The Daily state register. [volume] (Carson City, Nev.) 1870-1872, 1871-01-22
THE DEBATE ON COINAGE.

" IRaa'
zeal economy not often referred to in
that body, aiiording a refreshing oasis
in the desert OF commonplace, political
discussion, and partisan trickery, to
which the efforts of most Of it, mem
bers are mostly limited.
The Treasury Department haddrawn
up a new bill regulating MINIS and
coinage generally, which omitted one
section OF the old law. imposing a
charge OF one-half per cent. in addition
to the charge for refining or parting
the metals, in coinage. The Senate
Committee on Finance reinstated the
section, substituting a charge of three
tenths for coinage. \ motion was
made to strike this charge out and
leave the coinage free, with the excep-
ton of the charge for refining and
parting the metal.
The discussion covered a wide field,
involving the effect and operation OF
commercial exchange in their numer-
Gus forms. There are but few men
in the Senate who are capable OF dis
cussing a subject of this character as
nippaniiy As they may talk about
reconstruction" amnesty" "San
Domingo and the eternal negro III
any OF his shapes. Consequently the
debate brought out most of he real
talent and Craftsmanship OF the Senate,
while the small politicians, who com
pose a majority of that body, went out
10 imbibe a beverage or put up another
loyal job on the Government.
Senator Sherman a. Chairman OF the
Finance Committee advocated the re
tention OF the coinage charge. and
worked aud talked for it ably and per
sisienily until it was finally defeated.
The ingenuity aud persistercy with
which Sherman eSinces in hunting ~
objects to tax has made him already
distinguished IN that line, and he will
certainly lose none OF his reputation
from his course on this measure.
Against 1t Casseriy and Cole, Nye and
Stewart, Williams and Corbett, from
this Coast, Bayard and Thurman, d
the East. all made forcibic arguments
The speeches of Senator CaSserly wert
the most thorough and complete mad,
on the subject, and showed an &C
quaintancc with the operation of tn,
old law, its efTect on the business o
this Coast and of the country gener
ally, and a familiarity with the legis
lation and commercial laws OF Eu.
rope, which proved that on ~financia.
matters he is not second to even tn
distinguished Senator who preside
over the Finance Committee.
Ii was contended by Sherman am
Morrill, that the effect of striking on
the charge would be not only to DE-
crease inc revenue of the Governmer
which now annually toabou
,000-and under the ~three-tent
charge would mount to SlO0,O0-br
that il would encourage the shipmer
of the precious metals from this couI
try to Europe, thus draining I'll
United States Of all the gold coin r,
quired by the necessities of our ow
people. The iallacy OF this positio
was exposed by the opposition an
h reverse shown To be the case. III
stead Of driving the bullion out Of ii
country 1t was demonstrated beyon
any question hat it discouraged III
expectation of gold.
Mr.. Cole stated the proposition
the following extracts:
Now, sir, ii we impose a charge y
matter how small, ii II be but one-ha
OF one per cent, or three- tenths of on
per cent, on the conversion OF gol
into coin, il will of course drive tho.
ingots and bars into "A country, if SUI,
a one is TO be found. where this coir
z can be done free OF charge, az
that Is the case. The great mone;ar
nation of the world, Great Britain. Dc
forms this duty free of charge. ~
converts bars OF gold into her coli
free OF all cost, free of all charge VIII.
soever. The direct result OF this, "a
very great extent no doubt, has he
TO make the capital of that nation I
money center of the world. We a
aware mat most OF the business traf
actions of the world center in Londo
and have no doubt that this is attri
utable, 10 n very great degree, to I
fact that England from all time b
made coinage free, AMI by that meai
in exchanges with other nations
well as between other nations a
Great Britain, the transactions are do
through London by transmitting
precious metals to that country.
Let me illustrate this. Suppose
coinage charge of a small percenta
were imposed in San Francisco, a
the same work were done in New 70
free of expense; how clear it is to
that the bullion would be sent fir,
San Francisco TO New York. I
same rule that applies between tbs
w neighboring cities, as IL were, .
plies between different nations.
II was contended by Sherman Il
the Government is not bound to c.
the gold of private indiv iduals free
charge, any more than to carry th
letters free over the mail routes; q