The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-17
Our Money system.

THE History of American Coinage" by
David x. Watson, is a general history of
gold and silver coinage in this country
written in a clear and impartial way, and
containing all the principal facts in the
development Of our monetary system. The
author divides his history into six periods.
The first embraces the time between the
erection of mint by the colony of Massa-
chusetts In 1862 and the adoption of the
Federal Constitution in 1883. The second
dates from 1883 to 1894, when the country
established the double standard. The
third begins in 1884, and ends in 1853 and
may be called the period of the first
transition from the double to the single
standard The end of the fourth period,
1873, marks the abandonment of the double
standard. The fifth period embraces the
time from 1873 to 1898; and the sixth from
1898 to the present
Some Of the most interesting passages in
the book are to be found in the first chap
ter. which contains an account of the dis
cussions Of the fathers Of the Republic
relative to the monetary unit to be adopt
ed. 1t appears that when Robert Morris
was asked by the Congress OF the Confed-
Grafton to report to it table of rates at
which the different species Of foreign coin
most likely 10 circulate within the United
States should be received at the Treasury,
he suggested that instead the States
should have their own minis and their own
coin, and that this money should be in
creased in the decimal ratio" His reason
was this:
by that means all calculations Of in
terest exchange, Insurance, and the
like are rendered much more simple
and accurate, and, Of course more
within the power Of the great mass OF
the people. Whenever such things re-
Quire much labor, time and reflection
the greater number. who do not know,
are made the dupes of the lesser num-
Der, who do
jefferson was also in favor of the use
of the dollar, and says on this point:
THE unit, or dollar. Is a known coin.
and the most familiar of all TO the
minds Of the people. II is already
adopted from South TO North has
identified our currency, and. therefore,
happily offers itself as Il unit al
ready introduced. our public debt our
acquisitions and their appointments,
have given L actual and long posses
sion OF the place of unit. | know OF
no unit which can b. proposed IN com
petition with the dollar but the pound
But what Is the pound? 547 grains
Of fine silver in Georgia: 2S9 grains
in Virginia. Connecticut, Rhode Island
Massachusetts and New Hampshire;
1,03l IA grains in Maryland. Delaware,
Pennsylvania, and New Jersey: $50 "a
grains in North Carolina and New
York.
(Which Of these shall We adopt? To
which State give that pre-eminence
of which all are so jealous? And on
which impose the difficulties Of q new
estimate for their coin, their cattle.
and other commodities? or shall we
hang the pound sterling as a cominon
badge about all their necks? This con-
tainS 1,1lS "a grains of pure silver II
is difficult to familiarize a new coin
to the people. Ii Is more difficult to
familiaifze them 10 new coin with an
Old name. Happily the dollar is famil-
lar TO them all, and is already as much
referred to for a measure of value as
their respective State (proyinciaD
pounds"
So far as tho modern question of hi1net-
alism is concerned, the author places