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
The Financier supposes that the 1-100 part of a dollar is not
sufficiently small, where the poor are purchasers or vendors. If it is
not, make a smaller coin. But I suspect that it is small enough. Let
us examine facts, in countries where we are acquainted with them. In
Virginia, where our towns are few, small, and of course their demand
for necessaries very limited, we have never yet been able to introduce
a copper coin at all. The smallest coin which anybody will receive
there, is the half-bit, or 1-20 of a dollar. In those States where
the towns are larger and more populous, a more habitual barter of
small wants, has called for a copper coin of 1-90, 1-96, or 1-108 of
a dollar. In England, where the towns are many and populous, and where
ages of experience have matured the conveniences of intercourse, they
have found that some wants may be supplied for a farthing, or 1-208 of
a dollar, and they have accommodated a coin to this want. This business
is evidently progressive. In Virginia, we are far behind. In some
other States, they are further advanced, to wit, to the appreciation
of 1-90, 1-96, 1-108 of a dollar. To this most advanced state, then, I
accommodated my smallest coin in the decimal arrangement, as _a money
of payment_, corresponding with the _money of account_. I have no doubt
the time will come when a smaller coin will be called for. When that
comes, let it be made. It will probably be the half of the copper I
suppose, that is to say, 5-1000 or .005 of a dollar, this being very
nearly the farthing of England. But it will be time enough to make it,
when the people shall be ready to receive it.
My proposition then, is, that our notation of money shall be decimal,
descending _ad libitum_ of the person noting; that the Unit of this
notation shall be a Dollar; that coins shall be accommodated to it
from ten dollars to the hundredth of a dollar and that, to set this on
foot, the resolutions be adopted which were proposed in the notes, only
substituting _an enquiry into the fineness of the coins_ in lieu of _an
assay of them_.
[NOTE G.]
I have sometimes asked myself, whether my country is the better for
my having lived at all? I do not know that it is. I have been the
instrument of doing the following things; but they would have been done
by others; some of them, perhaps, a little better.
The Rivanna had never been used for navigation; scarcely an empty
canoe had ever passed down it. Soon after I came of age, I examined its
obstructions, set on foot a subscription for removing them, got an Act
of Assembly passed, and the thing effected, so as to be used completely
and fully for carrying down all our produce.
The Declaration of Independence.
Public-domain text, read in full here on John Shaqi.
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