The Nevada Democrat., 1858-03-03
NEVADA, CALIFORNIA WEDNESDAY MORNING, MARCH g. 1855

A Measure Proposed to Secure to the PeO-
pie = Safe Treasury and a Sound Cur
rency.
A pamphlet with the above title, has besH
published BY Mr.. James Ress snewdsn, Director
Of the U. s. Mint under the approval Of the
Secretary Of the Treasury. The N. T. Courier
and Enquirer makes the following review Of the
proportions submitted by Mr.. Snswdsn:
The subject is Of such Importance, that the
changes in eur banking and curreacy systsms,
which the experience OF the past year prove to
be necessary, should be based upen well digest
ed plans. The ability and experience Of Mr.
Snswdsn eatitls this proposed measure to care
fal consideration. The facts which he presents
can have no better authority; and the eonclu-
stems derived from these facts, tegether with
the system which he proposes as the best reme.
dy against . recurrence Of the present financial
derangsment arc ct least sound and conserva-
tive. The proposed measure is In fact an es-
tablshmsat, under different name, Of . Natien.
al Bank issue, based upon specie deposits, al
may be seen from the two changes which he
recommends:
1st. To authorize certificates to be issued on
deposits Of geld bullion at the Mint and iti
branches, and at the Assay Office, in convenient
sums, at the option Of the dePositer, and paya-
BE 70 bearer.
I'd. Te permit similar certificates 10 be issued
ut the Mints, and at the Treasury and Assistant
Treasures Of the United States ON deposits of
the geld seins Of the United States.
These tive powers would constitute a Nation
al Bank of Issue, under specie restrietiOns.-
The Mint is already authorized to issue certi6-
Gates Of deposits for gold bullion; but it ID
new proposed to issue beth bullion and gold
eertfieatss in sums according to the dspOsitor'l
option. (Of course a limit would be necessary
IS 10 the amount and to give unifermity)
The advantages claimed are:
l. Security. This will be readily admitted
fer NO better could possibly be given than q
specie basis with the guarantee Of the govern.
ment
2. To lessen the practice Of boarding. II
holders could be made unquestiOnably secure
there would be no inducement to hoard. To
shew the extent Of the evil Of boarding. it may
be brifiy stated. that Of the three hundred mil
lions Of specie knewn to be held in the United
States, less than one hundred millions are ia
circulation and held by the Banks.
8. The specie deposited would not be with
drawn from circulation.
4. The specie deposited would constitute q
great reserve, TO be withdrawn, at any time
when q special demand for coin might arise
without the slightest disturbance Of the COM
mercs, finance, or loan market of the country.
This must, we think, be taken with some al
lowance. To withdraw the reserve makes ne
cessary an equal redemption of certificates, and
thereby the circulation Of the country would
be 80 diminished, which would of course be fol-
lowed by q disturbance Of finance when the
specie was exported from the country. The
advantages gained, however, are, that there
would be ne general demand for specie from
paaics, etc. The only demand weuld be fer
expertatiOn, which must be regulated by our
balance Of trade.
5. Substituting paper for specie currency
would avoid the loss on wear, clipping Of coin,
etc. The amount Of this saving is shown by
she statement Of The loss to the English govern
msnt from IVA to 1873 in re-coining their
coinage, which amounted to $2,550, 900. This
saving would probably pay all or large pre-
portion Of the expenses Of issuing the certi6-
eatss.
The ether advantages claimed are for the
benent Of the government principally, aad
cOnsirt in = Saving Of the present bullion
fund" etc.
In addition, Mr.. Snowden says:
The whole coinage of the MiHts, up to the
30th of Jane, 1857, amounted to upwards Of
five hundred and lightweight millishs Of del
lars. observe that "of this amount there has
been received since the lst Of January, l849, of
native gold, the production Of the United States,
the sum Of fevr hundred and two millions Of
dellars. II, in addition to this sum, we add
the gold produced in Australia and other for
sign countries during the same period, which
may be stated to be about five hundred mil
lions Of dellars, and the production Of silver
ballion from all sources, which is at the rate OF
about forty millions per aunum, 1t will be seen
that within this comparatively brief period the
worlds supply Of the precious metals has been
increased TO the extent Of twelve hundred and
fsrty miliens Of dollars In view of this great
increase, and Of the farther supplies which will
the same sources, IL may well be considered
whether in . country 90 highly favored with
the production Of gold and the supply Of silver
as surs some measures shsuld not be adsp pied
BY which the people in like manner with the
government, should enjoy the advantages Of q
specie currency.