The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-05-01
Prom the Tens sta,e Gazette.

reckless asehoods and OF revengeiul
politicians and disappointed journals
state Gazette.
To Hon. M r. Hunter, OF ths United States Senate.
DEAR SIR: When saw you in Washington city in the
latter part OF January you expressed desire That should
give YOU IN writing my views OF Inc proposed change OF
coinage started soon afterwards long journey, and
other objects engaged my attention Besides this did
hope thai the project mad been abandoned, as
me ~, o. It u The papers nes WIN ba'fom copy
ally reached me- appears that bill has been reported TO
the United States Senate take effect after the 1st OF
June next, TO reduce the silver halidoar from 206i to
1872 grains, and quarerdollars Dimes and half dimes in
proportion II now address you through the public pa
pers instead Of through the post oce is because every
in the country has deep interest in the import
ant questions here involved as you or have.
| can regard this in other Light than effort TO
Change and at the same time ds6dse our standard; TO
change it, because ii substitutes the gold dollar for the
silver dollar debass it, because the gold dollar is not
now actually worth 37ll grains OF siverthe quantity,
if pure metal, which has always been contained in our
money unit.
Perhaps il will be said that no change is made in the
standard OF value, nasmuch the bill does not embrace
the silver doar-piece. But the bill becomes law, all
the silver dollars present in will be driven from cir
culaon. and no more be coined. We shall then have
only gold pieces for transactions OF the amount OF dollar
and upwards, and debased silver for transactions of less
amount than dollar and this will be practically both
change and deoasement OF our staadard. ~
Silver hall dollars have been the coin hitherto most
tensvey used by the American people, and the coin with
which they most familiar. They have TO great ex-
tent supe rseded silver dollars because two silver half
dollars will perform all the uses Of silver dollar and
other uses besides While the dollar has been the money
of account, silver hafdollars have been the money Of
commerce and the practical standard of value and
which the bill before the Senate proposes to alter and
debase.
Should the bill become law ii will make il very diff
cut to comply with many existing contracts, including
ands mortgages, and ground rents, which require pay
ments TO be made in silver coin of certain weight and
4 neness As there will be such coin in circulation
the debtor will find impossible TO comply with his
hu nna cotn from
will be expensive II the creditor should take pay n the
base silver coin provided for by this BILL in gold dol
lars worth less than 37lt grains OF pure silver, he will
i receive less than is due TO him
AS medium for retail trade gold dollars are inferior
to halfdolars. They small that there is contn
ua danger of losing them, and they subject to greater
loss from ar,ion They are more convenient in paying
small debts at distance, but in every other respect sill
yer half dollars are more useful circulating medium.
fdollars, the evil would be intoerable But
perence has shown that where there two circula
ling mediums that of the least intrinsic value will dis
place the other The dollar notes will displace the gold
dollars, just pound notes displaced soveeigns in
England, and then shall have currency composed of
debased s ver and bank notes resting insufficient
specie basis .aaEe a67.t lls
II our condition were similar to that of England-f we
had notes of less denomination than twenty -four
nation than live dollars, and If legislative body had
the control OF our money-both paper and metallic-he
proposed would be less objectionable, But we
have thirty legislatures besides Congress, continu
ally amperng with the currency, and of them
thorlzng the oil notes OF small denominations, and,
as already stated the result OF the proposed change will
be- leaving us with circulating medium except debased
silver con and bank notes resting insufficient spe
Gle basis-savng far the measure may be counter
acted BY the operations OF The sub-lreasury SYSTEM by
The laws OF lew Of the States prohibiting the issue OF
notes oil less demon nation than tive dolars and by the
Discrimination inability of some OF the remaining States
10 rebuild their paper money institutions
new bank mania is now spreading rapidly from State
10 State and unless something be check it, we
may have another imitation OF our paper currency nearly
Lem htu hr,.
on another general suspension oil specie payments
than il would otherw occur. The banks
tanned not only by the whole amount OF specie in their
vaults. but by the whole amount oil specie in the
try. What goes out day returns the As per-
manent fund.- the banks under their present system OF
operations, require no greater amount than is
10 pay bank balances When this is reduced below The
safety point, they can supply what wanted by reduc
lion OF bills discounted, which brings in specie from the
mass circulating among the community. The bank fund
and The circulating specie fund.- being the 10 demon
national amounts and in intrinsic value have yielded
each other mutual aid and support But this bill passes
there viii be no ORIGINATING mass oil specie among the
community for the banks draw times OF exg ency
Our currency will then consist OF debased silver coin and
bank notes. and this debased silver coin will be
egal tender to only the amount of FIVE dollars it will be
available TO only limited extent in paying bank bal
ances.
Some Inconvenience admit, but much less than many
people would have us believe is suffered from the
rise in the value OF silver rather the fall in the value
OF gold. Whatever this inconvenience may be- IL will
be increased rather than diminished by The proposed
change OF coinage Every half.dollar now 10 circulation
will then be worth 81 cents less fracton every quarter
dollar ~ cents less fraction and OF dimes aud half
dimes The result will be trouble la calculating pay.
menls else the old currency will find lis way the
brokers' shops and as time must eapse before the
currency be diusea through the country the present
dulty OF getting silver change will be greatly increased
la addition TO those objections TO the proposed change,
the following may be urged;
lat Silver better standard than gold because both
the supply OF and the demand Tor constant and
regular, and because is the standard oil ali commercial
countries except England.
I'd Silver forms better standard currency than gold
because the loss from aon less and because there
is less temptation 10 counterfeit IT, and TO deteorate by
filing and sweating.
3D. Silver rs a better standard than gold, because the
trade OF consumption in the long run guaies the trade
of speculation and most articles that sold for gold
must be sold again for silver before they reach the
sumeT Gold IS the most convenient circulating medium
in large uansactions but silver is The bes, Standard Of
\ value
4 4th Silver is now, and always has BEEN our legal
Standard and The supposi,on that gold would be
preferable standard, there would be Inconvenience 10
the change As regards other commodities, may in.
deed be sad 70 have had two Standards gold and silver
but silver has been the standard by which have de-
ermned the value OF gold rather than gold the standard
by which we have determined The value oil silver When
our mint established took for model a we'll
known Spanish coiniba silver dollar We ascerlaned
that the market value OF gold to silver IS TO and
we put just many grains OF pure gold into eagle
then worth silver dollars, each containing 37l
grains OF pure silver When in the OF years, gold
quantity OF pure silver in the dollar but diminished the
quantity OF pure gold in the eagle As begun we
ought 10 continue. II make any change ought to
be the gold