e, and to take an
average from them. Perhaps we might, with safety, lean to a proportion
somewhat above par for gold, considering our neighborhood and commerce
with the sources of the coins, and the tendency which the high price
of gold in Spain has, to draw thither all that of their mines, leaving
silver principally for our and other markets. It is not impossible that
15 for 1, may be found an eligible proportion. I state it, however, as a
conjecture only.

As to the alloy for gold coin, the British is an ounce in the pound; the
French, Spanish, and Portuguese differ from that, only from a quarter of
a grain, to a grain and a half. I should, therefore, prefer the
British, merely because its fraction stands in a more simple form, and
facilitates the calculations into which it enters.

Should the Unit be fixed at 365 grains of pure silver, gold at 15 for 1,
and the alloy of both be one twelfth, the weights of the coins will be
as follows:

[Illustration: Projected Coin Weights, page138]

The quantity of fine silver which shall constitute the Unit,
being-settled, and the proportion of the value of gold, to that of
silver; a table should be formed from the assay before suggested,
classing the several foreign coins according to their fineness,
declaring the worth of a pennyweight or grain in each class, and that
they shall be lawful tenders at those rates, if not clipped or otherwise
diminished; and where diminished, offering their value for them at the
mint, deducting the expense of re-coinage. Here the Legislatures should
co-operate with Congress, in providing that no money be received or paid
at their treasuries, or by any of their officers, or any bank, but on
actual weight; in making it criminal, in a high degree, to diminish
their own coins, and, in some smaller degree, to offer them in payment
when diminished.

That this subject may be properly prepared and in readiness for Congress
to take up at their meeting in November, something must now be done. The
present session drawing to a close, they probably would not choose to
enter far into this undertaking themselves. The Committee of the States,
however, during the recess, will have time to digest it thoroughly, if
Congress will fix some general principles for their government. Suppose
they be instructed,--

To appoint proper persons to assay and examine, with the utmost
accuracy practicable, the Spanish milled dollars of different dates in
circulation with us