The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-02-20
The Coinage and scigniorage Bill.

For the Union.
The Coinage and seigniorage Bill.
notice in te National lategencer letter from the
Hon James Brook. OF New York city, TO his consult.
uenls on the subject OF The late coinage bill which has
passed both houses which he evidently intends 10 ex'
press his dissatisfaction with the provisions OF the olii
and though he is very explicit 10 his condemnation o he
seignorage OF half per cent, have been entirely
unable, after repeated perusas o his letter. 10 understand
whether his opposition 10 the new silver coinage Is oe
cause IL has not been reduced enough 10 weight OF wheh
er II has been reduced too much When the OH was
passed by the Senate last year the prealum whlch
silver BORE compared with gold he says was less man
the premium II now bears-or, IN other words me ne"
silver coinage, If ii had passed last year, would nave
been inifInsicsly worth IL l00hs per cent less IMAM
godbu that ~ consequence OF the subst quent advance
In the value oil silver. The new coinage VIII now DC worm
only three per cent less Than gold The natural inference
from this should say. that Mr. Brooks thought the
silver coinage should have been sill iurlher reduced
in order TO make 1t relatively as much below uie
value OF gold Ii would have been had tue Dll
gone ino effect when IL passed the Senate twelve
months since; and Mr., Brooks adds that " II IS
deterioration OF The without any adequate com
pensation not going sufficiently below Inc premium on
silver change, which is per cent, and on half-aol'
lars TO per cent" have been much puzzled to under
stand his paragraph but il means anything, II confirms,
think, the inference alluded to abovelha II does not
sufficiently reduce the silver coins But them DO
not understand how to reconcile II with what imne
datey follows. where he says apprehend. therefore,
that Cong deba-lng the coin, as IN 1881, Tor no
good purpose"
Leaving, however. the constituents Of Mr. Brooks 10
understand his language the subject az they best can,
will lake il Tor granted that the intention OF his letter,
however Involved aud contradictory nay e its phrase.
ooyy, TO express has dissatisfaction generally with the
provisions OF the bill, especially with the TWO man and
important features OF it, viz the reduction IN the weight
OF the silver and the e2acon OF the selgniorage
of halt per cen, for coming gold into coin OF ingots.
This bill-which, as Mr., Brooks rightly observes is
known Hunters billwas prepared by his latter gen.
iIeman chairman OF the Committee Finance of the
Senate, after beslowIng up II great care and attention,
and obtaining the best accessible information The sub
the officers OF the mn hut also from other sources and
when reported 10 the Senate, accompanied by eab
crate and most able and satisfactory report from the pen
that dsngu shed gentleman, exhibiting great reese
and most complete knowledge of the subject A peru
sal OF that report should think would fully satisfy every
unparalleled mind that the provisions OF the BILL least
80 lar silver coinage is CONCERNED, not only right
and proper bat the only remedy Tor the existing state
OF things Mr., Brooks it will be observed, does not
point out why wherefore the plan OF the coinage
is Objectionable. but contents himself with expressing his
apprehension that Congress has made this change Tor so
good purpose" Whether he means that Congress did
II tor bad or Ditked purpose that will result "to
good purpose or end, am unable TO say, though il
might be- wished that he had been explicit tha!
point Nor does he pretend 10 say what other better
course should have been pursued by CONGRESS.
II would have been highly graft. ing IT a gentleman
uf currency, when addressing his constituents oppose
ton TO the bl had favored them and The community at
large with his views TO the proper tor Congress
TO adopt in order 10 remedy the present annoying incon
vehient, and actually oppressive state OF things arising
from the almost total absence OF all silver coinage for
The daily petty wants OF domestic use, well as for the
more important ones OF larger transactions
Under the emergency OF The case almost anything
having the form OF SILVER readily passes at rates
lar beyond ills intrinsic value compared with gold he
small fractional pats of dollar IN Spanish coin,
duced by long usage, il not by deagn from 10 to
rs cent below their nominal OF 49, l2i, ana st
cents respectively readily circulate al those hut
Mr. ooks denounces bill (Which authorizes
government 10 issues COIN which viii be inrns'cay 5
10 is per cent valuable lnan that which the COM
muniy now Obliged 10 accept, besides furnishing a
full supply OF this more valuable coinage IN place OF the
very supply of the present truly drpreclaled
rency, 10 say nothing OF The heavy tax which numerous
classes OF people Obliged 10 pay in The shape OF
premium silver change. which they compelled to
purchase IN order 10 conduct with advantage and facility
Their respective branches OF business.
would again ask why Mr. Brooks, when obi .cting to
this bill does not suggeri some other and better remedy
Tor the existing evils arising from the want OF silver
currencyevs which telt by every individual and
every branch OF industry II is simply that because there
is other remedy and II ~ mol III his power 10 point
out any oter nor has he even attempted to designate any
objection 10 the present mole adopted by Congress
Its simply absurd 10 say that Congress should not
have altered the standard ght OF the silver but
continue 10 issue them al The present weight and hne-
Who would furnish the silver by buying Il al 4
10 per cent premium IN oidsr To issue al par Would
individuals have The folly 10 do sof Should the national
asury bear the heavy loss OF such coutsei Aud ii
Il DID, would II have any elect IN giving silver currency
10 the county Admit that Congress acted with the
supreme folly OF Authorizing The mint 10 purchase silver
At T. per cent 10 he Issued by the government at
par, aud thus incur The expense OF thai premium every
piece OF silver II might issue what would The parties
10 whom tnis coin night be pad DO with II Putt into
clrculauonl Certainly not when they could put II iRto
The crucDle aud. having mel ed down into bars, take
il back the day and resell il 10 the mint at the
premium and thus repeat the operation last as II could
be fecolned and reissued.
What else, then, can be donel Nothing. unless 10
declare that gold should longer be legal tender bu,
that silver should be the only tender and al it's former
weight and neness Il II necessary 10 urge the pabe
and strong objections the obvious disadvantages not
TO say the impraclIcahy, Of carrying such plan into
etecl One unansverable objection exists TO IL, viz IL
would be uncon institutional, II would evidently involve
violation OF contracts. Every existing pecunary
rangement debt the Union has been incurred under
the sanction OF law that certain quantity of gold OF
specified hneness shall be worth dollar dollars
thousand dollars, and shall be legal tender those
rates. but II gold is declared longer TO be legal
def, but only silver and debtor Is obliged 10 pay
hve ten per cent premium In order 10 obtain silver,
II very clear he Is paying that per cenage his
debt than he contracted TO do. AT premium for sve
Of per cents the gold eagle would only be worth So So
and the holder oil Il could only pay debt OF 81 so,
when the law previously authorized him To pay with 1t
debt OF $40. Whlst, however. az between man and
man, such gold eagle, under the operation OF law of
the kind, would only pass tor 81 so. how could The UNI
ted States refuse receive their CON- issued by
their authority, stamped with their ebgy, or IL were,
signed with their signature, at less than the nom nal
value, which they received Tor Itwhen they originally
sued IT III would be most dlsgfacefu kind OF repulla-
ten Tor them to do pretty picking and stealing
totally dsgraceiul 10 any government When once thus
received at $40 they could not again them for
more than 80 so; for as that would be their current
value in all private transactions, individuals would re-
fuse 10 receive them al higher rate IRON the United
States. and thus the latter would be Obliged continually
receive them $40 and reissue them at So So con
SANITY repeating the operation every day through the
year. Nor would the matter be mended by melting them