230
Altogether the shipments of silver, independent of 10 millions in sycees not a dollar has for months past been received at the Mint except what I have furnished for it.
I may add that, if the importations of silver had been twice as large, the chance of their being coined at the Mint would not have been increased thereby, unless bar silver could have been purchased at 241⁄2 per cent premium. It is at present quoted at 9 per cent premium above the dollar - taking the latter at 90 - being the proportion of pure silver which it contains out of 100 parts. Sycee therefore cannot be profitably purchased for the manufacture of dollars, which manufacture involves a cost of 2 per cent for seignorage, 1/4 per cent melting charge, and say interest of 1/4 per cent for loss of time, or a total cost of 21⁄2 per cent unless the price of Sycee falls to at least 96, assuming its intrinsic value at 98 1/4, and that of the dollar at 90, which values finally regulate prices.
The probability of converting Bullion into the more convenient form of dollars without loss is increasing, and with a view to facilitating the operation, I yesterday proposed in Executive Council a Resolution to lower, till further notice, the charge for seignorage from 2 to 1 per cent.
I also propose that, when any bullion is presented and paid for, it should be issued for...