Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-17
MA zion AZ CURRENCY,
REPORT or lIiE SECRETARY OF TIL


uoie or Improvement. Copper itself is TOO
massive 10 serve the purposes of change. One
hu"dred cettS are too cumhrouS TO be ear l.
ed, aud used in the numberless transactions
winch ddliS occur between iudivldnA ala. Com
compounded OF silver ana copper OF from one
10 ten cents, wouii ne much more suita bic tor
III object. This kind of coinage has been
accepted ia other countries, with great advan-
tagc.
1t has, however, been objected TO this coin,
/. That as compounded metals are much
hdruer than the component ingredients, il
would DE diiGcu.t, and consequently expensive,
10 work.
z. That the coin itself would be of little or
no lu;rSnsc value copper or brass being OF
superior value IN the manufactures to which
II might be applied And that the public
wouId scarcely submit to the circulation of a
coin worthless.
g. That it might be counterteited by com.
position q: zinc and copper.
After giving to these objections their dua
weight. II is believed that IA change OF this ma :
lure, ln The copper coinage, would be beucti-
ciai n though the expcRse ofsuch a col maze
"oniu De twic" az much as thai of an equal
number OF SILVER com, still IL mi ghi be advau-
thseU0uS. Small Change beth of silver and
copper, may be abundant in PhI1ad, Lhia. the
Seat OF The mint uI+l it is not genvra!l, else
""Sre. II IL were, tickets of 81, 10 i2j, 20
dh" Do centS, Issued 10y mayors aud CORPORA
ton oihcers, and dollar bills torn IN two ME
ctS' TOT Tue purposes OF change, would not be
employed lot that purpose. This single fact ~
al answer 10 the second objection III.
IIAcNOndi paris OF dollar ave so INDISPENSABLE
ia ihe transactions of indivIduals, thai any
I.iinS which assumes that chaIacte viii ne
employed 1; the tickets, which at tin. mo
heni form SO great portion OF the chang,
OF lhi' Guy. aud OF various othe, places ara
snP!nyed Tor that purpose, il Is iuconCeivabl..
tia' the community should refuse TO permit a
compound com, of silver and conn r TO circn-
ia,e, eo"td'hlh- me intrinsic vaue which II
represents, merely because, Tor manufactures
IL WIN not he worth more than brass or copper
ahJ tadt the expense OF refining will be eauai
40 ihe value OF the silver. Change thai is the
fractional paris OF a dollar, Il so INDISPENSABLE
20 'hs co'hhi"hity; that lis Inapplicabilitv To
udHu'actHieS, aud Its exemption from liability
10 eXpOrtA;ion. instead OF forming objections
are recommendations III its favor
i"e oHJt cuon that this coin may be easily
Senhtefieitea- is, 1t II Cannot he ObViated, en-
tttl&u 10 great consideration. As has been he.
lore stated, this compound COINAGE has baen
successfully pracnsed i'll other states If
Compound meta.S are much harder than their
component ingredients, may not d sufficient
security against Gpunterteitiny he derived
from that CircuuIstaHcep The Dimensions and
power OF the machinery, which constitute one
OF tie objections 10 the coinage, will render il
extremely dltncuIt TO secure that secrecy and
c0aceainIent, winch are INDISPENSABLE IN Iba
success oithc cOunterfeiter IF TIL, communal
coinage s!IOnid moi he carried higher tuau len
esn', ca disEIe, pIeoes the mducenIeut com>
pared wi'h TIE danger ofdetectiOu, resulting
toe magnitude Of the machinery tyoul1
MOI, II j. believed be sufficient to pncoura~e
cOuhteFieiting. IL, however Il should be deems
Ell iInpIdcticdbIe TO guard against lhis evil in
coihaSe composed OF silver and Copper An
attempt might be made to ubtdIna suDpiv of
sn'ati change, by d mixture OF silver and zinc
HE danger vi cOuHteTfeItIug would then be
removed
~ various plans have been snggested dur
tn% the last twelve mouths, for Il,eyidiing the
lt1.Vp Ia .gs.ai
emission OF large amount OF treasury notes
lew OOScrVdiIous OIL that sabJect will close
TVS part OF Tie report.
II treasury notes are 10 he issaed for this
pGlPONr' theJ "ui he either recetNs lie i'm all
payments 10 The government, or they will be
Indae redecmdOle at q hH ed period.
1t they are made receIVIBle in all nav
inenta 10 Tie government, the revenue viii
from tn time thai ) ) OO0,0UO are issued be
suD'lantidiIy lecaIged III them. The govern
meal VIII b." Immediately uuaOe TO pay the
interest - reimbursement of The pub c debt In
specie, a. II becomes due. These notes when
compared with the notes of the bauk OF the
Quilted States, Will be al Discount The
latter notes, independently OF their being eve
ny where receivable, in all payments to the
government, are convertible, at the place of
iheir Issue, INTO specie They are equal to the
treasury notes IN payment of the revenue and
superior 10 them, as tbey can command spe-
Gle when the holder shall desireit
IL the IItb section of the bank charter was
modified. so that the notes of the bank and OF
lis Offices should be Teceiya Die bt the ,oyern-
IIent, only when rendered where tbry are
made payable, a small amount of treasury notes
niight be issued, aud circulated without de-
preClaiiOn. Ia that case they would be used
for the transmission Of money aad would he
10 c"HStau demand Tor thai purpose, Ii IS
the reception Ot the notes of this bank OF the
Outted 9tdtcS, aud Its Office, by the govern
ment, wherever they are rendered that causes
them be coDsldered as good remittance
in .rtffrI lion Inf Al 4
CeasS 10 be 90 received, demand for treas ISL
~ mOtGs to small amount, tor the transpiis-
sion VI money, wOnld bg created and VouId
preserve them from deprecIltiOn 1t the notes
TINS issued should be made rede eafable at The
Treasury IN specie, upon demand, the amount
which might be put and retained IN ciTcula-
ton would probably exceed, 10 "A Considersb HE
extent, The SUN demanded for the facIle traug-
nisSiOn 81 money. srch treasury DUtes would
However, have no advantage over the uOtes Of
tine bank VI the UHiteu States. as lous as iliey
are receivable ~ all payments TO the Unlted
ptdtss, without reference 10 the place where
th,y aie payable. 10 IS even probable that
thry would not he OF equdl value aud gurTeu-
~ With those notes, as tue latter would -ene-
rally be made ayable ~ the principal Coul-
mtictai cites, wHrte reulIttapCgs are cOntlnu.
all made, whilst Tie tredsnry mates would be
payable only at tbs place IL treasury
BJIts. payable ~ specie, on demand Whcn
presented "a tins place, should be- preferred
10 Tie nOigs OF tie Dauk OF the United States.
~ wound b. in consequence Of the abuses which
have Ocyn practBed by banking Institutions,
which have, IN some degree, shaken tie pub.
lic confidence ia tie integrity OF their drec-
Nou.
2. Ii treasury notes were 10 be issued, not
1ectl9dale inpIymcUts 10 the government. bot
gejeemdbie dtd fixed period they would inn &.
iHeditteis dsprecigte, unless they bore nearly
sn per csnt. interest. iO toe latter case, they
aid be of iittie more NEE 40 currency, than
soc funded debt they wOaId not perform
.he 'uHrtluus o. money
: lu auy Cis. whatever. whether they are
receivable 30 payments TO the government, o.
y, aC o.. iJtgTest, AID CSC sCdecuahle at f2ed