XIII.: The lightness of our coins, not a reason for altering the standard.

32. It is well known that a great part of our current coins, what by long wear, and what by fraudulent practices, are become much lighter than the legal standard. Some argue from hence, “that the standard itself should be lessened accordingly; and say, that this would be doing no injury to individuals, if the new coins be made no worse, than the generality of those that are now in common currency.”

This is an old plea, and which in any other case but that of money, would appear sufficiently ridiculous to every body: To diminish the standard upon this motive, would be such a vague pursuit as could have no end: and what would, in effect, leave us without any standard. If this argument had been admitted; our standard, and our coins, would ere now have been in a manner annihilated; and in trying to follow after them, the price of a shoulder of mutton would now be reckoned at as many millions, as would pay off the whole national debt in our present coin.

But this scheme, upon the plan proposed, is in fact impracticable: What particular piece or bag of light coins, is to be taken for the new standard? And when this is fixed upon, what is to be done with the other coins, that are either heavier or lighter than these? Are the weighty coins to be clipped, and the light ones to be new minted to the new standard? Who does not see the absurdity and evil consequences of such a scheme? Should the measures in common use, some by wear and some by fraudulent diminutions, become many of them less than the standards at the exchequer; and it were proposed to diminish those standards accordingly; would not such proposal be manifestly very ridiculous? And are not the cases nearly parallel of money, and other measures? Or, doth not what difference there is, turn entirely on the side of the money standard, as money is both an equivalent and a measure?