Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-05-22

age Under present circumstances there NO call for it
/ except for exportaton and the moment the holders
part with for premium it will Immediately leave the
country for, Of course, one win pay premium in
order to circulate it at par and the banks
liberal as to pay it out at par twoud at be bought
by brokers to, supply the foreign demand Under the
operation of the bill the holders will be able
realize the full premium fer the purpose Of being used in
the new coinage. OBSERVER
| THE NEW SILVER COINAGE.-No Nv. (AND LAsr.r
One writer, who favors the plan Of increasing the
weight OF the gold coin to the extent Of the present
premium on silver states that the expense which
would thus be incurred by the Treasury in reconing
all the outstanding gold coin would in few years
be reimbursed by the charge of half of one per cent
as segniorage authorized by the new bilh He seems
to forget that this charge is intended to cover and it
estimated will not be than sufficient cover the
expenses of coinage which it is just and proper
should be paid by the depositors Of bullion thencreased
value of which in coin is much greater than the proposed
charge amounting to only eight cents per for god
and is universal in all European minis. If the estimate
of hundred millions of dollars is correct for the pre-
sent existing amount Of American gold coin, and this was
to be reconed with increased weight Of only three per
cent, it would involve expense of three millions Of
dollars to which would require the gross receipts
Of the proposed segnorage for ten twelve years.
estimate Of fifty to sixty millions annual coinage the
charge Of half per cent would only be two hundred and
fifty to three hundred thousand dollars. This would
leave nothing toward the expenses of the Mint the whole
of which, for the benefit Of individuals would be thrown
upon the Treasury Besides the intention, we under
stand is modify the bill retain this charge only
coi and to reduce itupon ngos not to exceed
the actual expense attending the production Of the latter
Under this notification the great bulk of the future
cepts of gold bullion will be converted into ngots and
the issue of coin be limited to the demand for actual c
culation, which is already nearly or quite supplied
1t would be matter of comparative small Importance
if the loss to the Treasury which the needfu
increase to the weight Of the present outstanding god
coinage place upon footing with silver would afford
permanent and lasting remedy but the present discus
sion is based upon the assumption that gold is destined
continued steady depreciation if the present increased
and heavy supplies continue to be thrown into circua
ton and good be assigned why this future
and heavy decline in the value of it should be sustained
by National Treasury far the currency and coin
age of the United States concerned 1t certainly will
not be by any other nation whose coinage will Of
be equally affected by the change in the value of gold
1t has been proposed among the plans for providing
substitute for the silver coinage which has nearly dsap-
peared from circulation that copper coinage should be
ssueds with due proportion of gold, represent the
value Of the present silver coins for the fractional parts
dollar One moments reflection is sufficient to show
that such plan would be highly unadyisabe the
try would be Immediately flooded with counterfeits the
quantity Of gold in them would make visible appear
to distinguish such coin from those manufactured
of pure copper Even if reduced below the size of the
present silver coins it would still afford adequate pro-
lection against spurious limitations and the dime and half
dime could be reduced and would present only
the appearance Of pure copper.
Some foreign writer dating from the interior of Germa
NY has, his proper signature in the public press of
New York. been nstructing the people of the United
States the proper to be pursued in the pre-
sent emergency and recommends the adoption of silver
the sole standard and that gold coin should pass only at
its market value including in his plan the reputation
by the United States except at reduced value of their
gold coinage issued the faith of the nation This
point has already been fully discussed in preceding
number and viii only further refer to the plan of this
writer by observing that he proposes that gold depre
cates, which he it win continue to do to great
extent the Treasury Department shall be empowered to
fix from time to time the rate at which the gold coin shall
circulate and received only in private transactions
but also in all dues to the Government
At present he suggests the value Of the gold eagle should
be fixed at 60 10 and it deprecates still fur
Their so as to cause foreign demand for silver the Secre
tary the Treasury should give further notice that its
value is reduced to $3.50, $3.50, which would be
sufficient probably for year two; and continue to
reduce the value Of gold may decline, until in fifteen
twenty years. the gold eagle, he thinks, would pro-
badly be current at only SO. II is necessary to
any argument in refutation of this truly notable scheme
the mere statement of II Is sufficient to expose its per
ectnapplcabilty the United States however it might
be considereda fit subject for discussion in Germany.
Too much importance is probably attached to the effect
upon the pecunary relations Of the community by any
considerable decline in the standard of value for though
the interests affected by it would actually be large yet
they would bear but small proportion to other great in
terests which would not be affected by such decline
Those who would be seriously affected would be per-
living fixed incomes from annuites stocks ground
rents leases SC. Railroad, canal and manufacturing
stocks would be exception for their tolls and profits
would Of be increased the value Of money de-
clned Salaries whether from public private
also be necessarily advanced to extent equal to
duration and great injury would be suffered by those
whose incomes depended that source OF revenue as
the needful advance would be made the renewal and
great difference could in the value Of money for
the few years which any leases in this country might have
to The real sufferers then by any considerable de-
cline in the value Of the currency would be principally
confined holders Of Federal State and Corporation
cures hank and insurance stocks annuitants and per-
petua ground rents and these woHld be so con-
SANITY changing hands, and the decline to any great
spread many years that great inconve