These defects are not pointed out for the purpose of preventing the adoption of a specie-currency. There is no probability of such a currency ever prevailing in this country, except in the neighborhood of the mines, and there only for a time. Much is said about it, as is usually the case with subjects that are little understood; but the driblets of specie that may be seen occasionally are not a currency; neither are those larger quantities held by banks and brokers. Indeed, a specie-currency in the presence of bank-notes is an impossibility, because the notes proclaim their own inferiority; consequently, the specie is retained and the notes circulated. Yet, the operations of the mint are continued, with the avowed object of creating a specie currency. This practice is, however, of some use. It serves to show that mind and matter are governed by the same general laws,--that either being put in motion wilt continue to move in the given direction, though the original intention may have ceased. That the original intention of coining has ceased when the use of the precious metals is confined almost exclusively to ornamentation and security is a plain case. The National Government issues coin for currency, and the States create banks, with the privilege of using the coin as security, and of issuing in its stead a larger quantity of notes. These, diluted in value to the extent of the difference, form, with the authority derived from State laws, a species of currency that, because of its great convenience, derived from its representative character, has become, notwithstanding its defects, one of the greatest powers known to man. The defects of a bank-note currency are, that, being based on specie, it is necessarily inconstant, and being insufficiently based, it is necessarily insecure. The precious metals are desired for three distinct uses,--ornamentation, security, and currency; they have, therefore, three distinct elements of value. By the creation of banks a portion of the currency is converted into security, and another portion undergoes the same change by reason of the insecurity of bank-notes. Thus, by the influence of banks, the precious metals are deprived of most of the value they had as currency, the specie and the notes depreciating together, and maintaining an equilibrium of value, until the exportation of the former to countries where its value is not thus impaired becomes profitable. Then, if the notes continue to depreciate, as is sometimes the case, the equilibrium is destroyed, and specie commands a premium. This causes the remainder to be hoarded, so that it then commands an additional premium as security, in view of the increasing insecurity of bank-notes.