“Whilst I am vindicating myself from the censure, indiscriminately thrown upon the management of the Mint, I do by no means concede that the censure is justly applicable to my respectable predecessor. The solid talents of Mr. Rittenhouse will be remembered with pride, and his mild virtue recollected with tenderness, by his countrymen, when many of his censors will be forgotten in the silent dust. His lofty and correct mind, capable alike of ascending to the sublimest heights of science, and of condescending to regulate the minute movements of mechanical machinery, organized the Mint, and created the workmen and the apparatus; amidst the complicated difficulties from which the most persevering minds might have shrunk without dishonour. A very long and debilitating state of ill health prevented him from giving the establishment all the activity of which it was susceptible; and he long wished to retire before he was permitted. His country suffered him to retire, without remembering, that it was the duty of a liberal nation to provide an independent retreat in his old age, for one of the noblest of her Philosophers; and to this neglect, it is attempted to add unmerited obloquy.
“I quit the ungrateful theme with disgust. I am consoled by the approbation of him, by whom to be approved, will gladden the heart through a long life. I rejoice that I quitted an office which subjects its holder to such unjust censure, by the advice of my friends, who in prophetic spirit told me, ‘that such offices were suited to men who could bear up against censure, though they did not deserve it,’ which they did not believe me formed to endure.”
“Henry Wm. De Saussure.
Charleston, S. C. Feb. 5. 1796.”
A national coin having been always considered as a proper, if not an absolutely necessary, attribute of the sovereignty of a state,[[272]] the establishment of a Mint, for the United States, was pretty early contemplated. A plan for that purpose was brought into the view of congress, in the last year of the war; although no national coinage was instituted until ten years afterwards. The early part of the year 1780 was extremely disastrous to the affairs of the United States. The fall of Charleston, S. C. depressed the spirits of the country: and the almost total failure of public credit, accompanied by a want of money, and other means of carrying on the war, about that period, paralyzed the measures of the government. Such was the apathy of the public mind, in regard to the perilous condition of the country at that crisis, that many members of the general assembly of Pennsylvania, which was convened on the 10th of May, in that year, came thither with petitions from their constituents, praying to be exempt from the payment of taxes.
But while this assembly were in session, a letter was received from General Washington by the Supreme Executive Council of the state, and by them confidentially communicated to the legislative body, in which the distressed condition of the army was faithfully described. Among other things the General stated, that, notwithstanding his confidence in the attachment of the army to the cause of their country, the distresses of the soldiery, arising from a destitution of those necessaries which were indispensable, had become extreme; insomuch, that appearances of mutiny were so strongly marked on the countenances of the army, as to occasion in his mind hourly apprehensions of the event.
This appalling information, and from such a source, elicited some latent sparks of public spirit. Voluntary contributions were immediately begun; and Robert Morris, Esq. a merchant of the highest credit—as well as a man whose patriotism, talents and enterprize, inspired confidence—contributed two hundred pounds, Pennsylvania currency, in (what was then called) hard money. This subscription commenced the 8th of June, 1780: but it amounted, in the whole to only 200l. hard money, and 101,360l. in the public bills of credit, or paper-money, denominated continental.
On the 17th of the same month, however, a meeting of the contributors to this fund (which was intended as a donation, towards carrying on the recruiting service,) and of others, was convened in Philadelphia: with a view to promote the object more extensively. At this meeting it was resolved—“to open a security-subscription, to the amount of 300,000l. in real money; the subscribers to execute bonds to the amount of their subscription, and to form a Bank thereon, for supplying the army.”
This was the origin of the “Bank of North-America,” which thus took its rise from an association of “a number of patriotic persons” in the city of Philadelphia. The plan they formed for the purpose was communicated to congress by the secretary at war, on the 20th of June; and the next day they were honoured with a vote of thanks.