Communicated to the House of Representatives, February 5, 1825.
To the House of Representatives of the United States:
I herewith transmit a report from the Director of the Mint of the United States, showing the operations of that institution for the last year.
Washington, February 2, 1825.
Mint of the United States, Philadelphia, January 1, 1825.
Sir: I have again the honor of laying before you a report of the operations of the Mint during the past year.
From the statement of the Treasurer, herewith transmitted, it appears that the coinage executed within the above period has amounted to $1,858,297, consisting of 4,786,894 pieces of coin, viz:
|Of gold||19,940||pieces, amounting to||$93,200|
|Of silver||3,504,954||pieces, amounting to||1,752,477|
|Of copper||1,262,000||pieces, amounting to||12,620|
Deposits of gold have been for the last three years inconsiderable. While gold bullion is in demand at a premium on its standard value, for the purpose of exportation as a remittance, instead of bills at the current exchange, no adequate inducement exists to bring it to the Mint, if its value can be otherwise satisfactorily ascertained. It is obvious that, if coined and issued under such circumstances, it cannot be retained in circulation.
Of the gold coined within the year, about five per cent. was received from North Carolina, thirty-five from Africa, and fifty from South America and the West Indies. The remainder, about ten per cent., is of uncertain origin.
Of silver, the receipt has been abundant throughout the year. The amount now in the vaults of the Mint exceeds $300,000, and no failure of the supply is at present anticipated. A large portion of this supply comes directly from Mexico, South America, and the West Indies, in various forms of unwrought bullion, in plate, and in coins not admitted into our currency. But the principal deposits are made in foreign coins by the banks, especially the Bank of the United States, about $1,200,000 having been received from that institution within the past year.
The amount of copper, coined and uncoined, the property of the United States, now at the Mint, is about $25,000. The issue of cents within the year has amounted to $15,475, on which a profit has accrued of nearly $4,500, as will be more particularly specified in the usual return made by the Treasurer on that Subject.
The aggregate profit heretofore realized on the coinage of copper having amply refunded the amount ordinarily invested on behalf of the Government in the purchase of that article, the profit now derived from the annual issue of cents, which is regularly paid into the Treasury of the United States, is an effective reimbursement of so much of the amount expended under the appropriation of the year for the support of the Mint.
Copper coins being transported at the expense and risk of the Government to all parts of the United States, the knowledge of this facility, as it is more generally diffused, may be expected to increase the demand for them. Care is taken that this demand shall always be promptly satisfied.
No material interruption has occurred within the year to the ordinary business of the Mint. Though the retirement from office and closely following decease of my excellent predecessor marked this period, the assiduous care of highly qualified officers, long associated with him, preserved unimpaired the progress of its operations. The present report exhibits an amount of coinage inferior by only a minute difference to that of the year 1820, hitherto the most productive in the records of the establishment.
I have the honor to be, with great respect, your obedient servant,
The President of the United States.
Statement of the coins struck at the Mint of the United States from January 1 to December 31, 1824.
|Coins.||Half eagles.||Quarter eagles.||Half dollars.||Cents.||Total.|
|Pieces of gold coins||19,940|
|Pieces of silver coins||3,504,954|
|Pieces of copper coins||1,262,000|
|Number of all the pieces||4,786,894|
|Amount of all the coins||1,858,297||00|
|Mint of the United States, Treasurer’s Office, Philadelphia,December 31, 1824.|