The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-02
THE NEW ORLEANS MINT BILL.


es what its effect will be, we cannot say. We
nfer from the dispatches, however, that the
agreed upon by the Commit
tee on Coinage of s75,ooe, is in no manner
jeoparded by the rejection of Mr.. GibSon's
amendment to the general appropriation bill.
We infer that Mr.. Gibson offered his amend
ment TO the appropriation BILL allowing SlS5,-
400 for this purpose, in order to secure the
early passage Of the measure and to avoid
the necessity of the special bill. The only I'M
portant condition of that bill has already been
complied with In the REIMBURSEMENT by the
city to the United States Of whatever rights
or title 1t might have to the mint property,
and the making of the appropriation neces-
eary to nut the institution in running order Is
the only thing that Congress need consider.
This appropriation, at least to the sum OF
$4,000. Congress is under an explicit oblga-
tion TO make and the Committee on Coinage,
at least, will be involved in very serious
charge Of bad faith or of unwarranted as
sumption If it l.; refused The granting OF
this appropriation and the assurance that the
mint would be put in immediate and continu-
Gus operation were the explicit terms upon
which the city relin1ushed the title 1t
had acquired to the mint property by rever
sion.
The city was given the most formal assur
ances that these things would be done by
Congress upon the condition named. This
condition the city promptly acceded to, and
the REIMBURSEMENT has long since been made.
We do not believe that the gentlemen who
made this proposition did 50 without the full
it,t 1n
very grave discourtesy az well as betrayal OF
them to refuse the appropriation after the
conditions they we're empowered TO name
have been acceded to.
For this reason we are disposed to take a
hopeful view Of the matter, and believe that
the appropriation recommended by the Com
mittae on Coinage will be passed when it
comes IN In eur congressional report. in
Yesterdays DEMOCRAT, it Is stated that the
gentlemen who opposed the amendment
(Mr. Gibsons) dsclaimed any antagonism to
New Orleans but they did not think this
action should be taken in advance Of the re-
port Of the Committee on Coinage, declaring
where mints shall be placed" 1t is quite GER
tain that the motives here proclaimed did not
control q great many members, and It Is fair
Co assume that, when the bill which has re-
oeived the Endorsement Of the Senate Com
mittae comes before the House, these same
members will be controlled BY local jealousies
and pitiful desire to make capital with their
constituencies at whatever cost to the public
interests: yet we trust, for the honor Of Con-
gress. that there will not be enough of them
to defpat a measure of such vast national i'm
portance as the establishment Of our mint.
We have already shown at length the pc
culiar advantages that would result to the
national government from mint facilities at
New Orleans To begin with there Is here a
valuable real estate which belongs to the gov
eminent conditonally only and which reverts
20 the city in case Of the discontinuance Of the
mint here for the remuneration made the
other day can have no validity If the APP
preparation upon which it was condi-
toned il not made Then. there is here,
also. the most complete mint establish
ment in the country'except that at Philadel-
phia and at comparatively triilng expense
it can be made almost equal to that in capac-
itv. Such an establishment could not be
erected and put in working order elsewhere
at cost of less than from one to two mil
lions of dollars.
| These however. are mere minor and tenn
| porary considerations as compared with the
other advantages possessed by New Orleans
and New Orleans alone for they result from
its locality. The first supply Of bullion re
ouired under the silver bill came from Eu-
rope, directly but it was all Mexican silver
and was purchased at a price far in excess OF
what ii could be obtained for here if
our mint were in operation. TO its original
cost. freight, expressage, insurance and
brokerage to Europe from Mexico and back
to the United States was necessarily added
but had our mint been in operation all Of
these charges would have been saved. These
charges will not be materially lessened by
the establishment of a mint at any Other
point even if the silver comes direct to New
Orleans. which 1t will not do unless we have
a mint here. The charges from New Orleans
to any other city will be but trifle less thar
they are on shipments from Europe. But thu
Mexican silver will not come here unless
there is a market for it here. and this there
cannot be unless there is a mint 1t is {
comm odity of exchange. just as coffee
or any other product of the country is
and it will go direct to the markets where i
obtains the supplies for which it is exchanged
The annual supply of Mexican silver is esti
mated at $lo. $50, asa that we need. Witt
two more coming presses the capacity of TIL
New Orleans mint will be $40, 900. 900 per year
1t is estimated that o. per cent can be save
on the purchase of silver in this market re
ceived direct from Mexico and free of tn
charges named above. On a coinage, then, c
, $4,000 900 yearly the government will say
by the establishment OF the New Orleans min
the handsome sum of S250,o00 each year o
, purchases of bullion alone. Certainly this
an advantage which no other city can Offer
I and one that should control the vote of an
honest and fair minded Congressman.
) But there is another consideration of eve
3 greater value to the government than this
New Orleans can control the Mexican trad