in a State is to be brought out of it. I expect that there will be very little occasion to transport money from place to place. It is much easier to negotiate than to carry it; and if any species of Money is generally received within a State at the same rate in which it is paid in Taxes, there will be no difficulty in expending it at its value. Whenever Money shall be struck by Authority of the United States, then indeed it will be proper to receive in Taxes no other Coin If Congress are of opinion with me, that it will be proper to coin Money, I will immediately obey their orders and establish a mint; and I think I can say with safety that no better moment could be chosen for the purpose than the present; neither will anything have a greater tendency to restore public credits, for although it is possible that the new money will at first be received with diffidence by some, yet when it has been fairly assayed it will gain full confidence from all, and the advan tage of holding the only Money which can pay debts or discharge Taxes, will soon give it the preference over all, and indeed banish all other from Circulation; whereas, fixing a Relation of value now, on whatever principles attempted, might give offence to the Power whose Coin should in any instance be reduced from its present numerary value among us. These sentiments are submitted with all possible deference to the United States in Congress Assembled in expectation of their further instruc tions on the subject. With great Respect I have the honor to be sir your most obedient and humble servant, His Excellency The PRESIDENT OF CONGRESS. [Endorsement.] ROB. MORRIS. Report Supa Inta finance on the establishment of a mint, Jan'y 15th, 1782. Referred to grand comm'ee. Reported May 13, 1785. Printed with report and notes of Mr. Jefferson. FROM THE JOURNAL OF CONGRESS. THURSDAY, February 21, 1782. On the report of a committee of the States, consisting of Mr. Liver. more, Mr. Patridge, Mr. Cornell, Mr. Wolcott, Mr. Floyd, Mr. Clark, Mr. Clymer, Mr. Carroll, Mr. J. Jones, Mr. Hawkins, Mr. Middleton, Mr. Telfair, to whom was referred a letter of the 15th of January, from the superintendent of finance, touching the establishment of the mint: Resolved, That Congress approve of the establishment of a mint; and, that the superintendent of finance be, and hereby is directed to prepare and report to Congress a plan for establishing and conducting the same. ORDINANCE PROPOSED FOR THE VALUATION OF FOREIGN COINS. BY ROBERT MORRIS, Superintendent of Finance. [From MS. letters of the Superintendent of Finance.] OFFICE OF FINANCE, SIR: On the seventh of January last Congress were pleased to resolve that it be an Instruction to the Superintendent of Finance to prepare and report to Congress a table of rates at which different species of foreign Coins most likely to circulate within the United States shall be received at the Treasury thereof. In consequence of this resolution I took the liberty to recommend the establishment of a Mint, which was agreed to. I have taken many steps to carry that resolution into effect, and hoped by this time to have laid a satisfactory state of it before Congress. Delays, the causes of which need not be enumerated, have hitherto procrastinated the matter beyond my expectations; but there are many reasons why an immediate regulation of foreign coins should now be made. It is not the least among them that all our dollars are rapidly going to the enemy in exchange for light gold, which must eventually cause a considerable loss, and a scarcity of silver which will be severely felt. I take the liberty therefore to suggest the following Act Whereas by the Articles of Confederation and perpetual Union the United States in Congress assembled are vested with the sole and exclusive right and power of regulating the Alloy and Value of Coin struck by S. Ex. 58- -28 433 their own Authority or by that of the respective States. and whereas the several requisitions on the States and the public accounts of these United States are made and kept in dollars. And whereas it is of im portance that until Money be Coined by Authority of the United States some fixed proportion be established between the different foreign Coins most likely to circulate: Be it therefore ordained by the United States in Congress assembled, and it is ordained by authority of the same that from and after the First Day of January in the Year of our Lord one thousand seven hundred and eighty-three, English silver Coin be received at the rate of one dol lar and sixteen ninetieths of a dollar by the ounce, Dutch silver Coin at the rate of one dollar and fifteen ninetieths by the ounce, French silver Coin at the rate of one dollar and fourteen ninetieths by the ounce, Portugueeze silver Coin at the rate of one dollar and thirteen ninetieths by the ounce, English, Spanish and Portugueeze Gold Coin at the rate of seventeen dollars by the ounce, and French Gold Coin at the rate of sixteen dollars and sixty-eight ninetieths by the ounce.* I take the liberty to observe, Sir, that this estimation of Coins is founded upon the quantity of Alloy which they respectively contain. The weight of each particular piece current among us is so indeter minate that the value by tale cannot be fixed; but whenever the rates at which they go as Bullion are known, a table may be formed in each State for the tale according to the customary weights which prevail. I have the honor to be sir your Excellency's most obedient and humble servant, His Excellency The PRESIDENT OF CONGRESS. ROB'T MORRIS. [Eudorsement.] 112. Letter 12 Dec'r, 1782. Sup't of Finance. 16th. Read and referred to Mr. Fitzsimmon. Mr. Wharton. Mr. Rutledge. Mr. Hamilton. Mr. Gorham. Report ascertaining the value of foreign Coins. *The rating of English Standard Silver at 148 dollars per ounce implies that the "dollar" should contain 377.02 grains of pure Silver, and the rule that seventeen of these dollars should be equivalent to an ounce of English Standard Gold implies that this dollar was equivalent to 25.882 grains of pure Gold. The ratio between the two metals as thus fixed is 1 to 14.56, which very nearly coincides with the then French legal ratio, and with the market ratio of the metals in Europe.-H. [From MS. letters and reports of the Superintendent of Finance, No. 137, Vol. II, 355-363.] OFFICE OF FINANCE, 23d April. 1783. SIR: On the twenty-first of February 1782, Congress were pleased to approve of the Establishment of a Mint and to direct the Superintendant of Finance to prepare and report a plan for conducting it. This matter has been delayed by various Circumstances until the present Moment. I now enclose Specimens of a Coin with a view that if Congress should think proper to appoint a Committee on the Subject I may have the Honor of conferring with them, and explaining my Ideas of the Plan for establishing and conducting a Mint. Such plan when reported by a Committee will more probably meet the Ideas of Congress than any which I might prepare. With perfect respect I have the Honor to be Sir your Excellency's most obedient & humble servant. His Excellency the PRESIDENT OF CONGRESS. Letter 23, April, 1783. Superi'nt finance. Referred to Mr. Gorham, Mr. Ellsworth, Mr. Fitzsimmons, Mr. Hamsley, Mr. Izard. [Endorsement.] ROB'T MORRIS. The Com'ee of 19 Dec'r last on a letter of 12 Dec'r, from the Superint. for settling the rate of foreign Coin discharged & the business referred to the above Com'ee. |