Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-02-09
EXpoRrATI0N 0V DoMEsTIc COINS

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EVAPORATION or DOMESTIC COINS.
CoEGRESst0NA REPORT.
~ S:NiFE-JIN. 25 1872 t
The Committee on Finance 10 whom was re.
'etred resolution 10 eu,Inlre into the expedi.
ency ofp rnhibting, by law, the exploration of
tie gold, silver, and copper coins OF the IT, 5.
REPORT:
That The measure contemplated is the reso.
luton, Intimately connecting itself with tue
H>'h concerns at HE nation, the committee
through jiieir chairman addressed a note TO
NE secretary of the treasury, requesting his
opinion OF the propriety OF adop ting NEE s,lre,
tor Inc afidsiiitent OF the object in conie mpIa-
hon. from whom they received in reply a com.
MIN cation, Which accompanies this report
Win the Arguments and opinions expressed i'm
"nicI, those OF your committee substantially
correspond.
OK the ineifcacy, if not entire impotence OF
M-slative piovi-ions, 10 prevent the escape OF
Vie precious metals beyond the territorial lin.
rs oi the government, tl1t history OF all soun.
Ir'tS III winch The power ofiegislaion has been
u, eNerciSed, hears testimony And il all the
ri"rts OF arbitsary power in despotlc govern.
-nents--it regulations, dictated by the most
rd"uons and Jealous policy. guarded by peual-
lses anu ppnlshlneuts the most crRei aud san
canary, and enforced with risnr which knows
40 mitigation, have been in vain: what hone
can be indulged, that government like ours
'he ceiius aud spjft Of which breathes nillness
an1 'noderatlon--a country, III " bicli crnel and
nnn>ilsi puUlshmpnts are unknown, coGld find
tie means ot obtaining, b, this mild sptu OF
legislation, this desirable end Indeed no error
Seems more cutrely rehounccd and exploded
II net by the practice Of all nations at least il,
Toe dlsauisi,oHs of political economists tSan
inat, winch supposed that am accumulation of
he pr ecions metals could he produced in the
ao'nl"ions Of one sovereign, By regulations pro.
htbiisN- tlIeir expectation 20 those of any DINER
ihsDAZ flS reSuitIug 10 the community from a
scAre1ty, or too small a portion of The precious
Hetls, seem to yoGr coinnit'e e to he too deeply
seated, to yield TO any remedies within The
competency Of legislation TO afford II is n
n'a'ady which admits of no cure but that of
l!'ae raiie.t lntlustry, and pcrsevering econo
my A long as the balance oi'frade is a gauSt
rs. SDi0ug VIII constant eifiux ni The precious
nlel.is he required for the discharge oil such
From this axicm in commerce, the correct.
ness of which, IL is believed, never was uues
iioned, II follows that Il remains with the
people themselves 10 adjust this balance and
- produce "a prepomderance in favor of our
own country. Highly favored DIS thew are by
the bounty of Prnvideuce-hl blessed with
cnnnify OF unparalleled { rtlity--with soil,
climate, and siiuston almost infinitely diver.
s'6ed-with capacities OF rvalliuy every nuar
tfrot the globe in the agriculture al rOdn ciions
as well ~ IT, the perfection OF then manufac
thres. raw materials for which are so abumdautIy
f''nished them within the bosom of their own
country aided by moderate aud wise ecoIo.
lpS, iDa limited euJOs ment OF foreign Injuries;
wish these advantages, duly appreciated and
fuily improved, TO what elevated condition. in
tNt'r intercourse with FOREIGN nations may
they not asgire' To The protection of our
'Dmcstic manufactures, by the imposition of
dhti"s on foreign importatioBs, the national
government seemed 10 have gone as FAR as
sound oliCy would warrant or permit The
present. tariff having been framed, with q view
Il yen Ut rdis!:g The requisite SuppIy ofIeve-
Har Tor the support of government, as, by the
a!f uni oti'ie duties imposed ca foreign article.
4InnniaCinic u enable our avn manufacture
st nm fer l inch,
focgigu manufactures in our own market, on
terms Of fair and equal competition.
fniiher thar ihis,it would seem tO Your com
Tiitee, the Congress Of the United States ought
cot to 70. 10 commercial enterprise, to ihe
fa@aciiy G this class Of The coainlnnity Sliarp.
ened by be Keen sense OF Interest, and
enlightened by long experience, it sb0nid be
left, to explore the old-or, seeking new
sia.IieIS d commerce, find out the most profit.
able markets for the productions OF our native
aad doineshr industry, aud to bring us in cx.
elnHre snch of the productions of foreign
FliD1aiFS, and ct foreign labor as cur citizens
are wiling To purchase. IN short, it is The
spinlOn of your committee that commerce is
slwayS destined to flourish most where il is
qtfnItted TO pGrsuc its own paths, marked oui
rs itself, embarrassed rs little as possible by
legislative re. ulatlons or rcstricuenS.
FTom ibese considerations, your committee
arc irdncod 10 recommend tie adoption OF tie
fCiiawins resolution:
Hrs0frnd i'iaiitisnot expedicntf orC OnRress
% a'ippt Any regulations for preventing the
cspDrtition of tie gold, silver OF copper coins
81 the United STATES.
TRgAscnY DrPtH1MsNT,
lDecenDer ~ 1873. !
sir u reply to your letter enclosing the
resolution Of tie oenatc ,Ofthc ~ lust instruct.
ibg the c0nniteP Of iiHmce " eEquire into
Ele eNpedieHct ~ prohibiting lie expectation
~ the gold SILVER. aud copper coins OF the IT,
Sfaies, I have the hnnOr 10 state, that from
iIr best Consideration which have been able
- u'si1" upon tiic subject, " wOnld be lnexu0.
"i"'d % adopt tive measure at this time first,
brrause u cduuoi he rendered eiireuai; aHd
~ tt'af, SO far as II may be rendered eilectnal
% Wi1l oPer3ie tu favor ut the corrupt part OF
iHe community aud iilJuriOusly o the fair anl
raf~risplious mrfcliaut. The latter position
iH 20 n'tn''estiy tue, that 40 arg ment will be
o. red 10 its favor.
fDNipport0 fthe fret position, the experience
O. p'hcr states furnishes The most rfef,tabIc
es3dencc During the dark ages, and those
wEtcH iinmtdiaieiV followed ibr revival Of
hfct-, AIS and commerce in Fnrope, the
eSpo'fitlOH, not Oniy OF the suueut coin OF the
Tr~pf citVc states, bat OF Tie precious metals
Itrrfaliy, was prohibited. under tic most san.
EuiiAry pcnditic-. 4 his reuefai prnhibniOu.
Nsc'djug 30 the progress OF redsOn aud 10 the
aivanccneut made ~ The scienre OF political
economy, during tie i7ih aud iSth centuries.
has been gradually reduced 10 most OF the
states o. moacrh Europe, 10 The gold and silver
CONS Of the res .ec;iye states. According 10
The testimony OF the most enlightened faen of
every state, Tor The last century The absolute
iuciiicscv % this Gi0jifca Prohibition as a
ierpanrnt 'neesnrc, kas been Satisfactorily
estaD lsheI.