But although the mint regulations may affect the proportion of American and foreign, or of gold and silver coin, in the country, it seems difficult to suppose that they can reduce the general amount of specie below the quantity which our business really requires. And yet, there is no complaint more generally made, than that of a want of specie, in any shape.

What, then, are the circumstances, which pro

coin is only current in small sums; but if a specie circulation shall be restored in that country on the basis of its present mint regulations, the relative value of gold to silver will be about 1 for 15 1-5. The exaction of a seigneurage on its silver coins makes the comparison less easy; but the merchant who shall carry bullion to the English mint, will obtain very nearly the same amount of current money for one ounce of pure gold or 15 1-5 of pure silver,In Holland, the relative value of gold to silver is es-duce this acknowledged difficulty of retaining gold timated (if there have been no recent changes in and silver coin in this country? We are told of the respect to it) at 1 to abe it 14 3-4. In Germany, immense amount of our foreign importations, and and the north of Europe, the value may be stated it is plain enough, that if we do not import from as rather below an average of 1 to 15. The West other countries, we should not export silver or any Indies, which are probably our most considerable thing else. But we retain, and employ in our serbullion market, estimate gold in proportion to silver vice, among all the articles which we produce, and very little, if at all, below an average of 1 to 16,--all we traffic in, whatever suits our wants, conve And this is done, although some of the most consi-nience, or taste. Warehouses enlarge, and shops derable colonies belong to powers whose laws as-multiply, to the measure of the augmented demand; sign to gold a lower relative value in their European and even gold and silver, in every shape but that of dominious. This estimate, which was forced upon money, are imported from abroad, or manufactured many of the colonies by the necessity of giving for at home, and lose their migratory character whenc gold the price which it commanded in their neigh-ver they become plate, and cannot be exported borhood, and particularly in the countries which without loss. The want of gold and silver coin formed the great sources of their supply, seems to cannot, therefore, proceed from an inability on our indicate the fair proportion between the metals in part to buy, or in other countries to supply our the West Indies, since it is believed to have heen, wants, in most instances, confirmed by the colonial laws, There is, however, one branch of commerce rather than introduced by them. The difference which seems obviously connected with the disapestablished by custom in the U. States, between pearance of specie, and which must be admitted to coined gold and silver, before the establishment of exert a strong disturbing power on the whole sys the present government, seemes to have been near-tem of our currency,-The trade of the East Indies ly as 1 to 15 6-10. The difference proposed by con-has, in all ages, carried to those countries the silver gress, in their resolution of the 8th of August, 1786, of every part of the world which consumed their was nearly 1 to 15 1-4; and the reduction in the valu-produce, and the United States have a very large ation of gold, by the act of April 12th, 1792, to the share of this trade. The whole amount of our curproportion of 1 to 15, may be attributed to the belief, rent coin is not probably more than double that which was expressed in the report on which that which has been exported in a single year to India, act was founded, "that the highest actual propor- including China in the general term. Will not an tion in any part of Europe, very little, if at all, ex- exportation as great as this, go far to account for ceeded 1 to 15; and that the average proportion was the deficiency of silver in our circulation? And yet, probably not more than 1 to 14 8-10." The difficul- a direct trade with India, if it encourage a lower ty of obtaining correct information upon points of consumption of her produce, gives us that prothis kind, makes it not improbable, that there may duce at a much lower rate; if it carry from the have been some error as to the state of the mint country a great amount of specie, probably adds regulations of Europe at the period of the report-by an equal sum to our sales in foreign markets. But, be this as it may, the principle which seems to The annual exports in American vessels from the be assumed in it, that the valuation of gold in this United States, and all other places, to China and country should be higher than in Europe, would the East Indies, can hardly be estimated at more lead to the conclusion, that the present valuation than twelve millions of dollars, and it cannot be of 1 to 15 is too low. doubted that our sales of East Indian articles in This conclusion is confirmed by the circumstance Europe, exceed that amount. The value of merof the contract made not long since, between the chandise from China and India, annually consumed bank of the United States and Messrs. Baring and in the United States, is probably equal to five milReid, for the supply of specie. Under this contract, lions of dollars; and if this be so, the consumption of gold and silver were to be furnished, if it were prac-East Indian articles by the United State, is paid for ticable, in equal amounts, according to the Ameri- by the mere profits of the trade. A branch of incan relative valuation of one to fifteen. Upwards of 2,000,000 of dollars of silver have been accordingly supplied but not an ounce of gold.

dustry in which three thousand men (for this is about the number of seamen in the India trade) add $5,000,000 to the annual produce of the county, As the committee entertain no doubt that geld is would be worthy of protection even if it were not estimated below its fair relative value, in corupari- connected with considerations of naval defence. son to silver, by the present regulations of the mint; These views may make us doubt whether the India and as it can scarcely be considered as having form- trade tends to diminish the average quantity of sil ed a material part of our money circulation for the ver in the United States. Its effect in the nations last 26 years, they have no hesitation in recommend-which have engaged in it before ourselves, has been, ing, that its valuation shall be raised, so as to make generally, to increase their specie circulation as it bear a juster proportion to its price in the com-well as their naval strength. And it seems reasonmercial world. But the smallest change which is able that it should have done so. No man supposes

likely to secure this object, (a just proportion of that Holland, by supplying the rest of Europe with gold coins in our circulation) is that which the com- spices, left her own wants unsupplied. Nobody apmittee prefer; and they believe it sufficient to re-prehends that our market must be destitute of teas, store gold to its original valuation in this country, because we export millions of pounds annually, and of 1 to 15 6-10. why should the dealers in silver, rather than in

spices or teas, make no provision for the home de- which that trade must cause, if the banks which mand? When Genoa, Venice, Portugal, Holland, issue paper would redeem it by specie whenever carried on an extensive trade in East India articles, it is presented. On this supposition the merchant and had no paper circulation, they were the deposi- will make no effort to prepare the bullion or the tories of the silver of Europe. When the states of Spanish dollars which he wants for the India mar America had no trade to the East Indies, but a full ket: the bank collects them without charge; he will paper circulation, they were destitute of silver. draw from that reservoir, and avoid the risk and Whenever the trade has existed without the paper, trouble of the double operation. But the banks do specie has been abundant, and scarce always where not always pay specie promptly and willingly when the paper has existed, either with or without the it is required for the India trade. Their resistance trade. We must conclude that when the precious indeed must be often ineffectual, although it costs metals become scarce, while the price of foreign something to the merchant and gives some profit to and domestic productions continues high, their scar- the broker. But if a combination of banks can city results not from the country being unable to close their vaults whenever the public interest may procure or retain them, but from its choosing to em-seem to require it, the best limitation upon the issue of paper is destroyed, and the stability of our ploy a substitute for their use. While, however, the India trade has probably no currency, and the execution of contracts, have tendency in itself to lessen the average amount of no higher security than the public spirit and specie employed in the country, it produces, under disinterestedness of their directors. While our the present mint and bank system of the U. States, coins are such as it is the interest of the merchant the most inconvenient effect on the currency. The habitually to remit to India, the apology for evading general demand of the commercial world for the their engagements will be sometimes made by the material of which we make our money, is useful by banks and encouraged by the people.. Whether we are to have banks or not, however, tlie giving stability to its value. But if a state of things be supposed in which one country has a con- principles which would proscribe the India trade, stant demand for this money, taking from us no-are incompatible with fair and wise legislation; but it thing else, while we are obliged to keep up our is desirable that the regulations of the mint should be quantity of importations from other states, it is ob-such as may prevent that trade from alternately vious that a demand and supply like this, instead filling and draining the circulation of the country; of making our circulation equable, or proportioned such as shall not encourage the merchant to make to our wants, must produce that very instability its coins the regular subjects of foreign exportation. in the value of money which the precious metals are employed to remove. Undoubtedly a nation, like an individual, if it owe a debt must pay it; and if it have no other means of payment, must even export its coin for the purpose. But, although this exportation cannot be prevented, when a general balance exists against the nation, it is still true, that the coin or money of the country should not be the object of regular remittance in any foreign trade. Nor is it so with any commercial nation but the U.The balances of payments between different states States.

The inconveniences which have been attributed to our present system of coins, would in a great measure be removed, if gold should be made the only legal tender for all debts above a moderate amount. In favor of such a provision, it may justly be said that there has been less variation for some centuries in the value of gold than of silver, and that it would avoid the embarrassments which are inseparable from a mixed circulation of both metals. would be settled with more ease than if our coins But the inconvenience of making the coin or mo- were principally silver, and the traveller would be ney of the state the object of regular remittance relieved from the loss and imposition which he frein a foreign trade, is greatly enhanced in a country quently suffers when he carries with him bank notes, which, like the United States, has a mixed circula- the value of which must vary with the course of tion of specie and of the paper of banks of discount. trade, because their transmission cannot extinguish While these banks remove a large portion of coin, a debt, though it may change its form and its parwhose place they supply by their notes and credits, ties. But, whatever may be the advantages of s they give a new character to that which remains.circulation, consisting principally of gold, we have Their obligation to pay specie upon demand, makes been two long accustomed to consider silver as the it the most important office of the precious metals, principal measure of value to make it prudent, or, to regulate and restrain the issue, and to support the indeed, practicable, to supersede its office. To al tempt by law to prevent the currency, or to decry credit of bank paper. A prosperous condition of trade, an abundance of the value of a metal which the public consider as the native products, and a foreign demand for them, standard of value, would be much more futile than which requires a large circulation, produce an in- the enterprize of giving legal value to a substance creased issue of paper on the part of the banks. intrinsically destitute of it. There have, indeed, This very prosperity is the incentive to a trade to been countries in which the use of silver, in large India, which not only abstracts very largely from payments, has been abolished, and gold substituted, the silver coin of the country, but obliges the banks but it is believed that in those instances, law has onto withdraw a still larger amount of their paper. ly confirmed the change which has been made by Under this system, indeed, the importation of what the laws make current coin, is encouraged, as well as its exportation; but the quantity of our money and its value fluctuate with the seasons and the winds. The banks are obliged to contract their discounts, not only by a general or durable state of exchange, but from temporary causes, and from the condition of a particular trade.

But the India trade, under the present system of our coins, produces another and, ultimately perhaps, a worse effect upon the operations of the banks. We have spoken of the inconveniences!

whatever our laws may be, will be received by the banks and the people.

ment of the precious metals, if a paper not convertible into specie is supported by law or public opiIn all civilized countries (except China, in which nion. It may indeed well be questioned whether a there is no mint) it has been considered as the office sound circulation can be obtained with an amount of the government to ascertain by its stamp, the of bank paper as large as we had, even at periods weight and fineness of the metals which are used subsequent to the late war, and whether the amount as money. In some countries, and these the most can be permanently diminished unless the present enlightened and liberal, the state exacts no duty | bank capital of the country be reduced. But these upon this stamp or coinage, so that the individual questions do not fall within the province of the receives from the mint, in coin, the exact quantity committee appointed to report on the laws "which of pure metal which he has deposited in bullion. regulate the coins of the United States, and foreign This is the case in France, in Britain, in respect to coins." her gold coins, and it was so until recently in re- In a fair exposition of the effects of a seigneurage spect to her silver, and in the United States. In upon coins, it must be admitted that, where it is exFrance and Great Britain, however, no foreign coin acted, coin will be generally, but not always, more is allowed to be current. Under this system, the valuable than its weight in bullion. While, then, merchant is encouraged to carry to the mint what-it is believed that, in the United States, it would ever bullion he receives; the circulation of the coun- tend to make the value of our money more uniform, try is increased or diminished without artificial it is not denied that an opposite result may someimpediments, as the state of its trade may require, times, and, where the seigneurage is high enough and the value of the coin is made to depend upon to make it a resource of government, may often be the general value of the metal in the commercial produced by it. world. It is believed that, both in France and England, however, it is made penal to export or melt the coin.

A nation which employs both gold and silver a its legal money has an additional inducernent to those which have been mentioned for establishing

value of these continually changes; and a small change, which, without a seigneurage, would make it the interest of the merchant to export the one and import the other, will not produce that effect if there be a seigneurage upon the undervalued metal.

Upon the first establishment of a mint in the Unit-a seigneurage on one or both metals. The relative ed States, the question of a seigneurage upon the coin was necessarily presented to the legislature. The secretary of the treasury, in his report on the establishment of a mint, urges the propriety of commencing our coinage without a seigneurage, or with a small one. "It will be better to increase it hereafter," he says, "if this shall be found expedient, than to recede from too considerable a difference."

The reasons which may be urged in favor of a seigneurage upon silver have not the same force in respect to our gold coins. There is no country to A seigneurage in the United States will produce which gold is the regular object of remittance from the effect which results in other countries, from fo- the United States; and a difference of valuation is reign coins not being allowed to be current. It will not necessary in order to give to the gold coin of cause the national coin to be more valuable at home the United States an advantage, in internal comthan abroad. It will prevent its being melted orex-merce, over other coin, because it is not impracti ported while other coin can be procured, and may cable to exclude foreign gold directly from general thus effect, in some degree, by an application to the circulation. interests of the citizen, an object which the penal The committee submit to the house the following provisions of other states have been very unsuccess-provisions;

ful in attaining. It will indirectly exclude foreign 1. That 14 85-100 grains of pure silver shail be coin from circulation, and thus make the quantity deducted, as a seigneurage out of every amount of and value of the coin which we employ more uni-371 25-100 grains of such silver deposited for coinform. It must be considered, however, as princi-age at the mint, so as to make the dollar of the U. pally recommended by the character and amount of our trade to India, and it will be remembered that this trade had been scarcely opened at the period of Mr. Hamilton's report.

States contain 356 40-100 of pure silver, or 399 36. 100 of standard silver; and that the smaller coins shall contain proportional quantities of such silver.

2. That the cagle shall contain 237 98-100 grains of pure gold, and 259 61-100 of standard gold, and the smaller coins proportional quantities.

3. That the provision of the present law, making parts of dollars less than halves a tender in payment of debts, shall be limited so as to apply only to debts below five dollars.

4. That an appropriation shall be made for enab ling the mint to coin a greater number of pieces than it now can.

5. That the act making certain foreign gold ami silver coins a tender shall be continued for 18 months, so far as relates to the silver coins.

If a small seigneurage be imposed upon the silver coin of the United States, and no other foreign coin but the Spanish dollar be allowed to be current, it is probable that silver, from the same countries and to the same amount, would be sent to the mint as if there were no seigneurage. Without a seigneurage it would be sent only when it was wanted for the circulation of the country; and it would be asvaluable to the individual, for this purpose, after the duty was deducted, as if there were none. The mint would not, in this case, receive Spanish dollars, and it does not now. The banks would have an obvious interest in converting all their coin into Any plan which may be proposed for supplying that which would be least liable to exportation. the United States with coins of their own would The India merchant, unable after a short time to probably be liable to considerable difficulties; but collect his cargo to advantage fron the circulating the inconveniences of the present system are not money of the country, would prepare his silver for slight. An annual exportation of the current mo India, as he does his muslins for Europe. Neither ney of the country, to an amount much greater than this regulation, however, or any other, will retain in our own mint can supply, perhaps half as great as the country a quantity of coin disproportioned to our circulation employs; an irregular importation the amount of property which it is employed in ex- from other countries to repair the loss; the use of changing. It will not prevent the perpetual banish-foreign money so various that our current coins are

now of at least seven different standards; a provision | States could have been brought to bear upon it.-
for a national mint, which was expected, after three By the law of New-Jersey at the time the woman
years, to dispense with foreign coins, and which, was sold, the owner had a right to transport her.
after twenty-six years, has left the great mass of our By the law of November 5th, that right was taken
coins still foreign; these circumstances seem to away. Had the woman remained the property of
show that some change is necessary. The wisdom her former owner until the latter law took effect,
of the legislature must determine what that change he could not have transported her. It would be-
strange, indeed, if the sale could have placed Ra
shall be.
burgh in a better situation, in this respect than the
man stood in from whom he purchased.-Daily Ad-
vertiser.

Obligation of Contracts.

New-York, June 3. The late decision of the supreme court of the United States, respecting the provision of the constitution which prohibits states from passing laws impairing the obligation of contracts, has already given rise to discussions, relative to its extent and meaning, of considerable importance One point has been recently decided by the mayor of this city, which will be regarded by the friends of justice, humanity, and freedom, with no little interest.

Foreign Articles.

GREAT BRITAIN AND IRELAND.

London dates of May 1.
Cotton-upland 11 1-2 to 13; sea island, 2 to 38.
Flour 32 to 36s. James river tobacco 3 to 74.
The markets are very dull.

The prince regent was ill, but approaching to
a convalescent state.

The duke of York lately tumbled down and broke his arm.

There is a rumor about divorcing the regent from his wife-an extra courier has been sent to Italy, supposed to have some relation to the subject.

The ambassador from Persia has reached London, and his Circassian is not surpassed in beauty by any female of the United Kingdom.

Lord Castlereagh has sent an extra courier to Italy with despatches.

A man from Alabama, on the 2d of November last, purchased a colored woman in New Jersey, with a view to carry her to that territory. At that time the laws of that state permitted the transportation of slaves to other parts of the country. On the 5th of November, a law was passed by the legislature, prohibiting their removal from the state. Two days afterwards the purchaser carried this woman into Pennsylvania, probably to avoid the operation of the Low of New-Jersey, and afterwards brought her to New York, for the purpose of transporting her from hence to Alabama as a slave. Upon application to judge Livingston, he gave the purchaser a certidicate of his claim to her service, under which he contended he had an indisputable right to remove her. She was brought by habeas corpus before the A new loan has been subscribed for the British mayor, who decided, without argument on the part of the woman, that such a certificate was not con-government, by the London bankers. A house lately failed at Manchester for 250,000. clusive on the personal liberty of a citizen. The act of congress on that subject, he considered as ap-sterling-and was not expected to pay 10 per cent. plicable to whites, as well as to blacks: and if the idea to its creditors. of its being conclusive in favor of the removal were

Expresses reached London on the 28th of April, announcing the revival of trade in Rotterdam, and the demand for colonial produce in Germany.

It appears by the finance report of England, that the amount of excess in favor of last year, is 3,662,371 pounds.

American stocks.-3 per cents. 62 to 63-New

Consols, April 28, 71 to 72. French bank stock, April 24, 1510f

to be allowed, the personal liberty of the most re-6 do. 97 to 98. U. S. bank shares 231 10s to 241. spectable persons, as well as that of the meanest, might be endangered-The certificate was prima facie evidence of the facts it contained, but not conclusive.

Leeds papers notice the decrease of upwards of 240,000 pieces of cloth in the manufactories in Yorkshire, during the last year.

It is expected that the report about the bank will not be favorable to specie payments,

A lad, 16 years old, has been sentenced to death for issuing two counterfeit 1/ bank notes.

The emigration from England is spoken of as being greater this season than at any former period.

It was thon contended, that, as the purchaser of Considerable shipments of cotton are made to the the woman had acquired the title to her under the former law of New Jersey, which authorised her re-continent, and the progress of manufactures there moval, the law of November 5th, being made subse-is lamented in England. quently, impaired the obligation of the contract by depriving him of the power of removing her. The reasoning of the court on this point is conclusive.The law that impairs the obligation of contracts, The only contract must operate on the contract. here is the contract of sale between the original master and Raburgh the purchaser. It is no part of the contract that Raburgh should have the right to transport the slave. The bill of sale has its full effect, that is to transfer to Raburgh all right of the original owner, subject as it was in the hands of the original owner, to all the regulations and restrictions which the legislature might apply to that species of property. The right to transport was not acquired under the contract, but under the law. A repeal, or alteration of the law, therefore cannot impair or affect the contract.

By this decision, one miserable creature was redeemed from thraldom, and set at liberty in a community where the laws will hereafter protect her. It would have been a curious result from the circumstances of this case, if the constitution of the United

The following are the number of families and irdividuals, who have emigrated from the port of Belfast to America, during the last three years. Those who landed in the British settlements are included. 2,143 individuals, 239 families, to Jan. 5, 1817 2,811 do. 314 do. 727 do. do. 5,601 It is publicly mentioned in the Dublin papers that gen. D'Evereaux's legion, for the service of the patriots of South America, is nearly complete-almost wholly composed of veterans.

1818 1719

The total reduction of the British army since the peace is about 56,000 men.-70,000 yet remain in service.

The royal yatch which in 1688, carried Willian III, from Holland to England, is now a New Castle

collier, and is called the Betsey Caines. She is of con- ral Lacy. Seventeen of the officers incarcerated sequence 131 years old, and might afford a fruitful in the fortress of Mont Jony are condemned to and profitable subject of enquiry as to the causes of death, and it is thought that Ferdinand will not her durability. change the fatal sentence in favor of these unfortu The expense for the last three years, for the trans-nate men, covered with wounds received in defence portation of convicts to New South Wales and its of his cause." dependencies, and the establishments there, was 216,291, 8s. 7 d. 232,585 9 64 178,939 19 41

Tin mines in France.-In the mountains of Blond, The grand canal, which is now making in Egypt (Hatue Vienne) which had not been heretofore exa- from the Nile to Alexandria, is stated to be nearmined, tin mines have been discovered, and the richly completed. Upwards of 40,000 men are employ. ness of the vein ascertained. Till this time, no tined in this great work. maines have been wrought in France.

Ancient proofs of nobility in France. In a plea to We have a list of prisoners at Havana, said to prove the nobility of Perrette Bureau, married to be American citizens, 22 in number, captured Jean le Gras, in 1446, it was urged, that on her wed-der the patriot flag. The whole amount of such ding day she was carried to church in a wheel-bar-prisoners, of all nations, is reported at about 100. row, with a faggot of thorns and juniper, as ancient- Several have been sent to Spain. ly used to be done to gentlemen and gentlewomen; that ceremony never being practised for those who were not noble and well born!

We have a detailed account of the proceedings of "the sovereign national congress" of Venezuela at its installation, and the speech of the "supree Advices from Barcelona, of the 28th of March, chief" Bolivar, on the occasion. It is interesting state, that "judgment has been pronounced on twen-history, and shall probably have a place in our nes ty-two officers comprised in the conspiracy of gene- No important news has been received from Soth