An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
General
An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
What inconveniency could there possibly be in making pence of a mixed
metal of a much lower standard than the other coin. The coin would be
less bulky, and the intrinsic value might be preserved. This is the
custom all over Germany. The lower denominations of the coin are all of
different fineness. The standard for what they call the _gros_; the 7,
the 10, the 17, the 20 creutzer pieces, are all of different fineness;
but still in the same sum, in whatever coin it is paid, according to the
laws, there ought to be found the same quantity of fine silver. This
enables them to coin pieces of very small denominations which have
however the same intrinsic value with the other denominations of the
coin, and which are neither of an unwieldy bulk, or of an inconvenient
smallness. This is the regulation in Germany: I do not say that the
regulation is well observed.
Farthings of copper are good and convenient; a few of these ought always
to be preserved in favour of the lower classes of the people, who
thereby are enabled to keep down the prices of the small necessaries of
life: a matter of the greatest importance to a trading nation.
Nations ought to copy from one another what is good and convenient, and
should be above the thraldom of little prejudices in favour of
established customs, which have frequently nothing but custom to
recommend them.
[Sidenote: Mixed metal never to be bagged up with fine.]
4_to_, It must be observed that upon adopting the German regulation as
to pence, such coin must not be allowed to be put up in bags of coin
delivered by weight; nor made a legal tender beyond the value of the
lowest silver coin.
------------------------------------------------------------------------
CHAP. VII.
_Of the Regulations observed in France, with regard to Coin, Bullion,
and Plate._
It now only remains, that I lay before the reader what I have been able
to gather, upon good authority, concerning the regulations in some of
the principal nations of Europe, with regard to their mint: and this so
far only as is necessary for illustrating our subject, and confirming
the principles we have been laying down.
[Sidenote: The marc is the unit of French weight at the mint.]
The unit of weight in the French mint, is the _Marc_; composed of eight
ounces, every ounce containing 576 grains. The marc consequently
contains 4608 grains of Paris weight, called _poids de marc_.
[Sidenote: The remedy of weight upon silver what.]
By this weight the bullion is delivered to, and the coin is taken from
the workmen in the mint, to whom the King gives an allowance of 36
grains upon the weight of every marc of coin delivered. This allowance
is called _le remede de poids_.
A marc therefore of French silver coin, is not to be reckoned at 4608
grains, but at 4572 grains effective.
[Sidenote: The standard of fineness is 11 fine to 1 alloy.]
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account