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
It is very true that what must appear an inextricable perplexity to a
stranger, is really none at all to the Dutch. Trade is there so well
reduced to system, and every branch of it so completely furnished with
hands to carry it forward, that the whole goes on mechanically, and
though at a great additional expence to trade in general, yet at none to
the merchant; because he regularly sums up all this extraordinary
expence upon his dealings, before he superadds his own profit upon the
operation. Were therefore all this unnecessary expence avoided, by a
proper regulation of the coin, the consequence would be, to diminish the
price of goods to strangers, as well as to the inhabitants, to leave the
profits upon trade, relative to the merchants, exactly as before; and to
increase, considerably, the trade of the republic, by enabling them to
furnish all commodities to other nations cheaper than they can do, as
matters stand; but were this plan put in execution, the consequence
would also be, to take bread from all those who at present live by the
disorder, which ought to be removed.
Of the regulations in the Dutch mint.
[Sidenote: Regulations in the Dutch mint.]
The unit of weight in the Dutch mint, is the marc _Holland’s troes_, or
gold weight.
[Sidenote: Their unit of weight is the marc Holland’s troes.]
This weight is about 1½ _per cent._ lighter than 8 ounces English
weight, without coming to the most scrupulous exactness.
This marc is divided into 8 ounces; every ounce into 20 engles; every
engle into 32 aces or grains. The ounce therefore contains 640, and the
marc 5120 aces. By this weight, bullion is bought, and the coin is
delivered at the mint, or weighed in circulation, when weighing is
necessary.
[Sidenote: The _remede_ of weight on silver.]
The mint delivers the silver coin by the marc weight; but from the full
weight, there is deducted as a _remedy_, one engles and one ace, or 33
aces: so the marc of the mint, by which they deliver the silver,
contains 5087 aces, in place of 5120.
[Sidenote: The fineness of silver is different in different coins.]
The fineness of the Dutch silver is various, according to the species. I
shall here, for the greater distinctness, take notice only of the
fineness of the florins; because it is the best and the most standard
coin, used in the payments of foreign bills of exchange, leaving the
other varieties of their specie to be considered afterwards.
[Sidenote: Florins are 11⁄12 fine with one grain of remedy.]
By florins I mean (besides the florin pieces) those also of 30 stivers,
and the 3 florin pieces, the standard of which is all the same, to wit,
11⁄12 fine with one grain of remedy.
[Sidenote: How they reckon their silver standard.]
The mass of silver in the Dutch mint, (when we speak of the fineness) is
supposed to be divided into 12 pence, and every penny into 24 grains, as
in France.
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