Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1845-12-10


considt rcd a. impairing one OF the great OBJ
lecls col such trcosury-namely, an augu-
mcnted circulation of y cCi1. ii paper, in
whatever form, or from whatever source il
may issue, should be introduced as circula-
tiod by the constitutional treasury. i, would
lrecisely TO tina, extent, disuse as means of
circulating geld and silver.
Ihe constitutional treasury could b. render
cd most powerful auxiliary of the mint in
auGumcnting the specie Circulation-The
amount OF public money which can be placed
IN the min, is now limited by law To one mil
lion OF dollars; aud to that extern, i, is now
used as a depository, ana as a means of increas-
ing our coinage. 1t is suggested that this
Limitation may b. So modified us to permit the
Use OF our mint and branch nints for a much
larger sum in connection with the constitution
oil treasury. The amount OF public money
received at New York greatly exceeds that col
ieCtcd at ull other points, aud would of itself
seem To call for place ofpublic deposite there;
IN view OF which, the location of branch of
the United States mint at that city would be
most convenient and useful The argument used
against a constitutional treasury, of the alleg-
ed insecurity OF the public funds in the hands
oil individuals, aud especially the vast amount
collected at New York, will be entirely olivia
ted by such AN establishment. The mint of
~
Do years. 1t has hal the custody of upward OF
l IA 100000 of dollars; and during this long
period OF time, there never has been loss OF
any oil It's specie in the mint by the govern
mcnt. The mint at Philadelphia is now con-
Quoted with great efficiency, BY the able and
faithful officer at the head ot that establish
ment, whose general supervisory authority
withoutleaving the parent mint, might still
be wisely extended 10 the branch al New York
Besides the utility oil such a branch as place
for keeping safely and disbursing the public
money, it is believed that the coinage might
he greatly augmented by the existence OF "a
branch OF the mint at that great city. 1t is
there that two-thirds Of the revenue is anru-
ally colected-the whole of which, under the
operation OF the constitutional treasury, would
be received in specie. OF that amount, very
large sum would be received in coin of other
countries, and especially in foreign gold coins
all OF which could be speedily converted,
upon the spot, into our own coins of gold and
silver. The amount also of such foreign coin
brought by cmigrants to the city of New Yorl,
is very considerable large portion of which
would lind its way TO the branch of the mint
Tor re-coinage. The foreign gold coins do not,
and II is feared will not, circulate generally as
a currency, notwithstanding they are made a
tender by law. The rate at which these coins
the denomination of such coin is nconvcnicnt:
the parts into which il is divided arc not deci
NAL; the rates at which it is taken vary in diff
ierent parts OF the Union. 1t is inconvenient
IN the way OF ready transfer in counting; it is
more dithcult, III common use, to distinguish
the genuine from the counterfeit foreign coin;
and the stamp upon ii is not familiar TO the
people-trom all which causes, a foreign gold
coin does not, and will not, circulate generally
as currency among the people. In many of
inc banks, nearly the whole of their specie is
Kept In every variety OF foreign gold coin; and
when 1t rs rendered by them in payment of
,heir notes, the great body OF the people, not
being familiar with these coins do not receive
them: and thus the circulation of gold cur
rency is, 10 great extent, defeated il these
coins were converted at or mint, or branch
minis into the caglc, the hall-engle, and quar-
ter-eagle, we should speedily have large sup
ply OF American gold coin, and il would very
soon be brought into common use as cur
rency, and thus give TO it greater stability,
and greater security 10 all the business of the
country. A considerable amount of foreign
gold coin has, during the present year, under
the directions of. this department, been con-
verted into American gold COIN but the pro-
cess would be much more rapid if aided by the
organization OF the constitutional treasury
and the establishment Of branch Of the mint
at the great commercial emporium of the
Union. With the mint and branch minis as
repositories, the sum remaining in the hands
OF other receivers of public moneys, whether
OF lands or customs, would be considerable,
and the government could bereadily protected
from all losses OF such sums by adequate bonds,
and the power, by law, TO convict and punish
as criminals all who embezzle the public
moneys.
IL is believed, under such system, that
no defaults would take place. and that the
public moneys would be sssafe kept and dis
burscd in gold and silver The government
Is made, by the constitution, the guardian OF
specie currency. That currency can ONLY
be coined, and It's value regulated, by this
government. 1t is one of its first duties to
supply such a currency, by an efficient mint,
and by general regulations of the coinage; but
IN vain Will 1t attempt TO perform that duty
u, when coin is made or regulated in value,
this government dispenses with its use, and
expels ii from circulation, or drives it out of
the country, by substituting the paper of banks
III all the transaction of the government
There is nothing which will advance so
surely the prosperity of the country as am APP
equa'e supply OF specie, diffused throughout
every portion OF the Union, and constituting,
to great extent, the ordinary circulation ev-
crywhere among the people. Ii is curren-
cy that will never break nor fail: it will ne
Their expand nor contract beyond the lcgiti-
mate business of the country; il will lead to
no extravagant speculations at one time, TO
be followed by certain depression at another;
nor will labor ever be robbed oft reward BY
the depreciation of such currency. There is
no danger that we shall have too much gold
and silver in actual circulation, or To- small
an amount of bank paper, or that any injury
ever will be inflicted upon the business OF
the country, by diminuation OF the circula-
ton OF the paper OF banks. and the substitr-
ton inits PAIGE, to that extent, Of gold and
silver. Even their most ardent advocates
must admit that bspks.are subject TO pcrodi-
cal expansions and coDtTactions, and that thi.
evil would be increased by giving them the
funds OF the government to loan. and by re-.
cciving aud discussing nothing but their pa
per.
The reduction Of the price of the public
lands in favor OF settlers aud culhvators