Of Base Money I do not mean by base Money,Money of pure Copper,which in all States and in all Ages hath almost always been used,at the first for want of Gold and Silver,and now since,for the necessity of the poorer sort onely,and not for Commerce and Trade,as our farthlings have lately bin introduced:But I mean that mixture of Metals,wherein Silver is incorporated with other baser Metals,not for Allay but to the extinction of the denomination of Silver;as Wine,when it is watered beyond a certain proportion looseth the name of Wine.And in all the Countries of Europe,as far as I can learn,except England and Muscovia,is used for Commerce and Trade amongst the people:
which mixtion of mettals however it hath been practised at times in former Ages,out of the extream Necessities of the Common wealth,yet I do not find that it hath been constantly embraced (as now it is in all parts)until about Eightscore years since,about which time it was introduced into France by Charles the Seventh.The pretences whereof were these.
First,That there was no Intention thereby to raise the price or to diminish the weight of Silver,but that this Money should be as good in intrinsical value,as in the Money of purer Silver,save only a small charge laid upon it for the coinage:then that by coining small pieces of a penny,two pence,or three pence,and thereabouts,the pieces,by the mixtion should have a greater bulk,and so be preserved from loss,which must needs frequently happen by reason of the smallness of the pieces,if they were made of pure Silver,so likewise they should be preserved from wearing:and again,that the Gold-Smith should by this means be kept from melting them,and the Stranger from exporting them,because the charge of refining them and drawing the pure Silver out of them would far exceed the profit:These are the Pretences by which base Money was first introduced,but if they be weighed against the Inconveniences,which have followed upon it,it will be found one of the most mischievous Inventions that ever was found in matters of Money.I could hardly resolve with myself to insert this Chapter in this Discourse,because having mine aim only a the good of this State,it seemed unnecessary to treat of this Subject,since we have no base Money in England;but when Iconsider,that in some unhappy seasons heretofore we have had base Money;and that it is not impossible,but that the like Projects may again be revived,I determin'd not only to treat,but to go through with it all at once,and not to interrupt this Discourse any more with that Subject:And therefore to set down the Inconveniences that have followed it,which in the former Chapter I did forbear,reserving both the Inconveniences and the Remedies to be treated of apart.The first Inconvenience then of the great mixture of Mettals,is the falsifying of them;for both in reason it is too true,that by this mixture both the Colour,Sound,Weight,and the other more hidden Qualities of the different mettals are so confounded as the falsity cannot be discovered,but with extream difficulty:and by experience it is verified,that in all those Countries where base Money hath-course,the greatest part of it is not coyned by the State,but either counterfeited by the Natives,or brought in by several Strangers.
Secondly,It is true that the base Money was first coined in France,of an intrinsical value,almost equal to that of purer mettals,and so it continues to this day,for so much of it is coined by ordinance of the State,(the greatest part being falsifyed:)But in most other Countries (as namely in Spain)the State in self,to raise a Tribute upon the people,hath extreamly falsified the intrinsical value,by which means both the State hath for gain,Coins much more than there is occasion to use,and there is incomparably more counterfeited by others,so as the mischief doth hourly multiply.
Thirdly,The values of Money are continually raised from time to time,which is no new Device (as is already more particularly declared)the base Money must then in Proportion be likewise raised,which cannot be done by increasing the value of the particular pieces for being of so small price,the fractions would be irreconcilable,so as there is no other way left to raise the base Money,but by coining new,of a weaker Intrinsical value.I would then gladly know what becomes of all the old base Money,either it is melted down by Bullioners,which is the name in French of those who by culling and trying of Coins make their profit to melt them;or it is transported by strangers,so as in effect the use of base Money doth bring that inconvenience,the avoiding whereof was made one of the chiefest Pretences for Coinage of it.
