Hamilton proposed a monetary system based on bimetallism, in which the new currency would be equal to a given amount of gold, or a larger amount of silver; at the time a given weight of gold was worth about 15 times as much as the same amount of silver. Although Hamilton understood that adjustment might be needed from time to time as precious metal prices fluctuated, he believed that if the nation's unit of value were defined only by one of the two precious metals used for coins, the other would descend to the status of mere 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.[2] On April 2, 1792, Congress passed the Mint Act of 1792.