New-York tribune., 1868-06-12
INTERNATIONAL COINAGE.
THE REPORT OF SENATOR MORGAN.

WASHINGTON, June 1.-THE following docu-
ments have been referred 10 the Senate Committee
Finance:
st 27 In relation to the coinage OF gold and silver
cd. s. Az, TO promote uniformity Of coinage between
the moneys Of the United States and other countries
Sd The proceedings Of the international Monetary Con-
ference held at Paris in June, 1867.
4th. The report Of Samuel b. Rugges, esq, delegate.
9Th sundry memorials relative TO changes in our sys
tenn Of coinage.
These documents present to the Committee Of Finance
the interesting question OF international coinage, and In
considering them they necessarily inquired ...-
LIST. Whether the object proposed was OF sufficient i'm
States.
Cd Whether the plan proposed by the Paris Conference
was the best mode to accomplish the end desired -
Sd What legislation necessary the part Of the
United States adapt coinage TO the plan proposed
4lh What provision should be made for existing public
and private contracts
The committee after partial consideration of these
questions direct that the bill be reported with amend
ments supported by report made by Mr. Sherman, and
submit report adverse TO the bill. and that these
reports be printed and that the bin be postponed until the
the people Of the several questions embraced IN the Dill
REPORT OF SENATOR MORGAN
In June last, while the Universal Exposition was ~
progress international monetary conference was hed
In Paris under the presidency OF the French Minister LOT
nations present Mr.. Samuel b. RuggieS repre-,
sened the United States and his report on he subject
has been communicated TO Congress- through the depart
ment OF State. From this II appears that plan OF mont
tary unihcatiOn there agreed upon the general ea
l. A single standard, exclusively Of gold.
q Coins OF equal weight and diameter
g. OF equal quality, niue-tenths fine
The weight of the present fyefrano gold piece to be
the unit with its multlpes Inc ISSUE oy lIanSe o ] a Inv
coin OF the value and weight OF 20 francs was RECON-
The coins OF each nation TO continue TO bear the
names and embems preferred by each but to DO lega
tenders, public and private IN all ,. -,
Senate bill 27 is designed to carry into enect TINS pa
It's passage would reduce theiwegt OF gold coin or
IS SO as 10 agree with French coin OF 81 francs III de-
termines that other sizes and denominations shi DE III
due proportion of weight and neness and that foreign
gold coin conforned 10 this basis shall he legal tender
so long as the standard of weight and hneness are main
ained 1t requires that the value OF gold coins 5na DC
stated both dollars and francs aud also IN BTls terms,
whenever Great Britain shall conform the pouhu steIng
is conforms our silver coinage TO the French valuation,
aud dscOntnues the silver pieces OF one dollar and hve
and three cents and limits silver as legal tender TO
payments of $lO The first Of January, 1862 is liked us
the reduction which this measure would effect In the
United STATES would be at the of threeanda half
dollars in the hundred and the Tedaeon IN the iegI
able.
posed by the bill should he made only after the most ma
ture delberatOn The circulating medium Is matter
that directly concerns the affairs OF yday life affect
ing not only the varied, intricate. and mutifOrm in
tbe relations of the nation with all other countries
we'll The United States has peculiar interest In such
question IL is a principal producer Of the precious
metals and geographical position most favorable in
view OF impending commercial changes, renders wise
that should be in no haste TO feter ourselves by any
international regulation based Oh an order Of things
belonging essentially 10 the past ,,
Antecedent 10 any action by Congress on TINS subject
we should carefully consider:
l. The effect which the present abundant production OF
the precious metals especially OF gold ana the probhDe
great increase IN the supply s hlhs i"SlItles are III
proved and generally applied, Will have upon tho
purchasing power OF these metals o reo,or ,e,vseD
II. The question OF preserving such reatoh oet"eeh
gold silver will retain the latter metal IN free cir
culatOn aud continuance of the coinage OF suc denOl
nations OF silver as VIII serve 70 encourage AueIlchh
commerce with Mexico, and with South American and
iii The choice of standard Of unihcation which, all
things considered shall be least objectionable Oh account
" OF delaying action untl the Paris plan has been
adopted by the commercial Powers OF Europe, aud &C
ceped by those nations of the Western Continent with
whom have commercial reiatious or, at least untl
their intentions In this regard are more fully known
v Should not period when the public mind Is calm
more so than now-on the subject OF monetary affairs,
and when the national debt has become lees formidable,
be chosen for initiating ohangef
VI The advsablty OF further popular discussion OF
the subject 70 the end that the business as well as gen
important reduction in the value OF our monetary unit
merits Of our own that, should any existing system
be accepted ours shall be more luy considered In hat
Uniformity in coinage also in weights and meas
has been the pursuit of ages Speculative systems
10 practical tests but the idea has never been abandoned
Nor was the occasion the rst IN which our Gov
ernment has been recommended and that toowth some
urgency threeauarters century ago. by the
that country 10 adopt the French system OF weights
since has properly exercised great caution a subject
so full Of complications. And the question Of inteIna-
anced between the facilities u would af-
ford , to foreign SmmeI9e ISio and she evils
affairs The adoption OF some satisfactory and compre-
hensive plan to be adopted because shall best sub
the interests OF all ana not because u or Is Dot
existing may become desirable II So Congress
will then be ready To take part IN eectng such meas
At present however there are questions OF very
practical relative 20 the precious metals that be-
10 reveal themselves and VIII soon press home upon
us which largely outweigh in importance the tbeO-
retical OF assimating all metallic crculations. Our
situation as commercial nation makes II prudent that
on this as on every question affecting home interests,
we should free 10 mold policy 10 meet occa
shall appear best suited 10 develop great,
almost mltess natural resources increasing by gentle
means the stream OF commerce, but forcing nothing
rather than 20 hamper ourselves by international engage
ments arbitrary regulations. An error now IN fixing
more tnan any other We may safely trust TO the natural
laws of for the correction OF any evils from
which have suffered. We have paid our segniOrnge
we have the demand for foreign exchange but who
shall say that the course OF trade IN the next ten years
may not make American city, New.Sork or San Fran
cisco the Of exchange and confer upon the ad
vsnages long enjoyed by European capital Certainly
The movement proposed in the bill appears 20 he In
the wrong direction. The standard value OF gold coin
should be TO our rather than
lowered. The must be obvious Authorities unite
in the conclusion that fall IN the value OF the precious
metals IN consequence Of their rapidly increasing guam
y Is Inevitable d. CheValier recently estimated that
he nresen vie Id of gold amounts in 10 years To about az
much as the entire production during the $50 which
nteTyened between the date OF the discovery OF America
and the year ls4e when the mines OF % California were
rule Of that quantity governs price which
applies nfallby all other commodities, loses It's force
when gold is concerned this continued and increase
must be followed by reduction IN Its value.
Ross Browne In his recent report that the time Is
not far distant when the price Of the precious metals
compared with other proceeds OF human labor must fa
They increasing more rapidly than the demand
for them and AT the present rate Of increase they would
soon have 10 Tall perceptiDly but the production VIII
become much greater than II is The vast improvements
that have been made both in gold and silver mining
within the last 20 years are applied only 10 few mines
II all the argentiferOus lOdes OF Mexico
Peru, and Bolivar, known 10 be rich, worked with
the machinery used at Washoe their yield would really
flood the world. New deposits Of silver
viii found innumerable rich lodes on the Pacific
slope OF the United States not yet opened will be worked
with profit"
The present enhanced prices OF commodities and labor
the world over measures 10 extent the increasing
NIL aIlA IL