Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1850-04-27
GOLD COINAGE.
IN SENATE. APRIL q, 1850.


The Senate ON the motion Of Mr. WEBSTER, proceeded
to the consideration Of the following resolution which he sub
mitted yesterday
Resolved That Committee Fna be instructed TO
inquire what may be most expedien 70 ADOPT 70
facilitate and the gold coinage OF the United States
Mr. WEBSTER. Mr.. President, there are some impor-
tant facts connected with the subject to which that
relates which propose to submit to the consideration Of me
Senate.
ID q known. sr hst by sn existing law respecting the
mint os tie United States ssilon Of IA coin may ac
placed and is usually placed in the mint under the direction
of the Secretary Of the Treasury 10 be exchanged Tor buion
n order to carry process Of coming without delay or
loss Of time. There has been found aery no small degree
of Inconvenience arising from the slow operation OF the mint
from ether delaying the progress OF coinage
manner to inconvenent, considering the quany OF pu
lion and gold dust in the mint Some time ago bill
came to this house from the other, authorizing an augmena-
on of the sum be kept in the mint for the purposes OF ex
to the Committee Finance and has not yet been re-
ported from that committee have understood SIR, that
there OBJECTION but think not very considerable
and easily removed Nothing thus ia has been done In the
Senate upon that BILL
So much sir for what has been proposed in Congress But
the whole subject great deal broader II is known that
great quantities of gold received from week 70 Week.
and from month to month, California and oner sources
and that this gold dust and bullion is very likely to be sent to
England coinage account Of the time consumed here
before the bullion delivered to the mint be delivered to
the owner in the shape Of con It is KNOWN sir in the COM
mercial world, that several instances have occurred wnei
upon the shipment Of California gold to England the parties
have been enabled obtain credit tor the amount with the
Bank Of England within twentyour hours after the arrival
and delivery of the bullion at Liverpool and large amounts
of bullion learn from those well acquainted with ne SUD-
iec are now beginning be ordered directly from Chages
England the purpose being converted into coin seed
ly Many Of traders 10 California have given directions
that effect send the gold dust when comes to Cbagres
directly 10 England The expense of sending gold to Eng
land supposed be about per cent and this less
than the amount the loss by loss of interest to the party
during the period in which the bullion remains unconed IN
the mint of the United States The mint does not seem to
be competent in the present supply Of gold to convert it into
coin with any considerable degree OF promptude do not
blame The operators OF the mint the managers but there
to be incompetent provision hnd sr oy LOOKING
the for the year ending the last of February or first
of March, that there has been accumulation Of bullion in
the Of the United States to the amount Of between SIX
and seven millions of dollars The last two months, March
and April will carry that amount up to seven millions
and have letter before from person well ac-
quanted with the subject who thinks there can be hard
ly less than eight millions Of bullion now in the mint.
In addition this sir has been considered that there is
between eight and nine, probably close upon ne millions
Of dollars coined money in the Treasury and Assistant rea
the United States. Hefe ihen seventeen millions
Of bullion and coin withdrawn from the commercial uses OF
the country altogether So great an abstraction from the
specie of the country has Produced and tends sui luner 10
produce, considerable Inconvenience suppose sir, that
instead Of two Millions which the bill in the hands OF the
committee proposes have the mint to be exchanged for
bullion, that the might very safely and appropriately in
the present condition of the Treasury be extended to four
millions because that would leave five millions OF dollars
subject the draft Of the Treasury The bullion should be
coined the mint Isuppose sir thatn the present state OF
things five millions of dollars in specie, subject to the
draft Of the Teasury would be enough the current
emergency of the Government Now, my object is to
draw the attention of the Senate and especially OF the Com
mee Of Finance, to this important matter think It OF
much importance whole Atlantic coast, and especially
commercial Cities that this accumulation OF bullion
in the mint should be avoided 1t has two tendencies which
should be avoided invite the sending Of that bull
lion be coined in England The other is to accumulate as
hul in he m
the Treasury of the Government, w taken together pro-
duce very considerable Inconvenience in the mercantile ope
rations of the country
The honorable member from New York, who is chairman
Of the Committee Finance is absent the service
Of the Senate. hope the other members Of the committee
will turn their attention the subject and when he shall re-
they lose time in recommending some measures
to prevent the further increase Of this evil.
Mr.. DOWNS. / glad the honorable Senator from
Massachusetts, has brought this subject TO the attention OF the
Senate. 1t is matter in which the country very deeply
interested shall speak Of the situation of the mint
generally but of that important branch Of il situated in
New Orleans. Not only sensible OF all the evils and
disadvantages which the Senator has depicted arising from
the state Of coinage in the United States but there
facts connected with the mint in New Orleans
which wish speak Of in particular This branch mint at
New Orleans is Of great importance, in consequence OF
the great amount Of gold which landed there, and think
prompt action the part OF Congress necessary IN regard
to the subject No stronger proof Of the defect of the law
exists and Of the difficulty Of carrying the ope-
raons Of the mint needed than the extraordinary fact that
at this time, when Office seeking so common, nee
has been very great difficulty in getting individuals who are
competent f the important Office in the mint at
New Oeans,hat of assistant treasurer 1t
has been exceedingly difficult, and do not know that the
Government even now accomplished it, and secured the
services Of who is competent to fill that office. So far
from having removed any person from office there, the in
cumbent gave notice months Of his intention TO re-
sign. The office offered TO several individuals who
would accept it, because the salary totally inade-
quae the dutes and the great responsibilities OF that office
Aer time the incumbent, having held the office long
as he considered convenient notice 10 the Government
that from and after the first day Of April he must close the
Office unless should be appointed successor
was not appointed and quail fed in me One appointed
but at the last account had respecting the natter be had not
qualified legally to enter upon his official duties and fear
there some doubt whether he will qualify under the law
il exists.
As the law now is, bond Of hundred thousand
dollars required and the responsibilities very great in
consequence Of the large bullion deposited there
Notwithstanding this responsibility creating the necessity Of
employing many clerks and having keep of book
and such Of money! he only paid the very small
saarysma any where, but especially in our country
where salaries for such services all larger than in other
parts Of the United Sates-of twenty five hundred dollars
In addition that there difficulty about the mode giving
the bond. The requires that all securities Of officers
shall bind themselves jointly and sevsrsy Now, when
bond is large il difficult have given in that way. For
instance where bond given the amount Of two hundred
thousand dollars is prudent for the individual
safe for the Government have given jointly and severay
would he much better for the individual and safer for the
have the bond instead Of being given jointly and
sevesy so given that each individual shall bind hmse for
certain sum, beyond what he is able to pay. think
would be far better for the Government than to have
joint and several bond given by the whole. There great