The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-01-21

and bullion concentrates for assay and coinage have
oeen conducted with remarkable degree OF pfomplness
on Tue part OF eposIors, notwithstanding the enormous
amounts OF gold dust which have been and still continue
10 ne received al that institution
he coinage at the mint for the year ending 3ls De-
cen0er, 1851, follows;
Gold6 o9l7 1855 pieces of the value of $5l sos 63s so
Suver-27, $40 sos pieces SI7.3l0 90
eopper-5,l6 ,O94 pieces 5l620 "a
Total S52, ,4O4, 500 Al
The full returns for the last quarter of the year have
not been received from the branch mints, but the proba
Die amount OF their coinage will be about ~ 700 900. OF
Whch The proportion al the branch mint al New Orleans
VIII be S3.S000 900, and the remainder about equally d
Vluea between the branch al Charlotte, North Carolina
and Dahlonega, Georgia
In accordance with the of last session proposals
nave oeen invited by public advertisement, both here and
IN California for the erection OF mint at San Francisco
10 accordance with plans prepared with great under
the direction OF this department however, have great
doubts whether any proposals will be made for
the erection OF suitable building aud the supply OF the
needfu machinery for the sum of $3O0.ooO, 10 which
amount Congress has restricted the expenditure including
both OF these objects
Even, however, should proposals be made which
would be satisfactory, and could be accepted by the de-
parlment no progress could be made with the work until
Congress authorizes the purchase OF site, and makes
the needful appropriation therefor, from the best in
formation now in possession of the department none Of
the public reserves IN that city afford proper and eligible
locations for this building.
By The of the 3oth September. 1885, making appro-
praons Tor the civil and diplomatic expenses OF govern
men Tor the year ending the Both June, 1851, Congress
authorized the appointment OF United States assayer
Tor California and directed contract 10 be made by this
department with The propreors Of some wellestabished
asSaying works Tor assayng gold and forming II INTO
bars and ngots under the supervision of the assayer
contract was concluded and ample security required for
s faithful performance and the contractors were limit.
ed IN their charges for the services rendered by them to
the rate fixed by the legislature OF California in estab-
lshng State assay office
The department was induced, with view TO furnish,
for had tha.4 a,l liz.
rency TO the people of California, to authorize the
cept OF the issues OF the assay office thus established
for public dues, especially they have all the essential
requisites OF coin, and this believed TO be the OBJ
ject OF Congress
The general appropriation Of the last session con-
tanned provision by which the further receipt OF these
issues was prohibited, and III obedience thereto, the
instructions under which they had been received were
revoked.
The department has TO believe, from petitions
addressed to II by public meeting of the merchants ef
San francisco, and from information received through
other reliable sources, that much inconvenience and
embarrassment has resulted from this legislation. Ii
mains with Congress, however 10 what relief shall
be extended, and the subject is submitted to their consd
Grafton.
The Inconvenience arising from the scarcity OF silver
coinage still continues and to such extent calls
loudly for some legislative action 10 remedy the evil
Whether the present premium which silver bears, in
narison with gold arises iron the continued heavy in
lux OF the latter and its consequent deprecated value
or from a special and unusual demand IN Europe foI
silver or from both combined, is not very mate
rial 10 discuss at present; Tor II II arises from either
both OF these causes there for believing
that there any present prospect Of either being removed
50 as 10 create any reduction in the value of silver.
H. as believe is the fact this difference in the relative
value OF the two metals arises from the immense and
creased supply OF gold which has been furnished from
California and Australia, there b, but te doubt
such difference will continue 10 increase. as there is nc
present indication that there will be reduced supply
from those sources, but the contrary, every prospect
/ OF a still iurlheT increase.
THIS state OF things has banished almost entirely from
circulation all silver OF full weight aud what little
remains in the hands of the community consist prnci
paly of the pieces OF Spanish coinage OF the frac
uonal parts OF dollar all OF which OF light weight
and many OF them ten TO twenty per cent below theI
nominal value
see no remedy for this great existing evil bu, the
Adoption OF the principle embraced n the bill which
passed the Senate durng the last session, making
issue Of silver coinage of such reduced weight viii
ALLOW to circulate with the gold coinage OF estabshed
weight and hneness.
/ The principal objection which has been urged agans
the proposed silver coinage is, that il could not
without violation OF contacts, be made legal lender
for the payment oil debts and that gold would therefore
hereafter be the only legal tender IL is true that here
tofofe the laws of the United States have recognised the
CON OF either metal legal tender, and il it a
the option OF the creditor 10 select which he would re-
ceive there would be very serious objection 10 chang
ing either the weight or standard neness OF any portion
of the coin But this is not the fact, rests with ht
debtor to say with which description OF coin he will pay
his debts and the natural and evabe conseq
the premium which silver pow bears have been 10 esab
lsh practically gold the only legal tender. Nor
any legal equitable objection be advanced contin
uing gold legal tender it is not proposed TO reduce
either the weight The hneness of that description
coin that every creditor will continue TO receive pre-
cisey the same quantity OF gold for any given sum- a
| at the time he may have made his contract Nor doe
the present. OF any future increased depreciation in th
value OF god form any jus, reason against ts being con
nued as legal tender, at It's present weight and fine
ness for such depreciation IN its ai,Iai vane IL moi il
Its relative regards silver, has been progressing
gradually for some centuries, and all that be said il
that the depreciation is rapid at this time than for
mery, and II ~ but natural result of the unceftain
and want oil stability IN human affairs
In the present state Of things connected with thi
subject only the public service bat also the
and convenience OF the entire community, require tina
some measure should be adopted 10 furnish silver cur
rency and the subject is therefore, respectfully bu
earnestly recommended TO the prompt attention Of Con
gress
Il would again call the attention OF Congress TO III
subject OF making mint certificates receivable in all due
TO the government, and dispensing with the present bull
lion fund, which is maintained at an annual expense
from s35o,00O TO 500 900, which might be saved in in
erest BY the application OF that fund to the redemption
the public debt besides the great advantages the bus
ness community and the gepefa trade OF the county, BY
throwsg me amount Of that fund INTO circulation in
stead OF Keeping constantly dead capital in the vau
OF the mint lh
! The amount OF the bullion fund during the las, yea
has been nearly s700Ooo0 and 1t has been applied to b
immediate redemption OF mint certificates, so soon thu
deposes Of gold dust were assayed and their value
certaned which has generally been in from twenty-fou
to forty eight hours afer such deposes made,
the bullion fund was then made good suct
assayed gold could be worked into con to be again en-
/ pioyed IN the redemption of other certificates.
| The plan which the department would recommend woult
be, to issue certificates under the authority of Congress