The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-03-20
OUR COINAGE, MINIS, &c.

| OOh COllNhNE, MIN ., &C.
1t strikes US that there is very little judgment
or economy exercised by our Government in re-
lation to this subject. The wisdom of reconing
foreign coin, that will pass for more before the
process than afterwards, is very questionable
more especially when we take into consdera-
ton the expense Of coinage. 1t is certainly a
foolish practice for any nation to recon the pre-
cious metals of another nation. If this foolish
and expensive practice were carried out in all
instances, every Government, in the course of
a few years, would have to be at the expense
of recoining their money.
| 1t strikes US, that the very first principle of
every Government, that makes any pretenson
| TO wisdom, should be ECONOMY To recon
money, whose value every one can learn, and
which may always be declared by law, is GER
tainly most gross waste and improvidence.-
| There might be some excuse found in monar-
tainly none in ours. They wish TO indulge the
vanity OF every new successive sovereign, by
placing his image on the coin Of the realm !;
while at the same time the expense, which
goes TO retainers, but serves TO uphold the
throne. 1t is rot so with our Government
We permit no mans image to be stamped upon
cur coin-lhey can only bear national emblems,
the Eagle and image of Libery-and they will
be changed, we trust, for no others, while we
remain Republic, or people.
| II may he said by The advocates of metallic
currency, that the recoinage Of foreign money
will retain grea er supply of the precious me
Ia S in the country-the object most needed.
But has this had the desired effect2 Can we
withhold our property from our creditors by
merely putting our own stamp upon it? II
foreigners have claims upon US which we cam
not cancel in merchandise, we must surrender
up our money: itmust go wherever we in
d,bted and no shallow trick of recoinage can
secure it 10 US.
Since the MINT was established in 1898, the
Government has coined, Of gold, silver and cop
per, SS5, S73,057 &c. We know not what por-
ton Of the sum remains in the counuy-but the
general opinion is, that very great proportion of
it has either been meled up and used in manu-
features, or passed 10 foreign countries to pay
our debts, or to subserve the purposes of trade.
Foreign money however is much better to serve
our purpose in foreign countries than our own
coin. We have probably made more use
abroad Of the Spanish dollar than any other
money-lhis and the British sovereign, and per-
haps the Spanish doubloon, more accepta-
bic currency and better known all over the
world, than any Other used in commerce. 1t is
much 10 be regretted, therefore, that any gov
eminent should make a practice Of iooshly
stamping their own image upon them.
The great influx lately of specie seems to
promise that we shall soon have an abundance
# the precious metals and we hope that we
shall not fall into the folly of undertaking to re-
coin it. To warn the country against this folly,
we beg leave to throw out a few hints on
the expense of coinage. We regret that we
have not at hand the documents to enable us
to present the whole expense of coinage since
the establishment Of the Mint; but we have at
hand some data, embracing a portion of the
time, which will enable the public TO Judge of
the expense of coming money, to be melted up
into manufactures, or transported abroad to pay
debts and become recoined again. Looking at
the Blue Book, and seeing the salaries Of the
Mint officers, is very likely to lead to erroneous
conclusions with regard TO the expenses of the
Mint. The public should know the amount Of
the appropriations. This is the true criterion of
the cost:
The appropriations for the Mint from 1916 to
1928 inclusive, period of 10 years, were
$353,O62
From 1929 to 1889, inclusive, IL
years, l,566,610