Further Considerations [4]
broken proportion of baser Metal to Silver, in the Standard of the several Mints, seems to have been introduced by the Skill of Men imploy'd in Coining, to keep that Art (as all Trades are call'd) a Mystery; rather than for any use or necessity there was of such broken numbers. But be that as it will, the Standard in our Mint being now settled by Authority, and established by Custom, known at home and abroad, and the rules and methods of Essaying suited to it; and all the wrought Plate as well as Coin of England being made by that measure; it is of great concernment that it should remain unvariable. But to the question; What need is there of any mixture of baser Metal with Silver in Money or Plate? I answer, there is great reason for it. For, 1. Copper mixt with Silver makes it harder, and so wears and wastes less in use than if it were fine Silver. 2. It melts easier. 3. Silver as it is drawn and melted from the Mine, being seldom perfectly fine, it would be a great charge by refining, to separate all the baser Metals from it, and reduce it to perfectly unmixt Silver. The use of Coin'd Silver or Money is, that every Man in the Country where it is current by publick Authority, may, without the trouble of refining, essaying or weighing, be assured what quantity of Silver he gives, receives, or contracts for, under such and such denominations. If this Security goes not along with the publick Stamp, Coining is labour to no purpose, and puts no difference between coin'd Money and uncoin'd Bullion This is so obvious, that I think no Government, where Money is coin'd, ever overlooks it. And therefore the Laws every where, when the quantity of Silver has been lessen'd in any piece carrying the publick Stamp, by Clipping, Washing, Rounding, &c. have taken off the Authority of the publick Stamp, and declar'd it not to be lawful Money. This is known to be so in England, and every one may not only refuse any Money bearing the publick Stamp, if it be clip'd, or any ways rob'd of the due weight of its Silver; but he that offers it in payment is liable to Indictment, Fine and Imprisonment. From whence we may see, that the use and end of the publick Stamp is only to be a guard and voucher of the quantity of Silver which Men contract for. And the injury done to the publick Faith, in this point, is that which in Clipping and false Coining hightens the Robbery into Treason. Men in their bargains contract not for denominations or sounds, but for the intrinsick value; which is the quantity of Silver by publick Authority warranted to be in pieces of such denominations. And 'tis by having a greater quantity of Silver, that Men thrive and grow richer, and not by having a greater number of denominations; Which when they come to have need of their Money will prove but empty sounds, if they do not carry with them the real quantity of Silver is expected. The Standard once settled by publick Authority, the quantity of Silver establish'd under the several denominations, (I humbly conceive) should not be altred, till there were an absolute necessity shewn of such a change, which I think can never be. The reason why it should not be changed is this; because the publick Authority is Guarantee for the performance of all legal Contracts. But Men are absolved from the performance of their legal contracts, if the quantity of Silver, under setled and legal denominations be altred: As is evident, if borrowing 100 l. or 400 Ounces of Silver to repay the same quantity of Silver (for that is understood by the same sum, and so the Law warrants it) or taking a Lease of Land for years to come, at the like Rent of 100 l. they shall pay both the one and the other in Money Coin'd under the same denominations with One fifth less Silver in it, than at the time of the bargain. The Landlord here and Creditor are each defrauded of 20 per Cent. of what they contracted for, and is their due. And I ask, How much juster it would be thus to dissolve the Contracts they had made; than to make a Law, that from henceforth all Landlords and Creditors should