10. The several ways by which the standard of money might be debased.

What the standard of money is, hath been already fully explained: But to prevent mistakes, I shall here recapitulate the several ways by which this standard may be debased, lowered, or curtailed; for all these words here are synonimous, and with these, the phrase raising the money, hath also the same signification.

First, By altering the denominations of the coins, without making any alteration at the mint, or in the coins themselves; as suppose nine-pence, or as much silver as there is now in nine-pence, should be called a shilling; then a shilling would be called sixteen-pence, and so proportionably of all the other coins; and three crown pieces, or fifteen of our present shillings, would be called a pound sterling, which is our money integer. The same loss would descend down to the penny, and by this reckoning, the real penny must be called 1⅓ penny.

Or the alteration may be made at the mint, by either of the following methods.

Secondly, By continuing the same names and the same weights to the coins, but making them baser, or with less silver and more alloy.

Thirdly, By preserving the same fineness of the metal, but making the coins smaller or lighter.

Lastly, the two last methods, or all the three methods, might be compounded together.

And here it may not be amiss to repeat again, that by debasing the standard of money, I every where mean, the lessening of the quantity of pure silver in our money integer or pound sterling, or in the respective specie which by law is ordained to make up that sum, without regarding the particular manner, in or by which, this may be done.

Each of the preceding schemes for debasing the standard, have had their abettors. The first of these was Mr. Lowndes’s plan, and it must be owned that this is by far the least mischievous of them all; for by this means a recoinage is avoided, and all the old coins are continued to be useful under new names: but this is so glaringly foolish at first sight, that our modern projectors do not think it would afford them any countenance.

Those who are for debasing the metal without lessening the weights of the coins, say, that this would preserve the coin from wear: but this is saying either too much, or what is false; for were it true, the argument would bring us down to mere copper: But those who have been curious enough to make the experiment, know, that fine silver and fine gold, are less liable to wear than when alloyed.

The greatest number of the enemies to our standard, are to be ranged under the head of clippers, and perhaps this profitable trade is not quite out of their view; they are for reducing the coins to a less size, without altering the fineness of the metal; and with a grave air they shamelessly tell us, that this is not altering the standard of money.