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

the same consequences from a similar event Any sys
em either OF violence law which distributes property
improperly and unjustly, and which gives false direc
ton to the great stream Of productive industry WILL in
the end produce throes and commissions in the bosom
society Unless human skill such as is rarely if ever
known, nteryenes to give true direction to affairs
unless nature nterferes through the silent operation OF
her laws TO remove inequalities and repair injustice yo
lence is almost to be used to make change if it
cannot apply remedy The recent discovery of vast
aurferous deposes the globe would TO mark the
approach Of of those great human affairs when
the hand OF nature is obvious than that Of in
producing changes But be this may we may safely
ACT upon conclusions to which led either by
uca OF theoreuc view OF the question and your commit
tee Is not prepared go further provide for
want which experience has demonstrated to exist They
are disposed to adopt nearly the recommendations of the
secretary OF the Treasury and TO leave for future day
Whatever provisions time and experience may prove to be
necessary.
To afford the country the benefit to some extent Of both
metals as standard Of value it is proposed to diminish
the quantity of silver In the half dollar and coins of small
er denomination by about 69I per cent The British
Government have adopted still greater segnorage and
their experience to have proved the efficiency Of
TINS measure for furnishing metallic coins in sufficient
quantities Tor the smaller transactions OF society. But If
not made illegal tenderand it is not made in Great
Britain, except for small sumst only circulate for
such purposes To make it legal tender at such rates.
rates beyond its bullion value would debase the standard
anu expel the gold To secure the OF silver coin in
place OF small notes for the minor transactions of
merce 1t is proposed to make this coin legal tender for
sums not exceeding five dollars and to receive it in pay
ment OF public dues This, however does the
full benefit of the Of silver currency unless
were to legal value to that which it bears IN the
market; but relation between the market values
OF the two metals has developed itself to promise to
be permanent it might be dangerous to attempt at pre-
sent to disturb the existing law Whenever the relation
between the market and mint values of gold and silver
shall promise reasonable degree Of stability there
be little doubt but that there should be reimbursement Of
mi of meta In he mea how
the of and the convenience Of
exchange would seem to require some provisions in
relation to bullion Gold has become an article of ex
port movements of the precious metals from country
to another frequent and active, and these
regulated by the value of the metals not coin but
as bullion For all such purposes it would be conve-
nence to trade and saving of the expense Of coinage to
Government if the bullion were into bars either of
fine metal oof standard fneness at the option of the de-
postor for moderate compensation. Foreign exchanges
measured in the precious metals by weight the
tom of commerce may perhaps, establish hereafter like
il domestic transactions and should that be
done the legal regulation of this difficult subject will be
somewhat smpfed F
In adopting diminution of the amount of standard
silver the extent recommended by the Secretary of the
Treasury, your committee have acted not without doubt
So great dminuton in the amount of silver will un=
doubtey preserve supply of coin for the smaller trans
actions of society but if it approached nearly the
true billion value, the silver coin would be much more
efcieIf as general circulating medium Indeed, the
American coins Of less denomination than quarter of
dolr would probably be retained in this country,
with heir present amount of silver The expense of coin
ing given value of silver into the smaller coins is much
grea than into the large and when coined the great
manor them gives thema higher currency value than that
assigned by law As proof of this the demand for silver
for eoraton has not operated yet upon these smaller
coins is to say the dime and half dime 1.-THE quarter
too HIS been partially exempted whilst it has swept the
silver dollar and the half dollar from the country
greatei dmnuon of the amount Of silver is therefore
CURED the half dollar if the object be to it from
exportaSon because the coinage does not add so
much to rs value But still it is desirable to adjust the
quantity bf silver in the half dollar nearly may be
to its bullion value, compared with the mint price of
gold if tits be made compatible with the object of
tanning these coins in the country The Secretary Of the
Treasuryin his annual report has estimated the difference
between he mint price of gold and its bullion value at
nearly m per cent Some gentlemen of large experience
and practical knowledge of this subject in New York,
have beer consulted and the difference has been valued
from 81 per cent the director Of the mint places
at perdnt If then, the cost of coming silver per
cent theameunt charged at the French mint and that
be something the additional value given by coinage
the half collar and pieces of less denomination would
probably be used as currency under the natural de-
mands ofeommerce when silver bore not than
81 per cent premium that is to say, il these pieces
ceased to be coined the accompanying bill proposes
for any body except the Government which would limit
the supply by the demand for currency But should this
premium continue to advance the half dollar would
be exported until the premium covered the per
over ts prSsvn4
10 character as coin here and the expense OF trans
portation rated from New York to Liverpool at about
per cent for large coin. The probability therefore is
that with reduction Of only per cent in the amount Of
silver in the smaller coins ii would bear to gold ratio Of
nearly 523S to l. which gives it greater value than the
existing laws Of Russia Holland and France in which il
bears to gold the respective values of 1888 to l. of
l55 to and Of 1876 to In England it bears higher
value but there il is used only for tokens and is not
legal standard except for small sums. The expense of
exporting small coins abroad is far greater than that Of
exporting bullion coins Of large value. The gold coin
ported from this country has consisted principally Of the
double eagle and experience has shown that at pre-
MUM of 81 per cent, the dime not exported owing
the increased value given il by its character of
rency and the greater expense Of expectation This
mark applies Of TO the dme and not those which
are worn twas deemed expedent to silver only
token then would be safer to adopt greater
of dmnuon than that recommended by the Secretary Of
the Treasury accomplish the object with greater
certainty But if it is thought expcent to preserve the
double standard and it when the relations be-
tween the two metals promise to be permanent then
IL is desirable TO make greater devaons from the true
value of silver than may be necessary TO accomplish the
object Of retaining specie currency for small
tons That this object might be accomplished with less
reduction Of the quantity Of silver than is proposed
there is to believe. There is natural ten
dency in the metals to find stable relation between
their values which continues if not from age to age
least for many years.
Thus Mr. Moore, (See Doc. H. before mentioned p.
SOY an officer Of the United States mint consulted by
Mr. Ingham, when he made his report this subject
that Notwithstanding the supply of silver to gold in
weight had been for many years forty fifty to
vet the price Of gold TO silver had not varied much from
the proportion Of fifteen to Mr.. Ingham remarked
the stability of the ratio between the in France and
England for ten years before his report and all know
that until recently the proportion fixed by law in 1884 in
49, q. ~