Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-05-15
! COMMUNICATIONS.
THE NEW SILVER COINAGE.


Messrs. EDIroRss have carefully examined the
bill reported to the Senate by the Committee on
Finance, providing for the issue Of new silver
coinage, and the very able and interesting report
which accompanied it from Mr.. HUNTER, the chair
man Of that committee, exhibiting very full and
complete knowledge Of the subject, and HHecting
great credit upon its distinguished author for the
ability and research displayed in its details
In SO important question as change in the
National currency, there are, as might naturally be
expected, different opinions to the proper remedy,
when such change becomes q matter Of necessity,
as is the case at present Large and various in
terests in such country as the United Stat@ must
necessarily be affected by a change Of this kind,
and great care should therefore be taken that When
such necessity becomes obviously unavoidable should
be made In the most udicous manner affect
little possible the existing pecunary relations f the
community and avoid if possible violating the OBLIGATIONS
of contracts. 80 y, go $500. Il III n 800
The object of the remarks which it is now INTENDED to
submit to the consideration of your readers u.s. show
that this win be the result Of the bill submitted ~ Mr.
HUNTER and which has passed the Senate, and tat in
fact II Is the only just and proper remedy for the esng
state Of things as connected with the metallic cuncy Of
the country. rg ,, ss -.gs.e, .a,+,7 Il sW
increased value which has taken place in silver buon
as compared with gold BY some it is attributed TO
special and unusual European demand for silver Arising
from various causes and by others to an actual dspre-
citation in the value Of gold in consequences Of h' in
creased supply within the last few years from the Russian
mines and the very great additional quantity mop re-
Gently furnished by California. Probably both causes
have contributed to- the result yand at any rte gold
not already deprecated in value to greater o. less
extent but little reasonable doubt exist that such
viii be the in future years, should as in all oba-
biity will be the fact, the heavy supply continu and
even increase, from California, and especially so
under the most recent advices from Australia alto the
immense and prolific yield Of the metal in that REGION
It Of course is and must be admitted fact lat two
currencies Of unequal value will nevercrcuate ether
as the more valuable one win always disappear hnd the
other exclusively occupy its place When silver coin
bears premium of from two to four per cent? ~ il
does upon its relative value with gold established by
law the fermer becomes article of merchandise and
of course ceases to circulate st its legal par value
Since the existence Of the present Constitution W laws
have recognised both silver and gold legal eders in
payment of debts but the option as to which lha be
rendered of course rests with the debtor and not h the
creditor If person. therefore, owing debtIof one
thousand dollars has that amount in silver for which he
obtain premium of three per cent in exchange for
gold coin it is very evident that instead Of paying the
debt with his silver he will sell it for and
thirty dollars and make his payment with housand
dollars of the gold thus received and s re3n in his
pocket the thirty dollars he received for the Femium
Gold therefore, under its present deprecated alue
the enhanced price of silver whichever may consider
ed the Of the relative existing difference
the two metals has practically become the 4y legal
change made in the law for under the p1ssnt in
creased and very heavy supply of that metal here
be little expectation that silver win ever agn circu
late with it at Its relative value as now established
by law.
Under this state of things silver currency has
turaly disappeared not only from circulation bur
very great extent has left the country The state
foreign commerce. under the operation of the tariff Of
1885, leaves aheayy balance against us beyondhe amount
which liqudate by shipments of produce and the
transfer Of Federal State, and Corporation tocks
and the deficiency only be met by drain upbn our
stock Of specie The most valuable Of the two spges Of
metallic currencys Of course first sought after Audience
silver would be exclusively sent whilst II could h
cured at its legal par value in gold and now when
it bears considerable premium, it is still shipped in
preference to gold coin at par. a 81
In this state Of things the question naturally arises
shall both metals be continued as heretofore as legal
tenders shall Of them be discontinued as tuch,
and which, A gst
There is inconsistency in those who argue IN favor
Of continuing the double standard and yet oppose as
some Of them do any change in the relative legal value
Of the two metals If the double standard Is to be con-
tinued il can only be practically accomplished by either
diminishing the weight 6neness of the silver CON- or
by increasing those OF the geld ones As already stated
the two cannot and win not circulate together whilst one
bears premium and hence the absolute necessity Of
change in the value Of the one or the other -
Some of those who argue in favor of continuing the
double standard, do 80 on the ground that we should
submit to the present inconvenience arising from the
almost total absence Of silver change for the small daily
wants Of e in the hope that II viii return to its former
value and the silver coin again reappcar in circulation
Under what may be considered as absolute GER
tanty Of continued and increased heavy supplies Of gold
from Russia, California and Australia this expectation
appears to be hopeless hardly be worthy Of serious
consideration to say nothing Of the fact that the great
bulk Of our silver coin has already gone into European
crucbles and has no actual existence Is American coin
under which II could reappear.
There are some highly intelligent and well-informed
persons who have given the subject much attention who
advocate the adoption Of the silver coinage at its present
weight and fneness the only legal tender, and who
contend that to adopt the principle Of Mr. Husryns bin
Of making gold the only legal tender ut its present and
prospective deprecated value would be not only unjust
and injudicous, but also violation Of contracts The
former pan think be shown to be both inudcous
and mpraccable, and would really be gross violation
Of contracts which would be the case under the pro-
visions Of Mr. HUsrrns bi which preserves the faith Of
contracts intact and gives Of complaint a