Improvements made at the Philadelphia Mint in 1887, under the Supervision of Hon. Daniel M. Fox.
Reading edition
Impairment of the foundation of the old engine, together with the requirement of increased power, at the mint at Philadelphia led to a special appropriation by Act of Congress of $54,639.20, in accordance with specifications for the renewal of the steam motive plant and for its transfer from the centre of the building to space newly provided near the northern outer wall. The work, undertaken in July, was, by extraordinary exertions on the part of all engaged, completed early in September, with an interruption of less than two months to the regular course of complete operations. Two new 150-horse-power duplex steam-engines and one of 50-horse-power have been erected in the north basement, along with three tubular boilers, coal bunkers, etc.
By this important improvement in plant valuable space has been secured in the centre basement and ground floor for vaults and other necessities.
The number of assays made during the year was some 66,000, of which 48,000 were silver and 18,000 gold.
The melter and refiner of the mint operated upon a larger quantity of bullion than in any previous year in the history of the institution. The operations by this officer may be stated as follows:
Ounces.
Gold deposits 409,326
Silver deposits 44,239,881
Parted and refined 721,765
As this bullion is handled more than sixteen times in the processes of melting and preparation for coinage or for manufacture of fine bars, the combined operations represent a single handling of nearly 25,000 tons.
The operations of the coiner’s department may be stated as follows:
Ounces.
Gold 13,574
Silver 42,924,485
Minor coinage metal 5,588,897
Total 48,526,956
The total coinage was $23,277,600.80, the total number of pieces being 81,532,391.
In addition to the coinage executed during the year, gold and silver bars were manufactured as follows:
Gold $58,188,953.66
Silver 6,481,611.25
Total $64,670,564.91
Gold and Silver Bullion in the Mints and Assay Offices July 1, 1887.
Metal. Cost.
Gold $85,512,270
Silver 10,455,650
Total $95,967,920
Total Metallic Stock in the United States July 1, 1887, Coin and Bullion included.
Value.
Gold $654,520,335
Silver 352,993,566
Total $1,007,513,901
At the beginning of the fiscal year 1887 there was on hand at the mints at Philadelphia, New Orleans and San Francisco, silver bullion purchased for the silver dollar coinage amounting to $2,960,969.02. There was delivered at the mints on purchases of all kinds during the year, as above, 29,433,342.27 standard ounces, at a cost of $25,988,620.46, making the total amount of silver available during the fiscal year for the silver dollar coinage 32,691,837.93 standard ounces, costing $28,949,589.48.
The price paid by this Bureau on November 1, 1887, for silver purchases for the silver dollar coinage was $0.9580.80 per ounce fine.
The production of silver, notwithstanding the large depreciation in the market value of that metal, has steadily increased from $115,000,000 in 1883 to $130,000,000 in 1886. The production of the world for the calendar years 1883, 1884, 1885 and 1886 is exhibited in the following table:
World’s Production of Gold and Silver.
Calendar Years. Gold. Silver.
1883 143,533 $95,392,000 2,769,197 $115,088,000
1884 153,017 101,694,000 2,804,725 116,564,000
1885 154,942 102,975,000 3,062,009 127,257,000
1886 147,097 97,761,000 3,137,175 130,383,000
The United States still maintains first rank among the nations of the world as the largest producer of the precious metals, having produced during the calendar year 1886 gold and silver of the coining value of $86,000,000. Mexico retains second rank, with a production of $33,614,000, of which $33,000,000 was silver. Australia has a production of $27,647,000, of which $26,425,000 was gold. Russia is credited with a production of $21,046,000, of which $20,518,000 was gold.
Circulation of Standard Silver Dollars at the end of each six months, from July 1, 1885, to July 1, 1887, and on October 1, 1887.
Period. Total coinage. In the Treasury. In circulation.
Held for payments of certificates outstanding. Held in excess of certificates outstanding.
July 1, 1885 $203,884,381 $101,530,946 $63,882,166 $38,471,269
January 1, 1886 218,259,761 93,179,465 72,538,725 52,541,571
July 1, 1886 233,723,286 88,116,225 93,137,341 52,469,720
January 1, 1887 249,683,647 117,246,670 71,259,568 61,177,409
July 1, 1887 266,990,117 142,118,017 69,365,953 55,506,147
October 1, 1887 273,660,157 154,354,826 58,688,970 60,616,361
Appropriations for the support of Mints and Assay Offices for the fiscal year 1888.
Institutions. Salaries. Wages of workmen. Contingent expenses. Repairs of buildings. Total.
Coinage mints.
Philadelphia $41,550 $293,000 $100,000 $434,550
San Francisco 41,900 170,000 40,000 251,900
Carson 29,550 60,000 25,000 114,550
New Orleans 31,950 74,000 35,000 140,950
Assay offices.
New York 39,250 25,000 10,000 74,250
Denver 10,950 14,000 6,000 $2,000 32,950
Helena 7,700 12,000 6,000 25,700
Boise City 3,000 5,000 1,000 9,000
Charlotte 2,750 2,000 4,750
Saint Louis 3,500 2,400 5,900
Total $212,100 $648,000 $231,400 $3,000 $1,094,500
Comparison of expenditures, years 1886 and 1887.
Appropriations. 1886. 1887.
Salaries $ 189,331.48 $192,907.13
Wages of workmen 593,865.07 601,787.25
Contingent expenses 164,183.47 [25]193,704.93
Standard silver dollar 119,976.00 200,189.02
Total $1,067,356.02 $1,188,588.33
Production in round numbers of precious metals in United States for 1886.
State or Territory. Gold. Silver. Total.
Alaska $446,000 $2,000 $448,000
Arizona 1,110,000 3,400,000 4,510,000
California 14,725,000 1,400,000 16,125,000
Colorado 4,450,000 16,000,000 20,450,000
Dakota 2,700,000 425,000 3,125,000
Georgia 152,500 1,000 153,500
Idaho 1,800,000 3,600,000 5,400,000
Montana 4,425,000 12,400,000 16,825,000
Nevada 3,090,000 5,000,000 8,090,000
New Mexico 400,000 2,300,000 2,700,000
North Carolina 175,000 3,000 178,000
Oregon 990,000 5,000 995,000
South Carolina 37,500 500 38,000
Utah 216,000 6,500,000 6,716,000
Washington 147,000 80,000 227,000
Texas 200,000 200,000
Alabama, Tennessee, Virginia, Vermont, Michigan, and Wyoming 5,000 5,000 10,000
Total $34,869,000 $51,321,500 $86,190,500
Production of the United States from 1880 to 1886.
Calendar Years. Gold. Silver. Total.
1880 $36,000,000 $39,200,000 $75,200,000
1881 34,700,000 43,000,000 77,700,000
1882 32,500,000 46,800,000 79,300,000
1883 30,000,000 46,200,000 76,200,000
1884 30,800,000 48,800,000 79,600,000
1885 31,800,000 51,600,000 83,400,000
1886 35,000,000 51,000,000 86,000,000
Gold and silver product in the United States and amount coined in 1886.
GOLD.
Value of the product of the mines, 1886 $98,000,000
Coinage executed in 1886 $92,650,000
Recoinage 9,600,000
Net coinage 1886 83,050,000
Leaving new gold for employment in the arts $14,950,000
SILVER.
Value of the product of the mines, 1886 $130,000,000
Coinage executed in 1886 $124,670,000
Recoinage 13,950,000
Net coinage 1886 110,720,000
Leaving new silver for employment in the arts $19,280,000
Minor Coins Shipped to the Different States and Territories from the Mint at Philadelphia during the Fiscal Year 1887.
State or Territory. 1-cent bronze. 5-cent nickel.
Alabama $25.00 $5,375.00
Arkansas 20.00 890.00
Arizona 20.00
California 1,215.00 11,585.00
Colorado 105.00 6,090.00
Connecticut 6,230.00 6,010.00
Delaware 385.00 950.00
District of Columbia 200.00 300.00
Dakota 1,590.00 3,640.00
Florida 190.00 840.00
Georgia 490.00 3,020.00
Indiana 10,669.37 18,710.00
Iowa 8,330.00 11,970.00
Illinois 51,831.00 68,355.00
Idaho 80.00
Kentucky 1,775.00 12,950.00
Kansas 4,440.00 8,720.00
Louisiana 400.00 6,510.00
Michigan 17,840.00 11,786.00
Massachusetts 38,815.00 39,210.00
Minnesota 10,405.00 13,615.00
Maine 1,325.00 1,215.00
Mississippi 25.00 250.00
Montana 2,020.00
Maryland 14,270.00 22,070.00
Missouri 7,650.00 $49,490.00
New York 128,125.00 73,870.00
North Carolina 1,035.00 1,290.00
New Jersey 12,965.00 11,835.00
New Hampshire 800.00 2,600.00
New Mexico 400.00
Nebraska 2,710.00 14,865.00
Ohio 29,015.00 34,990.00
Oregon 20.00 3,510.00
Pennsylvania 25,509.00 45,045.00
Rhode Island 6,951.00 3,100.00
South Carolina 800.00 2,865.00
Texas 150.00 7,320.00
Tennessee 1,280.00 15,890.00
Utah 1,320.00
Virginia 3,080.00 5,540.00
Vermont 1,370.00 900.00
West Virginia 1,235.00 2,380.00
Wisconsin 7,230.00 10,755.00
Washington Territory 500.00
Wyoming 260.00
Total $400,510.37 $544,686.00
Minor Coins Struck and Remelted from the Organization of the Mint, and the Amount Outstanding June 30, 1887.
Denomination. Coined. Remelted. Outstanding, June 30, 1887.
Copper cents $1,562,887.44 $372,741.70 $1,190,145.74
Copper half cents 399,926.11
Copper nickel cents 2,007,720.00 735,616.30 1,272,103.70
Bronze cents 4,319,275.48 24,517.11 4,294,758.37
Bronze 2-cent pieces 912,020.00 292,128.08 619,891.92
Nickel 3-cent pieces 903,705.00 175,541.44 728,163.56
Nickel 5-cent pieces 8,691,671.75 61,934.00 8,629,737.75
Total $18,437,205.78 $1,662,478.63 $16,734,801.04
On the 30th June, 1886, the amount of minor coin in the Treasury was $377,814. Of this amount over $160,000 proved to be in 3-cent nickel pieces, for which there was no demand, and over $60,000 in uncurrent minor coins of former issues was transferred for recoinage, confined to 1-cent bronze and 5-cent nickel pieces. The demand for 1-cent bronze and 5-cent nickel pieces, at first sudden, has since been urgent and continuous; at times largely beyond the ability of the mint to promptly meet.
Operations Fiscal Year, 1887.
Bars manufactured:
Gold $58,188,953.66
Silver 6,481,611.25
Total 64,670,564.91
Coinage executed:
Gold $22,393,279.00
Silver 34,366,483.75
Minor 943,650.65
Total 57,703,413.40
Refinery earnings $143,258.52