If to a new coinage of shillings and sixpences, should be added an extensive coinage of silver money of the value of four pence and three pence, according to ancient usage, it would prove a great convenience to the public, and remedy much of the inconvenience which arises from the ponderous nature of Copper money; while a smaller quantity would be required for circulation.
No doubt can be entertained of the nation deriving considerable advantages from having increased the weight of copper coin, so as to bring it as near as possible to the intrinsic value of the metal of which it is composed.
This arrangement will, it is hoped, ultimately prove the means of effectually preventing counterfeits; and the copper, being a native article produced in the country, may in time, through the medium of coined money, become a profitable branch of commerce with foreign nations; where even an extensive circulation may be insured, in consequence of the intrinsic and denominative value being the same, or nearly so.
This is exemplified in the policy of Sweden, where the copper dollar being so heavy as to answer to sixpence sterling, has long been exported; and forms a considerable, and even a profitable branch of commerce to that nation.
In Russia the Three Copee Piece is very nearly of the weight of six English halfpence, yet its current value is only a small fraction above one penny sterling;—and thus by issuing no copper coin where the denominative is not in proportion to the intrinsic value, every class of dealers who vend the necessaries of life are shielded against loss; and every unnatural rise in the price of provisions for the subsistence of the poor is of course prevented.
This principle seems to have been admitted by the Legislature; for when the subject of Copper Money was under the consideration of the House of Commons, at a period not very remote, the Journals shew that an opinion then prevailed, "that the most effectual means to secure the Copper Coin from being counterfeited, was, that the denominative value of such Coin should bear as near a proportion as possible to the intrinsic value of the metal of which it was formed."[50]
In fine, it is a question worthy of attention, whether in order to prevent clamour, and to shut out at once all pretence for circulating any of the old Copper money, good or bad, after the period when Mr. Boulton shall be able to furnish a sufficient quantity of halfpence and farthings for circulation, it might not be proper to consider how far it would be practicable as a measure of State policy, to introduce a clause into the proposed Bill, empowering the Treasury, within a given time, to receive all the old Copper Coin, good and bad, at a certain price per ton, allowing a bonus to the honest holders of it of 20 per cent. above the current price of Copper.—This would at once clear the country of counterfeit halfpence and farthings, and would reconcile the holders to the loss; while the pecuniary sacrifice to Government would be more than compensated an hundred-fold by a compleat and instant renovation of this species of coinage.—As the chief part of the bad halfpence are good copper, they could be recoined, or sold, as might appear most beneficial.
It is earnestly to be hoped that the further regulations proposed will be adopted; and followed up, by an extensive coinage of Silver money, so as to shield the honest part of the Community against a system of fraud, rapid beyond all example in its growth, and unparalleled as to its extent.[51]
Certain it is, that base money contributes more to the support as well as to the increase of the number of those mischievous and abandoned members of the community, who exist wholly by different kinds of fraud, than any other device which they pursue to enable them to live in their present state of idleness and debauchery, and to indulge in luxury and extravagance.
The increase is certainly astonishing, since it is known that in London and the Country, there were some time since fifty-four actual Coiners, and fifty-six large Dealers, besides, at least, ten Die sinkers, whose names, characters, and pursuits, were perfectly known; but these bear no proportion to the horde of smaller dealers and utterers of base money in the Metropolis, and in most of the commercial and manufacturing towns in the kingdom. Their numbers must amount to several thousands. From being at present nuisances to society, in the constant habit of defrauding the Public, they might be rendered (through the application of the remedies proposed) useful members of the State; by changing a life of idleness and crimes, for a course of useful labour and industry.