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PHILADELPHIA:
PUBLISHED BY WIRTZ & TATEM, No. 97, SOUTH SECOND STREET,

PRINTED BY ADAM WALDIE, 46 CARPENTER STREET.

1838.

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Hanilla Kask

OF THE

UNITED STATES.

DEVOTED CHIEFLY TO FINANCE AND CURRENCY, AND TO BANKING AND COMMERCIAL STATISTICS.

" It is the interest of every country that the standard of its money, once settled, should be inviolably and immutably kept to perpetuity. For whenever that is altered, upon whatever pretence soever, the public will lose by it.

* Men in their bargains contract, not for denominations or sounds, but for the intrinsic value."-Locke on Money.

WEDNESDAY, JULY 5, 1837.

No. 1.

Vol. I.

THE BULLION REPORT.

and 22d of May, when Portugal gold in coin

is quoted at £4 11 per oz: Portugal gold Ordered by the House of Commons to be coin is about the same fineness as our standprinted, Sth June, 1810.

ard. It is stated in the same tables, that, in The select committee appointed to enquire the month of March last, the price of new

doubloons rose from £4 7 to £4 9 per oz. into the cause of the high price of gold bullion, and to take into consideration the Spanish gold is from 44 to 44 grains worse state of the circulating medium, and of than standard, making about 4s. per oz. dif: the exchanges between Great Britain ånd ference in value. foreign parts—and to report the same, of foreign gold coin is generally higher than

It appears by the evidence, that the price with their observations thereupon, froin time to time, to the house-have, pursuant

that of bar gold, on account of the former to the orders of the house, examined the finding a more ready vent in foreign markets.

The difference between Spanish and Portugal matters to them referred; and have agreed to the following report :

gold in coin and gold in bars, has of late been

about 2s. per ounce. Your committee have Your committee proceeded, in the first in- also to state, that there is said to be at prestance, to ascertain what the price of gold sent a difference of between 3s. and 4s. per bullion bad been, as well as the rates of the ounce between the price of bar gold which foreign exchanges, for some time past, parti- may be sworn off for exportation as being cularly during the last year.

foreign gold, and the price of such bar gold Your committee have found that the price as the dealer will not venture to swear offo; of gold bullion, which, by the regulations of while the former was about £4 10 in the his majesty's mint, is £3 17 10. per ounce market, the latter is said to have been about of standard fineness," was, during the years £4 6. On account of these extrinsic differ1806, 1807, and 1808, as high as £4 in the ences, occasioned either by the expense of market. Towards the end of 1808 it began to coinage, or by the obstructions of law, the advance very rapidly, and continued very high price of standard gold in bars, such as may during the whole year 1809; the market price be exported, is that which it is most material of standard gold in bars fluctuating from £4 9 to keep generally in view through the present to £4 12 per ounce.

The market price at enquiry. £4 10, is about 154 per cent. above the mint It appeared to your committee that it price.

might be of use, in judging of the cause of Your committee have found that, during this high price of gold bullion, to be informed the three first months of the present year, also of the prices of silver during the same the price of standard gold in bars remained period. The price of standard silver in his nearly at the saine price as during last year; majesty's mint is 5s. 2d. per ounce; at this viz. from £4 10 to £4 12 per oz. In the standard price the value of a Spanish dollar course of the months of March and April, the is 4s. 4d., or, which comes to the same thing, price of standard gold is quoted but once in Spanish dollars are, at that standard price, Wettenhall's tables ; viz. on the 6th of April worth 4s. 11jd. per ounce. It is stated in last, at £4 6, which is rather more than 10 Wettenhall's tables, that, throughout the year per cent. above the mint price. The last 1809, the price of new dollars fluctuated from quotations of the price of gold, which have 5s. 5d. to 5s. 7d. per ounce, or from 10 to 13 been given in those tables, are upon the 18th per cent. above the mint price of standard

silver. In the course of the last month, new * This standard was, at the period mentioned, and dollars have been quoted as high as 58. 8d. continues to be, twenty-two carats ; that is, twenty-two per ounce, or more than 15 per cent. above parts of gold to two parts alloy.-Ed.

the mint price.

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