notes 
 
 ON THE 
 
 E S T ABLISMENT 
 
 O F A ■ 
 
 money unit, 
 
 and of a 
 
 COINAGE FOR THE UNITED STATES. 
 
 I. That it be of convenient f H ' to be applied as a mea, 
 furetote common money “anfaftions oflifc. 
 
 « fl »f T rV tS r tS r n<1 mult iP lcs . bc ™™tafypropor. 
 
 ““c h Cther ’ f ° a5t ° fadlicate money aritb. 
 
 , v I 3. T,lat . tllCan<! '“parts Otdivilionsbe/o near¬ 
 ly of the value of fame of the known coins . as that thev 
 may be of eafy adoption for the people ^ 
 
 The S panish dollar feerns to fulfil all thefe conditions. 
 I. Taking into our view all money tranfaftions, great 
 and final!, I queltion if a common meafure of more con- 
 
vcnicnt fi\! than the dollar could be propofed. The va¬ 
 lue of ioo, tooo, 10,000 dollars is well eftimated by the 
 mind. So is that of the tenth or the hundredth of a dol¬ 
 lar. Few tranfaflions are above ot below thefe limits. 
 The expediency of attending to the (izeof the money unit 
 will be evident to any one who will confider how incon¬ 
 venient it would be to a manufafturer or merchant, if, 
 infieadof the yard for meafuring cloth, either the inch or 
 the mile had been made the unit of meafure. 
 
 II. The moft eajy ratio of multiplication and divifion 
 is that by ten. Every one knows the facility of decimal 
 arithmetic. Every one remembers, that, when learning 
 money-arithmetic, he ufed to be puzzled with adding the 
 farthings, taking out the fours and carrying them on ; ad¬ 
 ding the pence, taking out the twelves, ana carrying them 
 on 5 adding the shillings, taking out the twenties and car- 
 
I 3 ] 
 
 4. The hundredth °f a dollar, of copper. 
 
 money exprdTed in this for ^ er ^ tiolls c ^" arae ^ um of 
 fc42!fa^S^ ,n,, ■ “ da f rfU “ '^Pound 
 
 Addition. 8 ,j „ F'_ 
 
 4 » «J = £% 
 
 Subtraftion. 8 
 
 ■Multiplication by 8. 
 
 i - s - d-qn. Dollars. 
 I *J » i = ?8.6J 
 
 
 Joj.i D. 
 
x which is occafioned by fubdividing the unit intc 
 40ths, andjfoths, as the English do, and aswi 
 e ; and the eafe of fubdivifions in a decimal ratio 
 
 e difference arifes in making payment. An Eng 
 to pay 8l. 15s. 1 id. 4 <]ts. mult find by calculatioi 
 nbination of the coins of his country will pay thi 
 
[ 5 1 
 
 J. The golden piece will be{ more than a half Toe, 
 and ~f more than a double guinea. It will be readily eHa- 
 mated then by reference to either of them; but more rea¬ 
 dily and accurately as equalto i o dollars. 
 
 z. The unir or dollar is a known coin, andthe moth fa¬ 
 miliar of all to the minds of the people. It is already adopt.- 
 • ed from South to North; has identified our currency, and 
 therefore happily offers itfclfasan unit already introduced. 
 Our public debt, our reejuifitions, and their apportion¬ 
 ments have given it aftual and long polfelfion of the place 
 of unit. The courfc of our commerce too will bring us 
 more of this than of any other foreign coin, and therefore 
 renders it more worthy of attention. I know of no unit 
 which can be propofed in competition with the dollar, bur 
 the pound. But what is the pound! 1547 grains of fine 
 filvcr in Georgia ; grains in Virginia, Conne&icut, 
 Rhode ifland, Maflachufets, and'NcW Hampshire; 10$I 5 
 grains in Maryland, Delaware, Pennfylvania, and New 
 Jcrfey; 9 66 \ grains in North Carolina and New York. 
 Which of thefe shall we adopt 3 To which ftate give that 
 pre-eminence, of which all are fo jealous 5 And on which 
 impofc the difficulties of a new eftimate for their corn, their 
 cattle, and other commodities! Or shall we hang the 
 pound fterliiig, as a common badge, about all their necks! 
 This contains 1718 ^grains of pure filver. It is difficult 
 to familiarize a new coin to the people. It is more diffi¬ 
 cult to familiarize them to a new coin with an old name. 
 Happily the dollar is familiar to them all; and is already 
 as much referred to for a meafure of value as their ref- 
 peftive provincial pounds. 
 
 J. The Tenth will be prccifely the Spanish bir, or half 
 piltereen. This is a coin familiar to us all. When we shall 
 make a new coin then cqualin value to this, it will be of 
 ready eftimate with the people. 
 
 4. The hundredth, or copper, will differ little from the 
 copper of the four Eaftern ftates, which is yjj ofadollar.; 
 ftill lefs from the penny of New York and North Caro¬ 
 lina which is y; of a dollar: and fomewhat more from the 
 penny or copper of Jcrfey, Pennfylvania, Delaware and 
 Maryland, which is — o'fadollar. It will then be about 
 
[ <5 ] 
 
 the medium between the old and the new coppers of thefe 
 flares, and therefore will foon be fubftituted for them both. 
 
 In Virginia coppers have never been in ufe. It will be 
 as eafy" therefore to introduce them t 1 ere of one value as 
 of another. The copper coin propofed will be nearly 
 equal to three four hs of their penny, which is the lame 
 with the penny lawful ef the Eaflern Hates. 
 
 A grear deal of finall change is ufeful ;n a ftatc, and tends 
 to reduce the prices of finall articles. Perhaps it would 
 notbeamifstocoin 3 fupplementory pieces of filver, oneof 
 the value of five tenths, or half a dollar, one of the value of 
 two tenths, which would be equal to the Spanish pifte- 
 reen, and one cf the value of five coppers, which would 
 be equal to the Spanish halfbit. We should then have five 
 filver coins, viz. 
 
 I. The unit or dollar. 
 
 a. The half dollar or five tenths. 
 
 3. The double tenth, equal to .a, or £ of a dollar, or 
 
 4. The tenth, equal to a Spanish bit. 
 
 5. The five copper piece equal to .oj or ofa dollar, 
 or to the half bit. 
 
 Theplan reported by the Financier is worthy of his found 
 judgment. It admits however of objeflion in the fize of 
 the unit. He propofes that this shall be the 1440 th part 
 ofa dollar : fo that it will require 1440 of his units to 
 mate the one before propofed. He was led to adopt this 
 by a mathematical a tention to our old currencies all of 
 ■which this unit will meafure without leaving a fiv.ftion. 
 But as our objeft is to get rid of thefe currencies, the ad- 
 vaatage derived from this coincidence will foon be part, 
 whereas the inconveuiencies of this unit will for ever re¬ 
 main, if they do not altogether prevent its introduction. 
 It is defeffive in two of the three requifites of a money 
 
 1. It is inconvenient in its application to the ordinary 
 money tranfaftions. 10,000 dollars will require 8 figures 
 to eipreft them, to wit, 14,400, -00 units. A horfe or 
 bullock, of 80 dollars value, will require a notation of 
 fii figures, to wit, 115,100 units. As a money of account 
 
[ 7 3 
 
 this will be laborious, even when facilitated by the aid oF 
 decimal arithmetic: as a common meafure of the value 
 of property, it will be too minute to be comprehended by 
 the people. The French are fubjefledto very laborious 
 calculations, the livre being their ordinary money of ac¬ 
 count, and thisbut between 4- and 4 of a dollar. But what 
 will be our labours, should our money of account be 
 7775th of a dollar only? 
 
 2 . It is neither equal, nor near to any of the known 
 coins in value. 
 
 If we determine that a dollar shall be our unit, we muft 
 then fay with precifion what a dollar is. This coin, as 
 ftruck at different times, of different'weights and finenefs, 
 is of different values. Sir Ifaac Newton’s affay and re- 
 prefentaiion to the Lords of the Treafury in 1717 of 
 thofe which he examined, made their values as follows: 
 
 dwt. grs. grains. 
 
 The Seville piece of eight, 17 u g 387 ofpurefil- 
 
 The Mexico piece ofeight, 17 10 | 5 j8yi ver. 
 
 The Pillar piece of eight, 17 9 S' 58yd 
 
 ThenewSevillepieceofeight,i4 o 8. 30877 
 
 The Financier ftates the old dollar as containing 37 6 
 grains of fine filver, and the new 3 6j grains. If the dol¬ 
 lars circulating among us be of every date equally, we 
 .should examine the quantity of pure metal in each", and 
 from them form an average for our unit. This is a work 
 proper to be committed to Mathematicians as well as Mer¬ 
 chants, and which should be decided on aftual and accurate 
 experiment. 
 
 The quantum of alloy is alfo to'be decided. Some is 
 necefTary to nrevent the coin from wearing too faff. Too 
 much would fill our pocketswith Gopper inftead of fil ver.The 
 filver coins afTayed by Sir Ifaac Newton varied from 1 A 
 to 16 penny-weight alloy in the pound Troy of mixed me¬ 
 tal. The British ftandard has 18 dwt. The Spanish coins 
 afTayed by Sir Ifaac Newton have from : 8 to Ij } dwt. 
 The new French crown has in faft 19 7, though by edict 
 itshould have 10 dwt. that is 77. The tafte of our coun¬ 
 trymen will require that their furniture plate should be as. 
 good as the British ftandard. Tafte cannot be controuled 
 
[ 9 ] 
 
 from that only from a quarter of a grain to a grain and a 
 half. I should therefore prefer the Biitish, merely be- 
 caule its fraction (lands in a more Ample form., and faci¬ 
 litates the calculations into which it enters. 
 
 Should the unit be fixed at 363 grains of pure filver, 
 gold at I j for 1, and the alloy ofboth be one twelfth, 
 the weights of the coins will be as follows: 
 
 The golden piece, containing 143 {grains of pure me¬ 
 tal,—11.11 grains ofalloy, will weigh 11 dwt. 1.45 grs. 
 
 The unit or dollar, containing 363 grs. of pure metal, 
 33.18 grs. ofalloy, will weigh 16 dwt. 14.18 grs. 
 
 The half dollar, or five tenths, containing 181 f ofpurc 
 metal,—IS.grs. ofalloy, will weigh 8 dwt. 7.09 grs. 
 
 The fifth, or pillereen, containing 7 3 grains of pure me> 
 tal,—6.63 grs. ofalloy, will weigh ; dwt. 7. S3 grs. 
 
 The tenth, or bit, containing 3 6 { grs. of pure metal,— 
 3,318 grs. of alloy, will weigh 1 dwt. tj 818 grs. 
 
 The twentieth, or half bit, containing ! 8 { grs. of pure 
 metal,—1.639 grs. ofalloy, will weigh 19.9 grs. 
 
 The quantity of fine filver which shall conftiture the 
 unit being fettled, *nd the proportion of thevalue of gold 
 to that of filver; a table should be formed from the allay 
 before fuggefted, darting the feveral foreign coins accord¬ 
 ing to their finenefs, declaring the worth of a penny¬ 
 weight or grain in each dafs, and that they shall be law¬ 
 ful tenders at thofe rates, if not clipped or otherwife di¬ 
 minished; and where diminished, offering their value for 
 them at the mint, deducing the expence of re-coinage. 
 Here the legiflatures should co-operate with Congrefs in 
 providing that no money be received or paid at their trea- 
 furies, or by any of their officers, or any bank, but on 
 adlual weight; in making it criminal in a high degree to 
 diminish their own coins, and infome fmaller degree to 
 offer them in payment when diminished. 
 
 That this fubjeft may be properly prepared and in rea- 
 dinefs for Congrefs to take up at their meeting in No¬ 
 vember, fomething mull now be done. The prefent fet 
 fion drawing to a clofe, they probably would notchufe, 
 to enter far into this undertaking themfelves. The com- 
 
[ 10 ] 
 
 mittee of the dates however, during the recefs, will have 
 time to diged it thoroughly, if Congrefs will fix fome 
 general principles for their government. Suppofe then 
 Sicybc inftrufled 
 
 To appoint proper perfons to affay anl examine, with 
 the ntmoft accuracy pradicable, the Spanish milled dollars 
 of different dates in circulation with us. 
 
 To allay and examine in like manner the finenefs of all 
 other the coins which may be found in circulation within 
 thefe dates. 
 
 To report to the Committee the refult of thefe affays, 
 by them to be laid before Congrefs. 
 
 To appoint alfo proper perlons to enquire what are the 
 proportions between the values of fine gold and fine lilver 
 atthemarkets of the fcveral countries with which we are 
 or probably may be connefted in commerce; and what 
 would be a proper proportion here, having regard to the 
 average of their values atthofe markets and to other cir- 
 eumdances, and to report the fame to the Committee, by 
 them to be laid before Congrefs. 
 
 To prepare an ordinance for edablishing the unit of 
 money within thefe dares; for fubdividing it, and for 
 firildng coins of gold, filver, and copper, on the follow¬ 
 ing principles. 
 
 That the money unit of thefe dates shall be equal in va¬ 
 lue to a Spanish milled dollar, containing fo much fine 
 filver as the aflay before directed shall shew to be con¬ 
 tained on an average in dollars of the feveral dates in 
 circulation with us. 
 
 That this unit shall be divided into tenths and hun¬ 
 dredths. 
 
 That there shall be a corn of filver of the value of an 
 unit. 
 
 One other of the fame metal of the value of one tenth 
 ef an unit. 
 
 One other of copper of the value of the hundredth of 
 
 Thar there shall be a coin of gold of the value of ten 
 units, according to the report before directed and the 
 judgment of the Committe thereon. 
 
[ n ] 
 
 That the alloy of the faid coins of gold and filver shall 
 be equal in weight to qne eleventh part of the fine metal. 
 That there be proper devices forthefc coins. 
 
 That mealures be propofed for preventing their dimi¬ 
 nution, and alfo their currency, and that of any others 
 when diminished. 
 
 That the feveral foreign coins be deferibed and clafled 
 in the faid ordinance, the finenefs of each clafs Rated, and 
 its value by weight eftimated in units and decimal pacts of 
 
 And that the faid draught of an ordinance be reported 
 to Congrefs at their next meeting for their confidcration 
 and determinadon. 
 
 Annapolis, April, 1784. 
 
 Supplementary Explanations. 
 
 THE preceding notes having been fubmitted to the 
 confidcradon of the Financier, he favored me with his 
 opinion and obfervarions on them, which render necef- 
 fary the following fupplcmentory explanations. 
 
 . I obferved in the preceding notes, that the true propor¬ 
 tion of value between gold" and filver was a mercantile 
 problem altogether, and that perhaps 1 { for 1 might be 
 found an eligible proportion. The Financier is fo good 
 a; to inform me, that this wouldbe higher than the mar¬ 
 ket would juftify. Confident of his better information 
 on this fubjeft, I recede from that idea.* 
 
 He alfo informs me, that the feveral coins in circula¬ 
 tion among us have been already allayed with accuracy. 
 
 * In a Newfpaper, vhich frequently gives good de 
 Cal (economy, j find, un^erthe Hamburgh head, th 
 marketpriceofgoldand filver, is, in England »T.5 fi 
 Ha 15 s in Holland T4«7 s • Savoy : inFram 
 
[ « ] 
 
 2nd the rcfult published in a work on that fubjeft. The 
 allay of Sir Ifaac Newton had fuperfeded, in my mind, 
 the ncceflity of this operation as to the older coins, which 
 were the fubjecl of his examination. This latter work, 
 with equal reafon, may bec-.afidered asfaving the fame 
 trouble as to the latter coins. 
 
 So far then I accede to the opinions of the financier. 
 On the other hand, he feems to concur with me in think¬ 
 ing his fmalleft fractional divifion too minute for an unit, 
 and therefore propofes to transfer that denomination'to 
 his largeft filver coin, containing toooofthe units firft 
 propofed, and worth about 4/1 lawful, or— of a dollar. 
 The only queftion then remaining between us, is whether 
 the dollar, or this coin, be belt .for the unit. We both 
 agree that the eafe of adoption with the people is the thing 
 to be aimed at. 
 
 1. As :o the dollar, events have overtaken andfuper- 
 ceded the queftion. It is no longer a doubtwhether the peo¬ 
 ple can adopt it with cafe. They have a dually adopted 
 it, and will be tobc turned out of that into another trad 
 of calculation, if another unit be aflumed. They have 
 now two units, which they life with equal facility, viz. 
 the pound of their refpedive ftate, and the dollar. The 
 firft of thefe is peculiar to each ftate: the fecond happily 
 common to all. In each ftate the people have an eafy rule 
 for converting the pound of their ftate into dollars, or 
 dollars into pounds. And this is enough for them with¬ 
 out knowing how this may be done in every ftate of the 
 union. Such of them as live near enough the borders of 
 their ftate to have dealings with their neighbours, learn 
 alfo the rule of their neighbours. Thus in Virginia, and 
 the Eaftem ftates, where the dollar is -/ orof a pound, 
 to turn pounds into dollars, they multiply by 1 o and di¬ 
 vide by ;: to turn dollars into pounds, they multiply by 
 3 and divide by ten. Thofc in Virginia who live near to 
 Carolina, where the dollar is 8/ or of a pound, learn 
 the operation of that ftate, which is a multiplication by 4, 
 and divifion by 10, et e converfo. Thofc who live near 
 Maryland, where the dollar is j/6 or f of a pound, multi- 
 
L *3 ] 
 
 ply by 3 and divide by 8, or e converfo. All thcfe ope¬ 
 rations are eafy, and have been found by experience not 
 too much for the arithmetic of the people, when they 
 have occafion to convert teir old unit into ^dollars, or 
 the reverfe. 
 
 i. As to the unit of the Financier, in the ftates where 
 the dollar is of a pound, this unit will bc^j. Its con- 
 verfion into the pound then will be by a multiplicationby 
 y and divifion by 24, In the ftates where the dollar is 
 { of a pound, this unit willbe fjofa pound, andthc ope- 
 rationmuftbeto multiply by ij and divide by 96, ore con¬ 
 verfo. Where the dollar is of a pound, this miit will 
 
 be 7^. The fimplicity of the fraftion, and of courfe the 
 facility of converfion andreconverfion, is thereforeagainft 
 this miit, and in favour of the dollar, in every inftance. 
 The only advantage it has over the dollar is, that it Will in 
 every cafe exprefs our farthings without a remainder ; 
 whereas, though the dollar and its decimals will do this 
 in many cafes, it will not in all. But, even in thefe, by 
 extending your notation one figure further, to wit, to 
 thoufandtbs, you approximate to perfeft accuracy within 
 lefs than the two thoufandth part of a dollar, an atom in 
 money which every one would negLft. Againft this 
 Jingle inconvenience the other advantages of the dollar 
 are more than fufficienrto preponderate.—This unit will 
 prefent to the people a new coin, and whether they en¬ 
 deavour to eftimate its value by comparing it with a 
 pound, or with a dollar, the units they now polfefs, they 
 will find the fraftion very compound, and of courfe lets 
 accommodated to their comprehcnfion and habits than the 
 dollar. Indeed the probability is that they could never 
 be led to compute in it generally. 
 
 The Financier fuppofes that the of a dollar is not 
 fufficicntly fmall where the poor are purchafers or ven¬ 
 ders. If it is not, make a fmaller coin. Buc I fufpeft 
 that it is fmall enough. Let us examine fafts, in coun¬ 
 tries where we are acquainted with them. In Virginia, 
 where our towns are few, fmall, and of courfe their de¬ 
 mand for nccelfaries very limited, we have never yet been 
 
[ H ] • 
 
 able to intro duce a copper coin at all. The (mailed coifl 
 which any body noil receive there is the half bit, Of of 
 a dollar. In thofe dates where the towns ate larget-and 
 more populous, a more habitual barter for final! wants 
 has called for a copper coin j;or~ or ^ of a dollar. 
 
 In England where the towns arc many and populous, and 
 where ages of experience have matured the conveniencies 
 of interco'trfe, they have found that fome wants may be 
 fupplied for a farthing, or ~ of a dollar, and they nave 
 accommodated a coin to this want. This bulinefs is evi¬ 
 dently progreflive. In Virginia we are far behind. In 
 fome o.her dates they are farther advanced, to wit, to 
 the appreciation of pj, py, of a dollar. To this mod 
 
 advanced date then I accommodated my fmallcd coin in 
 the decimal arrangement as a money of payment, cor- 
 refponding with the money of account. I have no doubt 
 the rime will come when a Imaller coin will be called 
 for. Vhen it comes, let it be made. It will probably 
 be thehalfofthe copper Ipropofe, tbacisto fayp£p or 
 .005 of a dollar, this being nearly the farthing of Eng¬ 
 land. But it will be rime enough to make it when the 
 people shall be ready to receive it. 
 
 My proportion then is that our notation of money shall 
 be decimal, defeendmg ad libitum of the perfon noting ; 
 that the unit of this notation shall be a dollar, that coins 
 shall be accommodated to it from ten dollars to the hun¬ 
 dredth of a dollar; and that to fet this on foot, the refo- 
 lutions be adopted which Were propofedinrhe Notes, on* 
 ly fubdiruung an enquiry into thejmenefs of the coins t 
 in lieu of an ajfay of them. 
 
 Annapolis, May?, 1784. 
 
 FINIS.