New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-06
THE PROPOSED COINAGE ACT.

To the EditOr Of The TrtbuHe.
SIR: The new Coinage bill is accompanied by
report TO the Secretary OF the Treasury by Mr. John
Law Knox. Deputy Controller Of the Currency, explain
ing the nature and necessity Of the proposed changes
and upon some Of the measures most readily comrre
bended by the general public propose to offer few
suggestions.
"Tbe establishment Of Mint Bureau at the Treasury
Department which shall also have charge OF the coec-
ton of statistics relative to the precious metals Among
the reasons assigned by Mr. Knox for the establishment
NJ Mint Bureau are certain Irregularities In the New
vo office II well understood here that these irreg
Iores were promptly corrected Immediately after the AS
itant Treasurer devolved his official duty rs Treasurer
rpon his deputy. We can readily perceive however
that the proposed Mint Bureau can be rendered an en-
Gent arm Of Government an the ta &C. .tn
duties gned thereto in the BILL put we 1ih is
ity and efficiency would be greatly IsTnc1t @s re-
snecfs mint accounts), as 10 deVoiVo UPON VIC ~ Nit
the duty of receiving al accounts inuis rtitvng The
baIancss and transmitting lhe accounts III 20 tho
yonchers and certificates to the Flrst Coh'ronei " ~
Treasury Of the office of superintendent with
una dsconnecting the Mint entirely from the 0SG on
assistant Treasurer" 1t Is obvious tids CON serye
rreasurers of the Unitad states can sclNo
the az reasnrers Of the MINIS has passed away
hy reason Of the unparalleled o the pro
io, of Accommodating the MINIS entreiy from ~. e
Of Assistant Treasurer but II aoes no, the double
SUPERINTENDENT must consequently ~ the Mint
duty of supeTintendng the ReneIal % H. accounts
Z Of
checks requires tne tllC
Po,rer for the Mint whenever thht ,aD tbe
ssstant Treasury IN IMP "ay
sJbB;nities and Irregularities referred 10 III 'Ho
would BIZ ODvlated ..,..xo obarceU II is a maxim
I'LL, hisness men in the settlement on ,n pre.
% rSconTse 10 the cheapest medium lhS inc cntt OF
% in the export OF the precious meIas, radded 10
vas it ~ one per cent for coinage being n enS
nance If parting bullion, ana me golu p r cent
tuo al about seyen-siXteenths Oh Ono ~, orc
hosner than gold coins, the dGnanS 49,. LID bars The
cheaPo, ~ se OF impaired bullion or hhe guiu
me- ~ Of the coinage charge would tnu subiect
hDontio o. eTnorfers for shipping sOid co'ns,
pfehn no1Ocrnment 10 the extra expense ior ioi manu-
facture: 49,. .,o exchange of impaired FOR renned
Ds refining before IL Il coined u Mpu1 III ~
mlhS ,,iSc 10 interfere with parting anu ~ 80 t
10 DC tiIshments fer the Goyeinlneht ousn ~ snv
lnd for lbs supply OF coins UPON llt ~ Iii reso
dePentuh nm The officers of the Mint, VINO are Hoi"
sble for this WORK. A., ,o,,t of wasage" &c. We
- nat Inc operations of melting ana lenhg az a"e
isan States Assay ONCE, during me past uu Ga M
Uhec" tSTc becu conducted without my WHSLE Ia
ysiIs, - tiie Gov rnmeut. The cAtdc non Oh
cIl 80 has been so complete that tue Llib :" 10
anu ailo,Eed I'm the settlement Win d lnSl,,"iS 81, 10
tIol aict'nt excess 10 cover tue uaNoidhDc
PRECIOUS metals. IL 10 reasonapl9 W SuPR0'' 's' '