Grass Valley telegraph., 1854-05-04
From the San Fran Prices Current and Shipping List
The Branch Mint.

Funetua1 W puDlIc announcement. the
Branch Mint OF the U. States. located in San
Francisco, opened for deposit on the first Of
this MONTH This paper, in common with the
press generally OF both city and country. an
nonnced the TACT some weeks since, and seve-
raj pupllsned description of the building :
but we propose to examine the subject Of a
mint here at our door, in the country which
produces !he gold, and to speculate little
upon It's innuences mere and abroad, present
and remote. 81
In 1848, a long time ago for California the
few FsOf nsNVhGss ere in San Francisco found
Collector Harrison the guardian Of the pub-
lie moneys in the old adobe Custom House on
the plaza Gold dust passed in trade at SIG
per ounce, which was the price previously
agreed upon at a meeting of the merchants
while at the same time the market value for
] 1t. IN exchange for coin, ranged from $40 to
1 S12 per ounce The accumulation of public
money in the Collectors hands, actually gave
him serious uneasiness; it was all in coin, for
| he did notdeem himself authorised to receive
1 gold dust and had previously sold at auction
the amount accumulated on his hands as de-
posits for duties, at about S11 SO per ounce.
1t must be remembered that we had no brick
vaults then. rlf.a m IS
The eassay Office and coinage of Messrs. Mof-
fat d Co., worked some change but when
those gentlemen commenced operations un-
der their contract with Government to assay
bars and issue ingots of the denomination of
$50, trading in gold dust assumed specific
shape, inasmuch as we had basis for our
operations. Various private coins have been
issued during the past four years, some of
which have been productive of goodLsome
have worked pecuniary loss to the community.
At the expiration of the contract with Mes
srs. Curtis Perry & Ward, (the successors of
Messrs. Moffatt Il Coz efforts were made to
procure the erection of buildings here plan
ed for an extensive mint. The Government
were fortunate enough, however, to correct
this, and to make instead an arrangement
with Messrs. Curtis, Perry and Ward, by
which the latter turned over to them their
building and machinery, both sufficiently en-
larged to meet our wants, by which we pro-
baby have mint two years sooner than if it
had been concluded to erect one. It must be
remembered that the first appropriation linn
tied the sum at the disposal of the Secretary
to an amount much too, small to erect bull
ding according to the plans proposed, and
supply the same with the requisite machinery
Another appropriation would have been ne
cessary for finishing, and as this want would
have had to come before the present Con
gress, we may consider ourselves truly fortu-
nate in having escaped the chances of defeat
which might have ensued in the present dis
ttprbIed tn state of affairs at the seat of govern
Up to and including Saturday me 10 IN
inst, the mint operations here were as follows:
Amount of gold dust received. +. .4O, 900 or.
' " +" coined . 81 800
" g I" run into bars 172, ,494 46
/" :" paid out in coin, III 1882 So
The apparently small amount of coin made
during the fortnight, was in consequence of
the delays natural in the commencement of
operations, and the partial dsarrangement Of
the refining apparatus. aaHs
By the arrival of the steamship Golden
Gate, on Friday the 18th inst, with the mail
of April 20, from New York the Sub Treasu-
rer received permission to use half million
of public money in paying off mint deposits,
whichis now done as soon as the value of
their dust can be eascertained. In consequence
returns are now made in from three to four
days, instead of the two weeks necessary if
compelled to await the refining of the speci-
above as paid out in this manner, was dis
bursed on Saturday the 18th, the day follow
ing the receipt of the order.
The stamping of the bars is likely to make
some difficulty, as it is questionable whether
this branch mint has the right to stamp and
issue any but refined bars The officers con-
slider that they are acting properly in so do
| ing, but as it is not permitted at the other
mints, we presume the Secretary of the Trea-
sury will not make any exception in favor of
the one located here, although to make it
| fully us eful such permission should be eXten-
| ded .'iA
The establishment of the Branch Mint
among us will be advantageous to the COM
munity generally, not specially and particu-
larly to the miners This class has for long
time past been receiving quite the value OF
/ their dust, and in scme sections of the State
! more than its fair value per ounce; this last.
because certain shippers prefer the chances
on shipping dust, to the certainty of good
! bills Of exchange The stability which a fix
ed standard Will give US, can only be appre-
ciated by experience all descriptions of mo-
ney operations must be by it greatly, facilita-
| ted. It is true we must not be too sanguine,
/ for some changes may yet take place in the
Mint ITSELF but after some consideration, we
think ourselves, that the only one likely to
be made is the alteration in the per centage
\ charged for coinage. We have no idea that
such perfect and beautiful machinery will or
! CanspreaK QOWn, DuG tHe law WHICH gave uS
! this Mint contains clause by which the char
\ ges for coinage are to be regulated by the ac-
tual cost of the same. The charge has been
/ fixed here at l Ito per cent. On a careful
examination of the matter, we cannot but ask
ourselves the question, what would be the re
suit ? what the disarrangement of our fnan-
cial matters should this charge be found to
be inadequate? :? We consider it certain that
an increased ratewould be established should
such prove to be the case. for with the law
1 plain in view, no officer could ask Govern
1nent to make deficiency appropriation fol
this mint. We much prefer however to see its
workings awhile yet; it is not improbable
that, in the progress Of operations, reduc
tion may ultimately be made to Philadelphis
rates of about 78 per cent.
Depos:tors at the Mint are allowed the val
ne of what silver may be. contained in theil
deposits Of dust, when the same amounts tt
five dollars; and in this connection we would
call attention to the faetlthata there is proba
4 bly, suffciency Of silver diniG Galifornia gel6
to supply this State with all the silver coin
age necessary for the purpose Of change.