The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-21

can any legal or equitable objection be advanced to
continuing gold legal tender, as it Is not pro.
p0eed to reduce either the weight or the neness Of
that description OF COIN 40 that every creditor will
cantinue to receive precisely the same quantity Of
gold for any given sum, as at the time he may have
made his contract. Nor does the present or any flu
ture increased depreciation in the value OF gold form
any just reason against its being continued as legal
tender at its present weight and hneness, for such
depreciation in its actual value If not in its relative
regards silver has been progressing gradually
for some centuries, and all that can be said Is that
the depreciation is more rapid at this time than for
merry, and IT is put natural result OF the uncer-
tainty and want OF stability in human affairs.
In the present state of things as connected with
this subject not only the public service but also the
wants and convenience OF the entire community re-
qure that some measure should be adopted to furnish
a silver currency and the subject is, therefore, re-
specially but earnestly recommended to the prompt
attention of Congress.
subject of making mint certificates receivable in all
dues to the government and dispensing with the
present bullion fund.- which is maintained at an an
nual expense OF from $3.50 900 to 5000, which
might he saved in interest by the application Of that
fund to the redemption of the public debt besides the
great advantages to the business community and the
general trade of the country byhrowing the amount
of that fund into circulation instead OF keeping IT
constantly dead capital in the vaults OF the mint
The amount of the bullion fund during the last
year has been nearly 81 900 900, and it has been APP
piled to the immediate redemption of mint certif-
Gates, as the deposits OF gold dust were as
sayed and their value ascertained, which has gene
rally been in from twenty-f0ur to forty-eight hours
after such deposits made and the bullion found
was then made good so soon as such assaXed gold
could be worked into COIN to be again employed in
the redemption of other certificates
The plan which the department would commend,
would be to issue certificates under the authority OF
Congress, to be duly registered and signed at the
treasury, to the needful amount, say SIX or seven
r. ILL. aDTh
So OOO or $4,000 EACH payable to the order of the
treasurer Of the mint to be distributed in due pro
portions to the mint and its respective branches ana
so soon any deposit of gold bullion was assayed
and its value ascertaned to pay the amount to the
depositor in the above certificates, except the frac
tional part of one hundred dollars which would always
be paid in coin. These certificates being receivable
in payment Of dues to the United States, would At all
times command their full par value, and wonld
promptly and cheerfuny be received on deposit as
cash by the banks, and held by them as specie
capital, until their customers required them for the
payment of duties or lands They would accumulate
principally at the great marts OF commerce In the
Union, and could be transmitted by mail by the
different receiving ofers to such points as the trea
sury might direct, avoiding all the risk and expense
which now attends the transfer OF public funds in
specie from points where it is collected and not re-
qured for public expenditures.
As these certificates were paid in, at the large
commercial seaports, the gold soon as coined,
could be sent to such points from the mint or the
branch which may have issued the certificates, and
the latter would then be returned to the mint or its
branch for the purpose of being again issued to new
depositors The expense oftransmitting gold coin to
the points where might be required in order to re-
deem the certificates which had been received by
the public officers would of course, be paid by the
United States, and would require but q small sum,
probably not the twentieth part OF the amount
which would be annually saved in interest by apply
ing the present bullion fund to the redemption OF the
No objection could be urged to this plan on the
ground that it would be paper currency, for it is
merely certificate for an amount of gold already
actually in possession Of the government These GER
tifcates would not be intended for circulation, nor
would they circulate from hand to hand, but would
remain with banks bankers or individuals, until re-
quired for payment to the government; and the
but only to hold them until they replaced with
the gold in legal CON- from the bullion for which
they were originally issued
These certificates should likewise always be re-
deemable at the mint after q reasonable time being
allowed for the coinage Of the gold bullion, which
might be fixed at not exceeding twenty days after
the bullion had been assayed.
1t is not proposed that the certificates thus issued
by the mint and its different branches should be in
discriminatory and generally received at all points Of
the Union as in such case the fluctuations and the
great difference in the rates OF exchange between
different places would cause them to he used as re-
mttances, and throw heavy expense upon the
treasury for the transportation between different
points of large amounts in specie, sufficient to equal
lie exchanges at least to the extent Of the issue Of
such certificates. In California, for instance the
exchange on the Atlantic States is usually at about
four per cent premium; and, consequently, all the
issue of mint certificates there would be Immediately
forwarded to New York, to be used at this latter
point in payment Of duties, and the United States
would be obliged to transfer, at heavy expense, all
the coinage of the branch mint at San Francisco, in
order to redeem its certificates in New York.
The remedy for this would be, to make the issues
of the mint, and its existing or any new branches i'll
10 n iva1a Iv of fhQ
lantc seapOrts; those issued by the branch mint at
New Orleans to be receivable only at the ports on
the gulf OF Mexico and all the above at any Of the
land offices in the Atlantic and Western States;
whilst the issues Of the branch mint at San Fran
cisco, it is put into operation shall be re-
ceivable at all the custom houses and land Offices on
the Pacific.
If the present system is to be continued, and a
bullion fund of seven millions is to be maintained the
balance in the treasury cannot conveniently be re-
duced below twelve millions Of dollars, as the system
Of an Independent Treasury cannot be conducted
with less available balance than Ave millions, as
to have the needful amount at AN times at the
numerous points where the public expenditure is
made.
SURVEY OF THE COAST.
It gives me great pleasure to refer to the progress
of this important work during the four last years.
The whole coast is divided into eleven sections, and
in ten active operations have been carried on during
this whole period. With only one link of twentysiX
miles south of the Chesapeake to lie filled up, an
of the Kennebec river, in Maine, to the harbor of
Beaufort in North Carolina. The topography and
photography have made corresponding progress.
The harbOrs of Portsmouth, New Hampshire, New
buryport, Ipswich Gloucester, Salem Wellheet, Mas
sachusetts, and Others have been surveyed. New
shoals have been discovered and sounded out in the
vicinity Of Nantucket. The dangerous shoals along
the seacoast of Delaware, Maryland and Virginia,
Hatteras shoals and FryingPan shoals, have been
made known to the navigator in excellent prelim
mary charts. The survey of the Chesapeake bay
flowing into it has been commenced Some of the
most important harbors on the Southern coast, as
Hatteras inlet, Ocracoke inlet, Beaufort harbor,
Cape Fear entrance, Roman Shoals, Charleston har
Dor, North Edisto river, Tybee entrance, and the
Savannah river, have been surveyed and the charts
are, OF soon will be published. The survey Of
Georgetown harbor, in South Carolina, and Of the
entrance of ST. John river, Florida, have been
commenced. The triangulatiQn and reconnaissance
Of the vicnites of Cape Fear entrance, Georgetown
harbor, Cape Roman, Charleston, North Edsto, Sa-