The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-07-15
4 MARKET FOR GOLD.
Millions May Come From Alaska, and
Il should BE Created-Repcrts
That II II to BE Established At
Once Due to James Hamilton
Lewis ations--How-
ever. work VIII Secure II.

The great discoveries OF placer gold On
TIE Elon6Iks render doUbiy interesting
tie news which comes from Washing
ton, Z. &, iEai there IS prospect that
the erection oil a government assay once
in this city n-ay begin in time for il 70
traas tEc large amount Of the precious
metal which viii De orough. down BY the
returning foe. OF miners next fan. The
esta5lis 1u1ent Of government ASSAY Of
fee here would make this the pure sin &
point FOR all the gold coming t,s.r, the
kiondike. Yukon. Cock inlet Lisuya bay
and othar districts OF Alaska, from the
Swauk. Psshsstin and Ruby creek dis
tricts OF Washington. and frcra the Car
ihoo district Of British Columbia Tho
bullion produced at the smeItsrs and
stamp mills >: this state would also be
brought 10 this assay office and De sent
thence TO the mint. In fact tire output
OF the lrec4ous metals for the wcole Pa
ciSc Northwest would naturally graviiat e
hither instead OF going 20 either Ssn
Francisco or Helena
The u}pof tUn.ry 10 secure the GOVERN
ment assay office this summer arose from
the fact that there is an unexpended bal
ance Of the appropriation made for an
assay eftice at Dcadwood s. D. Infor-
nation vas received that this might be
made aYails Die for Seattle, and the Post
Intelligencsr correspondent ST Washing
ton teIegraphed On Tuesday night as fol-
lows:
WASHINGTON. July is-Dlrector
Preston told Congressman Lewis that he
thought it possible that the unexpended
balance of the appropriation for the es-
taollshment Of an assay Office in South
Dakoa might be used to inaugurate an
~. eel.
gems OF Seattle would give site and
building. This would enable work 10 be
begun in Seattle prior to getting the reg
ular appropriation for the Seattle office
next winter"
A reply was az once sent requesting that
the PosI-inteltigencer correspondent as
certain directly from Director Of the
Mint Preston as TO just what was the
situation OF affairs Sc far as his Office was
concerned So many unreliable kilograms
had been received regarding Congress-
speeches and his achievements that q
matter Of such vital importance was
thought 10 be worth being confirmed
No reply could be rec eived AT so late an
hour. but last night the Post-lnteliigence
&C respondent, who had had an interview
with the director of the mint, wired az
follows:
WASHINGTON. July H-Director Of
the Mint Preston stated positively tonight
that nothing can be done to establish an
assay office In Seattle without authoriza-
ton of congress. donation of site or
buildings would make no difference. He
has no money with which to open or con-
duct an assay office there and has no au-
thorlty to do so. even il 1t could be done
without costing the government a dollar
Furthermore. there is not the slightest
probability that congress Will authorize
the establishment Of an assay office at
this session.
The matter was brought up at the
meeting of the Chamber OF Commerce
trustees yesterday afternoon and the Sec
retary was instructed 10 telegraph Mr..
Lewis that the citizens would provide
rooms or building tor an assay office.
OF course. there was no knowledge Of
the exact condition of affairs and no idea
that the chambers offer Will be regarded
as mere huncombe, when IL is received at
the mint Office. However that should not
interfere with very energetic work being
done by the Chamber of Commerce. and
all those interested in mining and the
city. as a good point for an assay Office
However much the people may have been
misled by Lewis irrepressible fervor. a
request for the allowance OF a part OF the
appropriation Will probably be acceded 10
by congress.
The lack of such an office Is the only
obstacle to Seattle becoming the market
through which several million dollars in
gold will enter the channels Of trade.
Hitherto the bulk OF the Alaska gold has
gone past this city 10 San Francisco. be-
cause, right or wrong. the miners do not
feel sure Of getting full weight and value
for their gold dust except at a govern
ment assay Once. II might happen that
a private assayor would return a higher
value than the government assayer. but
the latter is regarded by the miner as
his supreme court in the matter.
The principal buyer Of gold dust in this
city hitherto has been the firm OF Joseph
Mayer & Bros. who bought 81 500 worth
In 1895 ana have so far bought about ylO.-
Go worth this year. having complete
outfit for melting II. In speaking Of the
miners objections 70 selling in this city.
Mr.. Mayer said to Post-Intelligencer
Representatives:
The miners are suspicious Of being
cheated in the weight ard value gwen
them. especially when they are selling for
the first time. They are apt TO think SO
when the buyers weight does not cor
respond with their own though they may
have lost some or their weight may be
lfstts ftCt. MI. AT itie man carrier 50 u
his dust 70 us at $3.50 and the loss IN
melting made Il cost US $780, lie said
the price was the same as he could nave
Oh sincd \. tire n mt less express charges
and Mr. Thomas @. Anderson, VINO sold
us e SIS worth, said the same thing OF
course there are some buyers who cneat
In re weight while pretending 70 pay q
higher price, but the miners can find then,
out bv having AZ assay made. and should
fight shy % them"
The National Bank of Commerce has
handed large amount 81 gold this sea
sen for Mayer s. Bros and r. r Spencer.
the cashier. says It Is prepared - handle
more. IN discussing the subject he said:
some q re banks a-e willingato han
die roIa ~ MINI prices minus ressaee
and a reasonable charge for EdnclnR.
The value can be ascer,ain~d e. assay.
ans = there IS any question aE - the
weight. fha seller ran gee IL melted and
the bars weighed. The difference in weight
NAV he ave % the sand ard a.rr With the
gold. which varies IN different districts
ara IS eliminated ~ melting tu-o bullion.
The loss on ki01dike gold Is about ore
third os psuny~e'ga; par ognce-cQaal
- about s cents~as sEown r various
SsHrrlaS"
Dexter Horton & CO have probably
handled more Alaska sold thar any other
hsnk IN the City. and their manager. y.
~ Tat;nser was the H~s. 20 propose to
Congress man Lewis lnat Ar effort should
b. made % attract the business here hy
securing the establishment OF = govern
rent assay off!-e 4e regards sach an In
st5tut3on "a essential 20 tu-n Tire stream
% gold dust 70 this c.-y. Cor he said.
Under preset conditions all that the
banker can co - 20 take the gold dust and
advance enough money or 81 20 BE or the
safe side then send IL 70 the mint ard
Await returns. The n7srEtn = TOO close to
warrant him IN paying for ar assay 50