GENERAL HISTORY. 



[63 



the Prince Regent was delivered 

 to both houses of parliament^ the 

 purport of which was, that his 

 Royal Highness, having taken 

 into consideration the present 

 defective state and inadequate 

 amount of the silver coinage, had 

 given the necessary directions for 

 proyiding a new and extensive 

 issue of silver coins ; and that he 

 relies on the assistance of parlia- 

 ment, in enabling him to carry 

 these directions into effect, and 

 upon tlieir co-operation in any 

 further requisite measures. 



This message having in the 

 House of Lords been referred, on 

 the 30th, to a committee of the 

 whole House, the Earl of Liver- 

 pool rose, to propose an address 

 in answer ; previously to which, 

 he said, it might not be improper 

 to state the general outline of 

 the measures which government 

 had in contemplation on the sub- 

 ject. After alluding to the ela- 

 borate work of his father on the 

 coinage, he remarked, that it 

 was impossible for him to state 

 his views as to the silver coinage, 

 ■without saying something on the 

 gold coin ; and he laid down as 

 the foundation of the measures 

 in contemplation, that gold was, 

 in fact, the standard or measure 

 of property in this countiy. This 

 being the case, it was intended 

 to leave the gold coin in its pre- 

 sent state j and it was a happi- 

 ness, that we had now arrived at 

 a period, when gold might be 

 again allowed to operate as a 

 measure of value on the old prin- 

 ciple. With respect to silver, it 

 was only necessary to take care, 

 that there should be enough of it 

 for the i)urposes of change, and 

 should not be liable to be melted 



down. They were therefore to 

 consider, 1. what was the present 

 actual price of silver j '2. what it 

 was likely to be ; 3. at what price 

 it should be taken in the new 

 coinage. The present price was 

 5s. lid. per ounce ; at the rate 

 of 62 shillings for the pound of 

 silver, as calculated upon in 1773, 

 the price would be 5s. 2d. ; so 

 that it was now below the mint 

 price, and therefore might be 

 coined on the old principle. But 

 as the market price might rise, it 

 woidd be proper to prevent the 

 melting down of the coin, by ren- 

 dering it an operation of no profit, 

 which would be effected by fixing 

 upon the coin a small seignorage, 

 or raising its value above bullion. 

 This security he thought would 

 be obtained, by raising its coined 

 value to 5s. 9d.; in which case 

 the difference between the mint 

 price of 62 shillings for the 

 pound, and 68 or 70 shillings, 

 would pay for the re-coinage. 

 The Earl then came to the dis- 

 cussion of the most important 

 part of the present measure, 

 which was, the arrangements to 

 be adopted in calling in the de- 

 teriorated silver coin, and substi- 

 tuting the new. This process 

 should be sinudtaneous ; for if 

 the base silver should be suffered 

 to circulate with the good, the 

 latter would disappear, since the 

 temptation of melting it down, 

 to be converted into the counter- 

 feit, would be irresistible. He 

 thought that 2,500,0001. of new 

 coinage would be sufficient to 

 supply the place of the shillings 

 and sixpences called in, or driven 

 from circulation, which, from the 

 im])roved machinery of the mint, 

 might be prepared in six or seven 



months. 



