The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-05-25


n gold sloa73, 724
Gold coined during the year 7,sas.ssa
Excess Of gold deposites s2.525.asa
.'N'e'' = eoN N'p' -
was '''' 1,o45.25s
Silver coined 922 $50
1922 800
Add excess of gold deposites 2,525,39
Total excess Of gold and silver deposites at
Philadelphia, over the amount coined IN
ls49 sa,647,7ol
Again, the amount Of gold coined at Phila-
dephia during the year ls49 was, as we -,
The amount of California gold deposited
there for coinage during the year ls49 was 5Asl439
And was, therefore, within 90 1856 s93
Of the whole amount coined there within the year. and
this too, before the receipt oil the large and constantly
increasing which have been received since the
first Of January last This gold too was received at
New York. and sent to Philadelphia from necessity,
and not CHOICE at the risk and expense OF the owners
and not in the fair and natural oil business and
the mint certificates given for it, upon which the holder
ought speedily to realize coin for his depostes or were
very recently, about sixty days in arear IS estima-
ted too, by OF the rst bullion houses in New York,
that fourhfhs OF the whole coinage at the Philadelphia
mint is on New York account The depostes at the
branch mint a. New ossns TOO during rsa
that these mnts during the past year have alter being
taxed their utmost capacity failed 10 supply the public
demands and no amount OF speculation can furnish an
answer TO this fired foot.
Although the capacity OF the mint has proved made
quae, it is that, under liberal appropriations its
facilities have been increased and has been, and doubt
less will be again. commended that may be made to meet
the public demands upon il for coinage. This Judging
from the past and present state OF ITS business the IN
creased labor of separating the California gold (lage
of which constantly arriving the unusual
quantity OF silver contains the millions OF foreign gold
reaching us by emigrants and otherwise and the great
activity OF trade generally, may well be seriously doubted
But if il shall be able 10 coin with reasonable de-
spatch all the bullion deposited there will by no means
prove its capacity 10 meet the public necessity, The
Argument that the present mint located hundred miles
from the commercial CENTRE has capacity TO transact the
whole business OF the country because perchance may
hereafter increase its facilities for business as 70 keep
pace with the demands oil Its depositos, VIII also prove,
by the logic, that either OF the branches al Char
otte and Dahlonega have capacity 10 do the same And
mint located upon the Rocky mountains would, by that
rule have greater capacity sunot IN Its greater power
OF execution, but in its greater lack OF employment
Besides om lsI5 TO isis had moi tue arbitrary order OF
government furnished eleven and half millions OF dol
lars TO its coinage, il would have done but half much
as il did, and lis capacity would have been doubled
When mint is located at the centre oil trade, where
foreign coin and bullion constantly tend by laws as
certain the grayitaon OF bodies then, and not be-
fore, shall know whether its ability TO execute meets
the demands OF The public By the mode OF arriving
at conclusions OF capacity, we might hold that the
wharves, custom house, post office, shopkeepers, &c, at
Philadelphia have capacity Qiransact II removed there
the business naturally cenrng at New York, and which,
so long as subject TO individual voon cannot be trans
ferred TO city distant one hundred miles, though
adequate accommodations are denied Tor It's transaction
where il belongs.
The mint and its present branches have failed during
the past year 10 the depostes OF individuals by large
amount, though the entire deposes seeking coinage
ce California gold, were, at Philadelphia, less than two
millions and half II may, therefore, be well to inquire
ito say nothing OF the amount held by individually what
would have been their condition il the government had
thrown upon them for prompt recoDage the large amount
OF foreign coin received Tor duties al the custom houses
Erauu hs LIST lann To nhaF fh.
merchants OF New York paid Tor duties (and large
portion OF il in foreign con) S35 360,67s 80. The
amount OF specie received BY the assistant treasurer at
New York, from LIST January, I547, TO Both November
ls4s, was S37 $685. and the disbursements during the
same period were S53Ag6 800, making an aggregate of
Sll2.s2i63S. Twothrds OF the whole revenues OF the
government from customs say 20 mllons) are collected
al New York IN coin. II is estimated that eight millions
OF dollars reach annually in the hands OF emigfants
all IN foreign CON- nearly every dollar OF which would be
reconed and freely circulated among the people, II a
mint located al New York, the port where they
ally arrive. The amount OF coin received by emIgrants
will. IN all probability be increased hereafter, as those
Gently migrating generally of class possessing
means than their brethren who preceded them few
years since New York, too, receives from bali 10
rcequar,ers OF all the foreign coin imported from Eu
rope During the year ending December 5, lS47 as far
could be asceraned at that PERIOD the amount OF for
eign coin imported into the United States SAi ST.
600. most OF which was paid Tor duties to The govern
ment OF this amount New York and Boston received
sci 900, and Philadelphia where the mint To-
Gated, only s2J6,oo0 The imporiaobs that year
unusually large, but the amounts annually received are
great and win mint located at New York, the facilities
given for reconage without delay dverng from the
channels Of trade would attract specie there and the
coming be increased millions annually, beyond what
II ever will can be with a mint located one
hundred miles from the great entrepot OF the
continent There is not likely to be any falling of in
the OF the government The present Secretary
ofhe Treasury estimated the receipts from customs for the
current fiscal year at S3l 500 900 The amount actually
collected for the three rst quarters exceeds his estimates
for the whole year The California mines during 1870,
supposed have yielded $50 600 000 OF which much
yet remains in that country The larger portion has gone
TO Europe and other foreign countries TO remain abroad
until our industry shall give the balance OF trade in
our favor, and from six to eight millions have been
brought 10 the United Satestwo thirds OF il at least d.
ecy TO the city OF New York II will continue to reach
the same point in greater ratio and its coming and
assayIng shall be authorized In California as trust they
may be, The gold will come principally here from the
ONCE OF the assayerbe usual mode Of transmitting large
amounts OF gold from country 10 another as the most
cheap, cafe, and convenient.
Specie bullion will tend TO the commercial store
house OF the Union with much certainty az water will
lind its level, and the attempt TO force ii into artificial
channels will prove idle and unayaiIing This ia
strikngly illustrated by the fact that, before The acqais
ton OF California, about oneha the gold from the mines
of Virginia, Georgia, and the Carolnas notwithstanding
the minis in their immediate neighborhood ready for oper
alton and nearly unemployed passed towards the
cial centre, and went TO the mint at Philadelphia for
coinage; for the reason that Philadelphia was nearer
the point OF attraction than the minis in the vicinity OF
the mines where II found Had there been branch
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