the United States, and assumins that the Govern
ment carry out their poliey, the supplies to turope are likely tor the present to
exceed the limits which they have attained durins the gears 1871- 1873.
lour Committee, in the toresoins observations, hare endearoured to brins
toxether the main taets vearins on the supplies of Silver wich have veen
receired or may be expected trom the United States, vut it will be remarked that,
on the one hand, the uncertainty respectins the scate on which the Silver mines
may be expected to increase their gield, and, on the other hand, the uncertainty
as to what extent and at what period Silver may be introduced into the
curreney of the United States, vattle all calculation. The prominent tact in all
the prevailins uncertainty is, that the Silver production of the United States
nas increased trom an averase of 2, 287, 3001. tor the years 1864 1867, 10 an
expectel
338.
Appendix 10.