Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-07-15
WHAT II MEANS
\
If the PopuIist-D Democratic
Combination Should Win.
Methods Followed at MINIS Interest
ing Talk With Director Preston.
How the Silver Owners Could Turn Bullion
Into Dollars.

uSScllDe tNdttiS what WOulu occur
when any one has the right to take
bullion to the mint for coinage, the
character of the metal that can be pre-
scented. 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 gov
eminent stamp and the official inter
probation of the term &c to |"
Until there has been legislation car
rying out in detail the general plan of
the free coinage of silver such as CON
tcmplated by the platform at Chi
caSo,' Mir. Preston replied. lit will, OF
course, be Impossible to describe accu-
latcly just what will have to be done.
| can only explain to you generally
what the routine would be based or
experience gained before the repeal df
the Sherman law, and UPON what FIRE,
coinage Of silver is generally inter
preted to mean. In the first place, sill
yer in any form, if not too base for the
operation of the miuts, viii be received
from anybody ard 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 tho
Chicago platform. means that there
shall be no restriction az to the amount
of bullion permitted to be received and
coined. Unless by legislation the coin
age of silver should be limited tc
American product, our minis would bt
open to all the silver in the world anG
it may safely be stated that without
such a restriction the United States
would within a few years have the sur,
plus silver of the world. BY surplus
mean all the silver not used by Other
nations as subsidiary coin.
Under a free silver law. any one
possessing old silver spoons, silver
ware, or anything else containing sill
yer. would have the privilege Of tax
ing such articles to the mints and hay
ing them coined into silver dollars. i
is not to be expected, however, that th'
miuts will be called upon to perform
much work of this character. it viii
be the smeltcrs and reiiners who vii
do most of this work.
There is a mistaken notion as tC
the class of people who take bullion tC
the minis to be coined. 1t is generally
supposed that mine owners do this
confined to taking ore from the mines
and selling it to the smelling and re.
fhing establishments. There are abou,
a dozen of theM. establishments now
in operation, and with a free coinage
law, of course, the number will greatly
increase. There.,are two in Denver,
Col; one each in Leadville. COZ.
Omaha. Neb., Kansas City, Kan.
Perth 4amboy and Newark, n. j.. Pitts
burg. Pa, Chicago. H., San. Francisco
Cal. and one in course of erection il
Idaho, From these establishment
would come 90 per cent. OF all the bull
lion that would be set to the minis t
be coined.
ITO ,avoid embarrassment to tbs
minis by those having small quantities
Of old slverware, it is probable thai
bullion of less value than $500 vii not b,
received, as provided in the old coinage
law, This viii be the routine pursued
in the matter of having bullion coined
into money:
1T will be taken in person or shipped
direct to the respective minis. 1t will,
be- weighed in the presence of the de
positor or his agent and the weight b.
verified by the register of deposits. The
weigh clerk and register will then enter
in their respective books the name Of
the depositor, number and date of each
deposit, kind of bullion, weight befor,
melting. and. if it can be ascertainel
the state or country FROM which it is
derived. The depositor will then be
given a receipt for the value of his de
posit, if it is of such character that it's
value can be ascertaincd before melt
ing.
From the weight of the bullion after
melting and the report of the assayei
as to fitness, the value of such deposit
and the amount of charges viii be com
puted, and a detailed statement given
to the deposition When the deposition
presents his receipt and certificate fol
the net value he viii sign the receipt
and the coin or bars will then be paid
to him.
1t is not to be presumed however
that under a free coinage law a persor
ullion would have to wabit
for his moneysuntil the material which !
he has presented had actually been
coined. AL that will be necessary will |
be to wait until the actual value of his !
ouiliol Is dStc1ldlltu. NOT Is IL TO De |
presumed that any great number of |
people vii go to the mints for their
silver dollars Thee chances are that
you will not find any more cartwheel |
dollars in circulation under free sill |
yer law than there are now The coin |
is too cumbersome. The people may |
want free silver but they would rather |
nave government paper equivalent |
Tor it than its actual weight in metal.
The result will be that silver certi- |
icates vii be authorized to take the
place of the silver dollar. and the
| nlted States treasury vii have to be |
4 storehouse for the metal This will
bring 10 the question of increased |
vault room at the ktreasury and sub
reasuries. Our vaults i'll the treasury
are now overcrowded, and there is no
space left for erecting additional
Fau!ts. A new treasury building may
therefore. be in order. not to speak of
he additional mints that will be neces-
AIRY. We now have minis located atI
Philadelphia. San Francisco. New Or
Continued on page %