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mint price of fine silver be established at 22 237 units per pound this being coined would be four times 5 760 grains or 23 040 units the difference is 803 units and therefore the coinage is 803 on 23 040 or somewhat more than 348 100 p cent which would be about the expence attending it a dollar contains by the best assays which i have been able to get about 373 grains of fine silver and that at the mint price would be 1 440 units in like manner if crowns contain from 414 to 415 grains of fine silver they would at the mint price be worth 1600 units when such a coin shall have been established the value of all others would be easily ascertained because nothing more would be necessary than to have them assayed at the mint the advantage of possessing legal money in preference of any other would induce people to carry foreign coin to the mint until a sufficiency were struck for the circulating medium the remainder of the foreign silver together with the gold should be left entirely to the operations of commerce as bullion in the present moment it is by no means of such consequence to establish the relative value of different coins as to provide a standard of our own by which in future to estimate them if the value were now sought they must all be estimated in dollars because dollars are called for in the several requisitions of congress without noticing the preference thus given to one foreign coin over another it is sufficient to observe that if a greater alloy should be introduced by the spanish government into their dollars our interior regulations as to money would be overturned and certainly we have no security that this will not happen there is not any great inconvenience from leaving matters on their present footing until they can be remedied by the operations of a mint for it is not to be supposed that all the money raised by taxes in a state is to be brought out of it i expect that there will be very little occasion to transport money from place to place it is much easier to negotiate than to carry it and if any species of money is generally received within a state at the same rate in which it is paid in taxes there will be no difficulty in expending it at its value whenever money shall be struck by authority of the united states then indeed it will be proper to receive in taxes no other coin if congress are of opinion with me that it will be proper to coin money i will immediately obey their orders and establish a mint and i think i can say with safety that no better moment could be chosen for the purpose than the present neither will any thing have a greater tendency to restore public credit for altho it is possible that the new money will at first be received with diffidence by some yet when it has been fairly assayed it will gain full confidence from all and the advantage of holding the only money which can pay debts or discharge taxes will soon give it the preference over all and indeed banish all other from circulation whereas fixing a relation of value now on whatever principles attempted might give offence to the power whose coin should in any instance be reduced from its present numerary value among us the recommendation was turned over to a committee of the states consisting of mr samuel livermore mr george partridge mr ezekiel cornell mr oliver wolcott mr william floyd mr abraham clark mr george clymer mr daniel carroll mr joseph jones mr benjamin hawkins mr arthur middleton mr edward telfair one month later the united states in congress assembled considered the committee s recommendations and a us mint was approved with this resolution resolved that congress approve of the establishment of a mint and that the superintendent of finance be and hereby is directed to prepare a nd report to congress a plan for establishing and conducting the same february 21st 1782 was delaware virginia or new hampshire the first us state with the enabling legislation to form the first us mint now the usca would now await a more definitive plan from robert morris wait they did and it was not until april 23rd 1783 that the usca formally heard from superintendent of finance robert morris who wrote on the twenty first of february 1782 congress were pleased to approve of the establishment of a mint and to direct the superintendent of finance to prepare and report a plan for conducting it this matter has been delayed by various circumstances until the present moment i now enclose specimens of a coin with a view that if congress should think proper to appoint a committee on the subject i may have the honor of conferring with them and explaining my ideas of the plan for establishing and conducting a mint such plan when reported by a committee will more probably meet the ideas of congress than any which i might prepare his report was read on april 23 1783 and referred to mr nathaniel gorham mr oliver ellsworth mr thomas fitzsimons mr william hemsley and mr ralph izard the legislation would linger in congress for the next three years beyond the tenure of robert morris service as superintendent of finance finally in 1786 under the presidency of nathaniel gorham the usca passed the following resolution an ordinance for the establishment of the mint of the united states of america and for regulating the value and alloy of coin it is hereby ordained by the united states in congress assembled that a mint be established for the coinage of gold silver and copper money agreeably to the resolves of congress of the 8th august last under the direction of the following officers viz an assay master whose duty it shall be to receive gold and silver in bullion or foreign coin to assay the same and to give his certificates for the value thereof at the following rates for every pound troy weight 2of uncoined gold or foreign gold coin eleven parts fine and one part alloy two hundred and nine dollars seven dimes and seven cents money of the united states as established by the resolves of congress of the 8th of august last and so in proportion to the fine gold contained in any coined or uncoined gold whatsoever for every pound troy weight of uncoined silver or foreign silver coin eleven parts fine and one part alloy thirteen dollars seven dimes seven cents and seven mills money of the united states established as aforesaid and so in proportion to the fine silver contained in any coined or uncoined silver whatsoever a master coiner whose duty it shall be to receive from time to time of the assay master the bullion necessary for coinage to report to congress devices and proofs of the proposed pieces of coin and to procure proper workmen to execute the business of coinage reporting from time to time to the commissioners of the board of treasury of the united states for approbation and allowance the occupation number and pay of the persons so employed a paymaster who shall be the treasurer of the united states for the time being whose duty it shall be to receive and take charge of the coin made under the direction of the master coiner and to receipt for the same to receive and duly enter the certificates for uncoined gold or silver issued by the assay master and to pay ninety five hundredths of the amount thereof in gold or silver and five hundredths in the copper coin of the united states and it is hereby further ordained that the certificates to be given by the assay master to persons who shall lodge gold or silver in the mint for coinage shall be on fine blank paper and expressed in the manner and form following to wit mint of the united states i acknowledge to have received of a b for coinage here insert the weight of here insert the species bullion for the amount of which pay toor bearer the sum of at ten days sight agreeably to the custom of the mint c d assay master to e f pay master of the mint of the united states of america and it is hereby further ordained that the officers above mentioned shall settle their accounts monthly agreeably to such forms and vouchers as shall be prescribed by the comptroller of the treasury and it is hereby further ordained that the officers shall enter into bonds to the united states in congress assembled for the faithful execution of the trust respectively reposed in them in the manner and amount following viz the assay master in the sum of ten thousand dollars and two sureties each in the sum of five thousand dollars the master coiner in the sum of ten thousand dollars and two sureties each in the sum of five thousand dollars and that the officers mentioned in this ordinance as well as every other person employed in the mint shall take and subscribe the oath of office established by the resolve of the 14th march 1786 and it is hereby further ordained that it shall be the duty of the comptroller of the treasury to report monthly to the commissioners of the treasury of the united states a statement of the mint accounts adjusted agreeably to the usual forms and if on such statement or other information it shall appear that there has been any neglect mismanagement or abuse of trust in any of the officers mentioned in the within ordinance it shall be the duty of the commissioners of the board of treasury to suspend such officer or officers and to report thereon specially to congress and it is hereby further ordained that the copper coin struck under the authority of the united states in congress assembled shall be receivable in all taxes or payments due to the united states in the proportion of five dollars for every hundred dollars so paid but but that no other copper coin whatsoever shall be receivable in any taxes or payments whatsoever to the united states and whereas the great quantities of base copper coin daily imported into or manufactured within the several states is become so highly injurious to the interest and commerce of the same as to require the immediate interposition of the powers vested by the confederation in the united states in congress assembled of regulating the value of copper the coin so current as aforesaid it is hereby ordained that no foreign copper coin whatsoever shall after the first day of september 1787 be current within the united states of america and that no copper coin struck under the authority of a particular state shall pass at a greater value than one federal dollar for two pounds and one quarter of a pound avoirdupois weight of such copper coin done by the united states in congress assembled us fugio 1787 cent mind your own business the following year in an effort to improve the articles of confederation the usca called the philadelphia convention to consider such alterations and further provisions as may be necessary to render the federal constitution adequate to the exigencies of the union the united states in congress assembled while it was awaiting the delegates of the states to assemble in philadelphia decided not to establish the mint the usca did authorized however a design for an official us penny on april 21 1787 and a resolution to mint copper cents that the board of treasury be and they are hereby authorized to contract for three hundred tons of copper coin of the foederal standard agreeably to the proposition of mr james jarvis provided that the premium to be allowed to the united states on the amount of copper coin contracted for be not less than fifteen per cent that it be coined at the expense of the contractor but under the inspection of an officer appointed and paid by the united states that the obligations to be given for the payment of the copper coin to be delivered under such contract be redeemable within twenty years after the date thereof that they bear an interest not exceeding six per cent per annum and that the principal and interest accruing thereon be payable within the united states that the whole of the aforesaid loan shall be sacredly appropriated and applied to the reduction of the domestic debt of the united states and the premium thereon towards the payment of the interest of the foreign debt the penny was minted and referred to as the fugio cent because of its image of the sun shining down on a sundial with the caption fugio latin i flee fly this coin was designed by benjamin franklin with a bottom the message mind your business the image and the words form a rebus meaning that time flies do your work this design was also used on the continental dollar issued as coins of unknown real denomination and in paper notes of different fractional denominations in february 1776 fugio 1787 cent we are one some scholars believe that the word business was intended literally here as franklin was an influential and successful businessman given franklin s history publishing aphorisms it may have been intended to mean both monetary and social business the reverse side of both the 1776 coins and paper notes and the 1787 coins bore the third motto we are one in english surrounded by thirteen chain links representing the original thirteen colonial states the philadelphia convention of september 17 1787 produced a new us constitution for the united states of america the constitution was ratified in 1788 and enacted in 1789 the consequent coinage act of 1792 finally produced a us mint and coinage the mew u s gold and silver coins transitioned to the motto e pluribus unum from the great seal of the united states coinage act of 1792 click here historic us exhibits stan klos lecturing at the republican national convention s politicalfest 2000 rebels with a vision exhibit in philadelphia s convention hall primary source exhibits are available for display in your community the costs range from 1 000 to 25 000 depending on length of time on loan and the rarity of artifacts chosen historic us dr naomi yavneh klos hosting the louisiana primary source exhibit at the state capitol building for the 2012 bicentennial celebration the congressional evolution of the united states of america continental congress of the united colonies presidents sept 5 1774 to july 1 1776 peyton randolph september 5 1774 october 22 1774 henry middleton october 22 1774 october 26 1774 peyton randolph may 20 1775 may 24 1775 john hancock may 25 1775 july 1 1776 commander in chief united colonies states of america george washington june 15 1775 december 23 1783 continental congress of the united states presidents july 2 1776 to february 28 1781 john hancock july 2 1776 october 29 1777 henry laurens november 1 1777 december 9 1778 john jay december 10 1778 september 28 1779 samuel huntington september 29 1779 february 28 1781 presidents of the united states in congress assembled march 1 1781 to march 3 1789 samuel huntington march 1 1781 july 6 1781 samuel johnston july 10 1781 declined office thomas mckean july 10 1781 november 4 1781 john hanson november 5 1781 november 3 1782 elias boudinot november 4 1782 november 2 1783 thomas mifflin november 3 1783 june 3 1784 richard henry lee november 30 1784 november 22 1785 john hancock november 23 1785 june 5 1786 nathaniel gorham june 6 1786 febru...