This ounce is very near equal to the old Saxon ounce, established in the English mint at the Norman conquest, and there preserved, until Henry VIII. substituted in its place, the troy weight. This circumstance makes it probable that the Saxon ounce came originally from Charles the Great, who first conquered the Saxon nation, and drew them from a state of absolute barbarity. The rude manners of the Saxons may have occasioned this great deviation.
The difference, therefore, in those ounces, I ascribe to the progressive error of those who have made weights, and from the neglect of preserving a proper standard.
The best remedy for this inconvenience, would be, for any one mint to form a weight, ad libitum, and to send a most accurate copy of it to every mint in Europe: to mention, at the same time, the exact proportion between the weight sent, and that observed at their own mint: to beg of the other mints an equal communication of the proportion between the weight sent, and their several standards: and last of all, to publish in the news-papers of all commercial towns, every market day, as is done at Amsterdam, the price of fine gold and silver, according to this new weight made for the purpose. This weight may be called the mint-weight of Europe; and from the universal utility which would follow upon such a regulation, it probably might be followed: were this to happen, it might be a step towards establishing an universal conformity of weights every where.
While matters stand on the present footing, it is necessary to be informed of three particulars. First, Of the proportion of the different mint weights. Secondly, Of the regulations by which the coin is made. And lastly, Of the exactness of the mints in following the regulation. Every mistake in any one of these three articles, is an impediment to the just determination of the real par.
I acknowledge that, in fact, exchange business goes on smoothly, notwithstanding all the difficulties we have been enumerating. It may therefore be asked, in what would consist the great advantage of so scrupulous a nicety?
My answer is, that exchange business will always go smoothly on, as long as exchangers gain, and that trade is not interrupted.
But trading men consider their own interest only; and I am configuring the interest of an intelligent state, which wants to promote the good of the whole community, without occasioning any hurt to the interest of individuals.
CHAP. III.
How to remove the inconveniences which occur in paying Balances with the Metals or Coin of a Nation.
The inconveniences which occur when balances are to be paid in bullion or coin are these: