The sun. [volume] (New York [N.Y.]) 1833-1916, 1884-03-30
THE DRAIN or GOLD
Onssal Ovsrsstinsses Of shs Aasust or GsiA
In the CountrS-OpiGia 81 the Error-A
Serious Pertl 60 shs Natssnal Finances.


BAN FRANCISCO, March 15.-My letter con-
corning Mint Director Burchard's annual
volume on the Precious Metals printed In your
issue Of Fob. 49, was telsgraphed all ovcr the
country. and appeared In the San Francisco
newspapers al tho next day. This brought
out several communications from persons
anxious to furnish evidence in support OF the
views expressed In the letter. "Burchard's
reports" they said. were running all lsgiti-
mate mining by putting up q multitude Of
shams and bubbles. Let them be suppressed
The interests OF tho Commonwealth require
moro than this: they demand that Mr.. Bur-
chard's Mint reports shall be confined to their
Legitimate sphere. And they demand that Mr..
Durchard and the Administration. who nre
aiding him and his Mint reports for partisan
ends. shall be suppressed also.
1. accuse the Administration and Horatio
G. Burchard OF publishing an annual report
which pretends to show the production OF gold
and silver throughout the world. and Of giving
the sanction and endorsement OF the Govern
ment to such report. without any power or
authority on the subject to which It relates or
sanction Of law for the promulgation Of inior-
nation on the subject.
"a accuse tho Administration and Horatio
G. Burchard OF including in such reports. as
facts. tho opinions OF Soetbeer OF Germany and
Valentine OF California and other unofficial
and unauthorized persons. concerning the pro-
duction OF gold. which opinions are erroneous.
misleading and however innocently on the
part OF valentine) mischevous to the cause Of
monetary science and the welfare OF the United
States.
3. I accuse the Administration and Horatio
G. Burchard OF knowingly and grossly exag-
gerating the amount Of gold and silver In the
United States. with the design Of establishing
false feeling OF security among the CONNER
cial and industrial classes In respect OF our
ability to mako coin payments and sustain an
export drain Of specie.
| 4. accuse the Administration and Horatio
| G. Burchard Of having thus been tho means Of
| inducing the banks and commercial classes to
part with their coin reserves for EXPORT. with
| out an effort to retain them and Of leaving the
son 81 reason he depeton such
That there Is no authority Tor d such P1 bo
| Director OF tho Mint contain no warrant for
that officer to collect and publish either opin;;
Ions or facts concerning the production Of gold
a asa such rroduc,ion " in this or any
other Important bullion producing country: Il
gold mining. must continue to rsst-apen ths
observation. judgment, impartiality. ana crit
dSS s S
offer them In official publications rs facts upon
measures. Affecting the welfare OF the people,
| IL an offence to science and crime against the
II. That the opinions Of soetbecr and Valentine
arc erroneous. DIR. Soetbeer Ia politician In
the services Of the German Government. inter-
Ss'ss IN sns f pses and GaIy sSs
main provisions Of which require that the old
melted down. and contemplate the eventual
suppression Of all silver coins OF full legal
81 was
sovereiens whose territories make W, their
| present heterogeneous empire; to utilize the
enormous nccessions Of gold OK pected from the
French indemnity. and to furnish a uniform
81 the Tted States Ssa
deeply intsresed because ths latte, has a..
exclusive gold standard By Germany was based
Of silver Ii, in Nevada. Hnd a conceited assump;
ton q Gsrmany,s ability to command n,ss d, gold
ton OF the French Indemnity. payments and
THO unlocked for exhaustion a. the Comstock
ernment Of It's mistake as to induce 1t TO post;
pone tho contemplated suppression Of It's full
legal tender silver thaer. it evidently still enter
With this end in view. DR.. soetbser. who llls
the same role in Germany that Mr.; Bnrchard
mane work IN %hsa tho s sod fpro
duotion and stock on hand are vastly exng.
e. Snd s she
and republishing tho statistics (which are
merely the affected opinions, Of Or; Soetbeel
i .mhe to suppose that Mr. surchard has merei,
been ignorant and thoughtless: but Ignorance
tant n matter. is too closely allied with design
to- pass without condemnation;
M ss II my Or rood
word to sny. The worth OF his gold statistics
IL another matter. This concerns the welfare
criticism an d tho statistic must stand or fa
upon their own merits. When was on the
take the testimony Of the miners. bankers. and
others Of this coast who were presumed to ~
tine r @ fG
he did. it viii be found embraced in 1888 cues
Com Conn mission. Vol T.. PIP. So to IS inclusive. i
is from Mr.: Vaentine's own Testimony, that
propose to impeach tho correctness OF MIR. Val.
yrsntns Is the Y, Fn4sa fn
| press Company. u corporation that formerly
enjoyed the almost exclusive poly Of car
rying such gold dust and bullion and dord barr
mining rssians q California; and ,he drsa
Basin to tho San Francisco Mint. Az. duTinl
and s f Saio%n was in tho mentioned Mr
Valentine was in an excellent position to max
good guess nothing m9rel OF the who'll
| ~
| der to do this. however he had to make mum
ber Of allowances. the merit Of which depende'
worry much upon the general fund Of informa
ton possessed by the guesser the measure o
several other considerations. He mad TO ALLOW
for. by adding to-, the gold brought by the ex
coasting vessels, stage Soaehes, and Pry;a.
States mail and by the miners on their persons
also for the gold produced In Colorado and else
Eastern minis or bullion dealers. On thu
other hand he had to ;, de- deduct ssor thf f"i,
Gasymas Mszatlsn and other RITTER sIr's Of Mckee
bla and other foreign countries on the tacif
seaboard. because this gold also appears In tn
| production statistics OF those countries and II
the Import tables q the United states. He ha!
tain OF our mining specuators and jobbers
who. when their mines or mining stocks are Of
the market, secretly melt down gold coin int
bullion and send II Ostentatiously by tho OK
press to the mint In order to sustain by ON
cial' evidence their exaggerated pretences o
productivity. With regard to silver, he had ~ 7,
add to tho express companys returns th'
bullion produced in the Eureka and other bas