The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-06-01

WniCn already mas, reason oi
nercia advantages, her large population her immense
shipping, and those masteamers which are continually
cutting The waters of her noble harborl can see none
a s q
me pure imagination to attribute to i the magic infl
Pence on the commerce Of the world with New York
yns6 = promised ms from i know indeed that a,
occasion recommended the establishment OF mint al
New York but do not think that his recommendation
SGs 81 n f q s
conclusive reason tor it. respect the late Secretary of
the iIeasury-thnk him man OF genius but i does
not follow on lnat account that we should surrender ouI
own Judgments for the purpose OF exclusively following
his recommendation He is not infaible on the con-
t!ary am inclined to think that in this matter he is
| tirey mistaken
His idea was that much Of the foreign coin which was
imported into the city OF New York and coined
the spot would go into the banks WE'LL this think, in
stead q being an evil is very good result banks
only be well managed when they have good supply
OF the precious metals with which 10 redeem their paper
bank and should not desire to make them less safe and
useful BY any scheme for Withdrawing the only sound
basis Of their paper circulation
all the foreign gold which into the country should
be recoined here Much OF il has to 60 back again.
The exgencies Of commerce require III and is better in
to send foreign coin than to send our own be-
cause the former has higher value abroad than the
latter, and this constant reconage OF the precious metals
only produces metals only produces awase OF the meas
ure OF value.
Now the senator says that this foreign coin should be
reconed here because will enter into circulation
for this purpose must have the stamp impress Of
press. will not circulate freely abroad and s Thai IS
very good reason why considerable portion of il at
least should be kept unaered for reexportaion. We
year from the United States to Europe and suppose
there is scarcely one Of several thousand embarkhg
at New York who does not take with him three four
hundred dollars OF foreign gold, which supplied from
n lfe i has haQn /
ceedngy useful to these persons-no loss to us-since
they must take coin Of some sort Besides, large sum
other countries chiefly England and France. which are
best paid in foreign specie In five years out Of the last
eleven the quantity Of specie exported has exceeded that
cess OF expectations in these i've years being something
more than ye millions OF dollars and this is most profit
ably RENTED in foreign coin In these eleven years there
in s43 and 1S47 and in these years il owing to Pc
cuar and temporary causes, well understood In ls4s
tie excess OF expectations was $6 ,9s4 In ls49 the
excess Of importatons was only $2,204 AGO.
The average annual excess OF specie imports over spe
Gle exports during the last eleven years s only about two
millions OF dollars, as have ascertained from the annual
statements OF the commerce and navigation OF the Uni
ted States Much OF the foreign coin thus brought into
the country paid into the treasury for dues and such
portion OF that peases the government into
American coin, at no expense to individuals and at tn
fling expense 10 the treasury II the whole Of this ave.
rage annual excess OF importation were recoined nd
vdua account could not cost in transportation, loss Of
The calculations OF the New York Chamber OF CON-
mercc are chiefly based upon the returns OF 1874 year
OF famine in Great Biain-and immense expectation Of
oreadstufs from this country. on which no fair average
calculations be made. The memorial of the Cham
Der OF Commerce estimates the foreign coin brought into
the United States BY immigrants at eight millions per
mum. This Is OF course conlectnral, and may or may
not be accurate. or this they admit that of the
silver returns TO Europe in the form in which it
arrived as also portion OF the gold; and OF the re-
manning part OF the goldthe say that much OF it is mme
dately carried into the interior, whence il gradully finds
It's way back TO the seaboad that great part OF il s
ultimately sent 10 the mint al Philadelphia to be recoined
probably two or three millions per nnnum" Doubtless
This is truehe immigrants preierrng to keep the coin
whose denomination and value they know, to ours,
which they do not understand And supposng it TO be
all corec and that these two or three millions coined
on individual account, how much does il cost The d.
rector OF the mint, in the letter to which referred on
tormer occasion showed that the coinage Of six millions
for persons in New York would cost the owners less
than nine thousand dollars including transportation loss
OF interest, and rick. And think have shown con-
clusvey that the sum mentioned is far beyond the
from New York to Philadelphia SO that feel author.
lied to require further proof before credit the statement
that al various times loss oil $4,000 IN year has re-
suited 10 New York from this cause
But the senator from New York MIR. DIcKIEsos1 has
several times remarked that this project has been before
the Senate former occasions, il that
why we should not too closely examine II now. re-.
member only occasions though there may have been
more II proposed in 1884, and believe Withdrawn
by the mover upon the general expression in the Senate
the purpose debated and defeated in this body-the
hnal vote being 81 TO ~ ayes II may be that the
amendment proposing branch at Charleston was un-
satisfactory TO the Senate Butt think il most likely that
senators thought the original proposition unsustaned by
sufficient AT all events the iact OF its inroduc.
lion and defeat then surely furnishes argument for It's
passage now.
Mr. DICKINSON said he introduced that remark for
the purpose OF showing that our commerce centres
there.
Mr.. PEARCE I admit that But is there anything
peculiar in situation which calls for mint there
than at other great commercial maftsi Liverpool is
great city, and has vast commerce-perhaps not less
than that ol New York Yet the sagacous, exact, and
calculating English people have not thought II worth
while to erect mint there though the distance to Lon
don is double that OF New York from Philadelphia
is disadvantage TO New York that she pays two
thirds OF all the customs duties received into treasury
IL is the necessary incident OF that vast and ourshng
commerce which 10 the source OF her wealth and great
materially aided, too by gsston,
which has ma ie her port the habar OF the and
immense mail-steamers TO whose building and success
the patronage and treasure oil the government have
much contributed There other cities which would
be glad 70 take these advantages, and give New York
halt dozen mints in exchange.
On the whole, Mr. President, think il has been
shown, on former days debate and now. that there is
adequate reason Tor establishing the proposed mint al
New York that though there lately some delay in
coming at the Philadelphia mint, that owing TO cir
cumsiances unforeseen and temporary and that It's pre-
sent capacity Is equal 10 any demand which the policy Of
the government OF the OF the country pos
sbly make OF it, that the cost OF transporting the pre-
siderable and tlng, the risk appreciable; the delay
little 10 be OF consequence and that this brief
delay may be avoided by he arrangement suggested by
the director OF the mint and that 10 erect mint al cost