IX.: Coinages should in no wise be forced.

27. The keeping of the mint perpetually at work, seems to be the main drift of all the common maxims about coins; and the feeding of this office, is professedly urged as one of the reasons, for debasing the standard of money: And it must be owned indeed, that nothing could be more effectual for the compassing of that end. But this is proposing one evil, as a reason for committing another. The evils attending a general re-coinage, which this scheme would inevitably bring about, are many and great; but without entering into a detail of these evils at present; let it here suffice, to examine into the merits of that notion, which is very generally entertained, that coinages are by all means to be encouraged.

In one sense, coining is a neutral, harmless, and indifferent act; for if it be left free, it neither inriches nor impoverishes the nation, one single penny; the coins just pay for the bullion whereof they were made, and the profits to the mint are spent amongst ourselves. But it deserves well to be considered, that coining is nevertheless an act of very great importance: That a very great trust is thereby lodged in the mint; that it requires very great care, and great skill too, in those intrusted, to keep exactly to the standard; that a small deviation from it upon each piece, would soon amount to a large sum; that coins are universal pledges; and that the credit of nations is greatly concerned, in the exactness and faithfulness of their mints. When these things are considered, will it follow that coinages are to be promoted unnecessarily? That coins once faithfully made of their due fineness, are to be melted into the unattested state of bullion, for no other purpose than to be recoined again?