The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-07-13

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choose which he would use and the creditor could not
object that the tender selected less valuable TO him
than another, which also authorized and made cur
rent by law.
IL viii be observed that under the former laws and
practice OF the depas nent the right of the government
TO discharge its pecunay obligations In the gold coinage
WAS waived only in the Of foreign claimants on
creditors residing abroad while Ii strictly claimed
In all other Nor the practice uniform In pay
ing foreign demands for whenever the government paid
demand In pounds sterling the pound not est
mated according to its relative value In silver but ap
proximated the gold standard Hence, In paying our
minister at London his annual salary the paid
did not materially differ from the amount he would have
received at the treasury, while long paid our
minister at Paris In francs estimating them silver
francs and not as gold paid nearly four per cent
more to him than to the minister ut London although
their salaries fixed by law at the same amount
OF course the object intended by the act of 1887 was
accomplished Gold remained in the country, and be-
came the universal currency Silver left the country and
It's coinage became Improbable To remedy this the act
OF 1858 passed providing for Ito coinage of silver
pieces under dollar reduced In weight as greatly
to diminish their intrinsic value and thereby keep them
IN the country for the purposes Of change and domestic
trade Alter this the old silver coinage became almost
obsolete except for particular purposes and In relatively
small amounts. The silver dollar of the old standard
ceased IN great degree To be coined and longer
regarded as forming any portion Of circulation To
speak, therefore OF this obsolete and disused coinage
the aandzra or unit of value Is simply absurd Tho coin
age of the gold dollar which became absolutely neccssa
ny In the absence of the silver coin of that denomination
was the final recognition by law Of fact which had long
been established in commerce.
Still up till February, 1857 the old laws making GER
tain foreign coins legal tender in the payment Of debs
and fxsng value upon them in force and served
to give some pansby to the proposition of foreign or
distant claimants that long the law made certain
foreign coins current at certain rates. they had the right
to BIO paid in such currency at those rates.
think that have already demonstrated the incor-
rectness OF such position But 1t is of little con-
sequence whether they right or not inasmuch
as all these laws upon which they predcated the demand
In question repealed by the third section Of the act
of February 81 1857 which provides that all former
acts authorizing the currency Of foreign gold OF silver
coins and declaring the legal tender in payment
for debts shall be repealed and that it shall be he
duty of the Director Of the Mint to assays to be
made from time to time Of such foreign coins may be
known to our commerce, to determine their weight
fneness and value and to embrace in his annual report
a statement of the results thereof
This law puts an end to all controversy upon this
subject. There Is now law in existence which au-
thorzes the circulation of foreign coins in this country
currency, which places upon them any definite or
arbitrary value That section of the act of 1887 which
authorizes the to receive the fractional d
visions OF the old Spanish pillar and Mexican dollar
certain reduced rates for the purpose of recoinage not
regarded as forming any exception to this general ALE
cation.
The remaining inquiry is how shall we now ascertain
the value OF the foreign coins in which ministers and
other officers abroad receive their salaries and other de-
mands upon the government of the United States
This is answered by the law, which provides that it
shall be ascertained by actual essays made by the
Director of the Mint and communicated in his annual
reports to the Secretary Of the Treasury These assays
are now the only authorized estimates Of value known
our laws.
The table in question prepared with great care,
and forms more convenient reference for the account
ing officers than the annual report of the Director Of tho
Mint to the Secretary Of the Treasury 1t is chiefly
fined to the normal unitary moneys of the several
countries where ministers and other representatives
of the government required to reside while the
port, which is general in its Objects embraces the
values of all denominations Of CON- primary and subsd
larry of all the nations of the world. The values of
course, the same in both.
am, sir very respectfully, your obedient servant,
w MEDILI, Comptroller.
Hon. HOWELL Com,
Secretary of the Treasury