The unpublished 1797 Mint Report
denga
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The unpublished Mint Report for 1797, shown here, is one of the more interesting.
The information about the horses, for example, seems not to have been published.
It is clear from the covering letter that the original plan was to end the report on
December 31, 1797.
...................................Letter from Director Boudinot
..............Mint of the U. States
..............5 February 1798
Dear Sir:
Enclosed is my annual Report on the State of the Mint, for the President of the
U. States. I have to apologise for not sending this the Beginning of the Year. It
was prepared and the Returns directed to be made out, when I was taken ill, and
confined almost ever since to my Room.
..............I have the Honor to be with Sentiments of Respect & Esteem
..............Dear Sir, Your very Obt Servt
..............Elias Boudinot DM
To the Secretary of State [Timothy Pickering]
..................................................1797 Mint Report
...........................Mint of the United States
...........................February 5th, 1798
To the President [John Adams] of the U. States of America:
The Director of the Mint, begs leave for the Information of Government,
respectfully to report
That during the past Year, there have been issued from the Mint, the several
Species of Coin particularly mentioned in the enclosed Returns, amounting in
Value to 194,605 Dollars in Gold Coins, 63,156, 45/100 Dollars in Silver Coins,
and 9,990, 34/100 Dollars in copper Coins, making up the whole Quantity of
Coin heretofore issued from the Mint, to 344,050 Dollars in Gold, 506,188,
75/100 Dollars in Silver, and 31,687, 74/100 Dollars in Cents and half Cents—
The Director would observe, that having had no Prospect of large Deposits of
the precious Metals during the past Year, he had reduced the Number of the
Workmen, to bear some due Proportion to the Business doing at the Mint; but
that the Prospect of a pretty full Supply of Silver during the current Year, since
this Return of the Estimate of Expences to the Treasury, has justified the
Director in increasing the Force of the Mint, so as to answer the Demand
expected to be made, from the increased Amount of Deposits of silver Bullion,
the additional Expences whereof may be fully paid out of Arrears of former
Appropriations—
Some Doubts have arisen, as to the Ability of the Mint to supply the Necessities
of the Union, with respect to a circulating Medium in our own Coins—This will
depend entirely on the Legislature. If the Director is allowed a sufficient Force,
and the Mint can be furnished with Bullion, it will be within his Power to produce
one Million, or ten Million of Dollars in Coins Per Annum, in Proportion to the Aids
he shall receive for the Purpose.
It is with Pleasure, he can assure the President, and it will be easy to
demonstrate the Fact, that the greater the Force used, and the Quantity coined,
the proportionate Expence to the Amount of Coin, will be lessened—The Force
hitherto made Use of, has been from four to five Horses, and on an Average,
fourteen Workmen. It is now raised to twenty Workmen, and six Horses are
intended—This last, tho’ an expensive Measure, is by no Means adequate to our
Wants—They cannot perform the necessary service longer than two Hours at a
Time, and the Business is often impeded by them—Whereas, could it be
permitted to erect a steam Engine, the Use of Horses would be superceded,
and a Force equal to double the Quantity of Work would be obtained, and several
of the other Machines now worked by manuel Labour, might be carried on by
the same Operation—
From an Estimate of the Expence of such an Engine, laid before the Director,
and annexed hereto, with an Estimate of the Work which might be performed by
Means of it, he is of Opinion that the Price of the Engine would be saved in two
or three Years— Heretofore, it would have been a great want of Economy to have
increased the Force of Hands and Horses in the Mint, and of Consequence the
public Expence, beyond what was necessary for the Coinage of the expected
Bullion, merely on Account of shewing great Expedition in coining small Deposits.
Whatever has been brought to the mint, has been as promptly executed as was
compatable with that Economy; but whenever the Government, or Citizens, shall
produce a sufficient Supply of the precious Metals, it will then be justifiable to
increase the Expences of the Institution—
The Director is pleased to find, that from the Experience he has had of the new
Arrangement, with Respect to the Coinage of Copper, any Quantity may now be
made that can be disposed of, attended with a considerable Advantage to the
Public—
He begs Leave to refer the President to his former Reports with regard to the
unprotected State of the Mint, as far as relates to the Punishment of Offenders who
may be guilty of the several Offences mentioned therein, which yet remains
unprovided for—
....................All which is humbly submitted—
....................Elias Boudinot DM
...................................................[Tables]
The three tables show the coinage executed since November 29, 1796, the date of
the director’s last full report. For gold it shows – Eagles: 15,409, half eagles: 7,097,
and quarter eagles: 2,012. For silver coins the numbers are – dollars: 56,382, half
dollars: 3,918, quarter dollars: 252, dimes: 25,261, and half dimes: 44,527. For
copper – cents: 945,510, and half cents: 107,048.
The information about the horses, for example, seems not to have been published.
It is clear from the covering letter that the original plan was to end the report on
December 31, 1797.
...................................Letter from Director Boudinot
..............Mint of the U. States
..............5 February 1798
Dear Sir:
Enclosed is my annual Report on the State of the Mint, for the President of the
U. States. I have to apologise for not sending this the Beginning of the Year. It
was prepared and the Returns directed to be made out, when I was taken ill, and
confined almost ever since to my Room.
..............I have the Honor to be with Sentiments of Respect & Esteem
..............Dear Sir, Your very Obt Servt
..............Elias Boudinot DM
To the Secretary of State [Timothy Pickering]
..................................................1797 Mint Report
...........................Mint of the United States
...........................February 5th, 1798
To the President [John Adams] of the U. States of America:
The Director of the Mint, begs leave for the Information of Government,
respectfully to report
That during the past Year, there have been issued from the Mint, the several
Species of Coin particularly mentioned in the enclosed Returns, amounting in
Value to 194,605 Dollars in Gold Coins, 63,156, 45/100 Dollars in Silver Coins,
and 9,990, 34/100 Dollars in copper Coins, making up the whole Quantity of
Coin heretofore issued from the Mint, to 344,050 Dollars in Gold, 506,188,
75/100 Dollars in Silver, and 31,687, 74/100 Dollars in Cents and half Cents—
The Director would observe, that having had no Prospect of large Deposits of
the precious Metals during the past Year, he had reduced the Number of the
Workmen, to bear some due Proportion to the Business doing at the Mint; but
that the Prospect of a pretty full Supply of Silver during the current Year, since
this Return of the Estimate of Expences to the Treasury, has justified the
Director in increasing the Force of the Mint, so as to answer the Demand
expected to be made, from the increased Amount of Deposits of silver Bullion,
the additional Expences whereof may be fully paid out of Arrears of former
Appropriations—
Some Doubts have arisen, as to the Ability of the Mint to supply the Necessities
of the Union, with respect to a circulating Medium in our own Coins—This will
depend entirely on the Legislature. If the Director is allowed a sufficient Force,
and the Mint can be furnished with Bullion, it will be within his Power to produce
one Million, or ten Million of Dollars in Coins Per Annum, in Proportion to the Aids
he shall receive for the Purpose.
It is with Pleasure, he can assure the President, and it will be easy to
demonstrate the Fact, that the greater the Force used, and the Quantity coined,
the proportionate Expence to the Amount of Coin, will be lessened—The Force
hitherto made Use of, has been from four to five Horses, and on an Average,
fourteen Workmen. It is now raised to twenty Workmen, and six Horses are
intended—This last, tho’ an expensive Measure, is by no Means adequate to our
Wants—They cannot perform the necessary service longer than two Hours at a
Time, and the Business is often impeded by them—Whereas, could it be
permitted to erect a steam Engine, the Use of Horses would be superceded,
and a Force equal to double the Quantity of Work would be obtained, and several
of the other Machines now worked by manuel Labour, might be carried on by
the same Operation—
From an Estimate of the Expence of such an Engine, laid before the Director,
and annexed hereto, with an Estimate of the Work which might be performed by
Means of it, he is of Opinion that the Price of the Engine would be saved in two
or three Years— Heretofore, it would have been a great want of Economy to have
increased the Force of Hands and Horses in the Mint, and of Consequence the
public Expence, beyond what was necessary for the Coinage of the expected
Bullion, merely on Account of shewing great Expedition in coining small Deposits.
Whatever has been brought to the mint, has been as promptly executed as was
compatable with that Economy; but whenever the Government, or Citizens, shall
produce a sufficient Supply of the precious Metals, it will then be justifiable to
increase the Expences of the Institution—
The Director is pleased to find, that from the Experience he has had of the new
Arrangement, with Respect to the Coinage of Copper, any Quantity may now be
made that can be disposed of, attended with a considerable Advantage to the
Public—
He begs Leave to refer the President to his former Reports with regard to the
unprotected State of the Mint, as far as relates to the Punishment of Offenders who
may be guilty of the several Offences mentioned therein, which yet remains
unprovided for—
....................All which is humbly submitted—
....................Elias Boudinot DM
...................................................[Tables]
The three tables show the coinage executed since November 29, 1796, the date of
the director’s last full report. For gold it shows – Eagles: 15,409, half eagles: 7,097,
and quarter eagles: 2,012. For silver coins the numbers are – dollars: 56,382, half
dollars: 3,918, quarter dollars: 252, dimes: 25,261, and half dimes: 44,527. For
copper – cents: 945,510, and half cents: 107,048.
0
Comments
Timothy Pickering wanted the North to secede from the Union when Jefferson was President.
Correspondence Explains Increased Mintages
When the U.S. Mint began to coin precious metals in 1794 the source of the gold and silver deposited with the mint was provided by individuals and banks. However, by late 1795 precious metals began arriving from a single source, the Bank of the United States. This was due to the bank paying out immediately at a 4.5% discount. The delay in receiving finished coinage of the realm from the mint made the discount palatable.
A change occurred in 1797 which resulted in the increased output by the mint, especially in dollars. The Bank of the United States made a policy change wherein it began sending money in the form of foreign coinage which was the property of the U.S. government to be re-coined into U.S coins. Held back by the bank were Spanish dollars and fractional coins.
Mint of the United States
April 7th, 1797
To the Secretary of the Treasury
The Director of the Mint informs the Secretary of the Treasury that from the report of Officers of the Mint that they can return into the Treasury five thousand dollars per week in coin, in case the Secretary will furnish Ten thousand the first week and afterwards five thousand per week again on that sum being again drawn weekly from the Treasury or a sum equal to what is turned into it. This will be done allowing for unavoidable accidents or the making very small coin. The Bank must have an order from the secretary for the supply of this money on the public account.
Oliver Wolcott, Secretary of the Treasury responded:
By the Secretary of the Treasury of the United States
In pursuance of the authority to me committed by the Act of Congress passed on the Second Day of April 1792 entitled “An Act Establishing a Mint and regulating the coins of the United States” and the act passed on the Ninth day of Feby 1793 entitled “An Act regulating the foreign Coins and for other purposes” I do hereby authorize and empower the President and Directors of the Bank of the United States in manner following to wit-
1st That the said President and Directors advance to the Treasurer of the Mint of the U. States, pursuant to Requisitions in his favor to be made by the director of said Mint, any sum not exceeding Ten Thousand dollars in foreign Gold and Silver coins except Spanish milled Dollars and parts of such dollars.
2nd On the repayment of the whole or any part of the said advance of ten Thousand Dollars, not being less than three thousand dollars in Coins of the United States, the said President and Directors may advance a further sum equal to the said repayment, on Requisition of the Director of the Mint as foresaid.
3rd The advances by the President and Director of the Bank of the United States, in pursuance of this instrument, not exceeding ten Thousand dollars at one time, shall and may be considered, as advanced to the United States out of the monies belonging to the United States from time to time remaining in the custody of the bank of the United States.
4th It is requested that a separate and distinct account of all advances and repayments in pursuance of this instrument be preserved.
In witness hereof I have subscribed my hand, and affixed the seal of the Treasury of the United States this twelfth day of April, One Thousand seven hundred and ninety seven
Oliver Wolcott
Sect’y of the Treasury
As a result of this new policy of coining the people’s money, production of dollars went from 7,726 in 1797 to 327,536 in 1798 and 423,515 in 1799.
This agreement was in force until new Mint Superintendant Robert Patterson sent the following to President Thomas Jefferson:
Thomas Jefferson Mint of the U. States
President of Phila. 14th December, 1805
The U. States
Sir
A Committee from the Director’s of the Bank of the U. States have requested to me, as Director of the Mint, that in order to prevent, as much as possible, the exportation of Spanish Dollars, so injurious to the general interests of the country: it is their wish, as well as perhaps that of most of the other Banks in the U. States, to send this species of money, of which there are now considerable quantities in their vaults, to the Mint, for purposes of having it coined into half dollars, and smaller coins of the U. States, provided the Mint can give them assurance of having a return of their deposits in a reasonable time.
There can, I presume, be little doubt that such a measure ought to be encouraged by Government. For this purpose, however, it will be necessary to employ a few additional workmen, and perhaps to purchase one additional horse to the four we already have.
The Act of Congress, establishing the Mint, authorizes the Director to employ as many clerks, workmen and servants, as he shall from time to time find necessary.-subject to the approbation of the President of the United States.- For this approbation, therefore, to the measure above proposed, the Director would beg leave to apply, assuring the President that the most rigorous economy will be observed consistent with the duties of the Institution and the reasonable expectations of the public.
I have the honor + c.
Robert Patterson
This resulted in a vast increase of half dollars especially, as well as increases in lesser denominations. Mintage of half dollars rose from approximately 30,000 from 1801 to 1803, 156,000 in 1804, 211k in 1805 and spiked to 840k in 1806 and over a million the following year. This trend held with the exception of 1815-16.
mentioning is that Mint Director Elias Boudinot was also a director of the Bank of the United States
and, as such, played a key role in the agreement.
If someone asked me to give a condensed version of the report I would type it like this :
Dear Mr President,
Sorry this is late. I was sick for weeks. But basically I laid off a few guys.
Coincidetally, we can make more money off these coins, with less effort, if we get rid of a few horses and maybe a few horse's ________, and buy some machines.
But if you send enough bullion, we might need to hire some of those workers back, after blowing off a little steam (as machines go). The technology should pay for itself in under 3 years, providing people keep spending money like this.
Now it doesn't matter how much you send, we will make enough to service the people what's needed for commerce. But , I'm begging you, don't make me do these reports any more.
My hands are full because of the red tape , and all this paperwork you got us doing already, and we are understaffed.
Sincerely,
That guy at the mint you call a Czar.
Again, I am pleased and further educated by the another of the astonishing number of early U.S. Mint documents that Denga has managed to find and share.
GarryNot: <<Very impressive. It makes me want to find a 1797 coin. >>
Me, too, I recently saw a great one again, the finest known of an entire design type!
The Marvelous Pogue Family Coin Collection, part 1: Finest 1796 – ’97 Draped Bust Half Dollar
"Inspiration exists, but it has to find you working" Pablo Picasso