The Washington herald., 1909-06-20
By JAMES B. MORROW.

I the representative OF gold es a check
on bank. or New York draft. merely
2 piece Of paper with writing on ii. is
the representative OF money
The house one owns and lives in. one
farm. factory. or stock OF goods, is said
70 be worth so many dollars. AS a mat
ter OF fact. its value is equal TO a def
mite quantity Of gold. Always and
everywhere throughout the civilized
world, except In China and some unim-
portant nations. gold is the actual sub
stance. while m0ney-paper and metal
IS its convenient substitute. II gold were
passed from hand TO hand, like money.
each person would be compelled to carry
a little leather bag for dust and nuggets
and pair of delicate scales.
The people Of the United States have
four manufactures. or mints. as they
are called-lOcated at Philadelphia, New
Orleans. Denver, and San Francisco |
where copper. for pennies: nickel. for
scent pieces; silver. for dimes. quarters. |
and half-dollars, and gold for double /
eagles. eagles. half-eagles. and quarter |
eagles, all received as metal, are coined 4
into lawful money. There is a superin- I
tendent at each mint. The director. or 4
general manager. Of all the nints IS /
Frank Aleamon Leach slxty-twO years 1
OF age. tall and slender, with indigo I
eyes and short gray beard and mus
tache.
Makes GOsd n study.
II Is the business OF Mr. Leach 10 /
study gold as other men stAdy corn.
wool iron. and hides. He Is not only
a manufacturer. but. necessarily. he must
be an economist. He watches the gold
mines OF the world. and knows the
monthly production Of South Africa and
Cripple Creek II the Russians build a
new stamp mill. he hears OF f. When
Canadian geolOgists return from a tour
in the Northwest he reads and analyzes
their reports Congress sends 10 him for
accurate information. Wall street buys
or sells according to its understanding
Of his tables OF figures Bankers con-
suit him. and then establish their rates
OF interest. In short. Mr. Leach. IL
might be said is the human index OF
American business. Besides, the metal
in which he specializes is the most beau
lfUi. the most useful. and the most DO
tential material element OF human life
How do the owners OF American gold
Mines I asked Mr.. Leach dispose Of
the metal which they producer
The common practice IS 10 send or
take II 20 one OF the nine assay Offices Cf
the government" he answered, where il
IS paid for in money. or is melted into
bars and returned 10 the owner There
are assay Offices in New York, Charlotte,
n c.; St Louis, Deadwood, s Oak; Salt
Lake City. Helena, Mont; Boise. Idaho:
Carson, New. and Seattle. Wash
Each deposit OF gold is lIms-ed 10 J. 200 Z
ounces. for which there Is cn assay G
charge Of 81, but the number OF deposits 7
is not restricted There - also 4 refining r
charge. which averages aboU. ! cents an r
ounce 4 miner with 100 ounces Of gold I
dust. worth S24, so, would pay $40 therefore ?
10 have Il melted into bars or turned into +
money. Gold is shipped from the assay :
Oftces TO the minJs AT the expense OF the 2
government, and the government also
pays the cost OF coinage. which Is con-
900 in double eagles costs
i2s5I. $4,000 in eagles costs $32-15. and &
5000 IN half eagles costs 1888. fl
Always Finds a Market. o
The owner OF a workable gold mine" b
dr. Leach went on TO say. never has 6
my anxiety about the sale Of his product. ?
statesmen with him are unnecessary. a a
million dollars worth OF advertising Il
would not do him cents worth OF good II
iold never changes in style late C
pring, unlike the sale Of women's hats. &
nd a warm autumn. unlike the demand n
or mems clothing. does not make a "
,article OF difference. Gold does not be- -
ONE shop-worn. moths cannot eat II. nor o
oes II rust or decay. In good times and q
q panics the price is S2e67 an ounce in in
lew York. san Francisco, London. Paris. N
Berlin, and St Petersburg sales are IN
lade for spot cash Furthermore. the
market cannot possibly become over n,
toezed either al home or abroad" IL
Are the four mints being worked 70 r.
heir full capacity" e.
They have been run pretty steadily in
nd hard for several years. l suppose we n,
ould coin S400o.0OO a day II we were e
ushed- While I was superintendent Of y
he san Francisco mint we manufactured =.
g. 10000 in sixty days. But that was =,
ush order. the money being required to >,
leet the cost OF the canal property IN 10
'anama" -
Used for Small Coins. o,
In what way IS silver being used by n
he national government" NJ
For the coinage OF dimes. quarters. and :.
)-cent pieces. We coined Ss.s25.OOO in 30 -
ent pieces, $4,000 in 25-cent pieces On
nd SS.454.OO0 in dimes last year. be-
des S10S1.o00 in pennies and a.gs.O0O
] nickels. II we need silver, we -,
urchase IL IN the open market as we -
'ould purchase any other commodity. =,
at a considerable part Of the silver we o.
Sc comes from our assay Offices. Gold. =
sually. Is mixed with silver-that from a..
laska contains p per cent. The metals ~
re separated at the assay Offices, and NJ
e buy the silver =,
rs gold ever stolen from the govern s,
ientT' RI
Not often was superintendent OF of
Re San Francisco mint for eleven years. tn
nd during that time there were only Sc
sven cases Of theft in a working force Of
300 men and women. which speaks well te
y the honesty Of human nature No
oecial precautions were taken to guard qu
le gold while it was in the process OF
anufacture. Turning metal into money ne
unclean work, and the persons so en- re
Oyed change their clothing when they In
,me in from the streets. They are not Ia
larched. either on entering or leaving HI
ie building. and yet there is scarcely a 0oC
oment Of the day when gold is not ca
thin their reach Small quantities Ia
'uld easily be taken and secreted but VIZ
e employees at our minis are tradition ca
ly honest and instances Of dishonesty to-
q rare. indeed However, I made ar
Lngements by which I was to be noti- ST
ID promptly II any one in San Fran TT
SEQ offered gold FOR sale "a Jewellers 900
lwnbrokers, or bankers. Sly small inC
ieves were caught in that vav re;
Hal &c.,. - -. ca
.s,,-. Of