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

COINAGE AND SEIGNI0RAGE
HOUSE OF REPRESENTATION, jury 90, 1852.
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We have arrived however that period Of te session.
and Of the season to when proper discussion be
had on subjects absuse and therefore send you the
report with the view of awakening public attention
measures before Congress, than which few, fany e
more important Yours, respectfully,
JAMES BROOKS.
The new coinage and segniorage bill from the Senate
before the Huuse Of Representatives, proposes
First change in the weight of the silver half dcar
from 2064 grains its present weight to 192 grains and
like reduction ofhe quarter dollar dime, and half dime
the reduction being 91-100 per cent.
Second determination of the half and quarter dollar,
dime and half dime to a legal tender for five dollars
only
Third: Prohibition of silver deposes the mint for
their coinage except by the treasurer Of the mint
der authority of the United States.
Fourth: charge to the depositor seigniorage or
brassage a addition the charges in the act of 1887,
upon all gold cast into barsor ingots well coins of
half of enc per cent.
Fifth knew gold coin os three dollars.
This bill thus proposesa essential and radical reduc-
in haweigt of that portion of the currency with which
all the smaller transactions of society are made and in
order carry this change without interference by
others it secures to the Government monopoly the
deposite of all silver bullion the mint be into
silver coins for it not to be presumed that there will
be any coinage of the dollar The money unit of
the United States, with the weight (by aw) standard
silver, Of 421 grains when the two half dollars weigh
ing but 384 grains, is made currency for just much
the 4124 grains The practical effect of this bill may
be considered then aboshng for currency the dollar
the money unitthe very basis upon which, by the
solve of July g. 1885, the whole currency of the United
States following the proposition Of Mr. Jefferson in 1882
stands and has Stood before the organization
Of the existing Government.
Other changes in currency Of still greater practical
importance result from this BILL and TO be
sary involved in it, The idea Of using silver token
rather than currency proposed here originated it is
believed with the celebrated Lord Liverpool the master
of the British mint in the latter part Of the last century,
and it adopted by the British in practice
in 1885, (56 Geo. Ill when the pound weight troy of sill
1 dwts. fine, is dwts. aloy) was coined into
axtysix shilngs instead of sixy-two, before-ths
being four shngs above the mint price Of silver Silver
thus being issued frem the mint at four shngs per
pound than it worth the Government in order
to prevent all payments being made in such deterorated
coin, limited silver legal tender to forty shings,
the bill before limits the legal tender of like deteror-
ated coin to FIVE dollars in order to prevent these de-
quarters dimes and half dimes from
heing used in all payments of debts In Great Britain
there have been act of 1876 up to the present
day disputes and serious doubts TO the propriety
the of 1916 suggested by Lord Lyerpoo and it is
all certain that If the silver token Of England
now in extensive the British people would not
repeal the act of 1885, and make silver well gold
legal tender Mr. Alexander Barring, (now Lord Ash
burton his evidence before the Committee for Coin in
1929 British Parliament expressed great dissatisfaction
with the present state of the British silver coinage j.
Horsley Palmer ex-governor of the Bank Of England,
1897 in his evidence before the House of Commons
that the Bank Of England received the British sill
deteorated coinage in order to save it from dprec
alton The retail traders, it seems receiving silver half
crowns shilngs sxpence &c. from six to ten per cent
above their real value and requiring have these
converted into gold paper brought it to the Bank and
only got rid of it through kind Of favor at the Bank In
lsSOfhe Bank accumulated in its Golfers the immense
of E936 900 of these silver tokens and in 1884, by
rangement with the Government, 100000 melted
down into bullion Mr. Morrison a writer Of much note
and worthy Of much consideration in 1887 examined the
whole subject With great ability and came to the conclusion
that the British system, which is proposed for
adoption is vicious and tends to the commercial
panics and commercial revolutions that often occur in
In England gold has been made by the Of 1916 tn
only legal tender for debts under 40 shings
and hence silver standard has been abol
ished The bill before does the thing in making
silver half dollars, quarters, Dimes and half dimes Of
diminished weight tender for FIVE dollars And hence,
under this bill in England, gold would become the
only United States standard. Such change as this in
currency is however quietly may be made almost
currency revolution Silver almost our sole prac-
ca standard prior what Is called the gold of 1884
that is say debts paid in silver and since that
act till Of late silver has had practical value
with gold The metallic currency Of France beth silver
and gold Each metal is legal tender, and is in common
such. Gold there has generally borne very
small agio premium, but that dgio has been little more
than what is paid for the superior convenience of gold
The difference between gold and silver coin is published
every day in the prices current under the sanction OF the
Government and hence the standards vary the exact
variation Is known every body. The French system
has worked and is working well, ours has worked
well till within the last year eighteen months Lord
Liverpool, however, in his Treatise the Coins OF the
Realm" ably argues that but metal shold be stan
dard and that metal be gold The not less celebrated Mr.
Locke, Sir William Petty Sir Martin Fowkes Mr. Harris
and, in later times Lord Lauderdale Mr.. Ricardo and
Lord Ashburon have conended that silver is the money
Of all the world and the fttes to be the
standard Of value Their arguments and able discussions
il s only proposed here state exist in order to show
what opinions learned and experienced have to the
important principles involved in this bill from the Senate
il be correct that the bill aboishes silver as standard
and makes gold the exclusive standard IL will be at
once that not only reverse our own system existing
since the earliest settlement of our country but commit
ourselves to the British system Of gold exclusively when
other European nations regulate the value of their
by the value Of silver so important step ought not to
be taken without the greatest consideration and discus
sion, and not then, until have taken before some
committee the evidence Of our most experienced and
learned men.
Mr.. Secretary Ingbam, In elaborate report which he
made in $780, the relative value of gold and silver
system of one standard Of silver for f0s under for
small transactions and another standard over s0s in
gold for large transactions
The character Of the English monetary system he says
may be practically usdersood when II s observed that
In his