Monopolies -- United States; Railroads and state -- United States
Completed, as the circle of measures adopted by congress were, to put
the new government into successful operation, by the passage of that
act, it will be instructive to take a brief review of the important
events which occurred within the period of ten years next preceding its
passage, or of the ten years next following the time when that measure
was first proposed in the congress of the confederation. Two reasons
suggest the 21st of February, 1782, as the time to commence the review,
in addition to the fact that it was on that day that the committee of
congress made their report approving of the project to establish a
national mint. They are as follows: (1) Because that date just precedes
the close of the war of the Revolution; and (2) because the date at the
same time extends back to a period when all America had come to the
conclusion that all the paper currency in circulation was utterly
worthless, and that nothing was fit for a standard of value but gold and
silver coin fabricated and stamped by the national authority. Discussion
upon the subject was continued, and the ordinance was passed, but the
measure was not put in operation, as the convention met the next year,
and the constitution was framed, adopted, and ratified, the president
and the members of congress were elected, laws were passed, the judicial
system was organized, the executive departments were created, the
revenue system established, and provision was made to execute the power
vested in congress to coin money and provide a standard of value, as
ordained by the constitution.
Public-domain text, read in full here on John Shaqi.
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