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r the highest actual proportion in any part of Europe very little, if at all, exceeds 1 to 15, and the average proportion throughout Europe is probably not more than about 1 to 14 4/5. But that stare gold is rated higher than in other parts of Europe, there is a scarcity of silver; while it is fog nations. And it is continually flowing from Europe to China and the East Indies, owing to the comular proportions in the different countries of Europe, concludes thus: By the course of trade and exchange between nation and nation in all Europe fine gold is to fine silver as 14 4/5 or 15 to 1. the silver coins of the different countries of Europe. That of Great Britain is 222 parts fine to 18 alloy: those of the other European nations vary from that of Great Britain as widely as from aboutthe regulation. There is, perhaps, no part of Europe which has so little need of other countries as this there are precedents in several parts of Europe. In France the composition which is called bi[1 more...]
ulations of different countries. Its standard has remained more uniform, and it has in other respects undergone fewer changes, as, being not so much an article of merchandise, owing to the use made of silver in the trade with the East Indies and China, it is less liable to be influenced by circumstances of commercial demand. And if, reasoning by analogy, it could be affirmed that there is a physical probability of greater proportional increase in the quantity of silver than in that of gold, i higher than in other parts of Europe, there is a scarcity of silver; while it is found to abound in France and Holland, where it is rated higher in proportion to gold than in the neighboring nations. And it is continually flowing from Europe to China and the East Indies, owing to the comparative cheapness of it in the former, and dearness of it in the latter. This consequence is deemed by some not very material, and there are even persons who from a fanciful predilection to gold are willin
have the most plausible pretensions unsound and delusive. There ought, for instance, according to those which have been stated, to have been formerly a greater quantity of gold in proportion to silver in the United States than there has been, because the actual value of gold in this country compared with silver was perhaps higher than in any other. But our situation with regard to the West Indian Islands, into some of which there is a large influx of silver directly from the mines of South America, occasions an extraordinary supply of that metal, and consequently a greater proportion of it in our circulation than might have been expected from its relative value. What influence the proportion under consideration may have upon the state of prices and how far this may counteract its tendency to increase or lessen the quantity of the metals, are points not easy to be developed; and yet they are very necessary to an accurate judgment of the true operation of the thing. But, how
United States (United States) (search for this): entry hamilton-alexander
of democracy. He wished to secure for the United States a strong government; and in the convention to be the nature of the money unit of the United States? 2d. What the proportion between gold 1785, declares that the money unit of the United States shall be a dollar; and another resolution ity of gold in proportion to silver in the United States than there has been, because the actual vas has not hitherto been experienced in the United States, but it has been experienced elsewhere; an silver to copper in the gold coins of the United States, shall not be more than 1/2 nor less than ss actual worth than in time past. If the United States were isolated and cut off from all intercot is maintained. In one situated like the United States, it would in all probability be a hopelessis this: That the unit in the coins of the United States ought to correspond with 24 grains and 3/4etionary authority in the President of the United States to continue the currency of the Spanish do[15 more...]
Elizabethtown (New Jersey, United States) (search for this): entry hamilton-alexander
Hamilton, Alexander 1757- Statesman; born in Nevis, W. I., Jan. 11, 1757. His father was a Scotchman; his mother, of Huguenot descent. He came to the English-American colonies in 1772, and attended a school kept by Francis Barber at Elizabeth, N. J., and entered King's (Columbia) College in 1773. He made a speech to a popular assemblage in New York City in 1774, when only seventeen years of age, remarkable in every particular, and he aided the patriotic cause by his writings. In March, 1776, he was made captain of artillery, and served at White Plains, Trenton, and Princeton; and in March, 1777, became aide-de-camp to Washington, and his secretary and trusted confidant. He was of great assistance to Washington in his correspondence, and in planning campaigns. In December, 1780, he married a daughter of Gen. Philip Schuyler, and in 1781 he retired from Washington's staff. In July he was appointed to the command of New York troops, with the rank of colonel, and captured by as
England (United Kingdom) (search for this): entry hamilton-alexander
ly contemplated. The computed par between Great Britain and Pennsylvania will serve as an example.than the legal proportions in the coins of Great Britain, which is as 1 to 15.2; but somewhat more cts, too, verify the inference. In Spain and England, where gold is rated higher than in other par real or professed, in the coins of Portugal, England, France, and Spain. In those of the two forme other European nations vary from that of Great Britain as widely as from about 17 of the same parations is dissimilar in this particular. In England coinage is said to be entirely free, the mintin to bullion in the market be produced as in England by the delay of the mint or by a formal discr to itthe greater difficulty of refining. In England it is customary for those concerned in manufaf the silver coins now in general currency in England. The larger copper piece will nearly answer another year to the gold coins of Portugal, England, and France, and to the silver coins of Spain[14 more...]
Weehawken (New Jersey, United States) (search for this): entry hamilton-alexander
r any instance of dishonorable conduct, nor relate to his private character; and in relation to any other language or conversation of General Hamilton which Colonel Burr will specify, a prompt and frank avowal or denial will be given. This was all an honorable man could ask. But Burr seemed to thirst for Hamilton's life, and he pressed him to fight a duel in a manner which, in the public opinion which then prevailed concerning the code of honor, Hamilton could not decline. They fought at Weehawken, July 11, 1804, on the west side of the Hudson River, and Hamilton, who would not discharge his pistol at Burr, for he did not wish to hurt him, was mortally wounded, and died the next day. The public excitement, without regard to party, was intense. Burr fled from New York and became for a while a fugitive from justice. He was politically dead, and bore the burden of scorn and remorse for more than thirty years. Report on the coinage.—On Jan. 28, 1791, Secretary Hamilton sent the fol
Holland (Netherlands) (search for this): entry hamilton-alexander
most $12,000,000, was due chiefly to France and private lenders in Holland. The domestic debt, including outstanding Continental money and iis a scarcity of silver; while it is found to abound in France and Holland, where it is rated higher in proportion to gold than in the neighby Sir Isaac Newton is not very remote from its actual state. In Holland, the greatest money market of Europe, gold was to silver, in Decemooking forward to the payments of interest hereafter to be made to Holland the same proportion does not appear ineligible. The present legal proportion in the coins of Holland is stated to be 1 to 14 9/10. That of the market varies somewhat at different times, but seldom very wids, or 11 parts in 12 fine. The principal gold coins in Germany, Holland, Sweden, Denmark, Poland, and Italy, are finer than those of Englae there is a duty which has been, if it is not now, 8 per cent. In Holland there is a difference between the mint price and the value in the
of a carat is allowed. But the difference seems to be that there it is merely an occasional indemnity within a certain limit for real and unavoidable errors and imperfections, whereas, in the practice of the mints of France and Spain, it appears to amount to a stated and regular deviation from the nominal standard. Accordingly, the real standards of France and Spain are something worse than 22 carats, or 11 parts in 12 fine. The principal gold coins in Germany, Holland, Sweden, Denmark, Poland, and Italy, are finer than those of England and Portugal, in different degrees, from 1 carat and 1/4 to 1 carat and 7/8, which last is within 1/8 of a carat of pure gold. There are similar diversities in the standards of the silver coins of the different countries of Europe. That of Great Britain is 222 parts fine to 18 alloy: those of the other European nations vary from that of Great Britain as widely as from about 17 of the same parts better to 75 worse. The principal reasons assig
South Carolina (South Carolina, United States) (search for this): entry hamilton-alexander
uding outstanding Continental money and interest, amounted to over $42,000,000, nearly one-third of which was accumulated accrued interest. The State debts assumed amounted in the aggregate to $21,000,000, distributed as follows: New Hampshire, $300,000; Massachusetts. $4,000,000; Rhode Island, $200,000; Connecticut, $1,600,000; New York, $1,200,000; New Jersey, $800,000; Pennsylvania, $2,200,000; Delaware, $200,000; Maryland, $800,000; Virginia. $3,000,000: North Carolina, $2,400,000: South Carolina, $4,000,000: Georgia. $300,000. Long and earnest debates on this report occurred in and out of Congress. There was but one opinion about the foreign debt, and the President was authorized to borrow $12,000,000 to pay it with. As to the domestic debt. there was a wide difference of opinion. The Continental bills, government certificates, and other evidences of debt were mostly held by speculators, who had purchased them at greatly reduced rates; and many prominent men thought it wou
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