New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-05-16
UTNTiNG.

In the Legislative Appropriation bill, on the
18th inst, the proposition to allow the refining
of bullion by private persons, debated SD
tiercely by the Pacific Coast Senators, was de-
feated by large majority. In 1853 Congress
passed the following law: THAT the Mint OF
/" the United States, and branches. shall con-
"tinuc TO refine gold and silver bullion, ami
ono contract to exchange crude or impaired
"bullion for refined bars shall be made until
" authorized by law.' The attempt to ex-
cllde refining from the san Francisco ana
other MINIS has proved failure. The private
persons interested in mOnOpolislng this Dusl-
ness still hope to accomplish their ends, through
the bill now before the Senate Finance Com
mittee, "revising the laws relative to the
"Mints, Assay Offices, and Coinage OF the
Omitted States" This measure comprises OS
sections, some of which greatly modify not
only the business of minting as now con-
Quoted, but also the administrative department
of the mint establishments. We learn that the
United States Assay Office in this city pos
sesses appl Nces for refining gold and silver
bullion to any extent demanded by trade, and
that by the Use of two valuable improvements
introduced by the present meter and refiner
processes, the operations are performed salts
factOrily to depOstOrs and economically to the
| Government.
Section AZ of the bill proposes, under certain
terms and conditions, that "unparted bullion
"may be exchanged at any OF the respective
"coinage minis for fine bars" This is
| anxiously desired by interested persons In San
Francisco, who have labOred for years to secure
the necessary legislation. We recommend
| that the Assay Office mode of refining should
be introduced into the Mint at San Francisco,
and that the Government continue to enforce
the law requiring refining to be done by its
own officers, as proper protection to miners
and other owners of bullion on the Pacific
Coast, who protest against making this busl-
ness conducive to the establishment of a
monopoly. We find also, from section %,
that, with some exceptions, the coinage charge
| amounting last year to &l2J,0OO) is to be dis
| continued This would, of course, increase the
amount of bullion seeking the refinery; but in
what way, we may inquire, would 1t benefit
the public7 Gold, whether coined or I'M
coined, will obey the memorable law of trade,
and its expectation cannot be prevented by
merely changing its form. We can see no
reason why the coinage of gold by the Govern
ment should not be made to contribute its
proper share toward meeting the onerOus bur
dens which the debt of the country imposes
upon Us.
1t is proposed also in the bill to abolish the
Office of Treasurer and transfer his duties TO
the Superintendent. This we regard as objec-
tionable. The system of checks which the
present law secures should be continued, and
the only change needed in New-YOrk is to re
| lieve the Assistant Treasurer of the United
States from acting er O0icio as Treasurer,
by the appointment of separate Treasurer tor
the Assay Office. The substitution of copper
| nickel for bronze coins we consider unwise,
because entailing heavy expenditure upon the
| Mint for their manufacture. The intimatiOn in
the report accompanying the bill, that the meas
IRE meets the approval of all the officers of the
| Mint, Assay Office, &C., we have reason to know
is grOundless. The general feeling of these
gentlemen is decidedly adverse to the bill, and
was so stated to the Department.