The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-02-12

A charge Of the half Of one per cent on the gold
coinage is authorized 10 be made from aad after the
LIT OF April last. The amount Of these charges At
the Mint and branches are as follows At the
MINT at ps,sdeipi. ...SiOo 96s Al
Brsrch Mint at Es- Orleans. o,ss4 90
Brarch Mint At Dahlonsga .............. 49,. 1910 co
Branch Mint at Charlotte. IS2 90
Total IT al the Mints. ................SIS9 f7 Al
These Gums will be transferred to the Treasury OF
the United States pursuant to the the 9th section Of
the act OF Congress before referred to.
The three dollar gold coin authorized by the last
Congress will be issued as soon as the dies now in
progress are completed. From the close approx
mation In weight and value which this coin will
have TO tie quarter eagle, 1t has been deemed exps
dent to make the devices upon it different from any
coin heretofore issued. The device adopted for the
diverse Is an ideal head emblematc Of America, en-
closed within the national legend. The reverse will
present wreath indicating the most prominent
productions Of our SOIL and enclosing the denomina-
ton and date OF the coin.
The branch mint at San Francisco California, II u
expected, will be ready to receive deposits and CON-
mence operations about the first of March next. In
consequence OF change In the grade of she street
on which the building is being erected, more time
will be consumed in It's completion than was antic
pAted. The machinery, which was constructed in
Philadelphia arrived there in good CONDITION the
l2to OF December last, but portion OF the fixtures
and apparatus had not arrived on the 30th Of De-
cenber, the date Of my last adyices the vessel con-
tanning them having been ont one hundred and forty
i've days, These circumstances will probably daisy
the commencement Of coming operations until tho
time above stated. The coins to be issued by this
branch OF the mint will be designated by the letter
on the reverse. 10 Is proper to remark that the
coins Of the other branches are designated as fol-
lows:-New Orleans by the letter o. Dahlonesa, D;
Charlotte, G.; the coins OF the principal mint are
not marked by any letter.
The bull ding which is designed for the assay Office
at New York will be erected and completed in Apri
will be ready for as the building is pre-
pared to receive them. We may therefore expect
operations to commence on the last Of April in the
early part Of May next.
The result Of the over.ures recently made to ar
lists and ober persons Of taste to present designs
for the silver coinage, has not been satisfactory
Many designs and some medaions were presented
some OF them OF considerable merit, but their general
cenclency con shted in want of adaptation to the
object In view. In making any important change in
the devices OF the coinage it proper that those
which are TO be substituted should De Of decided and
uncomfortable superiority The result Of the eff jrt a
thus produced conviction favorable to tho designs
heretofore adopted and in use our attention will,
therefore, be turned 10 their artistic improvemen
without materially changing their national or emble-
matte character.
The disturbance Of the relative values Of gold aud
silver and the consequent effects upon national and
international currencies, upon coinage, aud upon
pechiary cohtracts, is avery large Inquiry frequently
under discussion In commercial circles ia the public
prints, and in halls Of legislation. barely allude to
the subject without entering upon it farther than to
offer one or two practical suggestions. Accord
ing to well considered estimates tho production
Of the gold end silver mines of the world at the
commencement OF the present century-not
taking into account those countries of Asia,
which were nearly shut out from the intercourse
Of nations-was in the proportion Of one ounce Of
godto forty six ounces of silver Immediately before
the opening Of California, it had probably changed
TO one ounce OF gold against seventeen ounces Of sill
ver An average OF the productions Of the years
1852 and 1858. upon the same broad SCALE ap pears
to give result of Of gold to less than four
ounces Of silver. And yet from the first of these ne.
RODS to the last there has been great divergence
In the bullion market from the relative proportion Of
one ounce OF gold to sXte of silver. Surely
this striking fact ough to aay the feeling OF alarm
20 often experienced "a to the abundant production
Of one metal, and the DIMINISHED supply ofthe other.
There is, in fact, hsppy accom- notation in the
commercial world to these varying relations. When
gold was scarce, silver the great metallic basis
and the former metal rather usedas an adjuvant
specially adapted to some Of the wants oil trade. But
SINCE gold has become plenty and silver comparative.
ly scarce, the Weather nations OF the world have
taken gold as their prevailing currency, making
silver only subsidiary one, just copper is
to silver Now, as the purpose Of "making
change" does not require very large stock Of
metal, in comparison With the larger purposes
Of money, 1t follows that silver is by no means
as much needed ss formerly; and here we have the
very remarkable, almost enigmatical sequence, that
silver is valued less because Il ia less produced.
The very general adoption Of small gold coins such
collier, and even half OF that IL it were prac
tfcable would still further throw silver out of USE
titles OF 1t will always be needed for plate and for
ornamental work; but ia this, the growing use
OF electroplated ware, in England and in our own
country, IT, sure to have counter.cting effect And
here II VIII be interesting 70 st Ute, that the greatly
diminished cost OF mercury which is an ndis pensabc
agent in the production Of silver, is certain to have
large effect in increasing that production. The
monopoly 81 mercury, by which its price was ad-
vaneed one hundred per cent, and consequently the
mining OF silver greatly impedsd, rs been dispelled
by the opening Of the rich cnnabar mines of Cali
iornia aud the price has receded to the old quota
ton. Silver mines that have been abandoned can
from this cause, be reopened and greater activity
may be expected in those which have been kept con-
stanty IN operation. But while the commercial or
social accommodation, before spoken Of and the pro-
babe increase in the production of silver lust no.
tced may be relied upon b. prevent any SUI Ii violent
,regularity as won d be denoted by balancing Sc
We teen ounces OF silver at time and a. another
time only fsur ounces, against one ounce Of gold yet
there VIII constantly be q varying per centage Of
fuctuation; and this will sometimes be 50 great as
TO compel legal modification of standard and q
consequent recolnase Of the Mint. And although
our own standard Of silver has SO lately been changed
to suit the market there Is fear that the
reduction OF weight was not sufficient, ard that
another recoUagc, OF no distant day, may become
ne essary. This, h,sever, is part of the use for
which 10 ioDa Mint Is maintained, and for which
IL should always be in readiness.
IL ~ now cue to us rs the great gold producing
ton, that our currency should be purged from all
bank notes below the denomination OF the double
e"s.e' t'uSh IclHcuy, NY Tue uses oil
gold would, doubtless, mitigate auy Inconvenience
aiisng from the large production of that metal aud
AID us IN arriving at the just conclusion that all fears
ofexcessive returns from California and Australia
may be put TO rest II the notes under twenty dol.
lars were Withdrawn, their places would be supplied
by specie, and thus the currency ~ould further ap-
proximate to the wholesome standard contemplated
by the trainers OF the constitution of the United
States, and also tend to release the trade and COM
merce OF the country from the adverse influence Of
banks OF issue. As these Institutions are created by
the authority OF the States perhaps the only remedy
in the power OF Congress to apply is that suggested
by Mr. GaatN, who, in view the rig h. o taxation
says that Congress may, If II deems proper, lay
stamp duty on email notes, which will pu. an end to
their cir :uatop.n
1t seems appropriate to my official position that !
should take this opportunity 10 join in the urgent
emind from various quarters for a smole, :eli-
gibe, and well founded system of weights and mes-
cures. The Mint ha, done nuch as 1t can land in
this step 1t has been followed by the Bank aad Mat
OF England) in repudia.ing peuby weights and grams
In the mode OF weighing and kpl accounts usinU