Georgetown weekly news., 1855-04-05
Private Coinage of Gold.

The S. F. Sun, of March 28th, has the
following sensible remarks concerning pri- |
vate coined gold now in circulation in this
State:
"There was time in California when an
excuse existed for the circulation of gold
coin manufactured by private individuals,
but we believe that time has passed. We
have now a mint that can turn out million
of dollars in coin monthly, which will fur
nish us an ample circulating medium, if
legal coin be allowed to come into general
use; but in its place we have an irresponsi-
bic compound, supposed to be gold, upon
which there is destined to be heavy loss.
If person now goes to bank with check,
he is paid off with this trash. He never
obtains legal coin, for that, instead of being
circulated here. is shipped to the Atlantic
States.
AS an effort is about being made to flood
the country again with spurious coin, the
present seems a proper time to caution the
public against encouraging its further issue.
Every man here should refuse to handle the
stuff altogether, for it must very soon go
through depreciating process, similar to
that Just experienced with francs Besides,
the public has no guarantee that it is not
alloyed to a very considerable extent. The
house which has principally manufactured
this coin may be honest enough, but who
does not know that it may be counterfeited
very easily, and put upon the market to the
injury of our citizens? A twenty dollar
piece may be alloyed to the extent of sew
eral dollars, with silver, and scarcel present
a shade of difference in color, from that of
full value.
1t is enough for us to know, that the man.
ufacture of this private coin is in violation
of law and that it is not really needed for a
circulating medium at the present time in
California; and that it serves, like bank pa
per, to keep out good coin. For these rea-
sons no more of it should be put in circula-
tion here.
Francs have gone out Of circulation qui-
etly. Let our citizens act sensibly, and this
spurious coin will 90 out Of circulation as
quietly. Let our people ask for genuine
legal coin of the United States, in all mon
led transaction, and in ten days we shall be
troubled no further with the spurious article
1t may be said that the mint cannot sup
ply the demands made upon it. Perhaps
this is so, for we believe that certain per-
sons here always prefer shipping coin to
dust; but who doubts if we were to stop re-
ceiving spurious coin. that genuine article
would not Immediately take its place. I'm
der present customs United States coin goes
away, but private coin does not. One will
pass current all over the Union and in most
foreign countries, while the other passes no
where but in California, unless melted up
and its mint value first ascertained.
1t is certainly asking too much of the
people of California that they should con-
tinue to receive this trash which drives out
every thing else, and the sooner bankers
cease to encourage such operations, the bet
ter. But if bankers do endorse such issues
there is no reason that the people should
They can put stop to it if they choose, but
if they 60 not, it will be only little while
before bankers will ho,d another meeting,
and | ass resolutions against receiv ng r.
vate coin, except at a discount, as they d
few months ago in regard to francs 10
say nothing of the danger Of cOunterieiting,
there are abundant reasons why no more
tinkering with our currency should be toI-
Grated.