New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-01
NEW ORLEANS, FRIDAY, MAY l 1874.
The New OrleaDs Mint.

The New Orieass Mint.
On the twenty-third of April, the House
Of Representatives being in committee of
the whole on the appropriation bill, the fol-
lowing proceedings were had:
The Clerk read as follows:
Mint at New Orleans, LOuisiana-FOr
salaries of assayer, and melter and refner,
$25OO each; wages of three workmen, $4,000;
for fuel, lights, acids, chemicals and cruci-
bles, $4,000. and for apparatus necessary to
put the mint in condition, 5000; in all,
$4,000.
Mr.. Sypher-I move to strike out that
and insert the following:
Mint at New Orleans, LOuisiana-FOr re-
pairs Of machinery and apparatus and for
new machinery required to put the mint in
condition for coinage of gold and silver,
$30, 600; for salaries of assayers. melter and
refner and coner, $2500 each, $75O0; for
wages of workmen, $4,000; for incidental ex-
penses, $500.
Mr.. Sypher-Mr Speaker, desire to offer
a substitute for the lines of the bill COM
mencing with 800 and ending with S26 in
elusive, as follows:
Mint at New Orleans, Louisiana-For re-
pairs of machinery and apparatus and for
new machinery required to put the mint in
condition for coinage of gold and silver,
$50 900; for salaries of assayer, melter and
refner and coiner. $500 each, $500; wages
of workmen, $4,000; incidental expenses,
S4500.
The sum total of these items is $4,000,
which is $1,000 less than the director of
the mint reports as necessary ito make
fair start
The mint was originally established at
New Orleans in the year 1888, and was the
second in Importance in the country for a
period of twenty years, until suspended by
the breaking out of the war. Coinage was
executed there to upward of SO, 900, 900,
about half of which was Mexican silver.
The ground upon which the mint building
is located was donated to the United States
by the city of New Orleans for the express
purpose of erecting and operating mint.
The act of donation provides that whenever
the ground shall not be used by the United
States government tor the purposes of coin-
age it shall revert to the city. No coinage
has been executed at that mint since the
war. The government has occupied part
of the buing for the assistant treasurer.
The intent of the act donating the site has
not been carried out, yet the city of New
Orleans has made no demand upon the
United States government for the restOra-
ton Of the property, believing that the time
would come when the interests Of the cOun-
try would again require this property for its
former purpose.
Mr. Speaker, that time has IN my opinion
now arrived. The increased demand for
gold and silver coin in our country requires
increased facilities for its manufacture.
Under the act of Congress authorizing re-
coinage of specie below the standard weight
prescribed by law much additional labor is
imposed upon the mints now in operation in
other parts of the country. On the subject,
the Director of the Mint of the United States,
in his annual report to the Secretary Of the
Treasury, says:
"By your direction, the amount believed
to be necessary to place the Mint at New
Orleans in condition for coinage operations.
and for its support during the fiscal year,
was included in the estimates of appropria-
tions for the mints and assay offices.
"A gratifying increase of business at the
San Francisco and Philadelphia mints, and
assay Office, New York, took place imme-
diately ON and after the coinage act became
operative, and which has recently been
greatly augmented in consequence Of large
importations of foreign coin and bullion,
exports.
'.Some idea of the increase of operations
may be formed when it is stated that the
coinage of gold during the month of Octo-
Der approximated in value $4,000, ,000."
1t is we'll known that much of the gold
and silver coin in circulation below the
standard weight is in the Southern States,
especially in Texas, where "hard money
has never ceased to be the circulating me-
dium. In the course Of trade large amounts
of this specie finds it way to New Orleans;
it is there offered in payment OF duties to
the government, and can not be received
except in accordance with the fourteenth
section of the coinage act and the regula-
tions of the Treasury Department., requir-
ing fixed standard. During the past
year the department issued instructions to
the collector of that port to receive 10 gold
in pay ment of duties under the prescribed
legal standard. To have carried out these
instructions rigidly, would have stopped all
importations at that port, there being no
gold Of the required standard attainabie in
that market.
Besides the home necessity for reopening 2
this mint at New Orleans, good faith to
foreign countries demand it, to enable our
government to comply with the terms OF
the act passed at the beginning OF this ses.
sion, authorizing our mints to coin for for.
eign nations, some of whom are already in
quiriDg upon what conditions our govern.
ment will afford them these facilities. Un.
der this act it is believed that our govern.
ment will be able to offer superior advan
tages, especially to the countries south OF
us, Mexico and the Central and South
American States; it will be a saving OF
time and money to these countries to have
this government manufacture their coin,
and nations, like individuals, seek trade
relations most advantageous to themselves
Then since you have solicited, as it were
the patronage of foreign nations by the
enactment of the coinage act, it becomes
your duty to furnish the necessary facilities
to perform the wOrA
American merchants have for a century
coveted the trade of China and japan
Now for the first time these countries open
wide their ports to our ships, and supersede
the Mexican dollar, their standard of value
for many years, with our American trade
dollar, for which they pay US in gold. Re
publican Switzerland, q bright example
across the Atlantic of our own great re
public, is among the first to avail herself o.
the advantages offered by our government
to manufacture her coin, of which France
has in the past had the exclusive monopoly
In Central America the peso, or dollar, cor
responds in value very nearly with oul
subsidiary silver coin, and circulates
largely, so that the adoption of our frac
tiOnal silver would be only q slight de
parture from their present circulating me
dium. The silver dollar is well known
among civilized nations, and the demand
for it is rapidly on the increase, and NJ
short sighted policy of mistaken economy
should prevent this government from sup
plying that demand, as we'll as becoming
as we are destined to be, the bullion depot