bullion was at a premium
over gold bullion, the legal ratio being sixteen to one. In other
words, sixteen ounces of silver were worth, in the open market,
three to five cents more than one ounce of gold. All parties in
the United States were then looking forward to the time when United
States notes would advance in value to par with gold, the cheaper
metal.

The question before the commission was how to secure a common coin
that would be the measure of value between all nations, and thus
avoid the loss by exchange of the coins of one nation for those of
another. Mr. Ruggles knew that I had studied this question, and
therefore wrote this letter:

"Paris, May 17, 1867.
"My Dear Sir:--You are, of course, aware that there is a special
committee now in session, organized by the Imperial Commission of
France, in connection with the 'Paris Exposition,' composed of
delegates from many of the nations therein represented. Its object,
among others, is to agree, if possible, on a common unit of money,
for the use of the civilized world.

"I perceive that the opinions of the committee are running strongly
in favor of adopting, as the unit, the existing French five-franc
piece of gold.

"May I ask what, in your opinion, is the probability that the
Congress of the United States, at an early period, would agree to
reduce the weight and value of our gold dollar, to correspond with
the present weight and value of the gold five-franc piece of France;
and how far back such a change would commend itself to your own
judgment?

"I would also ask the privilege of submitting your answer to the
consideration of the committee.

"With high respect, faithfully your friend,
"Samuel B. Ruggles,
"U. S. Commissioner to the Paris Exposition and Member of the
Committee.
"Hon. John Sherman,
"Chairman of the Finance Committee of the Senate of the United
States, etc., etc., etc., now in Paris."

To this letter I made the following reply:

"Hotel Jardin des Tuileries, May 18, 1867.
"My Dear Sir:--Your note of yesterday, inquiring whether Congress
would probably, in future coinage, make our gold dollar conform in
value to the gold five-franc piece, has been received.

"There has been so little discussion in Congress upon the subject
that I cannot base my opinion upon anything said or done there.

"The subject has, however, excited the attention of several important
commercial bodies in the United States, and the ti