The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-05-27
yaIue OF California Gold.

As matter of interest to our commercial comm
the creation Of the Office Of state Assayer we publish
the following bill, presented by Mr. Robinson, OF the
st 1g%%sss ss to tsst iss comm so%tss to .hom
referred the petition fom sundry citizens Of San
the ofice Of State Assayer respectfully report -
The spbect Is OF great interest TO all classes OF
the community and your committee have given IL the
attention it's Importance would seem to require.
The evils existing througho the State, for want OF
some uniform standard by which TO regulate the in-
trirsc value 81 California gold must bc apparent to all
To devise method by which the hncness and value
Of gold may be easily and correctly ascertaiued,
Is acknowledged as indspensaole to us general use
unchangcsble valuation very short experience has
clearly demonstrated that the quality OF gold dust
cannot be estimated with degree OF exactness by
its weight coor-st present the general rule govern
ing the great majority II the reople who would arrive
at any definite conclusion upon the subject.
The operation OF assaying being one OF much ncety
and frequently attended with difficulty, even In the
hands Of the most experienced. the presumption Is,
that none but professional and competent asssyer
detect fraud determine with requisite precision
the character ard purity Of gold
IL we'll known that the average value OF Cali
forna gold at the United States mint 1, not under
s1T Qs1eo0 per or at the time its valu-
alton here established as Il we're, by common consent
or necessity Is less than SIC per or making differ
ence OF IL per cent which, In most cases, Il q
positive loss TO the people Of the state and In pro-
portion the advantage of the purchaser for expora
ton with the exception only of freight and insurance
difference of exchange when against the State. Tho
whole expense of assayng a. proposed would be- In
ing clear gain Of nine per cent less the loss BY melt
ing.
dverge from par value. principally by the opera
tion Of two glasses OF cireumtance FIRST by any dis
srerancy between the nominal weight aud hneness Of
coin bullion for which substitutes may he
changed and their weight or nncness ss fixed by the
mint regulations secondly, by any sudden increase
or dimibution of bills drawn In one country upon an
other Hence u will be seen, that In order arrive at
par exchange In gold Dust between California and
the Atlantic states, We must pay the per centsge or
tween the United states mint standard aud the value
in California which l. the same thing gold s sold
here for SIC per while at the United states mint
II Is worth si7 ss-loO
In of this state Of things large amounts
Of gold duet and bullion being monthly exported
TO the states and Europe, principally from the fact
that other states and other countries place higher
value upon the precious metals than ourselves do
The state thus drained Of its wealth and the people
IL IL believed by those best conversant with the sub
ject that not less than s3oo0oo0 will be drawn dur
ing the year from the rich mines of Californis.
great state Bank" and one that never fails should
system be adopted 20 raise the standard Of gold
20 s real and legitimate value 10 appears evident that
large sum n the aggregate would be saved 10 the
people. Money would remain In the country. tho rate
Of Interest be diminished and capitalists would seek
sources of Investment otherwise than BY specuatng
upon the tolls and hard earnings of the miner.
Your committee are not aware Of any constitutional
objections 20 the set as recommended C california,
under the most embarrassing circumstances IL le to
do the best she and in the absence of any express
provisions to the contrary, y Is presumed she has
fikhN 70 rfkuihtt hrf o"u hutHs,
20 prescribe standard of right and wrong and 70 do
all acts for the prosperity aud happiness of her peo
pie not expressly prohibited by the constitution Of the
United States
Y.ur committee agree with the petitioners that the
interests Of the public would be subserved BY the uni
verss dsuss of California coin The act already passed
the legislature upon that subject will doubtless have
a tendency 60 check. but II s feared not wholly 70
the evil The operations Of State ssssyer would
In all probability put anal stop to coming by indi
vidusls there would evidently be no inducement to
follow r.
The Law proposed provides that the once Of State
ssssycr shall be abolished whenever the federal GO
vernment In ts wisdom shall establish branch mint
IN this State.
The committee respectfully recommend the passage
Of the act herewith submitted m " ROBINSON,
Chairman Select COMMITTEES.