The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-06-01
CONGRESSIONAL.
SPEECH OF NM. PEARCE.
or MARYLAND,

example must remark here, that am in favor Of es
ablshng branch mint in California. think no reason
tablshment Of branch mint New York; which doe.
not apply with greater force. TO the establishment Of {
branch mint in California We know the fact to be tina
hereis agreat scarcity OF coin in California great in
deed that the premium coin over bullion about
eighth, the OF the gold dust receiving only $l6
coin for bullion inrinsicaiy worth $ls There is, there
fore, great loss 10 the people who dig the ore and Il
those who receive it there, except only the Speculation
broker, who makes large gains out Of others losses The
commerce. OF California does not bring into that country
sufficient supply OF cna Such institution is there
fore required and il is undoubtedly, the constitutional
right and duty OF the government to supply for local cir
culaon in that distant part OF our territory, coinage o
the denomination and value prescribed by our laws.
in aver of branch mint at California, and opposed
to the establishment OF one at New York and have moi
yet heard any argument which tends to satisfy me thai
ought to establish at the aforementioned place.
twas not my purpose, sir to repeat any OF the agn-
mens which urged on this subject last week Nor shall
indulge in that defamation which the senator from
coming this occasion And trust shall not be gull
of that which the senator seems to think has
characterized this debate one sde unless, indeed Il
be assurance in asenator who resides in rural district
pretend to know anything of monetary affairs and the
wants of great cities
hope / may be allowed, with all due modesty. 10
but 50 little supported as think, By sound argument
Now, what has the senator from New York, on my
right, Mr. SEWARD said! In the first place, he
sumes that s necessary to have branch mint in the
city Of New York, because the government has thought
il expedient to send its agent there to pay of gov
eminent bullion certificates Now, does that follow
persons in New York who hold mint certificates, and to
whom the delivery Of coin has been delayed by peculiar
and unusual circumstances, to send an agent from
Philadelphia for the special purpose OF paying their
fcates, shall any be justified in saying that this
shows the necessity OF mint in New York; Or even II
from time to time the director Of the mint should despatch
agent for this purpose from the city to the other.
is this sufficient for the large and costly esab
lishment prcposed' We know that the expense OF
an occasional agent in New York for the purpose men,
toned will be trfe; and the argument founded
upon It, ii it be argument at all, really does not
seem to me to require any other reply But the sena-
tor has ayered that the same necessity exists Tor the
establishment oil branch mint at New York exists
for the establishment OF one in California. Indeed
What wonderful identity there s in their situation
This forced denliiy-for such regard it-remads me
of the singular coincidence discovered by the Welshman
Fluelen, when be aveued that there never were two
people in the word who resembled each other 30 much
as Harry of Monmouth and Alexander OF Macedon.
On being asked point cut the resemblance he said that
Alexander born in Macedon, and Harry was born in
Wales that there river in Macedon, and there was
also riyer in Wales and thai there were salmon in
York is on the Atlantic 10 the Pacific.
There is no mint at New York. and mint in California,
and gold is dgged out OF the earth in the one place, and
imported by sea into the other Now for the difference
New York is within hundred milesfour or hive hours
ride-of the mint at Philadelphia: The California gold
mines several thousand miles from any mint and the
shortest period OF communication with New Orleans and
Philadelphia is from thirty 10 hirtyhve days Gold Is
worth in California much less than il should be, Tor
sons which the senator did not assign bn! which never
lheless are very papable II is not worth much, by
two dollars per ounce. ought 10 be- Now, does the
senator contend that this is the case in New York, be-
cause The mint at Philadelphia is a distance OF hun
dred mless Sir, we know that the Chamber Of Com
merce OF the city of New York has calculated that the
whole expense Of converting all the bullion and gold
coins that come into that port will not exceeds quarter OF
one per cent, which am satisfied Is very large calcu
aton II includes too large estimate for interest," and
for the risk which latter, IL the money 70 be earned 10
sent by the expresses, is scarcely appreciabe But that
s all that they charge the cost and loss OF converting
into American coins and yet the loss on the gold in Cali
orna is two dollars per ounce or about eleven per cent
Now, sr these are the principal reasons which the sena
tor from New York Mr. SEwRD] has assigned Tor the
equal necessity OF the establishment OF branch mint at
New York with one at California.
He also says that the foreign coin which comes into
the country does not circulate here but 10 California
they worse of still, for they have coins al all,
scarcely any, and that is one OF the most urgent reasons
why mint should be established there. admit in
deed that il will not be necessary for the wants OF Cali
fornia that she should coin all the bullion that may be
raised there that for the purposes OF exterior commerce.
the assayed bars, with their value stamped upon them
will answer. But there is undoubtedly local necessity
for mint there; and il you establish one there do not
know how you limit its operations except by limit.
ing IFS capacity lnasmuch the gold will be coined
without any expense TO the owners OF the dust, and
without any profit TO the government, the probability
that the people will have il made into coin and not into
bars, far the capacity OF the mint will allow that to
be done and do not therefore, how we can make
any provision 10 restrict the coinage oil bullion in Call
orna except By restricting the capacity OF the mint which
NAV be established there suppose that the gold of Ca
ornia will either be cast into bars for the OF
The trade with countries beyond the limits OF the United
Sacs for which, in some respects, this would be prefer
able, made into domestic coin for circulation in Cali
ornia or remittance here and whether Is cast into bars
or made into cons IL will certainly go where the exgen
cies OF trade demand IT, II there be bills 10 be paid and
claims be satisfied in the United States Tor goods ship
ped TO California, then The gold must come into the Un
ted States those bills and 10 satisfy those claims,
unless California should become bankrupt Everybody
knows that very large portion OF the commerce OF CAL
ornia is with the United States the Atlantic and the
gold which is found there will consequently return here,
whether il is coined in bars believe, herefore that
coin will come 10 the United States in large amount, II a
mint IL established in California; and therefore see no
necessity OF casting the gold found In California into bull
on at least only to the comparatively small amount de.
manded by their foreign commerce, In this view, Il y
manifest that the Importation OF gold from California will
not require mint in New York. Now, with regard TO
foreign coin, il seems TO be thought important that
should have mint al New York, because there Is
much foreign gold brought into the country by i'm.
portaon and BY emgrans al that port. But do
not think so, for reasons which ! viii proceed to
York assumes that more gold would come into New
York than comes in now, il branch mint esab.
shed there THIS might do very well II we had no ex-
perience in the matter; but the experience which we
have contIovers this idea Look al Philadelphia There
il mint there Does that occasion large imporiaons OF
foreign gold into that cly We know that such Is not
the fact We know that the course Of commerce and
our own legislation have largely affected this matter.
New York has large mportatons and receives this gold
in payment OF her exports which not paid for in the
products OF other countries and, indeed the greater part
OF The foreign coin imported on account OF merchants in
Philadelphia Baltimore. and other cities FIRST TO
New York The immigration too is principally TO the