If^at Metal) are htfl atlapUd f(ir t«!n, ifyi 



lofs ; they receive no injury by keeping -, and the labour of conveying them from place to 

 place forms a lefs part of their value than of almoft every other article. 



The firft moneys were mere quantities of metal afcertained by weight, as the 

 names of mofl fpecies ftill indicate. The interference of governments was found ne- 

 ceflary to aflure the weight, and more particularly the finenefs of determinate portions of 

 metal ; and this has given rife to an opinion, that a part of the value of coin muft depend 

 on the edi£t of the State which iffues it. Whether ftatefmcn themfelves have in reality 

 thought this to be the cafe, is little to the purpofe ; but it is certain that they have, from 

 time to time, yielded to the temptation of diminifliing the quantity of precious metal ifflied 

 under a given denomination, eitlier by openly deducing from the weight, or fecretly de- 

 bafing the coin *. Tranfadtions of this nature muft have operated to the lofs of all the 

 creditors in the State ; but they have never deceived the fellers, who have always regulated 

 their prices by their knowledge of the real quantities of the metal, and not by the denomi- 

 .nation or the fuppofed weight or finenefs it might denote. The imaginary coin, or money , 

 of account, to be found in the mercantile books of almoft every commercial nation, mull 

 have arifen partly from this caufe. 



I was led to the prefent examination by hearing that a committee of the Royal Academy 

 has been appointed to take into confideration a proper defign for a new coinage ; and, upon 

 enquiry, I find that his Majefty's Privy Council have repeatedly deliberated on this fubjeft, 

 and referred the ornamental part to the Royal Academy for their difcuflion and report. 

 On fuch occafions it has always, and, I think, rightly, been confidered as a becoming tranf- 

 aflion on the part of individuals to give their thoughts to the world by the medium of the 

 prefs ; and under this convidion it is that I have ventured to place tie fubjeft in the light . 

 it appears to me to require. 



The metals ufed for coinage are gold, filver and copper. According to the exchange- 

 able value of gold, half a grain of this metal would purchafe as much bread as a man could 

 eat at one meal. This fmall piece of gold, if as thin as paper, would not meafure above 

 the tenth part of an inch in breadth, and would therefore be perfectly inconvenient for 

 ufe. It has, in faft, been found, that the gold coin of the weight of 32 grains (or the 

 quarter guinea) was too fmall to be conveniently ufed. The fame obfervations will apply 

 to the fmaller fub-divifions of the fliilling of filver ; whence upon the whole it appears, 

 that coins of all the three metals are required to facilitate our commerce of buying and 

 felling. 



Gold, filver and copper, like every other produce of human induftry, depend for their 

 value principally on the labour employed in producing and bringing them to market, and 



• This diminution has taken place throughout Europe. With us the pound of money, which about the 

 ytar 1087 contained 3. pound weight of filver, hss continued at lefs than one-third (or ^°) of that quantity 

 ever fmce the reign of Elizabeth. Our neighbours however have univerfally exceeded us in this rcfpcft. Thus 

 the pound Flemilh is lefb than eleven ftiillings ; the French livre is ten pence, and the Italian Jire is lefs 

 than i{d. 



The Chinefe ftill ufe fine filver, which they adlually cut and weigh at every fingle payment. They are faid 

 to have formerly poffeffed filver coin ; but whether they were urged to their prefent praflicc by uncertain va- 

 ri«£Jons in its value caufedby their rulcrt, or by the difficulty of otherwife refilling the artifices of coiners, I 

 {(now not. 



io 



