American telegraph. [volume] (Washington [D.C.]) 1851-1851, 1851-09-08
:, . .IsaINGTONs
scarcity OF silver Coin.

,.d This morning. oeo postscript.
scarcity OF silver Coin.
The September number Of Hanfs Merchants
M,oasns contains paper on this subject, by
SAMUEL d. INaHAM, Secretary of the Treasury
under Jackson, the gist of which is. contained
in the following extract:
"There is no reason to hope, as long as we
have balances to pay abroad, and gold snail
continue to be supplied as heretofore, that IL
will be possible, under the present mint regu-
lations, to maintain a silver currency sufficient
for the public necessity, much less for the pub
lie convenience And yet it is more than prob
able that few years may so exhaust the Cali
fornia workings as to depreciate gold, at least
to the mint value. The question, therefore,
what can be safely done? forcibly addresses
itself to all those who have power over the sub
ject
mTo change the relative values of metals used
as standard measures of property, is very
grave and serious work. 1t is nothing less, in
its character, than to change the weight and
length of the weights and measures which are
the standards of quantity in all the internal
commercial transactions of nation, and at the
same time compelling the execution of previous
contracts according to the new measures, with
out permitting any allowances for the surplus or
deficiency; nothing but an extreme necessity
can Justify the slightest modification Of the
standards of value, and whenever attempted, it
should be directed by the most careful and skill
full hand Such a measure will not, therefore,
be proposed in this paper, and more especially
because it is believed that remedy for the
drainage Of the silver coins may be devised,
without any general change Of the relative
values of gold and silver at the mint and with
out affecting contracts or deranging the stand
ards in the slightest degree.
:" In view of this measure, it should be OBJ
served that silver coins, which are made by law
q tender for the payment of debts, have two
distinct values, derived from, and depending
upon, the uses to which they are applied. If they
are wanted for remittances, bills of exchange are
abundantly more convenient; if wanted for
large payments at home, gold and banknotes
are quite as good, if not preferable. But when
small payments are to be made, in the every
day business Of every body, we have no possible
substitute, except dollar bank-notes, and that
vile trash, individual paper tokens, which will
inevitably find their way into the channels Of
currency whenever silver is drawn out. 1t
would be difficult to determine how much pre-
MUM retail dealers would be willing to give fol
small silver coins, rather than be obliged to dc
without them, or to use as q substitute tn,
paper tokens; but it is evident that such pre-
MUM would only be given for coins to be up
piled to these small payments, while gold coul
be had at cheaper rate for larger payments
The two distinct values above mentioned ar
therefore self-evident and, keeping in viev
this fact, it is only necessary to make q coli
adapted to the uses for which it is so mucl
more valuable, and for which, only, it is re
quired; for it is the same thing to the commu,
nifty whether the proper relative value Of coli
80 <~sv oI bxyx
by its peculiar adaptation to the uses for which
it is wanted. Such a coin should, however, b
confined by law to that class of payment
wherein its peculiar value would be fully ap
preciated and sustained, and from which
could not be withdrawn, to be used for pay
ments requiring higher metallic value. Til
purpose may be accomplished by mint regr
lation to provide a new coinage of all the sub
divisions of the dollar, to be as much ighte
than those now coined as would protect thes
new coins from expectation or the melting cru
chile, which must be made by law legal tender
only in payments not exceeding say FIVE or ter
dollars. Such regulation would confne these
new coins to their appropriate sphere, withou,
disturbing the general arrangement of the mon
etary system, and without the slightest effect OIL
contracts. While silver commands premium
the silver dollar will, of course, be exported blu
their loss will not be sensibly felt. The gold dol
lar win take their place far as it can be crowded
into the channels of circulation among the dol
lar notes which now overflow its banks, or il
these notes supersede gold dollars at par, they
will even more easily take the place of the sill.
yer dollar at premium of three per cent"
When we buy more goods from Europe thar
we sell to her, our money must go, and he
merchants will choose for themselves Of wha
kind they will take. They do not want on
paper, of course. The value Of gold is regulate
somewhat by the quantity of that article in
country as compared to the quantity of silver
Gold is greatly on the increase, and silver
therefore increases in comparative value, and
must CO. But as gold is not conveniently di.
visible into fractions of dollar, the recon.
mendation Of Mr.. Ingham viii probably be
adopted, and quarters, dimes, and half-dime.
will be alleged with heavier hand, and viii
thus be retained in this country, and our golt
win be carried off, after all our fine silver shall
be gone. One good result of this will be tn,
eternal Punishment of Spanish fps, levies, anC
quarters, and the exclusive circulation of oul
own decimal money.
But would it not be well to cease importing
more goods than we export? A family with an
annual income Of thousand, and an outlay Of
fifteen hundred, is apt to grow poor. A nation
is only q large family.
THE SHEcKLEs' SUIT FoR LIBEL.-We ar,
informed by the Boston Daily Adurtisr, TIM
the suit against the trustees who controlled tn,
"Commonwealth" newspaper, brought by Mr.
Sheckles, Of Georgetown, has resulted in yer.
dict for the plaintiff, with $40o damages The
gist Of the libel was the statement or insinua.