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


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 a 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 nth period embraces the
time from 1873 to 1898; and the sixth from
1898 10 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 10 il a table Of rates at
which The different species Of foreign coin
most likely 20 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 thar this money should be in
creased in the decimal ratio" His reason
was this
BY that means all calculations Of in
tercst, 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 uniC or dollar. IS a known coin.
and the most familiar OF all 10 the
minds OF the people. Il is already
adopted from South 10 North, has
| identified our currency, and, therefore,
happily offers Itself as q unit al
! ready introduced. our public debt. our
| acquisitions and their apportionmeLts.
| have given Il actual and long posses
sion 81 the place OF unit. / know Of
! mo unit which can be proposed In com
| petition with the dollar but the pound
{ But what IS the pound2 ] 547 grains
Of fine silver IN Georgia: 2S9 grains
! iu Virginia, Connecticut. Rhode Island,
/ Massachusetts and New IIampshire:
Gal IA grains in Maryland. Delaware,
! Pennsylvania, and New Jersey. s65 81
/ grains IN North Carolina and New
! York.
(which Of these shall We adopt? To
! which State give that pTe-eminence
OF which al are so JEALOUSY And on
/ which impose the difficulties Of new
! estimate for their coin, their cattle
and other commodities or shall we
! hang the pound sterling as "A COMMON
! badge about All their necks? This con
/ tains LIS al grains of pure silver. II
| is difficult to familiarize q new coin
| to the people. IL is more difficult to
| famiilaiize them 10 new coin with an
| o.d namc Happily the dollar is famil-
! lar 10 them all and is already as much
| referred To for a measure of value as
| their respective State (provinciaD
| pounds,
| SO far as tho modern question of binet-
alism is concerned, the author places