Hamilton’s Report to Congress in 1791 and The Mint Act of 1792

Hamilton presented a report to Congress in January 1791 during his time as the Treasury Secretary outlining a proposed monetary system of bimetallism where the new currency would be equal to a certain fixed amount of gold or silver. The initial silver to gold ratio when the Mint Act of 1792 passed Congress and was signed into law was 15:1.

Analysis: From the very origin of the United State of America’s founding, bimetallism was intended to back the currency. Silver is of equal importance to Gold in our currency and monetary exchange choices. The abandonment of silver over time and then later Gold displays the extent to which the dollar has fallen in credibility and moral and ethical credibility.

We must return to a system of bimetallism to protect the purchasing power wealth of all classes in the Unites States of America. This will limit the ability of nefarious domestic and foreign interests from the obscene amount of influence that creating currency backed by nothing creates. It will make our dollar, or whatever currency we utilize, MEAN something again. There may be an angle for crypto here, but Gold and Silver must be the foundation of any future system to ensure its honesty and fairness to all in this society.