DECIMAL COINAGE. 253 



and the clear-headed advocates of the measure, and those 1857. 

 who ' darkened counsel/ all contributed their share. In 

 a long article in the Literarium of October 7, 1857, Mr. 

 De Morgan sums up the history. He says, e the Decimal 

 Coinage discussion is now in its third phase.' After nar- 

 rating what had been done up to the year 1855, he 

 adverts to the penny scheme, the plan of counting by tens 

 and hundreds of pence, leaving the shillings and sovereigns 

 in which the pence were to be paid, to take care of them- 

 selves. After the debate of 1855 had been followed by 

 the Royal Commission, the penny scheme came fairly into 

 discussion, ' for such, in a manner, is evidence with cross- 

 examination. The preliminary Eeport of the Eoyal Com- 

 missioners shows the result. One of the chief advocates 

 for the penny fairly bolted out of the course, and declared 

 himself for remaining as we are ; another did nearly the 

 same thing. This was the end of the second phase. 

 Lord Overstone completed the downfall of the penny 

 scheme by proposing sixty-five questions, mostly in 

 advocacy of the plan of remaining as we are, and led the 

 way to the third phase of the discussion, thereby doing 

 the best possible service to the cause.' At this time the 

 dispute turned upon the question whether it would be 

 best to adopt the pound-and-mil system, or to remain as 

 we are. 



Mr. De Morgan again set forth the nature of the 

 change in the currency which would be necessary on the 

 adoption of the pound-and-mil system. 



It would be embarrassing to have two sets of coins not fairly 

 interchangeable. No such thing is proposed. The penny, even 

 if still called a penny, would be lowered four per cent., and 

 would become 4 mils ; the halfpenny would become two mils. 

 The cent, 2-^ of old and extinct money, would be five halfpence, 

 and ten farthings, if the mils were called farthings. The poor 

 would know it as 2^d. from the outset, for they would never 

 know the difference between a penny and 4 mils. 



The paper concludes, speaking of those who had 



