The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-01-07

abroad oar silver coin will be FIRST sought after for thai
purpose, eVenaa premium, and consequently will dis
appear from circulation, as II has already done 10 very
great extent
/ There seems TO be but immediate and direct
edy for this evil and that the one which has already
been adopted in Great Britain, OF changing the relative
value between gold and silver coin by reducing the IN
rnsc value ot the latter The opinion Of he officers OF
the mint (n which udicious PERSONS whose opinions
entitled 10 great weight, concur) s, that this change
could be advaniageously made, by making our dollar
weigh three hundred and elghy-iour grams, and the
smaller coins IN proportion that eight hundred
of such coin should be worth by tale exactly 81 900
The director OF the mint in a Communication on the
subject, says: III such scale OF weights adopted
the relation OF silver IN such pieces TO gold would be as
l4ssi 10 and II the present true relation bullion
value is about 675 l. the proposed silver coin
would be over-valued by law about five per cent Ia
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 necessary
TO consider the depreciation in value of gold which
may have taken place already shall hereafter occur
In consequence Of the immense additional supplies which
have been, and will, doubt, continue 10 be, thrown
into circulation from California, Australia, and other
countries. This consideration might Justify much
ure depreciation of gold will probably
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 ten
der only for debts OF small amount-say not exceeding
ten dollars, which is about the same limit fory shil.
lings) which has been established in Great Britain.
The subject OF change in the coinage OF the country is
one OF very great importance and involves consequences
which require the most serious consideration and de.
liberaie action hat the present relative value OF our
gold and silver coin requires some change there can be
little doubt and have therefore deemed it my duty TO
\ bring The subject 10 The notice OF Congress.
he great increase IN the amount OF bullion which
now comes 10 the United States for coinage compatet
with former mes TO require the establishment OF
branches to the mint at those points where the largest
am cunt OF bullion and foreign coin is received. Any
transportation OF those articles beyond the places where
they are Produced or received from abroad is attended
with delay risk and expense, which should be avoided,
II possible, without loo great expense 10 the govern
ment.
The State OF California; is producing gold dust
tainy equal in seventy five millions OF dollars
and probably equal hundred millions of dollars
year. The information IN possession OF this department
warrants the opinion that this product will not be dmn-
ished in amount for many years TO come.
i The distance from San Francisco by way of the
sthmus OF Panama and New York, TO the MAT at Pha.
dephia is about 625o miles. The precious metals there
found have therefore, TO be transported that distance
back at great risk and expense before the
ceve It's equivalent IN the legal coin OF The United States
Such burdensome tax upon the interests OF California
should be removed by the establishment OF branch mint
at the most eligible point in that State.
Nearly all the mporiatons OF specie and bullion
rate at the port OF New York; iwo-thirds of all the
toms duties collected in the country there paid spe
Gle Sound policy demands that that great commercial
and financial centre branch mint should be established,
which should he the custodian of the large amount OF
public moneys there collected, and which will enable for
eign coin and bullion TO be converted most speedily into
our own currency, without the risk, delay and expense
Il II Is believed that the establishment OF such nsu.
lion al that point would charge much additional
nual expense upon the treasury The treasurer thereof
would supersede the office OF assistant treasurer. The
branch mints al Dahonega, Georgia, and Charlotte
North Carolina, may be converted assay Offices
whereby several superuous officers might be dispensed
with. The deposites OF bullion al those establishments
have been regularly declining, without any decrease
the annual expenses The transportation from thence oil
bars and ngots the values OF which would be aested by
government assayers, would be easily effected at little
risk or expense.
For these and other reasons heretofore expressed by
my predecessors earnestly recommend the immediate
/ establishment OF branch mnts al New York and SaR
Francisco and the dsconnuance Of those in North Car
olna and Georgia as mints Tor coinage, retaining them
assay offices, under such regulations 10 the number oil
offices, &c, as Congress may deem proper.
The expenses oil the mint and branches have OF
greatly increased since the accession OF California, and
viii be still further augmented IN case Congress should
determine 10 establish the additional branches San
4 Francisco and New York. . would therefore suggest
for the consideration o Congress the propey of
zing small seguorage on the bullion deposited by cor.
poratons individuals for the purpose OF covering the
actual expenses OF coinage instead of allowing the latter
10 remain as exclusive charge upon the treasury.
This, it is believed, is the universal usage all other
tona mints, and the charge would be but frac-
onal per centage, amounting only 10 very few cents
per ounce
THIS department is now required by law 10 submit an
nuay Congress the mint assays ol certain foreign
COINS; and il recommended that this requirement be
extended 10 embrace annual of the coins OF
those foreign countries with which the United States
have any considerable commercial intercourse and that
an appropriation not exceeding one thousand dollars be
made deiay the annual expense OF procuring such for
| eign coin eau only be obained from abroad.
Invoices OF merchandise imported from foreign coun.
tries, subject valorem duties are required by
existing Ia be made in the currency
OF the country whence the shipment is made and he
value which such currency shall have in computations
our custom houses has from time 10 tlme 10 respect 10
several foreign countries been prescribed by specific
laws
The President OF the United States authorized BY the
sixty hTst section OF Tue OF 1899 establish fit aud
proper regulations Tor estimating duties imported mef
chandlse the original cost OF which shall be exhibited in
deprecated currency issued and circulated under the
thouy OF any foreign government In the execution Of
this power consus OF the United States required TO
certify invoices Of merchandise shipped from
tries o their residence aud made out in deprecated
rency or in currency the value oil which is not liked
by laws, the value Of such currency in Spanish
United States silver dollars, II is obvious however, so
far the foreign currency consists OF con that the
and reliable method oi ascertaning its value
compared with own is by actual assay at the
mint,
/ While the results Of such annual assays will place
within the power oil the President the best o per-
forming the duty OF establishing ht and proper regula
tons The subject they will also enable Congress
wise and correct from time to tlme by uuer legislation,
the values custom house receipts and computations o
the foreign coins already fixed and regulated by
laws II to be observed that the proceeds Of the coins
thus procured WILL alter assay be returned the treas
ufy and carried 10 the credit OF said appropriation for sub
sequent disbursement in like II wall therefore
be reduced only by the expense OF transmitting the coin
from abroad and the loss consequent upon heir assay
MISCELLANEOUS.
BY the "a section OF the OF 10th August 1916 the
tha rI I.la