Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-05-22

THE NEW SILVER coNAGE.-No. iii.


only violation of the obligation of contracts as has
already been shown but also be attended with either
breach of national faith create burden on the
public treasury which it would be difficult for it to
sustain This proposition IS based on the assump-
ton that gold has already deprecated in value is
depreciatng and will continue to do so to very mate
rial extent such depreciation has not already taken
place. as exhibited in the premium which silver now bears
few will deny that such will inevitably be the case if the
immense influx Of it continues, and at present there no
prospect that there will be any dminution but on the
contrary, almost certainty that it win increase.
To make silver the sole standard it follows of course
that the gold coin must either be increased in weight
must circulate at rate less than its nominal value the
difference being equal to the premium which silver may
now or hereafter BEAR and fuctuang with the rate of
that premium.
we suppose the present difference in favor Of silver
to be five per cent follows that soon as our silver
CON- its present weight and neness is established as
the sole legal tender the gold eagle in all commercial
and financial transactions will pass at only $3.50 but
the Government could refuse to receive its own coin
less than its nominal value 1t has been issued from
the national mint has been paid for personal ser
for supplies to the army and navy and for other
public purposes, ut its full nominal value; it is stamped
with the national eagle legend and Of the Union
and the nation, under any and all circumstances, is
much bound to receive in payment Of all dues it,
gold eagle at the rate Of ten dollars it would be
ceive Treasury note at its value exhibited the face
To do otherwise; to declare by law that gold eagle
should not be legal tender for Government dues at its
full nominal value of ten dollars would be dshonorable
breach of national faith and gross and papabe of
! Reputation
Under the proposed plan of silver the sole standard
whilst the gold eagle therefore circulating for all the
ordinary commercial and other transactions of the
muny at only $3.50, it must in payment for duties,
lands and other public Dues continue to be received at
$10 but the law having declared that silver the only
legal tender the United States could not the gold
eagles thus received at than their current value of
$780, which would be absolute loss of five per
cent every dollar Of gold received into the Treasury
and this loss repeated week after week. and month after
month"; upon all the public receipts and payments The
only the Government could pursue in this
would be- to recon the gold thus received and make
issue of coin of such additional weight place it
footing of equality in its relative current value with silver
One hundred eagles would this plan be recoined into
ninetfp the Treasury Of course losing the difference
This process would have to be continued until oil the
sent outstanding gold coinage of every denomination had
been absorbed for, of course, would pay debt
to the United States with the heavy eagles actually
worth $10 when he could buy the lighter of the
issue for So So which would be valuable for the pur
pose 1t is impossible say how much of the gold coin
age issued by the United States is in existence
American con but probably it would be safe to
it to be at least $1oooOOOOO To call in and recon this
at the assumed small depreciation of FIVE per cent?
would therefore the Treasury So 100000 But this
is only the beginning of the evil for by the time this
completed further depreciation of gold of another FIVE
per cent would probably have taken place. and the whole
operation would have to be repeated and the heapy
eagles again be reconed into others still hedrr and in
stead Of 800 600 000 outstanding coinage would by
that time under the immense influx of gold be $780,
100000 $500 900, 000-no portion of which could the
United States refuse to receive at less than its full nom
nal value mus still heavier loss would be inflicted
the public Treasury In short, the plan of adopting
silver the standard involves the question of making
the Treasury sustain the whole present and future depre
citation in the value of gold to the of what
may be- any and all times the outstanding American
gold coinage Is there any reason justice, right pro-
prety that such should be the case Has any nation
done IT, pretended to do it, has it been
expected asked of them? II contrary course in
voyed any breach of national faith the case would be diff
ferent and pecunary loss should be subject for
consideration.
Some have strangely asserted that to make gold the
only standard would be violation Of national faith but
what grounds this assertion is made it would be hard
to conjecture Did the nation for its own debts did
individuals, under existing laws promise bind
themselves to pay their debts exclusively or partially in
silver except at their option to give either that
gold? Have all debts national and individual under
existing laws for the past years. been practically it
may be said exclusively paid in gold? Has any pre-
tended that either national individual faith has been
violated thereby and does the coinage bill place any
creditor public private unfavorable footing
than he is
AS previously observed both gold and silver have been
steadily though gradually decreasing in value for
res and the only difference is that under the recent
and prospective immense influx Of gold it is deprecat
ing and will probably continue to do rapidly than
formerly. Why Government should be bound to make
good this greater depreciation the present time and
also the smaller one, which has always been progressing
in the world, it is difficult to say. The United States
agreed to pay the principal interest Of their pub
he debt except at their option in silver and those
who now say it should only be paid virtually ask
ing for gold than they entitled to by the agree
ment If is violation Of faith to continue TO pay the
public debt in gold heretofore because II has recently
deprecated is destined to decline more rapidly than
usual why is it not equal breach Of faith not to pay
national debt at the value which money bore when
contracted The public debt Of the United States
is Of too recent creation to make 1t strong case in
point but take that portion Of the British national debt
which contracted hundred and fifty years since
when Of gold silver worth three or four
fold what is now and would purchase that additional
quantity Of labor land merchandise yet the British
In.