The daily union., 1854-02-14

potion oi one OF gold 20 sixteen ounces OF
silver Surely this striking fact ought alay the
feeling OF alarm often experienced TO the abun
dant production OF metal aud the diminished sup
ply Of the other. There is, 10 fact, happy
c0Hss0daiiSa IN the commercial world 10 these
rylng relations, When gold silver
the great metallic basis and the former metal rather
used as an adIosant, specially adapted TO some oil the
wants OF trade But since gold has become plenty aud
silver comparatively scarce the wealhier nations OF the
world have taken gold their prevailing currency,
making silver only subsidiary one, just copper s TO
silver. Now, as the purpose OF making change" does
mol require very large stock OF metal ia comparison
with the larger purposes OF money, follows that silver
10 by 40 means as much needed formerly; and here
we have the very remarkable, almost engmatical,
Qnence that silver is valued less tseaue is less pro-
duced The very general adoption OF small gold coins
such as Our dollar, and even the half OF that II IL
practicable, would still further throw silver out OF use,
and consequently keep down ts value Large quantities
OF il will always be needed for plate and for GENITAL
work; but, even 10 this the growing Of electro
plated were IN England and IN our country,
have couDteracting etecL And here will be nler
esing TO state that the greatly diminished cost of mer
cory which Is an indispensable agent in the production OF
silver IS certain TO have large effect 10 increasing that
producon The monopoly OF mercury by which ills price
Was ad yanced hundred per cents aud consequently
the mining OF silver greatly impeded, has been dspeled
by the opening oil the rich cnnabaT mines OF California.
and the price has receded 10 the old quotation. Silver
mines that have been abandoned can from this se
reopened and greater activity may be expected in those
which have been kept constantly IN operation But while
the commercial or social accom- nodaiion before spoken
OF, and the proDable the production OF silver
De reiieu such
lent Irregularities as would be denoted by balancing
seventeen ounces OF silver a, time, and a. another
time only four ounces against ounce of gold, yet
there will constantly be varying per ceniage OF fucu
ation and this will sometimes be great compel
legal modification oil standards and consequent recon
age at the mint And although standard OF sill
yer has SO lately been changed to suit the Market there
IS reason 10 fear that the reduction OF weight not
sufficient, and that another reconage, at no distant day.
may become necessary. This however, part OF the
use ior which national mint is maintained. and for
IL should
II is now due 10 the great goldproducng nation
that our currency should be purged from all hank noes
below the denomination OF The double eagle. Such reme
dy by increasing The of gold, would doubtless m
gale any Inconvenience arising from the large production
OF that metal, and aid US in arriving at the just concu
sion that all fears OF excessive returns from Cafornii
and Australia may be put TO rest Ii the under
twenty dollars were uithda 3n their places would be
supplied BY specie, and thus the would further
approximate 10 the wholesome standard contemplated by
the trainers OF the constitution of the United States and
also tend 10 release the trade and of the cOun
Try from the adverse influence OF banks OF issue. As
these institutions created by the authority of the
States perhaps the only remedy in the power OF Cong
10 apply that suggested by Mr. Gaatin. who, in view
OF the right OF ,axauon, says that Congress may if>t
deems proper, lay stamp duty on small notes. which
will put an esd 10 their circulation.
II seems appropriate 10 my official position that should
take this opportunity to JOIN in the urgent demand from
various quarters for simple, nelllgible and well.
founded system o weights aud measures. The mint has
done as much as il (and in this step il has been iol
lowed by the Bank and Mat OF EngIand) in repudatng
penny weights and grains the mode of weighing and
keeping accounts, using only the troy and its
decimal fractions The sanction OF law had previously
been obtained for doing away with caats and carat
grains In the expression of hneness oil gold and of an
equally cumbrous notation for the hneness of silver sub
s,i,u.ing The simple Intestinal form introduced by French
assayers, aud becoming general in Europe. But are
still annoyed with another standard OF weghtlhe avoir-
dupos pound, with ,s tedious and arbitrary divisions
The establishment OF simple and uniform system, ap-
pcable 10 every kind of weight and measurement, is
greatly 10 be desired and well worthy the attention of
Congress
have the honor to be- with great respect, your faith
ful servant, JAMES ROSS SNOWDEN,
Director
To the PRESIDENT