Report of the Secretary of the Treasury, on the fubjcift of a Mint. (continued.) THE diffeience eflablilhed by cuftotn in the United States be tween coined gold and coined silver, has been ftatcd upon another occasion, to be neai iy as Ito 15.6 This, if truly the cafe, would imply that gold was extremely over-valued in the United States ; for the highest aflual proportion in any part of Eu rope, very little, if at all, exceeds 1 to 15 ; and the average pro portion throughout Europe is probably not more than about 1 to j 4 4-5. But that statement has proceeded upon the idea ot the ancient dollar. One penny-weight of gold of 22 cairats fine at 6s. Bd. and the old Seville piece of 386 grains and 15 tnites ot pure silver at 7s. 6d. turnifh the exatt ratio ot Ito 15.6262. But this does not coincide with the real difference between the metals, in our market, or which is with us the fame thing, in our curren cy. To determine this, the quantity of fine silver in the general mass of the dollars now in circulation, must afford the rule. Taking the rate of the late dollar of 374 grains, the proportion would be as 1 to 15.1 1 —Taking the rate ot thenewefl dollar, the proportion would then be as Ito 14.87. The mean of the two would give the proportion of 1 to 15 very nearly ; less than the legal proportion in the coins of Great-Britain, which is as one to 15.2 ; but lomewhat more than the attual or market propor tion, which is not quite 1 to 15. The preceding view ot the fubjeft tloes not indeed afford a precise or certain definition of the present unit, in the coins, but it furnifhes d3ta, which will serve as guides in the progress of the investigation. It ascertains at least, that the sum in the money ot account of each State corresponding with the nominal value of the dollar in such State corresponds also with 24 grains and 6-8 of a grain of fine gold, and with fomcthing between 368 and 374 grains of fine silver. The next enquiry towards a right determination of what ought to be the future money unit of the United States turns up on these qucftions—Whether it ought to be peculiarly attached to either of the metals, in preference to the other or not ; and, if to either, to which of them ? The suggestions and proceedings hitherto have had for obje£l the annexing of it emphatically to the silver dollar. A refoluuon otCongrefs ofthe6ih July, 1785, declares that the money unit of the United States shall be a dollar ; and another resolution of the Bth of August, 1786, fixes that dollar at 375 grains and 54 hun dredths of a gram of fine silver. The fame resolution, however, determines, that there ftiall also be two gold coins, one of 246 grains and 268 parts of a grain of pure gold, equal to ten dollars, and the other of half that quantity of pure gold, equal to five dollars : And it is not explained, whether either of the two spe cies of coins, of gold or silver, shall have any greater legality in payments, than the other. Yet it would seem, that a preference, in this particular is ncceffary to execute the idea of attaching the unit exclusively to one kind. If each of them be as valid as the other, in payments lo any amount, it is not obvious, in what ef- 1 fe&uai sense, either of them can be deemed the money unit, ra ther than the other. If the general declaration, that the dollar shall be the money unit of the United States could be unoerftood to give it a fupcri or legality, in payments, the institution of coins of gold, and the declaration that each of them shall be equal to a certain number of dollars, would appear to destroy that inference : And the cir cumstance of making the dollar the unit in the money of acconnt seems to be rather matter of form, than of substance. Contrary to the ideas which have heretofore prevailed, in the suggestions concerning a coinage for the United States, though not without much Kefuation, arising from a deference for those ideas, the Secretary is upon the whole strongly inclined to the opinion, a preference ought to be given to neither of the metal? for the money unit ; Perhaps if cither were to h<? preferred, it ought to be gold rather than silver. The reasons are these— The inducements to such a preference is to render the unit as little variable as poflible, because on this depends the steady value of all contrafls, and in a certain fenfeof all other property. And it is truly observed, that if the unit belong indiscriminately to both the metals, it is fubjt& to all the flu&aiions, that happen in the relative value, which they bear to each other : But the fame reason would lead to annexiug it to that particular one, which is itfelf the least liable to variation ; if there be, in this refpeft, any difcernable difference between the two. Gold may, perhaps, in certain fenles, be said to have greater stability than silver : as being ot fup< rior value, less liberties have been taken with it, in the regulations of different countries. Its standard has remained more uniform, and it has, in oiher refpe&s undergone fewer changes : as being not so much an article of merchandize, owing to the use made of silver in the trade with the Zaft-Indies and China, it is less liable to be influenced by cii cumftances of commercial demand. And if rcafoning by analo gy, it could be affirmed, that there is a physical probability of greater proportional encreafe in the quantity of silver, than in that of gold, it would afford an additional reason tor calculating on greater steadiness in the value of the la ter. As long as gold, either from its intnnfic superiority, as a metal, from its greater rarity, or from the prejudices of mankind, retains so confidcrable a pre-eminence in value, over silver, as it has hi therto had, a natural consequence of this seems to be that its con dition will be more stationary. The revolutions, therefore, which may take place, in the comparative value of gold and silver, will be changes 111 the state ot the latter, rather than in the state of the former. If there should be an appearance of too much abftra&ion in any of these ideas, it may be remarked, that the firft and moll simple imprcflions do not naturally incline to giving a preference to the inferior or least valuable ot the two metals. It is fometimcs observed, that silver ought to be encouraged ra ther than gold, as being more conducive to theextenfion of bank circulation, trom the greater difficulty and inconvenience which its greater bulk, compared with its value, occasions in the trans portation of it. But bank circul tion is defuable, rather as an aux-liaryto, than as a substitute for that of the precious metals; and ought to be left to its natural courfe—Artificial expedients to extend it, by opposing obstacles to the other, are at least not re commended by any very obvious advantages. And in general, it is the (ateft rule to regulate every particular institution or obje6>, according to the principles, which in n la ion to itfelf, appear the moll found. In addition to this, it ma) be observed, that the in. convenience of transporting eithe> of the metals, is fufficiently great to induce a preference of bi»nk paper, when ever it can be made to answer the purpofeequaliy well. Bui upon the whole, ii seems to be moll advifeable, as has been observed, not to attach the unit exclusively to either of the metals ; because this cannot be done effc&ually, without destroying the of fice and chara&er ot one of them as money, and reducing it to the fnuation of a mere m'rchandize ; which, accordingly, at different times has been propnfed from different and very ref pcdtable quarters; but which would probably be a greater evil than occasional variations in the unit, from the flu&uarions in the relative value ol the metals, especially it cafe be taken to regu late th proportion between them, with an eye to their average commercial value. To annul the use of either of the metals,fas money, is to abridge; the quantity of circulating medium *, and is liable to alltheobje - tions, whi< h arifc from a comparison of the benefits of a full, w I the evils of a fcantv circulation. It is not a fatisfaftory answer to fay, that none but the favoured metal would in this cafe, find its way into the country, as in iha t all balances must be paid. The pradticability of this would in some mcafure depend on the abundance or scarcity of it, in the country paying. Where there was but little, it either would not be procurable at all. or it would cost a premium to obtain it— which in every cafe of a competition with others,in a branch of trade would conlluutea dedu£fciou from the profits of the party receiv ing; perhaps, too, the embari ailments which such a circumllance might foinetimes create, in the pecuniary liquidation of balances, might lead to additional efforts to fend a substitute in commodi ties, and might lo far impede the introduction of the metals. Nei ther could the exclusion of either of them be deemed, in other re fpe£ls, favourable to commerce. It is often in the course of trade as delirable to poflefs the kind of money, as the kind of commo dities bed adapted to a foreign market. It fcems, however, mast probable that the chief, if not the sole effect of such a regulation, would be to diminish the utility of one of the Petals. It could hardly prove an obftacleto the intro duflion of that which was excluded, in the natural course of trade; because it would always command a ready sale for the purpose of exportation to foreign markets. But such an effect, if the only ont, is not to be regarded as a trivial inconvenience. If then the unit ought not to be attached exclusively to either of the metals, the proportion which ought to fubfill between them, in the coins, becomes a preliminary enquiry, in order to its proper adjustment. This proportion appears to be, in several views, of no inconsiderable moment. One consequence of overvaluing either metal, in refpe& to the other, is the banishment of that which is undervalued. If two countries ,ire supposed, in one of which the proportion of gold to silver is as Ito 16, in the other as Ito 15, gold being worth more, lilver less, in one than in the other, it is manifeft, that in their reci procal payments, each will fele& that specie- which it values least, to pay to the other, where it is valued molt. Besides this, the dealers in money will, from the fame caufc, often find a profitable traffic, in an exchange of the metals be:wcen the two count ies. And hence, it would come to pass, if other things were equal, that the greatelt part of the gold would be colle&ed in one, and the greatelt part of the filvcr in the other. The course of trade might in some degree counteratt the tendency of the difference in the le gal proportions, by the market value ; but this is fd far and so of ten influenced by the It gal rates, that it does not prevent their pro ducing the effe£t which is inferred. Fa£fcs too verify the infer ence : In Spain and England, where gold is rated higher than in other p3rts of Europe, there is a scarcity of silver, while it is found to abound in France and Holland, where it is rated higher in pro portion to gold, than in the neighbouring nation. And it is con tinually flowing from Europe toChina andtheEall-Indies,owing to the comparative cheapnefsof it in the former, and dearnefs of it in the latter. This consequence is deemed by some not very material ; and there are even persons, who from a fanciful predile&ion to gold, are willing to invite it, even by a higher price. But general uti lity will best be promoted by a due proportion of both metals. If gold be mo'ft convenient in large payments, silver is best adapted to the more minute and ordinary circulation. But it is to be fulpetted, that there is another consequence more serious than the one which has been mentioned. This is the di minution of the total quantity of specie, which a country would naturally poflefe. It is evident, that as often as a country, which overrates either of the metals, receives a payment in that metal, it gets a less a&ual quantity than it ought to do, or than it would do, if the rate were a juftone. It is also equally evident that there will be a continual effort to make payment to it in that fpccies, to which it has annexed an exaggerated estimation, wherever it is current ut a less proportional value. And it would seem to be a very natural effect of these tw® caufcs, not only that the mass of the precious metals in the country in question would consist chiefly ot that kind, to which it had given an extraoraina: y value, but that it. would be absolutely less than if they had been duly proportioned to each other. A conclusion of iiii» i, nowcver, is co oc drawn with grca* - caution. In such matteis, there arc always fomc local and many other particular circumstances, which qualify and vary the opera tion of general principles, even where they are just ; and there are endless combinations, very difficult to be analized, which often render principles, that have the most plausible pretentions, uufound and dclufive. There ought, for instance, according to those which have been stated, to have been formerly a greater quantity ot gold in propor tion to silver in the United States, than there has been; because the aflual value of gold in this country, compared wiih silver, was perhaps higher than in any other. But our fuuation in legard to the Weft-India ifiands, into some ot which there is a large in flux of silver dire6cly from the mines of South America, occasions an extraordinary supply of that metal, and confequenily a greater proportion of it in our circulation, than might have been expc&ed from us iclative value. What influence the proportion under conhderation may have upon the Hate of prices, and how far this may counterafl its ten dency to increase or lei Ten the quantity ot the metals, are points not easy to be developed ; and yet they are very neccffary to an accurate judgment of the true operation of the thing. But however impoflible it may be to pronounce with certainty, that the poffeflion of a less quantity of specie is a consequence ot overvaluing either of the metals, there is enough of probability in the considerations, which ieem to indieate it, to form an argument of weight against such overvaluation. A third ill consequence iefulting from it is, a greater and more frequent disturbance of theftateofthe money unit, by a greater and more frequent diversity between the legal and market propor tions of the metals. This has not hitherto been cxp:rienced in the United States, but it has been experienced elfeivhere : and from its not having beeh felt by us hitherto, it dors not follow that this will not be the cafe hereafter, when our commerce shall have attained a maturity, which will place it under the influence ot more fixed principles. In eftabliftiing a proportion betwec.i the metaL, there seems to be an option of one of two things— To approach as nearly as it c;n be ascertained, the mean or average proportion, in what may be calltd the commercial world ; or To retain that which now exists in the United States. As far as these happen to coincide, they will renderthe coarse to be pur sued more plain and more certain. "Io ascertain the tirft, with precision, would require better ma terials than are poflefied, or than could br obtained, without an inconvenient delay. (Ton continued.) South-Carolina Lands for Sale, ABOUT one hundred mile! fron Charleston, for any kind of Goods. One third part of 63 Tracts of Land, containing 51,900 acres, lying near the rivers o'Savannah, Big and Little Salt Cohachees, and the fork of the Edifto : The'fe Lands are a lark, or a copper-coloured foil, inin inhabited part of the State. Also 5 trails of Land in Ninety-Si diftria, 4 in Orangr'ourg dif n£l, 6 in Camden, all containing ',600 acres, all good land, with ftrea.ns of water running through nem. TheieLands will be fold O low, that a man may make hisortune in buyino- them, for the puipofe of felling them again, as emigrants are aaily arriving there from Europe, to fettle. " 0 Duplicate Plots and Grants mabe seen, and indisputable titles w ll be given by the fubferiber. FREDERICK KING Morrijlown, Jan. 179,. (77—6wiw.) 752 MASSACHUSETTS STATE LOTTERY. r ~I~' , HE Managers at the STATE LOTTERY, prcfent the Pubic jL -with the Firil C'afs of the Majfachufetts semi-annual State Lot tery, which will commence drawmgin the Reprefentatives'Chamber in Boston, on the Seventeenth of March next, or Jooner i if the Tickets ihall be disposed of. SCHEME. NOT TWO BLANKS TO A PRIZE 25y000 Tickets, at Five Dollars each, are 125,000 Dollars, to be paid in the following Piizes, lubjcft to a dedu&ion o I twelve and an halj per cent. for the use of the Com monwealth, Prizes. 1 of 2 3 6 . *0 30 80 90 100 1 20 161 2 09 7585 8388 Prizes. 16612 Blanks, 2 5000. |f3T TICKETS may be had of the several Managers,who will pay the Prizes on demand—of the TREASURER of thcCommon wealth—of JAMES WHITE, at his Book-Siotc t Franklin's-flead y Court-Street, and at other places as usual. BENJAMIN AUSTIN, jun.l DAVID COBB, | SAMUEL COOPER, Managers. GEORGE R. MINOT, I JOHN KNEELAND, j Bojlon, Juh 28, 8790. Tickets in the above Lottery are to be Jold by Stephen Aullin, corner oj Front and Pine Streets, Philadelphia. PLEASE TO NOTICE JCT* FOR the accommodation of those who would wish to beco?/ie Adventurers in the Fir ft Class of the MassachusettsSemt-annual St ate Lottery, letters, pod paid, directed to Samuel Cooper, at his Office, North fide State-Houfe y Boflon, enclosing Philadelphia y New-York or 80/ ion Bank-Bills, or other good Bills, will be particularly attended to, and Tickets forwarded immediately upon the receipt of such letters. Boston, Dec. 22, 1790 N.B. A Lift of Prizes will be deposited with the Printer hereof immediately *fter the drawing is compleated. 71 law tf The Managers of the STATE LOTTERY allure the public, that the firft Class of the Semi-anuual Lottery will pofitive iv commence drawing on the day appointed, viz. the 17th of March next. As the Managers have in their several Monthly Lot teries commenced drawing at ihe hour afligned, so they are deter mined to be equally as pun&ual in this. Jan. 52. TO BE SOLD. The seat ok the late governor LIVING S r 0 N, situate about a mile from Elizabeth-Town, oh the public road to Morris Town. The farm contains between go and ioo acres of land, 15 or 20 acres of which are wood land ; there is also apper taining to the said farm about 19 acres of fait meadow. Particular attention having been paid to the cultivation of fruit ; there is on the farm a very large collection of various kinds of the choicest fruit trees, &c. in full bearing; the house is large, convenient, well built and in very good repair. Enquire of the Printer, for further particulars, New-York, Jan. 1791 Manuel Noah, BROKER, No. 91, Race-Street, between Second and Third-Streets, BUYS and SELLS Continental & State Certificates, Pennsylvania and Jersey Paper Money, And all kinds of SECURI TIES of the United Slates, or of any particular State. Philadelphia, Feb. 1790. THE Copartnership of HEWES and ANTHONY having ex pired the 3 1 ft ultimo, they request those, who have any de mands, to exhibit their accounts and receive their money ; and those who are indebted, are desired to make speedy payment, to either of the Subscribers, at their Compting-Iloufe, No. 5, Chef nut-Street-Wharf. J O S I A H HE W ES, JOSEPH ANTHONY. Philadelphia, Jan. 15, 1791. N. B. They have yet on hand, and for SALE, at their STORE abovementioned, HYSON, Souchong, and Bohea TEAS, Three cases Cassia, Pimento in bags, Mufeovado Sugar, A few Cases old Batavia Arrack, One cask of Durham Mustard, New England Ru m in hoglheads and barrels, A quantity ot prime Boston Beef, Spermaceti, right whale and tanners' Oil, Best pickled Mackrel, 6by 8 7by g—Bbyio—9byn—and xo by 12 Window Glass, A quantity of excellent carrot Tobacco, And an elegant CHANDELIER. IMPERIAL, HYSON, SOUCHONG, and BOHEA TEAS; REFINED SUGARS, COFFEE, and SPICES, &c. Of the firft Quality—by Retail, No. 17, Third-Street,between Chcfnut and Market-Streets, N. B. A feiu Tickets in the New-York Lottery, which is to be drawn the fir ft of April next, for sale. The price oj this paper is 3 dollars per annum. Dollars. 10000 is 3000 are 2000 1000 500 200 100 5° 4° 3° *0 10 8 Martinico Coffee, (2aw6w.) Dollars, 10000 6000 6c o» 600* scoc 6000 8000 45 c 0 400® 3600 3220 2000 6068 a 12500® 80 3m
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