Sumner, The Financier and the Finances of the American Revolution, vol. Ford, The Writings of Thomas Jefferson, vol. This concept is supported by earlier writings of Thomas Jefferson in his "Notes on the Establishment of a Money Unit, and of a Coinage for the United States" (1784), and the 1782 report to the President of the Continental Congress on the coinage of the United States by the Superintendent of Finances, Robert Morris, which was apparently prepared by the Assistant Superintendent, Gouverneur Morris. Thus, the phrase "money of account" did not mean, by itself, that dollars or fractions of dollars must be equal to something having intrinsic or "substantive" value. On this plan the unit in the money of account will continue to be, as established by that resolution, a dollar, and its multiples, dimes, cents, and mills, or tenths, hundreths, and thousands.
There is every reason to expect that the method will speedily grow into general use, when it shall be seconded by corresponding coins. ., and it is certain that nothing can be more simple and convenient than the decimal subdivisions. In short, the phrases simply indicate that financial accounts are to be based on a decimal money system: Thereafter, Hamilton uses the phrases "money unit of the United States" and "money of account" interchangeably and in the sense that the phrases are used to denote the monetary system for keeping financial accounts. What ought to be the nature of the money unit of the United States? In that Report, Hamilton propounded 6 questions, including:ġst. The phrase was used by Alexander Hamilton in his "Report on the Establishment of the Mint" (1791). As far as can be determined, the phrase "money of account" has not been interpreted by any court or Government agency. The word "money" is substituted for "money of account" to eliminate unnecessary words. 980.) Historical and Revision Notes Revised Section A dime is a tenth of a dollar, a cent is a hundredth of a dollar, and a mill is a thousandth of a dollar. United States money is expressed in dollars, dimes or tenths, cents or hundreths, 1 and mills or thousandths. 104–52 without corresponding amendment of chapter analysis. Does not conform to section catchline.Ģ Editorially supplied. This chapter is referred to in title 2 section 802.ġ So in original. 1629, 1630, 1632, substituted "UNITED STATES MINT" for "BUREAU OF THE MINT" in subchapter III heading and added items 51.
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