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