Weekly national intelligencer., 1851-02-01
NAWoNAE NTELLIGFNcER.
FROM AN OCCASIONAL CORRESPONDENT.

FROM AN OCCASIONAL CORRESPONDENT.
PHrr.DrIras.. J4sVARr al, 1851.
The experience Of other countries, our present
cond ition, and the obvious propristy of the mea-
sures all 60 to shov>ihat We should have but cae
Metallic S,endasd, akdk that his should be GOLD.
1t now constitutes the predominant specie currency
of the country. The banks all over the Union now
pay il out at their counters and the constant influx
of gold from California shows that its predominant
cy willbe maintained Our suUer coinage, in con-
sequence of its appreciation in value compared with
gold, has now become an article Of merchandise,
coWRaRding premium of from three TO four per
INK In the market, and under these circumstances
all debts Of any magnitude are now, and will con-
tinue to be, paid in gold. Silver is daily disappear
ing from the channels of circulation, and, unless
Congress shall speedily adopt some remedy, great
inconvenience will be felt all over the country for
want of change. Within the last ten years the
proportion between the two metals produced from
the mines has varied in a muck greater degree
than those have been aware of who have paid but
little attention to this subject From late state
ment made in the London Economist, it appears
that the production of the two metals in the year
1910 was &c, ,l42,274; in lS4S, before the Disco.
very of California, il was 81 027 237, 1.-The whole
increase having been in Russia j and in 1850 it
was g2l 800 ,OOO of which no less than alO 100000
were obtained from the entire new soarce-Cali-
fornia. .N.M..s ,.."... ...s..
But in these different periods see how greatly
the relative proportions of gold and silver produc-
ed from the mines have changed! At each of the
dates mentioned they were as follows:
Production Of OF which, And ofSilver,
Gold and Gold, raa
ls4o- gs,l42,274 pI29O,OOe g6,s52,2 ,274
1s1o l1Ssassaa ,is"eso ,Isaes 1sioooo
This shows, 4. An enormous increase in the
quantity of the precious metals produced. 2. A
greatly increased proportion of gold over silver
Compared with 1910, the product Of the mines in
1850 was greater by $50 per cent, and even with
in the last f00 years the increase has been nearly
one hundred per cent.
The proportion of gold to siluer, produced from
the mines in 1910, will then appear from the above
table to have been as about 81 to $5.3l; in lS4s,
as 81 to Sl65; and in 1850, as 81 to about SO
cents or, in other words, the mines produced in
1910 81 in gold to S5s in siluer; and in 1850, 81
in gold to about SO cents siluer or nearly double
the amount Of gold over silver.
Is it any wonder, then that, with such vast in
crease of gold over silver, Independent of other
causes their former relative values have materially
changed, and that the latter metal now commands
premium, which is likely TO become higher and
higher if the mines shall continue to produce the
same proportions of the two metals as they did
last year.
These facts, it seems to me, show clearly that
the time for action by Congress in the matter has
now arrived, and cannot longer be deferred without
producing great Inconvenience throughout the whole
Union. a."- .*@ %.... r. ....> ,.@
We take it for granted then, from these and other
reasons in favor of the measure, as we'll as from
the necessity Of the case, that the Committee on
Commerce will at once report bill making gold
the only legal tender for payment of large sums,
and regulating the value Of the proposed new coin
age OF silver, SO as to sufficient supply to
flow into the channels of circulation for the wants
of the country.
The difficult and delicate question, however, to
be determined in directing new silver coinage is,
how much its value shall be reduced. Four or six
per cent would perhaps suffice at present, but in
case the quantity of gold TO be hereafter produced
from the mines shall continue to preponderate over
silver, will not greater per centage be required in
order to retain il in circulation, and to prevent its
export out of the country If it's value shall not
be sufficiently reduced, it would again become an
article of merchandise, and command premium
in the market; bat it, the other hand, its value
should be too much reduced, our bankers and other
moneyed institutions could not afford to let large
amounts accumulate in their vaults, il being con-
templated not to make it legal tender for sums
over ten dollars. M%
Would it not, therefore, be the best method of
settling this question for Congress to reduce the
value OF the proposed new silver coinage ten per
cent, and to direct that the necessary amount of
silver for this new coinage should be purchased
from time to time by the mint and its branches at
the market price, thus making all the profit accrue
to the Treasury, and committing the whole control
OF this matter to that department In this case it
would be proper that the Government having all
the profits arising out of the new coinage, should
be bound SO far it concerned to receive it in
payment of all debts due to it. just as the Treasury
notes were formerly received, or as it is contem.
plated by the new post Office bill to receive the
three cent coins for postages If Congress should
adopt this plan, and give to the Treasury Depart
ment the entire direction of this business the new
coinage could not be deprecated, because no more
would be issued than would be necessary for the
wants of the country, and if sums of any magni-
tude should in consequence of its decreased value,
begin at any time to accumulate in the Treasury,
the Secretary would at once give directions that the
coinage should cease. This whole matter will of
course elicit the particular consideration of the
Committee on Commerce, and the hints contained
IN this letter are merely offered with view to call
the attention Of others who are more capable than
the writer to the investigation Of this subject.
Yours, &c. X.
TRADE LAKEs-The Buffalo Courier publishes an
ohprata