Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-12-16


present such arguments that, in great commercial capital
where business the amount of millions Of dollars is transact
ed from ten TO three o'clock how important time where the
delay Of day. nay, often hour may be most disastrous
and change the balance profit TO loss Merchants and
OF business should be permitted exchange their bullion
foreign coin for American in few hours moments could
be done mint receive at once mint certificates OF depo
SITE which often might be TO them OF the greatest Importance
The trade in bullion and specie, in itself great branch
of commerce. indispensable in the transaction Of business and
especially of international exchange, already exists great
extent n New York. but Is limited in dfusng its benefits TO
American and exchanges by the want of mint
Now is subject expenses risk, and delay to put II into
form for circulating Values that delay being itself great loss
of capital whilst the foreign coin, consisting Of denominations
unknown the great body Of people, almost useless
the purpose of general circulation Il is the rapdy Of the
circulation of coin that gives its chief value, and accumu-
ates capital by the speedy realization Of profits and the Anne
can eagle half eagle and our other decimal coinage, might
in few months perform of the functions Of money! and
pass more rapidly through greater variety Of hands, than
were foreign and unknown coin, which would not
circulate among people, Hence II is that mint at New
York. give activity to specie circulating capital by con-
verng at into American coin, would be Of vast mpor-
lance to the whole Union.
Credit when based real capital highly beneficial to
the Of the country and specie is one Of the main
pillars upon which credit repose with assured confidence
and we must have that specie the basis of such credit at
our commercial emporium If indeed desire to make it the
centre of international exchanges.
With view to augment the circulation Of our own coin in
our own country this Department has arrested
ticabe the payment Of foreign coin Of the treasury
quiring be reconed into American con by which means
it has been enabled between the ls Of March, ls45 and the
30h of October S48, to coin at minis per table the
sum of S3S 700 % which from the LIST OF March, ls45
the LIST of March, ls49 must exceed 0 being
larger than coined in thryeght preceding,
from 1893 to $780, inclusive But whilst the Department
will have coined from LIST March, ls45 to LIST March, ls4s
than 000 the amount would have been aug
mened the extent of several millions OF dollars every year
if there had been branch of the mint at the city of New York
This proved by the fact that most OF the foreign coin sent
xh,
has been that portion which wasreceved for Government Dues
and transferred mainly not by the people or merchants but
by the order of this Department. from the several Government
repositories and but little coin comparatively has gone from
New York transmitted voluntarily by individuals for recoinage
to Philadelphia. individuals will not, to any great extent
subject themselves to the risk, expense and delay OF this pro-
cess whereas the whole ofhe coin and bullion amounting to
many millions of dollars that comes to New York BY the
operations of commerce. by emigration, pow very large
sum- would all be changed into American coin there was
mint that city. Having branch at the great centre OF
American commerce, mint, notwithstanding the great
ability and fidelity with which its business conducted at Ph-
adelpha not to the extentt should be- the mint Of the
people, and convenient for the coinage OF their bullion and TO-
reign cn and especially the large amount brought by emil
grants into the Union, estimated at 3d. 600 per annum
but used chiefly far regards other ces for that OF the
Government whereas ought to be the mint of the Govern
and people, and for the benefit of both and only
fully become by the location OF branch recommended
The amount of foreign coin reconed at Philadelphia from LIST
of March, lS45 Goth of November 1885, transfers or
dered deposes by officers of this Government directed by
me- (per table @, hereto annexed Sill 463 being
nearly equal the whole remaining coinage there during the
same period, including plate and bullion.
The branch mint would be most important auxiliary to
the operations of the constitutional treasury for the present
assistant New York would then become the
Of the branch mint and perform both functions precisely
done Philadelphia and New Orleans, saving the
expense of increase of officers preventing double entries
and payments and simplifying the operations OF the Govern
men and saving the Government and merchant the risk
and cost of the double custody and transfer from the collector
to the assistant treasurer.
From the LIST January ls4 30h November ls4s, the
merchants Of New York paid the collector (pe table ID for
duties the Of $685. SO in species being twothrds
of the aggregate payments specie for duties in the Union
Yet whilst the Government exaced from these merchants this
immense in specie for duties refuses them branch
of the mint where bullion be coined foreign coin
ceved the establishment of which would attract there
much specie and render the payment OF this large amount so
much more easy The amount OF specie received by the
sisiant New York. from the LIST January, ls47
3Oh November ls4s $751; $685. 1853, and the coin dis
bused by him there during the period was S55
making aggregate Of Sll2 S24 $685. (per table With
branch mint New York, the transactions Of business
would be undsurbed by the operations Of the constitutional
treasury is true that with such branch there, the
collection of duties in specie would operate as check not
upon the issues but upon the overssues Of their banks
gentle and most useful check restraining their overssues
and mitigating if not preventing those revulsions which
to when the business Of the banks, and
sequence, that of the country unduy extended Credit 10
useful and abundant only when il is based upon capital
ard specie, and legitimate business and But
W hen il is stretched beyond those limits necessarily produ-
ce revulons disastrous only the parties involved but
10 the commerce and business Of the whole country II is this
fatal tendency overssues and the great and dangerous
tension Of their business which constitute the greatest OBJ
jcton to banking system and those banks which are
ased sound capital and desire conduct their business
dvanageousy themselves and to the country, ought TO
joice that such others would transcend these limits
checked and restrained by the demand for coin created by the
specieeceivng and speciecrcuatng constitutional treasury
During the when than twenty -four millions Of
specie were brought into the country and to great extent
paid in for duties and loans TO the Government had this
coin gone into the banks under the old State bank depo
site system great extent must and have been made the
basis Of inflated currency far exceeding that Of 1886, ii
would have been followed, upon the sudden fall Of the price
Of beadstu and staples and the Of exchange and
flow OF specie out Of the country, by revuon dsas
trous than that OF 1897 The fall would have been from
greater imitation lower depression, the intensity Of tho dis
aer being augmented by the loans and expenses Of foreign
by the drain Of specie sustain immense armies in for
cgn countries by depreciation Of Government oans and fall
of the Government credit The public credit under that sys
tenn being nseparaby connected with that Of the banks It's
repositories, the Government having specie and depending
upon their paper its credit must have fallen WITH that Of the
banks happened in 1887 and during the OF 1872 and
loans for specie (which ndspensabe could only have
been Obtained they during that war; at runous dis
counts, amounting to millions of dollars per Instead
OF these sacrifices the public credit maintained through
out the and its stock sold for high premiums instead Of
runous dscountthe total premium realized by for the
Government being S555,5lI.39.
system which has perafed 40 bepefcaly. both in war