Memoir, Correspondence, and Miscellanies, From the Papers of Thomas Jefferson, Volume 1Jefferson, Thomas
History
Memoir, Correspondence, and Miscellanies, From the Papers of Thomas Jefferson, Volume 1
Jefferson, Thomas
United States -- Politics and government -- 1775-1783; United States -- Politics and government -- 1783-1865
The Financier states the old Dollar as containing 376 grains of fine
silver, and the new 365 grains. If the Dollars circulating among us be
of every date equally, we should examine the quantity of pure metal in
each, and from them form an average for our Unit. This is a work proper
to be committed to mathematicians as well as merchants, and which should
be decided on actual and accurate experiment.
The quantum of alloy is also to be decided. Some is necessary, to
prevent the coin from wearing too fast; too much, fills our pockets with
copper, instead of silver. The silver coin assayed by Sir Isaac Newton,
varied from 1 1/2 to 76 pennyweights alloy, in the pound troy of mixed
metal. The British standard has 18 dwt.; the Spanish coins assayed by
Sir Isaac Newton, have from 18 to 19 1/2 dwt.; the new French crown has
in fact 19 1/2, though by edict it should have 20 dwt., that is 1/12.
The taste of our countrymen will require, that their furniture plate
should be as good as the British standard. Taste cannot be controlled
by law. Let it then give the law, in a point which is indifferent to a
certain degree. Let the Legislatures fix the alloy of furniture plate
at 18 dwt., the British standard, and Congress that of their coin at one
ounce in the pound, the French standard. This proportion has been found
convenient for the alloy of gold coin, and it will simplify the system
of our mint to alloy both metals in the same degree. The coin too, being
the least pure, will be the less easily melted into plate. These reasons
are light, indeed, and, of course, will only weigh, if no heavier ones
can be opposed to them.
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