United States Government. AN ACT ESTABLISHING A MINT, AND REGULATING THE COINS OF THE UNITED STATES. Journal of the Senate of the United States of America, Being the First Session of the Second Congress. Philadelphia: John Fenno, 1791 [1792]. Folio [32 by 19.5 cm], later brown speckled quarter calf with marbled sides, well executed in contemporary style; five raised bands, ruled in blind; red morocco spine label, gilt. 228 pages [last misnumbered 224; the Act is found on pages 90–96]. A tall copy, with wide margins. Fine. A beautiful copy of the entire U.S. Senate proceedings, including Acts and votes, of the First Session of the Second Congress, October 1791 through May 1792. Includes the full text of the unamended "Act Establishing a Mint, and Regulating the Coins of the United States," and much of the discussion and debate from October 1791 leading up to the passage of the foundational Act. Also includes discussion of the later House bill, "An Act to Provide for a Copper Coinage." Of unparalleled importance and very scarce. The history of the Mint Act goes back to Alexander Hamilton's January 28, 1791 report to the House of Representatives on establishing a Mint and a uniform currency. This report drew upon earlier efforts, but Hamilton's work was the seed from which the final Act really grew. Hamilton's report had to contend with the chaotic currency systems in place in the U.S. markets, which varied considerably across time and place. The crux of the matter was that the U.S. economy was tied to the coinages of foreign nations, and that U.S. sovereignty was not fully realized under such a system of dependence. Thomas Jefferson had much to say about Hamilton's report, as did Robert Morris, the senator to whom the final proposals were given. On March 3, 1791, Congress passed a Mint Act, albeit one that did little but authorize the President to hire the necessary personnel and purchase the required equipment. It did nothing to establish a U.S. currency or coinage in any practical way. The above leads up to the events chronicled in the present volume. On October 25, 1791, George Washington reminded the entire Congress that "The disorder in the existing currency, and especially the scarcity of small change, a scarcity so peculiarly distressing to the poorer classes, strongly recommend the carrying into immediate effect the resolution already entered into concerning the establishment of a Mint. Measures have been taken pursuant to that resolution for procuring some of the most necessary Artists, together with the requisite Apparatus" (page 10 in this volume). On October 31, a committee was formed of Senators Morris, King, Izzard, Cabot and Henry to work on the Act. On December 21, the committee's bill had its first reading, followed by a second reading beginning on December 26. On January 5, 1792, the bill entered its third reading, with amendments concerning personnel, reports, reverse designs and other subjects discussed. The amendments being agreed upon, the entire text of the Act is printed in the Journal for January 12, 1792 (pages 90–96 of the present volume). This version of the Act retained the wording in Section X mandating the likeness of the president on U.S. coins. The bill was sent to the House for their approval, but they sent it back on March 26 with an amendment to this section, which the Senate initially refused. After the House adhered to its amendment, the Senate receded from its disagreement. The bill was enrolled on March 28 and signed on March 30 by Vice-President John Adams, following the signing of the bill by the Speaker of the House of Representatives. On April 2, 1792, the following announcement is made: "The President of the United States has this day approved and signed 'the act establishing a mint, and regulating the coins of the United States'" (page 171 of this volume). The discussions reported in this volume are important not only for their record of what came to pass, but for their illustration of notions that never made the leap into actuality. The discussion of reverse designs on January 9, 1792 is particularly interesting: "And upon the reverse of each of the said silver coins, in the center of the exergue, there shall be an engraving of two hands united, and around the margin of the piece as many circles linked together as there shall be States in the union at the time of the coinage, each circle containing the initial letters of the name of its respective State; and between the representation of the united hands and the circles aforesaid, there shall be this inscription in an annular form: 'Dollar of the United States of America,' where the coinage shall be of a dollar, but where the coinage shall be of parts of a dollar, expressing the same accordingly" (page 73 of this volume). There are only three recorded 1792 printings of the "Act Establishing a Mint," the other two being only the text of the Act itself, without the Congressional context leading up to and surrounding it. Only the present printing gives this important contextual information, allowing the reader to appreciate the Act's full significance. Other important legislation discussed in this session included the establishment of a post office, uniform militia laws and laws regarding protection of the frontiers and the Ohio Territory. This copy is exceptionally well-preserved, in an attractive binding that, while modern, is in contemporary style. As the pages are also in immaculate condition, with wide margins and the original wavy texture resulting from good paper being bitten with hot type, this volume is more pleasant to read than most publications of 100 years later. I purchased this volume in 2008 and featured it as the first lot in my first mail-bid auction, hoping for an auspicious beginning (it sold for close to twice its estimate). A wonderful copy of this enormously important volume. Evans 24911. Ex David F. Fanning Numismatic Literature, Auction I, lot 1; ex Cardinal Collection Library.