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The value of the silver money which circulated in Scotland before the Union in 1707, and which, immediately after it, was brought into the Bank of Scotland, in order to be recoined, amounted to £411,117: 10: 9 sterling.
When such pieces come into the hands of the Government, they must be recoined. A man who goes out in search of a mine is called a "prospector." The best prospector is a man who has learned to keep his eyes open and to recognize the signs of gold and silver and other metals.
From long use they had become accustomed to the Mexican dollar. They refused our trade dollar, notwithstanding its greater weight. We coined and put into circulation, at home and abroad, about 36,000,000 pieces, many of which were afterwards recoined as legal tender dollars under a special act of Congress. With the failure of that undertaking came the crusade against the act of 1873.
Gentiles kept Sunday only; but gradually there were incorporated into it all the spiritual elements of the Sabbath. In this point, as in all others, the underlying eternal meaning of the Law was recoined and reissued by Christianity; no jot or tittle of its spirit passed away.
Britain could merge her system with those of Canada and America, by simply making her "pound" the exact value of the American five dollars, it being now only ten pence less; her silver coinage one and two shillings equal to quarter- and half-dollars, the present coin to be recoined upon presentation, but meanwhile to pass current. Weights and measures are more difficult to assimilate.
Some were recoined at the Mint, and with the rest we supplied the refiners, plate-workers, and merchants who required the precious metals. Whenever we received money at usury, we gave a bond, and my patron was always able to lend it out again, either to the Government or to others at a still higher rate of usury.
A large proportion of the specie imported has been paid into the Treasury for public dues, and after having been to a great extent recoined at the Mint has been paid out to the public creditors and gone into circulation as a currency among the people. The amount of gold and silver coin now in circulation in the country is larger than at any former period.
The bullion and specie drawn from these countries, and especially from those of western Mexico and Peru, to an amount in value of many millions of dollars, are now annually diverted and carried by the ships of Great Britain to her own ports, to be recoined or used to sustain her national bank, and thus contribute to increase her ability to command so much of the commerce of the world.
If a branch mint be established at the great commercial point upon that coast, a vast amount of bullion and specie would flow thither to be recoined, and pass thence to New Orleans, New York, and other Atlantic cities. The amount of our constitutional currency at home would be greatly increased, while its circulation abroad would be promoted.
A mint erected in Manila since that time, which at least supports itself, if the goverment has derived no other advantage from it, has removed this difficulty. The Chinese are accustomed to bring gold and silver as currency, mixed also with foreign coinage, to Manila for the purpose of buying the produce of the country; and all this the native merchants had recoined.
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