The republic., 1852-01-07


WILL BE PUBLISHED EVERY THURSDAY.
| policy of this system was, to secure the gold and
silver coinage OF Great Britain against the uctua-
lions arising from the relative value of gold and
silver bullion there. In Great Britain l42,o
Of silver coin ia equal in payment to 10 9oS ounces
| in tho United Saes aud l5 499 in France. II is
very clear, then, that there is no nduccment to
port silver coin to either country from Great
| Britain.
| Though the British government manufactures
one hundred shilings in coin from bullion intrn-
| sicaly worth only ninety shllDgs, 1t does not
| permit individuals to bring ninety shillings in bui
| lion to the mint and receive in exchange one hun
| drsd shlines in coin; but on the contrary, the
community 10 obliged to pay the par value for all
| the silver coin il requires. II must give Eh
! in pure gold or silver for one hundred sthllings
| in coin. Coinage being monopoly by the GO
| vernment, the latter impose such terms
it deems necessary and advisable and the public.
within certain Limits, will pay the government its
| own price for the benefit of the mint stamp
! In fixing therefore the proper relative value
which should be established between our gold and
silver coins, it should not be done with regard to
the value Of coins in reference to foreign coin,
but to their intrinsic value, bulion in foreign
countries.
The relative value of our gold and silver coins is
as already stated, as | TO 10 9Ss; and the bullion
value Of silver coin in England is 1911 being
| a difference of 272-thousandths, nearly two per
cent. II follows, then, matter oi course, that
| on all occasions where the of foreign
coin will be first sought after for thai even
at a premium; and, consequently, vii! disappear
from circulation, as it has already done to very
| great extent.
! There seems to be but one immediate and direct
remedy for this evil, and that is the which has
already been adopted in Great Britain, OF changing
| the relative value between gold and silver coin by
reducing the intrinsic value Of the latter. The opin
ion OF the officers Of the mint lin which judicious
| persons, whose opinions entitled to great
weight, concur) is, that this change could be adj
|
three hundred and eighty four grains nd the small
er coins in proportion; that eight hundred ounces
| o.! such coin should be worth by tale exactly
| s 600. The director Of the mint, in communi-
cation on the subject says: If such scale Of
weights adopted the relation of silver in such
pieces to gold would be as II So4 to Il and if the
| present true relation bullion value is about
! l5G15 TO l, the new proposed silver coin would be
over-vaued by law about five per cent very small
advance, and far less than in British silver, or in
| the worn Spanish coin which now monOpolizes our
| circulation
In the adjustment of this subject, il will be neces.
sary to consider the dcprt citation in the value of
gold which may have taken place already, shall
| hereafter occur, in consequence Of the immense
| additional supplies which have been, and will no
doubt continue to be, thrown into circulation from
California, Australia, and other countries. This
consideration might justify much greater prcsent
vervaluation OF sver coin, as the future depre-
citation of gold will probably coon overcome the
limit of the present proposed advance.
II this plan is adopted by Congress, il of course
will involve the necessity of making silver coin
| legal tender only for debts Of small amount say
not exceeding ten dollars, which is about the same
! limit (orty shihgs) which has been established
| in Great Britain.
The subject of change in the coinage OF the
country is one OF very great Importance, and in
wolves consequences which require the most serious
consideration and deliberate action That the pre-
sent relative value of gold and silver coin
qures some change there can be little doubt and
| l have therefore deemed it my duty to bring the
| subject to the notice OF Congress.
The great increase in the amount Of bullion
which now comes to the United States for coinage,
| compared with former tines seems to require the
establishment OF branches to the mint at those points
where the largest amount of bullion and foreign
coin received. Any transportation Of those
ticles beyond the places where they are produced,
or received from abroad is attended with delay.
! risk. aud expense, which should be avoided, if pos
shle, without too great expense to the Government.
The State of California ia now producing gold
dust certlinly equal in amount to seventy five mil
lions OF dollars and probably equal 10 one hundred
millions of dollars a year. The information in
possession OF this Department warrants the opinion
| that this product will not be diminished in amount
| for many years to come.
| The distance from San Francisco by way Of the
Isthmus of Panama and New York. to the mint at
| Philadelphia. is about g. $50 mies The precious
metals there found have, therefore, to be transport
| ed that distance and back at great risk aud
pcnsc, before the owner receive its equivalent
in the legal coin OF the United States Such n bur
densomc tax upon the interests of California should
be removed by the establishment of a branch mint
at the most eligible point in that State.
all the tatons oil specie and bullion
concenu ate at eport of New York; two thirds ofa
the customs duties collected in the country are there
paid in specie Sound policy demands that at that
great commercial and financial centre branch
mint should be established, which should be the
custodian OF the large amount of public moneys
there collected, and which will enable foreign coin
and bullion to be converted most speedily into
own currency, without the risk delay, and
pense OF transportation 10 any other point.
Ii is believed that the establishment Of such
Institution at that point would not charge much sd
diuonaI annual expense upon the Treasury The
Treasurer thereof would supersede the office OF As
sistant Treasurer. The branch mnts at Dahlone-
ga, Georgia, and Charlotte, North Carolina, may
be converted into assay Offices, whereby several
superhuous officers might be dispensed with. The
deposits of bullion at those establishments have
been regularly declining, without any decrease in
the annual expenses. The transportation from
thence OF bars and ngois, the values of which would
be attested by Government yers, would be oasi-
ly effected at little rick expense
For these and other reasons, heretofore expressed
by my predecessors, earnestly recommend the
immediate establishment of branch mints at New
York and San Francsco, and the discontnuance
of those in North Carolina and Georgia as mints
Tor coinage, retaining them assay oices, under
such regulations as TO the number Of Offices &c,
as Congress may deem proper
The expenses OF the mint and branches have Of
course greatly increased since the accession Of
California. and will be still further augmented in
case Congress should determine TO establish tho
two additional branches at San Francisco and New
York. ! would therefore suggest for the consid-
small segnorage the bullion deposited by
porations individuals for the purpose OF covering
the actual expenses Of coinage. instead Of allowing
the latter to remain as an exclusive charge upon
the Treasury. This, il is believed, il the univer-
sal usage at all other national mints, and tho
charge would be but n mere fractional per centags,
amounting only to very few cents per ounce.
The Department ia now required by law 10 sub
NIT annually to Congress the mint assays OF
tain foreign cons; and il is recommended that this
requirement be extended so as to embrace annual
assays OF the coins Of those foreign countrcs with
which the United States have any considerable
commercial intercourse, and that appropriation
not exceeding thousand dollars be made to
deiray the annual expense of procuring such for
eign coin as can only be obtained from abroad.
Invoices OF merchandise imported from foreign
countries, and subject TO ad valorem duties,
quired by our existing revenue laws to I've made
out in the currency of the country whence the
shipment is made, and the value which such cur
rcncy shall have in computations at our custom
houses has from time to time, in respect TO several
foreign countries, been prescribed by specific laws
The prcsid.nt If the ITnite1 Stafce ia authorised