Page:William Petty - Economic Writings (1899) vol 1.djvu/186

86 allow in the Measures abovementioned) is to save it from being melted down by Goldsmiths and Bullioners, or exported by strangers; neither of which can happen but to their loss: for suppose a Stiver of two pence had a penny of pure silver, if the Bullioner melts it for the sake of the silver onely, in the separation he shall lose the Copper and charge of refining the Silver; nor will strangers export it into places where the local value of the Piece perisheth, the intrinsick leaving him to loss.

7 . Now the reasons against this kinde of Money are, first the greater danger of falsification, because the colour, sound, and weight by which men (without the test) guess at the goodness of the material of Money is too much confounded, for the vulgar (whom it concerns) to make use of them for their marks and guides in the business.

8. Secondly, In case small pieces of this Money, viz. pieces of two pence should happen to be raised or depressed twelve, fifteen, or sixteen per cent. then there will be a certain loss by reason of the fractions, which the vulgar cannot reckon. As for example, if such Money were depressed but ten, eleven or twelve per cent. then the two pence piece would be worth but three half pence, which is twenty five per cent. and so of other proportions. |67|

9. Thirdly, In case the Inconvenience of this Money should be so great as to necessitate a new Coinage of it, then will happen all the losses we mentioned before in melting it down by Bullioners.

10. Fourthly, If the two pence piece contained but ⅛th. part of the Silver usually in a shilling, then Dealers would have fifteen pence paid in this money for the same Commodity, for which they would take a shilling in Standard Silver.

11. Raising of Money is either the cutting the pound Troy of Standard Silver into more pieces then formerly, as into above sixty, whereas heretofore the same was made but into twenty, and yet both sorts called shillings, or else calling