Year: 1859




In our telegraphic dispatch of last week, it
was announced that the bankers and business
men Of San Francisco would hereafter receive
foreign and private coins at their mint valua-
ton only. Immediately on this announcement
being made, the business men of Nevada took
steps 10 put the current rates Of these coins
down to their intrinsic worth. This action
should at once be followed by the people Of ell
parts of the interior, otherwise the deprecated
coins will find their way to those places where
they pass current at the old rates, and the
whole loss will eventually come out of the pock-
cts of the people of such localities.


Some years ago the country was flooded with
franc pieces, which passed current for twenty
Eve cents. but which were worth at the mint
only about nineteen cents. These coins COD
tinued to pass current in the interior for seve-
raj weeks after the San Francisco bankers had
reduced their current value to the mint stand
ard; and the result was that they all found
their way into the mines, where on American
quarter was seldom seen. The evil at length
become 80 great that the people Of Nevada
held meeting, and agreed to receive them
thereafter for twelve and . half cents only.
The very next day the francs disappeared as II
by magic, and their place was supplied by
American quarters. The sudden substitution
of one character Of coin for the other was Q
mystery to many but there was after that time
no lack of American silver coin, about which
fears had previously been entertained. The
francs were generally purchased by financial
speculators, at the rate of six for dollar, and
sent to the mint, and little inquiry satisfied
us that the same inanciers had previously been
boarding every American quarter and half dol
| ar that came into their hands. or course they
made money by the operation, while the Loss
was sustained by the trading and laboring peo
pie. The rates being put down to q little lest
than the intrinsic value of the coins the peo
pie were fieeced both ways, first by taking then
for more than their real value, and then being
compelled to sell them for less than they were
worth at the mint. ae1nf}


1t was estimated that the people Of the Stat'
lost not less than quarter of million of dol
lars on francs; and the loss BY the present fora.
upon all foreign coins will probably not fal
short of million of dollars. But if the peopl'
hereafter will resolutely refuse to take any bu
American coin, they can never be fleeced agail
in this way.


The business men of all the towns in th,
county should Immediately follow the example
of Nevada, for the longer they put it off thu
more they will lose. We learn that on Wed
nesday and Thursday evenings, several thou
sand dollars, in foreign coins arrived at th
place; but as there was no opportunity to ge
them of here the coins have doubtless already
been sent to other parts of the county, where
they will be plentiful as long as the people are
green enough to take them.


On our first page will be found ON article
giving the mint value of nearly all the coini
which circulate in the State, and iu another
column will be seen the rates at which they are
taken by San Francisco bankers. AS the for
eign coins are worth little more than the cur.
rent rates at which they are received, they will
gradually find their way into the mint, to be
re-coined, or be sent out of the country. 1t is
to be hoped that hereafter the beautiful and
convenient decimal coins Of the United States
will constitute our entire currency.