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
To appoint, also, proper persons to enquire what are the proportions
between the values of fine gold, and fine silver, at the markets of
the several countries with which we are, or probably may be, connected
in commerce; and what would be a proper proportion here, having
regard to the average of their values at those markets, and to other
circumstances, and to report the same to the Committee, by them to be
laid before Congress.
To prepare an Ordinance for establishing the Unit of Money within these
States; for subdividing it; and for striking coins of gold, silver, and
copper, on the following principles:
That the Money Unit of these States shall be equal in value to a
Spanish milled dollar containing so much fine silver as the assay,
before directed, shall show to be contained, on an average, in dollars
of the several dates in circulation with us.
That this Unit shall be divided into tenths and hundredths; that there
shall be a coin of silver of the value of a Unit; one other of the same
metal, of the value of one-tenth of a Unit; one other of copper, of the
value of the hundredth of a Unit.
That there shall be a coin of gold of the value of ten Units, according
to the report before directed, and the judgment of the Committee
thereon.
That the alloy of the said coins of gold and silver, shall be equal in
weight to one-eleventh part of the fine metal.
That there be proper devices for these coins.
That measures be proposed for preventing their diminution, and also
their currency, and that of any others, when diminished.
That the several foreign coins be described and classed in the said
Ordinance, the fineness of each class stated, and its value by weight
estimated in Units and decimal parts of Units.
And that the said draught of an Ordinance be reported to Congress at
their next meeting, for their consideration and determination.
_Supplementary Explanations._
The preceding notes having been submitted to the consideration of the
Financier, he favored me with his opinion and observations on them,
which render necessary the following supplementary explanations.
I observed, in the preceding notes, that the true proportion of value
between gold and silver was a mercantile problem altogether, and that,
perhaps, fifteen for one, might be found an eligible proportion. The
Financier is so good as to inform me, that this would be higher than
the market would justify. Confident of his better information on this
subject, I recede from that idea.[76]
He also informs me, that the several coins, in circulation among us,
have been already assayed with accuracy, and the result published in
a work on that subject. The assay of Sir Isaac Newton had superseded,
in my mind, the necessity of this operation as to the older coins,
which were the subject of his examination. This later work, with equal
reason, may be considered as saving the same trouble as to the latter
coins.
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