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[Page 20]
their denomination new Guineas were Compounded with old ones in Payments but soon selected & melted for sale as Bullion
in Consequence of the delay between the importation of Bullion into the English mint & its redelivery in Coin the difference of Price between Coin & Bullion has been near ½ per Cent in favor of Coin Whether or no this delay of the mint is intentional & meant to promote the interest of the Bank is open to Conjecture
But if the mint were to make prompt payment at ½ per Cent deduction the Proportion between Coin & bullion would be the same & the Cost of Coinage repaid & government ought always to have a sufficient [Coin] unapplied to furnish this advantage
The principal Reason for Coining a gold Dollar is to have a sensible Object in that metal as well as in Silver to express the unit
This Paper which I must procure if Possible is Printed on Folio & Consists of 22 pages it has no Title but is headed by a double black Line under in Larger Characters is Printed "The Secretary of the Treasury having attentively Considered the subject referrd to him by the order of the house of representatives of the 15th. day of April last, relatively to the Establishment of a mint most respectfully Submits the result of his Enquiries & reflections" & it is signd at the end
Alexander Hamilton
Secretary of the Treasury
Printed by Francis Childs & John Swaine