Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-02-09
DAILY VIRGINIAN.
Coinage and scisniorage BiIi.

IL II shall become p law, materially 10 elect tn
,be details Of cur financial circulation and pro
Juce almost revolution IN the currency O
the country II is a misfortune, the New orl
Express IA hose explanation Of The hi ~
sub;oin) thinks that the comm,lee which has
repo,t.d The ill has mixed up t." principles
an alteration Of the silver coin and seiguio
rage. because the irs, proposition has JUS
nov many friends. and the latter few or none
among practical men
The silver propositions IN the Iii are a re.
dueuon Of the number Of grains Of silver in a
hall dollar, quarter dollar, dime and half dime.
The silver dollar, Which now weigh. li23
grains. Il is not proposed 10 touch, but II is
proposed 20 reduce The silver half dollar from
lis presool weight, 2o6i gtoins, down 10 1872
groins, and tlicq ater, dime, and half dime IN
like proportion OF course Two half dol ars
then weighing bu' Isl grains the present dol.
lar or4leA grains would ~ longer be in cir
cuaIinn, ba, eonld bear high premium.
The Wi III propnsed in lie Ii Icing for
llall dollar lo2 graias. Til isa reduction be.
low the old weigh, II of G9l 100, nearly 7
per cent bot rs tie intrinsic aluo Of silver
buiion, cumparrd viih gold. i, about Il H.,
5a2. a dollar ius' er. to bc al pr with the
dollar in gold. should ci8b bld 40ol grains,
or . grains l4ss u m DO actual We51hf, aud
thus lhe reduction j. only 4 II lo9 PC cent.
Ifthn present appreciation ui silver, - 10 con
tinuc, th. > not reduction enough End as tb.,
calculation oil 10 l5,522 Is basea upon the
60, - tl#a
duciion row Is mol preb,"ly even tbs II 100
per cent. C,ngrc,s. therefore, should well
and deliberately reflect Upon this very iropor.
TAM change ia the coin Cor such change,
when once made is rot icyaca',r without the
greatest incouyeniraee
Those sis er coias thus reduced IN va,ue, the
bill now before the House proposes 10 make
receivable in goscrnm.ul does 10 The amount
OF FIVE dollars only; ard tlcy ale not to bo IL
legal tender to individuals US proposed in the
bill from the Senate. 1t as contended thaI
to pay debts in silver half dollar of 1872 grains
contracted to be pad in silver half dollar of
20sI grains was a violation Of contract, aud
hence the goverumcntoone Is 10 be nude the
loser.
The bill which come from the Senutc inflict.
ed a segnorage oi one half ofonc per cent. up
on gold coined or cast into bars or ingors; bu
the House provision nov is,a erigmorage upon
coin; but where it i cast iato bars or ingots,
OF formed Ito blocks. the charge shall not
exceed the expense 10 be regulated from time
to time by the Secretary Of tho Treasury"
The practical effect Of this bin " i'll be to
make gold the standard Of value 10 the exclu
sion of silver, because the present silver coin il
to be appreciated BY the bill about per cent.
and the contemplated silver coin deprecated Il
like amount; and hence, as this dcpreciare,
coin cannot be a legal tender beyond five dol
lars, gold will be resortcd 10 as the only mcdi
am.
The idea Of this bill is borrowed from In
British silver act of 1876 The British min
buys pound Of silver at its market value. O
standard British value, OF 62 shiIling4 and i
sues it with the impress of the realm to appl
cants at the rate OF &c shillings and silver
made a legal tender only to the amount of Al
shIIings.
The seigniorage Of one half Of one per cent
proposed in the bill would be tax on the
S50,000000 in gold that 60 from New York &c
Philadelphia To he coined there of $3.50 .0OC
per annum; which tax. added to the present
cost of transfer (abou, Sl25, 900 per annum
would he such burthen as TO stop sending gol,
there and lead either to its assaying in N.Yorl
under State authority.ortoi its export to Eng an,
where no seigniorage exist.
Tha l
have logged the steps of the President cleo
has been excessively impairment and nsuItn,
to that gentleman. Nothing is lefito his Judge
ment or pre- ference, but the whole cast Of hi
government and the entire policy of his al
m'nstration are sought to be directed by tn,
impudent intermeddng of the wire-workerl
and trckslers of the party. Concord has be
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