Page:William Petty - Economic Writings (1899) vol 1.djvu/185

Rh 2. To explain this fully, one might lanch out into the deep Ocean of all the Mysteries concerning Money, which is done for other ends elsewhere; nevertheless I shall do it the best I can, by expounding the reasons pro & contrà for embasing and raising of Money: and first of embasing.

3. Copper or Tin Money made ad valorem in its matter, is no embasing; the same being onely cumbersom and baser then silver money, onely because less convenient and portable.

And Copper money ad valorem in workmanship and matter both together; (such as on which the Effigies and Scutcheon are so curiously graven and impressed, as the moneys seem rather a Medal ) is not embasing, unless the numbers of such pieces be excessive, (the measures whereof I shall not set down, until I shall hereafter propound the fittest Sections of the abstracted pound into which I would have money coyned, and determine how many pieces of each Section should be in an hundred pound) for in case of such excess, the workmanship being of no other use but to look upon, becomes base by its being too common.

4. Nor are such Tokens base as are coyned for Exchange in retailing by particular men, (if such men be responsible and able to take them back, and give Silver for them.) |66|

5. But that Gold I count to be embased, which hath more allay either of Copper or Silver in it, then serves to correct its too great natural softness and flexibility, whereby it wears too fast in Money: And that Silver I reckon also embased, wherein is commixed more Copper then will sufficiently toughen it, and save it from cracking under the Hammer, Press, or Mill that must coin it, or the like.

6. Base Money is therefore such as Dutch Shillings, Stivers, French Soulz, Irish Bon-galls, &c. and for the most part consisting great pieces, though of small value. To answer the first reason or pretence of making them, which is, that the said Pieces might be more bulky, handleable, and the silver in them less apt to be lost or worn away.

7. The other reason (besides that of allay which we must errata: