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


sand dollars. although about eight millions OF dollars
were sent 10 the mint for government account and four
millions were returned to New York for distribution.
Estimating the amount deposited by individuals for coin
age al six milhons OF gold aud million and half OF
slver, the expense 10 individuals will be about six thou
sand two hundred and fifty dollars There remains no
other expense except that which is occasoned by the
delay from the time OF the receipt Of the bullion TO its
delivery in coin II we'll known foreign coin, of ascer
tanned value, be deposited in the mint and is working
at its ordinary rate, coin be furnished the same
day Bullion often requires one or two DAYS before
be converted into coin. The time consumed in trans
portaton between New York and Philadelphia. back
would be the whole delay. the whole time for which the
loss OF interest would have to be calculated That upon
the estimate before mentioned, would amount only TO
about twenty-five hundred dollars that eight thou.
sand seven hundred and fifty dollars would be the whole
expense TO individuals for coming six millions of dollars
Now. suppose the whole amount deposited for coinage
amounted 70 iour tunes that the expense would be only
about thirty thousand dollars year.
want to know whether the government OF the United
States order to benefit the merchants and importers OF
New York TO the amount OF eight thousand or even thirty
thousand dollars year, Is willing saddle the treasury
with an expenditure amounting perhaps to eighty thou
sand dollars take i for granted that i establish
cost than the building at New Orleans, which is the d.
rector OF the mint informs US, plain brick structure
without any architectural ornaments whatever Although
the lot on which Is built was presented TO the govern
ment by the city OF New Orleans the whole cost of the
structure three hundred thousand dollars and
the annual cost OF maintaining that institution is between
maintaining the mint AT Philadelphia is between seventy
and eighty thousand dollars Think livery probable that
the mint a the city Of New YORK would Be on scale
instead of being three hundred thousand dollars might
amount to five hundred thousand dollars; and thai the
annual charge for the support and maintenance OF that in
sution would not be less than that OF the mint at Phia
is to say, from seventy to eighty thousand
dollars besides the interest on the investment, which
would be from twenty to thirty thousand dollars Thus
you will have to spend from eighty to hundred thou
sand dollars annually, to relieve the merchants and i'm
poers OF New York OF cost 10 them, al the largest cal
cuaton not exceeding thirty thousand dollars year,
even supposing the amount deposited for coinage by
private individuals TO be twenty five thirty millions
of dollars do not perceive that there is any reason in
this
Now, sir there is another view in the same communi
cation from the director OF the mint TO which would
call the attention OF the Senate. The idea has obtained
that New York. being the commercial centre,
y the monetary centre and that being the place where
foreign coin and bullion received should be the place
OF coinage do not perceive that this necessarily fol
lows 1t must be considered that there is such thing
point Of distribution well point of reception;
and do not know whether Philadelphia is not quite
good point of distribution as New York Looking at
the States Immediately contiguous TO New York, and
those that will derive their coinage from the proposed
mint at New York--the New England States and the
State OF New York itset is found, according 10 the
lions of specie in the vaults of the banks Of those States
Now, let compare that with the specie in the vaults OF
the banks OF those States TO which Philadelphia would
be very good point OF distrbuton-New Jersey, Della
ware, Maryland, Virginia, Ohio, Kentucky and Indiana
The specie in the vaults OF the banks Of those States
according to the same returns, amounted between
nineteen and twenty millions OF dollars; that there
would be actually larger amount distributed from Phil
adelphia than from New York. This TO to be
view well worthy the consideration OF the Senate
the from Missouri BE- ans 'ne
ifomia be established II that be adopted, it will do
away 10 great extent at least with the necessity of this
mint al New York. because is not to be supposed that
il establish mint in California the gold dust and
bullion OF California will come TO New York for coinage
1t will be coined in California, and will arrive here in the
81 M =. gold Inssos there will Be no
establish mint in California now, probably shall do
il at some future time A, all events, think we shall
viale, in part the necessity for mint at New York. be-
cause the value OF bar OF gold be ascerianed by
say IN California, will not be subjected to the delay
which no takes place in Philadelphia in the assay de-
parment oil The Philadelphia mint, since it will come
with asceTtained value.
But, in addition to this. il be necessary for the gov
to tax The people Of the United States for the
OF those merchants OF New York who receive gold from
distant parts OF our own country from foreign
tries, the object can be accomplished almost equally WELL
and with much less expense by another means, which
has been suggested by the director OF the mint that is
TO make arrangements BY which the bullion or foreign
coin shall be deposited in the Office of the assistant
treasurer al New York Under the present SYSTEM there
is generally large accumulation OF specie there and if
the bullion be sent at the expense OF government 10
Philadelphia, and coined there and the information oil lis
two days al the furthest, the merchant OF New York
would receive American for his foreign coin or bul
lion. not able TO state this in detail; but il is
very manifest such arrangement that might be made
with considerable saving to the treasury The director
OF the mint at Philadelphia has estimated that the cost OF
this arrangement would probably be about twelve thou
sand dollars per annum.
These are the general considerations which incline me
think that the Senate OF the United States would not
be acting wisely in adopting this bill II be objected
that my views those oil the director OF rival to the
proposed mint, can only say that his facts not
because it is derived from whose interest comedies
with his conclusions.
Mr.. COOPER Mr.. President. | wish to make a few
Mr.. BUTLER. (inlerposing) | hold an amendment in
my hand, the object oil which s the establishment OF
branch mint in tie city oil Charleston, and did intend
10 introduce il by some remarks
. MIR. COOPER | give way for the senator from
South Carolina.
Mr. BUTLER. My amendment is for the establish.
nent OF branch mint al the city OF Charleston, the
State oil South Carolina, upon plan which will not in
10 that respect, 1t differs very much from the original
BILL and from the amendment OF the honorable senator
from Missouri, Mr.. BENTON The government has al
ready made appropriation Tor .tom- house in the city
Of Charleston That will be built, al any rate WhatI
propose is, that apartments be provided the custom
know that should have offered this proposition but for
he bill OF my friend from New York, mr. DICKINSON
cannot refrain from saying that II does that
here are more reasons for establishing branch mint in
San Francisco than there for establishing mint al
New York | am aware that when make this remark
may be reminded OF the old Latin maxim, aqua eurrH
iigue ssmpcr eueurrn. | know that the commerce OF
he county IL prone TO centre al New York, and that
nothing will divert il from that direction but for thai
eason, perhaps ought not 10 take steps unfairly 10