190 IMPROVEMENTS IN CHAP. XXIII. 



century. As far as various considerations unite 

 to enable a judgment to be formed, it may be 

 assumed that the value of the silver money in ex- 

 istence, including the dollars of the American 

 coinages, was as four to one of that of the gold 

 money. 



If the wear of the coined money was the same 

 through the time that passed from the year 1700 

 to 1810, the loss by friction on both kinds of 

 metal would be at the rate of one part in four 

 hundred and twenty annually. In the remaining 

 calculations the rate of loss will be estimated upon 

 this principle, and it will be extended to the whole 

 mass of coin of Europe and of America. 



One reason for making a change in the esti- 

 mated loss at this particular period is that a general 

 reformation in the state of the coinage was then 

 introduced. In England the evil of a debased 

 coinage was severely felt and loudly complained of 

 during the reign of William III., and it appears 

 that the silver coin which was by far the greatest 

 in nominal amount had from clipping and other 

 causes become so very deficient, that upon weigh- 

 ing a large quantity at the Exchequer in l69<5, it 

 was found that which should by tale have weighed 

 two hundred and twenty-one thousand four hun- 

 dred and eighteen ounces, did in fact weigh no 

 more than one hundred and thirteen thousand 

 seven hundred and seventy-one ounces, thus show- 



