CALIFORNIA. CURRENCY MEETING IN SAN FRANCISCO. [From the "Alta California," April 5.]

New Zealander, Volume 6, Issue 437, 22 June 1850, Page 3

CALIFORNIA. CURRENCY MEETING IN SAN FRANCISCO. [From the "Alta California," April 5.]

A very animated and highly respectable gathering of our merchants occuired at the adjourned meeting last evening, to take into consideration (he reform long agitated m this community in regard to the value of gold coin and dust as a circulating medium in California. Mr. J. J. Cook presided, with John A.Collins, W. J. Sherwood and E. M. Earl, as Secretaries. The Chairman (from the committee on resolutions) read the following, which were (now appearing slightly amended) adopted, with an apparent degree of unanimity. The committee appointed at the meeting of merchants held on the evening of the 29th March, 1850, to take into consideration ths use of " Quicksilver Gold" and "California Coin" as currency, respectfully ask leave to make the following

RfcPORT. That, although they have for a long time past been deeply* (sensible of the evils under which the community labours as regards the uncertain value of a portion of the existing currency, a part of them at least weie not until the present time fully aware of the very deep and daily inci easing importance of the subject committed to their consideration. The magnitude of the interests involved (herein, and the neceshi y of a radical movement, which as we hope mid trust, will place the currency of the country upon a just and sure foundation, only to bd improved by the establishment of a Mint, the issues of w Inch will be a legal tender. From the most undoubted evidence, they are fully convinced that, owing to the ease with which the amalgam called "quicksilver gold" can be adulterated, the variety of modei in which such adulteration can be effected ; the great difference in value caused by the more or less perfect manner in which the mercury is expelled, and the absolute impossibility of detecting the fraud, even by the most experienced metallurgist, without actual assay, the community should refuse to recognise it as currency. We would also remark that, from actual knowledge of frauds already perpetrated, as far as we are aware, tn no very considerable extent}, and a belief that extensive operations have been made for future operations of the kind, we are satisfied that moie care is requisite than was formerly the case, in receiving gold dust, in what purforts to be its natural state. In relation to " California coin" we are clearly of opinion that the interests of the public would be subserved by its universal disuse, for the following reasons: Because those who receive at par, such even as is honestly made, allow about twelve and one-half per ent. for coinage, estimating gold dust at sixteen dollars per ounce, at the same time that the coin is not a legal tender. And here allow us to ask, does the miner or the community, or the manufacturer realise the enormous profits which is thus made ? Became, while we may have full confidence in the stamp of any one or more individuals who issue it, we may not have in another who also issues it, and in whom others may have the same degree of confidence which we have in the case first supposed, thus rendering it extremely difficult to draw a line of distinction between one coiner and another, Because it has been already the case that coin has been isiued which is less valuable at the United States Mint than it pm ports to be on its iace. Because, ai we all know, the redempiion of a coin to-day is not a guarantee that it will be redeemed to. morrow. Because the issuing of coin has always been considered as one of the highest acts of sovereignty, thus showing that the common experience of mankind is opposed to the issue of private coin. Because the present abundance of legal coin leaves no occasion for the continuance of a substitute, provided that such a substitute even was necessary or desirable. The experience of those who have had the most exten»iTe opportunity of knowing, agrees with, our own, that the average value of California gold, nt the U. S. Mint, after deducting loss by melting, is 4517 98-1000 per ounce. The losi by melting aveiages thiee per cent. The current value with us, as i- well known, bashertofore been #16 per ounce. The difference, which it nearly two dollars per ounce, or about eleven per cent on its Mint value, is, in many case?, so much losi to the country, which may be saved to it by proper action on our part. In the Action proposed by us, which is to raise the value of gold, assayed and stamped by competent personi, to its value at the U S. Mint, al will certainly be benefited excepting such of us as classes are engaged in the shipment of gold dust on our own account. In regard to such, it is to be hoped that, we may not allow our gelfishneis (even allowing that our '"ii in this particular should uot otherwise be compen-

sated, which in most cases is matter of doubt) to prevent our doing a'l in our power to carry into successful operation, an act which appeals to our every feeling of patriotism and justice. The necessaiy limits of a document of this kind will not allow us by any means, to present all of the reasons winch we believe to exist for the ad< ption of the course which we recommend, but we have no doubt that they will readily occur to eveiy reflecting mind. One important consideration which should prominently be set forth, is, that this is prot>ably the only course which will put a stop t<> the issue of private coin, an effect which cannot fail to ensue, as there then will be no profit in its manufacture, un'ess it is debased. Another consideration is, the fact Hint, our State, with a Government chosen by ourselves, and on whose action rests the safety of our pprsons and property, lich in Us mines, and m its en. lightened population, is lamentably in want of funds, for the discharge of pre sing liabilities. By the adoption of the course proposed, a veiy considerable amount of revenue will be derived, scarcely felt by those who contribute to it. Entertaining the views above expressed, we repoit the accompanying preamble and resolutions. Joseph J. Cook, for (he committee. Whereas, we are fully convinced that from the nature of the amalgam called " quicksilver gold," liable as it is to frauds of various Kinds, and varying essentially in purity where no imposition is piactiied, the use of it ai currency being thus rendered uncertain and dangerous, and Whereas, we believe that the circulation of " California coin" is prejudicial to the interests of the community, and Wheieas, we believe that the benefit of the mass of the community will be promoted by raising the value here of the gieat product of the country to its worth at the Mint of the United States, by receiving at par in all our business transactions, ingots stamped by an assaycr or assaycrs to be appointed by the Legisiature, and whereas, some time must necessarily expire before such appointment can be made and assays effected ; it is therefore Resolved, That we will refuse to receive " quicksilver gold " as currency. Resolved, That we will refuse to receive " California coin" of any description as cunency. Resolved, That whenever the Leuislature Bhall appoint an assayer or assayers, whose office and residence shall be in San Francisco, and who bhall be recommended by a committee of merchants to be duly appointed, we will receive ingoti stamped by him or them with the fineness, weight and U. S. Mint value, at par, in a<l of our business transactions. Resolved, That we recommend to the Legislature to reserve ten cents per ounce, for the use of the Stale, out of all gold for assay. Resolved, That in order to provide ad interim, a method by which those holding " quicksilver gold " may make use of the same advantageously, and, to a certain degree, increase the value of California gold immediately, also to induce miners and others to have their dust assayed, we will receive in all of our business transactions, ingots of assayers of known skill and responsibility, »t five per cent discount from tlie U. S. Mint value, as stamped by them. Resolved, That we will receive gold dust in payment in its natural form, at seventeen dollars per ouuee. Resolved, That a Committee of ten be appointed, whose duty it shull be to receive proposals for assaying, and to satisfy themselves in regard to the skill and integrity of such as may propose, together with the amount of bonds which they may be able to give, and the responsibility of the sureties offered ; to recommend to IMb Legislature the appointment of one or more of the applicants, provided that there shall be any who shall he suitable; to draw up a petition to the Legislature for the enactment of a law relative to assaying 1 , which shall provide therein for a revenue for the State ; to procure signatures to said petition, and to appoint a sub-committee to proceed to the seat of government, for the purpose of causing the tame to be laid before the Legislature for prompt and decisive action. Resolved, That S. R. Harris, of the firm of Macondray and Co., Talbot H. Green, of the firm of Mellus, Howard and Co , G. B. Post, of the firm of S. H. Williams and Co., E. M. Earl, of the firm of Earl and Mackintosh, D. S. Turner, of the firm ol Turner, Fish & Co., John G. Hallock, of the firm of Bennett and Hallock, W. J. Sherwood, of the firm of Payne and Sherwood, John A. Collins, William Ladd, and William H. Jonei constitute said committee. Resolved, That when this meeting adjourns, it adjourn to meet at call of said committee. Resolved, That the committee have power to add to their number, and to fill vacancies.

The Mormon Gold Coin. — We (Alia Californi a) find the exact value of this coin given in the New Orleans Delta, by Mr. Wm. P. Hort, the Assbayer of the Mint,in the subjoiued letter ; New Orleans, 28th Jan., 1850. Editors of the Delta. — In yesterday's Delta, after describing ihe devices, &c. on the recently arrived Mormon coini, you observe, " these coins are of pure gold, without alloy.'' Permit me lo conect you ai to the twenty dollar gold piece. The following is its composition : Gold 892 parts. Silver 98 " Lnkuown 10 " 1000 In weight, they fall short, as compared with our double engle, 85 grains. The value of the twenty dollar Mormon pieces, which I have assayed, is '8*1 7,23. some vari from this value may be evpected, as it is evident that the gold is used for coinage just as it is found in a state of nature, and wherever gold abounds, theie will probably aluays be seen a considerable range in the title. Respectfully, Wm. P. Hokt.

Sfal of the State of California. —The " Alta California" now comes to us embellished with a vignette engraving of the new seal of California It it a very good device. In the foteground with a spear in her hand, sits the goddeis Minerva, which is designed to represent the origin of the State, springing into existence in a day, like the fabled Minerva from the brain of Jupiter. Beside her lies a bear, and a sheaf of wheat, and a miner is digging with a pickaxe.— -In the background ii the bay stubbed with islands nnd numerous vessels ; and beyond are the hills of Sierra Nevada. The whole is designed with excellent taste, and has given satisfaction to different sections of the State. The originator of the seal received 1000 dollars for his design,