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M O N
f. uJ 10 ;dl Ihe clIrrencies in Eurar:: :' Dicl a SpanitlrJ, ;t
1:.C=Ol:hnI1n . or ~ D lIlchnuo, knuw lhe c'o[l qU:lmity of
í:h tr lHlllion which can l>~ bouglH ¡Iltlle Londuo m.uket
fcr ::l .p'ound Herliog. \\ cldd he inl'urm hil1lfdr any rJrlhcr
4S to· tht: intrinlic \'allleo(l hat lIlollcy· unit; would he nOI
undcrlbnd lhe:: \'alue of it La bcu\!r (rom that circum·
Hance lhan by ,he courfe .o f l 'Ycxd\ol.nge, !inee exchange
does nOI mark lhe intrin(j~ v tlue of mont:y, hUI ooly the
y.tlue of that mont:y tranrpon ed [rom ene place te ano–
ther ?
The price of bullion, thererore. when ít is nal influc:n:
ce.j by eXlraonJinary d.:maoJ, (fuch as fur lhe payment
of a balance of traoc , ar (or lI~aking an extraordmuy
provifion o( plate) but when it Ih nds at wlw every body
knJws l a be me:il:nt by the common nlarket price. is a very
tolerable meafllre of the valuc: of Ihe aflanl monc:y fiAn–
in any cou;l·ry.
If it be ther~fore true, th;n ~ pound fierling can not
above 1638 graios o( fin; "Iver bullion , it \\'ill
require nOl a liuk: IO~lc to prove lhal it is re .. lly. or hu
becn fur therc "lany yea rs, \\"onh Any more: notwi:h–
..1 anding that lhe weiglH of ir in is re ·
J(ulated by the laIVs of the kingJom at .? grains of
fin e fil ver.
If to lhis v,luation oC the pound flcrling dr"vn from
the price of buIlion, we aJd the olhc..:r dn'.vn (rom the
courfe of exch:lnge; and if by thi5 we nod, that when
papor is (ounn for papcr IIpoa e"change, a round Ilerliog
cannot p'urchafe above 1638 grains 01' fine fil\'er in any
country jn EUfClpe; upon lhtle t\Va authorities wc may
very (aCely eoncluJe (as to .he matter of (al! at leafl .)
thal Ihe pound fierling is nOl \Vonh more, citha in Lonunn
or in any o:her tr:hiing city i and if this be the cafe, it
is jufl woró 20 fhillings of 65 to the pound troy.
If therefo:-c Ihc minI were to coin fhdl ings at IIJat rate,
;¡,nd pay for (¡I,'.!rbu Ilion at lhe m:uket price, lhit ¡s, at
lhe rale of 65 p~nce p:r ounee in thofe ncw coined fhi l–
lings, Ihey 1V0uld be in proportion tO the ge,ld ; lilYer
,,"ould be earri<d toth< mint "~u,lIy with gold, ,nel would
be as lilde (ubjea 10 be ex~ortCd or mdted clown.
lt m:;y be inquirc:d in this pl.1ce, ho\V far the coining
Il.e po" nd troy into 65 Olillings is eontr¿rY to .he bws
o( England ?
T'h" ~n:l:n::nt :t {b.t~ r:ono'J rc~s .:1 cr:-tain qU<lntiry of
gold tO be \Vorth a certain quantity of (¡l ver, and orctcrs
tht[e rl!rpeélivt ql1.toti1ies of t:-tch Illetal to be recei\'ccl as
t quivalents of each olher, and as 1J.\V(ul mon!y in pay–
m ~o[s , that mOOlent gold is Ol"d, a tlaO(hrd as much as
lilver. Ji thcr~fore too fmall a quantity of gold be or–
dered or permiltcd 10 be confidered as an e'1 uivalent (or
the UGil , the filver l1an,:hrd. is (rom th;¡, t moment dc:baCed·
or indced, mOre properlyfpeakirrg, all (¡h'cr Olone }' is fro~
th"t Olo~en[ profajb~d ; for wllo, from thar time, will
( Ver pay in fi lver, when he can p.. y ch~::apcr in go)d?
G old, th<te(ure, by Cueh a 1.'.0, is made the !I.nJard, onu
all declaratlons to the are ag:liofi the maltee of
fa llo
W ere the king, thereCore, to eoin "Iver at 65 Olillings
in th( pound, it " del11 rJO(t r,Hion . I lJal /1) lild) (ln u{) he
wuu lJ CO,nll\;l nn adultcr uion upun the UanJard: the
;¡;h"t~r.tiotl i. alre,tdy eo.lllOittcJ . T h: II. nuHJ IllS
M O N
dcfcen30d to where il is, by O", d<gre". anJ uy the
opzration of puli tica ! cauf.:s only ; anJ nuehing prc'¡¡;OlS ir
(roOl (... lIing 10w(:1', bU[ lhe ft.J.nddrd of the golJ coin , LCl
guine.u be no\V l..:f1 tu fcek lhei r va lue .11 thc:y diJ f" rmc:r–
Iy, and let light filve r eontinue to go by tale, we Oull fte
the up al 30 Olillings in 20 ye.trs lime, as WdS thc–
eaC< in 1695 '
It is as .bfllrd to (ay that the fl ,ndJrd of Q.uecn Eha–
beth has not b«n ueba(cc\- by enal!ir'g that the EngliOl
unit Olall be .e~ui tted with 11 3 grain. o(finc golJ , ., i,
would be to aflirm that it would not be deo. fed (rol·a what
it is at prefent by enal!ing th.. a pound o( butt.. OlUuld
every where be received in paYOlent (or a pCJund flc:r1ing ;
althour,h the pouad flerling fh ould eontioue to eonlill of
30unees, J7 p<:nny-weights, anu 10 grains of Uand.trd
"Iver, aeeording tO the flatute of Ihe 43d of Eliz: beth.
In .ha, moti dcbtors would pay in butter, .nd fi lver
wOllld, as al prefcot, acquire a conve ntional value as a
metal, bu t \Vould be lookcd upon no longer as a fl.ndud,
or 3!' money .
I( thercrore, by the la'. oC England , a pOllnd flerling
mufl eonfitl o( t 7 t8 .? grains troy of fine "Ive r; by tl,e
law of Eogl and alfo, l t 3 grains o( gold ",ufl be o( the
[.:tI11C valul!: but no Jaw can enJblirh that preponion ;
confeque ntly, in whicb ever way a re(ormalion be brought
about, fomc ]aw mufl be revt((ed; confequendy, expe–
diency, and not compliance with law, muO be the motive
in refurmi ng Ihe obure.
}'rom whd{ has becn (;¡,j(I, il is not at ::all fLlrpri fi r.g Ihar
Ihe pound !Ierling OlOulcl in (aél be r~dueed n:"lr to the
valuc o( Ihe gold . Vvhelher it ought to be kept at tha,
valuc is aoother qudlion, Al! thu \Ve here: dc:cide·, ¡s,
that eoi ni"g the pounJ Hay into 65 Oli llings woulu re–
flore the proponion oCIhe metals, anJ reoder bDth fpeeies
comOlon in circuldtion. Hut rellor in o che weigh t anJ
pr oportiont>f the'coio is not lhe di(licul~)' which prevents
a reformation of the Eng!iOl coinage .
CircumjJanuJ lo b~ al/!ndl'd ro in a n('W regulari~/J of tl'(
BritiJb cain.
T o propie ""ha do not the nature of fu eh
opcrations, it may have an :lir of juHiee lO fupporl lhe
unit at wh H is common ly bdievtd to be the (land::ard
of(~een Eliz.tbeth, to wit, al 1718 .5 grAins offinc lilvcr.
T he regulatiog the fla nuard of both filv er anu gold tO
~,.~ fine, anu lhe pllund Oerling to ruu r ounees OanJard
fi lver, as it !Ioou duriog the reign o( nu«'n Mar)' l. has
aIro ilS adl'antages, as Mr tf.lrris has olJlerveu. 1t nl.lkc:s
the crU\.\In pi..:ce tOwcigh jun one ounee, {he Olilling fou r
penn}' weig!H, and the penn}' cigh t graios ; con:e'1 l1tntlr'
were the new Uatllle to bear, lhat lhe weigb t of the COI n
Ihould regu ldte its currency upon certain occ:l6ons, lhe
ha\'ing the pitccs" adjuU ed tO certái n ali'l\lot paru of
\Vtigh I would Olake weighing eafy, and would accu H~nl
Ihe eommon peorl< to judge of the value of muney b)' ItS
woight, and not by the .
In that ca(e. there miCht be a con~eni('n('y in Oriking
Ihe gold coini o( the fame wtighl widl the fih'cr ; bec:tufe
the proportio,,' of ,heir \"2lucs ,,"ou ld then eonll, ntly be
Ihe f..me Wilh lhe propon íon of Ihe m~t.lls . T'he t!('IIJ
erOIVns wuulJ be wurth at prcf,'nt, 3/. 12J, 6.1. the.
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