simplicity of the fraction, and of course the facility of conversion and reconversion, is therefore against this Unit, and in favor of the dollar, in every instance.  The only advantage it has over the dollar, is, that it will in every case express our farthing without a remainder; whereas, though the dollar and its decimals will do this in many cases, it will not in all.  But, even in these, by extending your notation one figure farther, to wit, to thousands, you approximate a perfect accuracy within less than the two thousandth part of a dollar; an atom in money which every one would neglect.  Against this single inconvenience, the other advantages of the dollar are more than sufficient to preponderate.  This Unit will present to the people a new coin, and whether they endeavor to estimate its value by comparing it with a Pound, or with a Dollar, the Units they now possess, they will find the fraction very compound, and of course less accommodated to their comprehension and habits than the dollar.  Indeed the probability is, that they could never be led to compute in it generally.

The Financier supposes that the 1/100 of a dollar is not sufficiently small, where the poor are purchasers or vendors.  If it is not, make a smaller coin.  But I suspect that it is small enough.  Let us examine facts, in countries where we are acquainted with them.  In Virginia, where our towns are few, small, and of course their demand for necessaries very limited, we have never yet been able to introduce a copper coin at all.  The smallest coin which any body will receive there, is the half-bit, or 1/20 of a dollar.  In those states where the towns are larger and more populous, a more habitual barter for small wants, has called for a copper coin of 1/90 or 1/96 or 1/108 of a dollar.  In England, where the towns are many and pouplous, and where ages of experience have matured the conveniences of intercourse, they have found that some wants may be supplied for a farthing, or 1/208 of a dollar, and they have accommodated a coin to this want.  This business is evidently progressive.  In Virginia we are far behind.  In some other states, they are farther advanced, to wit, to the appreciation of 1/90, 1/96 or 1/108 of a dollar.  To this most advanced state, then, I accommodated my smartest coin in the decimal arrangement, as a money of payment, corresponding with the money of account.  I have no doubt the time will come when a smaller coin will be called for.  When that comes, let it be made.  It will probably be the half of the copper I propose, that is to say 5/1000 or.005 of a dollar, this being very nearly the farthing of England.  But it will be time enough to make it, when the people shall be ready to receive it.

My proposition then, is, that our notation of money shall be decimal, descending ad libitum of the person noting; that the Unit of this notation shall be a Dollar; that coins shall be accommodated to it from ten dollars to the hundredth of a dollar; and that, to set this on foot, the resolutions be adopted which were proposed in the notes, only substituting an inquiry into the fineness of the coins in lieu of an assay of them.