The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-02-02


time it necessary for the meeting to separate Loud
calls continued to be made for Mr. White but the Chair
man and other gentlemen having departed. the meeting
dispersed amidst cheers.
Meeting OF The Chamber Of Commerce.
THE COINAGE oI-EsTIoN-REpoRT or THE CoMaIrTEg
on sEIGNoRAGE, ETC.
The regular monthly meeting was held yesterday
afternoon, at the Merchants Bank. There was a
very full attendance, and important business was
acted upon.
Benz. Blossom, Edward Hincken and Frcd'k G..
Thurston were unanimously elected members Of the
Chamber Chas. NJ. Fearing, vice Nathaniel Briggs,
whose term of service has expired was elected to the
Arbitration Committee.
Mr.. Curtis, from the Committee on Seignorage,
made the following report, which, with the resolution
accompanying it, was adopted =
The Committee appointed on seignorage ask leave to
report-That having given due consideration the sub
cct referred to them they desire present briefly the
general views which have guided them to the conclusion
atwhich they have arrived without entering
tails The amount of gold annually collected in the Unit
ted states is believed TO be from sixty seventy FIVE mil
lions Of dollars This valuable product is obtained only
by labor Were it not for the tolls and
prystions of the miner the gold of California would stl
he fepo>ng where nature had placed the elements had
scattered it. by labor gold is brought within reach SO
that can be used for the general benefit of mankind
That benefit chiefly consists-so the civilized world by
common consent has declared-in its employment as a
v
comes the life blood OF commerce. circulating from the
heart 20 the exemtss, and thence flowing back to the
centre, dusng health aud ygor it goes But before
j is permitted to perform this ONCE the government cal
must be put upon It. The miner him self legally
transform his bullion into coin All the time ard
LAY he has devoted 10 the pursuit of gold all the sacr
fee of health he has made in seeking it cannot give him
this privilege The right is taken from him by the con
stiuton and vested exclusively Congress. 1t ia not
taken out o regard 10 hs interest but to pro-
mote the public good Undoubtedly the power OF coin.
ing money i made prerogaive of government not for
the conyenepce profit of the bullion owners but in or
der that the community mt large may be supplied with
medium OF exchange OF known and uniform value The
sole object IS clearly to bene6 the public The question
then arises who ought to defray the cost Equity
promptly not the borer who furnishes this great
instrument Of commerce, but those who use it, let
the expense Of coming gold, then, fall upon the whole
community. since the whole reap the benefit Especially
do the committee consider il unjust TO charge il to the
miner since he is subjected incidentally 10 other exac
tiona Thoe whose goll COMES 10 New Yort ara ob,;aad
submit to the risk delay and cost Of sending II long
distance 10 be coined because there is mint the
POINT OF aiynl Further cha ges ought not 10 be added
But may be said that the expense of coming by the
government is DO greater than would be incurred by the
owners Of bullion u permitted TO coin ii themselves and
that therefore, the charge is not unjust To this il may
lie anss cred, give them the option and let them deter
mine that question forhem elves Competition works
cheaper than monopoly. Individual ingenuity and econo
my arc always finding out modes of saving expense
which government establishments discover. II
that ingenuity and caonorny not allowed free action
tho cost of Stacking them would be paid BY whoever
puts on the letters II also be urged that the cost
Of coming after all j. but tlhng This freely admitted
II is indeed far to trihing for great nation with an
OVERLOOKING treasury, 10 seek to escape by imposing It
upon few individual aborers 1t i Of too little
moment TO call fer change in the policy which has been
pursued from tho rt of the government
down TO the pres ent time The committee consider that
segnorege would be unjust in another view. The Of
coming gold if charged M on the owner only d-
nnis hes. in the hands OF the miner The value of such
portion o. his bullion he may forward to the mint bat
If al the rest. He cannot avoid the charge bv selling
his god dust 70 dealers in that commodity ii is not
worth 20 much TO them it was before the charge
was imposed. The market price therefore. Of tbc
1Sll az hut fionf Tpc+.3 hon,
is concerned 70 the extent Of the segnonee The charge
thus operates direct tax upon the mner-a upon
his labor taN upon branch of industry TO relieve
the rest from their share Of the paiy expense Of coin
ing The gold they all equally require Is IL right thus 10
natural production az the United Ststes r.
then produce is to be- taxed let excise be laid upon
the coal Of Pennsylvania well upon the gold Of
california, let tex upon the mines be accompanied by
tax on cotton anu wheat, let the farmer and the
miner be sfcd alike ELe the public burt hens are
imposed LnCqualiy and therefore iniastlv The Com
mttec consider the measure in question impotc a.
Ncl as unjust. u charge be made npon gold in the
United states under whatever pre'ext it will
furnish a. FAR As II goes, an indGcemen TO take the
eod elsewhere IA preference should the stream that
now flows towards be divided il would Of course
carry away the trade connected with and dependent
uIon IT, The country would thus sustain positive loss
70 cay noug OF the injury the diversion might inict
trade generally. At moment when the world il
tending, not 50 much for supremacy arms for s
premacy in commerce the ar OF ncace and national pros
Iery II seems strange that favor should be shown
which threatens to strike blow nj trade Those
who aro familiar with mercantile affairs are naturally
sensitive upon such subjects. They know full well how
often crcum stances at Dir deemed sight arc followed
by consequences most important. They are perfectly
how little force Is sometimes necessary
great current of commerce into channels They per.
ceve that the trifing difference of quarter per
the rate Of sterling exchange, when Mt the turning point
stimulates checks the be the expectation
e coin sometimes followed by wei9hty effects upon the
money market and the state OF trade Thcy therefore
precatc unnecessary changes Let well enough alone
The steps under consideration would have q tendency
10 promote the circulation Of foreien coin among As
such coin i legal tender IN the payment Of debts the
inducemen now to send 10 TO the mint il little enough
II 10 other charges not be avoided that OF segn
orage be added II Ia doubtful whether in large amounts
II would ever here Whenever therefore coin should
he imported 10 would probably remain foreign rarb
until sent back TO Europe the community meantime
suffering the incocye resulting from III
go by weight instead of tale II would seem 10 be quito
enough to tolerate the currency among s of the coin of
other nations upon par with without virtually
Offering II premium 10 retain IT, foreign aspect In any
view the committee taEe of the subject the PROPOSE
ton 10 charge seignorage upon the coinage gold an
pear 10 be contrary TO justice and sound policy They
therefore recommend tho adoption Of the ubioned rcso
luton. Al shich Is respectfully submitted
ISS + aaS 1IS'H;;ERSnTn Committee.
New York, Feb. ], 1853
Resolved That In the judgment Of The Chamber OF Com
erec OF the ey Of New York IL would b. highly nexpc.
dent to provide by Law for charging senoraec the
courage or gold al the Mint Of tie United States and its
branches.
The report having been read the Chamber direct
ed that the report aud resolution be duly forwarded
TO members Of Congress.