The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-02-04
The Coinage.

LIE tonnage and Selgn1Orage bill, adopted
by the Senate last session, is now under dis
.cussion in the House of Representatives. In
its original shape. it provides for the reduction
Of the quantity of silver in the half-dollar, and
in the coins of smaller denominations, by about
.6.9l per cent; leaving the present value of
the larger coin undisturbed. .sWith this re-
duction," Mr.. HUNTER remarks in his report,
"silver on the smaller coins would bear to gold
ratio of nearly 1928 to l, which gives it a
greater value than the existing laws Of Rus
STA, Holland, and France, in which it bears
to gold the respective values of 1888 to l
l5.5 to /; and ofl5.5 to L. In England it
bears higher value /; but there it is legal
tender for only small sums" The PROPOSE
ton is in accordance with the recommendation
of Mr. CoRwIN in his Treasury report, pre-
sented in December, 1851, and is designed to
meet the wants of the community in relation to
small coin, in part by removing the motive to
the expectation Of silver which springs from
the dlffere nee in values here and in Europe.
The present merchantable value of silver coins
is about five per cent, while the proposed re-
duction, as we have said, is more than six per
cent.
The bill also provides that the half and
quarter-dollar, dime and half dime, shall be
legal tender to individuals only in sums not
exceeding five dollars. This provision the
House committee have abolished, and in it's
stead inserted limitation applying only to the
payment Of Government dues.
Silver deposits at the mint for coinage are
prohibited, except when made by the United
States. A charge of 4 of per cent. to be-
made as seigniorage. Upon this branch of the
subject the Senate committee reported as fol-
lows:
'.The committee have also adopted the recon. J
mendation of the Secretary of the Treasury in re-
lation to seigniorage The mints of this country
are likely to become expensive, and the uuanti-
ties of the precious metals manufactured in them
are already SO large, that it would seem to be pro-
per to impose come legal charge upon the manu-.
facture for the purpose of sustaining the mints
The amountof seigniorage is a question of some
practical difficulty; but the charge now proposed
is somewhat less than that exacted in England or
France. In France the charge is one-half per cent
on gold, and one and one-hafper cent upon silver.
In England one and one-half per cent is paid upon
gold, and two and one-eighth per cent. on silver.
We propose to charge to depositcrs onehalf of one
per cent for both gold and silver; denying them,
however, the right of having the new silver coin
struck on their own accounts"
!. The seignorage provisions of the bill APP
pear to be those against which opposition is
most directed. We hope, however, that OBJ
jections to that particular portion of the mea-
sure will not be permitted to defeat, OF even to
postpone, the improvement which tits mainly
designed to promote. The inconvenience oc-
casioned by the present condition Of the silver
currency is too glaring and general to be pro-
longed further than may be necessary to Sc
cure an efficient remedy.