Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-01-10

gress why the present org nzaon of this great work
should be and control remain at present.
IN the treasury Depart nent met general acquies
cence the part or Congress- and, may say, of the
whole country that refer merely to express my
shaken confidence in the value of that organization the
fruits OF which the whole country is now SO abundanty
reapng.
The Superintendent of the Coast Survey has under the
third seoon OF the lighthouse act caused examination
for sites for lighthouses TO be made by the officers of the
survey and has reported by law directed, the
oessy for construction all where the Fifth Audi
tor had been doubtful This duty has been promptly and
acoepaby discharged and constitutes new claim on the
part OF tue Coast Survey to consideration.
Mint
The operations of the mint during the past year have
been conducted with efficiency and with highly satsfac
tory results Under the present system the depostors
promptly receive the value of their bullion so soon as it
assayed and though the deposites are made IN large
masses ut short intervals the arrival of the California
steamers yet the assays made and the payments
menced usually within fortyegh hours and the whole
generally completed within average of five days
after these heavy amounts of bullionequenty by
and three hundred different depositors-are received
the mint and the whole duty is performed without any
charge to the depositors, except fractional per
centage for the actual cost of separating the bullion 1t
is believed that equal facilities not presented ind
vduas by the minis Of any other nation given
by the mint of the United States
The realization Of the value of these large quantities of
bullion by the Of without loss within few days
after it arrives in the United States is accomplished by
Of the heavy bullion fund which at present be
the Treasury may however not always be convenient
to keep large amount reserved for this purpose from
the public funds and event otherwise the
Of this fund applied to the purchase and exngushment
of so much of the national debt would nearly 900
annually in interest paid by the Treasury 1t is be-
hered this saving could be effected and all the advantages
at present enjoyed by the dpostors Of gold other bull
hon still retained it, instead paying the mint certificates
cash, as is done, Congress would make them
cevable for all dues to the Government under suitable
restrictions as to the time and place of their receipt
cates, they the evidences of much bullion al
ready in the actual Of the Government and for
which the coin itself would be forthcoming generally in
few days. and always in few weeks
In connexion with the subject Of the mint deem my
duty to call the attention of Congress to the present
dard value of gold and silver established by the exist
ing laws.
The relation of gold silver in the legal coinage of the
United States is to 15 9SS; in Great Britain as
l4.2SS and in France as to l5.499 Thus it will be
that in pure gold WILL in the United States,
be equal to that produced from the coinage of 1898
ounces of pure silver; in Great Britain it will be equal
that derived from only 1428S pure silver and in
France to 10 499 So soon therefore the state
of our foreign commerce. is the case requires
expectation of specie it is obvious that silver coin
must be exported whilst it be procured till the de-
mand for expectation is supplied.
From the operation of this law of arises the
present scarcity of silver currency At this time
though silver coin commands premium in exchange
for god it is Notwithstanding still found advantage
for shipment abroad than gold In consequence of
the premium on silver though the relative legal value be-
tween it and the latter is to 1888, the real intrinsic
market value is only about to 1868. debtor them
who offers silver in payment must give it at the rate of
ounces in coin by which he loses 33thousandths
OF ounce for with 1858 he could purchase
one ounce of gold which latter would be legal tender
for the debt. 1t is to be borne in mind however,
that though the relative value of coin in Great Britain is
as to li2SS that is not the relative bullion value of the
two metals which is about to 1916 the silver coin of
that country being about per less in value than
silver bullion of the same weight that is to say the sill
yer coin OF that kingdom viii go ten per cent further in
paying debts than equal weight of pure silver bullion
Mt the standard value difference great in the value
OF the two species of coin has not of been the
result Of either mcaloulaon mistake butwas brought
about by design and with the views which is be-
ieved viii render it necessary for to adopt similar
plan in order to retain and maintain silver currency
The obvious policy of this system to the gold
and silver coinage Of Great Britain against the uctua
tons arising from the relative value of gold and silver
bullion there In Great Britain 2SS of silver
coin is equal in payment 1888 IN the United
States and 10 499 in France 1t very clear then that
there is no nducememt to export silver coin to either
country from Great Britain.
Though the British Government manufactures one hun
bred shings in coin from bullion ntrnscaly worth only
ninety shngs, it does not permit individuals to bring
ninety shings in bullion to the mint and receive in
change one hundred shillings in coin but the
tary the community is obliged TO pay the par value for
all the silver coin II requires 1t must give e5 in
gold silver for hundred shngs in coin Coinage
being monopoly by the Government the latter inn
such terms il deems necessary and advisable and
ment its own price for the benefit of the mint stamp.
In fixing. therefore, the proper relative value which
should be established between gold and silver coins
IT should not be done with regard to the value of
coins in reference TO foreign CON- but their intrinsic
value as bullion in foreign countries
The relative value of gold and silver coins is as
already stated to 1888 and the bullion value of
our silver coin in England is 1910 being difference of
272thousandths, nearly per II follows then
as matter Of course that all occasions where the
course of foreign trade requires heavy shipments
abroad silver coin win be first sought after for that
purpose even at premium and, consequently, will dis
appear from circulation it has already done to very
great extent.
There be but one immediate and direct remedy
for this evil and that is the which has already been
adopted in Great Britain of changing the relative value
between gold and silver coin, by reducing the intrinsic
value of the latter The opinion of the officers of the
mint I'm which udicious persons, whose opinions
titled to great weight concur is that this change could
be advanageousy made, by making dollar weigh three
hundred and eightyour grains and the smaller coins in
proportion; that eight hundred Of such coin
should be worth BY tale exactly 81 000 The director of
the mint in communication the subject says: II 1
such scale Of weights adopted the relation Of silver
N such pieces to gold would be 1884 to and IL
he present true relation bullion value is about 1855
one the proposed silver coin would be overvaued
1y law about five per cent, very small advance and far
ess than in British silver in the Spanish coin
which now monopolizes circulation" II
In the adjustment Of this subject il will be necessary
consider the depreciation in the value Of gold which may
taken place already shall hereafter occur in con-
sequence of the immense additional supplies which have
,cen and will doubt continue 10 be- thrown into crcu-
alton from California, Australia other countries
This consideration might justify much greater present
,vervaluaon of silver CON- the future depreciation Of
rold will probably limit