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
I must farther observe upon this subject, that although we have seen
that the ducats which have circulated for ever so short a while, when
bought at 5_f._ 4⅜_st._ produce for the florin 13.685, (which is more
than is produced by the new coined ducats fresh from the mint) we are
not from this to conclude, that the former are intrinsically a cheaper
currency than the latter. I have been at all the pains imaginable to
weigh these ducats against others fresh from the mint; and also to
compare their weight with what it ought to be by the regulation; and I
have constantly found near ¼ _per cent._ difference between them. This
is entirely owing to the nature of the coin. The ducat has a large
surface in proportion to its weight; it carries a very sharp impression,
full of small points; the cord about the edges is exceedingly rough; so
that the least rubbing, breaking off those small points, diminishes the
weight of the piece near ¼ _per cent._ which is clear loss, not only to
the proprietor, but to the state, and to all the world. Besides, those
who are obliged to go to the mint for new ducats, are supposed to bear
the greatest weight of the coinage of a piece which, having no legal
denomination, is left afterwards to seek its own value, according to
that of the metals at the time.
[Sidenote: The intention of this minute detail is in order to calculate
the real par of the coins of Europe.]
As I have entred into this minute detail of the weight of fine silver
and fine gold contained in the Dutch florins, with a view to facilitate
the calculation of the par of the metals contained in the coins of
Holland, and those of other nations; I must next mention the proportion
between the aces in which we have expressed the weight of the Dutch
specie, and the grains in use in some of the principal nations with
which they trade: These I take to be England, France, and Germany.
[Sidenote: Proportion between the mint weights of Holland, England,
France, and Germany.]
The reduction of weights to mathematical exactness, is beyond the art of
man; and to this every one, who ever tried it, must subscribe. I have
been at all the pains I am capable of, to bring those weights to an
equation; and here follows the result of my examination into that
matter.
By all the trials and calculations I have made, I find that 5192.8 aces
Holland-troes; 3840 grains English troy weight; 4676.35 grains Paris
poid de marc; and 4649.03 grains Colonia (which is the gold weight of
the empire) are exactly equal.
I reckon by the lowest denomination of these several weights, to wit,
their grains; to avoid the endless perplexity of reducing to a
proportion, their pounds, marcs, and ounces, which bear no regular
proportion to their grains.
[Sidenote: Par of a pound sterling, in weighty silver, with Dutch
florins in riders is 11 florins 12 stivers.]
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