1000000031

M O N

by ' n •

.'1

o( King

Ch.rI"

, 11 .

he eu. in.o

1~ ~

gni –

nc,ls; Ih.H 15 10

lA)' .

e\'

tt.ry~

ulneíl'·\lIl1Ain!l

12 )

·11

J.tr

~ins

offbndard gold, ílnd

d~Jq.1

filie

gpld,;

and Ihe

ruunJ

fl crlinJ::.

hle!, is

uf dUo:

cninc....

cunl.uns .11

2 '9?1~ ,

which \Ve m ...

(l ...

te al l ' 3 nrnills of ¡ille gulJ.

The

COih;¡~:'!

in Enr.lan\1 is

enlu cly

dcf,aycJ

lhe n r."

pence of lhe Il.lIe. 'rile

11);1\1

I" ice

fuf

lhe

mC(ítls

is lhe

\'ery

f.me

\\11th

lhe pric.:

úf

.J I\!

coi n. Wlh' t'ver carries

t O

the mint

40 on nCe uf

fland,trJ lil ver,

rcccivcs fllr

fil"t:r

,,::{Iin

5/.

or (12

ti.'

whucvcr

carril"

an ounee of

ftaou" rd gohl n:ceivcs

golll

coin

3 /' 17

J .

~ .

Ihe

one and lhe olher making e".:..tlly ao

OllllC(:

th~

Carne

fi ot:nefs

with

lhe

bulliun. Coin ,

theTerarc, '

c~n

hitvt:

vAlue in the

mou

k Cl

aboYe!

uullu10

conft'qucntly, no lofs

C~n b~

¡ncurred

(hu(e;:

who

IHclt

ir down .

Wheo the: euinea

w~s

lidl flru, k. lhe government (not

inelining

fix .he pOllod lIelling

.he gold eoin

the

nation) rixcd lhe

gllllH:a

!hilltngs, (whi.:h was then

below its propnrtlon

(he Cih'cr) le"ving it tO

(c:: k

its

own

p~ice

aboye that villue, aecolding

lhe

eour(e of

. he

m:uket.

.his regula.ion no In,", was done

.he Englilb

tilve, nandard; bce.ufe .he f,uinea, or • t8.644 grains

fine

gold

being wonh more , at that lime, lhan

(hil –

Jings, o, 17.8 ' 7 grains fioe filvcr, no d<blo, would pay

Wilh

gold al

Handolrd vOIlue,

;mJ

wha'ever it was re–

ceived

for above that price ....'as

cly cOIl Hntional.

AecordlDgly guineas (c1ught lheir own pri ce

untd the

yeu

1728,

that thcy wcre fixed a new, not

b~low

their

'\' lIlue as a,t fidl, hut al what

W2S

lh t:n reckoned their ex –

aft

value, accorói ng

(he proroníon of the mel¡(ls, to

\Vit, :!.t

thillinus, and al t!lis they wcre C>rd u:d lO

par! cúrrent in

aJJ

paymc::nu.

This operA'ion had .he cffeél of m;¡king .he cold •

Ilanda,d as well as .he tilve,. D dHOrs .hen

p1i,1

iaJi r·

fdendy in gold

well

a, in fih'er , bCl.:,,·ufe;:

lJuth

were

fuppofc:d

be of Ihe foln)!:! intrinlic as well ,¡o; cuncnl

Vd–

lue;

whi~h

cafe no ineon\Oenic::ncc coulJ fllllow upon

this regulation. Bnt.

tiOl~,

filver c¡une to be more

demanded; the mak ing of pl.u e bl'gan

pre\r"il more

e h~n

fOlmc::r1y. anó the exportation ol lilver to lhe Ean

I ndit s incrt:¡(ling yearly, mane the:

dc;man,1

for it greatcr,

or pt rhaps brought its qU:ln tity tO be:: prnportion.dly le(,

eh"n before.

~rhis

ch:!.nged lhe pT oponioll or the mcttds ;

and

flow

degrecs

lhe)'

hav~

come frum tha!

( the propo,' ion thcy were rupl'ort:J to hA"C

\L/hen

lhe guineas wcre fixed and made

I.\wful ntoney at

fh ,lltngs) tO .h•• o( '4 .5 .heptelon.

f Uf'f''ifa/p,oportioll.

The

confcqu,!ncc of this hM.

),('en,

lh~t

the

f.lm!

gui

nea

which \Vas wonh

t ROt °tí

gl'~in!-

fi ne fihcr , at lhe

time:: it wa! (ixed al

nlllllll~S ,

is now \l.'orth no mure

than

719.9

gr..

ini

(¡oc

ril\fe r aCLorJ mg

\ 0

the propor·

tion of

14{

l .

Conrequentl y. d<b.oro, wh. h.lVe .1",.)" .he op.ion

o( .he legal (peci<s in

p'yi n~

thei, deL" . wdl p.•y pou nds

Itcrling no more io fi lvcr OUI in $!old; and as lhe r,.old

f ounds thcy pay io, are not intnofiColll y wonh lhe filver

r ou nus l!tey ¡,ald ín fo,m ell y. accoIlllIlg

the

n.ll

ute of

E ltz.lbcth, it fullows

thAl

rhe

ruun~l tI~ll,ng

in filvcr is

u~ally

no more.

,he

(lAnd;¡ IJ, lince no

lwdy

will

p"y

, bal ra.e, aod fioee DO body coo be eOOll'ell, J

it.

l\!

O N

Hefidcs this W;'lnt 01 p'oponion

hctwe.er

'l the m

·t:tt"

the

Cilvcr c?inrtl bt'rore

lhe

rt:l~r'I

G'!urg.:

is nnw

be–

cume

" nht

by circul.uion ; anu the guineas cuined by

i\1l

.he I' ,in«s fince ( ·h.des 11. p If, by .ale, .hough

OI.ny

of thcm are confiJtr:1bly

diminlÍh~d

in thei r

w~ight.

]

.~t

lIi

now cXflmine whal pro(jt the Wdnl of proror.

tion and the \Vitnt of \IIeight in lhe coin can a(ford

the

llIoney.j ,hbcrs, in mching it

ctown

or exporting iI.

DiJ ever)' body eonfid<r coin only as .he

me.fu'

e (o,

reckoning v,due,

withoUl

i\t1endin~

to ¡es vdl ul! as a me–

..1, .he d."i>tioos o( gold and filvc, eoin f,om pe,feél

~ xi\étnels

either as

proponion or

wci~ht

,would

OCC1-

{jon little inco nvenienceo

(jreii!t numhers ¡ode'co,

e'fery modero rociety, con–

(ider coin io no othcr

li~'H,

than

th.lt

of money of OIe–

compt;' :!.nd have great difliculty lO comprehenci

whilr

cilr–

ft re nce any one can find between a

li~ht

fll illing tt nd

heavy ooe; or what inconvenience there Cfln pofTil>ly re–

fuh (rllm a

~l1i nea's

beiog

(ome graios of lioc

gol.!

(00

ligh.

' 0

be IVorth

Ilings

f1.nd

" J wcigh. . And diJ

every one lhink in the fame Wi\y, there \Youl.::! be no oc–

cafion (or coin o( lhe precious metals

:tI!;

leclther,

copper, ¡ron, or paper, would keep the reckoning as well

as gold and filve, .

Hu. al.hoOgh .he,e be

m.ny

who look

(.rthe, .I.. n

al the llan1p on {he coin , lhere are olhers \\

hoCe

role

bu–

{jne(s it is tO examine its intrinfic 'Vonh as a cummoóity,

and to profil of every irregularity in lhe weight and pro–

portion of mCl.¡]s.

By lbe vt:ry inHitUlion of coioagc, il is implieó , lhar

every piece

the (ame metal,

2nd

fame dl!no:n:nation

wi.h ,egard

.he mooey·uoi., 0..11

r.fs

eU'fcnt (o, .he

(Ame

vAluc.

is,

~herc(or(.',

the emr10yment of

mODcy-johhe~s,

to eXolO1ine, Wilh

felupulous exaélne(s, Ihe preclfc

weighl or every piece of

COlO

which COIOCS¡nto their hanJs .

T he fi,n obleél o( Iheir atten.ion, is, !he plie<

.he

mClals in the market :

jobber finds, al preE:nt. that

wi.h

14 '

rounds o( fine filv er bu Ilion, he c>n buy one

pound o( (¡ nc t old oullion.

He .he,erorc bu)'s up wi.h

~olJ

eoin, all .he ne," fil–

ver as (aH as

is coined, of \l/hich he

C..\11

gel al Ihe rillC

15 . 2

po.,nds (o, ooe in golJ ; .her<

1 5.2

pounds fil–

ver coin he melts do\vn ioto bullíon, aod Cun yerts th at

baek into gQld bullion, ¡:iving a••he rate o( only '4 '5

pOllnds for une, ,

Ihis opt'ration he renuios with the valuc o(

y-",s

0 8('

potlnd weighl of til vc::r

Ilion ele,lr profi t

UP"1l

¡¡,e

• 5

pounds he Lought; wh,ch

T''6

is ,e.,lly lofl hy the

OIao

who io.ldverlent!y cuinco (il\ler

ott

lhe mínt, and

b·

I VC

to the mc..ney.jllbber for hls

guido

~rhus t ~le

fldlC

10-

fes lhe expcnce: of lhe

coin:l~c ,

and the publte the! cún–

"enience

chan~c

for th<ir

llt1inc.ls

HU! Itere i. m,y be an<cd, Wh )' lb o., ld

t1, _'

OIoney–

jobl"er md t clown tire fil ...

coín?

ColO

not huy

bol~\

""ith it as well

\\'nilOUl

meltinn

doJwn ?

Il e

C.l.Rntlt

hcc~u re

when

is in coio he

cd~lnOt

a\ ai l hilllrdf (lf

ItS

bc.ing new

and

wci ch ty.' C ui n

h0\. S

1,1,1..: ,

~('{

b'y

wl i~h t ; t hete(ol ~.

were

cume

malkC't. \\·Ilh .IIIS

nc\V Glver coin, &c,IJ

bulli~ln

ucing fuld at Iht' "Hne

pOL"" ,

wcnllllfUf'ro~" i l. .:,t3 1.

J iJ.

IO!.-!.

H<dIP20lonc '(

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