The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-05-30

We have noticed, from time to time in the public
press, structures upon the supposed misconduct Of
the mint in regard to the proportion OF its Issues OF
gold in the large and small denominations. Hav-
ing made ourselves acquainted with the facts in
this matter, we think it our duty to present some
brief considerations and statements, showing that
the action OF the mint il not justly anenable TO the
ccnsures with which it has been visited
The fundamental error in the structures referred
TO les in the assumption that it 10 in the power Of
the mint to put into circulation what particular
coin il shall choose This is not the case. The law
relative to tho mint provides that, in the denomi-
nations of coin delivered, the treasurer shall COM
ply with the wishes of the deposifor. unless where
impracticable or inconvenient 70 do DO, in which
case the denominations of coin shall be designated
by tho director"
Under this law it has always been the practice
at the mint TO provide such supply Of coins OF
the various denominations will enable the Trea-
sury to comply with its.provisions With the ex-
coption of few months of the past and part of
the present year, tho director has never found it
expcdient TO designate payment in any other coins
than such as the dspositor might wish. This in
terruption of the uniform mint practice was justi
fed by the necessity of discharging, with the least
possible delay, the very heavy debt which had been
accumulated. But this has now been accomplish
ed and provision is made to meet the wishes Of the
depositors in regard to the denominations of coin,
70 far as they may have been expressed.
II is, therefore, evident that if the supply of
small gold coins issued is disproportionate TO that
of tho large the fault lies in the law, and the
ton Of the dopositors under the law. 1t ia compc-
tent to the deposiors if they choose TO shape the
character Of the issues from the mint at their will
If they end the proportion Of small coins INSULT
Gent il WILL on the expression of their wishes, be
increased There is no limit in regard to the kind
Of pieces which shall be issued from the mint at
least while labor be procured and means to pay
for L.
We NAV here remark, that whatever speculative
views VIC may entertain as TO the amount of small
gold coins which should be issued, there can hard
" be doubt rs to the propriety of the law which
leaves the discretion these matters with the de-
positors themselves, rather than the mint or the
Government. They are generally shrewd business
men, prompt TO detect the slightest chance of bcnc
t, and would not fail to perceive, and provide for
circulation. A general demand for small gold coin
could not fail 10 DO made known by them at the
mint. and the coinage would be at once 80 regu-
dated ~ meet their wishes, and at the same time
those of tho public. II, therefore, NO such coin
should be demanded, the rational inference 10, that
the public 10 indifferent TO the matter.
1.-THE mint were 10 refuse compliance with the
wishes Of its depositors in regard to tho kind OF
csin issued, il would indeed bn subject to censure.
but does not do and has never done except
under circumstances OF extraordinary EFFICIENCY,
such as have already been referred TO. We are in
formed that OF the coin which has been supposed
most in request by tho public--namcly, the gold
xiollar-there is now Surplus Of over $3.50, 900 in
che mint treasury, beyond all demands. OF the
quarter eagle, 100000 worth have lately been
transferred the assistant treasury, AZ not being
Considering lese facts, it would seem that even
III the amount Of small gold coinage had really been
diminished, yet long the mint complies with
the "wishes Of tho deposition in regard 10 the de-
nominations of coin paid out, It is neither legally
nor justly blamabe. in point Of fact, however, It
vii. Be found that not only haA this small coinage
boon very greatly increased of late years, but the
proportion Of to the whole amount issued larger
than ever before.
II we take the ten years ending in lS49, We find
the coinage OF quarter and gold land silver)
dollars was 82,4O4 .e72. In the period of rather
less THAI, seventeen months from 1850 10 tho pres
cnt time, the Same coinage was e3,759,450, MOI
only exceeding that Of the previous ten years, bu
showing an increase in the ratio Of issue Of clever
to one.
If, again, We compare the proportion Of suci
small coinage 70 the total gold coinage, tho com
garrison il in favor OF tho latter period. In the Vel
years above named the coinage above the quarter
eagle was 836, l0s, s0s, being fifteen tmss create
thSn that from and below ths uarter-oagle. II
the sixteen months end fractioa. from 1850 70 thi
Tins, the coinage above The quaster-sagIe va
01s $50, l9S, being lsss than eleven and 81