The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-02-03
24I,3s2,U2

All other metals ........... Tssa,T2
Total coinage ........... 2i,3s2,T2
So that ST. 900 OF double eagles went di-
ecty from Philadelphia Paris to be turned into Napo-
the time the utmost Inconvenience was and
felt thoughou the United States for small coins These
the mint is utterly unable to furnish but, in order nomi-
nay dispose OF the gold continues to cast 1t into twenty
dollar Jumps The object of the gold bill OF 1884, and of
the whole opposition OF the American people, led by An
drew Jackson, against the banking system, supply
the country with gold currency and get rid of the
of paper money. The laws favorable sup
ply Of the material abundant in the extreme and yet
yet there adequate OF manuia ,tung the coin.
What would be thought of bank having privilege of is
suing money, which should obnatey refuse make any
thing but twenty dollar notes, ard hen complain that it
could get cir cuation Certainly the direction would
require cashier. Yet this is the with the gov
The increase of the metallic currency of the
country has been desdatum since the formation of this
governments and yet members up in their places and
voe for bank paper and the exp, of the gold either
through the den ignorance Of currency mauetr,
through the influence of bank and broker spells Tho SEQ
rotary of the Treasury proposes in connexion with the
mint make certificates of deposite receivable for govern
dues For this purpose, he proposes create
millions of paper money be paid out 10, depostcs am %
be reissud when returned to the treasury The main
for this issue is dispense with the bullion fun II
81 900 900, which the Secretary pretends used for
redemption of gold lodged f)r coinage Now apPrehend
that great mistake The bullion fund was former
y 81 ,000, 000 and was actually coined money When
the California supplies began 10 accumulate far in
oil
passed in effect allowing the department pur-
the bullion with the surplus in the
ury and deposie the S70OOOO of dust thus purchased
in the Tha, dust has remained since in tho
unconed, the whole powers OF the being
sufficient only cast the current receipts into 500 ngots
The of S7,OO0000 of paper woald only in effect in
bullion fund to that That to say, the
government the 81 900 which has lain use
nearly three years in the shape OF gold dust but the
mint is incapable of coming They have been in hopes
monthly that California would 10 pour in such sup
plies hat the mint might get some respite from current
work. in order cast the government dust into $0 ngos
The daily deposors pressing for their have, however,
left the poorly managed apology for national mint
leisure. fnow they get the right to pay o ~
OF depositcs government paper money! they can
time coin the government dust and unless
done before the del is due in July next tho ut
ter Dsuifciency of the mint will be demonstrated Tho
sonng The Secretary in favor of the issue strange
Among other things he says;
"'They would accumulate principally at the great marts
in the Union, and could be transmitted by
mail by the different receiving officers TO such points as the
treasury might direct, avoiding all The risk and expense
the transfer of public funds in specie
from points where is collected aud not required for pub
lie expenditures"
The next sentence thus.
Gas these certificates paid in al the large
cia seaports, gold coined could be
such points from the mint branch which may have ssu
I'd certificates, latter would then be returned
mint branch Tor purpose of being again issued
deposors. The expense of transmitting gold coin
the points whse might be required in order TO redeem
the certificates which had been received by the public
officers would Of be paid by the United States and
would require but small sum- probably not the twentieth
part of the which would be annually saved in in
eres by applying the present bullion fund to the redemp-
ton of the public debt"
He states that the cost of interest now $500 one
twentieth of that is $4,000, which he estimates
would be the Of transmitting gold points whore il
might be required order redeem certificates" which
issued to "avoid all risk and expense which
tend the transfer public funds spece Dwelling upon
this subject caused the SecIeiays eye open dmly upon
the difficulties with which the scheme is fraugh and no
proposes make the issue of each mint available only in
its locality The simple remedy for the whole scheme,
which would be Of service before adeq mint
can be bui, is 10 Institution of sufficient pow
er TO issue coin promptly In circulating shape The
whole scheme is mere fog to enshroud the ne6cency
OF the mint establishment The reasoning OF tho Secretary
In relation proposed reduction of silver coin is about
cogent He that the principal objection u.s. thatit
could be done without violation OF contracts, and then
proceeds
'But this the fact it with the debtor
say with which pon OF coin he will pay his debts,
and The and o. the premium
gold the only legal tender Nor can legal equita
eode a. is not proposed to reduce ether The weight or
the hneness OF that description ofcon that cred
or viii continue to receive precisely the quantity
of gold for any given som at the time he may have
made his contract"
When, in 1884, the weight and iueness Of gold was re-
dnced per cent, precisely the arguments were
urged in FAY Of silver Now ii proposed reduce the
silver, he turns back upon the deprecated gold obvi-
ousy IT, as the Secretary gold has been depeciaiing
in actual value or centuries, II IL rather injustice to
give creditors less Of deprecated article IL gold 10
worth much in 1884, there would be far less In
Justice ia raising the relative value to silver by restoring
hat standard than by giving the creditors less silver
The gold question has Just begun develop its in
6uences and should nothing be done matter
been fully and finally determined in relation extent
and notifications II is the opinion of OF the most dis
nguished OF Europe that difference in the relative
value OF the two metals will finally result but tina will
decline together in their relation TO other products
The markets in New York remain firm and money il
abundant although the singular failure OF the large
house OF Comsn Soeroht of Liverpool has shaken
fdence in commercial bills and caused a rise for bankers
signatures The failure caused by the fraudulent
actions Of merchant Mr.. Pries and whose
ments, having been observed small
al magn6ed into immense Transactions and tho London
Economist bed them the political Vaccinations OF the
French government make bread cheap in Frspce-sf-
ordng singular instance Of the pronene OF people 10 as
cribe everything that happens prominent causes
Like the ridiculous Fouriec proectionists among !" VINO
ascbe everything the tariff so the Engsh OF se nave
ascrbcd everything that occurs Louis Napoeon. ine
bills to-day % per cent, but the demand
moi very active and viii be no important movement
IN ,neoi. Money very abundant and continues affect
| fsvorsbly tho markets
Cotton !. f,thef dull and foreign orders limited
h.o current rates and buyers Of bright
80, oo,,,o- which are rather scarcesaies of Nav