of either of them to a certain sort of linen cloth, the quantity of silver that each is valued at, or sells for, needs only be known; for if a yard of cloth be sold for half an ounce of silver, a bushel of wheat for one ounce, and a hundred weight of lead for two ounces; any one presently sees and says, that a bushel of wheat is double the value of a yard of that cloth, and but half the value of an hundred weight of lead.

Some are of opinion, that this measure of commerce, like all other measures, is arbitrary, and may at pleas sure be varied, by putting more or fewer grains of silver, in pieces of a known denomination, v. g. by mak. ing a penny, or a shilling lighter, or heavier in silver, in a country where these are known denominations of pieces of silver money. But they will be of another mind, when they consider, that silver is a measure of a nature quite different from all other. The yard or quart men measure by, may rest indifferently in the buyer's or seller's, or a third person's hands, it matters not whose it is But it is not so in silver: it is the thing bargained for, as well as the measure of the bargain; and in commerce passes from the buyer to the seller, as being in such a quantity equivalent to the thing sold; and so it not only measures the value of the commodity it is applied to, but is given in exchange for it, as of equal value. But this it does (as is visible) only by its quantity, and nothing else; for it must be remem bered, that silver is the instrument, as well as measure of commerce, and is given in exchange for the things traded for: and, every one desiring to get as much as he can of it, for any commodity he sells, it is by the quantity of silver he gets for it in exchange, and by nothing else, that he measures the value of the commodity he sells.

The coining of silver, or making money of it, is the ascertaining of its quantity by a public mark, the better to fit it for commerce.

In coined silver or money, there are these three things which are wanting in other silver. 1. Pieces of exactly the same weight and fineness. 2. A stamp set on those

pieces by the public authority of that country. 3. A known denomination given to these pieces by the same authority.

The stamp is a mark, and, as it were, a public voucher, that a piece of such denomination is of such a weight, and of such a fineness, i. e. has so much silver in it.

That precise weight and fineness, by law appropriated to the pieces of each denomination, is called the standard.

Fine silver is silver without the mixture of any baser metal.

Alloy is baser metal mixed with it.

The fineness of any metal appearing to be silver, and so called, is the proportion of silver in it, compared with what there is in it of baser metals.

The fineness of standard silver in England, is eleven parts silver and one part copper, near: or, to speak more exactly, the proportion of silver to copper, is as 111 to 9. Whatever piece, or mass, has in it, of baser metal, above the proportion of 9 to 111, is worse, or coarser than standard. Whatever mass of metal has a less proportion than 9 to 111, of baser metal in it, is better, or finer than standard.

Since silver is the thing sought for, and would better serve for the measure of commerce, if it were unmixed, it will possibly be asked, " why any mixture of baser "metal is allowed in money, and what use is there of "such alloy, which serves to make the quantity of "silver less known in the several coins of different "countries ???

Perhaps it would have been better for commerce in general, and more convenient for all their subjects, if the princes every-where, or at least in this part of the world, would at first have agreed on the fineness of the standard to have been just one-twelfth alloy, in round numbers; without those minuter fractions which are to be found in the alloy of most of the coin of the several distinct dominions of this part of the world. Which broken proportion of baser metal to silver, in the stand

ard of the several mints, seems to have been introduced by the skill of men employed in coining, to keep that art (as all trades are called) a mystery, rather than for any use or necessity there was of such broken numbers. But, be that as it will, the standard in our mint being now settled by authority, and established by custom, known at home and abroad, and the rules and methods of essaying suited to it, and all the wrought plate, as well as coin of England, being made by that measure, it is of great concernment that it should remain invariable.

But to the question, "What need is there of any "mixture of baser metal with silver in money or plate?" I answer, there is great reason for it; for,

1. Copper mixed with silver makes it harder, and so wears and wastes less in use, than if it were fine silver. 2. It melts easier. 3. Silver, as it is drawn and melted from the mine, being seldom perfectly fine, it would be a great charge by refining to separate all the baser metals from it, and reduce it to perfectly unmixed silver.

The use of coined silver, or money, is, that every man in the country, where it is current by public authority, may, without the trouble of refining, essaying, or weighing, be assured what quantity of silver he gives, receives, or contracts for, under such and such deno minations.

If this security goes not along with the public stamp, coining is labour to no purpose, and puts no difference between coined money, and uncoined bullion. This is so obvious, that I think no government, where money is coined, ever overlooks it; and therefore the laws every where, when the quantity of silver has been lessened in any piece carrying the public stamp, by clipping, washing, rounding, &c. have taken off the authority of the public stamp, and declared it not to be lawful money. This is known to be so in England, and every one may not only refuse any money bearing the public stamp, if it be clipped, or any ways robbed of the due weight of its silver, but he that offers it in payment is liable to indictment, fine and imprisonment.

From whence we may see, that the use and end of the public stamp is only to be a guard and voucher of the quantity of silver, which men contract for; and the injury done to the public faith, in this point, is that which in clipping and false coining heightens the robbery into treason.

Men in their bargains contract not for denominations or sounds, but for the intrinsic value, which is the quan, tity of silver, by public authority warranted to be in pieces of such denominations; and it is by having a greater quantity of silver, that men thrive and grow richer, and not by having a greater number of denominations; which, when they come to have need of their money, will prove but empty sounds, if they do not carry with them the real quantity of silver expected.

The standard once settled by public authority, the quantity of silver established under the several denominations (I humbly conceive) should not be altered till there were an absolute necessity shown of such a change, which I think can never be.

The reason why it should not be changed is this; be cause the public authority is guarantee for the performance of all legal contracts, But men are absolved from the performance of their legal contracts, if the quantity of silver under settled and legal denominations be altered; as is evident, if borrowing 1001. or 400 ounces of silver, to repay the same quantity of silver (for that is under. stood by the same sum, and so the law warrants it) or taking a lease of lands for years to come, at the like rent of 1001. they shall pay both the one and the other, in money coined under the same denominations, with one-fifth less silver in it, than at the time of the bargain; the landlord here and creditor are each defrauded of twenty per cent. of what they contracted for, and is their due. And I ask, how much juster it would be thus to dissolve the contracts they had made, than to make a law, that from henceforth all landlords and creditors should be paid their past debts, and the rents for leases already made, in clipped money, twenty per cent. lighter than it should be? Both ways they lose twenty per cent. of their due, and with equal justice.

The case would be the same, and legal contracts be avoided, if the standard should be altered, on the other side, and each species of our coin be made one-fifth heavier; for then he that had borrowed, or contracted for any sum, could not be discharged, by paying the quantity he agreed for, but be liable to be forced to pay twenty per cent. more than he bargained for, that is, more than he ought.

On the other side: Whether the creditor be forced to receive less, or the debtor be forced to pay more than his contract, the damage and injury is the same, whenever a man is defrauded of his due; and whether this will not be a public failure of justice thus arbitrarily to give one man's right and possession to another, without any fault on the suffering man's side, and without any the least advantage to the public, I shall leave to be considered.

Raising of coin is but a specious word to deceive the unwary. It only gives the usual denomination of a greater quantity of silver to a less, (v. g. calling four grains of silver a penny to-day, when five grains of silver made a penny yesterday) but adds no worth, or real value to the silver coin to make amends for its want of silver. That is impossible to be done; for it is only the quantity of silver in it that is, and eternally will be, the measure of its value. And to convince any one of this, I ask, whether he, that is forced to receive but $20 ounces of silver under the denomination of 1001. (for 400 ounces of silver which he lent under the like denomination of 1001.) will think these 320 ounces of silver, however denominated, worth those 400 ounces he lent? If any one can be supposed so silly, he need but go to the next market, or shop, to be convinced, that men value not money by the denomination, but by the quantity of silver there is in it. One may as ra tionally hope to lengthen a foot by dividing it into fifteen parts, instead of twelve, and calling them inches, as to increase the value of the silver, that is in a shilling, by dividing it into fifteen parts instead of twelve, and calling them pence. This is all