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

the crucibe These bars ingots would be good
deposites in banks instead Of coin, and would
then let loose the coin there Thus the cost OF coinage
would be diminished and the argument against the mnt
Of their expense, in some degree be done away with
In case of distress for money that it may be deemed
advisable coinage 1t IL not intended to deny as In
such every thing taxable ought to be taxed but no
such necessity exists. We have done without the
tax through expensive wars and certainly live
without il in time Of peace. Before we think Of A.
we should think of taxing for lights and lighthouses on
our lakes rivers and oceans is done England, or
for buoys and beacons for the coast survey for
building harbors clearing out obstructons in rivers
for preserving with the Indians our frontiers
in the treaties make with them the annuies we grant,
the presents give AT present to be taxing our own
gold production would be but copying the colonial policy
Of SPAIN which levied tax upon the silver mines OF
Spanish America much to their detrment and but little
to the profit Of the Spanish Home Government
1t is suggested g that segniorage charge for coin
age may exist in fact though the coinage may be nom
lAay gsstutous, and delay in return Of coin for bull
1oa A. allekfd 70 be such charge The aver
at the mint principal the interest which Is stated BY
the Secretary Of the Treasury to be $f00 600 per
To for the inevitable delay consequent loss Of
interest in transporting bullion and foreign coins from
New York. the place of import to Philadelphia, the place
of manufacture Congress put at the disposal of the Sec
retary large when not otherwise in demand but the
sole object of the deposte was to enable holders of
bullion and foreign coin to have them coined in Phiadel
phia without the delay and losses Of interest that was
turning from the bullion trade of California and other
parts Of the world The expense Of this dpose the Sec
retary proposes avoid by the issue of mint cert
Gates of bullion deposited receivable for Government dues
instead Of immediate return from the Treasury deposite
mint in New York would relieve much of the necessity
of the dposte and mint certificates thus receivabeper
haps altogether species of segnorage charge for
coinage, such is suggested will always exist however
long is necessary to take fifty millions OF
bullion per from New York to Philadel-
phia be coined there and then back from Philadelphia
to New York in con which seignorage is in the charge
for commission, carage freight insurance to and FROM
&C. &C., charge amounting in most cases, to halt OF
per cenn some more and in other cases less
only however when parties afford be their run
ners make such large operations to have their work
done by choesde contracts rather than retail jobs To
add to this species of travelling segnorage, Govern
seigniorage of even half per would be
tax in addition fifty millions of dollars of S25O, 900
per enough to drive large masses of bullion and
of foreign coins from the country to be used else
where
Silver in most countries stands seignorage and stands
it WELL il being turned into small coin not valuable for
export without higher premium than is likely TO reign
but it is question: in the present state of silver cur
rency and in proximity to the mines OF Mexico
and of South America nearly all of whose silver runs
elsewhere in the currents 6f trade whether should
add the obstrucons, which have already lasted toe
long between and them the additional obstruction OF
| tax called seignorage.
The conclusion arrived from the facts and easonngs
above is that this session of Congress would not be
advisable with the facts before to legsate lest this
legislation may do harm than good but that by
some committee during the recess facts should be OBJ
6c in the United States and by the collection OF
whatever is obtanabe from Europe that by the next
Congress may be possession of all necessary
| information.