The New York herald., 1879-12-12
GOLD COIN.
The Proposition to Remove the Mint
from Philadelphia to this City.
MONEYED MEN FAVOR IT
General HiIlhouse and Prominent Bankers
Eager for the Change.

The establishment of . mint In New York was
subject general discussion in financial circles yes
terday. A unanimously favorable opinion was ex-
pressed the matter and there s doubt that the
weight of tho most ind uontial banks in this city viii
be given to secure the success OF Congressman Null
ler's undertaking. The recent pouring into New
York of foreign gold has directed the attention Of
commercial men of all grades to the inadequacy Of
the present system. and they have determined
ON q different arrangement. They have discovered
that both they tthe city and the government)
are losers by the present location Of the Mint and
they seem determined to have It removed here as
Quickly as possible. Gold arriving at this port now
is melted and asssyed here and then transported to
Philadelphia for coming. When 1t has been made
into eagles. half eagles and other denominations Of
small pieces is shipped and the expense risk and
delay are very considerable. 1t s to obviate all this
annoyance loss of time and useless waste Of money
that tho present movement has been started. Since
August - up to Saturday night last thu
receipts Of foreign gold in Now York amounted to
$50 800. OF this amount $54 500 drfted into
the Assay Office In Wall street. The difference be-
tween these two sums was In American coin re-
turned from abroad. The greater proportion of this
money arrived in the shape Of French coin and Brit
ish bars. According to. law this had to be melted
down. cleared Of alloy and to the Mint at Phia
back to New York.
THE RESPONSIBILITY.
Going aud coming the money travelled by express
and sometimes much as $4,000. .00O passed between
tho two cities In single day. The express company
is responsible for risk and accident to certain
tent but the & accepts the 1%h of c.sq
Thomas B. Acton Of the Assay Once. satd:-''rhere
would really be no necessity to build new struc-
at present to extend the Assay Once. put in the
proper machinery and attach = coinage department.
The preparatory work is done here now; large
press room is all require to complete the busi-
ness. It would be . great saving of time and ex-
pense to the govsrnmont, and would be great con-
.How much gold have you here nowY-
"About s5O.0UO.000. We sent about $60.000.Q0o
West recently to pay for grain"
What would be the best location for mint in
New Yorkw
tance. bat as economy ought to be considered and
undoubtedly would In this matter, the government
that h.: P san
could be fitted mp for hat is wanted 1t small cost
That might be considered as an entering wedge and
sooner or later. because II will become necessity.
and sooner would be better than later. Then there
Is the old Post Office. That also belongs to the gov.
ernment and il affords ample space for the required
buildings. In this way you see. the present Assay
Once could be transferred there and the whole bus'
''what would you do with the building you now
occupy.
1861 1885 this property could have been sold for
$l,5O06OO 1t would bring ST. .20o. 900 to-day. at
the least $1,000 ooo-enough to build Mint. with
what are the capabilities Of the Mint in Philade-
II can't tell you Under the law it is compelled to
coin $2.0O0000 silver dollars every month. but IL
has not been able thus far to MI the bill. These
II the coins double eagles. and this amount the
establishment could turn on monthly. in all proba
blity, II it had nothing else to do. Thus you see,
the Mint ia Oyerworked."
The leading bankers and brokers OF Broad and
Wall streets are Of opinion the Mint ought to be
located in New York. because 1t Is the centre. and
by and by its transfer here would become an abso-
Lutte necessity. Tho site would probably be little
difficult to settle. there are certain sanitary
reasons for keeping it at distance from dwelling
houses. The ores attached to silver emit poisonous
visabe not to locate the building in the midst OF
vrlws OF GENERAL mLIHousx.
General Hillhouse, OF the suv-rreasury. said no
would be glad q citizen of New York to the
Mint here 1T %oHS certainly be
in our vaults about ss7. 600 900 in gold but OF
this amount not than $l000. 100 Is in half and
quarter eagles. denominations that are much
The President of the Park Bank said :-"It must
come in time. and why not do IL ut once9 New York
is the centre Of commerce now for the country aad
twenty years hence Ii will be the financial centre OF
the world. What London has been IN that respect
New York will become. and probably within the
time have set down. 1t would facilitate the busi-
oil the banks to have the Mint here: For many
bo getting into the handling OF 1t more and more
by and by.
"Certainly it is. The business Of the whole coun-
try Is increasing very largely. We send large
amounts OF money to the country banks daily . and
question OF the Mint has been brought before the
attention of Congress- This is the place for It, and
/ hope they will send 1t here soor"
The president of the Chemical Bank said lit IL
about time they took up this subject. We want the
Mint here very much. You see. It is very expensive
sending all that money to Philadelphia and bringing
1t back again. Besides, there Is necessity tor
doing So The bullion is shipped to this market and
ought to be manufactured into coin here. All the
silver sent from the West comes here. and 1t Is
useless expense sending 1t further. 1t must come
back here to get into circulation; then why not hn
ish 1t the spot. The sums OF money paid the
press company tor transportation to and fro would
for tho erection OF the buildings
..Do you think all the banks desire the changer
81 do can't see how they could do otherwise
than desire the accomp plishment Of measure
pregnant with so many beneficial results. New
York is the financial centre and the Mint ought to
be In New York. Stewards downtown store would
be capital place for it II they could got the build
ing. 1t would make handsome Mint and be con-
venient Philadelphia clings to the Mint matter
OF pride. but think here We are little more
practical"
THE DEMAND ron COIN.
els there = demand for coinY
'Of course there is. and demand that must In
crease. We are using up our bills very rapidly and
when they are gone We must turn to gold coin. The
country Is using up our paper. That. you UNDER
stand Is in consequences OF the cost Of transporta
70
the south demanding largo sums for cotton. and we
must send Il. From hero to New Orleans IN Y con-
siderable distance aud send gold would be very
pcnsive. Tho bills more convenient to carry.
too. aud are desirable for all these reasons Yes.
think tho Mint ought to be In New York. and think
you will mud all those who have the interest of tho
city and country at heart will be in favor Of tho
movement to bring II here.
Tho bill introduced before Congress by Mr.. Muller
provides for appropriation OF $l,O00.OO0 to erect
the building; for the appointment OF superintend-
ent at S4.50O an assayer ut $3.000 assistant
sayor ct $4,000. melter and rehner ut $4,000. an
assistant meter and refner at S2,5O0, coiner ut
S3OO0 an assistant coiner ut 25O0 chief clerk ut
$2,5O0, q weigh clork at $4,000, q bookkeeper ut
S2,5O0. = warrant clerk at $4,000. assistant weigh
clerk at $1,000 paying clerk Ut S2UO0 ve clerks OF
class aud such other assistants and workmcn as
are customary aud reasonable. The general direction
Of said Mint to be under control and regulation OF
the Director OF the Mint Tho salaries OF the assist
ants In the various departments are hxed 1t $500