The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-12-09

Domestic manufactures require for their permanent and
successful operation the basis OF specie checking vibra
tons and mutations Of the paper SYSTEM combining our I'M
ports to the wants Of the country, and preventing the
temporary purchase OF foreign goods Tor credit and not
for exports which always results in disturbance OF the
money masei and in injury TO the country. IL our man
uacurers desire great advantages from the home market
il must be abundany and permanently supplied with
large specie circulation, which alone can sustain tha
market for number OF years, and prevent those caamtes
which must follow an inflated paper currency. home
market for manufacturers when based upon specie
and low duties, is solid, permanent and augmentng;
but when founded upon paper credits is inflated one
year, only TO be depressed the next some succeeding
year-,hus deprving the manufacturers OF any weil-as-
sured and permanent domestic market The bank de-
posite year, (lS33,) when importing gram, con-
asted with 1si7he year of divorce OF the government
from bankseyhibits the delusive imitation of the one
the oher resisting thus far to great extent the revul-
sion in England, and proving the good eiect; OF the
union OF low duties and the speciereceiving and specie
circulating constitutional treasury.
renew my former recommendation Tor the establish
ment of branch of the mint of the United States at the
city OF New York. During the last eleven months, com
mencing the LIST of January last the amount OF coin
actually paid IN to the assistant treasurer at that CITY was
(as per table HH) $a9,ooi,ll 10, nearly all of which
was in foreign coin-a large portion OF which, as lar as
practicable transferred and recolned into our own
coin the mint Philadelphia The whole of that for
egn COIN however, ought TO have been at once reconed
at the city where it received, and in addition, the
large amount of coin and bullion which is constantly ar
irving there, and does not find its way into the office OF
the assistant treasurer but, foreign coin is deposited
great extent among the community all which would also
be converted into American coin, without loss or
delay if branch of the mint were locaeat the great EN-
porium of the commerce OF the Union.
Under the salutary provisions of the constitutional
treasury law the experience Of this year has proved that
sum not exceeding $4,000 900 is all that need be retain
ed in the treasury surplus to meet the wants OF the
government, to supply the mint and branch mIns with
abundant and sufficient for coinage-hus saving,
in this way the interest on vi 900 900 to our country
The treasurer Of the mint in Philadelphia and OF the
branch mint at New Orleans are also assistant reasu-
rers, TO and from whom transfers OF specie (near-
y all Of which is received in foreign COM can be made
under the provisions of the constitutional treasury Un-
der the act Of 9th February i7as providing Tor the re-
sued bym to carry that act fully int into effect Under
the mint and branch minis for reconage and the amount
coined since the LIST OF January last up to the LIST Deccm
Der was 1920 1885, s ~, of which the OF $3Os5,
953 50 coined in the month of November, 1917; and
this should be continued for the present month"; II
would make the coinage OF the first year OF the consttu
tona treasury $23,si4 ,001 90.
Table exhibits the yearly coinage from 1903 to LIST
December, 1si7, amounting in the whole to $l43,23S
$40 81; showing that the amount coined this year would
be about one-sxh OF the aggregate coined IN the nifty
five years from the first coinage in 1893 to the close OF
the presentye
Table gives the coinage each month this year from
the LIST January to the 3Oth November.
Most of this coinage has been by converting foreign
gold coins, which will not circulate among people,
American gold cons which is going into much
general circulation; and during the ensuing year il
expected that the coinage of specie from the silver that
must be brought in from Mexico, in exchange TOR our
imports there as also for the new issue OF treasury notes
asked from Congress constituting part OF the
loan recommended, will, it is believed, greatly augment
the coinage of silver during the ensuing year.
Mexico it is believed that when the new treasury notes
asked for shall be issued they may be Sold it is to
be hoped to considerable extent on account OF the GOV
eminent for specie at premium in Mexico and as the
government funds will not be subject to the export duty,
the specie may be brought into the country by this de-
partment in exchange for these notes. and reconed at the
New Orleans American
1t has been that the amount of foreign coin or
bullion coined this year at our mint and branch mnts
cember the November, would be 23Sf4 ,O0l %
AT which rate, would soon supply our own people
with own CON- and in time, also, with our augment
ing commerce, AmerlcanZe to great extent the com
of the world and thus introduce our simple and beau
full decimal currency gradually throughout all nations
substituting it for the complex system of pounds shl
which retard business and complicate accounts.
Heretofore the world has supplied us with foreign
coin, which will not circulate among people, because
Of its extreme completely; but now our own com IS
flowing into the channels of circulation, and
must soon begin TO dluse itself into other nations, Tor
their benefit well The three things
which most the progress of the wealth OF the
world are free trade and uniformity in coinage and in
weights and measures. Coins, as well as weights and
form throughout the world and if decimal system OF
coinage should be SIMPLE and perfect than that OF
any other nation, it ought to be- and ultimately will be-
adopted and lead, far practicable, 10 the introduce
ton of the decimal system of weights and measures,
so that ultimately the coin and the weights and
ures may be simple and uniform throughout the world
Table Il shows the imports and exports OF specie Tor
the fiscal years ending 30th June, 1885, and Both June,
ls47; being for 1916 an import of $3,777,732 and the
export SO i17 leaving the gain of specie that year
,96,3l5; and in 1917, the specie imported was $2l2,
$780, and the export 81 si5l9. leaving the specie gained
in 1877 $500 ,276, 40.
Table shows the amount received in specie from all
sources-customs, lands miscellaneous and loans from
1s January 1917 to LIST December, 1877, being lS667
$50 Is; and the amount of disbursements in specie
Al ,zI,ax,
aggregate of receipts and disbursements in specie during
the first eleven months of the system 900 S9i A02 40,
and proving that the department has been enabled during
the last eleven MONTHS to circulate by disbursements
among the people the of $iS 226 SIG 81, under the
specereceivng and spece-circulang constitutional treas
ury.
Annexed are tables (marked and p showing the
ket value also the actual sales of treasury notes and
United States stock in the market at New York and New
Orleans, from the prices current of those cities, from De-
cember 1916, 10 December Si7 also table (kk)
showing the amount of treasury notes received each
month payment for duties2 029 900 in the whole IRON
LIST December, 1916, TO LIST December 1877 from which
Congress may Judge of the probable at which anoth
or loan can be effected. These tables show how much
casionally below par for long time al par subsequently
several per cent above par and again. upon the Isl oil
the present month"; nj par in New York and New orleans
These notes (per table XXX paid in Tor public dues
during every month from LIST December, 1916, to LIST De-
cember 1917 TO the amount of 1929, 900 and during
April, lsi7 the month in which the loan ter them was
negotiated premium, they paid in for customs
alone to the amount of $lol,s50 They now being
used, extent in payments to the government and
NAV be regarded at par. The total amount OF the
treasury notes advertised eighteen millions OF dol
lars and the amount OF the BIDS exhibited in table 3,