mention eagles) that are, as a rule, immediately shipped to Europe; there they go at once to the melting pot, and are converted into British sovereigns (having a different proportion of alloy) or into gold coins of other nations; as soon as the rate of exchange changes beyond a certain degree these brand-new foreign gold coins are to some extent shipped back to us, and they in turn go to the melting pot at the Mint, where the proportion of alloy is again changed to make the standard of the United States (nine tenths fine). The gold is then recoined, shipped back to Europe, and so the process is repeated indefinitely.
In addition to the large expense involved in this useless and endless work there is irrevocable loss of precious metal with each handling, melting, and coining. I believe that all this is unnecessary. It would be perfectly feasible for the nations to agree upon some simpler method of adjusting trade balances at a tithe of this cost; and even if the time shall not yet have come for making such settlements by a sort of international clearing house, a partial solution of the difficulty would be found in the adoption of an international gold coin, or in the more general employment for export of fine gold bars instead of coin, which have been assayed at the mints or United States assay offices and officially stamped with their weight and fineness. There is less risk of loss by robbery in transshipment of such bars, and counterfeiting is not likely to prove a dangerous impediment for several reasons, one of which is that such bars do not pass into general circulation.
It is, of course, necessary, before we can hope to interest foreign governments in any improvement in international monetary matters, that we should adopt a reform in our own currency, bringing order out of the present chaotic condition.
In conclusion, I desire to call your particular attention to the valuable collection of early American coins, as well as coins of other nations, deposited in this museum by Mr. Robert C H. Brock, of Philadelphia, from which the director, Mr. Culin, has had the illustrations made. This collection is rich in specimens of all the issues mentioned, and they are in excellent preservation.
