This fact plainly shews the vast temptation which is held out to those who carry on the counterfeit coinage, where the profit from the coiner to the dealers, and from these dealers to the utterers, at the full denominative value, must be in many instances from two to three hundred per cent. When to this circumstance is added the security which the deficiencies in the present laws hold out, the whole operates as a kind of bounty to these fraudulent people, who cannot resist the prosecution of a trade where the profit is so immense, and where a coinage equally pure and heavy as the old mint standard would even be extremely productive.[48]
In every view the evil at present arising from base money of every denomination appears to be of the greatest magnitude—while its extent will scarce be credited by any but those who have turned their attention very minutely to the subject.
The trade of dealing in counterfeit coin acquires its greatest vigour towards the end of March; for then the Lotteries are over, when Swindlers, Gamblers, Pretended Dealers in Horses, Travellers with EO Tables, and Hawkers and Pedlars go into the country, carrying with them considerable quantities of base silver and copper money; by which they are enabled, in a great degree, to extend the circulation, by cheating and defrauding ignorant country people.
In the spring season too, the dealers in counterfeit coin begin to make up their orders for the different country towns; and it is supposed, upon good grounds, that there is now scarcely a place of any consequence all over the kingdom where they have not their correspondents; it is also a fact well established, that many of these correspondents come regularly to the Metropolis, and also go to Birmingham and the neighbouring towns once or twice a year for the purpose of purchasing base money, where the evil is said to be increasing even more than in London.
It very seldom happens, on account of the great demand, (especially of late years) that the dealers have ever any considerable stock on hand. The base money is no sooner finished, than it is packed up and sent to customers in town and country; and with such rapidity has it been fabricated, on occasions of pressing emergency, that a single dealer has been known to procure from the coiners who worked for him, from £.300 to £.500 for country orders, in the course of the week!
The lower ranks among the Irish, and the German Jews, are the chief supporters of the trade of circulating base money in London;—there is said to be scarce an Irish labourer who does not exchange his week's wages for base money; taking a mixture of shillings, sixpences, and copper.
The Jews principally confine themselves to the coinage and circulation of copper; while the Irish women are the chief utterers and colourers of base silver. A vast number of these low females have acquired the mischievous art of colouring the bad shillings and sixpences, which they purchase from the employers of Jew-boys, who cry bad shillings.
It is somewhat singular that among the Jews, although many cases occur where they appear to be coiners of copper money and dealers to a great extent, yet scarce an instance can be adduced of their having any concern in the coinage of base silver: neither are they extensive dealers in any other base money than copper.
The Jews, however, deal largely in foreign coin, counterfeited in this country; having been the chief means by which Louis d'Ors, Half Johannas, as well as various silver coins, (particularly Dollars) made of base metal, have been sent out of this country. It is through the same channel that the Sequins of Turkey have been exported; and also the Pagodas of India.[49]
In contemplating and in developing the causes of the vast accumulation and increase of base money, which has thus deluged the country of late years, the evil will be found to have proceeded chiefly from the want of a new coinage:—of laws, applicable to the new tricks and devices practised by the coiners:—of proper checks upon fraudulent Circulation:—of rewards for the detection and apprehension of Offenders;—and of a sufficient fund to ensure the prompt execution of the law; by a vigorous and energetic Police, directed not only to the execution of apposite laws in the detection and punishment of offenders, but also to the means of prevention.