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A Century of Lawmaking for a New Nation: U.S. Congressional Documents and Debates, 1774-1875
Journals of the Continental Congress --WEDNESDAY, APRIL 12, 1786.
Congress assembled. Present as on Monday.
The Secretary of the United States for the department of war, to whom was referred his Letter to Congress of the 16th. of March Reports:
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That since he had the honor to submit to Congress, Mr Campbells letter of the 20th. of February relative to the stores at the falls of the Ohio, that a return of the said stores, have been received a copy of which is annexed. That it appears by the information of Mr Hodgdon late commissary of military stores, and the late Major Craig, who commanded the Artillery at Fort Pitt, that certain cannon and stores were lent by the United States to the state of Virginia, in the years 1781 and 1782 for the projected military operation under the orders of Brigadier General Clerk, which cannon and stores it is probable, remain at the falls of the Ohio. That the evidence whereon to found a precise charge of these articles is remote, partly depending on the books of the magazine in Virginia and partly on the papers of Major Craig which are at Fort Pitt.
It is the opinion of your Secretary that the stores and cannon stated in the return to be at the falls of the Ohio, would be necessary at the posts, which are or may be established in the western territory of the United States. That in order to ascertain the value of the said cannon and stores, the secretary at war shall direct the commanding officer of the artillery on the Ohio, or other experienced artillery officer to repair to the falls and there agree with the aforesaid Mr. Campbell, or other lawful agent for the state of Virginia for the price of the respective articles which shall be transported to such of the posts of the United States as may be directed--
That regular duplicate accounts of said articles with the prices thereof, shall be made out and signed by the commanding officer of artillery on the part of the United States and the agent of Virginia; one of which accounts shall be transmitted to the war office of the United States, and the other to the executive of the commonwealth of Virginia.
That the value of such articles as shall be proved to have been lent to the state of Virginia, for the operations on the Ohio, shall be deducted from the aforesaid account and also the charge of transportation of such of the said articles as are now at the said falls to the posts where they are to be placed.
That the value of the articles being the property of the state of Virginia as agreed between the aforesaid agents of the United States and the state of Virginia shall be deducted by the board of Treasury
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from the amount of the quota of the state of Virginia on the requisition of 1786.
All which is humbly submitted to Congress.
H. Knox.1
[Note 1: 1 This report is in the Papers of the Continental Congress, No. 151, folio 171. According to indorsement it was read April 12. The inventory of the stores is in No. 150, I, on folio 191.]
War Office, April 11th., 1786.
No. 1.
Board of Treasury,
April 8th 1786.
Sir, We do ourselves the Honor of enclosing the Report of this Board upon the several References of Congress relative to the Establishment of a Mint for the United States of America.
We judge it necessary to submit several Principles for the Decision of Congress, previous to our making a Report on this subject, and on the Various Propositions that have been made for undertaking a Copper Coinage. Congress by their Act of the 6th. July last resolved, that the Money Unit of the United States should be a Dollar, but did not determine what number of Grains of Fine Silver should constitute the Dollar.
We have concluded that Congress by their Act aforesaid, intended the common Dollars that are Current in the United States, and we have made our calculations accordingly. We have assumed various sums for the Money Unit, and find that there are several, which would make the decimal arithmetic more accurate, when compared with the Money of Account in the several States, than the Dollar which is current at four shillings and sixpence sterling. But if the Decimal arithmetic should be generally adopted in keeping of Accounts, This Inconvenience will soon be got rid of. Probably much sooner than that which might arise from assuming a new and unusual sum for the Dollar, or Money Unit.
The British Mint Price for a Pound Troy Weight of Standard Silver is Sixty two Shillings sterling, which is issued at the same Value after it is coined. It will appear from the Propositions we have submitted, that we have made a Difference of two per cent between coined and uncoined Silver, Which addition of two per Cent to the Coined Silver appears to us to be necessary on Account of Waste, and also to defray the Expense of Coinage.
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A Pound Troy Weight of Standard Silver of the United States will therefore be issued from their Mint at the Rate of three Pounds, three Shillings and three pence Sterling or, four pounds, four shillings and four pence lawful Money. The Money Unit or Dollar will contain three hundred and seventy five grains and sixty four hundredths of a Grain of fine Silver. A Dollar containing this number of Grains of fine Silver, will be worth as much as the New Spanish Dollars.
We have also considered Gold as being of a different Value before, and After it is coined, making an Allowance for Coinage of one half Per Cent. We find the Difference that Custom has established between Coined Gold and Coined Silver, in the United States, to be, nearly as one of the former to fifteen and Six tenths of the latter. We have endeavoured to preserve this relative Difference as we apprehend less inconvenience will arise from it among the Citizens of the United States, than from reducing the relative value, which however has been proposed by all those who have written upon the Subject of a Coinage for the United States; but it does not appear, from what they have said, that they had attended accurately to the real Difference which Custom has established between Gold and Silver in the United States. We find the relative Value between Gold and Silver to be as follows:
England: As i is to 15.210.
France: As I is to 14.458.
Spain: As 1 is to 14.85.
Holland: As i is to 14.44.
Portugal: As 1 is to 15.78.
America: As i is to 15.6 nearly.
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The following Tables will shew the Value of Coined and [uncoined] Silver and Gold on the Principals above stated--
{table}
for UNCOINED SILVER{table}
for COINED SILVER{table}
for UNCOINED GOLD{table}
for COINED GOLD{table}
for COINED SILVER IN ENGLAND{table}
for COINED GOLD IN ENGLAND
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Gold is receivable at the Several Banks in the United States, at the Rate of £48 Sterling, for a Pound Troy Weight. We have proposed that there shall be two Pieces of Gold the one equal to Ten Dollars, weighing 246.268 Grains of Fine Gold, and the other equal to Five Dollars weighing 123.134 Grains, fine Gold, which will preserve the Current value of Gold, very nearly the same as it is at present.
COPPER
Copper being a hard and impure Metal does not, as Gold and Silver, require any Alloy, to prevent its being impaired in Currency. We propose to divide Two pounds and one quarter of a pound Avoirdupois Weight of Copper into One hundred Coppers. They will be issued from the Mint at about the same Rate of advance that the British put upon their Copper Coinage, and will contain about Eight pCt. more Copper than the British half pence.
We should have submitted our Propositions on this subject sooner, if a sufficient Number of States had been convened to determine on the object of this Report. Our first Idea was to fix the Value of the Dollar or Money Unit at 4/2; Sterling, and we had prepared Several Tables to shew the Operations of Decimal Computation when compared with that of the Money Account in the several States, valuing the Dollar at 4/2; and at 4/6; Sterling; but after mature Reflection, we judged it most advisable for the Reasons mentioned in the former part of our Letter, to adopt the Value of the Present Current Dollar, for the Money Unit; and to make our Report Conformably to it.
We have likewise enclosed a Report formed on the Principle of fixing the Dollar (or Money Unit) at 6/3; Sterling, and have added to the Tables above mentioned certain Calculations which will shew the operation of the Decimal Arithmetic estimating the Dollar at 6/3; or 12/6 Sterling. Should the last sum be adopted for the Money Unit (which we axe informed has been suggested), the Report last mentioned can be easily made conformably to it. In that case the Unit, will be a Money of Account (as the English Pound Sterling) and not an Actual Coin.
When Congress have determined the certain Value of the Money Unit, we shall be ready to Report immediately on the different Propositions which have been laid before that Honorable Body for the establishment of a Copper Coinage; an Object which becomes
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daily of more Consequence, not only from the Foreign Importation of base Copper Coin; but from private Contracts made in some of the States for striking Copper, the Specimens of which are extremely base and ill executed.
We have the Honor to be etc.1
[Note 1: 1 This report, signed by Samuel Osgood and Waiter Livingston, is in the Papers of the Continental Congress, No. 139, folio 131.]
No. 2.
The Board of Treasury to whom it was Referred to Report the Form of an Ordinance for the Establishment of a Mint, and the Proposals of sundry Individuals relative to Copper Coinage, Beg leave to Report to Congress--
That after a mature Consideration of this Subject, they are of Opinion, that it will be necessary to submit to their Consideration certain principles relative to the Weight and Alloy of Gold and Silver Coins, previous to the Establishment of the proposed Ordinance, they therefore submit the following Propositions:
That the Standard of the United States of America for Gold and Silver, shall be Eleven parts fine, and one part Alloy.
That the Money Unit of the United States (being by the Resolve of Congress of the 6th. July last a Dollar) shall contain of fine Silver, three hundred and seventy-five Grains and Sixty-four Hundredths of a Grain. That the Money of Account (to correspond with the Division of Coins agreeably to the above Resolve) shall proceed in a Decimal Ratio agreeably to the Forms and Manner following, viz:
That betwixt the Dollar and the lowest Copper Coin, as fixed by the Resolve of Congress of the 6th. July last there shall be three Silver Coins and one Copper Coin. That the Silver Coins shall be as follows:
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That the Mint price of a pound Troy Weight of uncoined Silver, Eleven parts fine, and one part Alloy, shall be Nine Dollars, nine Dimes, and two Cents.
The Mint price of a pound Troy Weight of uncoined Gold, Eleven parts fine, and one part Alloy, shall be Two hundred and nine Dollars, seven Dimes, and seven Cents.
All of which is humbly submitted to the Judgment of Congress.1 April 8th., 1786.
[Note 1: 1 This report, signed by Samuel Osgood and Waiter Livingston, is in the Papers of the Continental Congress, No. 139, folio 139.]
The following Observations on the Principles upon which the above Report is founded are Annexed for the consideration of Congress.
Mr. Jefferson in his Notes on the Establishment of a Money Unit and on a Coinage for the United States, observes--
That in fixing the Unit of Money these circumstances are of Principal Importance.
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"That the Spanish Dollar seems to fulfill all these Conditions"
It is readily acknowledged that no Money Unit can be adopted by the United States, that will be so familiar to, and well known by the People, as the Dollar that is generally Current at four Shillings and sixpence Sterling; and that the size will be convenient as a common measure.
If there should be any objections against adopting it, they must arise from the Decimal Divisions of it. It is probable, that some other Sum might be adopted for the Money Unit, which would free the Decimal Arithmetic from those inconveniences which are occasioned by Quantities that cannot be noted down Decimally, or when noted down, do not correspond with the value of any known Coins. If the common Dollar should be fixed upon as a Money Unit, the Cents, will not correspond with any Copper Coin known in the United States. A single Cent will be about Eight per Cent better than a British half pence.
In the aforesaid Notes it is observed, That should the Unit be fixed at three hundred and sixty-five Grains of fine Silver, Gold at fifteen for one (or rather at one for fifteen), and the Alloy of both be one-twelfth, the Weight of the Coins will be as follows:
The Golden piece containing 2431/3 Grains of pure Metal, 22.12 Grains of Alloy will weigh 11 Dwt., 14.18 Grains.
The Unit or Dollar containing 365 Grains of pure Metal 33.18 Grains of Alloy, will Weigh 16 Dwt., 14.18 Grains.
The half Dollar, or five Tenths containing 182½ Grains of pure Metal 16.59 Grains of Alloy will weigh 8 Dwt. 7.09 Grains.
The fifth or Pistereen containing 73 Grains of pure Metal, 3.318 Grains of Alloy, will weigh 1 Dwt. 15.818 Grains.
The twentieth, or half Bit containing 18¼ Grains of pure Metal, 1.659 Grains of Alloy, will weigh 19.9 Grains.
It is necessary to assume a Principle by which we may determine whether the above Weights are right. And for this purpose let us adopt the value of a Pound Troy Weight of Silver, the same as the British have done, viz. 62/. Sterling without making any Allowance for the difference of Alloy. Let there be allowed for Waste and
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Expence of Coinage two per Cent for Silver and one half per Cent for Gold:
744d.: 5:280:: 54: 383.225
102:100::383.225:375.71
Therefore the Unit or 54d. Sterling ought to contain 375.71 Grains fine Silver.
Mr Jefferson therefore proposes to Issue a Peice of Silver Money nominally worth 54d. Sterling; but really 5½ p. Cent less valuable. The piece of Gold equal to Ten dollars ought to--
To issue a Golden Coin in England equal to 5400 it should contain of--
If Congress should adopt Mr. Jefferson's plan, then we should have Gold and Silver Coins about 5 p. Cent less valuable than British Money.
As this is too great an Allowance for Waste and Expence of Coinage, the pieces mentioned by Mr Jefferson, ought to Weigh as follows, making an Allowance of two per Cent for Silver and an half per Cent for Gold for Coinage, &c.
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To make the above Weights of Gold correspond with the following Calculations, there ought to be three per Cent added to the 375.71 Grains of fine Silver in the Money Unit.
As 252d. or 21/Stlg is to 118.65 Grams fine Gold in a Guinea, so is 540d. or 10 Dollars to the number of Grains of fine Gold that there should be in 540d. agreeably to the British
252d.:118.65::540d.:254.14
100.5:100::254.14:252.875
Therefore to deduct half per Cent for Coinage there ought to be in Ten Dollars 252.875 Grains fine Gold.
If it should be thought best to preserve the same relative value between Gold and Silver that Custom has Established, in the United States, then the two pieces of Gold above mentioned ought to weigh as follows: One hundred and twenty-six Grains of Standard Gold of England passes in the United States for 252d. Sterling. The pound Troy Weight of Standard Gold is therefore worth £48 Sterling.
{table}
The true relative value between Gold and Silver Coins in England is as follows: 5.280 Grains of fine Silver pass for 61/5¼ Stlg: and 5.280 Grains of fine Gold pass for 11.214d. Sterling.
{table}
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If therefore the Money Unit contains of fine Silver 375.71 Grs. ten times that Number will be 375.710 which divided by the number of Grains in the piece of Gold equal to Ten Dollars, will be 246.268/375.710/15.256. relative difference in the United States.1
[Note 1: 1 These Observations follow immediately after the Board of Treasury's report No. 2 of April 8. The last page is indorsed, on verso, by Thomson: "Read April 12, 1786 Wednesday April 19 assigned for consideration." The report was printed and a copy is in No. 139, folio 193. With p. 9 of the printed report is a contemporanous ms. note, in the writing of a clerk, charging the Board of Treasury with incorrectly stating Jefferson's proposition and quoting his exact words.]
No. 3.
PRINCIPLES FOR ESTABLISHING A COINAGE, VALUING THE DOLLAR AT 4/2 STERLING.
The Board of Treasury, to whom it was Referred, to Report the Form of an Ordinance for the Establishment of a Mint, and the proposals of sundry Individuals relative to Copper Coinage, Beg leave to Report to Congress:
That after a mature consideration of this Subject, they are of Opinion, that it will be necessary to submit to their consideration certain principles relative to the Weight and Alloy of Gold and Silver Coins, their proposed relative value, the price of Foreign Coin, and the Money of Accompt previous to the Establishment of the proposed Ordinance.
That the Standard of the United States of America for Gold and Silver, shall be Eleven parts fine, and one Alloy.
That the Money Unit of the United States (being by the Resolve of Congress of the 6th. July last, a Dollar) shall contain of fine Silver, Three hundred and fifty Grains, and nine-tenths of a Grain.
That the Money of Accompt (to correspond with the divisions of Coins agreeably to the above Resolve) should proceed in a Decimal Ratio, agreeably to the forms and manner following viz.
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That betwixt the Dollar (the Money Unit which will be represented by a Coin containing the Quantity of fine Silver as specified in the first proposition) and the lowest Copper Coin (as fixed by the Resolve of Congress of the 6th. July last) there shall be three Silver Coins, and one Copper Coin.
That the Silver Coins shall be as follows:
That the Mint price for One pound Weight Troy of Gold eleven parts fine and one part Alloy, should be two hundred and twenty Dollars, Eight Dimes, three Cents, and two Mills.
That the Mint price of a Pound Troy of Silver, Eleven parts fine, and one part Alloy, should be fourteen Dollars, seven Dimes, four Cents and six Mills.
That the Gold Coin of the United States of America shall be one-half per Cent above the Mint price.
That the Silver Coin of the United States of America shall be Two per Cent above the Mint price.
That Foreign Coin shall be Current at the Treasury of the United States at the Mint price.
That after the Yearno Foreign Brass or Copper pieces shall be Current in the United States of America.
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GOLD
Thirty Louis d'Ors of 24 Livres each, ought to weigh a Mark of Eight Ounces; But they are lawful, if the 30 Louis d'Ors want 15 Grains in the whole. This allowance is called the Remedy of Weights.
The Standard is 22 Carats fine; but Louis d'Ors are lawful when they are 21 22/32 Carats fine. This Allowance is called the Remedy of Law.
Price of Gold @21 22/32 is 709 Livres p. Mark of 8 Ounces. Mark of 8 oz. makes 30 Louis d'Ors, Value 720 Livres. Expence of Coinage and Waste about 2 Livres on the Mark. Profit to the Sovereign 9 Livres p. Mark, or 1 4/15 p. Cent.
SILVER
Eight 6-Livre pieces and 3/10 ought to Weigh a mark of 8 oz., but are lawful Currency when the pieces differ only 36 Grains p. each Mark.
Standard, eleven parts fine, and one part Alloy. But they are Current 3 and 6 Livre pieces @10--21: that is, three Grains short of the Standard.
Price of Silver, 48 Livres 9 Sous p. Mark. Standard 10.21. A Mark gives 8 six-Livre pieces and 3/10 or 49 Livres, 16 Sous. Expence of Coinage and Waste 14½ Sous p. Mark. Profit, 12½ Sous p. Mark or 1 7/24 p. Cent.
A Mark of Gold after Coined is 720 Livres. A Mark of Silver after Coined is 49 Livres, 16 Sous.
{table}
In England it is 15.072; therefore as 14.458:100::15.072:104.25. The difference therefore in favor of Gold in England is about 4 ¼ p. Cent more than in France.
If the United States place the difference at 14.75 it will be nearly a mean between France and England 14.75:100: :15.072:102.115, nearly 2 p. Ct. in favor of England 14.75:100: :14.458:98, about 2 p. Ct. better than in France. A Pound Weight Troy of Gold, Eleven Twelfths fine, is divided in England into 44½ Guineas = £46:14:6.
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As no profit is to be made by the Public, on Coinage, it will be sufficient to allow an half p. Cent for the Waste and Expence of the Coinage of Gold. And two p. Cent for the Waste and Expence of the Coinage of Silver.
In a Pound Troy Weight of Gold, there are of fine Gold 5,280 Grains. Deduct half p. Cent for Coinage viz.
{table}
Thus 5,253.6 Grains of fine Gold Coined, will be equal to 5,280 Grains of uncoined Gold.
In a Pound Weight, Troy, of Silver, there are of fine Silver 5,280 Grains,--Deduct 2 p. Cent for Coinage &c.
{table}
Thus 5,174.4 Grains fine Coined Silver are equal to 5,280.
It is proposed that the Federal Dollar shall be equal to 4/2 Sterling, excepting the 2 p. Cent for Coinage.
How many Grains, then, ought the Federal Dollar to contain of fine Silver, that it may be just 2 p. Cent less valuable than 4/2 Sterling?
In a pound Weight Troy, of Standard Silver of England, there are Grains of fine Silver, 5,328; which are divided into 62/ Sterling or 744d. If two per Cent be deducted from this number of Grains, and the remainder is divided into 62/ Sterling or 744d, then we shall have a principle to find the number of Grams, that 4/2 Sterling ought to contain, allowing it to be 2 p. Cent less valuable, than 50d. of British Money,
{table}
Therefore, in the Currency of the United States, there will be in 62/ Sterling or 744d. 5,221.44. Now if 744d. has 5,221.44 Grains of fine Silver, what ought the Federal Dollar or 50d. to have?
744: 5,221.44:: 50: 350.9
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A Federal Dollar therefore upon the above principles, must have 350 9/10 Grains of fine Silver.
As the proposed Standard for Silver is 11/12 fine, there will consequently be in a pound Weight Troy of fine Silver, 5,280 Grains which divided by 350 9/10 Grains will give the Dollars that the same must be divided into.
{table}
consequently a pound Weight Troy will be divided into fifteen Dollars, no Tenths, four Cents and seven Mills.
If 5,221.44 Grains of fine Silver has 744d. what will 5,280, the number of Grains of fine Silver in a pound of the proposed Standard, have? 5,221.44:744::5,280:752.d. 3/10 which are equal to 15 Dollars, no Dimes, 4 Cents, and 7 Mills as above.
From the above may be ascertained the price that must be given at the Mint, for a Pound of Standard Silver; for every 100 Grains that the Mint gives it must receive one hundred and two in Exchange. As a Standard Pound contains 5,280 Grains of fine Silver, if two p. Cent is deducted therefrom, and the remainder divided by 350.9, the Quotient will be the amount that must be given for the same in Dollars and parts of Dollars.
{table}
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{table}
for This Calculation is made upon the Grains of fine Silver. It may be proved this way by the Money of Accompt:{table}
for Having ascertained what is to be given for a pound Weight Troy of fine Silver as Bullion, we proceed to the Division thereof:From the foregoing Calculations it will be easy to make the necessary divisions of the Silver Coin.
GOLD
It is proposed that the difference between Gold and Silver shall be as 1:14.75. When the value of Silver is established, and the difference between that and Gold, the necessary Calculations may soon be made; Calculating agreeably to the above difference, 14.75×5,253.6 the number of fine Grains of Gold in a Pound Troy, after deducting therefrom half p. Cent for Coinage, will be the number of Grains of fine Silver that must be given for a Pound Troy, of Uncoined Gold.
{table}
the number of Grains of fine Coined Silver, that must be given for 5,280 Grains of fine Uncoined Gold, which divided by 350.9 gives the Dollars and parts thereof, which must be given for the same. 350.9)77,490.60(220.832 Dollars and parts.
If then 5,253.6 fine Coined Gold has 220 Dollars, 8 Dimes, 3 Cents and 2 Mills what will 5,280 have, the number of Grains of fine Gold in a pound Troy of Standard Gold, after it is Coined?
5,253.6:220,832::5,280:221.943
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Thus it appears that a Pound Troy of Standard Gold after Coined will be worth 221 Dollars, 9 Dimes, 4 Cents and 3 Mills.
The Proportion of Coined Silver to be given for Uncoined Gold, will be as follows:
All Coined Gold will be 14.75 more than Coined Silver.
From these Calculations may be made the following Tables:
{table}
for UNCOINED SILVER{table}
for COINED SILVER{table}
for UNCOINED GOLD{table}
for COINED GOLD
Page 178 | Page image
England: As 1 is to 15.72.
France: As 1 is to 14.53.
Spain: As I is to 14.85.
Holland: As 1 is to 14.44.
Portugal: As 1 is to 15.78.
A Louis d'or contains 1171/3 Grains of fine Gold.
An English Guinea contains 118.6 Ditto.
The above Calculations are more upon the supposition that English and French Weights are the same. But this not being the case, the calculations will vary accordingly.
As American and English Weights are the same the comparison between French and English Weights will afford a true principle for Calculation.
The comparison between French and English Weights is viz. The French Ounce is 1/8 of the Mark and contains 576 Grains. It is lighter than that of London by 1/64, that is to say, 64 ounces of France weigh only 63 Ounces English, and of course the English Ounce weighs 585 1/7; Grains of the French Mark.
{table}
COPPER
Copper being a hard and impure Metal, does not as Gold and Silver require any Alloy to prevent its being impaired in Currency.
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It is proposed that a Pound Avoirdupois Weigh, shall be divided into fifty Coppers, and also into One hundred half Coppers: But this division is proposed, upon a supposition, that the Dollar will be fixed agreeably to the above Calculations. If that should be altered; this Division should also be altered.
The following Tables are calculated to shew how the Decimal Arithmetic will operate in the Divisions of a Crown at 5/--a Dollar at 4/6. and a Dollar at 4/2 Sterling Money.
*******1
[Note 1: 1 These tables, five in number, give the decimal arithmetic as noted and also at 12/6 Sterling. They have merely a minor value and are readily available in printed form in the Continental Congress Broadsides in the Library of Congress.]
No. 4.
PRINCIPLES FOR ESTABLISHING A COINAGE VALUING THE DOLLAR AT 6/3 STERLING.
The Board of Treasury to whom it was referred to Report the Form of an Ordinance for the Establishment of a Mint, and the Proposals of Sundry Individuals relative to Copper Coinage, Beg leave to Report to Congress:
That after a Mature Consideration of this Subject, they are of Opinion that it is necessary to submit to the Consideration of Congress certain principles relative to the Weight and Alloy of Gold and Silver Coins, their proposed relative Value, the Value of Foreign Coin, and the Money of Accompt previous to framing the proposed Ordinance. They therefore submit the following propositions.
That the Standard of the United States of America, for Gold and Silver shall be eleven parts fine and one part Alloy.
That the Money Unit of the United States (being by the Resolve of Congress of the 6th July last a Dollar) shall contain of free Silver, Five hundred and twenty-one Grains and seventy-three hundredths of a Grain.
That the Money Accompt to Correspond with the Divisions of the Coins agreeably to the above Resolve, Shall proceed in a Decimal Ratio according to the Terms and Measures, following--
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That between the Dollar and lowest Copper Coin as fixed by the Resolve of Congress of the 6th. of July last there shall be three Silver Coins and one Copper Coin.
That the Silver Coins shall be as follows:
That there shall be three Gold Coins, as follows:
That the Mint Price for One Pound Troy Weight of Uncoined Gold eleven parts fine and one part Alloy shall be one hundred and fifty-One Dollars, no Dimes, three Cents, and Eight Mills.
That the Mint Price of a Pound Troy Weight of Uncoined Silver, eleven parts fine and one part Alloy shall be Nine Dollars, nine Dimes, and two Cents.
That Foreign Coin shall be current at the Treasury of the United States, at the Mint Price.
That the two Copper Coins shall be as follows:
That three pounds Avoirdupois Weight of Copper shall be divided into One hundred Cents.
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Remarks on the within Report.
If the federal Dollar or Money Unit of the United States should be fixed at 8/4 lawful Money, the Decimal arithmetic will be more accurate and exact, than if it should at either 4/6 or 4/2 Sterling, and the divisions would Correspond with the known Coins.
The Standard for Silver of Great Britain is 11 Ozs. 2 Dwts. fine, and 18 dwts. Alloy in the Pound Troy.
As it is proposed that the Standard for Silver of the United States shall be eleven parts fine, and one part Alloy, there will be a Difference of 9/10 of one per Cent in favor of the British Standard for Silver.
A pound Troy Weight of Silver in England contains 5,328 Grains of fine Silver, and when Coined is issued to the Public at the Rate of 62/ Sterling or 82/8 lawful Money.
If therefore two per Cent should be allowed for Waste and Coinage and this is added to the 82/8 it will amount to 84/4 which is equal to 1,012d.
The following Proportion will shew the Quantity of fine Silver, that the federal Dollar must contain 1,012d.:5,280: :100:521.73 Grains of fine Silver.
The two per Cent for Coinage and the 9/10 of one per Cent Difference of Alloy, will make the real Difference between American and British Silver Money 2 9/10 per Cent in favor of the British.
If the relative Value between Gold and Silver should be fixed, as one of the former to fifteen of the latter, and there should be a difference in favor of Coined Gold, when compared with Uncoined Gold, of one-half per Cent, the following Calculations will shew the Number of Grains of Gold, that the Gold Pieces ought to Contain.
As the Pound Troy of Silver is equal to 1,012d. the Pound Troy of Gold at the Difference of one for fifteen, will be equal to 15.180d.
If 5,280 Grains of fine Gold when coined shall be worth 15.180d. then a thousand pence or Ten Dollars will have 347.82 Grains of Fine Gold.
15.180: 5,280: : 1,000: 347.82
If there should be three Gold Coins their Weight and Value will be as follows:
The following Tables Shew the Relative Value of Coined and Uncoined Silver and Gold on the Principles of the within Report:
Page 182 | Page image
{table}
for UNCOINED SILVER{table}
for COINED SILVER{table}
for UNCOINED GOLD{table}
for COINED GOLD[Note 11: 1 This report is in the Papers of the Continental Congress, No. 139, folio 179. According to indorsement it was read April 12 and passed August 8, 1786. All four of these reports were printed in one document by the Congress (a 28 pp. 4° pamphlet) between April 12 and April 19.
April 12: The following committee was appointed: Mr. [William Samuel] Johnson, Mr. [Edward] Carrington, Mr. [Nathaniel] Gorham, Mr. [Rufus] King and Mr. [Pierse] Long, on the memorial of Jonathan Burrall, Joseph Bindon and Edward Fox. Report was rendered April 20.]
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