Report of the Gold Committee
On April 19, 1776, a motion was brought before the Second Continental Congress in Philadelphia, to ascertain the value of various gold coinage circulating in the Colonies. A committee of seven was appointed, made up of James Duane, George Wythe, John Adams, Roger Sherman, Joseph Hewes, Thomas Johnson, and William Whipple.[1]
The "Report of the Gold Committee" was read on May 22, 1776. The manuscript is in the handwriting of George Wythe, with additions and corrections by Charles Thomson, James Duane, and Roger Sherman.[2] The endorsement on the second page indicates that Thomas Jefferson was made a member of the committee.
Document text, 22 May 1776
Page 1
Whereas, the holders of bills of credit emitted by authority of Congress will be entitled, at certain periods appointed for redemption thereof to receive out of the treasury of the united colonies the amount of the said bills in spanish milled dollars, or the value thereof in gold or silver; and the value of such dollars, compared with other silver and with gold coins, is adjusted estimated by different standards in different colonies, whereby injustice may happen in some instances to the public, as well as to individuals which ought to be remedied. And whereas the said bills, having been issued at the full value therein expressed, their credit, credit of the said bills, as current money ought to be supported by the inhabitants of these colonies, for whose benefit they were issued at the full value therein expressed, and who stand bound to redeem the same, according to the like value; And the pernicious Artifices of the Enemies of American Liberty to impair the Credit of the said Bills by raising the nominal Value of Gold and Silver ought to be guarded against and prevented, Therefore,
Resolved, that the several gold and silver coins passing in the said colonies shall be received into the public treasury of the continent, and paid out in exchange for bills emitted by authority of Congress, when the same shall become due, at the rates set down in the following table:
Weight Value in dwt. gra. Dollars English Guinea 5 6 4⅔ French Guinea 5 5 4⁵⁄₉ half Johannes 9 0 8 Spanish Pistole 4 8 3⅔ French ditto 5 4 3½ Doubloon [4] [4] Moidore 6 18 6 English Crown 1⅑ French Crown 1⅑ English Shilling 0²⁄₉ Spanish milled Dollar 1 Dollar of contintental money Resolved, that a deduction at the rate of one twenty ninth part of a Dollar per Grain shall be made on all gold coins falling short of the weight specified in the aforesaid Table, and an advance at the same rate shall be allowed on such as exceed the aforesaid weight.
Page 2
Resolved, that the value of all other gold coin current in these Colonies all parts of the several Gold Coin before enumerated shall be rated in Just proportion to those contained in according to the foregoing table according to their weight and fineness: and that Gold not coined in Bullion shall be at the rate of Seventeen Dollars per ounce Troy weight Sterling alloy, and silver at one Dollar and one ninth of a Dollar per ounce.
Resolved, that all bills of credit emitted by authority of Congress ought to pass current in all payments trade and dealings in these colonies, and be deemed equal in value to gold and silver, according to the rates set down in the foregoing table; and that whosoever shall offer, demand, or receive more in the said bills for any gold or silver coins, or bullion, than at the rates aforesaid, or more of the said bills for any Lands, houses, goods, wares, or merchandize, than the nominal sum at which the same might be purchased of the same person with gold or silver, every such person ought to be deemed an enemy to the liberties of these colonies, and treated accordingly, being duly convicted thereof before the committee of inspection of the place where he resides [of the City, County or District, or in Case of Appeal from their Decision before the Assembly, Convention, Council or Committee of Safety, of the place where he shall reside, or before such other Persons or Courts as have been or shall be Authorized by the General Assemblies or Conventions of the Colonies respectively to hear and determine such offences].
May 22 1776 no. 1
Report of the Gold
Comtebrought in May 22, 1776
Duane, Wythe, J. Adams
Sherman, Hewes, Johnson
Whipple, Jefferson
See also
- Draft of a Resolution in Relation to British Hostilities
- Report of the Committee of Treasury, 12 November 1776
- Wythe and Committee to Congress, 6 April 1776
References
- ↑ 'Journals of the Continental Congress,' vol. 4, January 1-June 4, 1776 (Washington, D.C.: Government Printing Office, 1906), 293-294.
- ↑ 'Journals of the Continental Congress,' vol. 4, January 1-June 4, 1776 (Washington, D.C.: Government Printing Office, 1906), 381-383.
External links
- Read this book in Google Books.