Report of the Secretary of the Treasury, on the fubje<it of a Mint. SIR Isaac Newton, in a representation to the Treasury of Great-Britain, in the year 1717, after Hating the particular proportions in the ditfercnt countries of Europe, concludcs thus — u By the course of trade and exchange between nation and na tion, in all Europe, fine gold is to fine silver as 14 4-5 or 15 to 1." But however accurate and decisive this authority maybe deem ed, in relation to the period, to which it applies, it cannot be taken, at the diftjnee of more than seventy years, as a rule for de termining the existing proportion. Alterations have been since made, in the regulations of their coins by several nations ; which, as well as the course of trade, have an influence upon the market values. Neverthelcfs, there is reason to believe, that the state of the matter, as represented by Sir Isaac Newton, is not very remote from its a&ual state. In Holland, the greatest money market of Europe, gold was to silver in Decembei 1789, as 1 to 14.88 ; and in that of London it has been for some time pad but Utile different, approaching per haps, something nearer 1 to 15. 11 has been seen, that the existing proportion, between the two metals in this country, is about as 1 to 15. It is fortunate in thii refpeft, that the innovations of the Span ish mint have imperceptibly introduced a proportion so analo gous, as this is, to that which prevails among the principal com mercial nations ; as it greatly facilitates a proper regulation of the matter. This proportion of 1 to 15 is recommended by the particular situation of our trade, as being very nearly that which obtains in thi market of Gieat-Britain, to which nation our specie is princi pally exported. A lower rate for either of the metals, in our market, than in theirs, might not only afford a motive the more in certain cases to remit in specie rather than in commodities ; but it might in some others, cause us to pay a greater quantity of it for a given sum, than we (hould otherwise do. If the effect Qiould ra ther be to occasion a premium to be given for the metal, which was under-rated, this would obviate those disadvantages ; but it "would involve another, a cuftrtmary difference between the market arid legal proportions, which would amount to a species of dis order in the national coinage. Looking forward to the payments of interest hereafter to be made to Hollond, the fame proportion does not appear ineligible. Ihe present legal proportion in the coins of Holland, is dated at Ito 14 9-10. That ot the market varies somewhat at different times, but (eldom very widely from this point. There can hardly be a better rule, in any country, for the legal, than the market proportion ; if this can be supposed to have been produced by the free and ftcady course of commcrcial principles! The presumption, in such cafe, is, that each metal finds its true level, according to its intrinsic utility, in the general system of money operations. But it must be admitted, that this argument in favor of continu ing the existing proportion, is not applicable to the state of the coins with us. There have been too many artificial and heteroge neous ingredients, too much want of order in the pecuniary tranf a&ions ot this country, to authorise the attributing the effedls, which have appeared, to the regular operations ot commerce. A proof of this is to be drawn from the alterations, which havehao pened in the proportion between the metals merely by the succes sive degradations ot the dollar, in confcquence of the mutability of a foreign mint. The value of gold to silver appears to have de clined, wholly from this cause, from 15 6-10 to about 15 to i. Yet as this last proportion, however produced, coincides so nearly with what may be deemed the commercial average, it may be supposed to furnilh as good a rule as can be pursued. The only question seems to be, whether the value of gold rot to be a little lowered to bring it to a more exadl level with the two markets which have been mentioned. But as the ratio of Ito is so nearly conformable to the (late of thofc markets, and best agrees with that of our own, it will probably be found the mod eligible. If the market of Spain continues to give a higher value to gold (as it has done in time past) than that which is recommcndcd, there may be fomc advantage in a middle sta tion. A further prelimiuary to the adjuflment of the fu ure money unit, is to determine what shall be the proportion and composition of alloy in each species of the coins. The firft, by the lefolution of the Bth of August, 1786, before referred to, is regulated at one twelfth, or in other words, at 1 part alloy to 11 parts fine, whether gold or silver; which appears to be a convenient rule ; unless there should be some collateral confe deration, which may di&ate a departure from ir. Itscorrefpon dencv, in regard to both metals, is a recommendation of it, be cause a difference could answer no purpose of pecuniary or com mercial utility, and uniformity is favorable to order. This ratio, as it regards gold, coincides with the proportion, real or profefTed, in the coins of Portugal, England, France and Spain. In those of the two former it is real, in those of the two latter there is a deduction for what is callcd remedy of weight and alloy, which is in the nature of an allowance to the matter of the mint for errors and imperfettions in the process; rendering the coin either lighter or baler than it ought to be. The fame thing is known in the theory of the English mint, where 1-6 of a carat is allowed. But the difference seems to be, that there, it is merely an occasional indemnity within a certain limit, for real and una voidable errors and imperfections; whereas in the pra&ice of the mints of France and Spain, it appears to amount to a ftatcd and regular deviation from the nominal standard. Accordingly the real standards of France and Spain are something worse than 22 carat? or 11 parts in 12 fine. The principal gold coins in Germany, Holland, Sweden, Den mark, Poland and Italy, are finer than those of England and Por tugal in different degrees from 1 carat and 1-4 to 1 carat and 7-8, which last is within 1-8 of a carat of pure gold. There are similar diverfuies in the standards of the silver coins of the different countries of Europe. That of Great-Britain is 222 parts fine to 18 alloy: those of the other European nations vary from that of Great-Britain as widely as from about 17 of the fame paits better to 75 worse. The principal reasons assigned for the use of alloy, are the sav ing of expence in the refining of the metals (which in their natural Hate are usually mixed with a portion of the coarser kinds) and the rendering of them harder as a security againd 100 great wade by friction and wearing—The firlt real'on, drawn from the origi nal composition of the metals, is ftrcngthcned at present by the pra&ice of alloying their coins, which has obtained among so many nations. The reality of the effect, to which the lad leafon is applicable, has been denied, and experience has been appealed to as proving, that the more alloyed coins wear fafter than the purer. " The true date of this matter may be worthy of future in vestigation, though fird appearances are in favor of alloy. In the mean time, the saving of trouble and expence are fufficient induce ments to following those examples which suppose its expediency. And the fame considerations lead to taking as our models those na tions with whom we have most inlcrcourfe, and whose coins are mod prevalent in our circulation : These are Spain, Portugal, England and France. The relation which the proposed propor tion bears to their gold coins, has been explained. In refpeft tc their silver coins, it will not be very remote from the mean of their leveral ftjndords. The component ingredients of the alloy in each metal will also require to be regulated. In silver, copper is the onlv kind in use. and it is doubtless the only proper one. In gold, there is a mix ture of Over and copper ; in the Englifli coins confiding of eqaal (continued.) parts, in the coins of some countries varying fiom 1-3 to 2-3 silver. The reason ot this union of filvcr with copper is this—The sil ver countrra&s the tendency of the copper to injure the color or beauty of the coin, by giving it too much redness, or rather a cop pery hue ; which a small quantity will produce; and the copper prevents the too great whiteness, which silver alone would confer. It is apprehended,that there are considerations, which may render it prucent to establisH by law, that the proportion of silver to cop per in the gold coins of the United States (hall not be more than one halt, nor less than one third ; verting a discretion in some pro per place to regulate the matter within those limits, as experience in the execution may recommend. A third point remains to bedil'cu(Ted, as a pre-requifite to the determination of the money unit, which is, whether the e*pence of coining (hall be defrayed by the public, or out of the material itfeif ; or, as it is sometimes stated, whether coinage (hall be free, or (hall be lubjeft to a duty or impofuion ? This forms, perhaps, one of the nicest questions in the do&rine of money. The p raft ice ot different nations is difllmilar in this particular. In England, coinage is said to be entirely free : the mint price of the metals in bullion, being the fame with the value of them in coin. In France there is a duty which has been, if it is not now, eight per cent. In Holland there is a difference between the "j 10 * price and the value in the coins, which has been com puted at .96, or fometbing less than one per cent, upon gold ; at 1.48, or something less than one and a half per cent, upon silver. The resolution of the Bth of August, 1786, proceeds upon the idea of a deduction of half per cent, from gold, and of two per cent, from silver, as an indemnification for the expence of coining. This is inferrea from a report of the late board of treasury, upon which that resolution appears to have been founded. Upon the supposition that the expence of coinage ought to be defrayed out of the metals, there are two ways in which it may beeffeaed ; one by a reduction of the quantity of fine gold and silver in the coins ; the other by establishing a difference between the value of those metals, in the coins, and the mint price of them in bullion. The firft method appears to the Secretary inadmissible. He is unable to diftinguifli an operation of this fort, from that of raising thedenomination of the coin ; a measure which has been difapt proved of by the wisest men of the nations in which it has been praftifed, and condemned by the reft of the world. To declare that a less weight of gold or silver (hall pass for the fame sum, which before represented a greater weight, or to ordain that the fame weight (hall pass for a greater sum, are things substantially of one nature. The consequence of either of them, if the change can be realized, is to degrade the money unit ; obliging creditors to receive less than their just dues—and' depreciating property of every kind : for it is manifeft, that every thing would in this cafe be represented by a lels quantity of gold and silver, than before. It is fometmies observed on this head, that though any article of property might in fa£l be represented by a less a&ual quantity of pure metal, it would nevertheless be represented by fomethin° r of the fame intrinsic value. Every fabric, it is remarked, is worth intrinsically, the price of the raw material and the expence of fabrication; a truth not left applicable to a piece of coin, than to a yard of cloth. This position, well founded in itfelf, is here misapplied. It fuppofcs that the coins now in circulation, are to be considered as bullion, or in other words, as a raw material. But the fa6t is, that the adoption of them, as money, has caused them to become the fabric. It has inverted them with the chara&cr and office of coins, and has given them a fan&ion and efficacy equivalent to that of the stamp ol the sovereign. The prices of all our commodities, at home and abroad, and of all foreign commodities in our markets, have f«und their level, in conformity to this principle. The foreign coins may be divejled of the privileges they have hi therto been permitted to enjoy, and may of course be left to find their value in the markets as a raw material. But the quantity of gold and silver in the national coins, corresponding with a given sum, cannot be made lefsthan heretofore, without disturbing the balance of intrinsic value; and making every acre of land, a. well as every bushel of wheat, of less actual worth than in time past. If the UuitedStates were insulated, and cut off from all intcrcourle with the reft of mankind, this reasoning would not be equally conclusive. But it appears decisive, when considered with a view to the relations, which commerce has created between us and other countries. It is however not improbable, that the effect meditated would be defeated by a rife of prices proportioned to the diminution of the intrinsic value of the coins. This might be looked for in every enlightened commercial country ; but perhaps innone with great er certainty than this ; because, in none are men less liable lo be ihe dupes of founds—in none has authority so little resource for lubituuting names to things. A general revolution in prices, though only nominally, and in appearance, could not fail to diftraft the ideas of the community, and would be apt to breed discontents as well among all those who live on the income of their money, as among the poorer claf fesof the people, to whom the necessaries of life would fecm to have become dearer. In the confufion of such a state of things laeas ofvalue would not improbably adhere to the old coins' which from that circumftancc, inflead of feeling the efteft of the lofsof their privileges as money, would perhaps bear a price in the markets relatively to the new ones, in exafl proportion to weight. The frequency of the demand for the metals to pay fo reign balances would contribute to thiseffefcf. Among the evils, attendant on such an operation, are these creditors both ot the public and of individuals would lose a part ot their property—public and private credit would reccivea wound --the cffeftive revenues of the government would be dimiiufhed There is scarcely any point, in the economy of national affairs of greater moment, than the uniform preservation of the intrinsic value ot the money unit. On this the security and ftcady value or property eflentially depend. The second method, therefore, of defraying the expence of the coinage out of the metals, is greatly to be prefercd to Ihe other. This is to let the fame sum of money continue to represent in the new coins exactly the fame quantity of gold and silver, as it doe in those now current—to allow at the mint such a price only for thcfemetals as will admit ot profit just fufficient to fatisfy the ex pence ot coinage—to abolilh the legal currency of foreign coins, both in public and private payments—and of courfc to leave the superior -utility of the national coins, for domestic purposes to operate the difference of market value, which is neceflary to'in duce the bringing of bullion to the mint. In this cafe, all pro perty and labour willftill be reprefcnted by the fame quantity of gold and silver, as formerly ; and the only change which will be wrought, willconfifl in annexing the office of 'money exclu hvely to the national coins ; confequer.tly, withdrawing it from thole of foreign countries, and fuffering them to become, as they ought to be, mete articles of merchandize. The arguments in favor of a regulation of this kind are—First hat the want of it is a cause of extra expence : there being then' no motive of individual interest to distinguish between the national coins and bullion, they are, ,t is alleged, indiscriminately melted down, for domestic manufaaures, and exported for the purposes of foreign trade; and it is added that when the coins become light by wear,ng the fame quantity of fine gold or f.lver bears a higher price , n bullion than the coins; in wh.cH state of things the mehmg down of the coins to be fold as bullion is attended with proht; and from both-caufcs the expence of the mint, or in other words, the expence nf maintaining the specie capital of thenaliou, is materially augmented. ' Secondly—That the existence of such a regulation promotes a favorable course of exchange, and benefits trade, not only by: that 756 circumfiance, but by obliging foreigners, in certain cases, to pay dearer for domestic commodities, and to fell their own cheaper. ' As far as relates to the tendency of a tree coinagc to produce an encreafeof expence, in the different ways that have been stated. the argument mud be allowed to have foundation, both in reason and experience. It describes what has been exemplified in Great-Britain. The effc£l of giving an artificial value to bullion, is not at firft fight obvious ; but it adually happened at the period immediately preceding the late reformation, in the gold coin of the country just named. A pound troy in gold bullion of ftandaid finenefs, was then from 19s. 6d. to 255. fterl. dearer than an equal weight of guineas, as delivered at the mint. The phenomenon is thus accounted for—the old guineas were more than two per cent, lighter than theirJlandari weight. This weight therefore, in bul lion, was truly worth two pet cent, more than those guineas. It confcquently had in rcfpe£l to them, a correfpondcnt rife in the market. And as guineas were then current by tale, the new one-, as they issued from the mint, were confounded in circulation with the old ones ; and by the association, were deprecated below the intrinsic value, in comparison with bullion. It became of coui fe a profita ble traffic to fell bullion for coin, to feleft the light pieces, and re ilTuc them in currency, and to melt down the heavy ones, and fell them again as bullion. This pra&ice, besides other inconvenien cics, coil the government large funis, in the renewal ot the coins. [To be continued.'] New Line of Stages. THE Subscriber has eftabliftied a line of STAGES from Hart ford to Boston, by way of Norwich and Providence, which will run thro twice a week during the Winter Season, and three times a week during the Summer Season. Go"d Carriages, Horses, and careful Drivers are provided.— Paflengers pay three Pence per Mile, and are allowed 14 pound Baggage each. Extra Baggage pays at the rate of three Pcncc per Mile for every 150 wt. As the Mail is to go in these Stages for the year 1791, fixed hoi»rs for ftartingfrom the refpeflive Stage Houses is absolutely neceflary—from which there can be nodevia- lion. The Stage for the Eastward leaves Hartford Mondays and Thursdays, Norwich Tuesdays and Fridays, Providence Wednesdays and Saturdays, For the Weft ward, leaves Boston Mondays and Thursdays, Providence Tuesdays and Fridays, Norwich Wednesdays and Saturdays. JESSE BRO W N. 69 —iw3m INFORMATION WANTED. |C - THE Subscriber requefls, if any gentleman can give him information of a purchase of Lands ?nade by a Mr. Daniel Richardet, in the year 1781 and 1782, in fame part of the United States, he will be so kind as to inform his Brother, by dire Cling a line t» him, at the Printer's office. S. RICHARDET. January, 1791 THE Copartnership of HEWES and ANTHONY having ex pired the 31ft ultimo, they request those, who have any de mands, to exhibit their accounts and receive their money; and those who are indebted, are defircd to make fpecdy payment, to either of the Subscribers, at their Compting-Houfe, No. 5, Chef nut-Street-Wharf. J O S I A H H E W E S, JOSEPH ANTHONY. Philadelphia, Jan. 15, 1791. N. B. They have yet ori hand, and for SALE, at their STORE abovementioned, HYSON, Souchong, and Bohea TEAS, Three cases Caflia, Pimento in bags, Muscovado Sugar, A tew Cases old Batavia Arrack, One cask of Durham Mustard, New England Rum in hogfheadsand barrels, A quantity of prime Boston Beef, Spermaceti, right whale and tanners' Oil, Best p:ckled Mackrel, 6by B—7 by 9—B by 10—9 by 11— and 10 by 12 Window Glass, A quantity of excellent carrot Tobacco, And an elegant CHANDELIER. Manuel Noah, BROKER, No. 91, Race-Strect, between Second and Third-Streets, BUYS and SELLS Continental & State Certificates, Pennsylvania and Jersey Paper Money, Ani all kinds of SECURITIES of the United States, or of any particular Stace. Philadelphia, Feb. 1790. TO BE SOLD, The seat of the late governor L 1 V 1 N G S T 0 N, situate about a mile from Elizabeth-Town, on the public road to Morris Town. Ihe farm contains between 90 and 100 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 t e tarm a very large colle&ion of various kinds of the choicefl ruitfrees, See. 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 IMPERIAL, HYSON, SOUCHONG, and BORE A TEAS; REFINED SUGARS, COFFEE, and SPICES, &c. Of the firfl Quality—by Retail, No. 17, Third-Street,between Chefnut and Market-Streets. N. B. A few Ti ckkts in the New-York Lottery, which is to be drawn the firfl of April next, forfait. TREASURY DEPARTMENT,! T January 25, 1791. J HE Public. Creditors are reminded that, in order to the pro per dispositions for paying the Interefl in the several States, it is necefiary that the amount lo be paid in eaeh fiiould be pre viously known at the Treasury. And as the expiration of the firft quarter is not far distant, it is wished that those who have not yet c.one it, may be expeditious in making and lignifying their elec tion, pursuant to the a£l making provision for the debt of the United States. Norwich. Dec. 14. Martinico Coffee, (iaw6w.) 80 3m
Significant historical Pennsylvania newspapers