Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-03-13


greatest convenience by convenience of Transportation
is meant not only the facility but the safety with which
they may be carried BY the convenience of counting ii
meant those which alone or in combination with Others
can make the most payments and at the time be
most easily and speedily counted Thus the smaller the
coin the payments il is capable Of making and also
the more time viii it to make large payments in
them The larger the coin the fewer payments il will
make but the greater the economy of time in using them
TO settle great amounts We should expect them to find
that the pieces for which there is demand in the great
est number are neither the largest smallest Thus
OF the gold pieces in this country by far the larger
Der consists Of the half eagle In France the gold piece
coined In the largest number is the twenty franc piece
which, OF their COINS is nearest to half eagle
In Great Britain the sovereign piece which approaches
still nearer to half eagle in value is in demand
Of hearger silver coin coin halves the French
most hye franc pieces, the Austrans most rix dollars OF
the small silver coins we coin most dimes the English
most shillings Oils the French Of the one franc
piece S5 Austria most Of the twenty kreutzer l6.2)
Spain most of the pistareen 186) Thus showing some
thing like an identity of value in the coin which makes
most payments and is in most demand (See table d.
But it is to be observed that the values invested in the
different coins by correspond with the number
of pieces. This conclusion is also somewhat
by the relative wear of some of the pieces in regard to
which we have information. Ii of the same thickness
and nenes the greater the the greater the rapidty
with which they have circulated Thus according to
Lord Liverpool Up. TO- Doc III, referred to,) in eleven
years the half crown loses L910 per cent, the sh-
ling per cent the sxpence 317 per cent But accord
ing to Mr. Moore same, p. 70) the guinea loses but
per cent in fifty years. and silver less meaning silver
coin of the larger denominations 1t is true that the
greater of the smaller is ascrbed in some
degree to their greater superfces in proportion their
weights but that will not for the whole it, it
IS to be observed that the shilling piece than
the sxpence, because, probably it is most often used
This great tendency Of the small coin to become light
proves that the amount Of metal should be much
diminished, and would also suggest the proprety of
further resort to chemical and metaurgc experience for
the purpose of lessenng the loss by ABRASION The
sderatons of which have been speaking also suggest
the proprey Of attending the results of experience
relation to the most convenient denominations for count
ing on payments either in combination with others
single pieces. Instead of the double eagle eagle, half
eagle and quarter eagle it would be far convenient
to have pieces OF two, three, five and ten dollars
and to dispense with the double eagle, which is merely
used for bullion Not only is the superior capacity of
these pieces to make and convenient payments
by theory but it is proved by experience
Bank notes of almost all denominations have been used
and the numbers which experience has proved be
convenient the with those just mentioned Fol-
lowing out these views provision has been introduced
for coming gold piece of the value of three dollars
The great capacity OF such piece for making payments
either alone in combination with the existing gold COINS
SO great as will be by reference to table H. that
there can be little doubt of the propriey of authorizing
this coin. If two dollar piece could be substituted for
the quarter eagle the coinage would be decidedly i'm
proved but the committee have ventured further than
to propose the additional piece.
1t will be observed that the bill which accompanies this
report makes these coins receivable in payment of
public dues There might be danger that such demand
would induce great coinage seriously deprecate
he general currency Of the country. But the bill pro-
vdes that the coin shall be struck upon the de-
nand of depostors but under the direction of the Secre
ary of the Treasury, who thus always limit the
amount Should any further check be necessary, Con-
5ress may hereafter define the amounts beyond which
such coin should not be receivable for public dues.
The committee have also adopted the recommendation
If the Secretary of the Treasury in relation seignor
age The minis of this country are likely to become as
expensive and the quantities Of the precious metals
featured in them already large that it would seem
be proper to impose legal charge upon the manu-
facture for the purpose of sustaining the minis The
amount of segnorage is question of practical diff
fculty but the charge proposed is somewhat less
than that exacted in England France In France the
charge is onehaf per cent gold and one and half
per cent upon silver In England and half per cent
paid upon gold and two and oneeghth per cent upon
silver See table g. We propose to charge to depostors
onehalt Of per cent for both gold and silver deny
ing them, however, the right of having the new silver
coin struck on their own accounts
With these views the accompanying bill is submitted