XV.: All the species of coins made of the same metal, should be rated in a just proportion to each other.

35. There are some who readily agree, that the debasing of all our coins would be attended with evil consequences; and yet think, that “these evils might be averted, and the standard sufficiently secured, by the largest specie of our coins only, as crowns and half-crowns; whilst the lower specie, as six-pences and shillings might be debased; and the debasing of these they think would be advantageous, as it would be a means of preventing their exportation, and of keeping them entirely at home for our own circulation.”

I shall say nothing here to the notion of keeping our coins from being exported; and it hath been shewed elsewhere, that there cannot be a want of coins for home circulation, unless substitutes be placed in their stead: In that case, indeed, there may be frequently a want of coins for the circulating of the substitutes; and the only effectual way of curing the evil, is by gradually destroying those substitutes. Remove the cause, and the effect will cease. But the notion of having two sorts of coin, one passing for more than it is worth, or at a greater rate than the other, is a most dangerous one; and could it be brought to effect, would not only be injurious according to the proportion of value, which the sum total of these base coins may bear to all the rest; but also be attended with another fatal consequence peculiar to itself; the draining us of all our good specie. The mint at the Tower, would soon be eased of its labour of making these bad coins; and not only private hands amongst ourselves, would have a share in this beneficial trade; but foreigners also would not let slip so fair an occasion of minting, and importing upon us these base coins, so long as we had any good ones to give them in exchange. For example, if you were to coin shillings, having in them only nine penny-worth of silver; so long as a crown-piece could be had for five of these base shillings, you might be sure that plenty of them would be coined, both at Birmingham and abroad. This consequence is natural; and every nation ought to guard carefully, that all its several specie of coins, be rated in their due and just proportion; otherwise, those that are highest rated, must needs in time drain and swallow up all the rest.

But it is not probable that such a scheme, if it was attempted, could with us be brought to effect; and yet it might be attended with such perplexities in all dealings and contracts, both home and foreign, as for a long time back we have been free from in this country: It is most likely, that in all future contracts, it would be distinguished in what sort of money the contracts were made, and the bargains regulated accordingly; for it is to be hoped that all preceding contracts, would be left to be satisfied in the old money: Or, the people would take and pass the new coins for their real worth; and in either case, the whole scheme would be frustrated. As supposing the new six-pence should be worth the old groat; the people would either reckon in the different proportions of two and three in all their dealings, according as they contracted in old or new money: Or, to avoid this perplexity, they would call the new six-pence, a groat; and fifteen of them would as currently exchange for a crown-piece, as ten old ones do at present.