Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1852-01-16

i1Iff
u mr. the intrinsic value of the latter The opin-
reI'of tho officers of the mint Tin which judicious
SONS whose opinions are entitled to great wclSnt,
PcurN IS that this change could be advantageously
.a,je by making our dollar weigh three hundred
'I o;qbty-four grains, and the smaller coins In pro-
",;on so that eight hundred ounces of such com
PIud be worth by tale exactly $1,000. The direct
o. # the mint in a communication on the SUBJECT
.avs. = If such a scale of weights were adopted
The relation of silver in such pieces to gold would be
- II 8S4 to and if the present true relation OF
bnlion value is about 1868 to l. the new proposed
Y;Iyer coin would be over-valued by law about hve
nor cent very small advance, and far less than IN
British silver in the Spanish coin whlca now
monGpolize circulation
In the adjustment of this subject, it Will be neces
sarv to consider the depreciation in the value OF golu
which may have taken place already or shall mere
after occur, in consequence of the immense aduluo
al supplies which have been, and Will no doubt con-
Time to be thrown into circulation from California:
Australia and other countries. This consideration
might Justify much greater present rvaiuatlon
Of silver coin the future depreciation of gold Will
robably soon overcome the limit of the present pro-
posed advance.
If this plan is adopted by Congress it of course
will involve the necessity Of making silver coin legal
tender only for debts of small amount, lay not OK
ceedng ten dollars, which is about the same limit
forty shlings) which has been established IN Great
Britain.
The subject of a change in the coinage of the
country is one very great Importance, and involves
consequences which require the most serious consul
Grafton and deliberate action That the present re-
lative value of gold and silver coin requires some
change there can be little doubt; and have there
FORE deemed 1t my duty 10 DflhS the ouJe0' ~ '"e
notice of Congress. 90,
The great increase in the amount of bullion which
now come to the United States for coinage. compar-
ed with former times, to require the establish
ment of branches to the mint at those points where
the largest amounts of bullion and foreign com are
received. Any transportation of those articles be-
yond the places where they are produced or recev-
ed from abroad is attended with delay. risk and ex
pense which should be avoided if possible, without
too great expense to the government
The State of California is now producing gold dust
certainly equal in amount to seyentyhve millions OF
dollars and probably equal to one hundred millions
of dollars year. The information in possession OF
this Department warrants the opinion that this pro-
duct 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 6 $50 miles The precious
metals there found have. therefore, to be transport
ed that distance and back at great risk and expense
before the owner receive its equivalent in the le
gal coin of the United States Such burden>ome
tax upon the interests of California should be re-
moved by the establishment of branch mint at the
most eli gible point in that State.
Nearly all the importaons of specie and bullion
concentrate at the port of New York two-thirds OF
all the customs duties collected in the country are
there
that great commercial and financial centre a branch
mint should be established, which shO2ld be the
todian of the large amount of public moneys there
collected. and which will enable foreign coin and
bullion to he converted most speedily into own
currency. without the risk delay, and expense of
transportation to any other point.
1t is believed that the establishment of such an in
stitutiOn at that point would not charge much addi
tonal annual expense upon the Treasury. The
Treasurer thereof would supersede the office of AS
sistant Treasurer. The branch minis at Dahlonega.
Georgia. and Charlotte, North Carolina. may be con-
verified into assay Offices whereby several superhuous
officers might be dispensed with. The deposits of
declining, without any decrease in the annual ex-
penses. The transportation from thence of bars and
ingots the values of which would be attested by
Government assayers, would be easily effected at
little risk expense.
For these and other reasons, heretofore expressed
by my predecessors | earnestly recommend the i'm
mediate establishment of branch minis at New York
and San Francisco and the dscOntnuance of those in
North Carolina and Georgia minis for coinage. re-
tanning them assay Offices under such regulations
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 Cali
fOrnia and will be still further augmented in case
Congress should determine to establish the two ad
ditiOnal branches at San Francisco and New York
would therefore suggest for the consideration o.
Congress- the propriety of authorizing small seig
morage the bullion deposited by corporations OF
individuals, for the purpose of covering the actua
expenses of coinage, instead of allowing the latter tt
remain exclusive charge upon the Treasury
This it is believed is the universal usage at all Other
national mnts. and the charge would be but one
mere fractional per centage. amounting only to a
ry few cents per ounce.
The Washington National Inteligencer Speaking O