Born of the idea that man’s destiny was largely the result of his own effort and imagination, the United States of 1792 had grown to fourteen states with the addition, in 1791, of Vermont. The army, of about 5,000 men, was fighting Indians in the Northwest Territory. The nation had no navy and paid an annual tribute to the Barbary Pirates. The migration West had begun.
Due to the longstanding trade relationships with the Spanish possessions of Florida and Louisiana, Spanish silver pieces were the most common silver coins in circulation, followed by the English shillings and pence of the mother country. Because of the incompatibility of the Spanish and English monetary systems, the conduct of business, trade and everyday life was burdened with the need for intricate conversion tables. Accounts were, of necessity, kept both in English pounds and Spanish reales. Confusion was immense, and action was called for.
The need for a rational system for United Sta.... (Expand Text)