IMAGE EVALUATION TEST TARGET (MT-3) y.^ ^ ill 1.0 1.1 1.25 ^ \^ 12.0 111 ■11 |22 m IL^ 6" ^ '^^ V Photographic Sdences Corporalion 23 WIST MAIN STRKT WnSTIt,N.Y. 14SI0 (71*)t73-4S03 c;hm/icmh Microfiche Series. CIHIVI/ICIVIH Collection de microfiches. Canndian Institute for Historical IMicrcroproductiont / inttitut canadien de microreproductions historiques Tttchnical and Bibliographic Notas/Notot tachniquas at bibiiographiquaa Tha Inatituta liaa attamptad to obtain tha baat original copy avaiiabia for filming. Faaturaa of thia copy which may t>a bibliographically uniqua. which may altar any of tha imagaa in tha raproduction, or which may significantly changa tha usual mathod of filming, ara chackad balow. D n n D Colourad covars/ Couvartura da coulaur n~| Covars damagad/ Couvartura andommagia Covars rastorad and/or laminatad/ Couvartura rastaurta at/ou palliculte I I Cf propriata. All othar original copies ara fllmad baginning on tha first paga with a printad or llluatratad impraa- sion, and anding on tha last paga with a printad or llluatratad imprassion. Tha Iaat racordad frama on aach microficha shall contain tha symbol ^»> (moaning "CON- TINUED"), or tha symbol Y (moaning "END"), whichavar appliaa. Las imagaa auivantaa ont AtA raproduitas avac la plus grand aoin, compta tanu da la condition at da la nattatA da I'axamplaira filmA. at an conformitA avac las conditions du contrat da fiimaga. Laa axamplairas originaux dont la couvartura an papiar aat ImprimAa aont fiimAa an commandant par la pramiar plat at an tarminant soit par la darniAra paga qui comporta una amprainta d'impraasion ou d'illustration, soit par la sacond plat, aalon la cas. Tous las autras axamplairas originaux aont fiimAa an commandant par la pramlAra paga qui comporta una amprainta d'impraaaion ou d'illuatration at an tarminant par la darniAra paga qui comporto una talla amprainta. Un daa symbolas suivants apparaftra sur la darniAra imaga da chaqua microficha, salon la cas: la symbols -^ aignif la "A SUIVRE", la aymbola ▼ aignifia "FIN". Mapa, platas, charts, ate, may ba fllmad at diffarant reduction ratioa. Thoaa too larga to ba antiraly included In ona axpoaura ara filmed beginning in the upper left hand corner, left to right and top to bottom, aa many framea aa required. The following diagrama iliuatrata the method: Lea cartea, planchaa, tableaux, etc.. peuvent Atre fiimAa A daa taux da rAduction diff Arants. Loraque la document est trop grand pour Atre reprodult en un aaul clichA. 11 eat filmA A partir da Tangle aupArlaur gauche, do gauche A droite, et do haut en has. an prenant la nombra d'imagea nAceasaira. Las diagrammas suivants illustrant la mAthode. 1 2 3 1 2 3 4 5 6 :;» ^2rf^ Ji^/i-'? X f •>- REFLECTIONS c ij'' /7/i: / O N COIN IN GENERAL O N T H E » Coins of Gold and Silver in Great'Brh' tain 'n particular > ON THOSE METALS AS MERCHANDIZEi ■^fifi And alfo on PAPER paffing as MONEY. m- LONDON: Printed for J, \V>ugh at the Turk's Head in Lombard. Street, 1762. I • . ' I • 1 I i f ' <} M I: I r • " • W htroduc- ( /5^-LP The Bookseller to the Reader. ^ WHEN thefe RefleSiiom were given me, I was diredled, whenever publiflied, to print. To the Right Honorable George GrejvuiUet one of His Majejlfs moji Honorable Privy Cotmcih 6cc. &c. 5cc. are thefe Reflexions moil humbly j infcribed. Principles founded in Truth will ever hcju/l; therefore any Rife or Fall in the Market Price of Gold and Silver cannot change fuch Principles, As at the Beginning of a Reigny a new Coin^ age may be thought of, it has made me refolve Im/ hy 'Way « Ihtroduc ^ to prefent thefe ReJleSiions to the Public j whole Weal and Profperity the Author ardently wifhes, as doth, kind Reader, t 4 Your humble and devoted Servant, December, 1761. J. w. r :^l Ei REFLECTIONS O N COIN ill GENERAL, dP^. November, 1760. i.F)^'^'^ OINS arc Pieces of Metal on ^ C &§. which an Impreffion is ftnickj C)j(^)kQ which Imprefllon is underftood by the Legiflature to afcertain the Weighty and the intrinjick Value, or PVorib of each Piece. 2. The real Value of Coins, depends not on a Piece being called a Guinea, a Crown^ a 5/6/7- //w^ i but the true worth of any particular Piece of Gold or Silver, is what fuch Piece contains oi fine ox pure Gold or Silver, 3. Copper being mixed with Gold and Silver is, generally underftood, to render thofe Metals more durable when circulating in Coins j yet Air and Moifturc evidently affedt Copper, whe- ther by itfelf or mixed with other Metal : whereas pure mt' ■ « ^^l ',. i i* 1. .M' '? rf * ^» • J I hi ■M if- i [ 6 ] pure Gold or Silver are much lefs afFedted there* by, or corroded, 4. Leaving the Durability to be as it may, certain it is, ih?X Copper k mixed in' Go/d and Sii- ver Coin, and called j^IIoy, The Quantity of Copper fo mixed is fixed by the Legiflaturc. When melted with the pure Metal, or added, or extraded to make a lawful Proportion, both Gcid and Silver are brought to what is called Standard, This Alloy of Copper is never reck- oned of any Value. The Standard once fixed, Jhould be ever invariabie ; fince any Alteration would be followed by infinite Confufion, which muil be hurtful in a State. 5. It is for publick- Convenience, and for faci- litating the bartering between Mankind for their refpedive Wants, that Coins were invented and made. ■ ■■ ^ For were there no Coins, G^Wand Stiver might be made or left pure; and what we now call a Guinea^ f -worth of any thing, might be cut oflfiof Gold, and a Crown* s-wortb from Silver, and ferve, tho' not fo commodioufly as Coin, .. . 6. Hence I M .K n t 7 ] 6. Hence it is evident that in whatever Shape, Form, or ^ifality, thefe Metals are, they are brought to be the moft Lommon Meafure between Man and Man $ as ferving to barter againA, or exchange for, all kinds of Commodities ; and confequently are no more than an univerfal ac* cepted Merchandize : for Gold or Silver in Bul- lion (that is to fay in an uncoined Mafs) and Gold or Silver in Coin, being of equal Weight, Purity, and Finenefs, muft be of equal Value, the one to the other : for the Stamp on either of thefe Metals (duly proportioned) neither adds to, or takes from, their intrinfick Value. 7. The Prices of Gold and Silver as Merchan- dize, muft in all Countries, like other Commo* dities, fiuBuate and vary according to the De- mand } and no detriment can arife therefrom, more than from the Rife and Ball of any other Merchandize. But if when coined, a due Fr(^ portion of thefe Metals, the one to the other, be not eftabliflied, the Dijproportion will be felt and proved, and that Metal wherein the Excefs in the Proportion is allowed, will preferably be made ufe of, either in Exportation^ or in Manufa^ure; as ?^ 4 [ 8 ] as is the Cafe now, in this Kingdom, in regai;d to Silver Coin, and which, in fome Mcafure, is the Occafion of its Scarcity. ... For fo long as 1 5 Ounces and about \ of pure Silver in Great-Britain^ are ordained, and deem- € ] to be equal to one Ounce of pure Gold^ whilll in neigibouring States, as France and Holland, the Proportion is fixed only i/\\Ouncci of pure Silver, to one Ounce of pure Gold, it is very evi- dent, tliat ouriilver when coined, will always be the moft acceptable Merchandize by T\QM,fve in the Hundred, and confequently more liable, to be taken away, or melted down, than before it received the ImprefTion at the Mint. . • 8. 62 Shillings only, arc ordained, by Law to be coined from 12 Ounces of Standard Silver : now following the Proportion abovementioned of 1 5^ to 141 (no regard being neceflary as to Alloy) 65 Shillings fliould be the Quantity cut out of thofe 12 Ounces. ' ^ ' " 9. No everlafting invariable Fixation for coin- ing, can be made from a Medium of the Mar- ket Price of Gold and Silver (though that Medi- um with eafe might be afcertained) fo as to hin- der [ 9 ] der cither coined Gold or Silver from becoming a Merchandize: for whenever the Price (hall rife above that Medium fo as to give a Profit^ whatever is coined will be made a Merchandize. This in the Nature of Things mud come from the general Exchangings^ Circulation^ and Fluc- tuation in Trade, and cannot be hindered y but af- furedly the falje Proportions may be amended by the Legiflature, and frttled as the Proportion be^ tween Gold and Silver is in other Nations, fo as not to make, as now is the Cafe, our coined Sil- ver a Merchandize fo much to be preferred to the fame Silver uncoined. 10. What has been faid feems to be felf-evi- dent J but the following Calculations made on the prefent current Price of Silver and Gold may ferve to prove, beyond all Doubt, that the Pro- portion now fixed between Gold and Silver (hould be altered and fixed as in other Countries. By Law, 62 Shillings are to be coined out of One Pound, or 12 Ounces of Standard Silver. —-This is 62 pence an Ounce. Melt thefe 62 Shillings, and in a Bar this Pound Weight at Market, will fetch 68 pence an Ounce, or 68 B Shillings. ,^1 ^* I r:spp' . < [ 10 ] Shillings. The Difference therefore between coined and uncoined Silver in Great-Britain is now 9t per Cent. Out of a Pound or 12 Ounces of Standard Gold 44 Guineas and k are ordained to be coined. This is 3/. 17 J. 10^^ an Ounce. Now the current Market Price of Standard Gold is 3/. 195, an Ounce, which makes not quite U per Cent, dif- ference b'itv'ecn the coined and uncoined Gold. II. It may be urged, that (hould the Le- giflature fix the Proportion of Silver to Gold as in other Countries, by ordering 65 Shillings inftead of 62 to be cut out of a Pound of Standard Silver j yet ftill would there be 41 per Cent dif- ference between coined and uncoined Silver, whereas there is but about i\ per Cent differ- ence in Gold. On this we fhall obferve that the Courfe of Trade (not to mention extraordinary Accidents^ will make one Metal more in Requeft at one Time than another, and the Legiflature in no one particular Country, can biafs or prefcribe Rules or Laws to influence fuch Requeft, which ever muft depend on the great chain of Things, in which [ " ] which are linked all the Operations of this World' Freedom and protedlion are alone wanted in Trade : nor does Coin require more, if only a juft Proportion ih the Metals be fetded. The red, Mankind as their Intereft and Underdand- ing prompt them, will ever do. 12. To return to Gold; it is Matter of Sur- prize, that the Divifion of the Piece called a Guinea, has not been made fmaller than juft one half as it now is ; that is into ^arfers^ JbirJs, and two Thirds, In Portugal, where almofl: all their Coin is Gold, there are Divifions of the Afo- edas, or 27 Shilling Pieces into Tenths, Eighths Quarters, and Halves. Of the Moeda and one Thir J or 36 Shilling Piece into Eighths, Quarters, and Halves. Hereby the want of Silver Coin* might be greatly provided for, and thofe Pieces, together with the light Silver Coin, which now only can remain with us, would fufficiently ferve the Ufes in Circulation. 13. That to the Lightnefs of the Silver Coin now remaining in Great Britain, we owe what we have, any Perfon with Weights and Scales, tnay prove, as upwards of 70 Shillings coined in B z the t J '^^SSlt^MWiff^^.^ -»'- .fe t: f [ >2 ] the Reign of King William^ or dextroufly coun- terfeited by falfe Coiners, will Tcarce weigh, 12 Ounces^ or a Pound Troy. 14. All the Art of Man can never hinder a conftant Exportation and Importation of Gold and Silver, to make up for the divers Calls and Balances that may happen in Trade : for were Silver to be coined as above, 65 Shillings out of a Pound Troy IFeight of Standard Silver^ if at Market ^ it would fell for a Price that will make it worth while to melt it down or to export it, it muft, and will, be made Ufe of as a Merchan- dize, as it really is, and the fame will hold as to Gold. 1 5. That the Welfare of any State depends on its keeping all its Gold and Silver, either in Bul- lion or in Coin, is a very narrow Principle 5 all the Republicks we know of, wifely think other- wife. It is an utter Impoffibility, nor fliould it ever be aimed at : for Gold and Silver are as clearly a Merchandize, as Lead and Tin-, and confequently (hould have perfed Freedom and Liberty coined and uncoined, to go and to come, pafs and repafs from one Country to another, in the Y' un- 12 ler a Mold and were out of if at make )ort it, rchan- d as to 5nds on in Bul- ple 5 all k other- [hould it r are as Tin-, and dom and to come, lother, in the [ '3 1 the general Circulation and jt . 5fuation of Commerce, uhich will ever carry a general Balance with it : for we (hould as foon give our Lead^ our Tin, or any other ProduSl of our Land or Indu/lry, to thofe who want them, without an Equivalent in feme Shape or other, as we fhould Gold or Sil- 'oer J which it would be abfurd to imagine ever can be done by our Nation^ or by any Nation upon Earth. 1 6. From Spain and Portugal come the great- eft Part of Gold and Silver : and the Spanijh Court very wifely permits the Exportation of it, paying a Duty as in Great Britain Lead and Tin do, when exported ; whereas heretofore (and as it ftill continues in Portugal) penal Laws were enadted againft the fending it out of the Country. Surely Princes by enadting fuch Laws, could not think they had it in their Power to decree and eftabli(h, that their Subjedts or themfelves uliould not give an Equivalent for what was furniflied to them ! 1 7. It is not our Intention to defcend into, or to difcufs minutely, particular Notions or Syf- tems ;'ii H [ H ] lems, fuch as " That Silver^ and not Gold/hould <« be the Standard- Money or Coin*' *< That Copper is an unfit Material Jor Money** And ** That Paper circulating as, and called " artificial Money is detrimental'' Yet as thefe Dodrincs feem to proceed from confidering Bullion and Money or Coin in a dif- erent Light to what we apprehend and have laid down, we will obferve, 18. That it matters not whether Silver or Gold be called Standard- Money -, but it feems moji rational that the moft fcarce and precious Metal fliould be the Unit or Standard. 19. That as to Coppery it is as fit for Money or a Counter as Gold and Silver, provided it be coined of a proper Weight and finenefs : and juft fo much will be ufeful as will ferve to make up Jmall Parts in Exchanges between Man and Man, and no more. 20. That as to Paper Money it is far from being detrimental ; on the contrary, it is highly profitable as its quick pafling between Mankind inftead of telling over, or weighing Metal in Coin or Bullion, is a Gain of what is mo/l precious in Life, ■I p^tf* -=v [ '5 ] Life, which is Time* And we may venture to* call it AJjijiant towards an Augmentation of Peo- ple ; inafmuch as thofe who would be employed in telling and weighing, gain that time for other Purpofes. Gold and Silver in themfelves, either in Bullion or Coin neither ferve to clothe or feed Mankind ; nor can Paper. The Idea of the too great Extenfion of Credit by the Circulation of P(iper for Money is evidently as erroneous^ as the Dodrine of the Non-exportation of Gold and Silver in Bullion or Coin : for were it not cer- tain, that Paper could command the Equivalent of its agreed- for Value j or the Gold and Silver in Bullion or Coin exported be returned in the Courfe of Trade in fome other Merchandize . neither Paper would be ufed, or the Metals ex- ported. It is the Produce of the Land, throwgh the happy Situation of this Idand, joined to the Indui^ry Qf its Inhabitants, that thofe much ado^ red Met aU^ Gold and Silver ^ have been procured: and fo long as the Sea does not overflow the Land, and Induftry continues, fo long will not thofe Metals be wanting. And Paper in the general Chain i ■; [I '6 h > C)iaiii of Credit and Commerce, is ad valuable as they are ; (ince the IfTuers or Coiners of that Paper have fome Eguivaluit to anfwer for what the Paper is valued at : nor More can any Metal or Coin do, than finds its Faiue. h Moreover^ as inconteftable Advantages of Pa- per, we muft add, that the Charge of coining or making it, is by no Means proportionate to that of coining of Metals : nor is it fubjedt to wajie by long Ufe, or impaired by Adulteration, Sweat- ing, Fileing, or other rOguifli Arts as Coins may. • 21. We (hall by way of Note conclude, by ob- fcrving, that whenever Gold, Silver ^ or Copper^ Coin'mzy be worn too light, the publick Purfe fhould repair, or reftore, what it may have fuf- fered by conftant Ufe j hay, if by the Wifdom and Vigilance of the Legiflature, the aboyemen- tioned rogui(h Arts cannot be hindered, it fcems prudent, that the Publick fliould make it good; iince the very Creation and Exigence of Coin is for the Utility of the Community in general, - ■'.fej.. ^.1 .,y-mm>.mm»mmimtm t« a IS Is is r.