Non-partisan (nationalist) President Washington signs the Coinage Act of 1792, establishing the Commissioner of Revenue in the Treasury Department and the united States Mint in Philadelphia, Pennsylvania, and defining the Dollar as either 24.75 grains of gold or 351.5 grains of silver; one ounce of gold is set at 19.39 Dollars, and one ounce of silver is set at 1.29 Dollars—a fixed ratio of 15:1.  Prior to the establishment of the United States Mint, the Union was able to manage its financial affairs perfectly using foreign gold and silver Coin (lawful Money). 

       NOTES:

• Prior to the establishment of the United States Mint, the Union was able to manage its financial affairs perfectly using foreign gold and silver Coin (lawful money).  Gold is gold, and silver is silver: No matter where it is mined and minted, it all weighs the same.
•  A fixed ratio of any kind defies the free market.  The prices of gold and silver rise and fall, usually in tandem, but seldom at the same rate.  Gresham’s Law says that “Bad money drives out good money.”  An artificially fixed ratio will result on the more valuable currency (either gold Coin or silver Coin) being withdrawn from circulation.  Murray Rothbard proposes a most sensible solution to this dilemma: Establish a “parallel standard,” in which the gold certificates and silver certificates are allowed to fluctuate in value according to the free market.  For instance, a purchase of 100 Dollars in gold certificates might cost 90 Dollars in silver certificates, or 110 Dollars in silver certificates, defending upon the exchange rate for that day.
• One avoirdupois ounce is defined as 437.5 grains.

       [restored 2/13/2021] Thanks to Freedom’s Phoenix for this entry.