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Remark, again, the seizure of specie and all other articles of gold and silver; in the months alone of November and December, 1793, this swoop puts into our coffers three or four hundred millions, not assignats, but ringing coin. In short, whatever the form of established capital may be we take all we can get hold of, probably more than three-fourths of it.
"Ay, ay, sir!" from Goddedaal. "What the devil's wrong?" asked Wicks. "Nothing, I daresay," returned Trent. "But you'll allow it's a queer thing when a boat turns up in mid-ocean with half a ton of specie and everybody armed," he added, pointing to Wicks's pocket. "Your boat will lay comfortably astern, while you come below and make yourself satisfactory." "O, if that's all!" said Wicks.
Requiring, as it does, all dues to the Government to be paid in gold and silver, its effect is to restrain excessive issues of bank paper by the banks disproportioned to the specie in their vaults, for the reason that they are at all times liable to be called on by the holders of their notes for their redemption in order to obtain specie for the payment of duties and other public dues.
By this time most of her boats were destroyed. The three boats from the Essex Junior were alongside, carrying off the specie and other valuables in the ship. Those of her crew who were English taking the opportunity of escaping, a report was raised at this juncture that the ship was on fire, and a number of her men leaped overboard during the confusion.
It was furthermore proposed to invest this Treasury agent with authority to receive on deposit to a limited amount the specie funds of individuals and to grant certificates therefor to be redeemed on presentation, under the idea, which is believed to be well founded, that such certificates would come in aid of the exchequer bills in supplying a safe and ample paper circulation.
Experience has proved that foreign coin, and especially foreign gold coin, will not circulate extensively as a currency among the people. The important measure of extending our specie circulation, both of gold and silver, and of diffusing it among the people can only be effected by converting such foreign coin into American coin.
"And from what port are you last?" "Canton." "And there, Señor, you exchanged your sealskins for teas and silks, I think you said?" "Yes, Silks, mostly." "And the balance you took in specie, perhaps?" Captain Delano, fidgeting a little, answered "Yes; some silver; not a very great deal, though." "Ah well. May I ask how many men have you, Señor?" Captain Delano slightly started, but answered
The United States gunboat Newport carried into Key West the Spanish schooner Piereno and the sloop Paquette, which she captured off Havana, while the monitor Terror took to the same port the coasting steamer Ambrosia Bolivar. This last prize had on board silver specie to the amount of seventy thousand dollars, three hundred casks of wine, and a cargo of bananas. April 27.
Taking into consideration the specie in the country prior to 1849 and that produced since 1867, and we have more than $300,000,000 not accounted for by exportation or by returns of the Treasury, and therefore most probably remaining in the country.
Formerly there were two such stores in Europe, one was the Bank of France, and the other the Bank of England. But since the suspension of specie payments by the Bank of France, its use as a reservoir of specie is at an end. No one can draw a cheque on it and be sure of getting gold or silver for that cheque.
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