[Footnote 46: It is a curious fact, that although the number of Pence which have been supplied by that admirable Artist, Mr. BOULTON, of Birmingham, and which have been actually circulated amounts to Forty Million of Pieces, making £.166,666. 12_s._ 4_d._ sterling, and which is equal to 4_d._ for every inhabitant in this Island, according to the largest computation: yet the quantity of halfpence (chiefly counterfeits) which are found in actual circulation, are at least in the proportion of forty to one. This must ever be the case until some expedient, such as is hereafter recommended, shall be adopted for calling them in, and substituting in their place a new Coinage of the full standard weight: For it is evident that the Dealers and Tradesmen at present hoard up the penny pieces, and only circulate the counterfeit halfpence which they receive; the nuisance therefore remains, and the coiners are thus encouraged to continue their nefarious practices.] The burden is not only grievous beyond expression, to those who have no alternative but to take such base money in payment; but extends indirectly to _the Poor_: in as much as the diminished value of such coin, arising from its reduced or base quality taken in connection with the quantities thrown into circulation, tends to enhance the price of the first articles of necessity. The labourer, the handicraftsman, and the working manufacturer, being generally paid their weekly wages, partly in copper money of depreciated value;--it is obvious that they must obtain less than they would otherwise receive, were the coin of a higher standard; for the retail dealers who furnish the poor with food, must shield themselves, at least in part, against the unavoidable losses arising from base money; by advancing the prices of their various commodities. Nor are such advances made upon a principle which cannot be defended; since it is evident that the relative value _even of the old copper coin of the Mint_ to gold or silver, is nearly _twice its intrinsic value_; and while such copper money cannot be paid into the receipt of his Majesty's Exchequer, or received in payment by the officers of the revenue, the burden and loss of a diminished coin fall entirely upon the traders, (who are compelled to receive such money,) and upon the labourers and mechanics through whose medium it is chiefly circulated. While the disproportion thus stated between the denominative value of copper and silver money is so very great, it is evident that the legal coinage of copper must produce an immense profit; as _one pound_ of copper estimated at 15 _pence_[47] will make as many halfpence, of the legal coinage, as pass for _two shillings_. [Footnote 47: A few years ago sheet-copper was as low as 11-1/2_d._ a pound, and will probably be again at the same price on the return of Peace. Indeed it has been even lower, although it has recently very much advanced in price.]