Enclosure: Report of Director of the Mint, 15 January 1805
Enclosure: Report of Director of the Mint
At the commencement of the year it is the duty of the Director of the Mint to communicate to Government the state of the Mint, with its issues for the past year.
The issues of Silver Coins, notwithstanding the mercantile embarrassments attending the importation of Bullion, have greatly exceeded that of the year 1803; and the advantage of a public Mint has been sensibly experienced, by the greatest part of the Deposits being issued in small Coin, which has been found very beneficial to the Citizens at large, under the late scarcity of Spanish Dollars, occasioned by the great exportation of them for mercantile purposes.
The quantity of Gold Bullion has been equal to that of the last report, so that in the past year the Coinage of the precious Metals has amounted to Three hundred and Fifty eight thousand nine hundred & eighty three Dollars. The particulars will appear by the Schedule No. 1 herewith, to which the Director begs leave to refer.
It is worthy of the President’s attention, that about Eleven thousand Dollars of the Gold Coin, is the produce of Virgin Gold found in the County of Cabarrus in the State of North Carolina, where it is said a very considerable quantity has been found since the last deposit, and will in all probability be forwarded to the Mint. It is to be regretted, that this Gold is melted into small ingots, before it is sent to the Mint, for the convenience of carriage, but by which, there is reason to believe, a considerable proportion of it is wasted. It is also said, that the finest particles are neglected, and only the large grains & lumps sought after.
The increased price of Copper in Europe, and the quantity on hand, have been thought sufficient reasons to confine the Coinage of Cents to one press; and from the last accounts from Europe, Copper is likely to be considerably encreased in price, which will render the Coinage of Cents less profitable. The past year there have been issued Seven hundred & fifty six thousand Eight hundred and thirty eight Cents, and one Million and fifty five thousand three hundred & twelve Half Cents, equal to Twelve thousand eight hundred and forty four Dollars and ninety four Cents, as appears by the same Schedule No. 1—The amount of the Cost of Copper and profit on the whole Coinage of Cents this year will be seen by Schedule No. 2.—
The Coinage of the year amounts in the whole to the sum of Three hundred Seventy one thousand eight hundred and twenty seven dollars and ninety four Cents, and the number of pieces to Two Millions Forty six thousand eight hundred & thirty nine.
The expenses of the Mint for the past year will appear by Schedule No. 3. to be reduced to a trifle more than Sixteen thousand Dollars.
The Director thinks it his duty to mention to the President, that very considerable difficulty, as well as danger, may arise to the Public, from the Officers & Workmen of the Mint being exposed to be called out to attend Militia meetings or on detatchments. When large deposits of the precious metals are passing thro’ the Mint, and particularly when in fusion, it may be of the most dangerous consequence to have the Officers & Men called away, or be liable to fines for non-attendance. It is too important a trust to be thus exposed. The President in his wisdom will provide against this evil.
(Signed) Elias Boudinot—Director
Mint of the United States—
Philadelphia 1st. January 1805
MS (DNA: RG 233, PM, 8th Cong., 2d sess.); in a clerk’s hand; at head of text: “To the President of the United States.” PrC (DNA: RG 46, LPPM, 8th Cong., 2d sess.). FC (DNA: RG 104, DL). Recorded in SJL as received 18 Jan. Enclosed in Boudinot to Madison, 15 Jan., a brief letter covering his director’s report “for the information of the President of the United States.” Enclosures: (1) “An Abstract of the Coins struck at the Mint of the United States, from the 1st January to the 31st December 1804,” recording $100,340.50 in silver coins, including 19,570 dollars, 156,519 half dollars, 6,738 quarter dollars, and 8,265 dimes; $258,642.50 in gold coins, including 9,795 eagles, 30,475 half eagles, and 3,327 quarter eagles; and $12,844.94 in copper coins, including 756,838 cents and 1,055,312 half cents; making an aggregate total of $371,827.94. (2) “Statement of the Gain on Copper coined at the Mint of the United States, from the 1st January to 31st December 1804,” recording a net profit, after allowances for spoiled planchets, differences of weight, and uncoined copper on hand, of $2,197.52 on the $12,844.94 in copper coins issued by the Mint for the year. (3) “An Abstract of the Expenditures of the Mint of the United States from the 1st January to the 31st December 1804,” recording $10,600 expended on salaries, $4,375.23 on wages, and $1,249.57 on incidentals, making an aggregate total of $16,224.80 (MSS in DNA: RG 233, PM, 8th Cong., 2d sess., in a clerk’s hand, including attestations by Benjamin Rush, treasurer of the Mint, 31 Dec. 1804; PrCs in DNA: RG 46, LPPM, 8th Cong., 2d sess.; FCs in DNA: RG 104, DL; printed in , Finance, 2:118-20).
To further reduce the expenses of the Mint, Boudinot had written to Madison on 7 Dec. 1804 to suggest discontinuing the use of a building on the end of Sixth Street. Boudinot found the site unnecessary to Mint operations and recommended selling the house and the large iron furnace in it, which he believed could bring $200 or $300. On the verso of the letter, TJ wrote: “we had better refer this to the discretion of the Director who being on the spot is the best judge. Th: Jefferson Dec. 10. 04.” Madison informed Boudinot of the president’s decision the same day (RC in DNA: RG 59, MLR; , Sec. of State Ser., 8:355-6).
Isaac A. Coles presented TJ’s message and its accompanying papers to Congress on 25 Jan. The House read them and ordered them to lie on the table the same day. The Senate did the same on the following day (, 5:104; , 3:441). The documents were published as Message from the President of the United States, Communicating the Report of the Director of the Mint, of the Operations of that Institution, during the Last Year (Washington, D.C., 1805).