Letter From the Secretary of State, Inclosing a Report of the Director of the Mint, Suggesting the Expediency of Some Alterations in Its Establishment, to Render It Less Expensive to the Public, and More Accommodating to Depositors

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Excerpt from Letter From the Secretary of State, Inclosing a Report of the Director of the Mint, Suggesting the Expediency of Some Alterations in Its Establishment, to Render It Less Expensive to the Public, and More Accommodating to Depositors: 20th December, 1796This meafurc would alfo have a tendency to fix the price of bullion, and indemnify the public for fome part of the expence of coinage. The only queltion thatwould arife is, whether, on the principles of political economy, it would be a prudent meafnre on the part'of govern ment Suppofe the expences of coinage, including was tage, to be fixed at three per centum to the depofitor, while in foreign countries, it colts nothing. The con fequence would be, that bullion in America, might vary its price three per cent. According to the balance oftrade, while bullion in thofe countries mull be fuppofed invar able in its price, let the balance of trade {land as it will. Bullion then, in thofe countries will always be at the highelt price it ever can be at in America, fince it is the price of coin butin America it may be three per cent. Lower. If therefore the United States, by coining free of all expence, contribute to keep the price of bullion high er than it is in countries where the coinage is paid for, a voluntary expence is created, of which there can be no jult reafon to complain.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.