The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1896-07-16
THE MEANING OF FREI COINAGE
EXPLAINED.
Director OF the Miut Preston Tells How 10
Turn Bullion Into Dollars.

Director of the Mint Preston was
asked exactly what might occur when
any one has the right to take bullion
to the mint for coinage, the character
of the metal that can be presented,
what the mode of procedure would be,
the cost of the coinage, the amount
that would be returned to the person
submitting the metal for government
stamp and the official Interpretation
Of the term "sixteen to one"
"Until there has been legislation
carrying out in detail the general plan
of the free coinage of silver, such as
contemplated by the platform at
Chicago" Mr.. Preston replied, "it
will, of course, be impossible to des-
cribe accurately just what will have to
be done. l can only explain to you
generally what the routine would be,
based on experience gained before
the repeal of the Sherman law, and
upon what free coinage of silver is
generally interpreted to mean. In the
first place, silver in any form, if not
too base for the operation of the
mints, will be received from anybody
and coined into silver dollars or bars
free of charge, except the cost Of the
alloy employed, which is two cents
per ounce.
''The word unlimited as used in
the Chicago platform, means that
there shall be no restriction as to the
amount of bullion permitted to be
received and coined, Unless by legis-
lation the coinage of silver should be
limited to American product, our
mints would be open to all the silver
in the world, and it may safely be
stated that without such restriction
the United States would within few
years have the surplus silver of the
world. BY surplus l mean all the
silver not used by other nations as
subsidiary coin.
CAN TAKE ANY OLD SILVER.
"Under free silver law any one
possessing old silver spoons, silver
ware, or anything else containing
silver, would have the privilege oi
taking such articles to the mints and
having them coined into silver dollars
1t is not to be expected, however,
that the mints will be called upon to
perform much work of this character.
1t will be the smelters and rehners
; who will do most of this work.
. "There is mistaken notion as tc
the class of people who take bullion
to the mints to be coined. 1t is gen
; orally supposed that nine owners dc
, this. AS rule they do Lot. Their
| work is confined to taking ore from
. the mines and selling 1t to the smelt
t ing and refining establishments. There
are about a dozen of these establish
ments now in operation, and with a
, free coinage law, Of course, the mum
Der will greatly increase. There are
, two in Denver, Col. one each ir
Leadville, Col; Omaha, Neb.; Kansas
| City, Kan; Perth Amboy and New
2 ark, N. J.; Pittsburg, Penna.; Chicago
t ILL.,; San Francisco, Cal, and one il
course of erection in Idaho. From
/ these establishments would come
!. ninety per cent of all the bullion tina
would be sent to the mlnts to bt
coined.
= s'To avoid embarrassment to thu
a mints by those having small quaint
i. ties of old silverware, it is probable
e that bullion of less value than $Io'
e will not be received, as provided il
q the old coinage law. This will b.
!. the routine pursued in the matter o
' having bullion coined into money:
r "It will be taken in person or ship
a ped direct to the respective mints. l
e will be weighed in the presence of tn
), depositor or his agent, and the weigh
be verified by the register of deposits
The weigh clerk and register will thel
It enter in their respective books tn
name of the depositor, number an
e date of each deposit, kind of bullion
y weight before melting, and, if it ca
r be ascertained, the state or countr
S from which it is derived. The depos
o tor will then be given receipt for tn
n value of his deposit, if it is of sue
e character that its value can be ascel
y tanned before melting,
, NO WAITING FOR THE MONEY.
n "From the weight of the bullio
r. after melting and the report of the a.
sayer as to fneness, the value of sue
,r deposit and the amount of charge
!, will be computed, and a detaile
{. statement given to the deposlto
\ When the depositor presents his re
4 ceipt and the certificate for the ne
. value he will sign the receipt, and tn
s. co n or bars will then be paid to hin
at is not to be presumed, howeve
that under free coinage law perso
presenting bullion would have to wa