Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-07-31
ON sEIGNIoRAGE, OR CHARGES FOR COINAGE.
FOR THE NATIONAL INTELLIoEscEp.

4
Comments on Speech Of the Hon. JAS. Brooks,
Of New York. IN opposition section reported Or The
Committee Of Ways a,, Means athoyiziaga seniorGge on
co1'age TO meet the expense thereof not eceed per
Mr. Brooks objects, at the outset, ts the seig
norage, relic Of feudaty If ever subject custom
law which is called by eudal nams is therefore to be
condemned the objection might demand notice. But
our Language is full of such names our law language in
particular. As we'll might object to possess the high
est tenure In land because it called estate fee
feudal title condemn charge for coming because it
is entitled seigniorage, forcible objection to
the might however, have been taken which is,
that egorag according to the distinction of the CONT
cIraI Economists defines pse6 coinage rather than
charge for actual expenses and nasmuch as the nten
ton OF the proposed law was to deray expenses only nat
to make profit another term most appropriate
The word charge for coinage significant and apparently
the most appropriate
But dismissng the chronological discussion let us pass
TO consider with Mr. BROOKS the proprety of the object
intended.
The first point considered by Mr. relates to the prac
ce OF our own and other nations and he would have us
believe that charge coinage is something entirely
novel, neWfangled, best known among barbarians''
and not existing in any commercial and civilized coun-
try whatsoever"
On these assertions direct issue is taken But before
proceeding to show the universally of charge on coin
age Except in the United States for few years past
point of definition must first be discussed which is this
What is charge for coinage? The is evidently
any deduction burden imposed the owner Of GER
tam standard weight of bullion condition of his
w,
this deduction, or tax may be levied in many different
ways, and by many different parties but provided il in
fact exists it charge coinage Thus in Great Br
tain there is delay in receiving coin from the mint
which operates as charge by way of loss of interest
This was formerly estimated at half per cent
what it is isimpossibe say all bullion is pur
chased by the bank at fixed discount by compulsory
guations and the charge by delays the mint falls now
upon that institution In the United States until the law
of January 49, 1887 there charge due to the same
delay IN realizing coin, Of half per cent Charges for the
melting and assay OF bullion which the Bank of England
requires to be effected at the expense of parties tender
ing 1t for sale virtually on coinage; for with
out deraying them the coin cannot be realized Again
In the regulations of all minis slight deficit in the stand
ard hneness and weight Of coin exceeding certain
limits, is allowed by law, and called remedy If mint
takes advantage of the remedy and issues the coin te
below Standard the effect is charge for coinage for the
same weight Of standard bullion deposited is returned
IN CON- Finally there may be, either in addition to some
or all of the above Of charge or as substitute
for Them direct charge for coinage levied at the minis
as is proposed in the amendment under discussion
AT the minis of the United States there is at no
charge whatever standard bullion either direct or in
direct The owner Of such bullion pays charges
melting or for assay the coin is promptly paid to him
from funds provided by Government that he suffers
loss OF interest," the pieces of full weight and fine
ness so that he loses nothing by the mint remedy In
this country indeed, coinage is gratuous but stand
alone in example.
In Great Britain the charge for coinage of silver il no.
torous and it seems strange that Mr. b. with the facts
before him, should have denied this Out Of every sixty
SIX shings coined the Government retains fou 50 that
the charge over six per cent Mr. H. enormously sup
poses that the whole sixty-sx shilngs coined from
pound of silver returned the owner under the law
OF 1916; but he receives only sixty-two, betre
that law
Gold bullion is professedy coined without cost in Great
Britain but in point Of fact to realize coin for 1t without
delay equal to the bullion sold operates charge not rery
far from half per cent and If the bullion be sent to the
mint instead of the bank the charge by delay would be
greater
To illustrate this matter an account of sae Is before
of $4,000 American coin sold in London to the bank
for G3,6o9 49, Cd. II subject to the following
charges none of which betrayed by the buliO
in the United States, viz: