Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1880-05-04
A FLIMSE7 EXCUSE.

Under this heading the San Francisco Stock
Exchange of a recent date says:
Secretary Sherman, in reply to Congress
man Daggett, gives as his principal reason for
recommending the discsntinuaAce of the Car
son Mint that he is unable to procure sutfi-
cent supply of bullion at the rate of purchase
he has fixed. This would be a very good ex-
cuse were it not opposed to the facts In
the case In the first place, the rate fixed
for silver for the Carson Mint is so far
below the rate in the open market, that it pays
Nevada bullion producers better to pay freight
on the bullion to San Francisco and dispose of
it in the open market than it does to run it
out Of the assay Office of mill three miles
distant from Carson into the Carson Mint.
1t is ridiculous assertion that silver cannot
he purchased in Carson as cheaply as in San
Francisco, when Carson is only twenty-five
miles by rail from the Comstock. The truth
is, very little mint bullion is purchased in
San Francisco, AS bullion dealers here do
better in supplying the Chinese and Japa-
nese markets than in selling tos the iGovern-
ment Mr.. Sherman buys the bulk of silver
in London, and nobody knows what he pays
for it, but he must pay the market rate, as he
cannot bulldoze London into selling him sill
YER at an arbitrary rate fixed by himself.
This bullion purchasing business may be
summed up as follows: The Secretary of the
Treasury allows the Superintendents of the
San Francisco and Carson MINIS to purchase
bullion at exactly the same rates, putting the
maximum amount of any one purchase at TO-
600 ounces. All lots of over this amount must
be offered to the Secretary on a purchasing
day Of each week-Thursday-in the form of a
bid to SELL The bids are always higher than
the price the Mint Superintendents are al
lowed to give, and the Purchasing Board then
becomes the buyer. To Illustrate The Mint
rate is fixed by the Department at 81 14f per
ounce fine, and all the bids made to the Sec
rotary are at 81 154 which are accepted by
him, thus giving the bidder one-half of one
per cent per ounce more than is received by
the party selling directly to the MINIS. The
leading banks of San Francisco the Nevada,
California and Anglo Californian, instead Of
selling to the Nints allow their bullion to ac-
cumulate in that city, and sell in larger lots
and at higher rates. If Mr.. Sherman would
say to dealers: "Allow your bullion to accumu-
late in Carson, and will give you as much AS
you can get for it in San Francisco" there
would be no trouble abont the Carson Mint
procuring its full share of bullion. 1t is per-
haps useless to remind our readers that bullion
is not being carried from Carson TO San Fran
cisco for nothing, or for the mere pastime
of carrying and taking charge of it, An
apology is due Wells, Fargo & Co. for any
such violent suppositlon.- Were Carson
fairly dealt with there would be ,s reason
for shippers sending their bullion to San
Francisco to receive Carson rates.
At one time the Superintendent of the
Carson Mint purchased not only the silver
for the Mint, but larger quantities which
we're shipped to Philadelphia for Govern.
ment purposes This act did not and
should not have excited any hue and cry
in favor of a removal of the Philadelphia
Mint to the Valley of the Humboldt, or
the sun lit shores of Alaska. Recently there
was call for Mint in New York City, with
which to coin up lot of gold amounting to
$50, 900 900, but that gold is now gone from
New York, and there is no longer demand
for Mint in that city. Our MINIS are we'll
enough located, and they should be left alone.