CURRENCY AND BANKS.
The currency of the United States consists of gold and silver coin, either stamped at the Mint of the United States or made a legal tender by act of Congress; and bank-notes convertible on demand into coin.
The amount of coin stamped at the Mint within the last year, together with the general operations of the establishment within that period, are stated in the following report of the director of the Mint.
" The coinage effected within the year 1831 amounts to S3,922.473 60, comprising S714,270 in gold coins, in silver, 533,603,60 in copper, and consisting of 11,792,284 pieces of coin, viz.
" Of the amount of gold coined within the past year about $130,000 were derived from Mexico, South America and the West Indies, 527,000 from Africa, $513,000 from the gold region of the United States, and about $39,000 from sources not ascer tained.
" Of the amount of gold of the United States above mentioned about 526,000 may be stated to have been received front Virginia, $294,000 from North Carolina,$22,000 fromSouth Carolina, and $176,000 from Georgia. Gold has been within the past year from Tennessee and Alabama, not ex ceeding, however, $1000 from each of those states, an amount meriting little regard except as indi cating the progressive development of the gold region.
" The first notice of gold of the United States on• the records of the Mint occurs in the trans actions of the year 1804. From that year to 1823 inclusive, the average annual amount received at the Mint did not exceed $2500. Since the latter period the progressive increase has been remark able. The amount received within the succeeding years to the present time may be stated as follows: In 1824 $5,000 1825 17,0001826 20,000 1827 21,000 1828 46,000 • 1829 134,000 1330 '466,000• 1831 513,000 "Previously to the year 1829, the state of North Carolina had furnished gold to the Mint. Within that year it was received also from Virginia and South Carolina, viz. from the former $2500, and from the latter $3500. Early in 1330 gold began to be received from Georgia. The amount derived
within that year from the various sections of the gold region was as follows: Virginia 52-1,000, North Carolina 5204,000, South Carolina g26,000, and Georgia $212,000.
" Silver bullion has been supplied throughout the year in quantities amply sufficient for our present power. The coinage of silver alone has exceeded the whole amount of coinage in any former •yea•, and the coinage of gold, silver, and copper has ex ceeded that of any previous year by nearly a million of dollars.
" The employment of copper coins in circulation is becoming obviously more general than heretofore. They are transmitted at the public expense and risk to all parts of the United States within the 'or dinary means of transportation, and their use and value are becoming familiar and acknowledged, where until recently they have been in little esti mation.
" The 'profit on the copper coinage of the past year will somewhat exceed 510,000. 'Ms profit is regularly accounted for to the treasury of the United States, thereby refunding so much of the sum ap propriated for the expenses of the Mint establish ment. The whole expenditure of the Mint for the past year will then be reduced to less than 28,000." " Should the supply of bullion be regular and competent, it is not doubted that the amount of coinage for the present year will be equal to six millions of dollars. Of this amount it is proposed to make such a proportion of denominations less than the half dollar as will sensibly improve the condition of the currency." Besides these, the coins of foreign countries circulate at certain rates prescribed by act of Congress. As these are not merely used as circu . lating medium, but are objects of foreign com merce, the stock in the country constantly varies with the state of trade, and it is difficult to form any estimate of the amount now in actual circulation. That part of the currency which consists of bank notes can be more readily ascertained.