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

the making OF nails and lorged work Al the present
me he prices below the cost oil production Ii the
present policy continues, we must witness, 10 short
tme the total proslralon OF this industry, which, once
destroyed will require many years TO replace y upon ITS
present footing 10 skill and experience. and we shall
become dependent upon foreign countries Tor the most
important material in the arts OF peace, and the most
dispensable OF the muniments oi war.
present with this report several tables intended 10
show the sudden and extraordinary fall in the invoice
values OF certain articles which, prior TO the tarh act OF
1885, had been subject to specific duties bat which by
that law were made subject 10 duties ad valorem. Il
must be apparent from these tables that great frauds are
pracsed by undervaluations daily, which no expedient
prevent unless such articles set forth in these
tables are charged with SPECIFIC instead OF ad yaorem
duties
scoAsT SURVEY,
The coast survey, under the superintendence OF Pro-
lessor A. ID Bache has made excellent progress during
the past year, lis operations have been continued in all
the States OF the Atlantic and Pacific coast The series
OF nearly continuous angulaon spoken OF in my report
oil last year extends from the mouth OF The kenne'
beck, in Mane 10 beyond Ocracoke inlet in North Car
oina The work has been ACKNOWLEDGEMENTS IN
South Carolina, Georgia. and Florida, is nearly com
pleted IN Alabama and Mississippi, and has made good
progress in Louisiana and Texas, and the western
coast OF California and Oregon The report of the super
inendent will show the details OF progress with It is a
most valuable and extended list OF geographical positions
determined by the preliminary calculations OF the work,
and extending over the whole coast which was under
survey previous TO July, 1880 The numerous hydro
graphic sketches which also accompany that report pre-
sent more than two-thrds OF the work of the
which admits OF being thus shown in form suited 10
immediate by navgators and others interested in it.
new edition OF the photographic notices oi the
coast is also prepared Tor publication The activity and
judgment with which this work is prosecuted. and lis
efficiency and economy, recommend il, in the opinion of
this department, warmly 10 the fostering care of Con-
gress.
The Injunction OF Congress to employ as many officers
OF the army and navy the work practicable in ad-
don the civilians has been steadily kept in view and
at present sixtysx navy officers and twelve army officers
| are attached 10 the survey.
The reasons given IN my report in reply TO resolutions
OF the Senate in the early part OF the last session OF Con-
gess, why the present organization OF this great work
should be maintained and its control remain, at pres
ent, in the Treasury Department. met general
quiescence the part of Congress, and, may say, OF
the whole country that refer 10 it merely express my
unshaken confidence IN the value OF that organization,
the fruits OF which The whole country IS now so abun-
danlly reaplng.
The superintendent OF the survey has, under the
third section of the lighthouse act, caused examination
for sites tor lighthouses TO be made by the officers OF the
survey, and has reported, by law directed the
cessy for construction in all where the Fifth Au-
dor had been doubtful. This duty has been promptly
and accep,ably discharged, and constitutes claim
on the part OF the coast survey TO consideration.
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 50 1t
is assayed; and though the deposltes made in large
masses at short Intervals the arrival OF the California
steamers yet the assays made and the payments
menced usually whin f0rty-elght nOurs, and the whole
generally completed within OF five six days
after these heavy amounts OF bulon-frequenty by
and three hundred different depostors-are received al
the mint and the whole duty is performed without
charge the depositors, except fractional pei
cenage for the actual cost oil separating the bullion Ii
IS believed that equal facilities not presented to indi
vlduais by the mnts OF any other nation now
| given by the mint OF the United States.
The realization OF the value OF these large quantities OF
bullion by the owners OF il without loss, within few
days after II in the United States. is accomplished
| Dy means of the heavy bullion fund which present
| be spared without Inconvenience from the excess OF
means IN the treasury II may however, not always be
convenient TO keep so large amount reserved for this
purpose from the public funds and If it other.
wse the amount OF this fund applied 10 the purchase
would nearly 100000 annually in interest pa
| by The treasury. IL ls believed this saving could be
effected and all the advantages al present enjoyed by the
deposors OF gold other bullion still retained, ii. in
stead OF paying the mint certificates in cash, as is
done Congress would make them receivable for all dues
10 the government, under suitable restrictions 10 the
time and place OF their receipt can reasonable
objection to such OF these certificates they the
evidences oil much bullion already IN the actual pos
session Of the government and for which the coin itself
would be forthcoming, generally IN lew days, and al
ways IN a few weeks.
Ia connexion with the subject 0. the mint deem my
duty call the attention OF Congress the present stand
ard value oil gold and silver as established by existing
laws
The relation of gold 10 silver 10 the legal coinage Of
the United States is as TO Is 9sS in Great Britain as 10
Ia ass and IN France TO J499. Thus IL will be
that one pure gold will IN the United States, be
equal TO that produced from the coinage OF l59SS
OF pure silver in Great Britain, II will be equal TO that
derived from only ii ass ounces pure syer and IN
France 10 Is 400 So soon, therefore, as the
state OF oregn commerce, ~ now the case, re
ques expectation of specie, II is obvious that our SUI
be exported whilst it be procured, I'LL
| The demand tor expOua ION is supplied
From the opea of thus law Of commerce arises the
presett scarcity oil silver currency. AT this time,
though silver com commands premium IN exchange
for gold IL 49, Notwithstanding still found more adyanla
geous Tor shipment abroad than gold, In consequence
OF the premium silver, though the relative legal value
between IL and the aiter1s TO Is g5S, the real in
trinsic market value only about TO 10 675 debtor,
then, who offers silver IN payment, must give II al The
rate of i59SS in com, by which he loses 3l3
tnousanutDs OF an ounce; for with l5.675 ounces he
could purchase OF gold, which latter would be
legal tender for the debt II is 10 be borne in
mind however, that though the relative value OF IN
Great Britain is TO l42Ss, that Is not the relative
bullion value OF the two metals, which Is about / TO
IS 76, the silver coin OF that country being about ten
per cent. less in value tnsn silver bullion Of the
weight that is say the silver CON OF that Kingdom
will 20 per cent further in pay ing debts than an
equal weight OF pure silver bullion at the standard value
dlfereace great the value oil the two species OF
coin has not course, been the result oil either scacu
laton or mistake bat brought about by design aud
with the which il Is believed will render u
necessary Tor 10 adopt similar plan, IN order TO re-
tain and maintain silver currency Ihe obvious policy
OF hs system was to secure the gold and silver coinage
OF Great Britain against the fluctuations arising from the
relative value OF gold and silver bullion there. In Great
Britain IA 2Ss ounces OF silver coin equal IN payment
10 IS 9ss ounces in the United States and l5.499 in
France II very clear, then, that there is induce
ments 10 export silver coin TO either country from Great
Britain.
Thnnvb tbo Rr,;sh oovernment ma nufacturea one