Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-02-06
CONGRESS-.
Reported Jor the National Iafeilicet
IN THE HOUSE or REPRESENTATIVES,
JANUARY %

JANUARY 20.
ON THE REGULATION OF COINS.
Mr. LOWNDES, from the committee ap-
pointed TO enquire whether it be expedi-
ent TO make any amendment in the laws
which regulate the coins of the United
States, and foreign coins, made The fol-
lowing report:
Flat the laws of the United States make
all gold and silver coins issued from their
mint, and Spanish dollars, and the parts
of such dollars, legal tender for the
payment of debts. The gold coins OF
Great Britain, Portugal, France, Spain,
and The dOminions of Spain, and the
crowns and five franc pieces Of France.
are also declared To be a tender, by an
aGf passed on the Goth Of April, 1916.
These coins, excepting the five frame
pieces, had been made legal by two ear.
iier acts, which had been allowed TO ex-
pre-, and their renewal, with slight mohi-
flcafions, must be attributed, not 10 a
disregard OF The Inc0avenieDces WHICH
tne use OF CONS so various and UNEQUAL
il their purity must produce, but 10 the
exigencies OF country endeavoring sud-
denly TO recover specie circulation.
he act OF 1916 was accordingly pass ed
bui Tor three years, and will expire on the
29ih OF April, 1910, after which, no TO,
reign coin but The Spanish dollar will. un-
der our present laws, pass current as mo-
ney within the United States. The act
Tor establishing a mint was passed i'm A :
prii, 1892, and il was then expected thai
foreign coins, including the Spanish dol
lar, mighI be dIsused after three wears
But, neither an examination oftlle laws
which regulate the currency Of American
and foreign COINS, nor the observations
OF the effects which they have as yet pro-
| duced, will justify US in expecting tlIat a
continued reliance upon them will enable
Us TO dispense al any time with foreign
CONS.
The gold or silver bullion carried TO tie
mint by individuals is coined, If IL be of
STANDARD fiBeness, viiIout charge or
seigOurase, and il it be below the Stand
ard, the eSpence OF refining IL only is paid
by them. AllforeigD gold and silver coins
received by the treasury, musibe coined
anew, previously TO their being issued in
circulation" These are the onlyproyisions
Which ihelaw has made for Supplying the
mint with goldand silver; and The Iasi pro-
vision Us without effect, since banks have
become the only repositories of public
| money.
The silver which is most frequently
brought into the United States, in the
| common course OF commercial business,
is the Spanish dollar. But individuals
have no iDducement Of interest TO send
this coin 10 The mint. Within he u. S.
IL has an equal value with the American
dollar, aud III many foreign countries a
nauch higher value. The mint, bewev-
er, has teen employed in converting
| Spanish into American dollars but il
has been employed by banks, moi indivi.
dusls. The American dollar and hal
dollar, however, have been fonnd moi TN.
ht Tor expectation, and the bank Of the
! United States has made large impOria.
tons OF five franc pieces from France
which II prefers, because il strpposes then
less likely 10 be exported than othel
1 COINS.
The legal value OF the American anc
foreign coins which are curenl in Tie u
! States, is so nearly proporkioned in eacl