The republic., 1852-01-07
No. ia.


Consumption 90I ,532
Or s65 lbs per head.
In 1851 the imporatons 3il $50
the production $4,000 ''
Consumption 75l.75o
Or 69s lbs. per head.
(See table j.
Thus we perceive that the actual consumption of
iron which, under high duties and prices was
steadily augmenting in quantity is under the pre-
sent reduced rates, both in dutrs and prices gra-
dualy falling of. notwithstanding the increase Of
population and the great extension OF our farming
interests.
That this great interest is in most depressed
condition, the foregoing comparative production
being for the present year less than one half the
capacity Of the works, sufficiently attests. From
the evidence furnished to this Department it is
clear that the rolling mills, the charcoal furnaces
and forges. are utterly unable to produce iron at
the prices at which it is now imported. During
the last year many establishments were enabled 10
survive only by carrying the iron to the high
stages of manufacture, as the making of nails and
forged work. At the present time the prices
below the cost of production II the present policy
continues must witness in short time the
Total prostration of this industry which, de-
stroyed, will require many years to replace 1t upon
its present footing as to skill and experience; and
shall become dependent upon foreign countries for
the most important material in the arts OF peace
and the most Indispensable of the mun'ments Of
to show the sudden aud extraordinary fall in the
invoice values of certain articles which prior to the
tariff act of 1916, had been subject specific du-
ties, but which by that law were made subject to
duties ad valorcm II tmust be apparent, from thesc
tables, that great frauds practiaed by under
valuations daily which expedent prevent,
unless such articles set forth in these tables
are charged with specific instead of ad vaorem
duties.
COAST SURVEY.
The coast survey, under the superintendence of
Professor A. ID. Bache, has made excellent progress
during the past year. Its operations have been
continued in all the States of the Atlantic and Pa
chic coast The series OF nearly continuous trian-
gulation spoken OF in my report Of last year,
extends from the mouth OF the Kennebcck, in Maine,
to beyond Ocracokc inlet. in North Carolina. The
work has been assiduousy prosecute 1 in South
Carolina, Georgia, and Florida is nearly completed
in Alabama and Mississippi, and has made good
progress in Louisiana and Texas, and on the west
ern coast of California and Oregon. The report of
the superintendent will chow the details Of pro-
gress-wth il is a most valuable and extended list
of geographical positions determined by the pre-
liminary calculations of the work, and extending
over the whole coast which was under survey pre-
vious to July, 1850. The numerous hydrograpbic
sketches which also accompany that report, present
more than two-thrds of the work Of the season
which admits of being thus shown in form suited
TO immediate use by navigators and others inter
ested in it. A new edition Of the photographic
notices Of the western coast is also prepared for
publication. The activity and Judgment with
economy, recommend it, in the opinion Of this
Department, warmly TO the fostering care of Con-
gress.
The injunction CT Congress to employ as many
officers OF the army and navy on the work as prac
tcabe in addition 10 the civilians shas been Oily
kept in view, and at present sixty six navy officers
and twelve army officers attached to the survey.
The reasons given in my report in reply to ESQ
lutons OF the Senate in the early part Of the last
session Of Congress- why the present orgn nzation
of this great work should be maintained, and its
control remain, as at present in the Treasury De-
| partment, met so general an acquiescence on the
part of Congress, and, / may cay, of the whole
country that refer to II merely to express my
shaken confidence in the value OF that organiza-
tion the fruits of which the whole country is now
| SO abundanuy reaping.
| The Superintendent of the Coast Survey has, un-
der the third section OF the Lighthouse act caused
examination for sites for lighthouses 10 be made by
the officers OF the Survey, and has reported, by
Law directed, on the necessity for Construction in
all cases where the Fifth Auditor had been doubt
ful. This duty has been promptly and acceptaby
discharged, and constitutes claim on the
part OF the Coast Survey to consideration.
MINT.
The operations Of the mint during the past year
have been conducted with efficiency, and with
highly satisfactory results. Under the present
system the dcpositors promptly receive the value
OF their bullion it is assayed and though
the depostes made in large masses at short in
tcrvals, on the arrival Of the California steamers,
yet the assays are made and the payments com
inenced usually within forty eight hours, and the
whole generally completed within avera gre of
five or six days after these heavy amounts of bull
hon-frcquenuy by two and three hundred differ
cnt deposiors- received ut the mint ; and the
whole duty is performed without any charge to the
deposors. except mere fractional per centagc for
the actual cost of separating the bullion IL is be-
licved that equal facilities arc not presented 10 in
dividuals by the mints OF any other nation are
now given Ivy the mint Of the United States.
The realization Of the value of thesc large
quantities Of bullion by the owners Of it without
loss within few days after il arrives in the
United States, is accomplished by means of the
heavy bullion fund which Mt present be spared
without inconvenience from the oxccss Of means
In the Treasury. Ii may, however, not always be
convenient to keep 30 large amount reserved for
this purpose from the public funds and even If IL
were otherwise, the amount Of this fund applied TO
the purchase and cxtingushmcnt OF so much of the
national debt would nearly S4O0, 900 annually
in interest paid by the Treasury IL is believed
this saving could bc effected and all the advantages
at present enjoyed by the dopositors OF gold other
bullion stll retained il, instead Of paying tho mint
certificates in cash, as "a now done, Congress |
would make them receivable for all dues 90 the |
Government, under suitable restrictions as the
time and place Of their receipt. / can rea-
sonable objection 10 such OF these certificates,
they the evidences of much bullion
already in tho actual possession Of the Govern
mcut and for which the coin itself would be forth.
coming, generally in a few days, and always in "a
few weeks.
In conncxion with the subject Of the mint, !
deem il my duty Co call the attention OF Congress
to the present standard value of gold and silver,
established by existing laws.
The relation Of gold To silver in the legal coinage
Of tho United Statcs IL. to lJ.9SS; in Great |
Britain, ms ! TO IL 2Ss, and in France, as l to |
. f9g Thus il will be that ounce in pure
gold will, in the United States, be equal TO that \
produced from the coinage of 10 9SS ounces OF pure
silver; in Great Britain IL will be equal 10 that de
rived from only IL 2sS ounces pure silver; and in |
France, to l5.4 499 ounces. So soon, therefore, as
the state of foreign commerce, as is now the /
casc requires expectation of specie il is obvious
that our silver coin must be exported whilst il can
be procured. till the demand FOR expectation is
supplied.
From the operation Of this law OF commerce
arises the present scarcity OF our silver currency
Az ths time though our silver coin commands pre-
mium in exchange for gold, il s, Notwithstanding,
still found more advantageous for shipment abroad
than gold. In consequence OF the premium on ell
ver though the relative legal value between it and
the latter is to IS 9Ss the real intrinsic market
value is only about | to 1868. "A debtor, then,
who ofTers silver in payment must give il at the /
rate of l59Ss ounces in coin by which he loses 81
thousandths OF an ounce, for with 1855 he
could purchase one ounce of gold, which latter |
would be legal tender for the ssmc debt. II il to
be borne in mind, however, that though the rea- |
al. ..f ..t.,.. =. 81,