The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-04-25

been said 10 the importance OF making provision for
prompt coinage OF bullion in the United States. He
only desired to add that the subject had received
consideration from the Committee Finance. com
muncaton was before that committee, from the supern
tendent OF the mint stating all the facts and going TO
show the inadequacy OF the mint in its present condition.
to do the work required One assigned that
the steel apparatus which had been long in use had be-
renew the boilers which could now be worked up to
their original capacity part OF the structure had also
become SO far decayed that could not resist the pressure
Of these circumstances, had introduced appropriations
into the deficiency appropriation bill which had Just
passed this body to remedy that dculty and he UNDER
applied the present ineciency Of the mint would be
far remedied that the quantity Of coinage would be in
NJ WEBSTER said % that he did moi intend 70 extend
The remarks already made upon this subject He had no
doubt that The duties Of the Office Of experimenting the
mint At New Orleans were OF highly responsible char
acter, and that the salary given was wholly inade
quate especially considering the heavy bonds required
The other matters alluded to by various gentlemen
he bad moi ihe least doubt that they would give them
pS9r' M MANGUM 1desire to learn from the commss
timately to the establishment Of branch mint In Cali
oria should be taken, in order that the gold obtained
hope that ss matter tier viii bs taken into ds
when this general subject shall before the Senate
IN all ts aspects; Tor though Iknow but little about the
ucdies tnOBc small OOiQeI6 Oh gOQ
California must necessarily be subjected to great deal
of loss Transporting II to this country England par
tcuarly the gold dust, on which they will lose, per-
haps, two dollars to the Ths government
Is not prepared at this ime nor perhaps at any very early
day. to establish and put into successful operation q
branch mint In California; but some preliminary
sayed into proper degree o neess 50 as 10 be worked
Be subjected 10 such great losses Win not Be- safer for
Of the Senate who went into The policy of establishing
branch mints in the country, the importance OF which
was very much doubted BY some. think that at Nsa
Orleans branch mint is vastly important; and have
for years thought that the establishment OF branch
mint in New York was strongly called tor by the public
and commercial interests of the country. Now, while
been properly matured shall be very much graed 10
branch mint established in California by which the
small holders will not be subject to these losses, which,
! Mr. HUNTER remarked that the matter to which the
honorable senator from North Carolina alluded
which had been considered, to some extent, by the Com
mittee on Finance The measure had been proposed he
believed. BY the senator from Missouri. Mr. BESToNl
who was preparing to ofier some amendments for the
purpose Of establishing mint In California tie expected
that the only difference of opinion would be, whether II
would be expedien to establish mint. simply Of
ce for the assaying OF the metal There was no ques.
ton but that something of the sort required in that
country. k MaM
Mr.. DAWSON. Mr. President, while suggestions
were being made 10 the Finance Committee, idea
tor from Louisiana with regard the difficulty Of pro-
curing officer to take care of the public funds, and the
revenue derived from the customs in the port OF New
Orleans II is said that no competent man can be found
to take possession of that Office and give bonds While
this committee is considering this question. would il not
be proper TO consider the question Of deposng the public
funds in sections OF the Union under these crcum
stances some Of the banks As understand itthere
Is no sub4ueasurer in the city Of New Orleans who is
willing TO take possession OF the funds, and give the re-
quiste bonds for the safety of these funds merely
suggest 10 the committee to examine, and if some
rangement should not be made that under particular
circumstances and in particular places, deposies may be
honorable senator from Louisiana whether the revenue
OF this country would not be safe IN the banks OF the
State Of Louisiana or OF the city OF New Orleans, and
whether, under existing circumstances. u would not De
prudent and proper. on the part OF the government OF the
United States, TO make arrangements as 10
cure these funds better than they secured there
OF S250o dollars will induce nobody TO take this Office,
with the responsibility Of the large amount OF money that
there. Would il not be the part OF wisdom-woud il
not be propero examine seriously into this question, and
reflect upon the propey OF dposng OF the funds by de-
posting in the Stale banksi
Mr.. DOWNS In regard to what the honorable sena-
tor from Georgia has said, must say that notwithstand-
ing the ditcaes that now exist in New Orleans. the
question of changing the laws and authorizing the de-
posites in the banks does not meet my appreciation.
had considered that some will be found 10 remedy
the evil in different way from what the senator
mends. We have had in New Orleans and elsewhere
some very serious failures of banks. We had there AT
one unc sixteen we nave now Dut thlee Of
four 10 exsence and sad experience has taught les
son which will not be soon forgotten, and has had such
effect upon the legislation Of the country that the
constitution has prohibited not only the creation Of any
new banks, but reviving the charters oil the old
ones So far has the feeling been carried that al the
sion OF the legislature closed regard TO OF the
banks in which the citizens of the State may be
interested than in any other, and when the opinion
held by many Of the bar that il had been put quda-
ton under such circumstances as not legally to lose
their charter when the legislature passed act In
conformity with this view, the sanction OF the executive
Of the State was withheld %
Whatever opinions may prevail elsewhere, | must say
10 the honorable senator from Georgia. that to deposte
the public money in the banks of my State would be
sdered the most unsafe way Of taking care OF possible.
large portion of the banking business Of that State
exchange. discount, and deposeis done now, and has
been done for several years. safely could be- and
as much to the satisfaction OF all as Il ever has
much that now consider the problem OF individual
houses completely solved, that in the city OF New
Orleans, where much business done the most active
trade existing the exchanges being immense and thought
heretofore TO need the assistance OF the banking insttu-
tons OF the country It s believed that they get along
Just as well without banks and perhaps better am
glad the honorable senator has mentioned the subject be-
cause have had kind Of impression which hope and
trust erroneous, that there in quarters dspo-
sition not 70 perfect the present treasury systemnot TO
cure the evils which surround that depatmenbut TO let
them and mayhap increase them in order that the
present system, which has worked 90 WE'LL may run into
dsccd and the idea that public and private funds can
not be safe anywhere but in banks s to be revived II
there any such idea any branch Of the executive OF the
legislative department, tell gentlemen beforehand that
il eha have my most decided hostility and opposition
And though my experience here ID short and but little
known, ii happens that in my own State my experience