The Diplomatic Correspondence of the American Revolution, Vol. 12
History
The Diplomatic Correspondence of the American Revolution, Vol. 12
United States -- Foreign relations -- 1775-1783; United States -- History -- Revolution, 1775-1783 -- Sources
As we are now shaking off the inconveniences of a depreciating medium,
the present moment seems to be that, in which a general currency can
best be established, so as that in a few months, the same names of
money will mean the same things in the several parts of the United
States.
Another inconvenience, which admits of the same easy remedy, and which
would indeed be cured by the very same Act, is the want of a legal
tender. This is as necessary for the purposes of jurisprudence, as a
general currency is for those of commerce. For although there is great
impropriety, not to say injustice, in compelling a man to receive a
part of his debt in discharge of the whole, yet it is both just and
proper, that the law should protect the honest debtor, who is willing
to pay, against the vexatious suits of an oppressive creditor, who
refuses to receive the full value.
The nature, value, and use of money have always occasioned strong
temptations to the commission of fraud, and of consequence, the
practice of counterfeiting is coeval with that of coining. No
government can guard its subject entirely against the wicked
ingenuity, which has been exercised in this respect. But it has always
been the object of every wise government to take all the precautions
against it, which are within the compass of human ability. These
precautions will be least effectual where the coins are so numerous,
that the knowledge of them being a kind of science, the lower order of
citizens are constantly injured by those who carry on the business of
debasing, sweating, clipping, counterfeiting, and the like. It is,
therefore, to be lamented, that we have so many different coins in the
United States.
It is not necessary to mention what is in everybody's mouth, that the
precious metals were first used as bullion, and that the inconvenience
of weighing, and the difficulty of assaying introduced the practice of
coining, in order that the weight and fineness, might be known at the
first view, and of consequence, the value be instantly ascertained. It
is equally unnecessary to observe, that the great privilege of
declaring this value by particular marks has, among all nations, been
vested exclusively in the Sovereign. A trust so important could not
indeed be vested anywhere else; because the danger of abusing it was
too great. And history informs us, that Sovereigns themselves have
not on this occasion behaved with that integrity, which was alike due
to their subjects and to themselves, to the interests of their people
and their own personal glory.
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