^{page 305 note *} English exchanges in the United States are always calculated 4s. 6d. to the dollar.

^{page 306 note *} The director of the United States Mint, reporting upon the alteration, state s that “The depreciation of the standard weight of the half dollar and lower denominations of silver coins, authorized by the Act of 3rd March, 1853, has been attended with good results … The new issue has reached the sum of 8,654,161 dollars, which is a larger amount than we have struck during the five years preceding … The appreciation of silver made the alteration necessary … In England, since 1816, a silver currency has been maintained by similar means … There will constantly be a varying per centage offluctuation(in the relative values of gold and silver), and this will some time be so great as to compel a legal modification of standards … Although our own standard of silver has so lately been changed to snit the market, there is reason to fear that the reduction of weight was not sufficient, and that another recoinage, at no distant date, may become necessary.”—Read by Mr. Franklin at Society of Arts, February 14th.