Alexander Hamilton on the Mint & Coinage

GAZETTE OF THE UNITED STATES. New-York, Wednesday, March 9, 1791. Volume II, No. 90. Tabloid [43.5 by 27 cm]. 4 pages. Neatly removed from previous binding; near fine. Contains the lengthy conclusion of Secretary of the Treasury Alexander Hamilton’s Report on the Subject of a Mint. Hamilton discusses the proposed weight of the cent, writing: “It may perhaps be thought expedient according to general practice to make the copper coinage an object of profit; but where this is done to any considerable extent, it is hardly possible to have effectual security against counterfeits. This consideration, concurring with the soundness of the principle of preserving the intrinsic value of the money of a Country seems to outweigh the consideration of profit.” He then turns his attention to matters of design: “The devices of the Coins are far from being matters of indifference, as they may be made the vehicles of useful impressions. They ought therefore to be emblematical, but without losing sight of simplicity. The fewer sharp points and angles there are, the less will be the loss by wearing. The Secretary thinks it best on this head to confine himself to these concise and general remarks.” He closes with his thoughts on the circulation of foreign coins: “The foreign coins may be suffered to circulate, precisely upon their present footing, for one year after the mint shall have commenced its operations. The privilege may then be continued for another year to the Gold Coins of Portugal, England, and France, and to the silver coins of Spain. And these may still be permitted to be current, for one year more, at the rates allowed to be given for them at the Mint; after the expiration of which the circulation of all foreign coins to cease.” There is much of interest here.