III. That the true value of the pound sterling will always be found in the mean proportion between 113 grains fine gold, and 1638.5 grains fine silver.
IV. That if light guineas are allowed to pass current, the standard will fall below the 113 grains, and the price of gold bullion will rise above £3 17 10½ in the English market.
V. That upon calling in the light guineas afterwards, a hurt will be done to all those who have contracted during their currency.
CHAP. XIV.
Circumstances to be attended to in a new Regulation of the British Coin.
I think I have sufficiently laid open all the principles which can influence a new regulation of the British standard, as far as a change may influence either the value of the money-unit, or the interests within the state.
As to the first, it has been said above, that if, by the future regulation, any change whatsoever shall be made upon the value of the money-unit, as it stands at present, the adopting any other whatsoever is a thing purely arbitrary.
The adopting the standard of Elizabeth has an air of justice.
To people who do not understand the nature of such operations, it may have an air of justice to support the unit at what is commonly believed to be the standard of Queen Elizabeth, to wit, at 1718.5 grains of fine silver.
Advantages of that of Mary I.