The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-01-03

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sttutiona treasury; but they are all considered as
imparing one Of the great objects Of such treasu
ry-namely, an augmented circulation OF specie.
/ II paper, in whatever form. or from whatever
source II may issue. should be introduced as cir
cplation by the constitutional treasury, 1t would,
precisely to that extent, diminish its use as means
OF circulating gold and silver.
The constitutional treasury could be rendered
most powerful auxiliary Of the mint in augmentng
the specie circulation The amount of public mo-
ney which can be placed in the mint is now limited
by law To one million OF dollars and to that extent
It is now used as depository, and as means of
increasing our coinage 1t is suggested that this
! Limitation may be so modified as to permit the use
OF our mint and branch mints for much larger
sum, in connexion with the constitutional treasu-
ry. The amount of public money received at New
York, greatly exceeds that collected at all other
points, and would Of itself seem to call for place
of public deposit there in view of which, the loca-
ton of branch Of the mint of the United States
at that city would be most convenient and useful.
The argument used against constitutional treasu-
ry, Of the alleged insecurity of the public funds in
the hands of individuals, and especially the vast
amount collected at New York will be entirely oh.
waited by such an establishment. The mint of the
United States has now been in existence 81 years.
1t has had the custody of upwards of ia 900 900
of dollars; and during this long period of time,
there never has been loss Of any of its spec lie in
the mint by the government. The mint at Phila-
depha now conducted with great efficiency, by
the able and faithful officer at the head of that
tablshment, whose general supervisory authority,
without leaving the parent m mt, nigh. still be
wisely extended to the branch at New York Be-
sides the utility of such a branch, as place for
keeping safely and disbursing the public money, it
is believed that the coinage might be greatly aug
mented by the existence of branch of the mint, at
that great city II is there that two-thirds of the
revenue is annually collected 1.-The whole of which,
under the operation OF the constitutional treasury.
would be received in specie. Of that amount, a
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 en-
igrants TO the city of New York, is very consider
able, large portion of which would find its way
to the branch of the mint Tor re-coinage
The foreign gold coins do not, and it is feared
will not, circulate generally as a currency, not
withstanding they are made tender by law
The rare at which these coins are fixed by law, is
not familiar to the people; the denomination OF
such coin is inconvenien; the parts into which 1t
isdivided are not dscinal the rates at which it is
taken, vary in different parts of the Union 1t is
inconvenient in the way ofready transfer in count
ing; it is more difficult, in common use, TO distin-
guish the genuine from the counterfeit foreign
coins; and the stamp upon it, is not familiar to the
people from all which causes, 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 il is tender
ed by them in payment of their notes, the great
body Of the people, not being familiar with these
cains, do not receive them; and thus the circula-
ton OF gold currency is, to great extent, de-
feated If these coins were converted at our mint,
or branch mints, into the eagle, the halfesgle, and
i quarter.eagle, we should speedily have large
supply of American gold coin, and it would very
soon be brought into common use as currency,
and thus give to il greater stability, and greater
security to all the business of the country. A con-
siderable amount of foreign gold coin has, during
the present year, under the direction of this de-
partment been converted into American gold coin;
but the process would be much more rapid il 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 the branch mints as repositories, the
sums remaining in the hands of other receivers of
public moneys, whether of lands or customs, would
be Inconsiderable, and the government could be
readily 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 pub
lie moneys.
1t is believed, under such system, that no de-
faults would take place, and that the public money
would be safely kept and disbursed in gold and
silver. This government is made, by the consti-
tuition, the guardian of specie currency. That
currency can only be coined, and its value regulat
ed, by this government. II is one Of its first du-
ties to supply such acurrency, by an efficient mint,
and by general regulations of the coinage, but in
vain will it attempt to perform that duty, if, when
coin is made or regulated in value, this govern
ment dispenses with its use, and expels it from
circulation or drives 1t out of the country by sub
sttuting the paper of banks in all the transactions
ofthe government
There is nothing which will advance so surely
the prosperity of the country, IS an adequate sup
ply OF specie, diffused throughout every portion OF
the Union, and constituting, to great extent, the
ordinary circulation everywhere among the peo- |
pie. I, II currency that will never break nor
fall il will neither expand nor contract beyond the
legitimate business Of the country; it will lead to
no extrovagant speculations at one time, to be fol-
lowed by certain depression at another; nor will
labor ever be robbed of its reward by the deprecia-
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