The Empire County argus., 1854-05-06
From the San Francisco Shipping List and Prices Current
THE BRANCH MINT

From the San Francisco Shipping List and Prices Current
THE BRANCH MINT.
Punctual to public announcement the Branch
Mint of the United State, located in San Francisco,
opened for deposit the first of this month. This
paper in common with the press generally of both
city and country. announced the fact some weeks
SINCE and several published description of the
building; but we propose to examine the subject of
a mint here at door, in the country which pro-
duces the gold. and to speculate little upon its
influences here and abroad present and remote
In 1S48, a long time ago for California, the few
of us who were in San Francisco found Collector
Harrison the guardian of the public moneys in the
old adobe Custom House on the plaza Gold dust
passed in trade at SIC per ounce, which was the
price previously agreed upon at a meeting of the
merchants while at the same time the market value
for it, in exchange for COIN ranged from $40 to Sl2
per ounce. The accumulation of public money in
the Collectors hands, actually gave him serious
uneasness; it was all in coin for he did not deem
himself authorized to receive gold dust, and had
previously sold at auction the amount accumulated
on his hands as deposits for duties, at about S11 so
per ounce. 1t must be remembered that we had
no brick vaults then.
The assay Office and coinage of Messrs Moffat &
Co. worked some change but when those gentle
men commenced Operations under their contract
with Government to assay bars and issue ingots of
the denomination Of $50, trading in gold dust as
sumed specific shape nasmuch as we had a basis
10r our operations NurOuo prlNdte COlnS nave
been issued during the past four years. of
which have been productive of good--some have
worked pecunary loss to the community.
| At the expiration Of the contract with Messrs
Curtis Perry & Ward (the successors of NIoffatt &
Co.. efforts were made to procure the erection Of
buildings here, planned for an extensive mint. The
Government were fortunate enough however, to
correct this and to make instead an arrangement
with Messrs. Curtis, Perry & Ward by which the
latter turned over to them their building and ma
chinery both sufficiently enlarged to meet our wants,
by which we probably have mint two years SOON
er than if we had been concluded to erect one. Tt
must be remembered that The first appropriation
limited the sum at the disposal of the Secretary to
an amount much too small to erect building ac-
cording to the plans proposed and supply the same
with the rexuisite machinery. Another appropria-
ton would have been neces ar7 for finishing, and as
this want would have had to come before the pres
ent Congress we may consided ourselves truly for
tunate in having escaped the chances of defeat
which might have ensued in the present disturbed
state of affairs at the seat of government.
Up to and including Saturday the 10Th inst, the
mint operations here were as follows:
Amount OF gold dust received. ..... 10000 OF.
g coined $500
" g run into bars. .172494 46
paid out in coin. .3S2 35
The apparently small amount of coin made during
the fortnight, in consequence of the delays
natural in the commencement Of operations and the
partial dsarrangement 1f the refining apparatus.
By the arrival of the steamship Golden Gate, on
Friday, the 18th inst, with the Mail of March 20
from New York. the Sub Treasurer received per-
mission to half million of public money in
paying off mint deposits which is now done as soon
as the value Of their dust can be ascertaned. In
consequence returns are now made in from three
three to four days instead of the Two weeks neces-
sary if compelled to await the refining of the spe-
cifc gold deposited. The amount given above as
paid out in this manner. was disbursed on Saturday
the 18TH the day following the receipt of the order.
The stamping of bars is likely to make some diff
fculty, as it is questionable whether this branch
mint has the right to stamp and issue any but re-
fined bars. The officers consider that they are act
ing properly in so doing, but as it is not permitted
at the other mints. we presume the Secretary OF
the Treasury will not make any exception in favor
of the one located here although TO make it fully
useful such permission should be extended.
The establishment of the Branch Mint among us
will be advantageous to the community generally,
not specially and particularly to the miners This
class has for long time past been receiving quite
the value of their dust, and in sections of the
State than its fair value per ounce; this last,
because certain shippers prefer the chances ship
ping dust to the certainty of good bills Of exchange.
The stability which fixed standard will give us,
only be appreciated by experience all descrip-
tons of money operations must be by it greatly
facilitated. 1t is true must not be too sangune,
for some changes may yet take place in the Mint
itself; but after consideration, we think our
selves, 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 can break down, but the law
which gave us this Mint contains clause by which
the charges for coinage to be regulated by the
actual cost Of the same The charge has been
fixed here at Ito per cent. On careful exami-
nation of the matter cannot but ask ourselves
the question: what would be the result? what the
dsarrangement Of our financial matters, should
this charge be found to be inadequatel We con-
slider it certain that increased rate would be es
tablshed should such prove to be the case for with
the law plain in view 10 officer could ask Govern
ment to make a deficiency appropriation for this
mint. We much prefer however to see its workings
while yet it is not improbable that, in the pro-
gress of operations, reduction may ultimately be
made to Philadelphia rates of about q per cent
Depostors at the Mint arc allowed the value of
what silver may be contained in their deposits of
dust, when the same amounts to five dollars and
in this connection would call attention to the
fact that there is probably sniciency of silver in
California gold to supply this State with all the
silver coinage necessary for The purpose of change
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| At regular meeting Of the Teachers in the
American Union Sabbath School, Coloma, held in
the Church on Tuesday evening" May I'd, the fol-
lowing resolutions were adopted
Resolved, That this association present its CRATE
full Acknowledgements to lr Holmes, for the free