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

tablishing State assay office.
The department was induced, with view to fur
nish so far as it had the power safe and convenient
currency to the people of California to authorize the
receipt of the issues OF the assay office thus estab-
lished for public dues especially they have all the
essential requisites Of CON- and this was believed to
be the object Of Congress.
The general appropriation act of the last session
contained provision by which the further receipt
Of these issues was prohibited, and in obedience
thereto the instructions under which they had been
received were revoked.
The department has reason to believe, from petit
tons addressed to it by public meeting Of the mer
chants from San Francisco, and from information
ccved through other reliable sources, that much in
convenience and embarrassment has resulted from
this legislation. 1t remains with Congress, however,
to say what relief shall be extended, and the subject
is submitted to their consideration.
The Inconvenience arising from the scarcity Of sill
yer coinage still continues and to such an extent as
calls loudly for egisa live action to remedy the
evil. Whether the present premium which silver
bears in comparison vita gold arises from the con-
tinued heavy influx Of the latter and its consequent
deprecated value or from special and unusual de-
mand in Europe for silver or from both causes
bned is not very material to discuss at present; for
if it arises from either both of these causes there
is 10 reason for believing that there is any present
prospect OF either being removed to create any
reduction in the value Of silver.
IT, as believe Is the fact, this difference in the
relative value Of the two metals arises from the i'm
rnense and increased supply OF gold which has been
but little doubt such difference will continue to in
crease as there is no present indication that there
will be reduced supply from those sources but, on
the contrary every prospect OF still further increase.
This state of things has banished almost entirely
from circulation all silver coin Of full weight and
what little remains in the hands Of the community
consist principally of the worn pieces of Spanish
coinage Of the fractional parts Of dollar, all Of
which are Of light weight, and many Of them ten to
twenty per cent below their nominal value
| see no remedy for this great existing evil but the
adoption of the principle embraced in the bill which
passed the Senate during the last session, making
new issue Of silver coinage, Of such reduced weight
win allow it to circulate with the gold coinage Of
established weight and fneness,
The principal objection which has been urged
against Me proposed new silver coinage, Is that it
could not, without violation Of contracts, be made
legal tender for the payment Of debts, and that
gold would therefore hereafter be the only legal ten
der 1t is true thatheretoore the laws of the United
States have recognised the coin of either metal o
legal tender, and if II at tie option of the credi-
tor to seicc which he wonld receive, there would be
very serious objection 70 changing either the weight
or standard fncness Of any portion Of the coin. Bat
The j. not the fact as i rests with the debtor to say
With which description Of coin he will pay his debts,
ard The natural and inevitable consequences Of the
premium which silver now bears have been TO esta.
blsb, practically, gold a the only legal tender Nor