Congress took no action on the matter until 1783, when a young Congressman from Virginia named Thomas Jefferson became chair of the currency committee and eventually designed the monetary system we now know. The more complex matter of determining exchange rates, and the value of the new dollar was left to Superintendent of Finance Robert Morris who drafted a proposal that one American dollar should equal 1,440 Spanish dollars. Because the coin could be broken into eight portions – each a “piece of eight” – in our Westerns and even today, people continue to refer to a quarter as “two bits,” referring to it being equivalent in value to two pieces of eight. Recognizing the need to create a unified standard of coinage, Congress adopted a resolution in 1782 declaring the dollar our national monetary unit – based on the With the coins of so many countries in circulation here, America’s money supply was nothing short of chaotic. Three colonies – Connecticut, Massachusetts and Virginia – had even declared Spanish dollars as legal tender.Ī variety of other currencies circulated throughout the young nation as well – from the British half-pence to the French sous and various gold coins from France, Portugal, Spain and Britain. Throughout the colonial years, much of the young nation had become accustomed to the Spanish dollar, and its fractional components – the real, the half-real or the “medio,” and so on. Paper currency was largely distrusted because it was irredeemable, unlike a coin made of silver or gold. In those days, the new nation was using the currencies of various foreign nations. Instead, monetary discussions centered on establishing a monetary system that would allow for service of our revolutionary war debt, and on what standard our nation’s monetary system should be based. There was no interest in paper money in the early United States after the inflationary experiences of the Revolutionary War. The earliest American coins were influenced directly by many of the Founding Fathers. I am pleased to have this opportunity to discuss the business practices of the United States Mint and its status as a leader in international business but, to understand its role internationally, it helps to understand its history. I like your Chairman Joe Gildenhorn very much, and remember very fondly the years I worked with Lee Hamilton and Mike Van Dusen when I was at USAID. I carry great respect for the Center’s work. Knowing of the Woodrow Wilson Center over the years, I have enjoyed reading your papers, and being one of your many loyal listeners on numerous international subjects. It is truly an honor to be here with you today. Careers, Fellowships, and Internships Open/Close.Wahba Institute for Strategic Competition.Science and Technology Innovation Program.Refugee and Forced Displacement Initiative.The Middle East and North Africa Workforce Development Initiative.Kissinger Institute on China and the United States.Nuclear Proliferation International History Project.North Korea International Documentation Project.Environmental Change and Security Program.Hyundai Motor-Korea Foundation Center for Korean History and Public Policy.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |