Weekly national intelligencer., 1851-01-25
NATIONAL INTELLIGENCER.
FROM AN OCCASIONAL CORRESPONDENT.
PHILADELPHIA, JANUARY 81, 1851.

PHILADELPHIA, JANUARY q, AooA'
Complaints of the scarcity of silver CONS are
reaching us from all quarters; and, as ine MINT IS
located here this city is expected to furnish the ne
cessary sunply. Our friends, however, at dis
lance ought to know that the relative values OF
silver and cold are now so much altered that the
former metal has become an article OF merchandise,
and is no longer deposited for coinage at the Mint
One hundred dollars in silver cannot now be pur-
chased for less than one hundred and three dollars,
nayable in gold; and of course the former is ra-
Inidlv disappearing from the currency. No man
thinks now of paying his debts in silver II he has
il on hand, he sells il at premium, and pays only
in gold. The exports of coin from this country
consist now almost entirely of sver-its high price
abroad justifying this expectation. Under these
circumstances, il is no wonder that silver coins are
becoming scarce and unless Congress, during its
present session, shall adopt measures to reduce
their values by diminishing their weight or increas-
ing the proportion of alloy, or boh the evil will be
so increased before December next that our people
all over the Union will be driven to the necessity OF
purchasing silver coins at high premium for their
ordinary business transactions.
The evil will be increased, too, by the necessity
which will compel the banks to withdraw from
circulation as rapidly as possible the notes which
they have issued of q less denomination than fye
dollars. For want of supply OF gold dollars, they
are now obliged to redeem their notes in silver
and the premium which it now commands in the
market holds out too great an inducement for the
holders of their small notes to refrain from sending
them in rapidly to their counters for change. These
notes, once redeemed, will not be re-issued under
existing circumstances by the banks and, as 1t will
be impossible for the Mint and its branches for a
long time to come to fill the vacuum occasioned by
the withdrawal Of these small notes with gold dol.
lars, the immediate action of Congress is rendered
the more imperative in this matter. is very easy
for New York paper to complain Of the opera.
tions of the Mint here, and to tell us how rapidly
their Mint will shell out the gold dollars, (when
they get i but this is much more easily SAID than
done. The dollar coin is one of the most trouble.
some coins that is made at the Mint requiring great
nicely in its adjustment more handling, and q
greater length of time, than are occupied with the
twenty-dollar piece. The Mint here is doing all il
to increase this coinage, but it is utterly unable
to supply the demand, so long such quantities o
gold arriving semi-nonthly from California, the
owners of which, especially those in New York
are constantly urging its coinage with the least pos
sible delay.
am we'll aware that if Congress shall determine
to reduce the value of our future silver coins much
time will be required to recon an amount suficien
for the wants of the Union but this constitutes nc
argument for delay, if the measure be proper in it
self, and necessary for the transaction of the bust
ness Of the country. Whenever a law shall pass
reducing the value of future silver coins such
per cent compared with gold as may be deemed
advisable, the expectation of our present coins viii
measuraby cease, in consequence of the increased
value they will have at home, because in that cas-,
the half dollar and other smaller coins will soor
begin to pass for a per centage beyond their nomi
nal value, and be worth measured by gold) wha
they will actually bring.
This was the case in regard to the gold eagl'
coined before the passage of the act of 25th June
1884, and which afterwards passed for $1,000, be
cause it was worth that price in the new coinage
the Mint.
In the hope that this subject will Immediately at
tract the attention of Congress, am yours, &c.