merchandise, unusable as a store of value. He also proposed the establishment of a mint, at which citizens could present gold or silver, and receive it back, struck into money. On April 2, 1792, Congress passed the Mint Act of 1792. This legislation defined a unit of value for the new nation, to be known as a dollar. The new unit of currency was defined to be equal to of gold, or alternatively, of silver, establishing a ratio of value between gold and silver of 15:1. The legislation also established the Mint of the United States. In the early 19th century, the economic disruption caused by the Napoleonic Wars caused United States gold coins to be worth more as bullion than as money, and they vanished from circulation. Governmental response to this shortage was hampered by the fact that officials did not clearly understand what had happened. In 1830, Treasury Secretary Samuel D. Ingham proposed adjusting the ratio between gold and silver in US currency to 15.8:1, which had for some time been the ratio in Europe. It was not until 1834 that Congress acted, changing the gold/silver ratio to 16.002:1. This was close enough to the market value to make it uneconomic to export either US gold or silver coins. When silver prices rose relative to gold as a reaction to the California Gold Rush, silver coinage was worth more than face value, and rapidly flowed overseas for melting. Despite vocal opposition led by Tennessee Representative (and future president) Andrew Johnson, the precious metal content of smaller silver coins was reduced in 1853. Silver was now undervalued at the Mint; accordingly little was presented for striking into money. The Coinage Act of 1873 eliminated the standard silver dollar. It also repealed the statutory provisions allowing silver bullion to be presented to the Mint and returned in the form of circulating money. In passing the Coinage Act, Congress eliminated bimetallism. During the economic chaos of the Panic of 1873, the price of silver dropped significantly, but the Mint would accept none for striking into legal tender. Silver producers complained, and many Americans came to believe that only through bimetallism could the nation achieve and maintain prosperity. They called for the return to pre-1873 laws, which would require the Mint to take all the silver offered it and return it, struck into silver dollars. This would inflate the money supply, and,