The Writings of Thomas Jefferson, Vol. 1 (of 9): Being His Autobiography, Correspondence, Reports, Messages, Addresses, and Other Writings, Official and PrivateJefferson, Thomas
History
The Writings of Thomas Jefferson, Vol. 1 (of 9): Being His Autobiography, Correspondence, Reports, Messages, Addresses, and Other Writings, Official and Private
Jefferson, Thomas
United States -- Politics and government -- 1775-1783; United States -- Politics and government -- 1783-1865
As to the alloy for gold coin, the British is an ounce in the pound;
the French, Spanish, and Portuguese differ from that, only from a
quarter of a grain, to a grain and a half. I should, therefore, prefer
the British, merely because its fraction stands in a more simple form,
and facilitates the calculations into which it enters.
Should the Unit be fixed at 365 grains of pure silver, gold at 15 for
1, and the alloy of both be one-twelfth, the weight of the coins will
be as follows:
Grains. Grains. dwt. Grains.
of pure metal of alloy will weigh
The Golden piece containing 242 1-3 22.12 11 - 1.45
The Unit or Dollar 365 33.18 16 - 14.18
The half dollar, or five tenths, 182 1-2 16.59 8 - 7.09
The fifth, or Pistereen, 73 6.63 3 - 7.63
The tenth, or Bit. 36 1-2 3.318 1 - 15.818
The twentieth, or half Bit, 18 1-4 1.659 19.9
The quantity of fine silver which shall constitute the Unit, being
settled, and the proportion of the value of gold to that of silver; a
table should be formed from the assay before suggested, classing the
several foreign coins according to their fineness, declaring the worth
of a pennyweight or grain in each class, and that they shall be lawful
tenders at those rates, if not clipped or otherwise diminished; and,
where diminished, offering their value for them at the mint, deducting
the expense of re-coinage. Here the Legislatures should co-operate
with Congress, in providing that no money be received or paid at their
treasuries, or by any of their officers, or any bank, but on actual
weight; in making it criminal, in a high degree, to diminish their
own coins, and, in some smaller degree, to offer them in payment when
diminished.
That this subject may be properly prepared, and in readiness for
Congress to take up at their meeting in November, something must now
be done. The present session drawing to a close, they probably would
not choose to enter far into this undertaking themselves. The Committee
of the States, however, during the recess, will have time to digest
it thoroughly, if Congress will fix some general principles for their
government. Suppose they be instructed,
To appoint proper persons to assay and examine, with the utmost
accuracy practicable, the Spanish milled dollars of different dates, in
circulation with us.
To assay and examine, in like manner, the fineness of all the other
coins which may be found in circulation within these States.
To report to the Committee the result of these assays, by them to be
laid before Congress.
Public-domain text, read in full here on John Shaqi.
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