medium, so as to give a profit; whatever is coined will be made a merchandise. This in the nature of things, must come from the general exchangings, circulation, and fluctuation in trade, and cannot be hindered; but assuredly the false proportions may be amended by the legislature, and settled as the proportion between gold and silver is in other nations; so as not to make, as now is the case, our coined silver a merchandise, so much to be preferred to the same silver uncoined.

10. What has been said seems to be self-evident; but the following calculations made on the present current price of silver and gold, may serve to prove beyond all doubt, that the proportion now fixed between gold and silver should be altered and fixed as in other countries.

By law, 62 shillings are to be coined out of one pound, or 12 ounces of standard silver. This is 62 pence an ounce. Melt these 62 shillings, and in a bar, this pound weight at market will fetch 68 pence an ounce, or 68 shillings the pound. The difference therefore between coined and uncoined silver in Great Britain is now 9 and two thirds per cent.

Out of a pound or 12 ounces of standard gold, 44 guineas and are ordained to be coined. This is 3l. 17s. 10d. Now the current market price of standard gold is 3l. 198. an ounce, which makes not quite 14 per cent. difference between the coined and uncoined gold.

an ounce.

The state, out of duties imposed, pays for the charge of coining, as indeed it ought: for it is for public convenience, as already said, that coins are made. It is the current market price of gold and silver, that must govern the carry. ing it to the mint. It is absurd to think any one should send gold to be coined that should cost more than 3%. 17s. 10d. an ounce, or silver more than 62 pence the ounce: and, as absurd would it be, to pretend, that those prices only shall be the constant invariable prices. It is contended that there is not a proper proportion fixed in the value of one metal to another, and this requires alteration.

11. It may be urged, that should the legislature fix the proportion of silver to gold as in other countries, by

ordering 65 shillings instead of 62 to be cut out of a pound of standard silver; yet still there would be 43 per cent. difference between coined and uncoined silver; whereas there is but about 14 per cent. difference in gold.

On this we shall observe that the course of trade, not to mention extraordinary accidents, will make one metal more in request at one time than another; and the legislature in no one particular country, can bias, or prescribe rules or laws to influence, such demand; which ever must depend on the great chain of things, in which all the operations of this world are linked. Freedom and security only are wanted in trade: nor does coin require more, if a just proportion in the metals be settled.

12. To return to gold: it is matter of surprise, that the division of the piece called a guinea, has not been made smaller than just one half as it now is; that is into quarters, thirds, and two thirds. Hereby the want of silver coin might be greatly provided for; and those pieces, together with the light silver coin, which can only now remain with us, would sufficiently serve the uses in circulation.

In Portugal, where almost all their coin is gold, there are divisions of the moedas, or 27 shilling pieces, into tenths, sixths, quarters, thirds, halves, and two thirds. Of the moeda and one third, or 36 shilling piece, into eights, quarters, and halves.

13. That to the lightness of the silver coin now remaining in Great Britain, we owe all the silver coin we now have, any person with weights and scales, may prove; as upwards of 70 shillings coined in the reign of king William, or dextrously counterfeited by false coiners, will scarce weigh 12 ounces, or a pound troy.

14. All the art of man can never hinder a constant exportation and importation of gold and silver, to make up for the different calls and balances that may happen in trade: for were silver to be coined as above, 65 shillings out of a pound troy weight of standard silver; if those 65 shillings would sell at a price that makes it worth while to melt or

export them, they must and will be considered and used as a merchandise: and the same will hold as to gold.

Though the proportion of about 14 of pure silver, to one of pure gold, in neighboring states be now fixed, in regard to their coin, and it is submitted such proportion should be attended to in this kingdom, yet that proportion may be subject to alteration: for this plain reason, that should the silver mines produce a quantity of that metal so as to make it greatly abound more in proportion than it now does, and the gold mines produce no more than now they do, more silver must be requisite to purchase gold.

15. That the welfare of any state depends on its keeping all its gold and silver, either in bullion or in coin, is a very narrow principle; all the republics we know of, wisely think otherwise. It is an utter impossibility; nor should it ever be aimed at; for gold and silver are as clearly a merchandise, as lead and tin; and consequently should have a perfect freedom and liberty, coined and uncoined, to go and to come, pass and repass, from one country to another, in the general circulation and fluctuation of commerce, which will ever carry a general balance with it: for we should as soon give our lead, our tin, or any other product of our land or industry to those who want them, without an equivalent in some shape or other, as we should gold or silver; which it would be absurd to imagine can ever be done by our nation, or by any nation upon earth.

16. From Spain and Portugal come the greatest part of gold and silver: and the Spanish court very wisely permits the exportation of it on paying a duty, as in Great Britain lead and tin do, when exported; whereas heretofore, and as it still continues in Portugal, penal laws were enacted against the sending it out of the country. Surely princes by enact

4 As a general principle this is unquestionably true; but it must be general, or every nation with whom commerce is extensively carried on, must alike adopt it, or the principle immediately assumes an exceptionable character; and nations liable to be effected by it must provide means to counteract the effects of a sudden drain of the usual circulating medium, because the absence of a great quantity of the medium alters the price of exchange, or relative exchange of current money for necessary labor, and subsistence; and depreciates other property.

ing such laws, could not think they had it in their power to decree and establish, that their subjects, or themselves, should not give an equivalent for what was furnished to them!

17. It is not our intention to descend into, or to discuss minutely, particular notions or systems, such as "That silver, and not gold should be the standard money or coin,"

"That copper is an unfit material for money."

And "That paper circulating as, and called artificial money is detrimental."

Yet as these doctrines seem to proceed from considering bullion, and money, or coin, in a different light from what we apprehend and have laid down, we will observe.

18. That it matters, not whether silver or gold be called standard money; but it seems most rational, that the most scarce, and precious metal, should be the unit or standard.

19. That as to copper, it is as fit for money or a counter, as gold and silver; provided it be coined of a proper weight and fineness and just so much will be useful, as will serve to make up small parts in exchanges between man and man.

20. That as to paper money, it is far from being detrimental; on the contrary, it is highly profitable, as its quick passing between mankind, instead of telling over, or weighing metal in coin, or bullion, is a gain of what is most precious in life, which is time. And there is nothing clearer than that those who must be concerned in counting and weighing, being at liberty to employ themselves on other purposes, are an addition of hands in the community.

The idea of the too great extension of credit, by the circulation of paper for money, is evidently as erroneous, as the doctrine of the non-exportation of gold and silver in bullion or coin: for were it not certain, that paper could command the equivalent of its agreed-for value; or that gold and silver in bullion or coin exported, would be returned in the course of trade in some other merchandise; neither paper would be used, or the metals exported. It is by means of the produce of the land, and the happy situation of this island, joined to the industry of its inhabitants, that

those much adored metals, gold and silver, have been procured and so long as the sea does not overflow the land, and industry continues, so long will those metals not be wanting. And paper in the general chain of credit and commerce, is as useful as they are: since the issuers or coiners of that paper are understood to have some equivalent to answer for what the paper is valued at: and no metal, or coin can do more than find its value.

Moreover, as incontestable advantages of paper, we must add, that the charge of coining or making it, is by no means proportionate to that of coining of metals: nor is it subject to waste by long use, or impaired by adulteration, sweating, or filing, as coins may.

ON POPULATION.

Observations concerning the Increase of Mankind, peopling of Countries, &c.

Written in Pennsylvania, 1751.

1. TABLES of the proportion of marriages to births, of deaths to births, of marriages to the number of inhabitants, &c. formed on observations made upon the bills of mortality, christenings, &c. of populous cities, will not suit countries; nor will tables, formed on observations made on full settled old countries, as Europe, suit new countries, as America.

2. For people increase in proportion to the number of marriages, and that is greater, in proportion to the ease and convenience of supporting a family. When families can be easily supported, more persons marry, and earlier in life.

3. In cities, where all trades, occupations, and offices, are full, many delay marrying, till they can see how to bear the charges of a family; which charges are greater in cities, as luxury is more common; many live single during life, and continue servants to families, journeymen to trade, &c. Hence cities do not, by natural generation, supply themselves with inhabitants; the deaths are more than the births.