The proposed ratio was justified thus: "In France 1 grain of pure gold is counted worth 15 grs. of silver. In Spain 16 grs. of silver are exchanged for 1 of gold, and in England 15-1/5. In both England and Spain gold is the prevailing money, because silver is undervalued. In France silver prevails. Sundry advantages would arise to us from a system by which silver might become the prevailing money. This would operate as a bounty to draw it from our neighbours, by whom it is not sufficiently esteemed. Silver is not exported so easily as gold, and it is a more useful metal. Certainly our exchange should not be more than 15 grs. of silver for 1 of gold." The charge for coinage was to be 2-1/2 per cent. for gold, and slightly over 3 per cent. for silver. The unit was to be a dollar of 362 grs. of pure silver, with a multiple gold piece (5 dollars) and decimal aliquot pieces. On the 6th July following, 1785, the Congress by vote adopted the silver dollar as the basis of the currency on a decimal system, but the resolution was not followed by the establishment of a Mint, although the States were experiencing great loss by the circulation of base copper coins made in Birmingham. On the 8th April 1786, a report was made in triplicate by the Board of Treasury to the President of Congress, the first of the three forms of the report advocating a silver dollar of 375.64 grs. fine and a ratio of 15.256. These proposals were adopted by resolution on the 8th August following, and on the 16th October of the same year, 1786, the ordinance for the establishment of the Mint of the United States of America, and for regulating the value and alloy of coin, finally passed Congress. In accordance with the resolutions of 8th August, the mint price of the pound Troy of gold (11 parts fine) was fixed at 209 dols. 7 dimes, 7 cents, and of silver at 13 dols. 7 dimes, 7 cents, and 7 mills. The Mint charge here comprised is about 2 per cent. on both silver and gold, "bringing the ratio of bullion at the Mint to 15.22, a little below the ratio in the coin." [Sidenote: UNITED STATES: HAMILTON'S REPORT, 1791] For several years all these regulations of Congress were not put in force, and it was not until 5th May 1791 that the matter was again brought before the Senate by the report of the Secretary of the Treasury, Alexander Hamilton.