Read, and laid upon the table.
Washington, January 10, 1835.
Sir: I herewith transmit to the House of Representatives a report from the Director of the Mint, exhibiting the operations of that institution during the year 1834.
The Hon. the Speaker of the House of Representatives.
Mint of the United States,
Philadelphia, January 1, 1835.
Sir: I have now the honor to submit a report on the general transactions of the mint during the last year.
The coinage effected within that period amounts to $7,388,423; comprising $3,954,270 in gold coins; $3,415,002 in silver; $19,151 in copper; and consisting of 11,637,643 pieces of coin, viz.
The deposites of gold within the past year have amounted, in round numbers, to $4,389,000; of which about $1,067,000 consisted of coins of the United States, issued previously to the act of 28th June, establishing a new ratio of gold to silver; about $898,000 were derived from the gold regions of the United States; $225,000 were derived from Mexico, South America, and the West Indies; $2,180,000 from Europe; $12,000 from Africa; and $9,000 from sources not ascertained. Of the amount received from Europe, about four-fifths were in foreign coins.
The coinage of gold under the new ratio commenced on the first day of August, the earliest period permitted by the act. In anticipation, however, of a change in the legal valuation of gold, it had been considered proper to suspend the coinage of all deposites received after the 1st June. Previously to this period, the sum of $383,545 had been coined, so that, of the above amount of the gold coinage for the past year, $3,570,725 consist of coins of the new standard. This amount, however, is the result of the operations of the mint during only five months of the year, corresponding to an amount, for a full year, of about 8½ millions in gold. Within the same period, the coinage of silver was regularly maintained at the average rate of the whole year, making a general result of both gold and silver corresponding to a yearly coinage of nearly $12,000,000.
The amount of gold in the vaults of the mint on the 1st August was $468,500; the amount now remaining in the mint uncoined is $435,000; no part of which was deposited earlier than the 9th December. The amount of silver remaining in our vaults for coinage, is, in round numbers, $475,000; no part of which was deposited earlier than the 20th November.
The amount of silver coined within the past year, it is satisfactory to state, has exceeded by about a quarter of a million the silver coinage of any previous year; while the gold coinage has exceeded the aggregate coinage of gold during the nine preceeding years, from 1825 to 1833, inclusive.
The influx of silver during the past year having very considerably exceeded the amount contemplated in the estimates for the year, occaisioned, during a large portion of that period, an unusual retardation in the delivery of coins; and the amount of deposites has no doubt been restrained, to some extent, by this consideration. The estimate for the current year, it is believed, will cover the power required to meet the whole demand for coinage, in a due proportion of the several denominations of coin.
Annexed is a table exhibiting the amount of gold received from the gold region of the United States, annually, from the year 1824, inclusive. It will be observed that the progressive increase in the amount received from that quarter is less conspicuous within the last year. This results, it is believed, in a very material degree, from the attantion which has, during that period, been directed to arrangements for working the veins from whence have been derived those superficial deposites of gold, which, being most obvious, have heretofore attracted the principal regard. Nothing has occurred to weaken the impression before entertained as to the extent and richness of the gold mines of the United States, but much to confirm the confidence before expressed, not merely in their increasing productiveness, but in their permanency.
I have the honor to be, With great respect, Your obedient servant,
SAM. MOORE, Director.
The President of the United States.
Statement of the amount of gold produced annually from the gold region of the United States, from the year 1824 to 1834, inclusive.