Improvements made at the Philadelphia Mint in 1887, under the Supervision of Hon. Daniel M. Fox.
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. | ||
|---|---|---|---|---|
| Kilograms. | Value.[23] | Kilograms. | Value.[24] | |
| 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 |