The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-12-03

in connection with the constitutional treasury. The
amount Of public money received at New York
greatly exceeds that collected at all other points,
and would ofiseIf TO call for place Of public
deposle there; in view of which, the location of .
branch of tho mint of tho United States At that city
would be most convenient and useful. The argu-
mcnt used against constitutional treasury Of the
alleged insecurity OF the public funds in the hands OF
individuals, and especially the amount collected
at New York, win be entirely obviated by such an
establishment The mint Of the United States has
now been in existence 50 years II has had the
custody Of upward Of ia 600 dollars; and dur
ing this long period Of time, there never has
been loss Of any OF its specie in the mint by
the government The mint at Philadelphia is
now conducted with great efficiency, by the able
and faithful officer at the head of that establishment
whose general supervisory authority, without leav-
Ing the parent mint, might still be wisely extended
10 the branch at New York. Besides the utility Of
such branch as place for keeping safely and dis,
bursting the public money, il is believed that the
coinage might be greatly augmented by the exist.
ence ef branch of the mint at that great city. II
is there that twothrds of the revenue is annually
collcc 1.-The whole Of which, under the operation
OF the constitutional treasury would be received in
specie. or that amount, very large sum would be
received in coin of other ceunkes and especially in
foreign gold coinsall ofwhch could be speedily con-
yerted, upon the spot into own coins of gold and
silver. The amount also Of such foreign coin
brought by emigrants 10 the city Of New York is
very considerable; large portion of which would
lind It's way to the branch ofthe mint for coinage.
The foreign gold coins do not and it is feared will
not circulate generally as currency, nOtwithstand
ing they are made tender by law. The rate at
which these coins are fixed by law is not familiar
to the peoples the denomination of such coin is in
convenient the parts into which il is divided not
decimal; the rates at which il is taken vary in differ
ent parts Of the Union. II is announcement in tho
way of ready transfer in counting; it is more diff
cult in common use, to distinguish the genuine
from the counterfeit foreign coin; and the stamp up
on it is not familiar 10 the peope--from all which
causes, a foreign gold coin does not, and will not
circulate generally as currency among the people
In many of the banks nearly the whole of their
specie is kept in every variety of foreign gold coin
and when IT is rendered by them in payment Of
their notes, the great body Of the people, not
being familiar with these coins, do not receive
them; aud thus the circulation of gold cur
rency liz, TO great extent, defeated. IL these
CONS were converted at mint, or branch minis,
into the cagle the hafcaglc, and quarter-eqaal,
should speedily have large supply of American
gold coin, and 1t would very soon be brought into
common currency, and thus give to it great
stability, and greater security to all the business
Of the country. considerable amount of foreign
gold coin has, during the present year, under the
directions oil this department, been converted into
American gold coin; but the process would be much
more rapid if aided by the organization of the
stitutonal treasury, ard the establishment of
branch of the mint at the great commercial empori-
UNI of the Union. With the mint and branch minis
other receivers Of public moneys, whether Of lands
or customs, would be uncomfortable, and the gov
eminent could be readily protected from all losses of
such sums by adequate bonds, and the power, by
law, to convict and punish criminals all who en-
hezz the public moneys.
II is believed, under such system that no de-
faults would take place, and that the public moneys
would be safely kept and disbursed in gold and sill
vcr. This government is made, by the constitution
the guardian OF specie currency. That currency
l.. - a.
government. 1t is of its first duties to supply
such currency, by an efficient MINT and by general
regulations Of the coinage; but in vain will IL at
tempt to perform that duty, it, when coin is made or
regulated In value, this government dispenscs with
It's use, and expels 1t from circulation drivca il
ot oftlie country, by Lbsttutng the paper ofbanks
III all the transactions Of the government.
There is nothing which will advance so surely
the prosperity ofthe country as an adequate supply
of specie, diuscd throughout every portion Of the
Union, and constituting, TO great extent, the ord
nary circulation everywhere among the people. 1t
is currency that will break nor fail; it will
neither expand nor contract beyond the legitimate
business OF the country; il will lead to extrava-
giant specuations at one time, to be followed by
certain depression at another; will labor ever be
robbed Gifts reward by the depreciation of such
rency. There is no danger that we shall have too
much gold and silver in actual circulation, or too
small an amount of bank paper, or that any injury
will he inflicted upon the business of the coun-
try, by dIminution of the circulation Of the paper
OF banks, and the substitution in its place, to that
extent of gold and silver. Even their most ardent
advocates must admit that banks are subject to
periodical expansions and contractions, and that
this evil would be increased by giving them the
fundsof the government to loan, and BY receiving
and disbursing nothing but their paper.
lis believed that the permanent interest Of every
class of the people will DO advanced by the estab-
lismeni OF the constitutional treasury and that the
manufacturers especially will derive great benefits
from its adoption. II will give stability all their
operations, and insure them, to a great extent,
against thosc fluctuations, expansions, and contrac-
tons OF the currency so prejudcia 10 their interests.
By guarding against mutations Of the currency, it
will have tendency to check periodical exesses of
foreign imporations purchased in fact upon credit;
while loans from banks, or dangerous engagements
of their business and excessive issues Of their paper,
will be greatly diminished. Whilst a sound and
stable currency guards the manufacturer against
cessive mportatlons from abroad, il protects him
from disasters at home, and from those ruinous
rcyulsors 10 which 50 many thousands are reduced
10 bankruptcy. The tariff, il followed, as in the
absence OF adequate checklist certainly will be,
by an inflated currency whilst IL thus enhances the
expenses Of manufacturing at home, will speed
lily and certainly raise prices up to the whole
amount OF the duty, SO as TO repeal the opera
tlon of that duty in favor of the manufactured, and
enable the foreign importer again to flood the
market, at the enhanced prices arising from an
inflated currency. But soon the revulson comes,
aud all are overwhelmed in a common ruin. The
currency is reduced below the wants of tho
country, by a sudden and ruinous contrnction; and
the labor and industry Of years are required to
repair the mischief. Stability, both in the tariff
and the currency, is what the manufacturer should
most desire. Let the tariff be permanently adjust
cd, by return to reasonable and moderate revenue
duties which, even when imposed truly and in
good faith for that purpose, will yield sufficient
advantage to afford reasonable profits; and let this
permanent system (and none other can be pcrna-
nent be established and accompanied by stable
currencyand the manufacturer, in series Of years
will derive the greatest benefits from the system The
present system cannot per permanent. Il is
quail aud unjust--too cxorbitant and Oppressive,
and loo clearly in conflict with the fundamental prn.
cpics OF the constitution. If the manufacturer thinks
that this System can be permanent, let him look to
the constant changes which have attended all at
len,ps 10 establish and continue protective tariff
no iirst tariff was based in part upon the principle