Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1843-02-03
he only uniform coin which obtained genera

circulation.
This coin had its counterpart also in several
other European states besides Spain: the rix
dollar of Sweden, Bavaria, Denmark, Hamburg,
and Holland, was about equal in value to the
Spanish dollar, and rendered that coin conve-
nent standard of commercial transactions with
those countries.
The evident necessity Of establishing some
uniform currency for the whole country, in or
der to prevent confusion, foster the national
trade, and facilitate domestic exchanges, became
SO apparent at the conclusion of the war, and
urged itself so imperatively upon the consdera-
ton of the Continental Congress that that body
Immediately set ON foot course of investiga-
tons preliminary 20 the establishment of ma
tional coinaac--arl tie coGs.deratons above re-
ierrcd to led 10 an early adoption of the Span
ish dollar as the money unit. On the 9th OF
July, 1855, upon the report of grand commit
tee on the subject of a mint, (among whom were
James Monroe and Charles Pinckney,) it was
Resolred, unanimously, that the money unit
of the United States be one dollar, and that the
smallest coin be of copper, of which 200 shall
pass IOr one ludI tIlc scNcTdi peCtS
shall increase in decimal ratio.'-Jour. Cong.
1855, p. 225.
Mr.. Jefferson, in his Memoirs, has given a
short history of this ordinance which is worth
transcribing on this head. He says:
GAS early as january 7, 1852, Congress had
turned their attention to the monies current in
the several states, and had directed the Finan-
| fior ROhprt NInrriS In m Thorn n fohlo of
rates. at which the foreign coins should be re-
ceved at the treasury. That officer, or rather
his assistant, Gouveneur Morris, answered them
on the 18th, in an able and elaborate statement
of the denominations of money current in the
several states, and Of the comparative value of
the foreign coins chiefly in circulation with u.s.
He went into the consideration of the necessity
of establishing a standard of value with us, and
of the adoption of the money unit. He propo-
sed for that unit such a fraction of pure silver
as would be common measure of the penny OF
, every state, without leaving fraction. This
common divisor he found to be one 14iOh of a
dollar, or one 1600h of the crown Sterling
The value of dollar was, therefore, to be ex.
!; pressed by l44O units, and of crown by 1000
: each unit containing quarter of grain OF fine
silver. Congress turning again their attention
to this subject the following year, the Financer
by letter of April 30, 1888, further explained
and urged the unit he had proposed but no
thing more was done on it until the ensuing
> year, when it was again taken up, and referred
to committee Of which was member
The general views of the Financier were sound
= and the principle was ingenious on which he
proposed to found his unit but it was too mi
mute for ordinary use, too aborous for compu
tation, either by the head or in figures. A horst
or bullock of $50 value, would require a nota
ton of figures, viz. 1l5,200. | proposed
g therefore, instead of this, to adopt this Dola
as our unit of account and payment, and that it
: divisions and subdivisions should be in the deci
1 NAL ratio. l wrote some notes on the subject
which | submitted to the consideration of tn
Flnancier. l received his answer and adhe
l renee to his general system, only agreeing t
}, take for his unit 100 of those he first proposed
v so that a dollar should be ii 40, and crown l
units. replied TO this and printed my Note
and Reply on flying sheet, which put int
] the hands of the members of Congress for con
j sideration, and the committee agreed to repol
on my principle. This was adopted the ensu
ing year. and is the system which now prevails.
f JET. mem. and cor. Vol, l, p. az, 43.
g In the sheet above referred to Ito be foun
y on pp. l33-l42, of the same volume) Mr. Je
i ferson proposed one gold coin of ten dollars
five silver coins-the dolar-haf dolar-fift
=, of dollar-tenth of dollar-and twentieth
. I, dollar; and one copper coin Of one hundredt
y OF dollar. He further proposed that it shoul
u be ascertained with precision what dollar wa
q in order that the unit might be fixed and thi
S the average Of pure metal found in the dfferei
# dollars in circulation should be adopted as tn
= standard. He proposed an alloy Of an ounce
d the pound, so that the coin should contain
J.. parts silver and part copper, or % carats fin
He also made some remarks OH the proporto
between gold and silver, proposing that of Is
l as best corresponding to the mercantile rate
after due regard had to its liability to import!
ton.
The plan suggested by Mr. Jefferson, and re
A. ported by the committee of 1884, of which
in was member, was, as we have seen, adopte
h by the Congress of 1855. This was the fir
st step towards our present system of coinage
10 1t was followed by others as the necessary il
i. vestIgations were completed.
So