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rency of gold underwent the regulation by which it has ever since been governed.

It is remarked that, at the time of the Revolution, in consequence of the silver coins being greatly deficient,

Every commodity rose in its value in proportion to this defici ency; they all took their value in reference to the Silver Coins: but none of these evils have happened for many years past, in conseThere is no reaquence of the existing defect of our Silver Coins.

son to suppose that any commodity has on this account risen in its price or value. The cause that these evils do not now exist results from a change in the practice and opinion of the people, with reference to the principal measure of property. The Silver Coins are no longer the principal measure of property: all commodities now take their price or value in reference to the Gold Coins, that is, in reference to the quantity of Gold Coins, for which they could be exchanged; in like manner as they took their value in a former period, in reference to the Silver Coins. On this account the present deficiency of the Silver Coins, great as it is, is not taken into consideration, in paying the price of any commodity, to the extent in which they are legal tender. It is clear therefore, that the Gold Coins are now become, in the practice and opinion of the people, the principal measure of property.

A like conclusion may be drawn from the present state of our Gold Coins, and from the value at which they now pass in currency. The Mint indentures of Charles II. James II. William III. and Queen Anne, and even of a part of the reign of George I to the year 1717, had determined, that the Guinea should pass at the rate or value of 20s., and the other Gold Coins in proportion; yet they did not pass at that, which was then their legal rate or value, but at a much higher rate or value and in a part of the reign of King William the Guinea was current at even so high a value as 30s. This increased rate or value was not owing singly to a mistaken estimation at the Mint of the relative value of Gold to Silver, but the Gold Coins rose or fell, as the Silver Coins were less or more perfect. No such increase or variation in the value of the Gold Coin has taken place since the year 1717, when the rate or value of the Guinea was determined by proclamation, and the Mint indenture, to be 215., and the other Gold Coins in proportion; though the Silver Coins now current have long been, and are still at least as deficient as they were in the beginning of the reign of King William. The Guinea and the other Gold Coins have notwithstanding constantly passed, since 717, at the rate or value given them by the Mint indentures.

At the time of the

The two foregoing arguments clearly prove the opinion of the people of Great Britain on this subject, in their interior commerce and domestic concerns. I will in the next place shew, what has been the opinion of foreign nations concerning it. general Recoinage of the Silver Coins, in the reign of King Willian, the exchanges with all foreign countries rose or fell, according to the defect or perfection of our Silver Coins. It has already been stated, that at this period the exchanges to the Low Countries were so very low,

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that the public lost about 45. in the Pound on all monies remitted there, that the exchange to Hamburgh and to the East Countries was still louver, and to all places in the Mediterranean it was even more to our disadvantage. The most favourable, therefore, of our exchanges, was, during this period, 2 per cent. against this kingdom, All these facts are conf firmed by the most eminent writers on exchanges. The reason that the exchanges were then so low is also evident Foreigners at that time considered the Silver Coins of this realm, then very defect ive, as the principal measure of property, and consequently of foreign commerce, and they rated their exchanges accordingly. The same evil however has never existed since the year 171" though out Silver Coins have during all this interval, been very defective. But, on the other hand, our exchanges with foreign countries were very much influenced to our disadvantage, when our Gold Coins were de fective; that is, previous to the reformation of our Gold Coins, in the year 1774 and this circumstance was one of the principal causes, which then induced the Government to reform the Gold Coins, by recoining them, at a great charge to the public. The conclusion, naturally resulting from these premises, is, that foreigners have, for a considerable period, no longer considered our Silver Coins as the prin eipal measure of property, and consequently of foreign commerce but they consider our Gold Coin as such, and thereby estimate their exchanges.'

Mr.Locke had said that gold was not the money of the world, not fit to be so. The more correct canon is laid down by Lord Liverpool, that coins should be made of metals more or leas Valuable in proportion to the wealth and commerce of the country, in which they are to be the measure, of property. In illustration of this important idea, it is here added;"

In very poor countries, Coins have been, and still are principally made of Copper; and sometimes even of less valuable materials W In countries advanced to a certain degree of commerce and opu lence, Silver is the metal of which Coins are principally made.

In very rich countries, and especially in those where great and extensive commerce is carried on, Gold is the most proper metal, of which this principal measure of property, and this instrument of commerce, should be made: in such countries Gold will in practice become the principal measure of property, and the instrument of commerce, with the general consent of the people, not only without the support of law, but in spite of almost any law that may be ent acted to the contrary; for the principal purchases and exchanges cannot there be made, with in Coins of a less valu any Convenience, able metal. In this Your Majesty's kingdom, so great is its wealth, and so various and extensive is its commerce, that it is become is convenient to carry on many of the principal branches of trade, or to make great payments, even in Coins of Gold, the most precious of metals: on this account à very extensive Paper currency has been called to its aid; but this Paper can never be considered as Coin... for it has no value in itself; it only obtains its value with reference to

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the Coins which it represen 3. Certain descriptions of this Paper currency have, however, from a thirst of gain, been carried by many, and from a love of speculation defended by others, to an extravagast, and, I think, to a dangerous, extent Paper currency should only be employed, where payinent in Coins becomes inconvenient..

In illustration of the truth of what I have advanced, that Gold is now the proper metal, of which the principal measure of property and instrument if commerce should be made, it may be observed, that the value of Silver in this kingdom, at the accession of William I compared with the price of other articles, was nearly as great as that of Gold is at present: the Silver Coms were then, and for two hundred and fifty years subsequent to that period, the only Money in currency; and the largest Piece was a Silver Penny, equal in value to something less than d. of our present Money. The rents of the Crown, as well as of individuals, were at that time usually paid in kinds and it is natural to conclude, that there must then have been but a small quantity of these Silver Coins in circulation. Every article of commerce is also supposed to have increased in price, since the 1st of William 1. at least fifteen times, in the opinion of those whore estimate in this respect has been the lowest; that is, the Pound Sterling in tale has been reduced to about one-third of what it was at the period before mentioned and the price of every commodity, compared with the Pound Sterling in tale, has at least augmented in a quintuple proportion; a Pound of Gold, therefore, compared with the present price of commodities, is of about the same valuey jasoa Pound of Silver was in the eleventh century, compared with the price of commodities at that early period: and, in this view of the subject, the Gold Coin is now as well adapted to serve as the prin cipal measure of property, or instrument of commerce, as the Silver Coin was at the accession of the Norman Prince to the throne of this kingdom.'

We are aware that this language is not altogether that of pure science: but we conceive that what is here advanced is substantially correct, and must not be neglected in practice.

At the conclusion of his reasonings and statements, the noble Earl thus addresses the royal personage:

After full consideration of this extensive, abstruse, and intricate subject, humbly offer to Your Majesty, as the result of my opinion, First, That the Coins of this realm, which are to be the princi pal measure of property and instrument of commerce, should be made of one metal only,

'Secondly, That in this kingdom the Gold Coins only have been for many years past, and are now, in the practice and opinion of the people, the principal measure of property and instrument of commerce The Integer, or Pound Sterling, which, at the accession of William I was a Pound weight of Silver, and which, by successive debasements made by the Monarchs of this realm, was reduced in the 43d year of the reign of Queen Elizabeth, to the parts of Pound Troy of standard Silver, is now become, by the course of

events

events, and by the general consent of the people, the parts of a Guinea, or of 5 dwts. 9 grs. of standard Gold. At as early a period as the year 1485, that is, the 1st of Henry VII. a Gold Coin, called a Sovereign, then first introduced into circulation, was intended to represent this Integer, or Pound Sterling. In every subsequent reign to that of James I. Gold Coins of the same name, and intended to represent this Integer, were made at the Mint of this kingdom; their weight was generally diminished in proportion as the Gold Coins were, during that period, debased. From the accession of James I. all the new Gold Coins introduced into circulation were also intended to represent this Integer, or Pound Sterling; such as the Unite, the Laurel, and the Guinea; for the Guinea was origin. ally rated in the Mint indenture at One Pound Sterling. It has been shewn, that in a country like Great Britain, so distinguished for its affluence, and for the extent of its commercial connections, the Gold Coins are best adapted to be the principal measure of property: in this kingdom, therefore, the Gold Coin is now the principal measure of property and standard Coin, or as it were the sovereign archetype, by which the weight and value of all other Coins should be regulated. It is the measure of almost all contracts and bargains; and by it, as a measure, the price of all commodities bought and sold is adjusted and ascertained. For these reasons the Gold Coins should be made as perfect, and be kept as perfect, as possible.'

If the system now recommended should be adopted, and the Gold Coins be made the principal measure of property and standard Coin, all the multiples of this measure of property will be in the Gold Coins; and all its parts, below the value of the smallest Piece of Gold Coin, will be in Coins made of other metals, that is, of Silver and Copper. This system is much more simple, than if the Silver Coins were to be made the principal measure of property; for, in such case, these Silver Coins would be placed, as it were, between the more valuable Coins of Gold, and the less valuable Coins of Copper; and many of its multiples, as well as many of its parts, must be made of a metal different from that, of which this standard Coin is made.

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Thirdly, it is evident, that where the function of the Gold Coins, as a measure of property, ceases, there that of the Silver Coins should begin; and that where the function of the Silver Coins in this respect ceases, there that of Copper should begin: it is clear, therefore, that so far only these Silver and Copper Coins should be made legal tender, and no further, at least not in any great degree, and it follows, that the Coins both of Silver and Copper are subordinate, subservient, and merely representative Coins, and must take their value with reference to the Gold Coins, according to the rate, which the Sove. reign sets upon each of them.'

It is not a little singular that this very intelligent and well informed writer, who is alive to all the inconveniences arising from the variations in the relative value of the two principal coins, and who complains of the different proportions of alloy which have been respectively introduced into them,

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that he who in so able a manner has stated the effects to which these variations have given rise, and has so satisfactorily explained the causes to which they are owing-should recommend a regulation which would increase still farther this variation; we allude to that part of his plan by which it is provided that the mint should supply the public with gold coins without charging the expence of workmanship, while it is to incur that charge for all the inferior coins; and it is still more extraordinary that the Earl should argue for the comparative value of the coins being fixed by authority. If gold be made the standard money, why should not the silver and copper coins be left to find their value like other commodities? This is not a matter of mere speculation, but is attended with very serious consequences, as is most ably shewn in the work be fore us. In the proportion between the metals observed by Government in its payments and receipts, the subjects would find a sufficiently safe rule.

Having thus submitted his plan to his Majesty, Lord Liverpool is apprehensive that it may be objected to his principles of coinage, that they are wholly new. Certainly, no objection can be advanced with less foundation: these principles haveno pretensions to the claim of novelty: but they boast of higher merit, for they are sanctioned by the authority of the ablest writers on subjects of this nature. That which seems to present most of novelty in the work is the proposition of making gold, eo nomine, the standard coin: but the author shews that the change, which our circumstances have undergone, has already in effect established that regulation.

The reasons for not changing the present denominations of our coins, and for dropping every idea of introducing a system more consonant to first principles, are regarded as most decisive by this experienced nobleman.

This volume furnishes many passages that would be more agreeable to the generality of readers, than those which we are about to quote: but, as the matter contained in them is most important, and as it perhaps can never be pressed on public. attention with greater prospect of success than at this moment, we shall make no apology for allowing it rather a disproportionate space in our journal:

I have already observed, that the art of assaying, as practised by Mr. Alchorne, and I believe by his successors, at Your Majesty's Mint, is in a state of perfection; probably more so than in most of the foreign Mints; that the nature of the alloy put into the Coins is such, that, all circumstances considered, it ought not to be changed; and that the several denominations of Coins, of whatever metal they are made, are issued from Your Majesty's Mint of due weight; even

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