“I have just met Mr. Griswold, from whom I learn that you made some inquiries in reference to the price of transportation, &c.  I will answer them for him.  Copper in pig, or unmanufactured, is free of duty, on entry into the United States; its price in the New York market is, at this time (very low), sixteen cents per pound.  Copper in sheets for sheeting of vessels (also free), about twenty-five cents per pound, and brazier’s copper (paying a duty of fifteen per cent, on its cost in England), equal to about two and a half cents per pound.  Until this year, and a few previous, the article has uniformly been from thirty to forty per cent, higher than the prices now quoted, that is, in time of peace.  In time of war (in Europe) the price is enhanced ten or twenty per cent. above peace prices:  and in this country, during the Late War, the price was, at one time, as high as $1.50 to $2.00 per pound.

“The history of England and this country does not furnish a period when copper was as low as at the present time, according to its relative value with the medium of exchange.  Time and invention have developed richer mines and produced greater facilities for obtaining it; but the world does not probably know a region from whence the article can be furnished so cheaply as from the shores of Lake Superior.  All accounts concur in representing the metal in that quarter of a superior quality, and furnish strong indications that it may be obtained, in quantities, with more than ordinary facility.  When obtained, if on the navigable waters of the lake, the transportation to the strait will be easy and cheap, and the smelting not cost to exceed $20 per ton (for copper), and the transportation thence to New York one or one and a half cent per pound; one cent per pound, in addition, will carry it to any market in the world.

“If the difficulties to be incurred in obtaining the ore should prove to be no greater than may be reasonably anticipated, it is evident that it must be a very profitable business.  Will the government then have the mines worked?  I answer for them, No.  The experience had by Congress in regard to the Indian trade (the Factory System) will, for many years at least, prevent that body from making any appropriation for such a purpose.  The most safe and judicious course for the government is to draw private enterprise into the business; and, by holding out proper inducements, it will be enabled, without a dollar of extra expense, to derive, before many years, a handsome revenue from this source.”

* * * * *