The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1853-03-24
Action of Congress in Relation to Currency

what was done by Congress at. it's late
session, in relation to the currency and
coinage, as embraced in different bills p
lst. The relative standard Of value be-
tween gold and silver has been altered at
the rate Of COL 100 per cent, in order, if
possible, TO keep the American coin in the
country. There is to be m entire new coin
: nge of half dollars, quarters, dimes and
half dimes, of less weight than the present
coin The present half dollar becomes
worth nearly 81 cents, in comparison with
the coin that Is to be.
ed. A new three dollar gold piece is Or
olered to be struck.
3D.. The present three cent pieces are to
be freed i'll good degrees from the copper
alloy that now disfguers them after being
little i'll use. These three cent pieces now
q have 100000 in silver, and are worth only
: l-2 cents really but the new three cent
pieces will have 100000 silver, and be of
lighter weight: to correspond with the re-
ductiou in the weight of the half. dollar.
The present three cent; ;piecesy will mot sbe
worth so5nuch ;as thesncw CON, btt-s such
is n:Ss Ss;leinand for small coin that it is sup
: posed that the deterioration will not be no
ticed. Congress ought to have provided
Tor the redemption of these old three. cent
pieces at the Mint, when it ordered to be
struck the better and purcr coin.)
4th. Some important changes have been
made in the Mint, and in the establishment
Of Assay Offices. The California Mint is
to be put in operation at all early period.
(A new Assay Office was refused there y
In New York has been established an as
say, parting and refining Office, with very
important privileges, that relieve New
Workers from sending gold bullion to Phil.
addlphia at the private expense, and that
imposes that cost upon the Governmcnt.
The provisions of the Assay Office in
New York are almost better than Mint,
for they return coin for bullion deposited
there, us well as cast bars and ingotS, and
they make Mint certificates receivable for
Government dues within 60 days.
9th. There is to be a charge Of Il scignior-
age, but at the actual cost in New York is
to so to support the assay Office here
Probably it will not he as much as it now
costs to transfer bullion of gold dus, to and
from Philadelphia.
9th. Here is a very important and siynif-
cant provision i'll the civil and diplomatic
lhll, Which may escape attention unless di-
rect reference is made to it:
''Sec. 5. And be it further enacted, That
when private establishments shall be made
to refine the gold bullion, the Secretary of
the Treasury, it he shall deem them capa-
bic OF executing such work, is hereby an
thorized and required to limit the amount
thereof which shall be refined in the mint
ut Philadelphia, from quarter to quarter,
70
such establishments shall be extended or
multiplied, SO :ls eventually, and as soon rs
may be, to exclude refining from the mint,
and to require that every deposit of gold
bullion made therein for coinage shall DC
adapted to said purpose, without need of
refining: Provided, That no advance in coin
shall be made upon bullion after this rcor-
lation shall be carried into effect except up-
on bullion reline;l, as he: eilA prescribed"
Tie otjcct Of this section is to create pr-
vate assaying, refining, and parting offices
in New FORK and San Francisco, and, ms in
England, to separate that business from the
Mints.' The "Proviso" cut off the large
bullion fund, which has been run ND to
nearly seven millions of dollars, in order to
keep the Philadelphia Mint efficient, and so
puts the private establishments nearly on a
par with the public establishments.
There are other important regulations in
the various currency and coinage Acts Con-
gress has been passing, but these arc the
principal ones. Congress thus has passed
confused mass Of laws which will soon need
amending and making agreeable one with
another; yet upon the whole the people
have been large gamers by the measures al-
opted.
a Section in the Deficiency bill also pro-
vlles for the scignioragc to bc allowed, and
for procuring dies, moulds, models, DC. for
the new coins authorized.