Memoirs of the life of David Rittenhouse, LLD. F.R.S., late president of the American Philosophical Society, &c. : $b interspersed with various notices of many distinguished men : with an appendix, containing sundry philosophical and other papers, most of which have not hitherto been publishedBarton, William
History
Memoirs of the life of David Rittenhouse, LLD. F.R.S., late president of the American Philosophical Society, &c. : $b interspersed with various notices of many distinguished men : with an appendix, containing sundry philosophical and other papers, most of which have not hitherto been published
About two years, however, after the commencement of the present federal
government (viz. March 3. 1791,) a resolution of congress was passed,
concerning the establishing of a Mint, under such regulations as should
be directed by law. Previously to this, the late Alexander Hamilton,
Esq. had communicated to the house of representatives, by their order,
the result of his enquiries and reflexions on the subject, in a diffuse
and masterly official report. In his report, this able financier, alike
distinguished as a statesman and a soldier,[276] remarked, that “the
unequal values allowed in different parts of the Union to coins of the
same intrinsic worth; the defective species of them, which embarrass the
circulation of them in some of the states; and the dissimilarity in
their several monies of account, are inconveniences, which if not to be
ascribed to the want of a national coinage, will at least be most
effectually remedied by the establishment of one; a measure that will at
the same time give additional security against impositions, by
counterfeit as well as by base currencies.”—“It was with great reason,
therefore,” continues the Secretary, “that the attention of congress,
under the late confederation, was repeatedly drawn to the establishment
of a Mint; and it is with equal reason that the subject has been
resumed; now that the favourable change which has taken place in the
situation of public affairs, admits of its being carried into
execution.”
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Footnote 276:
“The task of re-creating public credit,” (says Chief Justice Marshal,
in his _Life of Washington_,) “of drawing order and arrangement from
the chaotic confusion in which the finances of America were involved,
and of devising means which should render the revenue productive, and
commensurate with the demand, was justly classed among the most
arduous of the duties which devolved on the new government[276a]. In
discharging it, much aid was expected from the head of the treasury.
To Colonel Hamilton[276b] was assigned this important, and at that
time intricate department.
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