Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1848-12-29

re coinage in The least time, and wrbom, r"'
pense; and yet, in our own commercial am
rum, we have no mint, or even branch M,
for the important process of coinage ~ -
coinage. II we would command Tie CO.,,
merce of all nations, il must be through
one American commercial emporium. Ma
great centre OF our own trade and bushes.
The history OF trade demonstrates that some MI.
great point is indispensable 10 enable any n -"
| TO command universal commerce, and lhat Sros
concentration al some one city, instead Of mir
| ing other cities or paris OF the same country i
OF immense benefit 10 ALL There cannot Be- ,vo
or more financial centres Of the foreign Commerce
of any one nation, any more than there can i.
Two or more centres OF circle. The same min.
ciPie Of The centre Of The Trade OF nation applies
| TO the trade OF The world. There can be I'm ons
such centre for he world, and tut one 10. each ma
tion which. in his country, from natura causes
must be New YORK, where the competition mas
soon commence with foreign cities for The CON.
| troll oil International commerce. Now, as The
Command Of the specie OF The world is al IN
mense beneiitto our whole country, and can on,y
be secured by making one Of our own citics ttc
centre OF universal Commerce. il is indispensable
to success in this great American enterprise thai
specie and bullion should be invited from all III.
world to New York-not by any unjust advan.
lages, but by giving 10 i! equal facilities with our
other cities Tor coinage and recoinage.
|, is not Tor New York merely, or Tor lis com
merce, that this mint is desired, bu! for the bene-
f. OF the whole Union. The storehouse OF HE
goods and products Of The Union must become
the storchouse OF its specie. Where the con.
merce and goods are, there the representatives q
their value must be also, and there also shoutte
every facility which mint would give Tor r..
creasiDg these circulating values, and tor bring
ing them INFO immediate and active use in any
form which might be desired. Ii is in vain 10 s.y
that the specie or bullion brought by cur com.
merce 10 New York, can be sent 10 distant p0sl
where there is a mint with but little delay MS
or expense. l; is clear there must be some r,sS
delay, or expense, operating as AK on ne tu>i
ness ot our commercial emporium; AMI 10 tina,
extent rendering unequal her cones; Win Euro.
pean Giles Tor universal commerce Comas.
and lecoiuage should be immediate, whcu, auy
riss, expense, or delay; and il might be sail as
regards merchandise, with nearly he same unIh
as is urged in relation 10 specie, thai Il woa!d b,
no injury 10 The commerce OF the Union IL sn,
and costly articles would be sent al bur ,rl!ng
expense, risk, or delay, from New York 10 some
distant city, there be stamped marked, or labei.cl
and then returned 10 New York for sale and d..
tribution in The general markets OF our own couo-
try or OF the world. II seems 10 be forgotten b,
those who present such arguments, that IN great
commercial capital, where business 10 the
amount OF millions OF dollars is transacted iron.
ten 10 three O'clock, how important time is where
he delay OF a day, nay often an hour, may sc
mos. disastrous and change The balance OF pro-
| fiji 10 loss Merchants and men OF business should
be permitted 10 exchange their bullion or iorrian
| coin Tor American IN few hours or momrns,
| as could be zone a mint, or receive al once
mint certificates Of deposite, which often misht
be 10 them o. the greatest Importance TIE
trade in bullion and specie, 10 ise! one eleaI
branch of commerce indispensable IN he iran.
actlon III business and esp cialiy oi inlrina'iin
a exchange, already exists 10 great sx,eGl "a
New York, but is limited in citiu.ns II, tentn
10 American commerce and exchanges by ae
wan, oil a mini. Now il IS subject 10 exprC,eS,
risk and delay, 10 put II into orm tor cIfcuat.
ing values, that delay being itself a gtrat hess 4
capital, whilst the foreign coin, consisting u a.
nominations unknown 10 the srea, body Of GU.
people, is almost useless for the purpose OF GEN.
eral circulation. II is The rapidly OF he clcus-
ZION of coin that gives il lis Chief value. and ac
cumulales capital by the speedy rear aion o
rrof :; and The American eagle or hall e.sle,
and our Other decimal coinage. ;E:shi, N nv
months, perform more OF The iuncons Of money
and pass more rapidly through greater sa'leS
OF hands. than il il were 10 some foreign and III
known coin, which would not circulate among
our people. Hence il IS, that mint n New
York, To give activity 10 our specie CIRCULATING
ca piia by converting il al once iG'o American,
would be- OF vast importance u The wh"ie Union
Credit, when based on real capital, is hghlF ~
nelicial 10 The commerce OF The country. Al
specie is one Of the main pillars upon when
credi, can repose with assured confidence, an &c
must have that specie as The basis al such CT
dit al our Commercial emporium II We inaerl
- no INF ttnn -.
changes.
With view 10 augment The circulation o. or
own coin in our own country, this department
has arrested, as Tar as practicable, the pa,mfn!
OF foreign coin out OF The treasury, requiring Il 10
be recoined into American coin; BY which means
il has been enabled between The Isl March, 1872
and The 30,h October, 1913 10 coin al our uihiS
[per table X the sum OF S3S,7l7 100 y, which
from the Isl OF March, ls45 10 The Isl Of March
ls49. must exceed $4,000, COO, bling larger
sum Than was coined IN thiry-esht wears pc
cedine, from 1893 10 1880 inclusive. But whi>l
the department will have coined rom he ~
March. IS45, to Isl March, lSi9 more than Si0
OGO 600 The amount would have been Augmented
10 The extent Of several millions III dollars csciy
wear, ii there had been branch Of me minI II
he city Of New York. This IS proved by 'hr
tact that most OF The foreign cola sent ifcm New
York and other points 10 Philadelphia, ~ g
coinage, has been thai portion which was ietels-
ed Tor government dues, and transferred, maifil,
not by the people or merchants, bu; b. be orl'r
OF this department IRON The several government
repositories, and but little coin, comparahvfy,
has gone from New York transmitted yolnla'
rly by individuals Tor recoinage 10 PnlacephIi.
individuals will mot, 10 any great c1'en', SUI
jecl themselves TO the risk, expense and delay q
This process; whereas the whole Of The coin atl
bulli0n, amounting To many millions q dollars
that comes 10 New York by The operations y
commerce, or by emigration now very 'dIse
sum would all be changed into American co'"
il there was a mint al that CITY. Having ~
branch al the great centre OF American coii-
mefcp, our mini, Notwithstanding lie 2itdI db-
nv and fidelity viii which lis business = en-
duced al Philadelphia, IS not, 10 'hc * GU y
should be, the mint OF The people, and conEfnieh'
for the coinage OF heir bullion and ofei2n co.'s,
and especially the large amoun, broush by en-.
grants into The Union, estimated al SS0co,COa
per annum, bul is used chiefly, 50 lar a regards
other cities, Tor hat Of The government; Vi cieas
IL ouoh, Ia be the min; oi The government ahd
people, and for he benefit al both, and can only
fully become so by the location Of lrancn as
recommended. The amount Ct foreign coin fr.
Coined al Philadelphia from Isl March, le45, 10
Both November, lS4S, Oh transfers ordered, oI de-
posts by officers oil this government, directed "
me, was (per table q hereto Shnexedl Sllfi3,
ISl-being nearly equal 10 the whole remaining
coinage there utIng the same period, incIadins
plate and bullion.
The branch mint would be most portrait a
auxiliary 10 the opera ions Of The coL niooa'
treasury, Tor the present Assistant Tfca ufef q,
New York would then become The treasurer 81
| the branch mint and perform boin lunctiohs' re
cisey as is now done ~ Philadelphia AM New
| Oleans. saving the expense II al increase q ~
fcers, preventing double enries and rAymeh> :,
and simplifying The operations oil The so'efn"""
and 10 The governmen, and the melchtnt ihe tx
and CO., oil The double cussty, and transfer i'onl
The collector to the Asssian, Treasurer, wonId o.
From 1 The Is, January, ls47, 10 20 N zen.
Der, is4s, the merchants Of New Y1 "a, ! rs ~
the COLLECTOR fper table u Tor duties .ne sun ma
s35 800 67s Sc in specie, being two-lhircs Of ,ne
sssleeae payment in specie Tor duties IN ., ,le
Uoion. YET, Wills; The sovefnmen, >; e1a .snia
from these merchants this immense sum 70 spec'e