Weekly national intelligencer., 1851-02-15

used without loss In the numerous ways In which the citizen
has dealings with the Government II is therefore, longer
general medium Of circulation but it becomes an article of
merchandise and with the progressive depreciation OF gold
will continue TO increase.
Another mischief Of depreciation is that violates the rights
Of creditors in large class ofconracs Injustice is thus done
the holders Of the public debt; to of perpetual
gound-rents to landlords who have let on long leases and
Short all those vino have baganed for future payments
distant day. Should gold get back to the same relative
value silver that had in countries of the world be-
fore the discovery of America many creditors of this class
would be deprived Of thee-eghhs of tho debts honestly due
them.
Fourthy. What, then, is the remedy for The 5etre-men
toned epiA, present and future?
This is the great question and its difficulty consists not
much perhaps in devsng the remedies inducing the
public to adopt them.
One Of the most obvious and ready modes of rsmedyng
the present scarcity Of silver is to impose segncrage the
small coins of that metal which, cried down by law,
would be thus restored to its market real vaue
segnorage all coins should in fact alwsys have been
part of our monetary system Gold and silver coins
worth than ngo of those metals for the same
that pair Of shoes worth than the leather they
made of-hey have utility, and labor has been
expended on them and the holder of bullion has
claim to the gautous services Of the Government than any
other citizen When the cost of coinage thus added
the value Of the metal in justice should be, the public
Is benefited in various ways. smaller quantity Of the
precious metals will produce the amount of currency
the country will be saved part Of the expense ncurs
fol coming, the con will be readily melted up
il where the coinage grauitous will it be readily
exported since it 10 worth at home than abroad and
lastly, when seIpoed, occasionally will be- il is
likely to find its way back.
In adopting this policy, however, take not TO
make the segnoage too high, in that the profit
would afford would be divided with other countries aud
should exchange for present deficiency Of small coin
Of that which was spurious
The plan of Mr. CHAsDLER the House of Represents
ves in substance proposes segnorage, and will supply
the small change that wanted if provision made for pur
chasing the silver bullion required
The plan Of Mr. HUNTER of the Senate Of coins Of silver
and gold combined, ingenious but is thought be liable
TO the weghy objection that the countees Of such coins
less easily detected They be tried by those
Of color and weight that within the reach Of every one
but only by chemical assay which, requiring both scientific
skill and apparatus, is attainabe by few.
Seignorage, however, though always wise regulation,
will prove but temporary corrective of the mischiefa of the
depreciation of gold would it be temporary if the
gold coin also subject segnorase in sictnesst
have inferred in few years the same scarcity of silver
that feel will recur, in consequence of its being
dervaued by law and similar legislation must be provided
The Inconvenience must be seriously felt by the public before
Congress will attempt remedy and with the many
Of discordance always likely to exist in Legislature
stuted they may not unite the remedy Nor is
this ALL With these successive alterations in the silver coin
age should have coins Of the denonna
ton but of different valueshus producing endless conu
sion and embarrassment with the greater part Of the comDu
nifty, at BEST converting the earlier coins into materials
for brokers and money dealers.
The only eecua and permanent remedy then is, in add
ton to the seignoge to have but Of the precious metals
legal tender, which will Immediately put end to the diff
ference between the relative values Of gold and silver in the
Market and their relative values at the mint and the treasury
Then, whatever changes in their several values may take
place. there will be profit in exporting metal
than the oher except what may arise in the ordinary vcs
studes Of trade, and which would sometimes the
port Of and sometimes the other England aer trying
the plan Of both metals standards and legal tenders and
finding its Inconvenience, settled dswn single standard
for all forty shings We unfortunately followed
the example Of France in adopting the double Standard and
aggravated the mischief by following the example Of Great
Britain in making the coinage gatuous Our acquisition Of
California impeousy calls upon etrace steps,
But il to have but one metal legal tender,
which is it to be, silver gold Though theorists have
generally given the preference to silver, five years ago this
question seemed to be Of little real importance but with the
great and continued prospect Of the depreciation of g there
is now room for hesitation. t
To adopt gold, under such circumstances would be grossly
unjust to creditors public and private, and prove
of acy in all financial estimates past and future
It would be like making block Of green wood which would
gradually become smaller and lighter measure Of length
and weight. But in truth, when recoect that pecu-
mary value with US is always estimated in dollars and parts
OF dollar that the accounts of all public Offices banks,
joint stock companies, merchants and, in fact of almost
every one else kept in dollars and cents cannot
believe that the American people will consent that the silver
representatives Of this money Of accounts should be
legal tender for debts The question, then, con6ning
selves to what is feasible will be- whether legal tender
shall be silver alone both silver and goh present
Between these alternatives the arguments in favor of silver
appear to be irresistible Nor should be singular in
policy In Russia silver has long been the only standard
Holland and Belgium, both sagacous in all that
money, have lately thought prudent to adopt the
policy, and France seems also likely to adopt it. a
But have considered that in all questions between
debtors and creditors the popular feeling in this country has
always sided with the Debtors the people will be disposed to
retain gold legal tender for the very that is urged
in favor Of rejecting It, That such sympathy exists indu
bable, and believe il has existed in all countries in all
ages But when il is found that the debtors who would bs
benefited by the depreciation Of god though consisting Of
many individuals constitute but small proportion Of the
debtor class and that the benefit ;s sou end rao. .h