BASEMENT OF COINAGE BUILDING
SHOWING PRESS SUPPORTS AND HAMMERED ONE INCH SQUARE IRON WINDOW BARS. TIMBERS AVERAGE 12 INCHES SQUARE. CUT SHOWS NEARLY ONE HALF OF BASEMENT.
October 28, 1794, David Rittenhouse, director of the mint, reported that it had been necessary to purchase an additional lot of ground, that nearly one million of cents had been coined and a beginning made in the coinage of precious metals, that nearly 120,000 ounces of bullion had been deposited for coinage and that a large parcel of blank dollars was ready for coining as soon as a more powerful press could be finished.
February 9, 1795, Mr. Boudinot, one of the Congressional Committee appointed to examine and report on the state of the mint, made a long report on the duties and work of the various employees.
At that time besides the buildings at 37 and 39 North Seventh Street, now belonging to the Frank H. Stewart Electric Company, a lease was held on one in the “Northern Liberties” for five years at the rent of five shillings per annum, a very trifling sum indeed.
There was more or less criticism about the conduct of the mint which Mr. Boudinot explained was due to trouble in getting competent workmen, proper materials and strong apparatus. He reported the lots for the buildings were too small and that this hindered the operations; and, further, that the frequent breaking of dies, which were all made in the mint, caused numerous delays. Up to September, 1794, the lands purchased had cost $4,266.66; buildings, apparatus, machines, etc., $22,720.45; copper, $15,815.51; salaries, $15,591.99, a grand total of $58,394.61, which he considered a very great amount. He remarked that a great saving could be made if the machinery could be operated by water or steam instead of manual labor or that of horses. He noted that in case the projected canal between the Schuylkill and Delaware should be accomplished the heavy expense of the mint would be greatly reduced.
His report, among other things, showed that when the bullion was not in use it was kept under two locks, the keys of which were kept by the assayer and chief coiner. This was for the time it was in the custody of the chief coiner. That part not in his custody was in the vaults of the mint, also secured under two locks, keys of which were kept by the treasurer and assayer. Mention is made elsewhere regarding these vaults. He recommended a reduction in the size of the copper cent and a change in the standard for silver coins to ten parts silver and one part copper.
Henry William DeSaussure in a letter, dated the mint office, October 27, 1795, to the President of the United States, George Washington, apologized for the length of his communication and said he was prepared to deliver the direction of the mint to his successor.
He stated the coinage of gold had begun under his administration. He deemed it proper to state there was no copper in the mint fit for coining, and that the price of copper had advanced, and suggested the desirability of reducing the weight of the cent and thereby help in preventing its use by coppersmiths.