Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-08-07


and deliberately upon Great questions first to be
discussed and considered such as what should be the
standard Of value gold silver both, and both,
how thci relations to be regulated What is the
perence Of England and France Holland and Hamburger
in coins and currency What is the probable production
or 10 be the probable production of the silver mines Of
America and the gold production of California and AUS
tralia is gold increasing in production to extent
eveRuay change the relative value of silver and gold
How has worked Lord Lverpoos plan of degrading the
British silver currency, and how has worked the double
standard Of silver and gold in France Is the bank Of
HaEburgh's plan of money Of account improvement
not upon the British, French, and American system
These and the like, important questions evolving
important facts ndispensaby for wise and
prudent legislation. 1t would also be advisable to know
what the Of England and France or their
nts propose. any thing, in the apparent changing
ditoa Of the value of gold silver, or commodities.
th:ss aassons s1d S fots. az u !
70 Be dnne it mays pexbaps be found that the simple
remedy is rating silver at the valnc it holds abroad and
especially in France where is legal tender at higher
legal standard than in England To do this only requires
that the law of 1887 be changed to fix the relative
proportion of standard at to l5.499 instead Of to
1898 The medium of exchange between France and
the United States the only two countries where the double
standard prevails would then be the Imay, per-
haps be also deemed expedient to restore the neness Of
gold standard to what it under the act OF ll9
April viz % carats, 9l7 thousandhs which was
reduced by the act of 1884 to q carats l443 carat
grains, 899 225-1000, and by the act Of 1887 to
800 housandths fine Pure gold, it is known to almost
every one is "a carats Tan Abyssan term for weight
and in England and the United States grains make
carat Now while in the United States the gold eagle
under the act Of 1884 is only q carats and carat
grains fine, (that is in England, the
British sovereign is % ne 9l6s thousandths
that is finer than the eagle by the difference between
~ l4-43 and carat or the difference between 9l6S
housandths and 500 225 1000 BY the act of 1887 the
eagle was made 900 thousandths fine, yet the British
sovereign is 016s thousandths finer The standard of
nine enhs fine adopted in France is standard
and it is valuable for its simplicity but it is in Eng
land we have main intercourse with the world, di
recty indirectly, and there gold coins mainly
CO. it is to be amened that these coins pounced upon
there for being worse than Standard thus thrown into
the metngpot reconverted into bullion, sold to the
Bank of England for g3 16s 2ad. per oz when British
standard gold is bought by the bank at f3 Us Cd.
returned from the mint e3 It's. l0ld per As
exporters Of gold, this useless expense of melting
down and assayng in England with brokerage and other
expenses is thrown upon exporters when If the
British standard standard if we coined pieces
Of OF. or more, % carats fine, its exact
value would be known there bullion to every body.
Suggestions such these from very intelligent
quarters.
One thing very evident and that is the fact that the
vast production Of gold in territories now imposes
upon duties and responsibilities the great
godproducng nation Of the earth. Our mnts and coin
age must be accommodated and fitted for these du
ties. 1t is quite uncertain yet what effect closer
nexion, by steam and otherwise with the silver mines of
Mexico and of South America is to have upon their pro-
ductve power and upon trade but is quite certain
that ought to comprehend the relations hold
before begin any essential change in silver coin
system 1t is already urged by the Secretary Of the
Treasury and by others in Congress- that segnor
age or brassage or retenue the French term be inn
posed upon coinnge and indeed charge upon is
imposed in this BILL The of 1887 10th secton makes
the depostor pay the actual expense to the mint for
ning when the bullion is below standard for toughen
ing for copper used for alloy for silver introduced into
the alloy of gold and for separating the gold and silver
the actual expense Ito quote the words of the act
the mint of the materials and labor employed in each of
the before mentioned - but the bin says " In all
cases. whether the gold and silver deposited be coined
bars ingots there shall be a charge the de-
positor IN addition to the charge made for refining
parting the metals, OF one half of one per cent"
1t urged by the Secretary of the Treasury, and by
others in Congress- that the expenses of mntage have
to such extent in consequence Of the accession
Of California and the heavy bullion fund.- the interest
which is estimated at S400 900 annually (which sum is
kept by law mainly in Philadelphia to provide fund for
the early payment in coin Of bullion coming into New
York; that the mints should be made to support them
selves. IL worth the while here remark that this
egordge brassags proposition is IL not entirely
thing in theory in the United States entirely In prac
ce Ii is not known that before il seriously
proposed here to tax the depositor Of bullion per cent
upon his deposite segniorage has been proposed
that takes from the coin in weight the cost of its fab
rcaton, but makes it legal tender its full weight That
sort Of segniorae is proposed in the bill before which
reduces the present 2061 grains Of standard silver in the
half dollar to 1872 grains, the difference l4 grans being
segniorage levied however, not the depostor who
MS the mint all worm
in the market but upon the community, who made to
take half dollar coin at IA grains than il Is worth
This sort of seignorage is species Of fraud because in
the discharge of all previous stipulated payments the
dollar would pay his creditor less than his contract by
all the amount Of the seignorage Whatever the Govern
ment gains, somebody must lose and therefore such
seignorage is tax which falls either certain indvd-
ais the public at large
With respect to brdssagethat is charge at the mint
which shall pay the cost Of fabricatonthe argu
ment for that founded upon the presumption that the
extent Of the workmanship the metal has in reality
qured additional value from the convenient form
IL has received, and from its carrying the face of it
certificate of its contents This fact is disputed II is
advanced with some qualification in Smiths Wealth Of
Nations (vol p. IN probable fact but experience
would contradict any idea of coins having value
bullion especially the experience Of country
1t is certain the British mint looks upon mint coinage
only bullion and sends it to the melting pot without
mercy Ricardo Political Economy, chap 25) favors the
idea that the coined piece Of money will generally
ceed the value Of the unconed piece of metal the whole
segniorage charged but this idea he qualities and limits
afterwards Up. 39s where coexsts papcr currency Say
vol l. p 1917 accounts perhaps, for the fact that
coin Is now freely exported and remeted in the remark
When a) country possesses the quantity (of gold
20 satisfy ts) wants oil that further imported
ing in demand is unfrutful in value and Of its
owners"
Our rant Of the precious metals is exceedingly limited
by an abundant paper money currency.
The cost Of fabrication the brdssage in the country h
to some extent already paid by the provisions Of the act
of 1887 heretofore quoted that is say the bullion is
be, for his merchandise when Government steps
IN and exercises its power Of sovereignty in the coinage Of
that bullion. Whether the individual should pay for the
exercise OF that power in the Government which