TotheRightHonorableSirJohnSommers，Kt。LordKeeperofthegreatSealofEngland，andoneofHisMajestiesmostHonourablePrivyCouncil。
　　MYLORD，THEPapersIherepresentyourLordship，areinSubstancethesamewithonewhichIdeliveredtoyou，inObediencetotheCommandsIreceivedbyyourLordship，fromtheirExcellencies，theLordsJustices；andwithanother，whichIwritinAnswertosomequestionsyourLordshipwaspleasedtoproposetomeconcerningourCoin。TheApprobationyourLordshipwaspleasedtogivethemthen，hasbeenanEncouragementtome，torevisethemnow，andputtheminanOrder。fittertocomplywiththeirDesires，whowillneedshavemeprintsomethingatthistime，onthisSubject：AndcouldanythingofthisNaturebereceivedwithIndifferencyinthisAge；theAllowancetheyhavehadfromyourLordship，whosegreatandclearJudgmentis，withgeneralConsentandApplause，acknowledgedtobethejustMeasureofRightandWrongamongstus，mightmakemehopethattheymightpassintheWorldwithoutanygreatDislike。
　　However，sinceyourLordshipthoughttheymightbeofusetoclearsomeDifficulties，andrectifiesomewrongNotionsthataretakenupaboutMoney，IhaveventuredthemintotheWorld，desiringnoMercytoanyerroneousPositionsorwrongReasonings，whichshallbefoundinthem。Ishallneverknowinglybeofany，butTruthsandmyCountry’sside；theformerIshallalwaysgladlyimbraceandown，whoevershewsitme：AndinthesePapers，Iamsure，IhavenootherAim，buttodowhatlittleIcan，fortheServiceofmyCountry。YourLordship’ssoevidentlypreferringthattoallotherConsiderations，doesintheEyesofallMen，sitsowelluponyou，thatmyAmbitionwillnotbeblamed；ifIinthis，proposetomyselfsogreatanExample；andinmylittlesphereammovedbythesamePrinciple。
　　IhavealongtimeforeseentheMischiefandRuinecominguponusbyclipp’dMoney，ifitwerenottimelystopp’d：AndhadConcernenoughforthePublick，tomakemeprintsomeThoughtstouchingourCoinsomeYearssince。ThePrinciplesItherewenton，Iseenoreasontoalter：Theyhave，ifImistakenot，theirFoundationinNature，andwillstand：TheyhavetheirFoundationinNature，andareclear；andwillbeso，inalltheTrainoftheirConsequencesthroughoutthiswhole（asitisthought）
　　mysteriousBusinessofMoney，toallthose，whowillbutbeattheeasieTroubleofstrippingthisSubjectofhard，obscureanddoubtfulWords，wherewithMenareoftenmisledandmisleadothers。AndnowtheDisorderiscometoExtremity，andcannolongerbeplaidwith，IwishitmayfindasuddainandeffectualCure；notaRemedyinSoundandAppearance，whichmayflatterusontoRuineintheContinuationofagrowingMischief，thatcallsforpresentHelp。
　　Iwishtoo，thattheRemedymaybeaseasieaspossible；andthattheCureofthisEvilbenotorderedsoastolayagreatPartoftheBurdenunequallyonthose，whohavehadnoparticularHandinit。Westminster—HallissogreataWitnessofyourLordship’sunbiassedJustice，andsteadyCaretopreservetoeveryonetheirRight；thattheWorldwillnotwonderyoushouldnotbeforsuchalesseningourCoin，aswill，withoutanyReason，deprivegreatNumbersofblamelessMenofaFifthPartoftheirEstates，beyondtheReliefofChancery。IhopethisAgewillscapesogreataBlemish。Idoubtnotbuttherearemany，who，fortheServiceoftheirCountrey，andfortheSupportoftheGovernment，wouldgladlypartwith，notonlyoneFifth，butamuchlargerPortionoftheirEstates。Butwhenitshallbetakenfromthem，onlytobebestowedonMenintheir，andthecommonOpinion，nobetterdeservingoftheirCountreythanthemselves；
　　（unlessgrowingexceedinglyrichbythepublickNecessities，whilsteverybodyelsefindshisFortunestreightnedbythem，beapublickMerit，thatdeservesapublickandsignalReward；）ThisLoss，ofoneFifthoftheirDebtsandIncome，willsitheavyonthem，whoshallfeelitwithouttheAlleviationofanyProfitorCredit，thatwilltherebyaccruetotheNation，bysuchalesseningofourCoin。
　　Ifanyoneask，howI，aretiredprivateMan，comeatthistimetomeddlewithMoneyandTrade：Fortheyareinseparable；I
　　reply，thatyourLordship，andtheothergreatMenthatputmeuponit，areanswerableforit：WhetherwhatIsaybetothepurposeorno，thatImyselfamanswerablefor。ThisIcananswertoalltheWorld，thatIhavenotsaidanythinghere，withoutafullPerswasionofitsTruth；norwithanyotherMotiveorPurposethantheclearingofthisartificiallyperplexed，ratherthaninitselfmysteriousSubject，asfarasmypoorTalentreaches。ThatwhichperhapsIshallnotbesowellabletoanswer，toyourLordshipandmyself，istheLibertyIhavetaken，insuchanAddressasthis，toprofessthatIam，MyLORD，YourLordshipsmosthumbleandmostObedientServantJOHNLOCKE。
　　THEPREFACE。
　　THOUGHMr。LowndesandIdifferintheWay，yetIassuremyself，ourEndisthesame；andthatwebothproposetoourselvestheServiceofourCountry。Heisamanknownsoableinthepostheisin；towhichthebusinessofmoneypeculiarlybelongs：AndhasshewedhimselfsolearnedintheRecords，andmattersofthemint；andsoexactinCalculationsandCombinationsofNumbersrelatingtoourCoin，eitheralreadyinuse，ordesignedbyhim，thatIthinkIshouldhavetroubledthePublicknomoreonthisSubject，hadnothehimselfengagedmeinit；andbroughtittothatpass，thateitherImustbethoughttorenouncemyownOpinion，ormustpublicklyopposehis。
　　WhilsthisTreatisewasyetamanuscript，andbeforeitwaslaidbeforethosegreatPersons，towhomitwasafterwardssubmitted，hedidmetheFavourtoshewittome；andmademetheCompliment，toaskmemyOpinionofit。ThoughwehadsomeshortDiscourseontheSubject，yetthemultiplicityofhisbusiness，whilstIstaidinTown；andmyHealth，whichsoonafterforcedmeoutofit，allowedusnotanoccasiontodebateanyonepointthroughly，andbringittoanissue。BeforeIreturnedtoTown，hisBookwasinthePress；andfinishedbeforeIhadtheopportunitytoseeMr。Lowndesagain。AndherehelaidanewObligationonme，notonlyingivingmeoneofthem；buttellingme，whenIreceiveditfromhisHands，thatitwasthefirsthehadpartedwithtoanyBody。Ithenwentitoverasecondtime，andhavingmoreleisuretoconsiderit，IfoundtherewereagreatmanyParticularsinitdrawnoutofAncientRecords，notcommonlyknown，wherewithhehadobligedtheWorld。These，whichverypleasinglyentertainedme，thoughtheyPrevail’dnotonmetobeofhisOpinioneverywhere，yetjoyn’dwiththegreatCivilitieshehadshewnme，leftmeinadispositionsolittleinclinedtoopposeanythinginit，thatIshouldratherhavechosentoacknowledgemyselfinPrint，tobehisConvert，ifhisArgumentshadconvincedme；thantohavetroubledtheWorldwiththeReasons，whyIDissentfromhim。
　　InthisDispositionmyPenrested，frommedlinganyfartherwiththisSubjectwhilstIwasinTown。Soonafter，myownHealth，andtheDeathofaFriend，forc’dmeintotheCountry：
　　Andthebusinessoccasion’dthereby，andmyownprivateAffairs，tookupallnytime，atmyfirstcomingthither；andhadcontinuedontodoso，hadnotseveralrepeatedintimationsandinstancesfromLondon，notwithoutsomereproachesofmybackwardness，mademesee，thattheWorldconcern’dmeparticularlyinMr。Lowndes’sPostscript，andexpectedsomethingfrommeonthatoccasion。
　　ThoughpossiblyIwasnotwhollyoutofhismindwhenMr。
　　LowndeswritthatInvitation，yetIshallnotmakemyselftheCompliment，tothinkIaloneamconcern’dinit。Thegreatimportanceofthemattermadehimdesireeveryonetocontributewhathecouldtotheclearingofit，andsettingitinatruelight。AndImustdohimthisRight，tothink，thatheprefersthepublickGoodtohisprivateOpinion；andthereforeiswillinghisProposalsandArgumentsshouldbewithfreedomexamin’dtothebottom，thatiftherebeanymistakeinthem，nobodymaybemisledbyhisReputationandAuthority，totheprejudiceofhisCountry。ThusIunderstandhisPoscscript，andthusIshallendeavourtocomplywithit。Ishalltothebestofmyskill，examinehisArgumentswithallrespecttohim，andFidelitytoTruth，asfarasIcandiscoverit。Thefranknessofhisproceedinginparticularwithme，assuresmeheissogreataLoverofTruthandRight，thathewillnotthinkhimselfinjur’dwhenthatisdefended；andwillbegladwhenitismadeplain，bywhoseHandsoeveritbe。
　　ThisiswhathasmademepublishthesePapers，withoutanyderogationtoMr。Lowndes，orsomuchasasuspitionthathewilltakeitamiss。Ijudgeofhimbymyself。ForIshallthinkmyselfoblig’dtoanyone，whoshallshewme，orthePublick，anymaterialmistakeinanythingIhaveheresaid，whereonanypartoftheQuestionturns。
　　FURTHERCONSIDERATIONSCONCERNINGRAISINGTHEVALUEOFMONEY。
　　SILVERistheInstrumentandMeasureofCommerceinalltheCivilizedandTradingpartsoftheWorld。
　　ItistheInstrumentofCommercebyitsintrinsickvalue。
　　TheintrinsickvalueofSilverconsider’dasMoney，isthatestimatewhichcommonconsenthasplacedonit，wherebyitismadeEquivalenttoallotherthings，andconsequentlyistheuniversalBarterorExchangewhichMengiveandreceiveforotherthingstheywouldpurchaseorpartwithforavaluableconsideration：AndthusastheWiseMantellsus，Moneyanswersallthings。
　　SilveristheMeasureofCommercebyitsquantity，whichistheMeasurealsoofitsintrinsickvalue。IfonegrainofSilverhasanintrinsickvalueinit，twograinsofSilverhavedoublethatintinsickvalue，andthreegrainstreble，andsoonproportionably。ThiswehavedailyExperienceof，incommonbuyingandselling。ForifoneOunceofSilverwillbuy，i。e。isofequalvaluetooneBushelofWheat，twoOuncesofSilverwillbuytwoBushelsofthesameWheat，i。e。hasdoublethevalue。
　　Henceitisevident，thatanequalquantityofSilverisalwaysofequalvaluetoanequalquantityofSilver。
　　ThiscommonSense，aswellastheMarket，teachesus。ForSilverbeingallofthesamenatureandgoodness，havingallthesamequalities，’tisimpossiblebutitshouldinthesamequantityhavethesamevalue。ForifalessquantityofanyCommoditybeallowedtobeequalinvaluetoagreaterquantityofthesamesortofCommodity，itmustbeforsomegoodqualityithaswhichtheotherwants。ButSilvertoSilverhasnosuchdifference。
　　Hereitwillbeasked，isnotsomeSilverfinerthanother？
　　Ianswer，onemassofmixedMetalnotdiscernedbytheEyetobeanythingbutSilver，andthereforecalledSilver，mayhavealessmixtureofbaserMetalinitthananother，andsoincommonspeechissaidtobefinerSilver。SoDucatoonshavingalessmixtureofCopperinthemthanourEnglishCoinhas，aresaidtobefinerSilver。Butthetruthis，theSilverthatisineachisequallyfine，aswillappearwhenthebaserMetalisseparatefromit。And’tisofthispureorfineSilverImustbeunderstoodwhenImentionSilver；notregardingtheCopperorLeadwhichmaychancetobemixedwithit。Forexample：TakeanOunceoffineSilver，andOnefourthofanOunceofCopper，andmeltthemtogether，onemaysayofthewholemass，thatitisnotfineSilver，butitistruethereisanOunceoffineSilverinit；andthoughthismassweighingoneOunceandaquarterbenotofequalvaluetooneOunceandaquarteroffineSilver，yettheOunceoffineSilverinitis，whenseparatefromtheCopper，ofequalvaluetoanyotherOunceofSilver。
　　BythisMeasureofCommerce，viz。thequantityofSilver，Menmeasurethevalueofallotherthings。ThustomeasurewhatthevalueofLeadistoWheat，andofeitherofthemtoacertainfortofLinnenCloath，thequantityofSilverthateachisvaluedatorsellsfor，needsonlybeknown。ForifaYardofClothbesoldforhalfanOunceofSilver，aBushelofWheatforoneOunce，andanhundredweightofLeadfortwoOunces，anyonepresentlyseesandsaysthataBushelofWheatisdoublethevalueofaYardofthatCloth，andbuthalfthevalueofanhundredweightofLead。
　　SomeareofopinionthatthismeasureofCommerce，likeallothermeasures，isArbitrary，andmayatpleasurebevaried，byputtingmoreorfewerGrainsofSilverinpiecesofaknowndenomination，v。g。bymakingaPennyoraShillinglighterorheavier，inSilver，inaCountrywheretheseareknowndenominationsofpiecesofsilverMoney。Buttheywillbeofanothermind，whentheyconsiderthatSilverisameasureofanaturequitedifferentfromallother。TheYardorQuartMenmeasureby，mayrestindifferentlyinthebuyersorsellers，orathirdPerson’shands，itmattersnotwhoseitis。ButitisnotsoinSilver。Itisthethingbargain’dfor，aswellasthemeasureofthebargain；andinCommercepassesfromthebuyertotheseller，asbeinginsuchaquantityequivalenttothethingsold：AndsoitnotonlymeasuresthevalueoftheCommodityitisapply’dto，butisgiveninExchangeforit，asofequalvalue。Butthisitdoes，（asisvisible）onlybyitsquantity，andnothingelse。Foritmustberemenbred，thatSilveristheInstrumentaswellasMeasureofCommerce，andisgiveninexchangeforthethingsTradedfor：AndeveryonedesiringtogetasmuchashecanofitforanyCommodityhesells，’tisbythequantityofSilverhegetsforitinExchange，andbynothingelse，thathemeasuresthevalueoftheCommodityhesells。
　　TheCoiningofSilver，ormakingMoneyofit，istheascertainingofitsquantitybyapublickmark，thebettertofititforCommerce。
　　InCoin’dSilverorMoneytherearethesethreeThings，whicharewantinginotherSilver。1。Piecesofexactlythesameweightandfineness。2。AStampsetonthosepiecesbythepublickAuthorityofthatCountry。3。AknowndenominationgiventothesepiecesbythesameAuthority。
　　TheStampisamark，andasitwereapublickvoucherthatapieceofsuchadenominationisofsuchaweight，andsuchafineness，i。e。hassomuchSilverinit。
　　Thatpreciseweightandfineness，byLawappropriatedtothepiecesofeachdenomination，iscalledtheStandard。
　　FineSilverisSilverwithoutthemixtureofanybaserMetal。
　　AllayisbaserMetalmixedwithit。
　　TheFinenessofanyMetalappearingtobeSilver，andsocalled，istheproportionofSilverisinit，comparedwithwhatthereisinitofbaserMetals。
　　TheFinenessofStandardSilverinEnglandiselevenpartsSilver，andonepartCopper，near：Ortospeakmoreexactly，theproportionofSilvertoCopperisasanhundredandeleventonine。WhateverpieceormasshasinitofbaserMetalabovetheproportionof9to111，isworseorcourserthanStandard。
　　WhatevermassofMetalhasalessproportionthan9to111，ofbaserMetalinit，isbetterorfinerthanStandard。
　　SinceSilveristhethingsought，andwouldbetterserveforthemeasureofCommerceifitwereunmixt，itwillpossiblybeaskedwhyanymixtureofbaserMetalisallowedinMoney，andwhatusethereisofsuchAllay，whichservestomakethequantityofSilverlessknownintheseveralCoinsofdifferentCountries？
　　PerhapsitwouldhavebeenbetterforCommerceingeneral，andmoreconvenientforalltheirSubjects，ifthePrinceseverywhere，oratleastinthispartoftheWorld，wouldatfirsthaveagreedonthefinenessoftheStandardtohavebeenjustOnetwelfthAllay，inroundnumbers；withoutthoseminuterFractionswhicharetobefoundintheAllayofmostoftheCoinintheseveraldistinctDominionsofthispartoftheWorld。WhichbrokenproportionofbaserMetaltoSilver，intheStandardoftheseveralMints，seemstohavebeenintroducedbytheSkillofMenimploy’dinCoining，tokeepthatArt（asallTradesarecall’d）aMystery；ratherthanforanyuseornecessitytherewasofsuchbrokennumbers。Butbethatasitwill，theStandardinourMintbeingnowsettledbyAuthority，andestablishedbyCustom，knownathomeandabroad，andtherulesandmethodsofEssayingsuitedtoit；andallthewroughtPlateaswellasCoinofEnglandbeingmadebythatmeasure；itisofgreatconcernmentthatitshouldremainunvariable。
　　Buttothequestion；WhatneedisthereofanymixtureofbaserMetalwithSilverinMoneyorPlate？Ianswer，thereisgreatreasonforit。For，1。CoppermixtwithSilvermakesitharder，andsowearsandwasteslessinusethanifitwerefineSilver。2。Itmeltseasier。3。SilverasitisdrawnandmeltedfromtheMine，beingseldomperfectlyfine，itwouldbeagreatchargebyrefining，toseparateallthebaserMetalsfromit，andreduceittoperfectlyunmixtSilver。
　　TheuseofCoin’dSilverorMoneyis，thateveryManintheCountrywhereitiscurrentbypublickAuthority，may，withoutthetroubleofrefining，essayingorweighing，beassuredwhatquantityofSilverhegives，receives，orcontractsfor，undersuchandsuchdenominations。
　　IfthisSecuritygoesnotalongwiththepublickStamp，Coiningislabourtonopurpose，andputsnodifferencebetweencoin’dMoneyanduncoin’dBullionThisissoobvious，thatI
　　thinknoGovernment，whereMoneyiscoin’d，everoverlooksit。
　　AndthereforetheLawseverywhere，whenthequantityofSilverhasbeenlessen’dinanypiececarryingthepublickStamp，byClipping，Washing，Rounding，&c。havetakenofftheAuthorityofthepublickStamp，anddeclar’ditnottobelawfulMoney。ThisisknowntobesoinEngland，andeveryonemaynotonlyrefuseanyMoneybearingthepublickStamp，ifitbeclip’d，oranywaysrob’dofthedueweightofitsSilver；buthethatoffersitinpaymentisliabletoIndictment，FineandImprisonment。Fromwhencewemaysee，thattheuseandendofthepublickStampisonlytobeaguardandvoucherofthequantityofSilverwhichMencontractfor。AndtheinjurydonetothepublickFaith，inthispoint，isthatwhichinClippingandfalseCoininghightenstheRobberyintoTreason。
　　Menintheirbargainscontractnotfordenominationsorsounds，butfortheintrinsickvalue；whichisthequantityofSilverbypublickAuthoritywarrantedtobeinpiecesofsuchdenominations。And’tisbyhavingagreaterquantityofSilver，thatMenthriveandgrowricher，andnotbyhavingagreaternumberofdenominations；WhichwhentheycometohaveneedoftheirMoneywillprovebutemptysounds，iftheydonotcarrywiththemtherealquantityofSilverisexpected。
　　TheStandardoncesettledbypublickAuthority，thequantityofSilverestablish’dundertheseveraldenominations，（Ihumblyconceive）shouldnotbealtred，tilltherewereanabsolutenecessityshewnofsuchachange，whichIthinkcanneverbe。
　　Thereasonwhyitshouldnotbechangedisthis；becausethepublickAuthorityisGuaranteefortheperformanceofalllegalContracts。ButMenareabsolvedfromtheperformanceoftheirlegalcontracts，ifthequantityofSilver，undersetledandlegaldenominationsbealtred：Asisevident，ifborrowing100l。
　　or400OuncesofSilvertorepaythesamequantityofSilver（forthatisunderstoodbythesamesum，andsotheLawwarrantsit）
　　ortakingaLeaseofLandforyearstocome，atthelikeRentof100l。theyshallpayboththeoneandtheotherinMoneyCoin’dunderthesamedenominationswithOnefifthlessSilverinit，thanatthetimeofthebargain。TheLandlordhereandCreditorareeachdefraudedof20perCent。ofwhattheycontractedfor，andistheirdue。AndIask，HowmuchjusteritwouldbethustodissolvetheContractstheyhadmade；thantomakeaLaw，thatfromhenceforthallLandlordsandCreditorsshouldbepaidtheirpastDebtsandtheRentsforLeasesalreadymade，inclip’dMoney，twentyperCent。lighterthanitshouldbe？BothwaystheylosetwentyperCent。oftheirdue，andwithequalJustice。
　　Thecasewouldbethesame，andlegalContractsbevoided，iftheStandardshouldbealtredontheotherside，andeachspeciesofourCoinbemadeOnefifthheavier。Forthenhethathadborrow’dorcontractedforanySum，couldnotbedischargedbypayingthequantityheagreedfor，butbeliabletobeforcedtopay20perCent。morethanhebargainedfor，thatis，morethanheought。
　　Ontheotherside；WhethertheCreditorbeforcedtoreceiveless，ortheDebtorforcedtopaymorethanhisContract，thedamageandinjuryisthesame，wheneveraManisdefraudedofhisdue。AndwhetherthiswillnotbeapublickfailureofJustice，thusarbitrarilytogiveoneMan’sRightandPossessiontoanother，withoutanyfaultonthesufferingMan’sside，andwithoutanytheleastadvantagetothepublick，Ishallleavetobeconsidered。
　　RaisingofCoinisbutaspeciouswordtodeceivetheunwary。
　　ItonlygivestheusualdenominationofagreaterquantityofSilvertoaless，（v。g。callingFourGrainsofSilveraPennytoday，whenFiveGrainsofSilvermadeaPennyyesterday）butaddsnoworthorrealvaluetotheSilverCoin，tomakeamendsforitswantofSilver。Thatisimpossibletobedone。ForitisonlythequantityoftheSilverinitthatis，andeternallywillbe，themeasureofitsvalue。AndtoconvinceanyoneofthisIask，whetherhethatisforcedtoreceivebut320OuncesofSilverunderthedenominationof100l。（for400OuncesofSilverwhichhelentunderthelikedenominarionof100l。）willthinkthese320OuncesofSilver，howeverdenominated，worththose400Ounceshelent？Ifanyonecanbesupposedsosilly，heneedbutgotothenextMarketorShoptobeconvinced，thatMenvaluenotMoneybythedenomination，butbythequantityofSilverthatisinit。
　　OnemayasrationallyhopetolengthenafootbydividingitintoFifteenparts，insteadofTwelve；andcallingtheminches；astoincreasethevalueoftheSilverthatisinaShilling，bydividingitintoFifteenpartsinsteadofTwelve，andcallingthemPence。ThisisallthatisdonewhenaShillingisraisedfromTwelvetoFifteenPence。
　　ClippingofMoneyisraisingitwithoutpublickAuthority；
　　thesamedenominationremainingtothepiece，thathathnowlessSilverinit，thanithadbefore。
　　AlteringtheStandard，byCoiningpiecesunderthesamedenominationwithlessSilverinthemthantheyformerlyhad，isdoingthesamethingbypublickAuthority。Theonlyoddsis，thatbyClippingthelossisnotforcedonanyone（fornobodyisobligedtoreceiveClip’dMoney；）ByalteringtheStandarditis。
　　AlteringtheStandard，byraisingtheMoney，willnotgettothePublickorbringtotheMinttobeCoin’doneOunceofSilver：ButwilldefraudtheKing，theChurch，theUniversitiesandHospitals，&c。ofsomuchoftheirsetledRevenue，astheMoneyisraised，v。g。20perCent。iftheMoney（asispropos’d）
　　beraisedOnefifth。Itwillweaken，ifnottotallydestroythepublickFaith，whenallthathavetrustedthePublick，andassistedourpresentnecessities，uponActsofParliament，intheMillionLottery，BankAct，andotherLoans，shallbedefraudedof20perCent。ofwhatthoseActsofParliamentweresecurityfor。
　　Andtoconclude，thisraisingourMoneywilldefraudallprivateMenof20perCent。inalltheirDebtsandsetledRevenues。
　　ClippingbyEnglishMenisrobbingthehonestManwhoreceivesclip’dMoney，andtransferringtheSilver，i。e。thevalue{which}isparedofffromitintotheClipperspocket。
　　ClippingbyForeignersisrobbingEnglanditself。AndthustheSpaniardslatelyrob’dPortugalofagreatpartofitsTreasureorCommodities（whichisthesamething）byimportinguponthemclip’dMoneyofthePortugalstamp。
　　Clipping，andclip’dMoney，havebesidesthisrobberyofthePublickothergreatinconveniencies：AsthedisorderingofTrade，raisingForeignExchange，andageneraldisturbancewhicheveryonefeelstherebyinhisprivateAffairs。
　　Clippingissogainful，andsosecretaRobbery，thatpenaltiescannotrestrainit，asweseebyexperience。
　　Nothing，Ihumblyconceive，canputastoptoClipping，nowitisgrownsouniversal，andMenbecomesoskilfulinit，butmakingitunprofitable。
　　NothingcanmakeClippingunprofitable，butmakingalllightMoneygoonlyforitsweight。ThisstopsClippinginamoment，bringsoutallthemill’dandweightyMoney，deprivesusnotofanypartofourclip’dMoneyfortheuseofTrade。Andbringsitorderly，andbydegrees，andwithoutforceintotheMinttoberecoin’d。
　　Ifclip’dMoneybecall’dinallatonce，andstop’dfrompassingbyweight，IfearitwillstopTrade，putourAffairsallatastand，andintroduceconfusion。Whereas，ifitbepermittedtopassbyitsweight，tillitcanbydegreesbeCoin’d，（thestampsecuringitsfinenessaswellthenasnow，andtheScalesdeterminingitsweight）itwillserveforthepayingofgreatSumsascommodiouslyalmostasweightyMoney，andtheweightyMoneybeingthenbroughtoutwillservefortheMarketTrade，andlessPayments，andalsotoweightheclip’dMoneyby。
　　Ontheotherside；Ifclip’dMoneybeallowedtopasscurrentbytale，tillitbeallrecoin’d，oneofthesetwoeffectswillapparentlyfollow：EitherthatweshallwantMoneyforTrade，astheclip’dMoneydecreasesbybeingCoin’dintoweighty；（forveryfew，ifanybody，whogetweightyMoneyintotheirhands，willpartwithit，whilstclip’dMoney，notofhalfthevalueiscurrent）Oriftheydo，theCoinersandClipperswillpickitup，andnewCoinandClipit；wherebyclip’dMoneywillbeincreased。
　　Sothat，bythisway，eitherMoneywillbewantingtotrade，orclip’dMoneycontinued。Ifclip’dMoneybestop’dallatonce，thereisimmediatelyastopofTrade。Ifitbepermittedtopassintale，asifitwerelawfulweightyMoneywhilstitisrecoining，andtillallberecoin’d，thatwayalsotherewillbeanendofTrade，ornoendofclip’dMoney。Butifitbemadetopassforitsweighttillitbeallrecoin’d，boththeseevilsareavoided，andtheweightyMoneywhichwewantwillbebroughtouttoboot。
　　MoneyisnecessarytothecarryingonofTrade。ForwhereMoneyfails，Mencannotbuy，andTradestops。
　　Creditwillsupplythedefectofittosomesmalldegreeforalittlewhile。ButCreditbeingnothingbuttheexpectationofMoneywithinsomelimitedtime，MoneymustbehadorCreditwillfail。
　　Moneyalsoisnecessarytous，inacertainproportiontotheplentyofitamongstourNeighbours。ForifanyofourNeighbourshaveitinamuchgreaterabundancethanwe，wearemanywaysobnoxioustothem。1。Theycanmaintainagreaterforce。2。TheycantemptawayourPeople，bygreaterwages，toservethembyLandorSea，orinanyLabour。3。TheycancommandtheMarkets，andtherebybreakourTrade，andmakeuspoor。4。TheycanonanyoccasioningrossNavalandWarlikeStores，andtherebyendangerus。
　　InCountieswhereDomestickMinesdonotsupplyit，nothingcanbringinSilverbutTributeorTrade。TributeistheeffectofConquest：Trade，ofSkillandIndustry。
　　ByCommerceSilverisbroughtinonlybyanover—ballanceofTrade。
　　AnOver—ballanceofTrade，iswhenthequantityofCommoditieswhichwesendtoanyCountrydomorethanpayforthosewebringfromthence：ForthentheoverplusisbroughthomeinBullion。
　　BullionisSilverwhoseworkmanshiphasnovalue。AndthusForeignCoinhathnovaluehereforitsstamp，andourCoinisBullioninForeignDominions。
　　’Tisuselessandlabourinvain，toCoinSilverImportedintoanyCountrywhereitisnottostay。
　　SilverImportedcannotstayinanyCountryinwhich，byanoverballanceoftheirwholeTrade，itisnotmadetheirs，anddothnotbecomearealincreaseoftheirWealth。
　　IfbyageneralBalanceofitsTrade，EnglandyearlysendsoutCommoditiestothevalueoffourhundredthousandOuncesofSilvermorethantheCommoditieswebringhomefromabroadcostus；thereisOnehundredthousandPoundeveryyearcleargain：
　　WhichwillcomehomeinMoney，bearealincreaseofourWealth，andwillstayhere。
　　Ontheotherside，ifuponageneralbalanceofourwholeTrade，weyearlyimportCommoditiesfromotherpartstothevalueofanhundredthousandPoundmorethanourCommoditiesexportedpayfor，weeveryYeargrowanhundredthousandPoundpoorer。Andif，besidesthat，weshouldalsoimportaMillioninBullionfromSpaineveryyear，yetitisnotours；itisnoincreasetoourWealth，norcanitstayhere；butmustbeExportedagaineverygrainofitwithanhundredthousandPoundofourownMoneytoboot。
　　Ihavehearditpropos’dasawaytokeepourMoneyhere，thatweshouldpayourDebtscontractedbeyondSeas，byBillsofExchange。
　　TheIdlenessofsuchaPropositionwillappear，whenthenatureofExchangeisalittleconsider’d。
　　ForeignExchangeisthepayingofMoneyinoneCountry，toreceiveitinanother。
　　TheExchangeisHigh，whenaManpaysforBillsofExchangeabovethePar。ItisLowwhenhepayslessthanthePar。
　　TheParisacertainnumberofpiecesoftheCoinofoneCountry，containinginthemanequalquantityofSilvertothatinanothernumberofpiecesoftheCoinofanotherCountry：v。g。
　　supposing36ShillingsofHollandtohavejustasmuchSilverinthemas20EnglishShillings。BillsofExchangedrawnfromEnglandtoHollandattherateof36ShillingsDutchforeachpoundSterling，isaccordingtothePar。HethatpaystheMoneyhere，andreceivesitthere，neithergetsnorlosesbytheExchange；butreceivesjustthesamequantityofSilverintheoneplace，thathepartswithintheother。ButifhepaysonepoundSterlingtoreceivebut30ShillingsinHolland，hepaysonesixthmorethanthePar，andsopaysonesixthmoreSilverfortheExchange，lettheSumbewhatitwill。
　　ThereasonofHighExchange，isthebuyingmuchCommoditiesinanyForeignCountry，beyondthevalueofwhatthatCountrytakesofours。ThismakesEnglishMenhaveneedofgreatSumsthere，andthisraisestheExchangeorPriceofBills。Forwhatgrowsmoreintodemand，increasespresentlyinprice。
　　ReturningMoneybyExchangeintoForeignparts，keepsnotoneFarthingfromgoingout：ItonlypreventsthemoretroublesomeandhazardouswayofsendingMoneyinspecieforwardsandbackwards。BillsofExchangemorecommodiously，byScripsofPaper，eventheAccountsbetweenparticularDebtorsandCreditorsindifferentCountries，asfarastheCommercebetweenthosetwoPlacesisequivalent：Butwheretheover—ballance，oneitherside，demandsPayment，thereBillsofExchangecandonothing；
　　butBullion，orMoneyinspeciemustbesent。ForinaCountrywhereweoweMoney，andhavenoDebts，owingtous，BillswillnotfindCredit；butforashorttime，tillMoneycanbesenttoreimbursethosethatpaidthem；unlesswecanthinkMenbeyondSeawillpartwiththeirMoneyfornothing。IftheTradersofEnglandowetheirCorrespondentsofHollandahundredthousandPound，theirAccountswithalltherestoftheWorldstandingequal，andremainingso，oneFarthingofthishundredthousandPoundcannotbepaidbyBillsofExchange。Forexample，IoweathousandPoundsofit；Andtopaythat，buyaBillofN。here，drawnonJohndeWitofAmsterdam，topayP。vanLoremyCorrespondentthere。TheMoneyispaidaccordingly，andtherebyI
　　amoutofVanLoresDebt；butoneFarthingoftheDebtofEnglandtoHollandisnottherebypaid；forN。ofwhomIboughttheBillofExchange，isnowasmuchindebtedtoJohndeWit，asIwasbeforetoP。vanLore。ParticularDebtorsandCreditorsareonlychangedbyBillsofExchange；buttheDebtowingfromoneCountrytotheother，cannotbepaidwithoutrealEffectssentthithertothatvalue，eitherinCommodities，orMoney。WheretheballanceofTradebarelypaysforCommoditieswithCommodities，thereMoneymustbesent，orelsetheDebtcannotbepaid。
　　IhavespokeofSilverCoinalone，becausethatmakestheMoneyofAccount，andmeasureofTrade，allthroughtheWorld。
　　ForallContractsare，Ithink，everywheremade，andAccountskeptinSilverCoin。
　　IamsuretheyaresoinEngland，andtheneighbouringCountries。
　　Silvertherefore，andSilveralone，istheMeasureofCommerce。TwoMetals，asGoldandSilver，cannotbetheMeasureofCommercebothtogether，inanyCountry：BecausetheMeasureofCommercemustbeperpetuallythesame，invariable，andkeepingthesameproportionofvalueinallitsparts。ButsoonlyoneMetaldoes，orcandotoitself：SoSilveristoSilver，andGoldtoGold。AnOunceofSilverisalwaysofequalvaluetoanOunceofSilver，andanOunceofGoldtoanOunceofGold；andtwoOuncesoftheone，ortheother，ofdoublethevaluetoanOunceofthesame。ButGoldandSilverchangetheirvalueonetoanother：Forsupposingthemtobeinvalueassixteentoonenow；
　　perhapsthenextMonththeymaybeasfifteenandthreequarters，or15andseveneighthstoone。Andonemayaswellmakeameasure，v。g。aYard，whosepartslengthenandshrink，asaMeasureofTradeofMaterials，thathavenotalwaysasetledunvariablevaluetooneanother。
　　OneMetalthereforealonecanbetheMoneyofAccountandContract，andtheMeasureofCommerceinanyCountry。Thefittestforthisuse，ofallother，isSilver，formanyreasons，whichneednotherebemention’d。ItisenoughthattheWorldhasagreedinit，andmadeittheircommonMoney；andastheIndiansrightlycallit，Measure。AllotherMetals，Gold，aswellasLead，arebutCommodities。
　　CommoditiesareMoveables，valuablebyMoney，thecommonmeasure。
　　Gold，tho’nottheMoneyoftheWorld，andtheMeasureofCommerce，norfittobeso，yetmay，andoughttobecoined，toascertainitsWeightandFineness；AndsuchCoinmaysafelyhaveaPriceaswellasaStampsetuponitbypublickAuthority；sothevaluesetbeundertheMarketprice。ForthensuchpiecesCoin’d，willbeaCommodityaspassableasSilverMoney，verylittlevaryingintheirprice：AsGuineaswhichwereCoin’datthevalueof20s。butpassedusuallyforbetween21or22
　　shillings，accordingtothecurrentrate；ButnothavingsohighavalueputuponthembytheLaw，nobodycouldbeforcedtotakethemtotheirLossat21s。6d。ifthepriceofGoldshouldhappenatanytimetobecheaper。
　　Fromwhathasbeensaid，Ithinkitappears：
　　1。ThatSilveristhatwhichmankindhaveagreedontotake，andgiveinExchangeforallotherCommodities，asanEquivalent。
　　2。That’tisbythequantityofSilvertheygiveortake，orcontractfor，thattheyestimatethevalueofotherthings，andsatisfieforthem；andthusbyitsquantitySilverbecomestheMeasureofCommerce。
　　3。Henceitnecessarilyfollows，thatagreaterquantityofSilverhasagreatervalue；alessquantityofSilverhasalessvalue；andanequalquantityanequalvalue。
　　4。ThatMoneydiffersfromuncoin’dSilveronlyinthis，thatthequantityofSilverineachpieceofMoney，isascertain’dbytheStampitbears；whichissettheretobeapublickVoucherofitsweightandfineness。
　　5。ThatGoldisTreasureaswellasSilver，becauseitdecaysnotinkeeping，andneversinksmuchinitsvalue。
　　6。ThatGoldisfittobeCoin’daswellasSilver，toascertainitsquantitytothosewhohaveamindtoTraffickinit；butnotfittobejoyn’dwithSilver，asaMeasureofCommerce。
　　7。ThatJewelstooareTreasure，becausetheykeepwithoutdecay；andhaveconstantlyagreatvalue，inproportiontotheirBulk：ButcannotbeusedforMoney，becausetheirvalueisnotmeasur’dbytheirquantity；norcanthey，asGoldandSilver，bedivided，andkeeptheirvalue。
　　8。TheotherMetalsarenotTreasure，becausetheydecayinkeeping，andbecauseoftheirplenty；whichmakestheirvaluelittleinagreatbulk；andsounfitforMoney，Commerce，andCarriage。
　　9。ThattheonlywaytobringTreasureintoEngland，isthewellorderingourTrade。
　　10。ThattheonlywaytobringSilverandGoldtotheMint，fortheincreaseofourStockofMoneyandTreasure，whichshallstayhere，isanover—balanceofourwholeTrade。AllotherwaystoincreaseourMoneyandRiches，arebutProjectsthatwillfailus。
　　Thesethingspremised，IshallnowproceedtoshewwhereinI
　　differfromMr。Lowndes，anduponwhatgroundsIdoso。
　　Mr。Lowndesproposes，thatourMoneyshouldberaised（asitiscalled）onefifth：thatis，ThatallourpresentdenominationsofMoney，asPenny，Shilling，Half—crown，Crown，&c。shouldeachhaveOnefifthlessSilverinit，orbeansweredwithCoinofOnefifthlessvalue。HowheproposestohaveitdoneIshallconsiderhereafter。IshallatpresentonlyexaminetheReasonshegivesforit。
　　Hisfirstreason，p。68。hegivesusinthesewords，ThevalueoftheSilverintheCoinoughttoberaisedtothefootofSixShillingsthreePenceineveryCrown；becausethepriceofStandardSilverinBullionisrisentoSixShillingsfivepenceanOunce。
　　Thisreasonseemstometolabourunderseveralgreatmistakes，as1。ThatStandardSilvercanriseinrespectofitself。
　　2。ThatStandardBullionisnow，oreverwasworth，orsoldtotheTradersinitfor6s。5d。theOunce，oflawfulMoneyofEngland。Forifthatmatteroffactholdsnottobeso，thatanOunceofSterlingBullionisworth6s。5d。ofourmill’dweightyMoney，thisreasonceases；AndourweightyCrownpiecesoughtnottoberaisedto6s。3d；becauseourlightclip’dMoneywillnotpurchaseanOunceofStandardBullion，undertherateof6s。5d。
　　ofthatlightMoney。Andletmeaddhere，norforthatrateneither。IfthereforetheAuthormeanshere，thatanOunceofStandardSilverisrisento6s。5d。ofourclip’dMoney，Igrantithim，andhighertoo。ButthenthathasnothingtodowiththeraisingourLawfulCoin，whichremainsunclip’d；unlesshewillsaytoo，thatStandardBullionissorisen，astobeworth，andactuallytosellfor6s。5d。theOunceofourweightymill’dMoney。ThisInotonlydeny，butfartheradd，thatitisimpossibletobeso。Forsixshillingsandfivepenceofmill’dMoney，weighsanOunceandaquarternear。Canitthereforebepossible，thatoneOunceofanyCommodity，shouldbeworthanOunceandquarteroftheself—sameCommodity，andofexactlythesamegoodness？ForsoisStandardSilvertoStandardSilver。
　　Indeedonehasamarkuponit，whichtheotherhasnot：Butitisamarkthatmakesitrathermore，thanlessvaluable：Orifthemark，byhindringitsExportation，makesitlessvaluableforthatpurpose，theMelting—potcaneasilytakeitoff。
　　ThecomplaintmadeofmeltingdownourweightyMoney，answersthisreasonevidently。Forcanitbesuppos’d，thataGoldsmithwillgiveoneOunceandaquarterofCoin’dSilver，foroneOunceofBullion；whenbyputtingitintohisMelting—pot，hecanforlessthanaPennychargemakeitBullion？（For’tisalwaystoberemembred，whatIthinkismadeclear，thatthevalueofSilver，consideredasitisMoney，andthemeasureofCommerce，isnothingbutitsquantity。）Andthusamill’dShilling，whichhasdoubletheweightofSilverinittoacurrentShilling，whereofhalftheSilverisclip’daway，hasdoublethevalue。Andtoshewthatthisisso，Iwillundertake，thatanyMerchant，whohasBulliontosell，shallsellitforagreatdeallessnumberofShillingsintale，toanyone，whowillcontracttopayhiminmill’dMoney，thanifhebepaidinthecurrentclip’dMoney。
　　ThosewhosayBullionisRisen，Idesiretotellme；WhattheymeanbyRisen？AnyCommodity，Ithink，isproperlysaidtobeRisen，whenthesamequantitywillexchangeforagreaterquantityofanotherthing；butmoreparticularlyofthatthingwhichisthemeasureofCommerceintheCountry。AndthusCornissaidtobeRisenamongsttheEnglishinVirginia，whenaBushelofitwillsell，orexchangeformorepoundsofTobacco；AmongsttheIndians，whenitwillsellformoreyardsofWampompeak，whichistheirMoney；AndamongsttheEnglishhere，whenitwillexchangeforagreaterquantityofSilver，thanitwouldbefore。
　　RisingandfallingofCommoditiesisalwaysbetweenseveralCommoditiesofdistinctworths。ButnobodycansaythatTobacco（ofthesamegoodness）isriseninrespectofitself。OnePoundofthesamegoodnesswillneverexchangeforaPoundandaQuarterofthesamegoodness。AndsoitisinSilver：AnOunceofSilverwillalwaysbeofequalvaluetoanOunceofSilver；norcaniteverriseorfallinrespectofitself：AnOunceofStandardSilvercanneverbeworthanOunceandaQuarterofStandardSilver；noroneOunceofuncoin’dSilver，exchangeforoneOunceandaQuarterofCoin’dSilver：TheStampcannotsomuchdebaseitsvalue。Indeedthestamphindringitsfreeexportation，maymaketheGoldsmith（whoprofitsbythereturnofMoney）giveonehundredandtwentieth，oronesixtiethorperhapssometimesonethirtiethmore（thatis5s。twoPenceHalf—penny，5s。3d。or5s。4d。theOunce）ofcoin’dSilverforuncoin’d，whenthereisneedofsendingSilverbeyondSeas；astherealwaysiswhenthebalanceofTradewillnotsupplyourwants，andpayourdebtsthere。Butmuchbeyondthis，theGoldsmithwillnevergiveforBullion；sincehecanmakeitoutofCoin’dMoneyatacheaperrate。
　　’TissaidBullionisrisento6s。5d。theOunce，i。e。thatanOunceofuncoin’dSilverwillexchangeforanOunceandaQuarterofCoin’dSilver。Ifanyonecanbelievethis，IwillputthisshortCasetohim。HehasofBullionorStandarduncoin’dSilver，tworoundplates，eachoftheexactsizeandweightofaCrownpiece：Hehasbesides，ofthesameBullion，aroundplateoftheweightandsizeofaShilling，andanotheryetless，oftheexactweightandsizeofaThree—pence。ThetwogreatPlatesbeingofequalweight，andfineness，Isupposehewillallowtobeofequalvalue，andthatthetwoless，joyn’dtoeitherofthem，makeitonefifthmoreworththantheotherisbyitself，theyhavingallthreetogetheronefifthmoreSilverinthem。Letussupposethen，oneofthegreater，andthetwolessplatestohavereceivedthenextmoment，（byMiracle，orbytheMill，itmattersnothow）themarkorstampofourCrown，ourShilling，andourThree—pence：Cananybodysay，thatnowtheyhavegotthestampofourMintuponthem，theyaresofalleninvalue，ortheotherunstamp’dpiecesoRisen，thatthatunstamp’dpiecewhichamomentbeforewasworthonlyoneoftheotherpieces，isnowworththemallthree？Whichistosay，thatanOunceofuncoin’dSilverisworthanOunceandaquarterofcoin’d。Thisiswhatmenwouldpersuadeus，whentheysay，thatBullionisraisedto6s。5d。[oflawfulMoney]theOunce，whichIsayisutterlyimpossible。Letusconsiderthisalittlefartherinanotherinstance。ThepresentMill’dCrownpiece，saythey，willnotexchangeforanOunceofBullion，withouttheadditionofaShillingandaThree—penceofweightyCoinaddedtoit。CoinbutthatCrownpieceinto6s。and3d。andthentheysayitwillbuyanOunceofBullion，orelsetheygiveuptheirreasonandmeasureofraisingtheMoney。Dothatwhichisallow’dtobeequivalenttoCoiningofapresentMill’dCrownpieceinto6s。
　　3d。（viz。）callit75Pence，andthenalsoitmustbythisRuleofraisingbuyanOunceofBullion。Ifthisbeso，theself—samemill’dCrownpiecewillandwillnotexchangeforanOunceofBullion。Callit60pence，anditwillnot：Theverynextmomentcallit75pence，anditwill。Iamafraidnobodycanthinkchangeofdenominationhassuchapower。
　　Mr。Lowndessupportsthishisfirstreasonwiththesewords，p。68。Thisreason，whichIhumblyconceivewillappearirrefragable，isgroundeduPonaTruthsoApparent，thatitmaywellbecomparedtoanAxiom，eveninMathematicalreasoning；towit，thatWhensoevertheintrinsickvalueofSilverintheCoin，hathbeen，orshallbelessthanthepriceofSilverinBullion，theCoinhathandwillbemelteddown。
　　ThisIthink，tho’itbeallowedMr。LowndesforasApparentaTruth，andascertainaMaximashecouldwish，yetservesnotatalltohispurposeoflesseningtheCoin。ForwhentheCoin，isasitshouldbe，accordingtotheStandard（lettheStandardbewhatitwill）weightyandunclip’d，itisimpossiblethatthevalueofCoin’dSilvershouldbelessthanthevalueorpriceofUncoin’d；Because，asIhaveshewn，thevalueandquantityofSilverarethesame：Andwherethequantitiesareequal，thevaluesareequal；exceptingonlytheoddsthatmaybebetweenBullionthatmaybefreelyexported，andCoin’dSilverthatmaynot；Theoddswhereofscarceeveramountstoabove2d。PerOunce，andrarelytoaboveapennyoranhalf—penny。Andthisodds（whateveritbe）willequallybelongtohisraisedmill’dMoney，whichcannotbeexported，asitwilltoourpresentmill’dMoney，whichcannotbeExported；AsIshallhaveoccasiontoshewmoreparticularlyhereafter。Allthisdisorder，andathousandothers，comesfromlightandunlawfulMoneybeingcurrent。ForthenitisnowonderthatBullionshouldbekeptuptothevalueofyourclip’dMoney；thatis，thatBullionshouldnotbesoldbytheOunceforlessthan6s。5d。whenthat6s。5d。clip’dMoneypaidforit，doesnotWeighaboveanOunce。ThisinstancethereforeofthepresentpriceofBullion，provesnothingbutthatthequantityofSilverinMoneygovernsthevalueofit，andnotthedenomination；asappearswhenclip’dMoneyisbroughttobuyBullion。ThisisafairTryal：SilverissetagainstSilver，andbythatisseenwhetherclip’dMoneybeofthesamevaluewithweightyofthesamedenomination，orwhetheritbenotthequantityofSilverinitthatregulatesitsvalue。
　　IcannotbutwonderthatMr。Lowndes，aMansowellskill’dintheLaw，especiallyoftheMint，theExchequer，andofourMoney，shouldallalonginthisArgumentspeakofclip’dMoney，asifitwerethelawfulMoneyofEngland；andshouldproposebythat（whichisineffectbytheClippersSheers）toregulateanewsortofCointobeintroducedintoEngland。Andifhewillstandtothatmeasure，andlessenthenewCointotherateofBullionsoldinexchangeforpresentcurrentclip’dMoney，topreventitsbeingmelteddown；hemustmakeityetmuchlighterthanheproposes，sothatraisingit，ortogiveititsduename，thatlesseningofitonefifthwillnotservetheturn：ForI
　　willbeboldtosay，thatBullionnowinEnglandisnowheretobeboughtbytheOuncefor6s。5d。ofourpresentcurrentclip’dMoney。SothatifhisRulebetrue，andnothingcansavetheweightyCoinfrommeltingdown，butreducingittotheweightthatclip’dMoneyisbroughtto，hemustlessentheMoneyinhisnewCoinmuchmorethanonefifth；foranOunceofStandardBullionwillalwaysbeworthanOunceofclip’dMoney，whetherthatintaleamountto6s。5d。6s。6d。TenShillings，oranyothernumberofShillingsorPenceofthenick—namedclip’dMoney。ForapieceofSilverthatwasCoin’dforaShilling，buthashalftheSilverclip’doff，intheLawandinProprietyofspeechisnomoreaShillingthanapieceofWood，whichwasonceasealedYard，isstillaYardwhenonehalfofitisbrokeoff。
　　LetusconsiderthisMaximalittlefurther；whichoutofthelanguageoftheMintinplainEnglish，Ithink，amountstothusmuch，viz。ThatwhenanOunceofStandardBullioncostsagreaternumberofPenceintale，thananOunceofthatBullioncanbeCoin’dintobytheStandardoftheMint，theCoinwillbemelteddown。Igrantit，ifBullionshouldriseto15PencetheOunceabove5s。2d。asisnowpretended；whichistosay，thatanOunceofBullioncannotbeboughtforlessthananOunceandaquarterofthelikeSilverCoin’d。Butthat，asIhaveshew’d，isimpossibletobe：Andeveryonewouldbeconvincedofthecontrary，ifwehadnonenowbutlawfulMoneycurrent。But’tisnowonderifthepriceandvalueofthingsbeconfoundedanduncertain，whentheMeasureitselfislost。ForwehavenownolawfulSilverMoneycurrentamongus：Andthereforecannottalknorjudgeright，byourpresentuncertainclip’dMoney，ofthevalueandpriceofthings，inreferencetoourlawfulregularCoin，adjustedandkepttotheunvaryingStandardoftheMint。
　　ThepriceofSilverinBullionabovethevalueofSilverinCoin，whenClippinghasnotdefac’dourcurrentCash（forthentheoddsisveryrarelyaboveaPennyortwoPencetheOunce）issofarfrombeingacauseofmeltingdownourCoin，thatthispricegivenabovethevalueoftheSilverinourCoin，isgivenonlytopreserveourCoinfrombeingmelteddown：FornobodybuysBullionatabove5s。2d。theOunce，（whichisjustthevalue）foranyotherreason，buttoavoidthecrimeandhazardofmeltingdownourCoin。
　　Ithinkitwillbeagreedonallhands，thatnobodywillmeltdownourMoney，butforprofit。NowprofitcanbemadebymeltingdownourMoney，butonlyintwocases。
　　First，WhenthecurrentPiecesofthesamedenominationareunequal，andofdifferentWeights；someheavier，somelighter：
　　ForthentheTradersinMoney，cullouttheheavier，andmeltthemdownwithprofit。ThisistheordinaryfaultofCoiningbytheHammer；whereinitusuallysufficed，ThataBarofSilverwascutintoasmanyHalfcrowns，orShillings，asanswer’ditswholeweight；withoutbeingveryexactinmakingeachparticularpieceofitsdueweight；wherebysomepiecescametobeheavier，andsomelighter，thanbytheStandardtheyshould。Andthentheheavierpieceswerecull’dout，andtherewasprofittobemade（asoneeasilyperceives）inmeltingthemdown。ButthiscauseofmeltingdownourMoneyiseasilyprevented，bytheexacterwayofCoiningbytheMill，inwhicheachsinglepieceisbroughttoitsjustweight。Thisinequalityofpiecesofthesamedenomination，istobefoundinourMoney，morethanever，sinceClippinghasbeeninfashion：Andtherefore’tisnowonder，thatinthisirregularStateofourMoney，onecomplaintis，thattheheavyMoneyismelteddown。Butthisalsothemakingclip’dMoneygoatpresentforitsWeight，（whichisasuddainreducingittotheStandard）andthen，bydegrees，recoiningitintomill’dMoney（whichistheultimateandmorecompleatreducingittotheStandard）perfectlycures。
　　TheothercasewhereinourMoneycomestobemelteddown，isalosingTrade；Or，whichisthesamethinginotherwords，anover—greatConsumptionofForeignCommodities。Whenevertheover—ballanceofForeignTrademakesitdifficultforourMerchantstogetBillsofExchange，theExchangepresentlyrises，andtheReturnsofMoneyraisetheminproportiontothewantofMoneyEnglishmenhaveinanypartsbeyondSeas。TheywhothusfurnishthemwithBills，notbeingabletosatisfietheirCorrespondentsonwhomthoseBillsaredrawn，withtheproductofourCommoditiesthere，mustsendSilverfromhencetoreimbursethem，andrepaytheMoneytheyhavedrawnoutoftheirhands。