The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-12-12

tai by converting IL at into American would be of
vast Importance TO the whole Union. Credit when based
on real capital, is highly beneficial to the commerce OF
the country And specie is of The main pillars upon
winch credit can epose with assured confidence and we
must have that specie the basis of such credit at our
commercial emporium, II we indeed desire TO make It the
centre OF International exchanges
With view to augment the circulation OF our own
coin in our country this department has arrested as
lar as practicable the payment of foreign coin out OF the
treasury requiring TO be ecolned INTO American com
by which il has been enabled, between the LIST
March, 1Si5 and the 3Oh October, 1913, TO coin at our
minis per table H the of $3S, III 700 AZ which,
from the LIST of March, 1913, TO the LIST OF March, 1919,
must exceed S40Q)O0Oo, beng larger sum than was
coined thtyegh years preceding, from 1893 TO 1880,
inclusive But whilst the department will have coined,
from the LIST March IS, to LIST March, lSi9, more than
$40 O0)O1) the amount would have been augmented 10
the extent of several millions OF dollars every year, if
there had been branch OF the mint al the city OF Rev
York This proved by the fact that most OF the foreign
coin sent from New York and other points to Phlade
pha for recolnage, has been that portion which was
ceved for government Dues and transferred, mainly not
by the people merchants, but by the order OF this de-
Partmen from the several government repositories and
but little coin, comparatively, has gone from New York,
transmitted voluntarily by individuals Tor recoinage, TO
Philadelphia Individuals will not, TO any great extent,
subject themselves 10 the risk, EXPENSE and delay OF
this process whereas the whole Of the coin and bull
amounting to many millions of dollars that comes to New
! York by the operations of commerce. or by emigration
now very large sum-woud all be changed into Amcrl
can com, If there mint at that city. Having no
branch at the great centre OF American commerce, our
mint, notwithstanding the great ability and fidelity with
the extent it should be- the mint of the people, and
convenient for the coinage Of their bullion and ore IN
CON- and especially the large amount brought by emf.
grants into the Union, estimated at 100000 per
but is used chiefly far regards other cities, for that
OF the governments whereas ought TO be the mint OF
the government and people, and for the benefit OF both
and only fully become by the location OF branch
as recommended. The amount of foreign coin reconed
at Philadelphia from lst March, 1915, to 30h November,
1913, transfers ordered, depostes by officers of this
government, directed by me, (per table q hereto
nexel) $ll iG3, Sl-beng nearly equal to the whole
naming coinage there during the same period, including
plate and bullion.
to the operations of the constitutional treasury for the
present Assistant Treasurer at New York would then be-
come the treasurer OF the branch MINT and perform both
functions precisely done at Philadelphia an
New Orleans, saving the expense OF an increase OF Off
GERS, preventing double entries and payments and sim
pying the operations of the government and TO the
government and the merchant the risk AMI cost of the
double custody, and transfer from the collector to the
Assistant Treasurer would be entirely saved
From the sl January, lsi7, to 30th November, 1913,
the merchants of New York paid to the collector per
table IL for duties the sum OF 35,3jo67S 80 in specie,
being wo,thds OF the aggregate payment in specie for
duties in the Union. Yet whilst the government eXactei
ties, it refuses them even branch OF the mint where
bullion be coined or foreign coin recoined, the mere
establishment of which would attract there much
specie and render the payment OF thus large amount so
much easy. The amount OF specie received by the
assistant treasurer at New York from ls January 1877
to the 30th November 1878 was j7,32s,359, and the
coin dsbursed by him there during The same period was
49, $685. making aggregate of 2,s2I63S, per
table y
With branch mint at New York, the transactions of
business would be undsturbed by the operations of the
constitutional treasury 1t is true that even with such
branch there the collection of duties in specie would ope
rate check not upon the issues, but upon the
issues of their banks gentle and most useful check,
restraining their over-issues, and mitigating If not pre-
venting those revusons which are sure TO ensue when
the business of the banks, and consequence that of
the country is unduy extended. Credit is useful and
most abundant only when IT is based upon capital and
specie and legitimate business and commerce But
when is stretched beyond those limits, it necessarily
produces revulsons disastrous not only to the parties
voved but to the commerce and business of the whole
country Ii is this fatal tendency to overssues and the
too great and dangerous extension of their business which
constitute the greatest objection to banking system
and those banks which based on sound capital and
desire to conduct their business advantayeousy to them
selves and TO the country ought to rejoice that such 9th
would transcend these limits checked and
strained by the demand for coin created by the specie
celvng and specie circulating constitutional treasury.
During the year 1917, when more than twentyfou mil
lions of specie brought into the country, and to
great extent paid in for duties and loans to the govern
ment had this coin gone INTO the banks, under the old
State bank deposte system TO great extent it must and
have been made the basis OF inflated currency farex
ceeding that of 1895, it would have been followed upon
the sudden fall of the price OF orr sui and staples,
and the turn of exchange and flow OF specie out of the
country by a revulson more disastrous than that of
1887. The fall would have been from greater lnfa-
ton to lower depression, the intensity of The disaster
being ausmentet by the loans and expenses OF for
eign war. by the drain of specie TO sustain immense
ment loans and the fall of the government credit The
public credit under that system being insepaably
nected with that OF the banks ITS repositories, the
ernmen having specie and depending upon their pa.
per- its credit must have fallen with that of the banks
happened in 1887 and during the war OF 1912; and loans
for specie (Which were Indispensable could only have
been obtained they during that war, at ruinous
discounts amounting to millions of dollars per annum
Instead of these sacrifices, the public credit main
tanned throug hout the and its stocks sold for high
premiums instead OF runous discounts
! system which has operated so beneiiciay both in
war and in peace must in the MAN, be wise and saI-
ary but would be still more So if the amendments
heretofore recommended by this department adopt
ed especially regards the securities for disbursements
without which the system is not sae) and the establish
ment of branch mint at New York, as most import
ant auxiliary. With these amendments affecting none
of the principles of the bill and especially its specie
ceiving and spece-crcuaiing clauses, it would COM
mend itself TO the whole country, and prove beneficial
to lis industry, commerce, and business, to become
settled policy, undsturbed by complaint opposition
from any quarter.
Annexed will be found tables (marked and W con-
muncatlng compliance with the Odd section of the act
OF the 2Sh OF January, 1877 the information required by
that act regards the issue, redempon purchase and
reissue of treasury notes. Statement w shows the pay
ments INTO the treasury account OF the loan OF Is
Statement X shows The amount of specie paid into the
treasury from all from the LIST of January, 1917,
to the 3st OF OCTOBER Is Is amounting to SOL S23 So,
AMI the disbursements IN specie during the period
amounting To S92,li2,5l2 49, making aggregate du-
ring that period of receipts and disbursements SPECIE
OF SiS3,627,335 "a.
Under the act of the 3lst of March last, authorizing
loan Tor sum not exceeding sixteen millions OF dollars,
the department on the 18th of April last and for sixty
unto annexed (marked 81 This advertisement was
published for sixty DAYS only the several