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


And as to banks, SUCH is the successive cir
cuiat,on OF specie through their vaults, that
IL Is hardly to be supposed IN At any one i'm :
stitution in the Uni ed States could dis,in-
guisn the amoun OF this species OF coin.
which 1t had received prior to the 10th of
Apri, 1909, from that which il had recetv
ed subsequently,. And although, in a few
instances. this, might be the case, yet il
seems tar better that IN these he. loss should
remain where it has fallen. than that the
community should tie exposed to the multi
Piled frauds and Inconvenience, which the
attempt to indemnity upon any general prin
ciPie would Inevitably introduce.
4 ur committee, upon recurring to the
acts existing OH the subject of the bill from
the SENATE. in connection with the proposed
: alteration IN the rate of Spanish gold coins,
I 'ound, that the operation of the respective
PROVISIONS would be embarrassing and con-
fused III their nature & inconyen In their
form. The bill from the Senate proposed
TO suspend the second section of :. An act
regulating 'oregn coins. and for nther pur.-
poses his act passed on the oh of Fee.
bruary, 1898, and the effect of this sus..
pension was, TO revive the provisions of an
act passed on tive 10th of April, 1906
Whether the intended would be the lega,
result, your committee had some doubt BUT
they had none that the proposed WIS ve-
| ~ lnConvenie,t circuit to a direct ob;ec,
lhey, were, also of opinion, that it was
highly exped'ent. that all the provisions
touchlnS a subject OF universal concern.
should be concentrated in one bill, and di
'sS'eu or every thing which might embar
rass research. They, therefore report the
whole Dill from the Senate stricken out. af
ter the enactng clause, and propose an
mendment, compre nendtng all the provsi-
ons necessary on the subject of the CURRENCY
oil foreign coins.
Ihe committee propose to strike out the
whole bill, and inser,--
:" From and utter the passage If tins act. fo.
reign gold and silver coias shall pass current as
money within the United States, aid be 4. lep.
tender Tor the payment OF all debts and demands,
q. the several and respective rates following, &
| not Otherwise. viz o.
80 ne goid coins Of Great ritsin and Portugal
81 ta'li present standard, at the rate IF one nun
"r"u ce"ts for every twenty seven grains Of In
aceua! weight thereof Tx. god C ms of Free
81 ieir present standard, IL III rate of one hun
urS co cents Tor every twenty sever gins end n
h@H Oh gran ri the actual ,sirpt hereof: ,e
goid CONS OF Spain and the dorni:iions of Siam.
OF the present standard, at the rate OF one. hun
u'eo cents ior every twenty eight grams, aud
s.Xty-huhd edths OF grain of the &C ua. wig
thereof' Spapsh miled dollars at the ra,.. of Dne
henoEeo cents Tor each, the actual weight VIII, re-
| We rINt
anu seven grams, and In proportion for the pa,Y 6
| OF dollar. Crowns of France at the rate nj
! one hundred and ten cents for each crown the
@ctud weigh, whereof sh III no; be less than
eiEateen penny weights and fifteen grains and a
nam gram, and in proportion for the parts of
crown And 1t shall be the duty ofthe secretsr-,
OF the treasury TO cause assays of the foreign
so'd and saver coins made current by this act,
10 be had at the mint of the United States Al
cast once IN every year, and to make report of
tue result thereof to congress, for the purpose of
ehaohhg them to make such alterations in this
1ct as may become requisite from the real stan
uaru value OF such foreign CONS And IL sbaii
De the duty OF the secret,ry of the treasury 40
cause assays OF the foreign gold and silver coin
Oh the description mrde current by this a,t
which shall issue subsequently TO the passare of
TINS act, and shall circulate III the United State
al the mint aforesaid, at least once IN every wear
ana to make report of the result thereof to con.
gress, for the purpose of enabling congress- 20
make SUCH CONS current, if they shall deem the
same proper, at their real standard value
SEC. D. 4nd be 1t further enacted, That at the
expiration OF three years from and after the pas
sing OF TINS act, all foreign old CONS, and all f.-
reign SILVER CONS, except Spanish m,iied dollars,
shu paris OF such dollars, shall cease to be legal
enter as aforesaid.
DEC dnd be 1t further enacted, That the act,
entitled, " An act regulating the currency of TO-
reign COINS IN the United S tates ;" and also every
| section and parts OF sections OF any act or acts
etofore passed, relative to the currency of :
rrgn coins in the u. States, be, and the same are
hereby repealed"
TREASURY DEPARTMENT,
SIR, e"'er i'' 101O'
had the honor to receive your letters
OF the 18th and 18th inst. The ASSAYS fu,
The year 1910 are daily expected, but not
| yet received. i therefore beg leave o r..
| Ter the committee to those made according
to law in the year 1909 /; the result OF which
| Is exhibired IN the letter of the 29th June
1909, from the director of the mint. annex
| cd to the report from this depar nient, of Il n
cetaber. 1909.
| Ii appears rom those assays that the in
trins'c value OF all foreign coins, the gold
COINS OF Spain excepted, which were made
a legal tender by the act of 10th April. 1906.
either agrees precisely with the legal value
hxed by that act. or differs from il bv so
small fraction, as to render any alteration
IN that respect unnecessary. But the dit.
ference IN the value of Spanish gold coins is
considerable.
1t viii be recolected that the value of
gold coins of the United States is establish.
ed in conformity with the following princi.
pies, viz.
! l. The unit or silver dollar contains 371 l
grains of pure silver.
q The comparative value Of gold and sill
yer IS IN the ra 10 Of Is to that is to saw
hat fifteen ounces Of pure silver are accor.
ding 10 law, equal i'm value to ore o,,,, -,