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That measures be proposed for preventing their diminution, and also their currency, and that of any others, when diminished.
That the several foreign coins be described and classed in the said Ordinance, the fineness of each class stated, and its value by weight estimated in Units and decimal parts of Units.
And that the said draught of an Ordinance be reported to Con- gress at their next meeting, for their consideration and determi- nation.
Supplementary Explanations.
The preceding notes having been submitted to the considera- tion of the Financier, he favored me with his opmion and obser- vations on them, which render necessary the following supplemen- tary explanations. ;
I observed, in the preceding notes, that the true proportion of va- lue between gold and silver was a mercantile problem altogether, and that, perhaps, fifteen for one, might be found an eligible propor- tion. ‘The Financier is so good as to inform me, that this would be higher than the market would justify. Confident of his better information on this subject, I recede from that idea.*
He also informs me, that the several coins, in circulation among us, have been already assayed with accuracy, and the result pub- lished in a work on that subject. ‘The assay of Sir Isaac Newton had superseded, in my mind, the necessity of this operation as to the older coins, which were the subject of his examination. This later work, with equal reason, may be considered as saving the same trouble as to the latter coins.
So far, then, I accede tothe opinions of the Financier. . On the other hand, he seems to concur with me, m thinking his smallest fractional division too minute for a Unit, and, therefore, proposes to transfer that denomination to his largest silver com, containing 1000 of the units first proposed, and worth about 4s. 2d. lawful, or 25-36 of a Dollar. 'The only question then remaming between us is, whether the Dollar, or this coin, be best for the Unit. We both agree that the ease of adoption with the people, is the thing to be aimed at.
1. As to the Dollar, events have overtaken and superseded the
- In a newspaper, which frequently gives good details in political economy,
1 find, under the Hamburgh head, that the present market price of Gold and Silver is, in England, 15.5 for 1: in Russia, 15: in Holland, 14.75: in Sa- voy, 14.6: in France, 14.42: in Spain, 14.3: in Germany, 14.155: the ave- rage of which is 14.675 or 14 5-8. I would still incline to give a litte more than the market price for gold, because of its superior convenience in trans- portation.
