The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-01-19

re f-rpo--arce os tn4 admission arises
frcnn the previous views OF Del Mar and
his high standing among Tire students o.
TIE subject.
cola = Tire most commonly dffEuss1 -
All the rrstass." ne writes IN Guntcns
magazine. 1T * even 70 b. obtained. and
II nzs been obtained. from salt There e
ar aias1sf continuous line Of hills filed
with ioE grade ores stretching from Alas
IA 20 Patagonia TINS Is the Mother Lone.
know Il a single hi IN Cslifornis which
has beer explored enough - demonstrates
nearly forty million tors Of low grades
which numerous engineers have averaged
a. sc per ton. but which. for safeiy's sake.
we VIII puf az g per ton II Is a yeritsha>
quarry. and with adequate machinery can
ne al cleaned up In feT years With sup
piles OF water fer steam power and vita
average mining facilities. the cost is about
g. 20 sl25 per ton Of ore"
The most remarkable conclusion Del Mar
now arrives az Is that an al valorern
seIgniorags of - per cent. should % I'M
posed by the government. He gives the
following reasons for that opinion:
we must protect our gold currency by
the only way to do this Is 20 impose
selgnaoraze. This seigniorage viii not be
paid by our miners. who may, II they
choose. send their gold abroad. Il wiz be
borne by the importers OF gold, who VIII
~ left TO the alternative Of paying the
cost Of its coinage. or else OF keeping i IN
the form OF bullion, which, unlike coin.
can earn no interest. The privilege which
they now enjoy is a menace 20 the staoil-
ity OF our currency. They can melt or
export at pleasure; they can compel ina
government to coin their bullion for moth
ing: they get the alloy and the manufac-
tire for nothing. they can compel the gov
eminent TO make good The wear and tear
OF gold coins for nothing. For all this
service and expense. for all these dement's
and advantages, they pay nothing. Tne
system, we're Il not dangerous, would De
ludIcrous. 1t Is as though l0g-cutters ard
timber merchants had the right 10 compel
the government TO manufacture their raw
material into tables and chairs and TO pro-
vide an Unsuitable market for these prod
ucts IL may suit the circumstances OF
great commercial and maritime state, Ike
England, 10 pursue such policy-tho1gn
even in that country there are numerous
and Influential advocates OF a seigniorags
on gold coins-but II does not 1T the cir
cumstaRees of the United States Of Amer
Tea. and the sooner we amend the coinage
laws in this respect the better Ii viii be
for US Our gold coins are 81
the mercy of every bill drawer and bank
ing house in Europe, at the mercy OF every
lender of capital in Europe. at the mercy
OF every jeweler. glider and dentist, all OF
whom are innocently tugging away at the
basis of our monetary system"
Del Mar has started new line of
thought. and 1t has the great advantage
of leading to a reform which would be
free from the absurdities of free coinage OF
silver at fictitious ratio. Whether his
pan would accomplish what is so much
desired. requires careful consideration. 1t
Is not altogether free from objection, but
a superficial view makes the advantage
sufficient TO offset any minor objections.