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Understanding money.(LETTERS TO THE EDITOR)(Letter to the Editor)
Kudos are in order to Mr. John F. McManus for his articles in THE NEW AMERICAN, April 18 issue, "Government's Attack on the Dollar" and "The Evolution of Money."
In the latter he mentions the constitutional grant of power to the Congress to "coin money" (Article 1, Section 8), which meant only that Congress could establish a mint where a fixed size, purity, and weight of coinage could be manufactured. In pursuance thereof, the Congress enacted the first public law establishing a mint. It was signed by President George Washington. Readers may find some of its provisions interesting:
Annual salaries for mint employees were to be $2,000 for the director; $1,500 each for the assayer and chief coiner; $1,200 each for the engraver and treasurer, and for clerks, "not exceeding $500."
Mint officers unable to keep coinage composition within one part in 144 parts of specified purity and weight ...
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Source: HighBeam Research, Understanding money.(LETTERS TO THE EDITOR)(Letter to the Editor)