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[Page 19]
[in margin] American Mint
From Mr [Seei?] Hamiltons Report 1791?
The variation in the Spanish dollar since 1761 seems to have been Considerable from 377 to 368 grains of pure Silver many outstanding Contracts must have been made in the ancient dollars yet as the new ones have never been
[in margin] Spanish dollars
Questiond but have always been receivd as an Equivalent for the old one. a recurrence to the ancient one would in most cases be an innovation in Fact & in all an innovation in respect to opinion The actual Dollar in Circulation of 360 grains has a much better claim to be regarded as the actual money unit
[in margin] Gold to Silver
The Proportion between Gold & Silver Taken from the
dollar of 376 grains is 1. to 15.11 from the present dollar
of 368 it is - ----- 1 .to 14.07.
Medium nearly ---- 1. 15. very near the market proportion
[in margin] Gold & Silver
Preference ought not to be given to Either metal as the money unit perhaps if Either were to be proposed it ought to be gold rather than silver - gold is Less Liable to fluctuation in Price, Silver is conducive by the inconvenience of its bulk to extend Bank circulation, but Bank circulation ought to be auxiliary to not a Substitute for Coins the inconvenience of transporting either metal is a sufficient encouragement to the use of good Bank paper a preference to either metal could exclude the other & thus diminish the circulating medium
[in margin] Alloy
Remedy
11 parts [silver] & 1 of alloy seems a Convenient Standard in England Portugal France & Spain This is the professed proportion in the 2 former it is the actual one from these Countries The Remedy for Error in workmanship is only Theoretic in the Two Last the whole allowance for Remedy with in weight & Fineness is regularly subtracted from the value of the Coin the Reason for adding alloy is to save the charge of Refining & making Coins Less subject to wear by Friction this Last Quality has been desired
Holland allows somewhat Less than one per cent for them
[in margin] Expence of Coinage
Expence of Coining Gold & somewhat Less than 2 1½ per Ct for Silver - The Expence of Coinage should not be defrayed by deducting from the Coins the amount of the expence for that is Placing the Coins on a higher denomination than their real value - The [part] made is to Let the metal in Coins represent its exact value but to allow at the mint such price only as will admit a profit just sufficient to defray the expence of Coinage & to Abolish the Currency of all foreign Coins
Just before the decoinage in England Gold Bullion was near 2 per ct dearer than Guineas as delivered from the mint in truth worn Guineas were Two per cent lighter they