The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-02-11
STATES annual coinage ON fhe esfdblikfnenf Of The
branch

So material has been the addition to the circulating
dunn of the country since, pursuant the gold bin of 1887
the branch minis began their operations in 1888 1t
Observed that the coinage Of the past year has been
so per cent Of the aggregate coinage for the whole series
years This addition the floating capital the
country has been effected against the most determined OPP
pos ton of the papermen. whimsical instance of the
manner which prejudice against coin is sought to be
created afforded in the statements of the commercial
editor of the New York Courier and Enquirer. Thus the
whole coined for the past year, above, $2
6j7 67l and the of gold and silver deposited the
minis $23 069 SOB whereupon the editor othe Cou-
rer remarks;
1.-The loss by coinage will be seenthat u.s. the differ
between the Of foreign coin deposited and the
value of the American coin reproduced-was about $45,
O0 about q per cent besides the salaries and of
the minis and their officers"
From this difference should be taken 1862 900 of copper
coined make the Courers figures but his de-
duc,on much wider of the mark does
y follow either that all the specie deposited coined
that only that deposited through the year is coined as,
for instance there deposited Charlotte, during the
year, $3i405 and the coinage iS, 800 Apply the
Coues rule therefore, the gain by coinage $i34 1866
per cent? Again, in 1916 the gold deposited the
New Orleans branch 81 ,207 ,5}S and the coinage
SOFA gain, according the Courier, of 500 262
nearly per This is sufficient to show the of
the Corers reasoning and little reflection would have
shown that by possibility, could loss of "a per be
by reconing foreign pieces Such expense
would be fatal to the operation On tho contrary, since the
gold bill of 1884, increasing the value of gold st cent?
there has been slight profit in its coinage 1t by such
the above that the interest Oh paper
ssers is sou 2ht be sustained Prejudice how unbound
ed soever it may be, is powerful agent in continuing
the habits of a people, when life and death
depend upon a change. singular instance of this is
afforded official report OF the English commits
sary officers for Ireland Ii popular belief not only in
Europe and in Ireland, but also among intelligent men in
England that all Americans "black," and live on
Indian Hence, when last year the government made
strenuous efforts introduce that nutrcous food
rejected from belief that made people black Who fed
IT, 1t was only by the example of tho Catholic fathers
that this notion in some degree removed
1t about year since notified of the dispose
ton all parts of tue country create banks, from de-
speculate upon the industry OF the community which
degree engendeed by the facility of passing
paper money into circulation Since then, Massachusetts
increased her bank capital $OOOOOO In New York,
20 banks have been started in Ohio, % banks
and pending before the syvania egis-
ature applications for $5OOO,OO0 of capital
while New Jersey and Tennessee agitatng laws for
the establishment OF banks based on stocks. The les
sons of The past in relation to the frauds and losses
incident upon the of bank paper becoming daily
ndstnct and with growing prosperity and increased
national resources the speculative mania will again show
ITSELF and it is evidently again running into bank specua.
TONS whereof stocks will be the basis; and this mania will
have important influence upon the national finances
The law of the State Of New York allowing free banks
originally made the stocks of all the States available
curty for notes This afterwards restricted New
York and United States stocks and recently the latter
excluded. Under this law, the progress OF banking has
been draw one-ha the State debt into the hands
of the bankers by regular and annual increase in the
amount held by the polcr in pledge. The denomina
lions so held are as follows: