January 14, 1829. Read, and laid upon the table.
To the Senate and House of Representatives of the United States:
Washington, 14th January, 1829.
I transmit to Congress a report from the Director of the Mint, with the annual statement, exhibiting the operations of that institution during the year 1828.
JOHN QUINCY ADAMS.
Mint of the United States,
Philadelphia, 1st January, 1829.
Sir: I have the honor to submit the report of the general transactions of the Mint during the last year.
The coinage executed within that period, as exhibited in the Treasurer’s statement, herewith transmitted, amounts to $1,741,381 24, consisting consisting of 6,196,583 pieces of coin, viz:
Of the amount of gold coined within the past year, about $46,000 were received from North Carolina, being more than two-fold the value of the receipts from that quarter in any previous year. The proportion received from Mexico, South America, and the West Indies, may be stated at $60,000, and that from Africa at $13,000; leaving about $21,000 derived from sources not ascertained.
Of the amount of silver coined within the last year, more than two-thirds have been received from the Bank of the United States. The whole coinage, it may be noticed, though greater than the average amount of the last seven years, has been much less than that of 1827: a result obviously associated with the high rate of foreign exchange prevailing during a great part of the year; in consequence of which, silver has been in demand at a premium, for the purpose of exportation, under most of the forms in which it usually comes to the Mint. This state of things has, however, recently changed in a very sensible degree, and the ordinary current of supply is no longer diverted from our vaults. The amount of silver deposited within the last month exceeds the average monthly coinage of amy year hitherto.
In the annual report for last year was exhibited the progressive increase of coinage, within given periods, from the commencement of this institution. This increase is liable, of course, to be suspended by transient causes, of which the past year offers an example; but appears manifestly to be sustained, as a general result, by causes of permanent influence, and may be expected to be equally conspicuous in future years. It will, however, be interesting to present this subject under an aspect somewhat varied, by comparing the operations of the Mint within other periods than those selected for the report referred to, and in connexion with the average annual expenditure pertaining to each.
The Mint has been in effective operation during thirty-five complete years. The whole coinage executed within that period amounts to $32,206,825 38½.
Within the first twenty years of the above period, ending with 1813, the amount coined was, in round numbers, $12,831,000; the highest amount for any one year was $1,155,000; the average annual amount $642,000; and the average annual expenditure, exclusive of the original cost of the establishment, $22,100, being nearly three and a half per cent. on the amount coined.
Within the succeeding period of ten years, beginning with 1814, and ending with 1823, the whole coinage was $8,905,000; the highest amount in one year $1,865,000; and the average annual amount $890,500. The average annual expenditure for that period may be estimated at $22,900, being about two and a half per cent. on the amount coined.
Within the last five years the whole coinage has been $10,471,000; the highest amount in one year $3,024,000; and the average annual amount $2,094,000. The average annual expenditure for this period may be estimated at $28,000, being about one and a third per cent. on the amount coined.
Copper coins have been distributed within the last year to the amount of $27,566 24, with a profit thereon of nearly $8,000. The profit thus accruing on the issue of copper coins is regularly paid into the Treasury of the United States, and is an effective reimbursement of so much of the amount annually expended for the support of this establishment. The average annual charge of the periods above spefified admits,consequently, of a correction, equivalent to the annual gain on the copper coinage pertaining thereto.
The percentage of expenditure diminishes, it will be observed, with the increase of the amount coined, and for obvious reasons. The ultimate limit to this diminution cannot be strictly assigned; it may, however, be safely estimated, that, when the supply of bullion shall, in any year, be equal to five millions of dollars, assuming that the capacity of the Mint be then commensurate with such supply, the effective charge devolving on the public treasury from this institution will be less than three-fourths of one per cent. on the amount of gold and silver coined.
I have the honor to be, With great respect, Your obedient servant,
The President of the United States.
A Statement of the Coins struck at the Mint of the United States from the 1st of January to the 31st December, 1828.
|SILVER COINS.||Quarter ending 30th September||Dismes.||Quarter Dollars.||Half Dollars.||Amount in
dollars and cents.
|3,302,200||Pieces of silver coins.||125,000||102,000||3,075,200|
|Total amount of silver||1,575,600||00|
|GOLD COINS.||Half Eagles.|
|28,029||Pieces of gold coins.||28,029|
|Total amount of gold coins||140,145||00|
|COPPER COINS.||Half Cents.||Cents.|
|2,866,624||Pieces of copper coins||606,000||2,260,624|
|Total amount of copper coins||25,636||24|
|Pieces of Coins|
|Pieces of Coins||6,196,853||Amount of all the coins struck||Dolls.||1,741,381||24|
|Mint of the United States,|
|Treasurer’s Office, Philadelphia, December 31st 1828.|