Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-02-26
HOUSE OF RErnnsrsrArlyEs, FrBRrAnr2 .. 1853.

House or REPRESENTATIVES,, FEBRUARY 1888.
Mr. JOHNSON said Mr.. Speaker, the bill now undo
consideration is which, according my understand
ing of it, decidedly opposed TO. 1t is my pun
pose to apply epthets TO it, to make Of languag
with regard it which would not be exactly suitable
the discussion Of the subjects here But look upon
as the erest quackeryas the veriest charatanism-s
far as the currency of the country is concerned The ide
of Congress fixing the value of currency an absurdty
Notwithstanding the language Of the Constitution h
meaning of it, The Consultation of the United States
cares that Congress shall have power to coin money
regulate the value thereof and of foreign con and fix tn
standard of weights and measures"
What the object OF putting that provision in Tia
Constitution +!
Sir when the Constitution framed each one of tn
Colonies had the power to coin its own money and her
would consequently, have been coins Of different kind
The power was therefore, conferred upon the Genera
Government to coin money And for what purpose Po
the express purpose of making the coins uniform TIL
express purpose furnish coins which should be un
derstood in all the States to contain much metal Tn
great object to have uniform currency coin tina
was uniform in its value. We what is it proposed to d.
now What is to be the uniform value of the coin?
is the fact of Congress coming piece of money
and stamping " FIVE dollars upon it, that fixes the value
But they stamp it, and in fixing that stamp say
the country and 10 the commercial world that
so much standard silver or standard goldthe standard
being agreed upon and fixed before the coin is madeand
that is all that 1t can do.
If we 20 back to the year 1884 we find that the stand
ard of gold ut that period was nine hundred paris pure
gold whilst the other hundred parts hall silver
and half copper Those put together made what was
called standard gold. Prior to the Year 1884 cur five
dollar pieces contained of this standard gold two hun
bred and seventy grains We what did that say to the
trading community the commercial world? 1t said
Here is piece of metal bearing the impress of the Gov
eminent upon it, purporting be five dollars but
tanning hundred and seventy grns of standard gold
The community understood its value. Congress did not
fix the value Congress merely stamped upon It how
much gold it actually contained Is Saiue was con
ventonal thing be agreed upon by the parties This
remained the standard of gold up 1884 but in that
year took it into our heads that we would eglsate
upon currency, and fix the value Of il and what did we
do We passed law changing the number grains IN
five dollar piece from two hundred and seventy to two
hundred and eght-making it twelve grains less.
What the idea advanced to the public by that The
idea was, that by reducing the number of grains in five
dollar piece you made it worth less than the British coins
that you occasionally had in the country What has been
the effect? Why, when you go into the market with
American gold pieces containing two hundred and fifty
eight grains instead of two hundred and seventy, they
charge you nine per cent premium-whch is the differ
between it and the British sovereign, and then it
goes for Just what it did before
Notwithstanding the nominal change, the vale has
been affected for when it is brought into contact with
other coins you give that premium before you
ship il get bills Of exchange Well what do YOU gain
by that Why, it has led step towards violating the
very object intended by the Government The go coined
prior to 1884 is sold for premium Look at the
changes and pricescurrent, and you viii find tat it is
So The object of the Constitution to have the coins
uniformso that each piece should represent certain
amount of gold silver, and pass throughout tn.
try and in the commercial world for what was Intended
to be. The law of 1884 defeats that object. As de law
stands standard silver nine hundred paris pure
silver and one hundred parts copper. The dollar piece
contains four hundred and twelve grains and half of
standard silver. The community and the commercial
world understand what the American dollar contains and
il passes for just what it does contain.
Now, what is the proposition brought forward m this
bill? Why, tits to reduce this dollar of four hundred
and twelve grains down three hundred and eigtysix
grains You propose make discount of about seven
per cent and fraction That is what propose to do
The result will be that you will make another kind of
coin and another kind of currency in the country Here
half dollar containing hundred and ninety
grains Of standard silver and here is another containing
two hundred and six and quarter grains Well, what is
the object? what is to be gained by it? You propose
make half dollar coin, containing fourteen grains less
than that in use, tender to be received in payment
of duties into the Treasury of the United States DO
not how deprecatng the value Of the
Of the country You will then have descriptions Of
gold coin, and you will have three descriptions Of silver
for youpropose also to change the composition Of the
three pieces. You have a coin with a certain
proportion Of alloy and you propose change stand
ard, and give it another proportion Thus there will be
description Of silver coin containing oneourth cop
per; another containing so many grains Of standard sill
yer, and still another containing different number Of
grains Of standard silver Is il apparent that by this
mode of legislation you deeatthe very object conempla
cd by the Constitutions uniform currency throughout
the Union Sir, am opposed to this tnkerug with the
currency Of the countrythis I'M
dersanding the subject upon which propose to le
gisate
Mr.. DUSnAM. If the gentleman will permit me- pro-
pose change the standard Of the three pieces for
the purpose Of bringing them back the uniform stand
ard Of other silver COIN When twas originally proposed
to coin these three cent pieces for use, bill was drawn
up providing that they should be coined entirely out of
the deprecated Spanish coin This deprecated Spanish
coin only to be received the Mint for the purpose
Of their manufacture During the last session. however
when the bill changing the rates Of postage up the
Post Office Committee in the Senate for the purpose Of
meeting the necessities which would arise from the
sage Of that BILL took out of former bill single section
providing for the number Of grains of silver in the three
cent piece, and for the amount Of alloy without the
stricon that it should be manufactured exclusively out
OF the Spanish coin, and put il into that post Office bi
and passed in that shape. This is another instance
changing the currency of the country without understand
ing the principle upon which the change is made The
consequence was that the object originally intended BY
authorizing the coinage Of these pieces was not
accomplished.
Nowswe PROPOSE at least PROPOSE to bring this
species Of coin back to the uniform standard adopted for
! the other silver coin.
Mr. JOHNSON. What the gentleman has said does not
change the position assume The principle con-
tending for and with which set out is that this tinker
ing with and changing the coin Of the country by varying
hesze and quantity Of silver in that coin is violation
Of the spirit If not Of the letter. of the Constitution SO
far as Congress Is Concerned il cannot affect the value Of
the coin in the country Congress regulate the
value Of the coin It may place stamp upon H. and that
stamp may indicate that it contains certain number OF
grains Of goa silver but that is all the Government
do and all that the Constitution designed il should
do The design of the Constitution was that you should
make coin Of uniform value but you propose to disre
gard that, and make currency Of unequal values and
thus render its condition more intoerable than II was
when each Of the several States Of the Union manuae-
tured currency for itself
GRpr I 10 IL, 4lo. Tar