Coinage

and a gold " dollar," the question of relative value of the two metals is involved. It was assumed in the above rating that silver was to gold as 15 to 1. We have had one instance before us already when Massachusetts, in 1761, overrated gold in the coinage and drove out silver. If the rating should be correct at the time of passing the coinage law, yet the fluctuations which are continually taking place in the relative value of the two metals would in time disturb the relations, and only one metal would circulate, viz., the cheaper one. France has changed to a silver currency only, and then to a gold currency only, by these fluctuations since her mint law fixed HISTORY OF AMERICAN CURRENCY. 61 the relation in the coinage. The ratio of 15 to 1 was, at this time, unjust to gold. The actual market value being 15J-to 1. We shall have occasion to notice the operation in this case. BANK ISSUES IN NEW ENGIAND.