Wheeling compiler. [volume] (Wheeling, Va. [i.e. W. Va.]) 1829-1831, 1830-02-03

carriage was propelled with very great
velocity. The rate of speed at which the
Members returned was Jiftes" miles an
dgw-Bak .2Qler
State of the Current Cons--NIr. Sand
ford's Report 10 the Senate on the state OF
the Current Coins, and on the necessary
amendments Of the existing laws relative
TO them, is a document apparently the re-
suit ofmuch inquiry, aud contains num-
Der ofinteresting particulars. The subject
is such that we can give no just outline OF
itby any abstract, while the length OF the
paper precudes It's insertion at large.
Those to whom it may find its way Will
read it with curiosity and qualification.
We insert the proposition submitted by
Mr.. Sanford at tie conclusion OF the he-
port, with some ofthe considerations which
suggested them.
l. That our copper coins shall be legal
tender for payment ofany sum not exceed
ing ten cents, and for 40 greater sum,
2. That our silver coins less than dol
lar, shall not be a legal tender for pay
ment ofany sum exceeding ten dollars.
3. That when our COINS Of gold or silver
are diminished in weight, more than
twenty fifth part Of their full weight, they
shall not be legal money.
4. That 10 foreign coin whatever shall
be legal tender.
5. That the first and third Of these
regulations, shall be m force immediately;
that the fourth shall take effect on the
fourth day of July 1881; and that the Sc
cnnd shall lake effect on the fourth day Of
July 1893
/ A bin containing these provisions, IS
also submitted
Il has been a question, from the first
institution of our coins, whether debtor
can compel his creditor to receive pay
men, in cents or half cents. The act Of
/ the 2nd of April, 1892, directing coins of
gold, silver and copper, makes the two
former legal tender; bu; it ia not declared
/ by that law, or by any express enactment,
/ that copper coins shall be legal money. As
[ the matter stands, our copper coins arc
either legal money, or they are not. II
legal. they are so without limitation, and
/ the largest debt may be discharged IN half
cents; if not a legal tender, they are not so
! in any case, and we have therefore no legal
money for very small payments. Both
( branches oCthis alternative, says the Re
port, are unfit, and therefore Il is proposed
that copper money DO made legal tender
within the limit Of ten cents, inclusive, as
before mentioned.
AS we make no Discrimination between
our different coins ia respect to their use
in payments, 1t happens that the large
coins are Withdrawn from circulation.
This results from different causes. The
pieces containing the most metal, are the
most convenient to the manufacturer, to
| the exporter Of coin, and to dealers in the
precious metals as merchandise. More
over. lsrge coins lose less of their weight
[ by circulation. They are therefore, for
an obvious reason, converted into bullion.
/ Tn order to counteract this Inconvenience,
Ia is proposed that the silver COINS less than
[ dollar, shall not be a legal tender tor any
sum exceeding ten dollars.
By the 18th sec. of the act before refer
red TO gold and silver coins struck at the
mint. are made a lawful tender, those of
! fll weight according to the values declar-
ed by the act, and those of less than full
weight, al values proportional to their &C
( rual weight. Thus, the legal value of our
void and silver coins depends on their &C
tual weight, an inconvenience certainly,
bnt which cannot be avoided without IN
curing a greater evil, since CONS unequal
m weight aud intrinsic value, but bearing
me same legal value, are g source Of grew
ous disorder and injustice, and al CONS,
become reduced and unequal IN intrinsic
vqlue after leaving the mint. But TO avoid
Tho Inconvenience of weighing, an ina
ginarv standard of the value Of these
diminished coins Is formed by the conmu-
,itv. and prices are IN practice adjusted
10 Tins standard. The measure of value Is
Inns rendered, however, indefinite, huctu-
.t;ng and uncertain. To check the cur
rencv ofthe diminished coins, without ab-
solutely suppressing their circulation, and,
~ the same time, not to cOn6De the coin to
TOO short a term Of circulation, It is pro-
nosas that none of our coins shall be a legal
iender when they are diminished IN weight
more than oue;aenty-ffth part, o. four