To appoint, also, proper persons to inquire what are the proportions between the values of fine gold and fine silver, at the markets of the several countries with which we are, or probably may be, connected in commerce; and what would be a proper proportion here, having regard to the average of their values at those markets, and to other circumstances, and to report the same to the Committee, by them to be laid before Congress.

To prepare an Ordinance for establishing the Unit of Money within these States; for subdividing it; and for striking coins of gold, silver, and copper, on the following principles.

That the Money Unit of these States shall be equal in value to a Spanish milled dollar containing so much fine silver as the assay, before directed, shall show to be contained, on an average, in dollars of the several dates in circulation with us.

That this Unit shall be divided into tenths and hundredths; that there shall be a coin of silver of the value of a Unit; one other of the same metal, of the value of one tenth of a Unit; one other of copper, of the value of the hundredth of a Unit.

That there shall be a coin of gold of the value of ten units, according to the report before directed, and the judgment of the Committee thereon.

That the alloy of the said coins of gold and silver shall be equal in weight to one eleventh part of the fine metal.

That there be proper devices for these coins.

That measures be proposed for preventing their diminution, and also their currency, and that of any others, when diminished.

That the several foreign coins be described and classed in the said Ordinance, the fineness of each class stated, and its value by weight estimated in Units and decimal parts of Units.

And that the said draught of an Ordinance be reported to Congress at their next meeting, for their consideration and determination.

Supplementary Explanations.

The preceding notes having been submitted to the consideration of the Financier, he favored me with his opinion and observations on them, which render necessary the following supplementary explanations.

I observed in the preceding notes, that the true proportion of value between gold and silver was a mercantile problem altogether, and that, perhaps, fifteen for one, might be found an eligible proportion.  The Financier is so good as to inform me, that this would be higher than the market would justify.  Confident of his better information on this subject, I recede from that idea.*

* In a Newspaper, which frequently gives good details in political economy, I find, under the Hamburg head, that the present market price of Gold and Silver is, in England, 15.5 for 1:  in Russia, 15:  in Holland, 14.75:  in Savoy, 14.96:  in Fiance, 14.42:  in Spain, 14.3:  in Germany, 14.155:  the average of which is 14.615 or 14 1/2.  I would still incline to give a little more than the market price for gold, because of its superior convenience in transportation.