Year: 1868

A New and Novel Half and-haIf Cur


rency Scheme 10 Suit the Chicago


PIatfOrm-An AduIterated Coin Sug-


gested as q Hybrid Between Legal


Tender'' Paper and standard Gold


Coin.


From the New York Times, Junel3


Among the felicitous effects to be ex-
pected from the Chinese Embassy, now on
their novel and very important mission to
the nations of the American and European
world, none will probably be more signal
than its results in introducing to the vast
population of China uniform metallic
money, probably to consist Of silver coin,
to be speedily followed by its multiples in
gold. We are happy to state, from per-
earnestly and forcibly brought by one of
/ its active official advocates to the attention
of the Chinese Embassador, Mr.. Burlin-
game, during his short sojourn in this city
on his way to Washington; that he entered
at once into the matter with his accus-
toned energy and intelligence, perceiving
at glance all the grandeur of its conse-
quences, and that he did not hesitate to
express his opinion, that it only needed
the concurrence Of the United States and
/ of the leading commercial nations of Eu-
rope, In simply determining the weight and
quality of common coin, to secure its
early adoption and use by the government
and the people Of the four hundred mil
| lions embraced within the Celestial EN-
pire-not to speak of its probable exten-
sion into the adjacent and populous pos
sessions of the British Empire in the
East.


With this new and superadded feature,
adding 30 largely to the dignity and scope
| of the great civilizing measure of monetary
unity, as proposed by the Paris Conference,
| the importance and necessity of intelligent
and weIl-considered action by the Congress
| Of the United States becomes more and
more apparent and urgent


/ We therefore refer with special grati6ca-
| ton to the international coinage bill, which,
| after several months of careful considera-
tion, somewhat interrupted by the agita-
tions Of the impeachment and the necessary
preparations for the coming election, was
reported on Tuesday last to the Senate by
Mr.. Sherman from the Finance Committee.
In that bill, every friend and supporter Of
our national credit will rejoice to perceive
a very important amendment, which re-
/
bill as first proposed-which had declared
the new coin, though reduced three and a
half per cent. in weight, to be legal tender
for the pre-existing obligations of the
United States. Against that provision the
most active and well-known friends OF
monetary unifcation had earnestly pro-
tested, and il justly gave rise TO the most
weighty Of the objections against the mea-
sure urged by Senator Morgan, one Of the
Finance Committee.


The bill, as it now stands, reduces the
weight Of our gold half eagle from 129
grains 10 124 $40 grains, thereby making
it precisely equivalent TO the twenty-five
franc coin proposed by the Paris Confer
enee-but it expressly provides that such
reduced coin shall not "be legal tender
for any existing bonds OF the United States
payable in gold" 1t will consequently
leave to the Treasury its existing legal and
moral duty Of paying the holder, principal
and interest in gold of the full weight %
which he was entitled at the time OF the
contract. The bill, indeed, may rightfnlly
be regarded as the irst-born offspring Of
the Chicago platform denouncing national
repudistiOn in every shape and form.


The Senate committee has also done
wisely, in laying the bill ard accompany.
ing reports before the country, and in re
commanding thepostponement Of all further
action until the next winter session, when
the Presidential election being over, Con


gress may carefully consider the subject


after full discussion by the press and the
( people


Meanwhile the subject is under active
discussion BY the Royal Commission insti'


tuted by the British government which hAi


already taken large macs OF testimony
! from the experienced hnanciers and mer'


chants Of the United Kingdom. The com