Let us now examine what regulations it may be proper to make by a new statute concerning the coin of Great Britain, in order to preserve always the same exact value of the pound sterling realized in gold and in silver, in spite of all the incapacities inherent in the metals to perform the functions of an invariable scale or measure of value.
1. Regulation, as to the standard.
I shall not pretend to determine the precise standard which government may prefer as the best to be chosen for the value of a pound sterling in all future times; but let it be what it will, the first point is to determine the exact number of grains of fine gold and fine silver which are to compose it, according to the then proportion of the metals in the London market.
2. As to the weight.
2. To determine the proportion of these metals with the pound troy, and in regard that the standard of gold and silver is different, let the mint price of both metals be regulated according to the pound troy fine.
3. Mint price.
3. To fix the mint price within certain limits: that is to say, to leave to the King and Council, by proclamation, to carry the mint price of bullion up to the value of the coin, as is the present regulation, or to sink it to per cent. below that price, according as government shall incline to impose a duty upon coinage.
4. Denominations.
4. To order that silver and gold coin shall be struck of such denominations as the King shall think fit to appoint; in which the proportion of the metals above determined, shall be constantly observed through every denomination of the coin, until necessity shall make a new general coinage unavoidable.
5. Marking the weight on the coin.