XXI.: The several species of coins made of the same metal, should be all of the same fineness.

42. There are some well meaning persons, who allow all the preceding arguments against debasing the standard, their full force; and yet propose the coining of small species of money of a baser alloy than the present standard, but having in them the same quantity of fine silver that the law now directs. This expedient, they think, would be a means of preserving those coins from wear, and from being melted or exported.

As to the wear, it is not clear that this scheme would answer the end: For, as the bulk and weight of the pieces would be both increased, their wear must also proportionably increase; besides, this composition would be more liable to wear than purer metal, as it would be more brittle and less tenacious. But this consideration is too minute, in comparison of the many inconveniences, that might attend any deviation from the common standard. As to the increase of bulk, I do not see any conveniency worthy of such an alteration, that could arise from thence. There was a time, when the largest piece of coin in this country, was no bigger than our present silver three-pence; and they had silver farthings, or the quarters of these: And were our three-penny pieces now current, I do not apprehend there would be any complaints of their want of bulk.

There may be a better and a neater scheme than this is, for preserving coins from the melting-pot; but I do not chuse to enter into that consideration at present. There is an inconvenience in having too great a variety of coins; and without manifest necessity, no alterations should be made in the course of the mint, lest any suspicions of some unfair dealings should be raised amongst the people.

The base coins here spoke of, would probably be the last that would be exported; as the silver in them, by being commixed with so much copper, would really be lessened in its value; and the public would not only sustain this loss, but it would also lose the whole value of the additional copper. But in the present case, either the people would refuse taking these new coins at the mint rates, and make distinctions between them and other coins, as hath been before observed; or, if they passed current, a door would be immediately opened for false coining. For, when the standard of fineness is much baser than ours is at present, different degrees of deviations from it, are not conspicuous to the eye; and the precise fineness cannot be so well ascertained, even by skilful assay-masters. By this scheme of coining base money, besides furnishing opportunities to counterfeiters amongst ourselves; we should lay a temptation in the way of foreigners, to commit the same frauds.

Mr. Rice Vaughan in his discourse of coin and coinage chap. VI. hath so well handled this subject of base money, that I cannot help making the following extract from this ingenious author. He says, the pretences for making base coins, were these following. (See ante pp. 30-35.)

I have now gone through all the arguments, or rather pretences, that I have met with, for debasing the standard of money. The combating of so many vulgar errors and prejudices, as I had to encounter with, was to me a task sufficiently irksome and disagreeable; but if my honest endeavours towards removing those pernicious mistakes, should be attended with success, I shall think my labour well bestowed. The subject certainly deserves the nicest discussion; and in the handling of it, I have been the more particular, as it seems to be a matter of no small moment, that people in general should understand the true nature of money: This would keep them upon their guard against any bad projects that might be offered; and dispose them readily to receive any such regulations about coins, as would be for the public and their own benefit; for in truth, and it were to be wished more people understood it, these two interests are inseparable.