Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-07-31

when we in the beginning Of this conast Cav hsm
as we are scarce Of silver we should rther give pre-
MUM 70 Tempt silver here is the very error of the moon
Propositon under existing circumstances more pre-
posterous as II seems to me- rom errng man
MY resistance 10 IL springs not only from the it i'm
poses upon the California miperfor in such case the
miner is the man who pays the segnioge if his gold is
coined at homebut because the mischiyous act would
reach our commerce, freighng trad ut the Ishmus
or Panama. our insurance Offices, bullion dealers at
home, and send the gold and silver in one continuous
overwhelming stream to the British mint IT, even for
the sake OF mint the Representative from California
could submit TO such it Is not less my duty to cry
out against n IN behalf Of every interest represent and
in behalf of all the returned Cafornians who in their
own persons bring back their little heaps to be sold in
New York bullion ofces before they get home to their
wives or families. The whole weight Of authority have
or have from practical business men, is against the
imposition have in my hands remonstrances from the
largest express companies The presidents of the leading
banks in New York, among them the Hon. G. w. Law
renee member Of this House. write that under
such BILL "as far they can Judge large proportion
of the California gold will be driven to the European
minis while the conversion of foreign gold into Ameri-
can coin win be entirely prohibited
Mr. Speaker before Congress thinks of taking any steps
in the way OF segnorage it should think of what vast
power 1t is exercising now, under the Constitution of the
United States the gold and silver property the miner
or the trader in the precious metals happens to hold
Government seizes no mans cotton, mans tobacco,
hogs or horses and insists upon mprintng upon them its
stamp Of sovereignty before they be efficiently used in
general and trade But the Constitution does
seize the product of the gold miners labor and declares
Congress (alone shall have power to coin money and
regulate the value thereof" 'No State shall coin mo-
ney No State shall make any thing but gold and silver
coin tender in payment Of debs Bullion cannot pay
debt Gold dust is legal tender. The miner him
self cannot coin it make it money All this ID
the Constitution and the law Gosarnmsns nonopol,zes
mns and the miner may be as rich as
Croesus in silver gold but he discharge mans
debt till his gold silver has put upon it, in that mint
the Government stamp. Tolevy tax, them upon spe
cies Of property thus monopolzed by the Government
and to levy it because of the monopoly because of The
cost to the Government of the monopoly, is crying nus
tce such as should not be thought of for moment Tell
me not it is like the toll taken from grst to mill
The grst voluntarily goes any mill but the Gov
eminent monopolzes the only mint-ms there are and
your money gris is not to be some neghboring
village to be ground but you must send it hundreds of
miles, perhaps to New Orleans Philadelphia and pay
all the cost of freight Insurance. and commission have
your money gris ground in the mint monopoly there
Your bullion is discredited till it has the Government
stamp and if you imprint that stamp upon it, fine i'm
prsonment is your fate No, SIR it is the first duty of
all Governments holding this mint monopoly to it
without cost for the public good only and in the
convenient places to enable the of dust bullion
to reach them at the least possible expense.
Mr. JONES, of Tennessee (nterrupting.) do not ex
pect to say word upon this subject, but ask that
justification of the Committee Ways and Means very
short paragraph from the last report of the Secretary of
the Treasury may be read to the House. is in direct
conflict with the statements made by the gentleman from
New York
The paragraph read as follows:
The expenses of the mint and branches have course
greatly increased since the accession of California and will
be still further augmented in Congress should determine
to establish two additional branches III San Francisco and New
York would therefore suggest for the consideration of
Congress the proprety of authorizing small segnorage
the bullion deposited by corporations individuals for the
purpose of covering the actual of coinage instead
allowing the latter remain exclusive charge upon the
Treasury This it is believed the universal usage all
other national minis, and the charge would be but
fractional per centag amounting only to few cents per
ounce"
Mr. T of eor+;cl IN tba
of the Secretary of the Treasury but it will be remarked
that the Secretary the very cautious words it is
believed that this segniorage sis the unveral usage
&c. III the Secretary means to say there is segniorage
in the British mint gold he is mistaken have al
ready shown and all he what stated that
the British Government buys silver at sxtytwo shngs
the pound and sells in coin sxtysix shngs which
IS tax the depositor such seigniorage as the
Ways and Means propose. l was not mistaken in my
facts. Indeed, there is dispute among practical men
about them. The Secretary recommendation or small
seigniorage not large one the bill proposes I'M
doubtedy from his impression that the oyervaua
ton of British silver coin segniorage from sup
posing that the preparing the precious metals for the
mint the of the depositor in the United
States well in England The Director of the Mint
Mr. Eckert states positively in letter to the Secretary
of the Treasury as well as to the Committee Ways
Means
In England the gold is coined one half per cent the
silver at two and eghhhese ehdrye however being
paid By Government, and not By depositors."
think may repose now Mr. Speaker, on my facts
and proceed another branch Of this subject and that is
the silver part of it, The themes precious ones and
there nothing attractive than money; but fear
the House is just confused in Presidential topics
that gold and silver topics of discussion lose their
charm.
Mr.. ORR The gentleman from New York appears to
be well posted upon this subject desire know of him
what proportion of the expenses Of coinage paid by
alloy
Mr.. Brooks. None, that know Of Both our gold
and silver coin ninetenths fine An ounce Of gold
nine hundred thousandths fine is equal in value
to $lS 6046-100. do not know that quite compre-
bend the nterrogatory of the gentleman from South Ca
rolina. Alloy must be mixed with gold harden il for
circulation.
God in the plethora of IL Just now in California and
Australasia, ght possibly stand small very small
seigniorage but ii is clear that in the present premium
for silver ought not to tax the coinage that here
The silver currency Of country has been for time
past going to Europe, in consequence Of the fact that
higher value set upon it there than here The rela
tive value Of gold and silver established by law is
to lb968........... ..i in this country.
10 l0llb........................in England.
TO l54I9......... in France.
per lower than England and three per cent lower
than France Hence the balance Of our commercial
debt only be paid in bullion follows that neither to
France nor to England viii gold be sent until silver is ex
hausted This exhaustion of silver he's raised what
is left to premium at time Of three and four per
cent but at the last dates American silver was at only
one to and quarter per cent. premium The pre-
MUM silver has for time been on the decline
and il is believed by many that things are left to them
selves, the premium will cease to exist segnior
age upon silver however, would but aggravate all the
difficulties in change for It would be premium for its
expectation from South America and Mexico to England
and for ito avoidance Of the United States.