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...
230
alleguher the millines of sitou,
independent of 10 millims in senchelys not a dellai hav
Jene
geld....
>
and
dollar has for months
to the Mint except what I have
frecuned for it.
I may
add that, if the
importations of silver had been twice
AJ
large, the chance of timin
lining them
sbrough it's Mint awould not have beur
increased thisly, unitifs, Bar silver could
below
frar.
have been punchased 241⁄2 per cent I It is at firesunt quoted at 9 per cent premium above the dollar- laking the latter at 90- being the proportion
of pure silon which it contains out of 100
parts. Sy eee therefore cannot be profitably
There purchased for the manufacture of I dellan, which manifadure involves
a
cost of 2 per cent for seignorage.
1/4 per cent premetting charge,
and
Jay
interest of
1/4 per cent for loss of
t or
a
total cost of 21/2
per cent unless the price of Sycee falls to at least 96. tasting.
its intrinsic value at 98 1/4, and that of the
which values finally regulate brices. mherine" Affect Bene
dollar atga
Whatimmen flenfiorations,
1.
Untertan's
soon cov
has to be
a hai tom
the probability of
converting Bullion into the mor carvement form of dellows without los
in the crime is increasing,
Li
Atette – mok
at
dollar, te
increasing, and with a view to facilitating the operation I yesterday
in Coccutive Comal posed a Resolution
a vale te lowning till further notice, the charge desproportionate
reater then for seignorage from I to) per cent. I
Milane of
twerent C
kitw w
proposes also, the
moment
any
ifene
Bullion
the they is premebted and a payed, to ifus for
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