Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-07-31
SPEECH OF Mr.. BROOKS,
HOUSE, OF REPRESENTATIVES,, JUNE Is,
OF NEW YORK,
ON SEIGNIORA GE.

| HOUSE, OF REPRESENTATIVES, JUNE Is, 1852
The following amendment, submitted by the Commtte,
on Ways and Means to the California Mint BILL being un
| der consideration
And De further enacted That there shall be charged
egnorage the coinage Of gold in the mint of the United
States and each of its branches at to be
abshed time by the Secretary of the Treasury
exceed in his Judgment the actual expense of the
coinage said mint branch mint respectively; Propde
The shall not be more than per the
\ amount coined"
Mr. BROOKS said: am sorry to have been the means
of delaying the business of the House for few minutes
and before proceed to discussion Of this bill wish
to say to the gentleman from California (Mr MARSHALL
in good faith that do not rise oppose his California
mint bill, or to propose any amendment to IL but rise
discuss single question: not brought us from the
Senate but introduced into this bill by majority of the
Committee Ways and Means. ask the attention of
the House to- single subject because think it is
subject of great Importance; and, although have not
the vanity to presume that instruct the House upon
any subject whatsoever yet condenser of facts and
a reflector of what l have read, may say something
which will be of service to gentlemen who have not the
time to give important matter the proper consider
alton.
The first proposition before this House is for the estab
shment of mint in California The second proposition
is amendment from the Committee Ways and Means
establishing sgnorage upon the coinage of the country
Perhaps important subject come before
this House for discussion. Sure am that know Of no
subject important which before this House. save
the public lands this of segierage 1t involves dis
cusson of the whole matter of currency coinage bullion
and of gold and silver production and whatever affects
the currency of country whatever touches its gold and
silver, has direct and powerful influence upon all the
commerce. manufactures and agriculture the country
No wise legislator proposed to touch the coinage
currency of his country but upon full deliberate and
keen examination either by himself in his study or after
long debate before public body.
This word "seigniorage, Mr.. Speaker, is a word al
most unknown in country, and it strikes the Ameri
novelty is not of English BIRTH but
il from the French and is relic of the reign
of feudalty The d,oi du segner is well known in feu-
dial law, in the history of the Middle Ages but it never
before appeared in these United States and before
attempted the transportation.
This right of seignorage imposed by the old feual
barons sovereigns in Europe, called segneurs upon
the coinage of their realms in two ways sometimes by
adulteraon of the CON- and sometimes by charging upon
the depotor certain per cent of the gold and silver he
compelled to deposite to be coined. This relic
feuday exploded however long ago. and is unknown
now and has been unknown since the reign of Charles
H. in the maternal or paternal Government whence
oome-Great Britain This segniorage, this relic of
feuday, it is proposed now for the rse time to intro
duce to the American people, why and wherefore have
been unable to comprehend Englishmen have exploded
it. repeat, since the days of Charles H. when all feu-
dality exploded with it. Since his reign this right
of segniorage has existed in fatherand and no
body dreams of reestabshng it there this day. 1t
does not exist any where at this moment the extent
proposed in any commercial and civilized country
whatsoever and, where known ut ALL it is best known
dominions Of the ''Grand Seignor" But the question
before is shall it be established here? When say
is the reversal of the whole policy of this country but
recte fact known to every body The great and wise
effort of all parties in this country has BEEN much as
possible to lure the precious metals here in order
check the making and circulation of paper money, and
thereby to establish sound and solid basis of circulation
with gold and silver Ii the policy Of the gold
bill in 1884 to keep the gold in the country by overvau
ing it in comparison with silver nearly three per cent
This the policy of the great party which then had
the Government of the country and this has been the
Wing policy, and is the policy of all right thinking and
broadspread foundation possible for the superstruc
ture Of paper money.
Now the tenth section of the bill before the House re-
all the old policy of all parties in this country
and of the gold bin in 1894; for it charges upon the
gold productions of the country seigniorage the
mns Of the of its coinage not exceeding per
centum the discretion Of the Secretary of the Trea
sury Another bill, before the House, which has
down from the Senate without word Of dis
cussion there proposes seignorage of half of
per cent upon all gold silver deposited in the mints,
whether coined cast into bars ingots. This bill
will soon be before for action and the principles in
voved in both of the hills no~ deserve o~i grave and
consideration.
Before l 90 further, Mr.. Speaker as this is point
upon which there is dispute wish to establish the
fact that in Great Britain seigniorage whatever is
levied upon coin. There is controversy this i'm
portant point, misunderstanding and it is
cessary at the start to ascertain whether shall
take step which holds out to dealers in gold and silver
premium for the expectation of gold and silver from this
country Great Britain Innumerable authorities might
be cited show that there is segniorage gold at
the British mint but to the House from the recital
Of them propose only to call attention to the last of
the British Parliament this subject the fourth clause
Of the 4th and 9Th Victoria chap 30, which thus
lind be enacted That from after the 3Ist day Of
August 1884, all persons sha be entitled demand from
issue Of the department of the Bank of England Bank
England notes in exchange for gold bullion at the
three pounds seventeen shng and nine of
standard gold Prordd ody That the said Governor and
Company shall in all be entitled require such gold
bullion be melted and assayed by approved by the
said Governor and Company at the expense Of the parties
rendering such gold bullion"
Now, by this the Bank Of England is compelled to
pay CO U.s. 81 per for standard gold, about its
full value and any holder Of bullion go TO the
Bank and demand its value in bank soveregns
for all the bullion he has Hence am authorized with
out citing any other authority than this act to say that
under the laws Of England there is in exchanging
bullion for coin there trust that this act will be held
conclusive if not, prepared 20 beyond the law,
and TO cite such authorities McCulloch and Henry
James-tEsdy on Money, Exchange, and Political Eco
aomy.)
The idea that the British Government imposes seig-
niorage arises, suppose, from such clause as that
which closes the extract from the act 18th and 9th Vic
oria which have quoted above. The Bank of England
requires receiving its bullion in exchange for notes
that be prepared for the mint by the depostors their
expense The act Of Congress (S37) requires of our
depositors at minis like preparation at the expense
OF the deposito and the cost of the preparation is de-
Quoted from the amount deposited We stand in the
United States and in England upon the same ground.
The minis Of both countries require the dust or bull
lion to be prepared for coinage at the depositor's
Pv"so Du the IN nov before for scignor-
age, clothes the Secretary Of the Treasury with the
power to add on to that expense another tax Of one per
cent. -
n