1000000031

284 / 868

1\1 o N :. 57 1\1 o N
it t:e introduccd long aftcr tlle m:lrl~tt prc:por::on brt w~e l'l
(he: nH: h4S JCVI:U..:J (, om ,he propOI fl~ll cflclbldhed
in lhe COID ; arllt Ir lhe nt.W rr't!ul.'·IOO 15 n:: ..dc la hJve a
r':llo{r ':...'l, wlti. ICg.t IJ tu rhe "C'l0il~1I1g oC pc:t nltlncnt
contr ;~h e'OIt:l ld IntO, ,,11I1t! die: ,',due of tlu: monc: y–
" OH hJ.d at t.lchtd it(c1t 10 lhe llll rcncy. in canJe–
quen..:!! 01 lhe: r rinciplc .. l'U\'1! }:ud Jow n ; t!leR .he: reHo–
nng lhe mnnC)' unu (Q l hJ t fl;u:J ..rJ \'Ihrc: It ollght w
I:a\'(' r.:nuined (tO wit, l a lhe mean proportion) is an io–
j ,lI )' 10 f\ 1l d:.btOTS \'. ho hine contraélcd lince: lile time
1l:.. 1,he: propon ian o( lhe mc:t:ds b~gln. to vHy.
T llis is c1: 1T (1 0m (he (ol m~ r ,e;llonifiC. T he mo–
ment th: m:\rket'pncc of the: nlC:t;aIs dltrt" rs (rom Ih", in
lile coin, cvuy une \\ 110 h;\s payl1ll:nts to m:.tke, pays in
Ihat rpec;cs u·hiell is Ihe hi~hdt r::u~ rJ In the cOl n ; con,
(;:-quently, he ",ha Jcn~:s, Jcnds in tha( fpc:cics. It' alter
t!1:! e:>O\I'I\.<'1 , thcrC'forc, the unit is eatlled up 10 lhe
m:an proponion , this mull be a kfs: to h:m "uo Iu,d
ucno\\ed.
F rom this "'e Ol:ty p:-:ree:\'e, why the re ¡s ¡lrS iDeonve–
r.ience fro m Ihe 'ntyln~ of lhe propon lun of Ihe mela)' ,
""here the lhnd:ud is li'<.ed lO one of Iheno, tlnn \\ hen it
is fixed [O bOl h. In lhe fidt e:lfe. it ¡, oH lean unclftain
\\ h\!the r theflnnJwrd 01" lhetIIucl'flndjz(·fpahs is to rife i
confc:quentl y ir js unCert<li D whether Ihe dc:l.HOr$ or lhe
credltors are to gaín by a villi ation. lf thc:Jl(l11dard
fpecics Oloulci rife, the crcrlirors \Vdl g¡in i if tl1(; Ul(r·
,I:llndir.( Jtui~J rifes, Ihe dl btOrs wdl gain j but when
(he unit is auachnJ to uot h fpecies, Ihen Ihe credi tors
Ilel'er cao gain, I~t lhe mClals vary ;¡S lhey wiJl : it (jI·
l'cr rifes. lhen debtors will pay in gold; If gol..1 rifes,
debtors \ViII pay in (jh~r. Hut wht'lher Ihe UDit be,at–
u ched (O one or to borh fpaies, rhe infaIJible coorequence
of a v.u iation ¡" fhaf one half of lhe Jlffelence is cithe r
gained or 100 by úeblcls and cr..:JiloI S. The invariable:
uDie is conlt. ntly lhe mean proportional bet wcen .he two
me:'!.furl's.
J/D'W th( vnriat;IJn¡ in tl,~ ÍI.·tl¡"ji,· t '.'¡U( if tI·( unÍt Df
111)1.,,) lIJujJ t:1f"fi oIJI/)( d'''':j:ic f1.1(r~j{ if a /\'01/011.
If lhe chaoging thecon t<:.lt of Ihe bUnH~1 by which grain
is r.~ea furcd, would aIT.::él the ¡olent1 of thoCe "ho are
o!:ll:J!ed to pay , or \\ho ;'l. e inti tled tO reC~tVe, a cencli n
nl: clbu of bdhels of grai:-a for the rco t of J;mds ; in Ihe
("me. mant.c r murt e\'ery \',uia tion 10 lhe \'~Iuc: of the
u:lit ufarc(¡mp afT<cl all r t rf...,ns \lo ha, in pcrmanent con–
tr,,{ls. are nb lt~ed lO makt pJynlellts:, or \4 111) are intitled
l O f ec<.:i H funls (l r ni. ncy rlo p¡Ji\t~d ID mulli tllt's or in f rac–
tirrs uf th"t monC}' unu.
E \'lry \'atiation, lla rdore. ure,n the intrin(¡c ,,;Iue of
tJle Olomy ur.t, h;,s I~e d rl él ot b(ndillr.g the (Ir
crc:dilolS , at the expl nce uf clthlors, ur V lt ( v;rf t
T 1, s cor,lec¡ul nClls de.'u( (tJ (rom f.n oln i(I\H p,iflciple.
J.lc.ncy 15 nl':He or Ids \;;,;u.lHe in prt portion as It c;n
p\1l(Lnle mOle or 1.:(:; ~í :"\lef\' kirod 01' nh Nu\l'
\\Itt-OlH (J't ( l i:-~ 21V\ \I,'v Il.e c: L!'e! lr tilo: "le :tnJ f,¡J 1
nfprircs , It is ;::ln:. J "pe'o .. 11 hlO¿ S, \\ ht tha :;'0
~:J(.m( ,¡¡ :t1ie n t"f dI':: J~<.r,u ..d m.,[s of 11 ullt.'y in (Irc\JI,alon
I·O!! the , r:"'el tf trul r.~ r,i(lS in r.':-n ~ r..I, or 1101, ..ny
;:tu;:n:cnu,r;on e.f Ihe:: quanrtt)' of I~,C' t:le!4Is l ppoin:td 10
Le r :H into ,he r:lClrI y t;nit, n,eH ;.t I-:l!~ atIcé't the \'aJue
\' e L.. 111. ~:o. i9. z
of Ih tt monej'-uni r. and O1 ..l<e il pureh"fe mere of :\O v
comr:)o¡iol Y t!l J.n bdorc; that is co (;~ )'. ir J I J grdins of
fi ne: gnlcl, Ihe I"Lft"ut wt:l~h t of .. pounJ IIcrllOg In t:uIJ.
CU. b~y 11 ~ puunds of fiour i were Ihe pOl1nd (l C:1hog I,ultd
to 1 ' 1 1:' ;:105 of Ihe fame m~ud, il ll'ould buy : J 4 puur,d :$
of fiour; co;-¡fcqucntly, \Vere lhe pannll rlullOg J:ugment.
ed by one gr.t1O of golJ, t'\'uy 0l11lt'T who P;lI..1 a ren l
o r ten pounJs • yeH. woulJ be obliged to fell " 10
pou nds of h: ~ flo ur. in orJcr 10 procu re 10 pounds {(' pay
his rcnt, io r lare of 11 30 pot1nds of !lcur whlel! he lold
(ormcrl }' 10 p.ocure (he '~ nte fu m ; conrcqueotly, by t:,i,
inno\'dtion, lh!! mdler mull lure yearly ter¡ pounds of
# Rou r, \\ l11cll 11Is maner conf(:que Dd y muU ga;n. From
this c X~ nl?I:!, ir is plaio, thar every awgmen t:uion of me.
t:ds pU l ¡IHO lhe pounci ntrling, eil hcr of lih'cr or gold,
n hJfl imply an ; (h' antagc 10 the \Vh~lle cI.trs or creúltora
who are paiJ in pO\lnds flC:llin¡:, ;!nd cvnrcqut:l"tly m un
be. propon ion. 1 lof, to . 11 Gcbtor5 \Vho rnull p.y by
lhe f. na:.: d~nominalion .
o/ ¡he di/trdu in th~ Brilijb co;n. f(;I# jo /or aJ il o~.
, ,,/iOlll ¡h( IIUllil!g dll'Wn or1 /h( (x!orting ~f Ih~Ji.t:Ci~.
1 ' H E de[cl.'1s in Ihe: Britilli coi o are three.
t TIII), T he proponian between Ihe gold and fil ver in it
is found to be as 1 to 1 5 "J~' whereas dIe market price
nlJy be fUP Fofed to be nearl y as J lO 14}.
l JI). G reat pan of ,he cun eRl money is worn aDd
Jight.
3/io. Fram lhe fecond ddea praceed. the third . '0
Wil, lh~t there are fu'er,,1cu rrencies in círcul:uion which
plls for the Carne \·alue . without being of ,he fa me wcight.
4/0 . From .1I ,hefe ddea. refu l" the 1. (\ and greatdl:
inconveni'ence, 10 \Vit, thal fo me innovation mufi be madc,
in order lO Cel maUers on a right footing.
The Engllnl, beGdes the unlt of thelr money \Vhi eh
thcy calJ (he pound fierling, lla ve a.lro lhe unit of lheir
wClght for weighing the precious metaJs.
'I'his lSc..llcJ Ihe! pound troy , and con(jns of 12 ounces,
evcry·ounce of 10 plnny weigh t, and every penAy-weight
of ~4 grains , 'T he puur.d IrlJy , thertfore, con(¡ (lsof 2 40
p(nny.weigi't, <ln 1 5;60 !<.
T hc (j ,H:nt'fs of Ihe jil\'cr IS r~ckoned by [he r.ul1Iber of
ounees anJ penny' we:ghts of lhe pure metals in lhe pOQnd
truy of the compofco O1 arS ; (Ir in oth er words, the
pound troy, whrch coot~lns 5760 gr:tins of n:tnd.trd til–
\'er, conuins S 3~g granlS of ¡ine lilver. and 432 grains
or capper. CJII,J alloy.
1 'hus Híl nd al d lih'cr is 1 I ounces 2 penny Wtibh~s of
~nc (¡Iver In the: Iroy la 13 penny' Vleights cOI'\?er,
or 1 11 pal!) .inc lihc.r lO 9 p~rtS "Ihly.
g¡,1J is J 1 o~ln..:(,.s tine 10 on~ ounee fih'er or
cC'pp-:r em ~lcyed kr íllloy, wluch togltlhcr m.lkc the
pOllnJ lI oy; conCc:quently. Ihe p')l,od lroy of H .. nda rd
cold, cootdins 5 ~a.) grallls fine, and 480 ¡;rdios alloy,
wh ich all,y 1$ rl..ckullcd of no \'",Iue.
T his pou"d cr 11 ,nd",c.J ('I\ el '50IJ."d, by Ilalu.e or
the! 4,J 01 1.117. ...he~h. to be COIOtO into 62 lit lIiogs. 10
of \1. hl¡;h m., kc lite FourJ fll. lillg; C'o:l requendy the 10
fhl!ltn~s con!.tin 171 S. 7 craln5 al' line ¡ih H . an\t IS S8.o(¡
lIand.lld GI'<r.
T hc poor ti tro)' or Oan,!2,d I:CJltI, ~: fi :·e. ¡, orde« d
3 T t by