A proposal, on our coin. To remedy all praesent, and praevent all future disorders. To which are praefixed praeceding proposals of Sir John Barnard, and of William Shirley, Esq., on the same subject / [William Browne].

  • Browne, William, 1692-1774
Date:
1771
Catalogue details

Licence: Public Domain Mark

Credit: A proposal, on our coin. To remedy all praesent, and praevent all future disorders. To which are praefixed praeceding proposals of Sir John Barnard, and of William Shirley, Esq., on the same subject / [William Browne]. Source: Wellcome Collection.

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    io can happen will be to thofe nations which reap an advantage from our prefent ill eftimations of Gold by Silver: but that lofs to them will be juft fo much gain, or at leaft continual faving, to our own country. This fcheme I therefore humbly propofe in oppofition to Sir JOHN BARNARD’S, and rely on his great candour, as well as that of the public, for its being impartially confidered; who am the fincere well-wilher of my country, and. Sir, your humble Servant, WILLIAM SHIRLEY. REMARKS. v This Proposal is fo far from being likely to prove a radical cure, that it appears on the contrary to offer one fo very barely palliative and temporary, as rather to deferve, with all the trouble, confufion, and expence of its new coinage, no better name, than a Reprieve from the Evil for a day. The thought of fixing the proportions between Gold and Silver at a certain rate, and of avoiding the perplexity of fractions in their values, is juft like that of hedging in the Cuckoo: fince the continual variation of their values muft be for ever reviving fuch difproportions, and fra&ions. All our late Gold Coins, unites or broad pieces, as well as guineas, were originally coined for twenty (hil¬ ling pieces, like thefe now propofed, the former being marked XX; according to the proportion of Gold to Silver at their refpe&ive coinages: but from the variation of this proportion, they foon pafted at different rates. In particular* guineas rofe fo high at the time of the dipt money, as to pafs in payment at the rate of thirty (hillings and upwards, and fettled at laft at the rate of twenty one (billings and fixpence after the new milled Silver Coin took place; till they came by the ill-advifed proclamation of K. G. I. to be made legal money, and to have the rate of twenty one (hillings fixed on them abfolutely. This proclamation has occafioned all the confufion now complained of, in the proportional value of our Gold and Silver Coins. For Silver was our onely money before, and our Gold Coin was left to find its proportional value, which it naturally and neceftarily does when fo left, according to the market rates. It is furprizing, that this mifchief fhould not be apprehended, fince it was fo long ago fully explained, and foretold by Mr. LOCKE'*, in thefe words. “ Silver is the fitted of all metals to be this meafure [of Corn- “ merce]. But then it is very unfit and inconvenient that Gold, or any other “ metal, fhould be made current money, at a (landing fettled Rate. This is u to fet a Rate upon the varying value of things by Law, which juftly cannot “ be done; and is, as far as it prevails, a conftant damage and prejudice to “ the Country where it is pra&ifed.” * Works, Vol. II. p. 48. The /