The Washington herald., 1910-04-10
OUR SYSTEM OF COINS
JefferSon'S Great Genius of Value to the Early
Financial Authorities.

ing the memory Of Thomas Jefferson. So
much TO thank him for-we muse thus
yearly about this time as his birthday
dinners celebration goes down in our
date book. Theoretically we worship his
memory for the affair of the Declara-
ton of Independence. practically we care
about as much for that great document
as We do for Magma charta. but we have
daily. hourly, almost, reason for graft
tude to this great statesman for the sim
plest money system In the world. Not
/ withstanding the many distinguished FIN
gers in the making of the currency pie
Of a young nation. Jefferson was the
great blender Of the many plans into a
/ perfect working model. a model which
has been unaltered during a century
/ use, and is as applicable for the giant
money transactions OF to-day as for the
! simple finances Of his times.
| Those who are not too old to re-
member the juvenile struggle with the
multiplication table, still recall the thrill
OF relief which came with the ten
times one" table; how easy TO remem-
Der, how easy to rattle of Even as
fingers and figures have the common
name Of digit. so from cradle 10 grave
in moments of mathematical abstraction,
one falls into the trick of counting on
the ten fingers. so there seems natural
connection between the decimal and easy
calculation, and for its application to
the transactions OF daily life Mr.. JEFF
ferson is responsible.
IL travel abroad does nothing else for
one it returns the wanderer TO his own
country with a grateful appreciation OF
dimes and dollars. after the complicated
and inharmonious money systems he has
had TO wrestle with or be bankrupt, dur
ing his jourReyings.
Plans for Coinage.
Almost the first act of the Congress of
Confederation after peace had come to
the Union by the surrender of Cornwall
lis was 10 direct the Superintendent Of
Finance, Robert Morris. 10 prepare a re-
different species Of foreign coin most like
iy TO circulate within the United States
should be received at the Treasury.
There were as many kinds of money in
circulation as there were nations repre-
sented among the inhabitants. and value
fiuctuated with location: il was said that
every time a man crossed from one State
10 another the money IN his pockets was
increased or diminished according to the
direction he was follosFing. without his
adding TO it. or spending any, because
the value of pound was quite different
in Georgia from what IL was in North
Carolina. The Spanish miH4d dollar. be-
cause of its convenience and because it
was the only dollar piece in circulation
was accepted as the unit of account, this
is said to have changed its value every
time is crossed a colonial line
BY the articles OF confederation of July.
l71S, II had been declared that the United
States in Congress assembled. shall
have the sole and exclusive. right and
power of regulating the alloy and value
of coins struck by their authority or
by that of the respective States Under
this provision the right to coin money
was reserved to each State. but the right
and power to regulate the alloy and the
f---N VI tAtN iNAAAaAlSs Aac HiaNtu Will
Congress.
Morris did not draw up the table OF
values as asked for. but improved on the
idea by submitting a very able document
in which he discussed the inequality in
the value OF foreign coins and great
inconvenience arising therefrom. He sug-
gested the great benefit which would
arise from the States establishing
mint and coming their own money, and
that it be desirable that money ne in
creased in the decimal ratio. because by
that means all calculations Of interest.
exchange, insurance, ard the like are
rendered mere simple and accurate. and. /
Of course. more within the power of the /
great mass of the people; for whenever
such things require much labor. time I
and reflection. the greater number who !
do not know. are made the dupes Of the 1
lesser number who DO
Work of GOuveneur Norris.
Though this able report bore the name .
Of Morris many authorities declare it I
was the conception as well as the COM
position of Gouverneur Morris. who was no
relation to the superintendent Of finance.
but was the assistant fnancier. a posi-
ton corresponding TO that of Assistant /
Secretary Of the Treasury now. Roose-
veit's Life OF Gouverneur Morris after
treating OF the above report declares
this was the first discussion of the re-
ationship of gold and silver which had
been addressed TO Congress. and it is
still regarded as a comprehensive treat
nent of the subject Morris gave an
exhaustive account Of the different values
IF the dollar, and outlines the plan con
,erning the money unit by saying The
money unit Of a new coin to agree with
,ut fraction with all the different values
If dollar will be the fourteenth hundred
and fortieth part Of a dollar equal to
he sixteenth hundreth part of a crown"
This may be simple but does not sound
% and jefferson who was a member OF
he House of Representatives at the
lme and A member of the committee that
received the Morris report, following his
natural instince of investigation ini-
gave his full attention 10 the
natter and made a most thorough study
Il the plan. He approved without uuali-
lcation the idea of aboIishng the pre-
-ailing system of keeping accounts in
he English manner of pounds. shillings
nd pence and adopting the decimal in
tead, but opposed the plan of the four
zenith hundred and fortieth part of a
Ollar as the money unit.
Jefferson said in fixing the unit of
money these circumstances are of princi-
al importance, that it be OF convenient
lie TO apply as a measure TO the COM
non money transactions of life; that It's
arts and multipies be in easy proper
ion TO each other so as to facilitate the