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

to kreil nations proportion or submit their loss.
no such charge Of fabrication has been taken at
tn9 bruh mint for nearly century and half past and
1t tere now 70 be takcn weight of the gold coins
mqt " dimInished TO pay for this fabrication"
nat - seignorage is matter of some misunderstand
in aong writer's at least of uncertainty The mpo
sqon of tax OF per cent half per cent upon bull
i deposited for coinage is by called segniorage
Sh seems to be the idea of the committees Of the two
uses " Congress that have reported bills this sub
je The Assistant Secretary of the Treasury in let
tei 70 the chairman of the Committee OF Ways and
MSans cites authority Smiths Wealth of Nations
bck chap 8. The seigniorage that writer seems to
sEako Of is the difference between the quantity of bullion
Which the common currency ought to contain and that
Wch II does contain That is very different thing from
nt|nPost Mss Political Economy is also cited. That
hoos 9 chez; s9ssSs a Df the same kind q ssgn
~ si;s ssss s.1 II sss asARss Ss rss. e e
sssnisrags @ 49,; q j ala s d soid cons II
would be necessary to prevent an OF the
value of the currency that their weight should be proper
onally reduced and it is this account dtey perhaps
10 lei them remain the present footing without any seign-
iorage.")
Alexander Hamilton in his report on the mint, also
quoted favored an experiment of half per cent
each of the metals, but "under impression that
small difference tetween the value of the coin and the
mint price of bullion should be the segniorage. He is
not understood favoring duty impost upon the
depositor of coin Segnoage may be taken in several
ways-one by making the coin Of less weight than re-
quired by the mint standard another by Incorporating
more alloy than Is usual third VIZ authorizing large
" remedy to be taken, (which remedy is nothing
than allowance for dross in coinng and not requir
ing the mint to make coin as perfect possible. Lord
Liverpool says:
The right prerogative of segniorage probably of
Gothic institution for the ancient Governments of Europe
prior the invasion Of the Gohs do appear have de-
rived any profit m the making of their coins Some of them
took indeed sufficient defay the charge of fabrication but
LIE Blanc says % the Roman Government did not take any
allowance for it. and that it betrayed out of the public
After the invasion of the Gohs the profits Of segn
forage began tbe taken by the soyeregns of every State in
Europe"
Mr. exSecretary Ingham, in his elaborate and learned
report ON coins and coinage in 1880, says:
Seigniorags paid in the first instance by the holder Of
the bullion, who receives remuneration not in the same
weight of coined metal but in the measured legal value OF
ss quantity which is made by law tender for much it
valued when delivered the mint The coinage, there
FORE costs the holder nothing except what he pays
berof the community where property affected by the depre
citation of the standard measure"
This species of seniorage may be illustrated thus
person takes 25S grains of gold to the mnhat is the
number of grains of gold in United States eagle S10
Suppose this eignorage per cent? to be taken out
of the weight he would receive back only SO but by
law this SO 90 is pass for l0 and the depostorloses
nothing, though society may. This is the species Of
segnorage almost always advised where there is to be
any at ALL But the segnorage advocated in the Senate
bill would operate another way. The person taking the
25s grains of gold the mint worth $10 would have to
give To- that is to say he would have to carry to the
mint his 25s grains of gold and 10 cents worth more Of
gold in addition.
1t is scarcely necessary say that since the existence
of Government there has been levied gold
silver any species of segniorage The mnt have been
free from their establishment that the OF
preparing f4thc coinage have been paid by tn deposit
tor. Congress followed out Mr.. Alexander Ham
toms idea experiment" Some such expe
rment was urged upon Congress in 1882 but without
success.
1t is pretended now it is believed that there is any
segnorage on gold in England that there has been
since the days Of Charles IL The mint price for gold
is G3 It's. 10ld per there, and has been without
change for many years The Bank of England is compel
led by law to buy standard bullion e3 lis. 3D. to
exchange it for Bank of England notes. legal tender,
redeemabe in coin. Government keeps up the mint Of
England not the depostors To impose seignior-
age then upon the depostor in mint it'll contended
is give premium to the amount of the tax for the
port of gold away from the country where the tax is i'm
posed the country where no such tax exists where
coinage is free Ii is question we'll to be considered
whether importing into New York the Atlantic States
do now from California $50 000 600 bullion per annum,
we should that bullion per cent Ia half million or
per cent aquartef of million of dollars in seigniorage
when that bullion the ishmus at Chagres or Aspin-
WALL can 90 to London and be coined for nothing, about
as cheaply as to New York, where this half million
Quarter million awaits it. If such segniorage were
right in itself and proper another grave question would
follow Shall we thus turn from the golden stream Of
California into British mints British sovereigns, British
pockets? We are told however, this gold goes in
coins from New York, and ii may as well go in bullion
from Aspnwal. The reply to this might be sufficient
better answer is that where bullion goes trade
win follow as the shadow follows the that the
try which onopozcs the bullion Of the world the repre-
sentative of commerce. monopolzes also the Of
the world All nations so highly value the privilege Of
coming money that il is every where made the especial
preroeaye Of sovereignty II is the universal impress
sion that as nation insinuates forces its con the
preventative Of its trade, commerce. and manufactures
over the EARTH II nsnuates forces with 1t the reality
itself Where bullion is coined much Of il will remain.
When il has the stamp Of nations endorsement Of its
fneness weight and value, il has value 10th
to part with One Of the last things business nation
should part WITH and Of the first it should cherish Is
coinage above ALL the coinage, much possible Of its
own bullion.
IL is urged again. however, that as the mints Of the
continent Europe have segniorage should What
that segnoage is OF the continental ints and to what
extent IL is carried have just Of know
ing and respecting the fact there is great dispute
seigncrage which diminishes the weight of coin, but
makes it legal tender II of full weight such be-
eyed to exist in of their ints ia such tax such
duty such mpost is levied by the Senate bill upon
the depositor Of bullion and ustes such tax duty
or impost. Before presume to act upon such Euro
pean precedent we should ascertain officially, either
through Consuls Minister'S, send person
out 70 ascertain by examination and evidence what the
facts really The history Of Continental coinage Is
believed to be quite nbstruse not easily got at and not
easily coprehended bat by collation. Of all the facts Of
neness standard value alloy, weight &C. The books in
our libraries give reliable information and much Of
what we have is antquated contradictory. Il would
be to us OF great value TO know what scientific learned
and practical men, acquainted with bullion and coinage
think of the present state Of gold and silver production
and contemplate doing under it. IL any thing IS contem-
plated at ALL We should feel easier indeed IL from them
could have authority that changes were contem-
plated in the standard Of value in France Belgium, or
Holland, or Hamburrh Rumors creating much anxiety