The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-22
THE RE-OPENING OF OUR MINT.

From letter recently received from one of
our delegation in Congress we learn that the
amendment of Mr.. Gibson to the general ap-
preparation bill, allowing S195,OO0 for the re-
opening of the New Orleans mint, which was
rejected by the House, will be renewed in the
Senate with fair prospect of it's passing that
body 1t is then hoped that, by means of a
conference, the House may be induced to con-
cur in the amendment. In the meanwhile.
we hear nothing of the original bill for the re-
establishment of our mint, which fixes
the appropriation at $4,000, but
assume that it will come up in
regular order in case of the failure
to secure the proposed amendment to the
general appropriation bill Weassume this for
the reason that the present Congress is under
a solemn obligation to reopen the New Or
leans mint and it's failure to do so will con-
stitute notable act of bad faith towards this
city. On assurances which we are forbidden
to believe were given, without proper author
ization on the part of those who gave them
the city was induced to relinguish, and did
formally relinqush the title she had acquired
by reversion to the valuable real estate con-
shutting the mint property. The city's
formal remuneration is of record, and it
was made on the distinct under
standing, importing all the moral, if not
legal obligations of pledge that the govern
ment. in whose favor the remuneration was
made, would, in consideration thereof, re-
open our mint and keep 1t in continuous oper-
alton. We think that this fact justifies our
confidence in regard to the reopening of our
mint. We have already shown the value of
this property-the fact of it's reversion to the
city in case the mint was not kept in opera
ton, and the fact that whatever appropriation
Congress might make, would be to reopen
and not to establish mint. We have also
given the estimate of Mr.. Bonzano, the
superintendent of the mint, as to the
actual expenditure that would be neces-
sary to give our mint a capacity second
only to that of Philadelphia, and to run it for
one year. We see no necessity for repeating
these arguments at length. We may, there
fore, state them generally. They are that the
mint property in this city cannot be replaced
for less than million dollars in any other
city; the machinery would cost elsewhere
S150,000 and the expense for skilled labor in
the way Of salaries, etc, would be much
larger in any other city in the Union
These reasons, however, we do not value at
all in comparison with the advantages New
Orleans possesses in relation to the purchase
and the coinage of silver. We have already
shown that the bullion for the first coinage
under the silver bill was purchased in Europe
at price at least two and half cents in
excess OF what it could have been purchased
20 in
operation. This saving was based on the
prices of a year ago. This saving will be
considerably greater for the next year, as will
be shown by the following extract from the
San Francisco Bulletin:
There are certain elements that indicate an
improved silver market for the remainder of
the year. 1t is known that the supply at the
marts will be exhausted about the first of
June, and that thereafter the Secretary of the
Treasury must purchase at least 50 900, 900, and
perhaps 81, 100000 in fine silver per month for
an indefinite period: China will be in the
market next month for a loan of SS,OOO,OOO in
silver, and it Is presumed that a portion of
the ST 100000 which was sold by the Nevada
Bank on the tenth and eleventh is in anticpa-
ton Of that loan; This large sale greatly re-
duces the available supply here. The closing
of the Consolidated Virginia mine, which
was effected about two weeks ago, and which
will probably remain closed for three months,
will have an important bearing on the mar
ket. We have it on authority of John w.
Mackey that the California and Consolidated
Virginia mines will not probably yield over
100000 ounces Of fine silver per month for
the remainder of the year In addition to gold
therein. 1t must also be borne in mind that
the Justice is now the only mine ON the Com
stock lode that is producing any bullion and
that the mine is not yielding 50 per cent OF
the amount it did year ago. Outside silver
mines are also producing less than formerly
At the same time the California gold product
promises to be larger than usual, owing to ex-
cessve rains last winter On the whole,
apart from any results likely to grow out of
the political complication of England and
Russia, the silver market is in much better
shape than it has been in for upwards of two
years.
The $4,000 900 and more of silver produced
annually in Mexico will very greatly relieve
the stringency in the silver market which
this article predicts. The only way to pre-
vent this Mexican silver from going to Eu-
rope, whence it will come back to the United
States with the additional charges of two
extra brokerages, freight and expressage, is
by establishing market mere place of ex-
change, for it here In New Orleans. By the
reopening of our mint these extra charges
can be saved, and, In addition, the government