The difference at market has been on the decrease.  The Financier states it at present, as at 141/2 for one.  Just principles will lead us to disregard legal proportions altogether; to inquire into the market price of gold, in the several countries with which we shall principally be connected in commerce, 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.

To assay and examine, in like manner, the fineness of all the other coins which may be found in circulation within these states.

To report to the Committee the result of these assays, by them to be laid before Congress.