2255. DOLLAR, Copper coinage and.—[continued].
The Financier [Robert
Morris] supposes that the 1-100 part 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 anybody will receive there is the
half-bit, or the 1-20 of a dollar. In those
States where the towns are larger and more
populous, a more habitual barter of small
wants has called for a copper coin of 1-90, 1-96,
or 1-108 of a dollar. In England, where the
towns are many and populous, 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 busines is
evidently progressive. In Virginia, we are
far behind. In some other States, they are
further advanced, to wit, to the appreciation
of 1-90, 1-96, 1-108 of a dollar. To this most
advanced state, then, I accommodated my
smallest 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
suppose, 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.—
Supplementary Explanations. Washington ed. i, 173.
Ford ed., iii, 456.
(1784)
