The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-01-10
Gon.grese.
FOREIGN COINS.


HOUSE OF REPRESENTATIVES
The Committee to zvhonr 1yas referred the
bill from the Senate, 10 Sushend the SCI.
cond section Of nc acl, entitled In Qct
regulating forefSF' coins and for other
hurioseS,"
REPOR That the general design of
the bill, being to increase the curren. mo.
ney OF the United States. by au,horisine TO-.
reign gold and silver coins again to become
a legal tender. is important in is object, and
may be beneficial III its consequences Ii is
ve.y apparent that the denia to foreign coins
OF t''e privileges NJ currency and of being
legal lender, has, at once, the combined et
fect OF clrcumscribing the just sphere uf
mercantile action, and of encouraging the
|expc;tation of that species of coin, to Which
these privileges are denied. In the present
circumstances of the United States, it seems
peculiarly unadvisable 10 permi, any statute
prohibitions to continue, which have a ten
denCy TO produce such an effect. The sta
tute Currency vi the United States, wiiici,
.ow Consists only of the COINAGE oi the mint
oi q" Quilted States, and of Spanish milled
|duia aud parts of dollars is also proba-
oily insufficient for he ordinary necessities of
domestic exchange, ana is certainly wholly
inadequate to support any peculiar embar
rassment of our circulating medium, which,
III the event OF the dissolution Of the ba k +
the United States, cannot but be anticipated
Your committee were, therefore, OF opinion,
that foreign gold coins ought to be made cur
rent money and legal tender
Your Committee having caused letter to
be addressed to the Secretary of the Trea-
sDry, in relation to the former statute rate
at which foreign coins were made Current,
received from him the two letters accompa-
nyIng this report: from which it appears
that the gold coins of Spain and its domini-
ons had been estimated, by the former sta
tute OF the United States, at a rate of four
per cent, above their intrinsic value; in o.
ther words, that the quantity of pure gold
contained IN twenty seven grains aud two
hfths OF a gram of Spanish standard coin, ill.,
stead OF being equal IN value to one hundred
GEMS the statute rate, was only equal in vac
lue to abont nfnety-SaE cents.
Upon receiving this inor NATION, two gen.
eral inquiries were suggested for the consi
Iteration OF The committee. LIST VIII ther in
again vesting spanish gold coin with the
character OF current money ofthc ". States,
1t were expedient to establish the old statute
rate, now discovered TO be erroneous. or
whether new statute rate for it should
be established, which should conform tn ire
intrinsic value. I'd. Upon the superstition.
that 1t should be deemed advisable to enact
new statute rate for il, conformaby to its
intrinsic value. whether as loss Of tour per
cent upon all the Spanish gold in the United
States would thus be incurred by the pre-
sent holders, in consequence of no fault of
theirs, but solely by reason of the emo nous
estimate OF a law of the United States any
moral, or equitable considerations required,
that this loss should be assumed by the u.
States
Concepning the first object of enquir Y, the
committee will attempt to add nothing to
the satisfactory calculation contained in the
letter OF the Secretary OF the Treasury, and
only express their entire concurrence with
his opinion, that the statute rate Of these
coins should be made to conform with their
| intrinsic value"
With respectto the second enquiry. which
the Secretary represents as of a more
doubtful nature" the committee were of o.
plnion, that whatever equitable considerati-
ons might exist, the attempt 20 apply relief
under the particular circumstances of this
loss, was inexpedient. and for the most par,
Impracticable. 70, 1T is very apparent that
mere IS no Foundation cc color for iudemn;
nCahon, on account OF any receipt of these
CONS, subsequent to the 10th Of April. 1909
wnen the law, making them a legal tender,
expired
Row, so far as it respects individuals. the
cases ut such in fact EXIST in which Inc
present hpldeEs Of those ceins received them.