“Coinage is peculiarly an attribute of sovereignty: to transfer its exercise into another country, is to submit it to another sovereign.” See a Report made to congress, in the year 1790, by Thomas Jefferson, Esq. then secretary of state, on certain Proposals for supplying the United States with Copper Coinage, offered by Mr. John H. Mitchell, a foreign artist. ----- But while this assembly were in session, a letter was received from General Washington by the Supreme Executive Council of the state, and by them confidentially communicated to the legislative body, in which the distressed condition of the army was faithfully described. Among other things the General stated, that, notwithstanding his confidence in the attachment of the army to the cause of their country, the distresses of the soldiery, arising from a destitution of those necessaries which were indispensable, had become extreme; insomuch, that appearances of mutiny were so strongly marked on the countenances of the army, as to occasion in his mind hourly apprehensions of the event. This appalling information, and from such a source, elicited some latent sparks of public spirit. Voluntary contributions were immediately begun; and Robert Morris, Esq. a merchant of the highest credit—as well as a man whose patriotism, talents and enterprize, inspired confidence—contributed two hundred pounds, Pennsylvania currency, in (what was then called) _hard money_. This subscription commenced the 8th of June, 1780: but it amounted, in the whole to only 200_l._ hard money, and 101,360_l._ in the public bills of credit, or paper-money, denominated _continental_. On the 17th of the same month, however, a meeting of the contributors to this fund (which was intended as a donation, towards carrying on the recruiting service,) and of others, was convened in Philadelphia: with a view to promote the object more extensively. At this meeting it was resolved—“to open a security-subscription, to the amount of 300,000_l._ in real money; the subscribers to execute bonds to the amount of their subscription, and to form a Bank thereon, for supplying the army.” This was the origin of the “Bank of North-America,” which thus took its rise from an association of “a number of patriotic persons” in the city of Philadelphia. The plan they formed for the purpose was communicated to congress by the secretary at war, on the 20th of June; and the next day they were honoured with a vote of thanks.