Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-11-08
WHERE OUR BULLION GOES.

The following article from last Satur-
days Californian contains much valuable
and interesting information as to the
various sources from which the vast
amount of bullion shipped thrice month
from San Francisco comes from and where
it goes to:
The returns of treasure at this port from
the interior, and the importatiOns from
British Columbia, during the last three years,
have been severally:
IS6l. 1852. ISIS.
From the Interior 6Sg or SI2,S3g,599 $50
From the Northern ,o-o oo2
E''h nmbia ,''sA L72,6Sa l,gNlnSi 2,l566l2
-
SB.3sl,7 100 SIg,JT5 i62 ST., ij.96l
To these figures may be added the treasure
which reaches this city in private hands and
usually passes out of the country in It's virgin
state, OF which no direct account can De
made. The lowest estimate from reliable
sources would place this sum at ten millions
yearly, making the production Of our mines
for the wear 1863 at least 500, 453, 96l, of
which the L. 5. Branch Mint in this city
coined about S2O25l, 4l9, leaving balance
Of $40, 2O2, $40 unaccounted for, which must
have been exported to China. England,
France and other foreign countries. lncIu'
dpd in the above total are the receipts from
the silver districts for the year 1868, amount
ing to Sl2.455,9l5 Nevada alone eontri6ut-
inc Sill SAG, 9l5 of the whole amount, against
AZ ONO OLU from the same sources IN 1901:
LARGE as these amounts appear, II IS nSea
fact that the product of the precious metals
;s auumrnting: that the increase during the
current year will be much greater than IN the
mast. particularly OF silver, which Nevada
Yields abundantly; that the extent OF capita.
invested i'll mining operations Is enormouS'
that men of every rank, profession and con-
1;tioS in life have embarked their means IN
rhpse enterprises, and that this disproportion
,ptweeu the amount of bullion produced and
the amount retained in the country, will con-
tinue TO increase in the same ratio, unless
some means are taken TO check 1t. When
we consider that our mines are opened almost
entirely By native-born citizens or those who
ave allegiance TO the United States, that the
greater part of capital is furnished BY our
Oeople, and that our exports OF the products
" Agriculture, of the Herd, Of the Forest,
Of the Sea, Of Manufacture, aud of the Vine,
contribute TO very considerable degree 10
the payment Of goods imported in the State,
It becomes question OF very serious con-
sheraton why this drain OF the precious
metals to foreign countries continues, and
what measures should be ressrted to BY the
Federal Government TO retain, in its own
territory, the excess OF gold and silver over
the amount required to pay our Indebtedness
broad To do this clearly it will be neces-
Sary first to recapitulate the causes which
have induced this continual foreign export.
First. Silver in the shape Of fine bars,
manufactured by private assayers, has been
exported largely to China, by domestic and
Chinese merchants in payment for goods
imported in this State from there, and in
obedience to orders from merchants in New
York, who have recently found this method
IT remittance preferable to drafts on London
and the remittance Of sterling bills in re-
imburse ent.
Secondly. Bar gold and silver was shipped
hence ria Panama to London, direct by Bril-
fish steamer on the Atlantic, to avoid the
risk Of capture by rebel pirates, as, owing to
the diminished cost of insurance and the
high rate for sterling bills in New York,
shippers from here could realize IT ore on
their shipment, BY sterling drafts from that
point, than BY shipments OF the precious
metals direct to port in the United States.
Thirdly. The high charge which the Gov
eminent levies for coinage at the Branch
Mint, and the time hitherto consumed in
paving deposits in a community where the
rate Of interest is Il to 2 per cent. per month,
lmpeled the miner and merchant to have
their gold and silver bullion manufactured
into bars By private aSSsyerS-a cheaper
method than TO submit it to the tedious and
more expensive process OF coinage.
n 81 hA
instead of being made part of the currency
II the country, we're and still are for the
most part converted into bars, which at once
become an article OfnerchandiSe, to be ship
,,ed 10 Europe and the East Indies. How to
check this cOpStant drain, and retain the
product Of our mines at home, becomes
question Of vast importance. Making all
due allowance for the necessities Of trade
md the memorable laws Of commerce and
exchange, it seems to be entirely within the
province and power Of the Government TO
,rford relief to a very considerable degree.
The necessity OF protecting the steamers
md treasure en- route from ASpinwall TO
New York was officially urged upon the De-
partmrnr by the Superintendent the Branch
Mint in this city as means Of lessening the
foreign shipment Of bullion, and we learn
that Government, acting under this sugges-
ton, has lately established regular convoy
for each steamer. The creation Of Bullion
Fund Of 81, 900, 900, the result Of suggestions
from the same source, which has enabled
the Mint to furnish quicker returns to the
deposition, and in measure to modify one II
the causes Of this extraordinary foreign en-
port, has partly met the exigencies OF this
case, and is an earnest Of the wish as we'll as
the ability Of Government to remedy the evil
as far as it can By official action.
But few things still remain to be done.
The erection Of more commodlOuS Mint
Building, as determined BY Congress, will
increase the facilities Of the San Francisco
Branch for the coinage Of the precious met.
ais, particularly Of silver. BY interdicting
the coinage Of pieces smaller than the demo-
minatiun Of Eagles or perhaps OF Double
Eagles, the Government would neceSsitate
the use of larger amount Of silver coin for
purposes of change and convenience. By
reducing materially the charge imposed for
parting and coming, now double the price
charged By private aSsayerS and retners, who
are enabled in one day to convert bullion
into a marketable article, at comparatively
small cost to the depUSitor-the Government
would be enabled TO compete more success
fully with parties who have hitherto offered
superior advantages in community where
the value Of money is so great. 1t is but
Just to the interests Of the nation that all Off
cial and legitimate means should be employ
ed to give to the people Of the United States
the advantages which ought to accrue to
them from the possession of such large mine
raj wealth, but which they do not enjoy by
reason Of the inducements offered for ship
unents abroad.