An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2) / Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes

by Sir James Steuart

10. That all money which shall be found under the legal weight, from whatever cause it may proceed, may be rejected in every payment whatsoever; or if offered in payment of a debt above a certain sum, may be taken according to its weight, at the then mint price, in the option of the creditor.

11. Liberty to melt and export coin, but death to clip or wash.

11. That no penalty shall be incurred by those who melt down or export the nation’s coin; but that washing, clipping, or diminishing the weight of any part of it shall be deemed felony, as much as any other theft, if the person so degrading the coin shall afterwards make it circulate for lawful money.

To prevent the inconveniences proceeding from the variation in the proportion between the metals, it may be provided,

12. Rule for changing the mint price of the metals.

12. That upon every variation of proportion in the market price of the metals, the price of both shall be changed, according to the following rule.

Let the price of the pound troy fine gold in the coin be called G.

Let the price of ditto in the silver be called S.

Let the new proportion between the market price of the metals be called P.

Then state this formula: