Answ. The first is the better of the two, if such Mixture be of no use in other things: For if 20s. which contains 4 Ounces of Silver, should be reduced to 3 Ounces of Silver, it is better than to add one Ounce of Copper to the same, in order to make 4 seeming Ounces as before: For if you come to want the said 3 Ounces of Silver mixt with Copper, you must lose the Copper, upon the Test, and the Charge of Refining also, which will amount to above 4 per cent.
Qu. 19. What do you object against small silver Money; as against Single Pence, Two Pences, &c.?
Answ. That the Coinage of small Pieces would be very chargeable, and the Pieces themselves apt to be lost, and more liable to wearing; for little of our old small Money is now to be seen, and our Groats are worn away to Three half Pence in Metal. |6|
Qu. 20. What do you say of Money made wholly of base Metal such as Farthings, &c.?
Answ. That the want of Materials ought to be made up by the fineness of Coinage, to very near the intrinsick Value; or what is gained by the Want of either, to be part of the Kings Revenue.
Qu. 21. Which is best, Copper or Tin, for this purpose?
Answ. Copper: Because it is capable of the most imitable and durable Coinage: though the Copper be Foraign, and Tin a Native Commodity. For suppose Copper and Tin of the same Value in England; yet if 100 Weight of Tin sent to Turky will fetch home as much Silk as will fetch above 100 of Copper from Sweden, in such Case the Difference between Native and Foreign is nothing.
Qu. 22. This Doctrine may extend to a free exportation of Money and Bullion, which is against our Laws: Are our Laws not good?
Answ. Perhaps they are against the Laws of Nature, and also impracticable: For we see that the Countries which abound with Money and all other Commodities, have followed no such Laws: And contrarywise, that the Countries which have forbid these Exportations under the highest Penalties, are very destitute both of Money and Merchandize.