have taken gold as their prevailing currency, making silver only a subsidiary one, just as copper is to silver. Now, as the purpose of "making change" does not require a very large stock of metal, in comparison with the larger purposes of money, it follows that silver is by no means as much needed as formerly; and here we have the very remarkable, almost enigmatical sequence, that silver is valued less because it is less produced. The very general adoption of small gold coins, such as our dollar, and even the half of that, if it were practicable, would still further throw silver out of use, and consequently keep down its value. Large quantities of it will always be needed for plate and for ornamental work; but even in this, the growing use of electro-plated ware, in England and in our own country is sure to have a counteracting effect. And here it will be interesting to state, that the greatly diminished cost of mercury which is an indispensable agent in the production of silver, is certain to have a large effect in increasing that production. The monopoly of mercury, by which its price was advanced one hundred per cent., and consequently the mining of silver greatly impeded, has been dispelled by the opening of the rich cinnabar mines of California, and the price has receded to the old quotation. Silver mines that have been abandoned can, from this cause, be re-opened, and a greater activity may be expected in those which have been kept constantly in eperation. But while the commercial or social accommodation before spoken of, and the probable increase in the production of silver just noticed, may be relied upon to prevent any such violent irregularities as would be denoted by balancing seventeen ounces of silver at one time, and at another time only four ounces, against one ounce of gold, yet there will constantly be a varying per centage of fluctuation, and this will sometimes be so great as to compel a legal modification of standards, and a consequent re-coinage at the mint. And although our own standard of silver has so lately been changed to suit the market, there is reason to fear that the reduction of weight was not sufficient, and that another re-coinage, at no distant day, may become necessary. This, however, is a part of the use for which a national mint is maintained, and for which it should always be in readiness. It is now due to us, as the great gold producing nation, that our currency should be purged from all bank notes below the denomination of the double eagle. Such a remedy, by increasing the uses of gold, would doubtless mitigate any inconvenience arising from the large production of that metal, and aid us in arriving at the just conclusion that all fears of excessive returns from California and Australia may be put to rest. If the notes under twenty dollars were withdrawu, their places would be supplied by specie, and thus the currency would further approximate to the wholesome standard contemplated by the framers of the Constitution of the United States, and also tend to release the trade and commerce of the country from the adverse influence of banks of issue. As these institutions are created by the authority of the States, perhaps the only remedy in the power of Congress to apply is that suggested by Mr. Gallatin, who, in view of the right of taxation, says that "Congress may, if it deems proper, lay a stamp duty on small notes, which will put an end to their circulation." It seems appropriate to my official position that I should take this opportunity to join in the urgent demand, from various quarters, for a simple, intelligible, and well-founded system of weights and measures. The mint has done as much as it can, [and in this step it has been followed by the bank and mint of England.] in repudiating pennyweights and grains in the mode of weighing and keeping accounts, using only the troy ounce and its decimal fractions. The sanction of law had previously been obtained for doing away with carats and carat- grains, in the expression of fineness of gold, and of an equally cumbrous notation for the fineness of silver, substituting the simple millesimal form introduced by French assayers, and becoming general in Europe. But we are still annoyed with another standard of weight the avoirdupois pound, with its tedious and arbitrary divisions. The establishment of a simple and uniform system, applicable to every kind of weight and measurement, is greatly to be desired, and is well worthy the attention of Congress. I have the honor to be, with great respect, your faithful servant, JAMES ROSS SNOWDEN, To the PRESIDENT OF THY. UNITED STATES. Director. Statement of silver of domestic production deposited at the Mint of the United States and its branches, from January 1, 1841, to December 31, 1853. Year. 1841 1842 1843 1844 1845. 1846 1847 1848. Value. $4,300 6,455 8,640 30.847 4,769 3,066 6,407 6,191 Statement of deposites and coinage at the Mint of the U. S. and its Branches in the year 1853. Total coinage in value 339,370 462,918, 3,445,000 60,111,249 78,64,358,537 78 |