[42] The regulation proposed, is this—that every member belonging to a Friendly Society, should be excluded or expelled, and deprived of all future benefits from the funds of that Society, on proof of his having insured in any Lottery whatsoever, contrary to law;—and that this rule should be general, wherever the Acts of Parliament, relative to Friendly Societies, have taken effect.
[43] The circulation of stamped Spanish Dollars, in 1797, gave rise to a very extensive coinage of counterfeit money of the same species, which was generally executed in a very masterly manner, and before the fraud was discovered vast quantities were in the hands of many innocent members of the community. Several detections, however, having checked the circulation, and silver bullion having fallen greatly in price, those who were in the habit of dealing in base money availing themselves of this circumstance, purchased Dollars in great quantities at about 4s.. 2d. which they instantly stamped and circulated at 4s. 9d. and by which species of villainy large sums of money were suddenly amassed.—One dealer in particular is said to have made above £.5000 in six weeks. The Laws attaching no punishment to this unforeseen offence, and the Author representing the circumstances of the case to the Bank Directors, the whole were called in, leaving, however, in the hands of the dealers a large surplus of actual counterfeits,—which appears to have suggested to them the expedient of finding a market in the British American Colonies and the United States, where, in general, frauds are less likely to be detected from the payments being made (particularly in the West India islands) in dollars put up in bags containing a certain value in each. However, they were fortunately defeated in this object by the timely notice given, by the Author of this Treatise, to his Majesty's Secretary of State, and the American Minister, and through these respectable mediums commercial people were put upon their guard before the intended fraud could be carried into effect.
[44] A Liquid Test has been discovered by Mr. Alston, an eminent Manufacturer, in Birmingham, of great worth and respectability, which cannot fail to be of the greatest use in detecting every species of counterfeit Gold and Silver money, whether plated or washed. This discovery is mentioned with pleasure by the Author, as it is likely to be productive of much benefit to the Public, in protecting the fair dealers against the frauds daily practised upon them, in the circulation of base money.—The discovery is instantaneous by a single touch, and the expence of the Liquid and Apparatus is trifling.
[45] A species of counterfeit halfpence made wholly of lead, has been circulated in considerable quantities, coloured in such a manner as even to deceive the best judges. They are generally of the Reign of George II. and have the exact appearance of old Mint halfpence.
[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. 12s. 4d. sterling, and which is equal to 4d. 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.
[47] A few years ago sheet-copper was as low as 11½d. 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.
[48] This observation does not apply to Mr. Boulton's New Copper Coinage; for although some feeble attempts have been made to counterfeit it, these can never go to a great extent, from its not being a sufficient object of profit; besides the fraud is easily detected, since each penny weighs an exact ounce: of course the halfpence should weigh half an ounce, and the farthings one quarter of an ounce, when these last two denominations are brought into circulation; as it is expected they will be.
[50] Journal, House of Commons, Vol. xviii. p. 178.
[51] It was suggested in a former edition of this work, that a coinage of seven shilling pieces of gold would be of great utility.—The expedient was adopted by Government at the end of the year 1797.