They as early as Jan. 7. 1782. had turned their attention to the monies current in the several states, and had directed the Financier, Robert Morris, to report to them a table of rates at which the foreign coins should be received at the treasury. That officer, or rather his assistant, Gouverneur Morris, answered them on the 15th in an able and elaborate statement of the denominations of money current in the several states, and of the comparative value of the foreign coins chiefly in circulation with us. He went into the consideration of the necessity of establishing a standard of value with us, and of the adoption of a money-Unit. He proposed for the Unit such a fraction of pure silver as would be a common measure of the penny of every state, without leaving a fraction. This common divisor he found to be 1 -- 1440 of a dollar, or 1 -- 1600 of the crown sterling. The value of a dollar was therefore to be expressed by 1440 units, and of a crown by 1600. Each Unit containing a quarter of a grain of fine silver. Congress turning again their attention to this subject the following year, the financier, by a letter of Apr. 30, 1783. further explained and urged the Unit he had proposed; but nothing more was done on it until the ensuing year, when it was again taken up, and referred to a commee of which I was a member. The general views of the financier were sound, and the principle was ingenious on which he proposed to found his Unit. But it was too minute for ordinary use, too laborious for computation either by the head or in figures. The price of a loaf of bread 1 --20 of a dollar would be 72. units.
A pound of butter 1 -- 5 of a dollar 288. units.
A horse or bullock of 80. D value would require a notation of 6. figures, to wit 115,200, and the public debt, suppose of 80.
millions, would require 12. figures, to wit 115,200,000,000 units.
Such a system of money-arithmetic would be entirely unmanageable for the common purposes of society. I proposed therefore, instead of this, to adopt the Dollar as our Unit of account and payment, and that it's divisions and sub-divisions should be in the decimal ratio.
I wrote some Notes on the subject, which I submitted to the consideration of the financier. I received his answer and adherence to his general system, only agreeing to take for his Unit 100. of those he first proposed, so that a Dollar should be 14 40 -- 100 and a crown 16. units. I replied to this and printed my notes and reply on a flying sheet, which I put into the hands of the members of Congress for consideration, and the Committee agreed to report on my principle. This was adopted the ensuing year and is the system which now prevails. I insert here the Notes and Reply, as shewing the different views on which the adoption of our money system hung. The division into dimes, cents & mills is now so well understood, that it would be easy of introduction into the kindred branches of weights &measures. I use, when I travel, an Odometer of Clarke's invention which divides the mile into cents, and I find every one comprehend a distance readily when stated to them in miles & cents; so they would in feet and cents, pounds & cents, &c.
The remissness of Congress, and their permanent session, began to be a subject of uneasiness and even some of the legislatures had recommended to them intermissions, and periodical sessions. As the Confederation had made no provision for a visible head of the government during vacations of Congress, and such a one was necessary to superintend the executive business, to receive and communicate with foreign ministers & nations, and to assemble Congress on sudden and extraordinary emergencies, I proposed early in April the appointment of a commee to be called the Committee of the states, to consist of a member from each state, who should remain in session during the recess of Congress: that the functions of Congress should be divided into Executive and Legislative, the latter to be reserved, and the former, by a general resolution to be delegated to that Committee. This proposition was afterwards agreed to; a Committee appointed, who entered on duty on the subsequent adjourn-ment of Congress, quarrelled very soon, split into two parties, abandoned their post, and left the government without any visible head until the next meeting in Congress. We have since seen the same thing take place in the Directory of France; and I believe it will forever take place in any Executive consisting of a plurality. Our plan, best Ibelieve, combines wisdom and practicability, by providing a plurality of Counsellors, but a single Arbiter for ultimate decision. I was in France when we heard of this schism, and separation of our Committee, and, speaking with Dr. Franklin of this singular disposition of men to quarrel and divide into parties, he gave his sentiments as usual by way of Apologue. He mentioned the Eddystone lighthouse in the British channel as being built on a rock in the mid-channel, totally inaccessible in winter, from the boisterous character of that sea, in that season. That therefore, for the two keepers employed to keep up the lights, all provisions for the winter were necessarily carried to them in autumn, as they could never be visited again till the return of the milder season. That on the first practicable day in the spring a boat put off to them with fresh supplies. The boatmen met at the door one of the keepers and accosted him with a How goes it friend? Very well. How is your companion? I do not know. Don't know? Is not he here? I can't tell. Have not you seen him to-day?
No. When did you see him? Not since last fall. You have killed him? Not I, indeed. They were about to lay hold of him, as having certainly murdered his companion; but he desired them to go up stairs & examine for themselves. They went up, and there found the other keeper. They had quarrelled it seems soon after being left there, had divided into two parties, assigned the cares below to one, and those above to the other, and had never spoken to or seen one another since.
