The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-01-30

would furnish motive Tor IFS shipment But while The
law gives either gold slver fixed saueindependen OF
commercial exgences, gene al rise in the relative value
OF either must its export-ii will escape from the
trammels Of legislation
Silver being less valuable than gold, the smaller coins
were made OF silver. We smaller in value. not
bulk Such coins constituted very important portion
OF The currency Recently the gold dollar was nitro
duced; and is advent hailed with great satisfaction
by all The friends OF the specie currency and II was re
earhed with grea, dsfavor by the manufacturers OF
fictitious paper currency The gold dollar came 10 a'u
OF The silver coinage and tended TO introduce specie 10
all small transactions, limiting bank notes TO large sums
and large transactions In mixed currency OF specie
and bank paper the hanks should he confined 10 the issue
OF large notes The great convenience OF paper may 10
some extent, reconcile to the crying wrong OF the
banking system in making large payments Blu, the
wrongs Of the system OF paper issues become an imnf-
date and practical evil. without countevaing conve
nence when the banks not only supply paper represent
aiyes OF large amounts but fill all the channels OF cir
culauon hy furnishing medium OF exchange Tor small
transactions The basis is thus destroyed, and The snpef
stfucur. must soon give way, leaving the nation 10 re-
gain circulating medium by the loss OF perhaps years
surplus production.
enough 10 the government TO prepare for the state OF
things we now see But the government seems not only
10 have been blind TO the warning, but to have gone ex
ac,ly contrary 10 It's monilion- The coinage Of the
metals gives them additional value Gold dust is not worth
as much as the same dust coined By the process Of
coming the purity as we'll as the weight of the meta! is
determined, aud stamp is fixed ii which indicates t
value. Two years ago this fact was fully explained in
, ~. Itt,uu IN Tho
ounce than the pure gold Had the government viewed
the subject correctly, II would, as we have before re-
marked. have loeseen the expectation OF silver conse-
quen upon fixed legal value and an appreciated CON-
lnefeai value. Provision should have been made at
once to anraze the foreign silver coIns amongst us ny
giving them the American stamp Ine gold alloy IN me
Mexican dollar--a very important coin IN our cicua'
ton-wou!d Jay for lis reconsge in France and IN most
counre. That circumstance made the Spanish dollar
sor, OF cosmopotes gold alloy being sufficient TO put
chase the stamp OF currency Tie idea OF econage
appes 10 all other coins Foreign coins, with their
foreign names, and in many instances their unknown
values 10 the majority of The people, make them com
comparalively useless. They are ever ready to go
abroad The government should therefore, make every
effort TO pu, the American stamp ON the foiegn silver
CON- in order supply specie medium Tor small trans
actions But unfortunately, The government Was not IN
the light hands Ceralnly The mlntwas not properly d.
recied The foreign silver Coinage winch always has
tendency 10 go abroad, not Ieconed to any extent
and the coinage OF the gold dollar, which, despite lis
small size, was popular, has been, comparatively
speaking, stopped These small coins. in mixed circu
laon OF specie and paper, OF the greatest Importance
the importance OF coming large amount. being cospara
lively insignificant In large transactions man may
well afford to assay and weigh bullion; but in small
transactions would be folly TO do So But Tor the las.
year the mint at Philadelphia coined s23.4o522o in
double while coined only $4,000 in silver and
sasl 1853 gold dolarshus furnishing only Ssol 1853
IN small cons while il furnished nearly s2i,ooo0oo
in twenty dollar gold pieces. The effect OF this policy
is 10 place the circulating medium entirely at The mercy
Of the banks The twenty dollar gold piece does not TO
any erea, extent compete with the paper circulation But
the smaller the gold dollar and The silver
coins-do compete with the paper il most wholesome
manner The government, however seems 10 be en-.
listed on The side OF the banks and in favor OF fictitious
issues-oi corporation paper, instead OF money IT is
pursuing policy which must give the place OF email
coins 10 small notes 1t is bringing upon the days Of
shnplas,er currency. 1t may be said that he Cafor
MIA gold must be coined Then, why not coin portion
smaller pieces Ibe eNlgencics oil The country
demand it. Twenty gold dollars are worth more to-da,
thar a double eagle; for gold dollars bear per
cent premium, while silver dollars american coin
agcs) worth three per cent, premium. l. il said
that the California gold, which must be coined as
rapidly as possible, be coined rapidly in
double eagles than in any other manner, and that
the limited capacities OF the Philadelphia min, force
coinage OF double eagles If that be true then another
mint should be established TO aid the Philadelphia mint
and il should be required to furnish small coins until
the anomaly we now witness has passed away-unlil 1t
shall longer be said that silver coins have increased
three per cent the standard fixed in 1897, while
gold dollar is worth because OF increased demand one
per cent premium, compared with other gold coin If
the present state OF things continue, will soon have
the days OF shinplaslers upon again. While gold
dollars bear per cent premium and silver three per
cent the capitalists and the banks will food the country
with one.dolar notes for they afford TO do IT, We
remember the shipplaster currency of 1897 and do
not wish TO those times return.
Mud your own Bustnsss.''
The vermont PATRIOT takes umbrage al the re-