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H. OF R.]

Gold Coins.

[JUNE 21, 1834.

the balance of trade is against the one, gold and silver there will be of less value than at the other, by the expense of transportation; and the exchange will always be about equal to that expense. The nature of trade will keep this balance alternating, and it may be, generally, against one place in a certain direction, while, at the same time, it will be in its favor in another direction; but the design of making paper circulation for the purpose of exchange, better than the specie it represents, appears to be in a great degree fallacious. The bank can never equalize exchange; the expense of exchange must be borne by the debtors, in the debtor part of the country, and every attempt to give it a different direction will be baffled. It is alien to the inflexible laws of trade, and cannot be realized."

regulate the value thereof, and to regulate the value of in he states: "In reference to any two given places, when foreign coins." This clause of the constitution confers all the power Congress has over this subject. It had been aptly called "a hard-money power." Under this, it was our duty to declare the value of foreign gold and silver, and make such coins as the wants of our country require. It appeared to him to be the duty of Congress to provide that which was most convenient, and such as would be a legal tender in payment of debts. Congress had no power to make any other currency, and if it possessed it, its exercise would be inexpedient. He said he was aware that banks had become so interwoven with the transactions of the country, that it might be impossible to return to an entire specie circulation, if it were expedient to do so. Large transactions among commercial men and bankers might well be in large bills, the representatives of money; but all the minor channels of Mr. G. said he concurred in these sentiments; they circulation ought to be filled with gold and silver. With established, conclusively, that the bank was unnecessary out a broad basis of the precious metals, a secure paper to regulate the price of exchange, and that the price circulation could not be sustained. He hoped to see all would be about the expense of transporting your coins. small bills retire from circulation, and their place filled Then, so far as exchange is concerned, what coins ought with coins. This would place in the hands of the poor to be introduced, so far as it can be done by a law of and laboring classes a safe and sound currency, which Congress, and what would be the most beneficial to the would remain unaffected by the crumbling of rotten people? He would answer, gold coins, the expense of banks, and the fearful agitations of panics. Then the hum- transporting which is only about one-sixteenth as much, ble individual whose all might consist of a few dollars would on a given number of dollars, as on silver. This would not be injured or alarmed by the cry of partisans and materially lessen the price of exchange. demagogues on the subject of currency. If our circu- In every point in which he had viewed this subject, he lation had been, during the past year, principally of coins, deemed it our duty so to shape this bill as to give the counwe should not have heard people advised to demand try, as far as possible, a gold currency. It was due to specie on State bank paper, because all paper but that the character of the nation to relieve it from the stigma of the United States Bank was nearly worthless. Nor of having a swollen, vicious, and fluctuating currency, should we have heard much of panic and apprehended which was not a legal tender in payment of debts, and danger. All would have been quiet on that point. Un- which caused the price of our property to fluctuate with der the paper system, banks have broken, and, he would every shifting breeze. The adoption of the proposition ask, on whom did the loss most severely fall? Upon the of his colleague [Mr. WHITE] would accomplish the obpoor, who understood little of the condition and credit of ject which he so much desired, and which, he believed, banks. The wealthy usually foresaw the evil and pro- would prove advantageous to the nation. tected themselves. He feared this had even been done Mr. G. said the debate, on the present occasion, had at the expense of the poor, but he hoped not often. It principally been on the question of proportion of gold to was due to the American people that this Congress silver. The relative value differed, in different parts of should change the order of things, and give to the peo- the world, from fourteen to one to eighteen to one. The ple a currency which should not fluctuate in value, as countries from whence we receive most of our gold and corporations might manage well or ill, or be fortunate or silver have adopted the proportion of sixteen to one. unfortunate. We ought to give them a currency that alluded to the present and former dominions of Spain. He should be as immutable as the metals of which he pro- believed this to be the right proportion. This proportion posed to make it. had been objected to by his colleague, [Mr. SELDEN,] Would a farmer be willing to have the title to his farm and the gentleman from Massachusetts, [Mr. GORHAM,] depend upon the good or ill fortune of a corporation, and on the ground that the mercantile value, as bullion, was upon the honesty and integrity of some thirteen men only about 15.75 to 1. From the best information he whom he could not control, and whom he did not know? could obtain, this value fluctuated from 15.75 to 1 to 16 Would he not prefer its resting upon the laws of the to 1. The latest prices in England were 15.83 to 1. But Government? He then submitted that a currency of admit that, in a city, say New York, for the purpose of coins, established by the laws of the land, and having an local use, 15.75 to 1 was the true intrinsic value, he conintrinsic value, must be preferable to one depending upon tended that, for purposes of general use and circulation the contingencies he had suggested. He thought the as coin, throughout the country, gold would have the people of the United States generally desired this im- preference over silver at 16 to 1, on account of its limitprovement in the currency, which would render their ed weight and bulk, and its conveniences in travelling transactions more certain and more beneficial.

Mr. G. said, in circulation, paper was the antagonist of gold, and our gold being at present undervalued, the paper had driven it out of circulation. And our silver was too bulky and cumbersome to be retained in general use. From its light and convenient form, gold would, if properly valued, obtain a very general circulation in all limited transactions.

He

and business. When the cost of transportation is considered, gold being only one-sixteenth as much as that of silver, it would have the advantage in all cases where there was any considerable land carriage. It would be found that gold would have an advantage over silver of about one-half of one per centum on every hundred miles of such transportation. At that rate, in all cases of land transportation of four hundred miles, gold, at 16 to 1 Mr. G. said it had been alleged that a specie currency would bear a premium. This Government, in its pay would be found impracticable, and that a paper one, of a ments to our distant troops, and to the western Indians general and unlimited credit, was necessary, among other would be the gainer by paying a premium of two pe things, to regulate exchanges. He thought this ground centum for gold, instead of transporting silver for tha untenable. He had read a report made by Mr. Hemp-purpose.

hill, of Pennsylvania, to this House, in 1823, in response Mr. G. said this convenience, in carrying gold whereve to a memorial from the Bank of the United States, where- we might go, and its being a certain tender for all w

JUNE 21, 1834.]

Gold Coins.

[H. of R.

though the effect of the measure might deprive the advocates of that corporation of an argument in its favor. The country imperiously called for such legislation as shall restore the use of a constitutional currency, and his vote would be uniformly given with the view of producing that result.

might owe, and its possessing intrinsic value throughout should have expected from the bank, if it desired to the world, would always give gold a preference over sil- render our efforts, in giving the country a convenient ver, or any paper representative of coin. He had no constitutional currency, entirely unavailing; so that it doubt but every member of Congress would willingly re- might present to a future Congress the failure of this atceive gold coins, at 16 to 1, in pay for his services this tempt, as an important argument in favor of a recharter. session, in preference to receiving silver. From state- Whether the bank did intend to defeat our efforts, the ments he had seen, he thought there could be no doubt country would determine after witnessing the course of that the average rate of premium for gold in our large events in Congress. If the friends of that institution cities would range so high as to warrant our going for a should resist the effort to give the nation a gold currency, proportion quite as high as 16 to 1. He thought the in- the people would draw but one conclusion, and they troduction of gold coins into general use would prove would place the responsibility where it belonged. He highly advantageous to the newly-settled parts of the hoped, however, that this bill might be acted upon, withcountry, and would not occasion injury to the old. The out being connected with the fortunes of the bank, even establishing such a proportion as to give silver the advantage would defeat the very object in view, by keeping gold, as heretofore, out of circulation, and continuing the use of bills, which might, one day, pass at the rates named on their face, and on the next might not be worth onetenth part of that sum. The argument of his colleague, [Mr. SELDEN,] that we ought to keep the value of gold Mr. BINNEY said that, without occupying the ground down, as we were producers of the article, and because which had been taken by the gentlemen who preceded our most extensive transactions were with England, him, he would offer some remarks upon the questions where gold was the principal currency, did not strike arising out of the change in the bill proposed by the genhim as making in favor of the position the gentleman had tleman from New York, [Mr. WHITE.] He would entaken; but, on the contrary, he thought, inasmuch as we deavor, at the same time, not to name the Bank of the were producers of this metal, we might well make it our United States in connexion with the subject, as he had principal currency at home. Our currency here cannot often remarked that the mention of this name disturbed control our transactions abroad. There, our coins had the course of argument of worthy gentlemen on this floor, been, and would continue to be, mere bullion, and sold who, in general, had no difficulty in adhering to the subat their intrinsic value. No statute we can make will in-ject of discussion. What the Bank of the United States crease or diminish the intrinsic value of gold and silver, had to do with the matter he did not know; but what he here or elsewhere; but we can make a currency of coins did know was, that banks of all names and descriptions that shall be uniform as a standard of value, and which could, and probably would, make a profit out of a deshall give permanency and stability to that measure. A rangement in the proportional value of the gold and farm which is worth a pound of pure gold will still be silver coins, and, therefore, that it was the duty of the worth that quantity of gold, whether such gold is coined House not to give them the opportunity. Upon the subas sixteen to one of silver, or at a hundred to one. The ject of a tender in both metals, proposed by the gentleobject to be attained is a certain standard, which shall man from Massachusetts, [Mr. GORHAM,] he was not at not, by its constant changes, raise or lower the price of present prepared to act definitively. If now called on to such articles as we have to exchange, or affect outstand-decide, he should probably vote against it, though he had ing debts. Let us fix our coins as may be most conve- no doubt, from his reliance on the sagacity and judgment nient for our fellow-citizens, and other things will find of that gentleman, that, if he thought fit to press the their proper level, and adjust themselves to them as the standard or measure of value.

measure, he would put the House in possession of strong reasons for its adoption. From one remark, to which Mr. G. said there was but one further remark which this proposition of tender had given rise, he deemed it his he would make. The gentleman from Massachusetts had duty to express his entire dissent. The gentleman from called to his aid, against the proposition of sixteen to one, Georgia [Mr. JONES] had denied the authority of Conthe United States Bank. He understood him to say that gress to declare any thing a legal tender, and had also it was probable, if we adopted this proportion, the bank denied that a declaration of the legal value of coins by would call in its discounts in order to collect in silver, Congress would have the effect of making them a legal which was worth more than our gold would hereafter be; tender. If this remark had any foundation whatever, in and, in that way, the people would be injured and dis- law or in the constitution, it might follow that, by the fortressed. He, Mr. G., had no fears on this ground. He, eign silver coins act, just passed, Congress had made however, must thank the gentleman for the admission of provision for a succession of law suits, until the States the manner in which the bank created distress. We had should pass tender laws, or the highest judicial tribunal heard little else for near seven months from the friends of in the Union should settle the question. For himself, he the bank, but panic and distress; which had been charged would say that, if the state of his health had not comto the action of the Executive. But it now seems that pelled him to be absent when the silver coins bill was the action of the bank can produce that effect. That it passed, he should have voted against any change of that had unnecessarily called in its debts in certain points, and language to which we had been accustomed for more in that way produced a portion of this panic and distress, than forty years, though by no means from a belief that was, in his opinion, undoubtedly true; though he thought the words substituted were not of perfectly equivalent the nation indebted to this Capitol for a share of this panic import. He entertained no doubt whatever, that Conand consequent distress; that the bank had closed its gress had power to make gold and silver coins a legal doors upon our committee, and concealed its secret tender, at such value as they chose to establish; nor that orders and doings, was known to the world; and we had a right to infer they would not bear scrutiny. And now its ability to produce evil is held up to us as a terror against making this gold currency, which is demanded alike by the dictates of sound policy and the voice of an intelligent people.

The gentleman, no doubt, gave us his best deliberations; bat his conclusions were precisely such as he, Mr. G.,

words declaring those coins to be of a certain legal value, did in effect make them a legal tender at that value. He knew that a proposition which had been suggested else. where, to restore to the foreign silver coins bill the original language of our coin laws, did not lead to the amendment, from the universal opinion that no amendment was necessary. The power of Congress was to coin money, and to regulate the value thereof, and of foreign coin.

H. OF R.]

Gold Coins.

[JUNE 21, 1834.

They could, therefore, make a rule or law for the value ion might have been submitted to the House, and delibbetween all the citizens, and in all their transactions; and erately considered, before acting in so critical a concern. this was making a legal tender. The first law on the sub- The higher ratio had moreover been proposed in this exject of coinage, by declaring that the coins which it au- temporary manner, at a time when it was known to the thorized should be a legal tender, at the rates therein gentleman from New York that the present price of Amerfixed, declared their legal value in every case in which ican gold in New York and Philadelphia did not exceed money was an instrument in the execution of a contract, two per cent. above par, whereas his amended bill proaccording to the law of the contract, and it did no more. posed to raise it to six and two-thirds; and it was recThis it had a perfect rignt to do. It was the necessary ommended to the House, immediately after a bill had passeffect of a legal regulation of the value of coins, that they ed both Houses, to bring in silver, by giving a legal value might be legally offered at that value, whenever money to the dollars of Mexico, Peru, Chili, and Central Ameriwas due by contract; and this was their legal tender. It ca, and the effect of any material overvaluation of gold had surprised him to hear a different opinion stated by would be to send them out again. And how has this change the member from Georgia, and it might make it material of opinion been brought about? We were indebted to the to propose a return in this bill to the original language, gentleman from Georgia [Mr. JONES] for the discovery. unless it should be found that this opinion was confined to that gentleman.

It had occurred, as that gentleman had alleged, in consequence of a conversation with him, and, it might be The important matter before the House, the relative supposed, for the reasons which he had communicated to value of gold and silver, had now been brought up for the House in justification of his own views this morning. consideration in a way in which he could not help regard- Those reasons were deserving of consideration. It was ing as altogether extraordinary. Indeed, the manner in worth inquiry, whether they ought to have produced the which the House received the proposition was so; for al- change which had been attributed to them, and with this though the effect of a change might be to disturb con- view they should be repeated and briefly examined betracts and prices, and the silver currency of the country, fore the House. The first was the most remarkable that to a great degree, and although it was known that the ra- could have occurred to any one. The member from tio of 16 to 1, now proposed by the gentleman from New Georgia had endeavored to justify his ratio of 1 to 16 by York, was not sustained by any thing that had been ever the argument, that the ratio originally proposed by the said by that gentleman before, or by any committee of chairman of the committee on coins was 1 to 15.625; this House, yet much of the discussion of this morning that the debased subsidiary currency, being 5 worse than had passed without the presence of fifty members, a cir- the standard, gave a higher ratio than 1 to 16; and that, cumstance indicating either great indifference or entire by splitting the difference, the ratio was made 1 to 16 determination upon the matter. It could not have escap- and an eighth, of which the eighth had been rejected in ed notice, that after the honorable chairman of the com- a spirit of moderation. And what would have been the mittee on coins had given years to the consideration of consequence, if the honorable chairman had made his this matter, and had, at the end of his elaborate reports, subsidiary currency 20 per cent. worse, instead of 5? presented a bill establishing the ratio of 1 to 15.625 or Or what had the character of that subsidiary currency, 15, and a subsidiary currency in both the metals deteri- debased entirely at the pleasure of the chairman who proorated from 5 and a fraction to 3 and a fraction per cent., posed and had abandoned it, to do with the fair proporand had passed it through a Committee of the Whole, tional value of gold and silver? The subsidiary currency without alteration, he had now, without any previous no- was a most objectionable project, and had been properly tice, abandoned his whole bill, ratio, subsidiary currency abandoned by the chairman. It was without support in and all, and had come out with a simple enactment for the example of England, which had kept its gold standmaking gold coins in the ratio to silver of one to sixteen, ard undebased; whereas this plan purported to give us or thereabouts. The honorable chairman had never sup- a debased currency in each of the metals; but whether ported nor suggested such a ratio in any of his reports. good or bad, it indicated great distress in the argument of In one of them he had said that "the alteration in the the gentleman from Georgia, to be forced to resort to it quantity of gold representing ten dollars, from 247 to make out his ratio. Another reason suggested was, grains to 2334 grains," (and the proposed alteration was that the compromise bill of 1833 had fixed the value of still greater, by one and a half grains,) "was an actual re- the pound sterling at 4.80, and therefore the gentleman duction of six per cent. from the previously-existing and from Georgia deemed proper to do the same by the prolong-prevailing measure of contracts;" and he had admit-posed ratio. The custom-house valuation of the pound ted the justice of the remark, that "such a change could sterling had as little to do with the subject as the subsidinot be made without disturbing the balance of intrinsic val- ary currency. It was an estimated value by which to ue, and making every acre of land, as well as every bushel calculate the duties on imports, and was perhaps derived of wheat, of less actual worth than in time past." He from the supposed value of the pound sterling in silver had also stated it as the final opinion of the committee, dollars at their market price; but it was not dependent that the rate proposed by the Secretary of the Treasury of 1 of gold for 15.625 of silver, was the utmost limit to which the value could be raised, with a due regard to a paramount interest, the preservation of our silver as the basis of circulation. The whole mass of reports might be considered as mainly intended to show "that the standard of value ought to be legally and exclusively, as it was practically, regulated in silver." The chairman now proposed, without giving any reasons at all, an eagle of 232 grains of fine gold, and a consequent ratio of 1 to 16, to the probable if not certain overthrow of the silver basis. By this extraordinary step he had given away his entire expenditure of labor in those reports, and the House had been left without the aid of any committee whatever. If this had occurred at an earlier stage of the session, the whole subject ought to have been recommitted, that the reasons for the gentleman's change of opin

on or connected with the relative value of gold and silver; and if it were, the compromise valuation of the pound sterling was more than two per cent. lower than the gentleman's ratio, and would not give a higher ratio for this bill than 1 to 15.77 or 15.78. This reason, therefore, was as defective as the former. A third reason assigned by the gentleman was, that the price of British gold in New York had for some years, according to a manuscript price current produced by him, varied from 4 to 10 per cent. advance, the mean of which was seven, and the proposed increase per cent. was six and two-thirds. But, unless the times were taken in connexion with the prices, the average would be wholly deceptive. An advance of 4 for nine years, and of 10 for one, would give for the whole time an average of 4 and six-tenths, and not of 7. The same price currents, moreover, showed that these premiums were given for British gold, and not for American, which

JUNE 21, 1834.]

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[H. or R.

by the same paper had been almost uniformly three per The whole question for the House was, then, whether cent. worse. This fact, however, though it defeated the the proposed ratio, which in round numbers might be argument, was one for which he was not prepared. He stated at 1 to 16, did not overvalue the gold; and this was was not disposed to admit that such a difference had pre- a simple question of fact, depending upon evidence. vailed with any thing like the uniformity stated in the pa- The gentleman from Georgia admitted that the propo per; and, indeed, what reliance the paper deserved, in sed ratio overvalued the gold, and went beyond the evi. any respect, it was impossible to say. It was entirely un-dence. He appeared to have satisfied himself that the authenticated. If these had been the reasons which had tendency of the overvaluation to produce the exportation induced the chairman of the committee to surrender his of silver was only so much as would be counteracted by own well-considered ratio to the gentleman from Georgia, the smaller expense of exporting gold; but he began by it was not probable that, by the mere force of reason, admitting a present overvaluation; and if he assumed the many persons would be brought to concur with him. highest ratio having any color of support, that of 1 to In his judgment, (Mr. B. said,) there was nothing 15.865, his valuation exceeded that by nearly one per in these or in any other suggestions that had been made, cent. much more than the difference of expense in the to justify the extreme valuation now proposed by the transportation of the two metals to Europe; and we had chairman of the committee on coins. In regard to this the authority of one of the reports from the gentleman or any other change in the value, there were two remarks from New York for saying that "the difference of a mithat he would submit to the House. In the first place, nute fraction of one per cent. would cause either to be he did not entertain the opinion that any change would withdrawn from circulation." It was wholly inadmissible materially increase the metallic circulation of the coun- to tamper with our coins in this way, by screwing gold try. Gold, however estimated, would not, to any extent, up to its highest imagined value, and then to raise it one take the place of bank paper, while bank paper was per cent. higher, upon a speculation that it was worth so permitted by law to circulate as it now did. A traveller much more than silver to export, from the greater cheapmight be induced to take gold for his expenses, if he ness of its exportation. What it was really worth, when could not obtain paper that would travel with him without estimated in silver, was not easy to determine; but the loss; and while gold should be a novelty, a few more House might select from any source of information whatpieces might be seen in the pockets of the citizens; but ever, and they would find that the proposed ratio went the increase of the mass in circulation from these causes beyond the extremest point; and it was extraordinary would not be considerable. Wherever gold should come, that this should be proposed at the moment when the in the present condition of our bank paper, it would in gold mines of the United States and of Russia were throwgeneral displace silver, without adding to it. This was ing in their supply to diminish this value, if the predicthe first remark he had to submit. The other was, that tions of gentlemen were to be credited. He asked no change in valuation would produce any considerable the House to consider all the statements which had been increase of specie in the banks. Under the proposed furnished to show the relative value of the metals. They change they would have a greater amount of gold, but at would find that not one of them justified that surrender the same time they would have a less amount of silver. of opinion which the gentleman from New York had apNothing would induce the banks, nor could any thing parently made to the gentleman from Georgia. The compel them, to keep more of either metal on hand than highest ratio suggested by the mint was 1 to 15.865; a was necessary to sustain their paper circulation; and what lower ratio had been recommended by the late Secretary they did keep on hand, whether it should be gold or silver, of the Treasury, Mr. Ingham, by Mr. Gallatin, and by would be of the same use to them and to the country. the committee on coins. The average of all the ratios, Little or nothing was to be gained by the substitution of stated on page 79 of the report, gave that of 1 to 15.699. gold for silver. The mass would not be augmented, The relative value of fine gold to fine silver, in London, though its complexion might be changed. It was, there- from 1821 to 1832, was about the same, being 1 to 15.77. fore, a delusion to suppose, as had been proclaimed in In Paris, from 1826 to 1832, it had been 1 to 15.68. [Table the public papers, that this bill would give a specie cur- B, doc. 8, p. 22.] The average premium on gold in the rency to the country; neither would it give increased sta- United States, from 1821 to 1832, had been by the same bility to bank paper. The extent of its effect would be, table 4 1-5 per cent. above the ratio of 1 to 15, which if gold should be rightly valued, to give the country some gave a ratio in a very small degree higher than that of more gold than it previously had, and to about the same 1 to 15.625 proposed by the bill as reported. In Mr. extent to diminish the silver; and it would also give to the Gallatin's Essay on Banks and Currency it was stated that holder of gold its real value immediately, in every transac- the relative value of gold to silver, whether deduced tion, without compelling him to seek it through a transac- from the premium on the French gold coins in the martion with a broker. If overvalued, its effect would be to ket of Paris, or by assuming that of gold to silver bullion enable a debtor to pay his present debts with less than he as purchased by the French mint, or at the apparent marowed, and to that extent, consequently, to defraud his ket rate in England during the last three or four years, creditor; and it would, if considerable, place silver ex- would give respectively the ratios of about 15.6, 15.7, actly in the condition in which gold now was, and make and 15.25 to 1 (p. 59;) and the average of these was a it an article of trade instead of currency. In the end, fraction lower than the ratio proposed by the committee we might have to change the relative vulue of the two in the reported bill. The decisive weight of evidence metals to keep silver here, as we now proposed to do to was therefore against that ratio which was now recomkeep the gold. It had not, indeed, occurred to him that mended by the chairman of the committee on coins. it was as important as some had thought to raise gold even The proportion originally recommended appeared to to what he admitted to be its true proportional value. have the greatest mass of evidence in its favor, although The real value had always been obtained, and would he would consent to a ratio something higher, for the continue to be obtained, by the American holder, in the purpose of meeting the views of other gentlemen; but shape of a premium in the market, and this without any to go beyond all the evidence, upon a vague speculation law for the purpose, except the law of commercial ex- that future circumstances might justify it, when the preschanges. Indeed, it was from this very premium that its ent effect was to do injustice to contracts, and its probatrue value, when compared with silver, was obtained. ble tendency was to displace the silver coins of the counIt would facilitate the gain of this premium by the holder try, and to produce the other mischiefs which had been of gold, to raise the legal value of gold to the same extent so clearly and ably shown in the remarks of the gentleor thereabouts, and to this extent he was willing to go,|man fron New York, [Mr. SELDEN,] and in those also of but not beyond it.

H. OF R.]

Gold Coins.

[JUNE 21, 1834.

the gentleman from Massachusetts, [Mr. GORHAM,] was a lations now uttered are calculated, if not intended, to degree of accommodation to opinions, unsupported by cover the view in perspective, of a local, uncertain, deargument, which he thought did not merit the approba- preciating paper currency, to which the practical policy tion of the House. He should vote for the ratio first pro- of some of the friends of a cajoling system of experiposed by the committee, and now again by the gentleman ments must, in the end, inevitably lead, unless they be from New York, of 1 to 15.625, which gave an advance arrested and cease. The subject, altogether, is one of to gold beyond its present legal value of 4.166 1-000 great difficulty, and he hoped no party views would be per cent.; but he could not, in the present state of his allowed to prevent its equitable adjustment. We are information and opinions, vote for the ratio now proposed told the United States Bank keeps coin out of circulation, by the chairman of the committee on coins. and exports large sums of gold, and that this measure Mr. EWING said he had intended to give a silent vote will be a sovereign remedy. He (Mr. E.) could readily on the bill originally reported by the committee, because suppose the bank held and exported specie, if gain enhe was satisfied its provisions were founded upon equita- ticed her to do so; but would we have more specie in ble principles, and he believed it necessary and proper to circulation, or would less be exported, if that were not raise gold to the standard of silver. He had long thought in existence? The contrary has been taught by our exthe mint price of gold was too low to retain a proper por- perience; and our most enlightened financiers, Hamilton, tion of it in home circulation, as our foreign commercial Gallatin, Dallas, and Crawford, show the existence of a relations, operated upon by the varying rates of exchange, national bank to be necessary to retain specie in the counwould continue to entice its export, and thus keep it out try, and secure specie payments. Each of these great of common use. But although he was desirous of a men, when at the head of the Treasury, demonstrated change, to allow our gold coins a relative true value, he that a national bank is necessary to perform the fiscal could not consent to place it above an equitable standard. operations of the Government, and to promote the geneIndeed, a change, to be of general public utility, ral welfare, if not absolutely essential to the durability of should give no value to gold beyond its relative value the Union itself. The congratulations we have heard, with silver; otherwise, silver will hereafter disappear out and party garbage we may read, will not cause a wise of circulation in proportion as gold shall be introduced, and people to disregard the authority of the distinguished in the same manner operated upon by the demand and re- names I have mentioned, nor cause new recruits to muslative price in foreign markets. He wished he could ter to the impracticable and delusive ideas sent abroad sanction the views of a member on his left, who had so for party effect, promising an abundant currency of deliberately, and he (Mr. E.) thought gratuitously, con- gold and silver. Indeed, all such delusions may be satgratulated himself at the ideal prospect of a great in- isfactorily exposed by passages of the reports of the crease to our metallic currency, by the adoption of the committee on gold and silver coins, placed on our tables amendment of the chairman of the committee on coins. at an early period of the session, which I will now read. He, on the contrary, lamented that the amendment seem- Mr. E. proceeded to read and comment upon different ed better calculated, as he (Mr. E.) conceived, to afford a paragraphs of the reports, to show that, in country mere exchange, and substitute, than an increase to the situated as the United States, a paper medium, to subcoin in circulation. Most assuredly, it will soon substitute serve the objects of commerce, cannot be dispensed gold, rated above its true value, for our own silver, which with; that a sound paper currency will effect exchanges will be of choice hereafter sent in exchange to foreign and payments as satisfactorily as gold and silver; that it markets, because it is rated at its true value; and the is not the composition or material of currency, but the substitution will thus lose all the good effect that might confidence reposed in it, and the uniformity of its value, be ensured by a fair and just estimate of each. That that interests the public; that the substitution of a paper member, in his calculating zeal for the amendment, over-currency, sustained by the faith and credit of the counlooks the fact that the legal relative standard of our coin, try, for a portion of gold and silver money, tends to be it what it may, will only regulate coins and bullion promote industry, by affording increased profit, while at in our own internal exchanges, and that the great money the same time it increases the objects of enterprise and markets of Europe will continue to speculate upon every consumption; that the diversified wants of the Union, relative inequality, if any be allowed to exist.

Sir, said Mr. E., the bill, as originally reported, would be preferred by me to the amendment of the chairman of the committee. He told the House that party views did not operate in preparing that measure, and in establishing either a metallic or paper currency, such views should never be allowed to operate. But the amendment offered to-day by that gentleman bears an aspect so different, and will operate so unequally, as far as it may operate, that he could not assent to it. The amendment last offered by his colleague [Mr. SELDEN] is more just, and he should therefore vote for it.

and of all classes of our citizens, as well as the intercourse of all sections of the country, require a sound paper currency, let the relative standard value of gold and silver be what it may. [A portion of the extracts read were from Smith, Ricardo, and other writers on political economy.]

Mr. E. said he did not desire to be fouud in opposition to any measure calculated to give increased value to any of our own productions, (and gold now classes with them,) but, as he would protect all alike, he would give unequal value to none. The production under consideration (gold) is a standard of value for all others; and, Before he proceeded to assign the reasons which in- therefore, its ratio with silver should be founded upon an duced him to prefer the last-offered amendment, which accurate estimate of its intrinsic relative value. He behe now hoped would find favor in the House, he would lieved the amendment last offered [Mr. SELDEN'S] will finally discharge himself from the necessity of further be nearest that estimate. He had satisfied his own mind, notice of the premature congratulatory remarks in rela- to a certainty, that the amendment of the chairman [Mr. tion to a metallic currency. That party supremacy has WHITE] would render gold of at least 1 per cent. more labored to wield and direct the country is well known; value in the eye of the law than it should be, and thus the present unhappy situation of large sections of the operate as a tax or tariff upon all the other products of country affords irrefutable evidence of that fact. And the country, the value of which are not established by what is the present condition of credit, trade, and en- law. As far as it may operate, it tends, evidently, to enterprise, every where? The rapidly-expanding interests rich a few gold owners, at the expense of the agriculand growing population of the West are not peculiarly tural and mechanical classes. The great West will, in suffering, because they are peculiarly circumstanced-time, be subjected to an undue portion of the loss of any they must in time suffer in common. But the congratu-linequality established in the true value of the circulating

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