第1章

TotheRightHonorableSirJohnSommers，Kt。LordKeeperofthegreatSealofEngland，andoneofHisMajestiesmostHonourablePrivyCouncil。

MYLORD，THEPapersIherepresentyourLordship，areinSubstancethesamewithonewhichIdeliveredtoyou，inObediencetotheCommandsIreceivedbyyourLordship，fromtheirExcellencies，theLordsJustices；andwithanother，whichIwritinAnswertosomequestionsyourLordshipwaspleasedtoproposetomeconcerningourCoin。TheApprobationyourLordshipwaspleasedtogivethemthen，hasbeenanEncouragementtome，torevisethemnow，andputtheminanOrder。fittertocomplywiththeirDesires，whowillneedshavemeprintsomethingatthistime，onthisSubject：AndcouldanythingofthisNaturebereceivedwithIndifferencyinthisAge；theAllowancetheyhavehadfromyourLordship，whosegreatandclearJudgmentis，withgeneralConsentandApplause，acknowledgedtobethejustMeasureofRightandWrongamongstus，mightmakemehopethattheymightpassintheWorldwithoutanygreatDislike。

However，sinceyourLordshipthoughttheymightbeofusetoclearsomeDifficulties，andrectifiesomewrongNotionsthataretakenupaboutMoney，IhaveventuredthemintotheWorld，desiringnoMercytoanyerroneousPositionsorwrongReasonings，whichshallbefoundinthem。Ishallneverknowinglybeofany，butTruthsandmyCountry’sside；theformerIshallalwaysgladlyimbraceandown，whoevershewsitme：AndinthesePapers，Iamsure，IhavenootherAim，buttodowhatlittleIcan，fortheServiceofmyCountry。YourLordship’ssoevidentlypreferringthattoallotherConsiderations，doesintheEyesofallMen，sitsowelluponyou，thatmyAmbitionwillnotbeblamed；ifIinthis，proposetomyselfsogreatanExample；andinmylittlesphereammovedbythesamePrinciple。

IhavealongtimeforeseentheMischiefandRuinecominguponusbyclipp’dMoney，ifitwerenottimelystopp’d：AndhadConcernenoughforthePublick，tomakemeprintsomeThoughtstouchingourCoinsomeYearssince。ThePrinciplesItherewenton，Iseenoreasontoalter：Theyhave，ifImistakenot，theirFoundationinNature，andwillstand：TheyhavetheirFoundationinNature，andareclear；andwillbeso，inalltheTrainoftheirConsequencesthroughoutthiswhole（asitisthought）

mysteriousBusinessofMoney，toallthose，whowillbutbeattheeasieTroubleofstrippingthisSubjectofhard，obscureanddoubtfulWords，wherewithMenareoftenmisledandmisleadothers。AndnowtheDisorderiscometoExtremity，andcannolongerbeplaidwith，IwishitmayfindasuddainandeffectualCure；notaRemedyinSoundandAppearance，whichmayflatterusontoRuineintheContinuationofagrowingMischief，thatcallsforpresentHelp。

Iwishtoo，thattheRemedymaybeaseasieaspossible；andthattheCureofthisEvilbenotorderedsoastolayagreatPartoftheBurdenunequallyonthose，whohavehadnoparticularHandinit。Westminster—HallissogreataWitnessofyourLordship’sunbiassedJustice，andsteadyCaretopreservetoeveryonetheirRight；thattheWorldwillnotwonderyoushouldnotbeforsuchalesseningourCoin，aswill，withoutanyReason，deprivegreatNumbersofblamelessMenofaFifthPartoftheirEstates，beyondtheReliefofChancery。IhopethisAgewillscapesogreataBlemish。Idoubtnotbuttherearemany，who，fortheServiceoftheirCountrey，andfortheSupportoftheGovernment，wouldgladlypartwith，notonlyoneFifth，butamuchlargerPortionoftheirEstates。Butwhenitshallbetakenfromthem，onlytobebestowedonMenintheir，andthecommonOpinion，nobetterdeservingoftheirCountreythanthemselves；

（unlessgrowingexceedinglyrichbythepublickNecessities，whilsteverybodyelsefindshisFortunestreightnedbythem，beapublickMerit，thatdeservesapublickandsignalReward；）ThisLoss，ofoneFifthoftheirDebtsandIncome，willsitheavyonthem，whoshallfeelitwithouttheAlleviationofanyProfitorCredit，thatwilltherebyaccruetotheNation，bysuchalesseningofourCoin。

Ifanyoneask，howI，aretiredprivateMan，comeatthistimetomeddlewithMoneyandTrade：Fortheyareinseparable；I

reply，thatyourLordship，andtheothergreatMenthatputmeuponit，areanswerableforit：WhetherwhatIsaybetothepurposeorno，thatImyselfamanswerablefor。ThisIcananswertoalltheWorld，thatIhavenotsaidanythinghere，withoutafullPerswasionofitsTruth；norwithanyotherMotiveorPurposethantheclearingofthisartificiallyperplexed，ratherthaninitselfmysteriousSubject，asfarasmypoorTalentreaches。ThatwhichperhapsIshallnotbesowellabletoanswer，toyourLordshipandmyself，istheLibertyIhavetaken，insuchanAddressasthis，toprofessthatIam，MyLORD，YourLordshipsmosthumbleandmostObedientServantJOHNLOCKE。

THEPREFACE。

THOUGHMr。LowndesandIdifferintheWay，yetIassuremyself，ourEndisthesame；andthatwebothproposetoourselvestheServiceofourCountry。Heisamanknownsoableinthepostheisin；towhichthebusinessofmoneypeculiarlybelongs：AndhasshewedhimselfsolearnedintheRecords，andmattersofthemint；andsoexactinCalculationsandCombinationsofNumbersrelatingtoourCoin，eitheralreadyinuse，ordesignedbyhim，thatIthinkIshouldhavetroubledthePublicknomoreonthisSubject，hadnothehimselfengagedmeinit；andbroughtittothatpass，thateitherImustbethoughttorenouncemyownOpinion，ormustpublicklyopposehis。

WhilsthisTreatisewasyetamanuscript，andbeforeitwaslaidbeforethosegreatPersons，towhomitwasafterwardssubmitted，hedidmetheFavourtoshewittome；andmademetheCompliment，toaskmemyOpinionofit。ThoughwehadsomeshortDiscourseontheSubject，yetthemultiplicityofhisbusiness，whilstIstaidinTown；andmyHealth，whichsoonafterforcedmeoutofit，allowedusnotanoccasiontodebateanyonepointthroughly，andbringittoanissue。BeforeIreturnedtoTown，hisBookwasinthePress；andfinishedbeforeIhadtheopportunitytoseeMr。Lowndesagain。AndherehelaidanewObligationonme，notonlyingivingmeoneofthem；buttellingme，whenIreceiveditfromhisHands，thatitwasthefirsthehadpartedwithtoanyBody。Ithenwentitoverasecondtime，andhavingmoreleisuretoconsiderit，IfoundtherewereagreatmanyParticularsinitdrawnoutofAncientRecords，notcommonlyknown，wherewithhehadobligedtheWorld。These，whichverypleasinglyentertainedme，thoughtheyPrevail’dnotonmetobeofhisOpinioneverywhere，yetjoyn’dwiththegreatCivilitieshehadshewnme，leftmeinadispositionsolittleinclinedtoopposeanythinginit，thatIshouldratherhavechosentoacknowledgemyselfinPrint，tobehisConvert，ifhisArgumentshadconvincedme；thantohavetroubledtheWorldwiththeReasons，whyIDissentfromhim。

InthisDispositionmyPenrested，frommedlinganyfartherwiththisSubjectwhilstIwasinTown。Soonafter，myownHealth，andtheDeathofaFriend，forc’dmeintotheCountry：

Andthebusinessoccasion’dthereby，andmyownprivateAffairs，tookupallnytime，atmyfirstcomingthither；andhadcontinuedontodoso，hadnotseveralrepeatedintimationsandinstancesfromLondon，notwithoutsomereproachesofmybackwardness，mademesee，thattheWorldconcern’dmeparticularlyinMr。Lowndes’sPostscript，andexpectedsomethingfrommeonthatoccasion。

ThoughpossiblyIwasnotwhollyoutofhismindwhenMr。

LowndeswritthatInvitation，yetIshallnotmakemyselftheCompliment，tothinkIaloneamconcern’dinit。Thegreatimportanceofthemattermadehimdesireeveryonetocontributewhathecouldtotheclearingofit，andsettingitinatruelight。AndImustdohimthisRight，tothink，thatheprefersthepublickGoodtohisprivateOpinion；andthereforeiswillinghisProposalsandArgumentsshouldbewithfreedomexamin’dtothebottom，thatiftherebeanymistakeinthem，nobodymaybemisledbyhisReputationandAuthority，totheprejudiceofhisCountry。ThusIunderstandhisPoscscript，andthusIshallendeavourtocomplywithit。Ishalltothebestofmyskill，examinehisArgumentswithallrespecttohim，andFidelitytoTruth，asfarasIcandiscoverit。Thefranknessofhisproceedinginparticularwithme，assuresmeheissogreataLoverofTruthandRight，thathewillnotthinkhimselfinjur’dwhenthatisdefended；andwillbegladwhenitismadeplain，bywhoseHandsoeveritbe。

ThisiswhathasmademepublishthesePapers，withoutanyderogationtoMr。Lowndes，orsomuchasasuspitionthathewilltakeitamiss。Ijudgeofhimbymyself。ForIshallthinkmyselfoblig’dtoanyone，whoshallshewme，orthePublick，anymaterialmistakeinanythingIhaveheresaid，whereonanypartoftheQuestionturns。

FURTHERCONSIDERATIONSCONCERNINGRAISINGTHEVALUEOFMONEY。

SILVERistheInstrumentandMeasureofCommerceinalltheCivilizedandTradingpartsoftheWorld。

ItistheInstrumentofCommercebyitsintrinsickvalue。

TheintrinsickvalueofSilverconsider’dasMoney，isthatestimatewhichcommonconsenthasplacedonit，wherebyitismadeEquivalenttoallotherthings，andconsequentlyistheuniversalBarterorExchangewhichMengiveandreceiveforotherthingstheywouldpurchaseorpartwithforavaluableconsideration：AndthusastheWiseMantellsus，Moneyanswersallthings。

SilveristheMeasureofCommercebyitsquantity，whichistheMeasurealsoofitsintrinsickvalue。IfonegrainofSilverhasanintrinsickvalueinit，twograinsofSilverhavedoublethatintinsickvalue，andthreegrainstreble，andsoonproportionably。ThiswehavedailyExperienceof，incommonbuyingandselling。ForifoneOunceofSilverwillbuy，i。e。isofequalvaluetooneBushelofWheat，twoOuncesofSilverwillbuytwoBushelsofthesameWheat，i。e。hasdoublethevalue。

Henceitisevident，thatanequalquantityofSilverisalwaysofequalvaluetoanequalquantityofSilver。

ThiscommonSense，aswellastheMarket，teachesus。ForSilverbeingallofthesamenatureandgoodness，havingallthesamequalities，’tisimpossiblebutitshouldinthesamequantityhavethesamevalue。ForifalessquantityofanyCommoditybeallowedtobeequalinvaluetoagreaterquantityofthesamesortofCommodity，itmustbeforsomegoodqualityithaswhichtheotherwants。ButSilvertoSilverhasnosuchdifference。

Hereitwillbeasked，isnotsomeSilverfinerthanother？

Ianswer，onemassofmixedMetalnotdiscernedbytheEyetobeanythingbutSilver，andthereforecalledSilver，mayhavealessmixtureofbaserMetalinitthananother，andsoincommonspeechissaidtobefinerSilver。SoDucatoonshavingalessmixtureofCopperinthemthanourEnglishCoinhas，aresaidtobefinerSilver。Butthetruthis，theSilverthatisineachisequallyfine，aswillappearwhenthebaserMetalisseparatefromit。And’tisofthispureorfineSilverImustbeunderstoodwhenImentionSilver；notregardingtheCopperorLeadwhichmaychancetobemixedwithit。Forexample：TakeanOunceoffineSilver，andOnefourthofanOunceofCopper，andmeltthemtogether，onemaysayofthewholemass，thatitisnotfineSilver，butitistruethereisanOunceoffineSilverinit；andthoughthismassweighingoneOunceandaquarterbenotofequalvaluetooneOunceandaquarteroffineSilver，yettheOunceoffineSilverinitis，whenseparatefromtheCopper，ofequalvaluetoanyotherOunceofSilver。

BythisMeasureofCommerce，viz。thequantityofSilver，Menmeasurethevalueofallotherthings。ThustomeasurewhatthevalueofLeadistoWheat，andofeitherofthemtoacertainfortofLinnenCloath，thequantityofSilverthateachisvaluedatorsellsfor，needsonlybeknown。ForifaYardofClothbesoldforhalfanOunceofSilver，aBushelofWheatforoneOunce，andanhundredweightofLeadfortwoOunces，anyonepresentlyseesandsaysthataBushelofWheatisdoublethevalueofaYardofthatCloth，andbuthalfthevalueofanhundredweightofLead。

SomeareofopinionthatthismeasureofCommerce，likeallothermeasures，isArbitrary，andmayatpleasurebevaried，byputtingmoreorfewerGrainsofSilverinpiecesofaknowndenomination，v。g。bymakingaPennyoraShillinglighterorheavier，inSilver，inaCountrywheretheseareknowndenominationsofpiecesofsilverMoney。Buttheywillbeofanothermind，whentheyconsiderthatSilverisameasureofanaturequitedifferentfromallother。TheYardorQuartMenmeasureby，mayrestindifferentlyinthebuyersorsellers，orathirdPerson’shands，itmattersnotwhoseitis。ButitisnotsoinSilver。Itisthethingbargain’dfor，aswellasthemeasureofthebargain；andinCommercepassesfromthebuyertotheseller，asbeinginsuchaquantityequivalenttothethingsold：AndsoitnotonlymeasuresthevalueoftheCommodityitisapply’dto，butisgiveninExchangeforit，asofequalvalue。Butthisitdoes，（asisvisible）onlybyitsquantity，andnothingelse。Foritmustberemenbred，thatSilveristheInstrumentaswellasMeasureofCommerce，andisgiveninexchangeforthethingsTradedfor：AndeveryonedesiringtogetasmuchashecanofitforanyCommodityhesells，’tisbythequantityofSilverhegetsforitinExchange，andbynothingelse，thathemeasuresthevalueoftheCommodityhesells。

TheCoiningofSilver，ormakingMoneyofit，istheascertainingofitsquantitybyapublickmark，thebettertofititforCommerce。

InCoin’dSilverorMoneytherearethesethreeThings，whicharewantinginotherSilver。1。Piecesofexactlythesameweightandfineness。2。AStampsetonthosepiecesbythepublickAuthorityofthatCountry。3。AknowndenominationgiventothesepiecesbythesameAuthority。

TheStampisamark，andasitwereapublickvoucherthatapieceofsuchadenominationisofsuchaweight，andsuchafineness，i。e。hassomuchSilverinit。

Thatpreciseweightandfineness，byLawappropriatedtothepiecesofeachdenomination，iscalledtheStandard。

FineSilverisSilverwithoutthemixtureofanybaserMetal。

AllayisbaserMetalmixedwithit。

TheFinenessofanyMetalappearingtobeSilver，andsocalled，istheproportionofSilverisinit，comparedwithwhatthereisinitofbaserMetals。

TheFinenessofStandardSilverinEnglandiselevenpartsSilver，andonepartCopper，near：Ortospeakmoreexactly，theproportionofSilvertoCopperisasanhundredandeleventonine。WhateverpieceormasshasinitofbaserMetalabovetheproportionof9to111，isworseorcourserthanStandard。

WhatevermassofMetalhasalessproportionthan9to111，ofbaserMetalinit，isbetterorfinerthanStandard。

SinceSilveristhethingsought，andwouldbetterserveforthemeasureofCommerceifitwereunmixt，itwillpossiblybeaskedwhyanymixtureofbaserMetalisallowedinMoney，andwhatusethereisofsuchAllay，whichservestomakethequantityofSilverlessknownintheseveralCoinsofdifferentCountries？

PerhapsitwouldhavebeenbetterforCommerceingeneral，andmoreconvenientforalltheirSubjects，ifthePrinceseverywhere，oratleastinthispartoftheWorld，wouldatfirsthaveagreedonthefinenessoftheStandardtohavebeenjustOnetwelfthAllay，inroundnumbers；withoutthoseminuterFractionswhicharetobefoundintheAllayofmostoftheCoinintheseveraldistinctDominionsofthispartoftheWorld。WhichbrokenproportionofbaserMetaltoSilver，intheStandardoftheseveralMints，seemstohavebeenintroducedbytheSkillofMenimploy’dinCoining，tokeepthatArt（asallTradesarecall’d）aMystery；ratherthanforanyuseornecessitytherewasofsuchbrokennumbers。Butbethatasitwill，theStandardinourMintbeingnowsettledbyAuthority，andestablishedbyCustom，knownathomeandabroad，andtherulesandmethodsofEssayingsuitedtoit；andallthewroughtPlateaswellasCoinofEnglandbeingmadebythatmeasure；itisofgreatconcernmentthatitshouldremainunvariable。

Buttothequestion；WhatneedisthereofanymixtureofbaserMetalwithSilverinMoneyorPlate？Ianswer，thereisgreatreasonforit。For，1。CoppermixtwithSilvermakesitharder，andsowearsandwasteslessinusethanifitwerefineSilver。2。Itmeltseasier。3。SilverasitisdrawnandmeltedfromtheMine，beingseldomperfectlyfine，itwouldbeagreatchargebyrefining，toseparateallthebaserMetalsfromit，andreduceittoperfectlyunmixtSilver。

TheuseofCoin’dSilverorMoneyis，thateveryManintheCountrywhereitiscurrentbypublickAuthority，may，withoutthetroubleofrefining，essayingorweighing，beassuredwhatquantityofSilverhegives，receives，orcontractsfor，undersuchandsuchdenominations。

IfthisSecuritygoesnotalongwiththepublickStamp，Coiningislabourtonopurpose，andputsnodifferencebetweencoin’dMoneyanduncoin’dBullionThisissoobvious，thatI

thinknoGovernment，whereMoneyiscoin’d，everoverlooksit。

AndthereforetheLawseverywhere，whenthequantityofSilverhasbeenlessen’dinanypiececarryingthepublickStamp，byClipping，Washing，Rounding，&c。havetakenofftheAuthorityofthepublickStamp，anddeclar’ditnottobelawfulMoney。ThisisknowntobesoinEngland，andeveryonemaynotonlyrefuseanyMoneybearingthepublickStamp，ifitbeclip’d，oranywaysrob’dofthedueweightofitsSilver；buthethatoffersitinpaymentisliabletoIndictment，FineandImprisonment。Fromwhencewemaysee，thattheuseandendofthepublickStampisonlytobeaguardandvoucherofthequantityofSilverwhichMencontractfor。AndtheinjurydonetothepublickFaith，inthispoint，isthatwhichinClippingandfalseCoininghightenstheRobberyintoTreason。

Menintheirbargainscontractnotfordenominationsorsounds，butfortheintrinsickvalue；whichisthequantityofSilverbypublickAuthoritywarrantedtobeinpiecesofsuchdenominations。And’tisbyhavingagreaterquantityofSilver，thatMenthriveandgrowricher，andnotbyhavingagreaternumberofdenominations；WhichwhentheycometohaveneedoftheirMoneywillprovebutemptysounds，iftheydonotcarrywiththemtherealquantityofSilverisexpected。

TheStandardoncesettledbypublickAuthority，thequantityofSilverestablish’dundertheseveraldenominations，（Ihumblyconceive）shouldnotbealtred，tilltherewereanabsolutenecessityshewnofsuchachange，whichIthinkcanneverbe。

Thereasonwhyitshouldnotbechangedisthis；becausethepublickAuthorityisGuaranteefortheperformanceofalllegalContracts。ButMenareabsolvedfromtheperformanceoftheirlegalcontracts，ifthequantityofSilver，undersetledandlegaldenominationsbealtred：Asisevident，ifborrowing100l。

or400OuncesofSilvertorepaythesamequantityofSilver（forthatisunderstoodbythesamesum，andsotheLawwarrantsit）

ortakingaLeaseofLandforyearstocome，atthelikeRentof100l。theyshallpayboththeoneandtheotherinMoneyCoin’dunderthesamedenominationswithOnefifthlessSilverinit，thanatthetimeofthebargain。TheLandlordhereandCreditorareeachdefraudedof20perCent。ofwhattheycontractedfor，andistheirdue。AndIask，HowmuchjusteritwouldbethustodissolvetheContractstheyhadmade；thantomakeaLaw，thatfromhenceforthallLandlordsandCreditorsshouldbepaidtheirpastDebtsandtheRentsforLeasesalreadymade，inclip’dMoney，twentyperCent。lighterthanitshouldbe？BothwaystheylosetwentyperCent。oftheirdue，andwithequalJustice。

Thecasewouldbethesame，andlegalContractsbevoided，iftheStandardshouldbealtredontheotherside，andeachspeciesofourCoinbemadeOnefifthheavier。Forthenhethathadborrow’dorcontractedforanySum，couldnotbedischargedbypayingthequantityheagreedfor，butbeliabletobeforcedtopay20perCent。morethanhebargainedfor，thatis，morethanheought。

Ontheotherside；WhethertheCreditorbeforcedtoreceiveless，ortheDebtorforcedtopaymorethanhisContract，thedamageandinjuryisthesame，wheneveraManisdefraudedofhisdue。AndwhetherthiswillnotbeapublickfailureofJustice，thusarbitrarilytogiveoneMan’sRightandPossessiontoanother，withoutanyfaultonthesufferingMan’sside，andwithoutanytheleastadvantagetothepublick，Ishallleavetobeconsidered。

RaisingofCoinisbutaspeciouswordtodeceivetheunwary。

ItonlygivestheusualdenominationofagreaterquantityofSilvertoaless，（v。g。callingFourGrainsofSilveraPennytoday，whenFiveGrainsofSilvermadeaPennyyesterday）butaddsnoworthorrealvaluetotheSilverCoin，tomakeamendsforitswantofSilver。Thatisimpossibletobedone。ForitisonlythequantityoftheSilverinitthatis，andeternallywillbe，themeasureofitsvalue。AndtoconvinceanyoneofthisIask，whetherhethatisforcedtoreceivebut320OuncesofSilverunderthedenominationof100l。（for400OuncesofSilverwhichhelentunderthelikedenominarionof100l。）willthinkthese320OuncesofSilver，howeverdenominated，worththose400Ounceshelent？Ifanyonecanbesupposedsosilly，heneedbutgotothenextMarketorShoptobeconvinced，thatMenvaluenotMoneybythedenomination，butbythequantityofSilverthatisinit。

OnemayasrationallyhopetolengthenafootbydividingitintoFifteenparts，insteadofTwelve；andcallingtheminches；astoincreasethevalueoftheSilverthatisinaShilling，bydividingitintoFifteenpartsinsteadofTwelve，andcallingthemPence。ThisisallthatisdonewhenaShillingisraisedfromTwelvetoFifteenPence。

ClippingofMoneyisraisingitwithoutpublickAuthority；

thesamedenominationremainingtothepiece，thathathnowlessSilverinit，thanithadbefore。

AlteringtheStandard，byCoiningpiecesunderthesamedenominationwithlessSilverinthemthantheyformerlyhad，isdoingthesamethingbypublickAuthority。Theonlyoddsis，thatbyClippingthelossisnotforcedonanyone（fornobodyisobligedtoreceiveClip’dMoney；）ByalteringtheStandarditis。

AlteringtheStandard，byraisingtheMoney，willnotgettothePublickorbringtotheMinttobeCoin’doneOunceofSilver：ButwilldefraudtheKing，theChurch，theUniversitiesandHospitals，&c。ofsomuchoftheirsetledRevenue，astheMoneyisraised，v。g。20perCent。iftheMoney（asispropos’d）

beraisedOnefifth。Itwillweaken，ifnottotallydestroythepublickFaith，whenallthathavetrustedthePublick，andassistedourpresentnecessities，uponActsofParliament，intheMillionLottery，BankAct，andotherLoans，shallbedefraudedof20perCent。ofwhatthoseActsofParliamentweresecurityfor。

Andtoconclude，thisraisingourMoneywilldefraudallprivateMenof20perCent。inalltheirDebtsandsetledRevenues。

ClippingbyEnglishMenisrobbingthehonestManwhoreceivesclip’dMoney，andtransferringtheSilver，i。e。thevalue{which}isparedofffromitintotheClipperspocket。

ClippingbyForeignersisrobbingEnglanditself。AndthustheSpaniardslatelyrob’dPortugalofagreatpartofitsTreasureorCommodities（whichisthesamething）byimportinguponthemclip’dMoneyofthePortugalstamp。

Clipping，andclip’dMoney，havebesidesthisrobberyofthePublickothergreatinconveniencies：AsthedisorderingofTrade，raisingForeignExchange，andageneraldisturbancewhicheveryonefeelstherebyinhisprivateAffairs。

Clippingissogainful，andsosecretaRobbery，thatpenaltiescannotrestrainit，asweseebyexperience。

Nothing，Ihumblyconceive，canputastoptoClipping，nowitisgrownsouniversal，andMenbecomesoskilfulinit，butmakingitunprofitable。

NothingcanmakeClippingunprofitable，butmakingalllightMoneygoonlyforitsweight。ThisstopsClippinginamoment，bringsoutallthemill’dandweightyMoney，deprivesusnotofanypartofourclip’dMoneyfortheuseofTrade。Andbringsitorderly，andbydegrees，andwithoutforceintotheMinttoberecoin’d。

Ifclip’dMoneybecall’dinallatonce，andstop’dfrompassingbyweight，IfearitwillstopTrade，putourAffairsallatastand，andintroduceconfusion。Whereas，ifitbepermittedtopassbyitsweight，tillitcanbydegreesbeCoin’d，（thestampsecuringitsfinenessaswellthenasnow，andtheScalesdeterminingitsweight）itwillserveforthepayingofgreatSumsascommodiouslyalmostasweightyMoney，andtheweightyMoneybeingthenbroughtoutwillservefortheMarketTrade，andlessPayments，andalsotoweightheclip’dMoneyby。

Ontheotherside；Ifclip’dMoneybeallowedtopasscurrentbytale，tillitbeallrecoin’d，oneofthesetwoeffectswillapparentlyfollow：EitherthatweshallwantMoneyforTrade，astheclip’dMoneydecreasesbybeingCoin’dintoweighty；（forveryfew，ifanybody，whogetweightyMoneyintotheirhands，willpartwithit，whilstclip’dMoney，notofhalfthevalueiscurrent）Oriftheydo，theCoinersandClipperswillpickitup，andnewCoinandClipit；wherebyclip’dMoneywillbeincreased。

Sothat，bythisway，eitherMoneywillbewantingtotrade，orclip’dMoneycontinued。Ifclip’dMoneybestop’dallatonce，thereisimmediatelyastopofTrade。Ifitbepermittedtopassintale，asifitwerelawfulweightyMoneywhilstitisrecoining，andtillallberecoin’d，thatwayalsotherewillbeanendofTrade，ornoendofclip’dMoney。Butifitbemadetopassforitsweighttillitbeallrecoin’d，boththeseevilsareavoided，andtheweightyMoneywhichwewantwillbebroughtouttoboot。

MoneyisnecessarytothecarryingonofTrade。ForwhereMoneyfails，Mencannotbuy，andTradestops。

Creditwillsupplythedefectofittosomesmalldegreeforalittlewhile。ButCreditbeingnothingbuttheexpectationofMoneywithinsomelimitedtime，MoneymustbehadorCreditwillfail。

Moneyalsoisnecessarytous，inacertainproportiontotheplentyofitamongstourNeighbours。ForifanyofourNeighbourshaveitinamuchgreaterabundancethanwe，wearemanywaysobnoxioustothem。1。Theycanmaintainagreaterforce。2。TheycantemptawayourPeople，bygreaterwages，toservethembyLandorSea，orinanyLabour。3。TheycancommandtheMarkets，andtherebybreakourTrade，andmakeuspoor。4。TheycanonanyoccasioningrossNavalandWarlikeStores，andtherebyendangerus。

InCountieswhereDomestickMinesdonotsupplyit，nothingcanbringinSilverbutTributeorTrade。TributeistheeffectofConquest：Trade，ofSkillandIndustry。

ByCommerceSilverisbroughtinonlybyanover—ballanceofTrade。

AnOver—ballanceofTrade，iswhenthequantityofCommoditieswhichwesendtoanyCountrydomorethanpayforthosewebringfromthence：ForthentheoverplusisbroughthomeinBullion。

BullionisSilverwhoseworkmanshiphasnovalue。AndthusForeignCoinhathnovaluehereforitsstamp，andourCoinisBullioninForeignDominions。

’Tisuselessandlabourinvain，toCoinSilverImportedintoanyCountrywhereitisnottostay。

SilverImportedcannotstayinanyCountryinwhich，byanoverballanceoftheirwholeTrade，itisnotmadetheirs，anddothnotbecomearealincreaseoftheirWealth。

IfbyageneralBalanceofitsTrade，EnglandyearlysendsoutCommoditiestothevalueoffourhundredthousandOuncesofSilvermorethantheCommoditieswebringhomefromabroadcostus；thereisOnehundredthousandPoundeveryyearcleargain：

WhichwillcomehomeinMoney，bearealincreaseofourWealth，andwillstayhere。

Ontheotherside，ifuponageneralbalanceofourwholeTrade，weyearlyimportCommoditiesfromotherpartstothevalueofanhundredthousandPoundmorethanourCommoditiesexportedpayfor，weeveryYeargrowanhundredthousandPoundpoorer。Andif，besidesthat，weshouldalsoimportaMillioninBullionfromSpaineveryyear，yetitisnotours；itisnoincreasetoourWealth，norcanitstayhere；butmustbeExportedagaineverygrainofitwithanhundredthousandPoundofourownMoneytoboot。

Ihavehearditpropos’dasawaytokeepourMoneyhere，thatweshouldpayourDebtscontractedbeyondSeas，byBillsofExchange。

TheIdlenessofsuchaPropositionwillappear，whenthenatureofExchangeisalittleconsider’d。

ForeignExchangeisthepayingofMoneyinoneCountry，toreceiveitinanother。

TheExchangeisHigh，whenaManpaysforBillsofExchangeabovethePar。ItisLowwhenhepayslessthanthePar。

TheParisacertainnumberofpiecesoftheCoinofoneCountry，containinginthemanequalquantityofSilvertothatinanothernumberofpiecesoftheCoinofanotherCountry：v。g。

supposing36ShillingsofHollandtohavejustasmuchSilverinthemas20EnglishShillings。BillsofExchangedrawnfromEnglandtoHollandattherateof36ShillingsDutchforeachpoundSterling，isaccordingtothePar。HethatpaystheMoneyhere，andreceivesitthere，neithergetsnorlosesbytheExchange；butreceivesjustthesamequantityofSilverintheoneplace，thathepartswithintheother。ButifhepaysonepoundSterlingtoreceivebut30ShillingsinHolland，hepaysonesixthmorethanthePar，andsopaysonesixthmoreSilverfortheExchange，lettheSumbewhatitwill。

ThereasonofHighExchange，isthebuyingmuchCommoditiesinanyForeignCountry，beyondthevalueofwhatthatCountrytakesofours。ThismakesEnglishMenhaveneedofgreatSumsthere，andthisraisestheExchangeorPriceofBills。Forwhatgrowsmoreintodemand，increasespresentlyinprice。

ReturningMoneybyExchangeintoForeignparts，keepsnotoneFarthingfromgoingout：ItonlypreventsthemoretroublesomeandhazardouswayofsendingMoneyinspecieforwardsandbackwards。BillsofExchangemorecommodiously，byScripsofPaper，eventheAccountsbetweenparticularDebtorsandCreditorsindifferentCountries，asfarastheCommercebetweenthosetwoPlacesisequivalent：Butwheretheover—ballance，oneitherside，demandsPayment，thereBillsofExchangecandonothing；

butBullion，orMoneyinspeciemustbesent。ForinaCountrywhereweoweMoney，andhavenoDebts，owingtous，BillswillnotfindCredit；butforashorttime，tillMoneycanbesenttoreimbursethosethatpaidthem；unlesswecanthinkMenbeyondSeawillpartwiththeirMoneyfornothing。IftheTradersofEnglandowetheirCorrespondentsofHollandahundredthousandPound，theirAccountswithalltherestoftheWorldstandingequal，andremainingso，oneFarthingofthishundredthousandPoundcannotbepaidbyBillsofExchange。Forexample，IoweathousandPoundsofit；Andtopaythat，buyaBillofN。here，drawnonJohndeWitofAmsterdam，topayP。vanLoremyCorrespondentthere。TheMoneyispaidaccordingly，andtherebyI

amoutofVanLoresDebt；butoneFarthingoftheDebtofEnglandtoHollandisnottherebypaid；forN。ofwhomIboughttheBillofExchange，isnowasmuchindebtedtoJohndeWit，asIwasbeforetoP。vanLore。ParticularDebtorsandCreditorsareonlychangedbyBillsofExchange；buttheDebtowingfromoneCountrytotheother，cannotbepaidwithoutrealEffectssentthithertothatvalue，eitherinCommodities，orMoney。WheretheballanceofTradebarelypaysforCommoditieswithCommodities，thereMoneymustbesent，orelsetheDebtcannotbepaid。

IhavespokeofSilverCoinalone，becausethatmakestheMoneyofAccount，andmeasureofTrade，allthroughtheWorld。

ForallContractsare，Ithink，everywheremade，andAccountskeptinSilverCoin。

IamsuretheyaresoinEngland，andtheneighbouringCountries。

Silvertherefore，andSilveralone，istheMeasureofCommerce。TwoMetals，asGoldandSilver，cannotbetheMeasureofCommercebothtogether，inanyCountry：BecausetheMeasureofCommercemustbeperpetuallythesame，invariable，andkeepingthesameproportionofvalueinallitsparts。ButsoonlyoneMetaldoes，orcandotoitself：SoSilveristoSilver，andGoldtoGold。AnOunceofSilverisalwaysofequalvaluetoanOunceofSilver，andanOunceofGoldtoanOunceofGold；andtwoOuncesoftheone，ortheother，ofdoublethevaluetoanOunceofthesame。ButGoldandSilverchangetheirvalueonetoanother：Forsupposingthemtobeinvalueassixteentoonenow；

perhapsthenextMonththeymaybeasfifteenandthreequarters，or15andseveneighthstoone。Andonemayaswellmakeameasure，v。g。aYard，whosepartslengthenandshrink，asaMeasureofTradeofMaterials，thathavenotalwaysasetledunvariablevaluetooneanother。

OneMetalthereforealonecanbetheMoneyofAccountandContract，andtheMeasureofCommerceinanyCountry。Thefittestforthisuse，ofallother，isSilver，formanyreasons，whichneednotherebemention’d。ItisenoughthattheWorldhasagreedinit，andmadeittheircommonMoney；andastheIndiansrightlycallit，Measure。AllotherMetals，Gold，aswellasLead，arebutCommodities。

CommoditiesareMoveables，valuablebyMoney，thecommonmeasure。

Gold，tho’nottheMoneyoftheWorld，andtheMeasureofCommerce，norfittobeso，yetmay，andoughttobecoined，toascertainitsWeightandFineness；AndsuchCoinmaysafelyhaveaPriceaswellasaStampsetuponitbypublickAuthority；sothevaluesetbeundertheMarketprice。ForthensuchpiecesCoin’d，willbeaCommodityaspassableasSilverMoney，verylittlevaryingintheirprice：AsGuineaswhichwereCoin’datthevalueof20s。butpassedusuallyforbetween21or22

shillings，accordingtothecurrentrate；ButnothavingsohighavalueputuponthembytheLaw，nobodycouldbeforcedtotakethemtotheirLossat21s。6d。ifthepriceofGoldshouldhappenatanytimetobecheaper。

Fromwhathasbeensaid，Ithinkitappears：

1。ThatSilveristhatwhichmankindhaveagreedontotake，andgiveinExchangeforallotherCommodities，asanEquivalent。

2。That’tisbythequantityofSilvertheygiveortake，orcontractfor，thattheyestimatethevalueofotherthings，andsatisfieforthem；andthusbyitsquantitySilverbecomestheMeasureofCommerce。

3。Henceitnecessarilyfollows，thatagreaterquantityofSilverhasagreatervalue；alessquantityofSilverhasalessvalue；andanequalquantityanequalvalue。

4。ThatMoneydiffersfromuncoin’dSilveronlyinthis，thatthequantityofSilverineachpieceofMoney，isascertain’dbytheStampitbears；whichissettheretobeapublickVoucherofitsweightandfineness。

5。ThatGoldisTreasureaswellasSilver，becauseitdecaysnotinkeeping，andneversinksmuchinitsvalue。

6。ThatGoldisfittobeCoin’daswellasSilver，toascertainitsquantitytothosewhohaveamindtoTraffickinit；butnotfittobejoyn’dwithSilver，asaMeasureofCommerce。

7。ThatJewelstooareTreasure，becausetheykeepwithoutdecay；andhaveconstantlyagreatvalue，inproportiontotheirBulk：ButcannotbeusedforMoney，becausetheirvalueisnotmeasur’dbytheirquantity；norcanthey，asGoldandSilver，bedivided，andkeeptheirvalue。

8。TheotherMetalsarenotTreasure，becausetheydecayinkeeping，andbecauseoftheirplenty；whichmakestheirvaluelittleinagreatbulk；andsounfitforMoney，Commerce，andCarriage。

9。ThattheonlywaytobringTreasureintoEngland，isthewellorderingourTrade。

10。ThattheonlywaytobringSilverandGoldtotheMint，fortheincreaseofourStockofMoneyandTreasure，whichshallstayhere，isanover—balanceofourwholeTrade。AllotherwaystoincreaseourMoneyandRiches，arebutProjectsthatwillfailus。

Thesethingspremised，IshallnowproceedtoshewwhereinI

differfromMr。Lowndes，anduponwhatgroundsIdoso。

Mr。Lowndesproposes，thatourMoneyshouldberaised（asitiscalled）onefifth：thatis，ThatallourpresentdenominationsofMoney，asPenny，Shilling，Half—crown，Crown，&c。shouldeachhaveOnefifthlessSilverinit，orbeansweredwithCoinofOnefifthlessvalue。HowheproposestohaveitdoneIshallconsiderhereafter。IshallatpresentonlyexaminetheReasonshegivesforit。

Hisfirstreason，p。68。hegivesusinthesewords，ThevalueoftheSilverintheCoinoughttoberaisedtothefootofSixShillingsthreePenceineveryCrown；becausethepriceofStandardSilverinBullionisrisentoSixShillingsfivepenceanOunce。

Thisreasonseemstometolabourunderseveralgreatmistakes，as1。ThatStandardSilvercanriseinrespectofitself。

2。ThatStandardBullionisnow，oreverwasworth，orsoldtotheTradersinitfor6s。5d。theOunce，oflawfulMoneyofEngland。Forifthatmatteroffactholdsnottobeso，thatanOunceofSterlingBullionisworth6s。5d。ofourmill’dweightyMoney，thisreasonceases；AndourweightyCrownpiecesoughtnottoberaisedto6s。3d；becauseourlightclip’dMoneywillnotpurchaseanOunceofStandardBullion，undertherateof6s。5d。

ofthatlightMoney。Andletmeaddhere，norforthatrateneither。IfthereforetheAuthormeanshere，thatanOunceofStandardSilverisrisento6s。5d。ofourclip’dMoney，Igrantithim，andhighertoo。ButthenthathasnothingtodowiththeraisingourLawfulCoin，whichremainsunclip’d；unlesshewillsaytoo，thatStandardBullionissorisen，astobeworth，andactuallytosellfor6s。5d。theOunceofourweightymill’dMoney。ThisInotonlydeny，butfartheradd，thatitisimpossibletobeso。Forsixshillingsandfivepenceofmill’dMoney，weighsanOunceandaquarternear。Canitthereforebepossible，thatoneOunceofanyCommodity，shouldbeworthanOunceandquarteroftheself—sameCommodity，andofexactlythesamegoodness？ForsoisStandardSilvertoStandardSilver。

Indeedonehasamarkuponit，whichtheotherhasnot：Butitisamarkthatmakesitrathermore，thanlessvaluable：Orifthemark，byhindringitsExportation，makesitlessvaluableforthatpurpose，theMelting—potcaneasilytakeitoff。

ThecomplaintmadeofmeltingdownourweightyMoney，answersthisreasonevidently。Forcanitbesuppos’d，thataGoldsmithwillgiveoneOunceandaquarterofCoin’dSilver，foroneOunceofBullion；whenbyputtingitintohisMelting—pot，hecanforlessthanaPennychargemakeitBullion？（For’tisalwaystoberemembred，whatIthinkismadeclear，thatthevalueofSilver，consideredasitisMoney，andthemeasureofCommerce，isnothingbutitsquantity。）Andthusamill’dShilling，whichhasdoubletheweightofSilverinittoacurrentShilling，whereofhalftheSilverisclip’daway，hasdoublethevalue。Andtoshewthatthisisso，Iwillundertake，thatanyMerchant，whohasBulliontosell，shallsellitforagreatdeallessnumberofShillingsintale，toanyone，whowillcontracttopayhiminmill’dMoney，thanifhebepaidinthecurrentclip’dMoney。

ThosewhosayBullionisRisen，Idesiretotellme；WhattheymeanbyRisen？AnyCommodity，Ithink，isproperlysaidtobeRisen，whenthesamequantitywillexchangeforagreaterquantityofanotherthing；butmoreparticularlyofthatthingwhichisthemeasureofCommerceintheCountry。AndthusCornissaidtobeRisenamongsttheEnglishinVirginia，whenaBushelofitwillsell，orexchangeformorepoundsofTobacco；AmongsttheIndians，whenitwillsellformoreyardsofWampompeak，whichistheirMoney；AndamongsttheEnglishhere，whenitwillexchangeforagreaterquantityofSilver，thanitwouldbefore。

RisingandfallingofCommoditiesisalwaysbetweenseveralCommoditiesofdistinctworths。ButnobodycansaythatTobacco（ofthesamegoodness）isriseninrespectofitself。OnePoundofthesamegoodnesswillneverexchangeforaPoundandaQuarterofthesamegoodness。AndsoitisinSilver：AnOunceofSilverwillalwaysbeofequalvaluetoanOunceofSilver；norcaniteverriseorfallinrespectofitself：AnOunceofStandardSilvercanneverbeworthanOunceandaQuarterofStandardSilver；noroneOunceofuncoin’dSilver，exchangeforoneOunceandaQuarterofCoin’dSilver：TheStampcannotsomuchdebaseitsvalue。Indeedthestamphindringitsfreeexportation，maymaketheGoldsmith（whoprofitsbythereturnofMoney）giveonehundredandtwentieth，oronesixtiethorperhapssometimesonethirtiethmore（thatis5s。twoPenceHalf—penny，5s。3d。or5s。4d。theOunce）ofcoin’dSilverforuncoin’d，whenthereisneedofsendingSilverbeyondSeas；astherealwaysiswhenthebalanceofTradewillnotsupplyourwants，andpayourdebtsthere。Butmuchbeyondthis，theGoldsmithwillnevergiveforBullion；sincehecanmakeitoutofCoin’dMoneyatacheaperrate。

’TissaidBullionisrisento6s。5d。theOunce，i。e。thatanOunceofuncoin’dSilverwillexchangeforanOunceandaQuarterofCoin’dSilver。Ifanyonecanbelievethis，IwillputthisshortCasetohim。HehasofBullionorStandarduncoin’dSilver，tworoundplates，eachoftheexactsizeandweightofaCrownpiece：Hehasbesides，ofthesameBullion，aroundplateoftheweightandsizeofaShilling，andanotheryetless，oftheexactweightandsizeofaThree—pence。ThetwogreatPlatesbeingofequalweight，andfineness，Isupposehewillallowtobeofequalvalue，andthatthetwoless，joyn’dtoeitherofthem，makeitonefifthmoreworththantheotherisbyitself，theyhavingallthreetogetheronefifthmoreSilverinthem。Letussupposethen，oneofthegreater，andthetwolessplatestohavereceivedthenextmoment，（byMiracle，orbytheMill，itmattersnothow）themarkorstampofourCrown，ourShilling，andourThree—pence：Cananybodysay，thatnowtheyhavegotthestampofourMintuponthem，theyaresofalleninvalue，ortheotherunstamp’dpiecesoRisen，thatthatunstamp’dpiecewhichamomentbeforewasworthonlyoneoftheotherpieces，isnowworththemallthree？Whichistosay，thatanOunceofuncoin’dSilverisworthanOunceandaquarterofcoin’d。Thisiswhatmenwouldpersuadeus，whentheysay，thatBullionisraisedto6s。5d。[oflawfulMoney]theOunce，whichIsayisutterlyimpossible。Letusconsiderthisalittlefartherinanotherinstance。ThepresentMill’dCrownpiece，saythey，willnotexchangeforanOunceofBullion，withouttheadditionofaShillingandaThree—penceofweightyCoinaddedtoit。CoinbutthatCrownpieceinto6s。and3d。andthentheysayitwillbuyanOunceofBullion，orelsetheygiveuptheirreasonandmeasureofraisingtheMoney。Dothatwhichisallow’dtobeequivalenttoCoiningofapresentMill’dCrownpieceinto6s。

3d。（viz。）callit75Pence，andthenalsoitmustbythisRuleofraisingbuyanOunceofBullion。Ifthisbeso，theself—samemill’dCrownpiecewillandwillnotexchangeforanOunceofBullion。Callit60pence，anditwillnot：Theverynextmomentcallit75pence，anditwill。Iamafraidnobodycanthinkchangeofdenominationhassuchapower。

Mr。Lowndessupportsthishisfirstreasonwiththesewords，p。68。Thisreason，whichIhumblyconceivewillappearirrefragable，isgroundeduPonaTruthsoApparent，thatitmaywellbecomparedtoanAxiom，eveninMathematicalreasoning；towit，thatWhensoevertheintrinsickvalueofSilverintheCoin，hathbeen，orshallbelessthanthepriceofSilverinBullion，theCoinhathandwillbemelteddown。

ThisIthink，tho’itbeallowedMr。LowndesforasApparentaTruth，andascertainaMaximashecouldwish，yetservesnotatalltohispurposeoflesseningtheCoin。ForwhentheCoin，isasitshouldbe，accordingtotheStandard（lettheStandardbewhatitwill）weightyandunclip’d，itisimpossiblethatthevalueofCoin’dSilvershouldbelessthanthevalueorpriceofUncoin’d；Because，asIhaveshewn，thevalueandquantityofSilverarethesame：Andwherethequantitiesareequal，thevaluesareequal；exceptingonlytheoddsthatmaybebetweenBullionthatmaybefreelyexported，andCoin’dSilverthatmaynot；Theoddswhereofscarceeveramountstoabove2d。PerOunce，andrarelytoaboveapennyoranhalf—penny。Andthisodds（whateveritbe）willequallybelongtohisraisedmill’dMoney，whichcannotbeexported，asitwilltoourpresentmill’dMoney，whichcannotbeExported；AsIshallhaveoccasiontoshewmoreparticularlyhereafter。Allthisdisorder，andathousandothers，comesfromlightandunlawfulMoneybeingcurrent。ForthenitisnowonderthatBullionshouldbekeptuptothevalueofyourclip’dMoney；thatis，thatBullionshouldnotbesoldbytheOunceforlessthan6s。5d。whenthat6s。5d。clip’dMoneypaidforit，doesnotWeighaboveanOunce。ThisinstancethereforeofthepresentpriceofBullion，provesnothingbutthatthequantityofSilverinMoneygovernsthevalueofit，andnotthedenomination；asappearswhenclip’dMoneyisbroughttobuyBullion。ThisisafairTryal：SilverissetagainstSilver，andbythatisseenwhetherclip’dMoneybeofthesamevaluewithweightyofthesamedenomination，orwhetheritbenotthequantityofSilverinitthatregulatesitsvalue。

IcannotbutwonderthatMr。Lowndes，aMansowellskill’dintheLaw，especiallyoftheMint，theExchequer，andofourMoney，shouldallalonginthisArgumentspeakofclip’dMoney，asifitwerethelawfulMoneyofEngland；andshouldproposebythat（whichisineffectbytheClippersSheers）toregulateanewsortofCointobeintroducedintoEngland。Andifhewillstandtothatmeasure，andlessenthenewCointotherateofBullionsoldinexchangeforpresentcurrentclip’dMoney，topreventitsbeingmelteddown；hemustmakeityetmuchlighterthanheproposes，sothatraisingit，ortogiveititsduename，thatlesseningofitonefifthwillnotservetheturn：ForI

willbeboldtosay，thatBullionnowinEnglandisnowheretobeboughtbytheOuncefor6s。5d。ofourpresentcurrentclip’dMoney。SothatifhisRulebetrue，andnothingcansavetheweightyCoinfrommeltingdown，butreducingittotheweightthatclip’dMoneyisbroughtto，hemustlessentheMoneyinhisnewCoinmuchmorethanonefifth；foranOunceofStandardBullionwillalwaysbeworthanOunceofclip’dMoney，whetherthatintaleamountto6s。5d。6s。6d。TenShillings，oranyothernumberofShillingsorPenceofthenick—namedclip’dMoney。ForapieceofSilverthatwasCoin’dforaShilling，buthashalftheSilverclip’doff，intheLawandinProprietyofspeechisnomoreaShillingthanapieceofWood，whichwasonceasealedYard，isstillaYardwhenonehalfofitisbrokeoff。

LetusconsiderthisMaximalittlefurther；whichoutofthelanguageoftheMintinplainEnglish，Ithink，amountstothusmuch，viz。ThatwhenanOunceofStandardBullioncostsagreaternumberofPenceintale，thananOunceofthatBullioncanbeCoin’dintobytheStandardoftheMint，theCoinwillbemelteddown。Igrantit，ifBullionshouldriseto15PencetheOunceabove5s。2d。asisnowpretended；whichistosay，thatanOunceofBullioncannotbeboughtforlessthananOunceandaquarterofthelikeSilverCoin’d。Butthat，asIhaveshew’d，isimpossibletobe：Andeveryonewouldbeconvincedofthecontrary，ifwehadnonenowbutlawfulMoneycurrent。But’tisnowonderifthepriceandvalueofthingsbeconfoundedanduncertain，whentheMeasureitselfislost。ForwehavenownolawfulSilverMoneycurrentamongus：Andthereforecannottalknorjudgeright，byourpresentuncertainclip’dMoney，ofthevalueandpriceofthings，inreferencetoourlawfulregularCoin，adjustedandkepttotheunvaryingStandardoftheMint。

ThepriceofSilverinBullionabovethevalueofSilverinCoin，whenClippinghasnotdefac’dourcurrentCash（forthentheoddsisveryrarelyaboveaPennyortwoPencetheOunce）issofarfrombeingacauseofmeltingdownourCoin，thatthispricegivenabovethevalueoftheSilverinourCoin，isgivenonlytopreserveourCoinfrombeingmelteddown：FornobodybuysBullionatabove5s。2d。theOunce，（whichisjustthevalue）foranyotherreason，buttoavoidthecrimeandhazardofmeltingdownourCoin。

Ithinkitwillbeagreedonallhands，thatnobodywillmeltdownourMoney，butforprofit。NowprofitcanbemadebymeltingdownourMoney，butonlyintwocases。

First，WhenthecurrentPiecesofthesamedenominationareunequal，andofdifferentWeights；someheavier，somelighter：

ForthentheTradersinMoney，cullouttheheavier，andmeltthemdownwithprofit。ThisistheordinaryfaultofCoiningbytheHammer；whereinitusuallysufficed，ThataBarofSilverwascutintoasmanyHalfcrowns，orShillings，asanswer’ditswholeweight；withoutbeingveryexactinmakingeachparticularpieceofitsdueweight；wherebysomepiecescametobeheavier，andsomelighter，thanbytheStandardtheyshould。Andthentheheavierpieceswerecull’dout，andtherewasprofittobemade（asoneeasilyperceives）inmeltingthemdown。ButthiscauseofmeltingdownourMoneyiseasilyprevented，bytheexacterwayofCoiningbytheMill，inwhicheachsinglepieceisbroughttoitsjustweight。Thisinequalityofpiecesofthesamedenomination，istobefoundinourMoney，morethanever，sinceClippinghasbeeninfashion：Andtherefore’tisnowonder，thatinthisirregularStateofourMoney，onecomplaintis，thattheheavyMoneyismelteddown。Butthisalsothemakingclip’dMoneygoatpresentforitsWeight，（whichisasuddainreducingittotheStandard）andthen，bydegrees，recoiningitintomill’dMoney（whichistheultimateandmorecompleatreducingittotheStandard）perfectlycures。

TheothercasewhereinourMoneycomestobemelteddown，isalosingTrade；Or，whichisthesamethinginotherwords，anover—greatConsumptionofForeignCommodities。Whenevertheover—ballanceofForeignTrademakesitdifficultforourMerchantstogetBillsofExchange，theExchangepresentlyrises，andtheReturnsofMoneyraisetheminproportiontothewantofMoneyEnglishmenhaveinanypartsbeyondSeas。TheywhothusfurnishthemwithBills，notbeingabletosatisfietheirCorrespondentsonwhomthoseBillsaredrawn，withtheproductofourCommoditiesthere，mustsendSilverfromhencetoreimbursethem，andrepaytheMoneytheyhavedrawnoutoftheirhands。