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We are not cursed with a currency composed of coins which are good, bad and indifferent, with the result that the public gets the bad and indifferent while the nimble bullion dealers absorb and export the good. There is nothing to choose between one piece of paper and another, and all that is wrong with them is that there are too many of them.
Gentlemen of the Senate and of the House of Representatives: The Mint of the United States has entered upon the coinage of the precious metals, and considerable sums of defective coins and bullion have been lodged with the Director by individuals. There is a pleasing prospect that the institution will at no remote day realize the expectation which was originally formed of its utility.
Still greater did it grow when the chests were opened and the weight of bullion compared with that set out in my letters, for there had never been so much gold at once in Bungay within the memory of man.
As soon as the supply of currency became too great, he asserted, the unnecessary portion would go out of circulation; it was the experience of nations that the more desirable coin gold, in this case would be hoarded by banks and speculators; it would then become apparent that the bullion value of the gold dollar was greater than that of the silver dollar and the two coins would part company; those who, in such a contingency, could get gold dollars would demand a premium for them, while the laboring man, unable to demand gold, would find his silver dollar sadly shrunken in value.
To the sugar plantations are exported all sorts of clothing, both linen, silks, and woollen; wrought iron, brass, copper, all sorts of household furniture, and a great part of their food. They return sugar, ginger, and several commodities, and all the bullion and gold they can meet with, but rarely carry out any.
To his memory which is excellent we are indebted for the following exhibit of the company's business in the Virginia office since the first of January, 1862: From January 1st to April 1st, about $270,000 worth of bullion passed through that office, during the next quarter, $570,000; next quarter, $800,000; next quarter, $956,000; next quarter, $1,275,000; and for the quarter ending on the 30th of last June, about $1,600,000.
The Democratic silver Senators wished to enlarge the circulating medium by increasing the amount of coinage, and they did not feel the same interest in the mere stacking of bullion in the Treasury that possessed the mining camp Senators on the Republican side.
"More likely they are expecting a load of bullion going down to the City of Mexico," remarked the third of the party. "What do you think, Pedro?" turning to the fourth of the boys who composed the quartette. "I am afraid you are right, Adrian," replied Pedro, with an accent which denoted that of the four he was the only one who was not of an English-speaking race.
"No, I have not forgotten her position in relation to the Haygarth estate." "Humph! I should rather think not. People don't generally forget that kind of thing. But you are uncommonly cool about the business." "Yes, I have passed through a fiery furnace in which all the bullion in the Bank of England will not serve a man. That kind of ordeal upsets one's old notions as to the value of money.
Thus in a year and a half, the Virginia office only shipped $5,330,000 in bullion. During the year 1862 they shipped $2,615,000, so we perceive the average shipments have more than doubled in the last six months. This gives us $6,000,000 for the year. Gold Hill and Silver City together can beat us we will give them $10,000,000.
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