The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-05-30

lance. The dslay and Of getting their coin
to Philadelphia getting II reconed and sent back Now.
time the Only distance from New York TO Philadelphia
Ii New York merchants wish their coin 10 be reconed in
Philadelphia. they have nothing to do but 10 place their
coin in the subreasury in the city OF New York. send
10 Philadelphia. and under the recent legislation Of Con-
gIess which has placed il in the power OF the director OF
the mint Al Philadelphia. he will send them check al
once so that far regards coming, there be
more delay no more time lost than sending certificate
OF deposle and returning the check This Mr. President
will not apply, il 10 true To- the gold dust or other forms
n = n gvu i've 10 eay i To- PhaSeph
II is there perhaps, detained for two daysl cannot say
how many-to assay il, 10 nix its value and stamp that
value upon il and then, Mr. President all mat me me,
chant has 10 do is receive certificate from Phadel
pha, and draw the money from the subeasury al New
York, when he gets il.
Now, Mr. President. this delay Of assayng viii be the
time 10 either place. for will be necessary TO as
say the bullion and obtain the value OF the gold dust in
New York in Philadelphia, and the distance between
the two points put ve hours These lew ooseIvaons
present cashier OF the mint stating the condition OF affairs
under the recent action OF Congress. ask the Secretary
TO read this letter.
The Secretary read the letter, as follows:
Mint or THE UsIrED SrATEs
Philadelphia, May b. 1850.
GKsrIEAxN The President having approved the act TO
the bullion the mint, the Secretary OF The Treas
ury has adopted enable prompt
payments. An the certificates for gold bullion win bs pay
able Tuesday Wednesday OF next week. In view Of
fact that considerable amount (ssy about 81 000
is due deposi,os a, New York. and as that amount is
proposed TO be drawn from the office OF the assistant treas
nrer 10 thai city intend 10 go 10 New York and pay the
mint certificates directly from the treasury there. and thus
theexpenso and delay OF transporting the money to
this city and back again to thar place. This arrangement
viii be carried out az soon az receive from the Treasury
These expect receive on Monday next as have been
By s e, a hs ss q h BEEN
recied 10 cause the transfers TO be issued
Ys % Pssss aSA IL 9ur Jest
portant the public and the holders Of mint certificates
''' JAMES ROSS sNowDEN,
Treasurer United States Mint
Mr.. SEWARD. | do not know what may be the fate
of this BILL and therefore, without OBTAINING the Senate
BY argument OF the subject al length, wish TO submit
or two observations In reply to the remarks that
have been made against the branch mint al New York
this morning The communication which has just been
read shows this extraordinary fact that owing to the
failure at Philadelphia to coin the money and bullion
sent from the city Of New York for that purpose the gov
eminent has been Obliged to resort to the expedent Of
sending an agentfrom Philadephiao New York 70 pay
OF the subteasury the amount Of the mint certificates
held in that city, which given by the mint to mer
chants and bankers Of New York for money and bullion
say, the mint of Philadelphia the rubtreasury in
the city OF New York to pay of these certificates and the
coin of the United States collected there goes to relieve
in coming in Philadelphia. 4 think this circumstance
shows the necessity of establishing mint the city Of
But il has been asked Of what use and to whom would
be the use. mint in the city Of New York ! answer,
sir that the expense the loss and the burden which have
fallen upon the commercial community of the city of
New York have been at various times not less than
$4,000 year-a loss sustained for the want OF mint
in the city Of New York
ed in California for the coinage of the gold abstracted
from the mines in that country, and senator's then ask
what would be the use Of mint in New York
after establishing one IN Callorna answsr that the
mint in Caiifornia-prescrbes with equal nay greater
force. the establishment Of mint in New York. What
is tine primary object OF mint II is to receive the gold
which is uncurent as money in the condition OF bullion.
gold dust foreign CON- and to convert 1t into money,
which will be received and passed in ordinary mercantile
circulation IL the country The gold extracted from the
dollars to every ounce This two dollars therefore per
would be saved by mint to the miners Of Cali
iornia- Now take the other case. Probably ten times
the amount is received in New York by foreign com
probably, than has yet been sent from Cali
forna, and is received in the shape OF foreign coin
comes into New York, and goes abroad again, without
entering into our circuati0n for the reason that has
not the stamp impress of government upon it,
Is collection OF coins from other countries every piece
OF which, in the daily operation of trade, has to be
weighed every time thai il is received paid out So
that the argument 10 prove the necessity OF mint upon
the Pacific coast OF California proves equally the neces-
question in both places is precisely the The ques
ton ia whether you shall establish the mint
possible to the point where gold is gathered or whether
you shall establish il hundred miles of, and then call
upon the subeasury to aid in eecng the operations Of
the mint
Mr.. BADGER ask the question, Mr. President for
whose benefit are these expenses to be incurred!
Mr.. DICKINSON, lin his seat) viii answerit
Mr.. BADGER. | will answer il myself had sup
posed that il intended for the benefit Of the merchants
OF the city OF New York. collect from the observa-
tons made by the from New York who has just
taken his seat that in that supposton was correct
Then, sir, what is askedi Ii is that the United States
shall expend some half Million perhaps million OF dol
lars in the location OF vast mint the city OF the New
York, and incur the payment OF perpetual annuites in
the shape OF salaries the officers OF the mntan expense
OF some sixty or seventy thousand dollars more. And
this, sir is to be donefor what purpose II is to relieve
the commercial interests, rather the mercantile men oil
the city OF New York-from what grevancei Why, the
senator says that at times has happened, for
the merchants have had to pay fifty thousand dol
lars in year. In the first place, remark what is
fifty thousand dollars year TO the merchants oil New
fork-those merchant princes-thoee men who count
their incomes by hundreds OF thousands OF dol
lars--those men who feel that the year has NOT
terminated with its usual prosperity unless tens Of thou
sands OF dollars carried into their Golfers II is Tor
immense wealth. Of such vast resources, the expenditure
occasionally Of fifty thousand dollars year, that the
government, is first TO expend capital OF half million.
or million, and then charge itself with the yearly
pendiure Of fifty thousand more. Mr. President, is II
reasonable 10 ask expect such thing II is ungene-
rous, and there Is real foundation Tor such claim.
We would suppose, il they asked to have mint, they
would have told US OF hundreds Of thousands OF dol
lars lost yearly from the delay occasoned in the transmits
sion OF the bullion But no such thing They ask 10 be
relieved from occasional loss OF fifty thousand dol
lars year, that the government shall assume the per-
petua yearly paymento OIL do not know what amount
sixty seventy thousand dollars besides large outlay