impracticable, under the present circumstances of the colony-trade; which, as is said above, draws all the cash to Britain, and would soon strip the bank.

2. To raise a fund by some yearly tar, securely lodged in the bank of England as it arises, which should (during the term of years for which the paper-bills are to be current) accumulate to a sum sufficient to discharge them all at their original value.

This has been tried in Maryland: and the bills so funded were issued without being made a general legal tender. The event was, that as notes payable in time are naturally subject to a discount proportioned to the time; so these bills fell at the beginning of the term so low, as that twenty pounds of them became worth no more than twelve pounds in Pennsylvania, the next neighbouring province; though both had been struck near the same time at the same nominal value, but the latter was supported by the general legal tender. The Maryland bills, however, began to rise as the term shortened, and towards the end recovered their full value. But, as a depreciating currency injures creditors, this injured debtors; and by its continually changing value, appears unfit for the purpose of money, which should be as fixed as possible in its own value; because it is to be the measure of the value of other things.

3. To make the bills carry an interest sufficient to support their value.

This too has been tried in some of the New England colonies; but great inconveniences were found to attend it. The bills, to fit them for a currency, are made of various denominations, and some very low, for the sake of change; there are of them from 107. down to 3d. When they first come abroad, they pass easily, and answer the purpose well enough for a few months; but as soon as the interest becomes worth computing, the calculation of it on every little bill in a sum between the dealer and his customers, in shops, warehouses, and markets, takes up much time, to the great hinderance of business. This evil, however, soon gave place to a worse; for the bills were in a short time gathered up and hoarded; it being a very tempting advantage to have money bearing interest, and the principle all the while in a man's power, ready for bargains that may offer; which money out on mortgage is not. By this means numbers of people became usurers with small sums, who could not have found persons to take such sums of them upon interest, giving good security; and would therefore not have thought of it; but would rather have employed the money in some business, if it had been money of the common kind. Thus trade, instead of being increased by such bills, is diminished; and by their being shut up in chests, the very end of making them (viz. to furnish a medium

of commerce) is in a great measure, if not totally defeated.

On the whole, no method has hitherto been formed to establish a medium of trade, in lieu of money, equal in all its advantages, to bills of credit-funded on sufficient taxes for discharging it, or on land-security of double the value, for repaying it at the end of the term; and in the mean time, made a GENERAL LE

GAL TENDER.

On Coin.

THE clamour made of the great inconveniences, suffered by the community in regard to the coin of this kingdom, prompted me in the beginning of his majesty's reign to give the public some reflections on coin in general; on gold and silver as merchandise: and I added my thoughts on paper passing as money.

As I trust the principles then laid down are founded in truth, and will serve now as well as then, though made fourteen years ago, to change any calculation, would be of little use.

Some sections, in the foregoing essay of principles of trade, might in this appendix, appear like a repetition, have been omitted.

I always resolved not to enter into any particular deduction from laws relating to coin; or into any minutia, as to accurate nicety, in weights. My intention was, and still is, no more than to endeavour to show, as briefly as possible; that what relates to coin, is not of such a complex, abstruse nature as it is generally made: and that no more than common justice with common sense are required, in all regulations concerning it.

Perhaps more weighty concerns may have prevented government doing more in regard to coin, than ordering quarter guineas to be made; which till this reign had not been done.

But as I now judge by the late acts relating to gold coin, that the legislature is roused: possibly they may consider still more of that, as well as of silver coin.

Should these reflections prove of any public utility, my end will be answered.

1. Coins are pieces of metal, on which an impression is struck; which impression is understood by the legislature to ascertain the weight, and the intrinsic value, or worth of each piece.

2. The real value of coins depends not on a piece being called a guinea, a crown, or a shilling; but the true worth of any particular piece of gold, or silver, is what such piece contains of fine or pure gold or silver.

3. Silver and copper being mixed with gold, and copper with silver, are generally understood, to render those metals more

durable when circulating in coins: yet air and moisture evidently affect copper, whether by itself or mixed with other metal; whereas pure gold or silver are much less affected or corroded thereby.

4. The quantity of silver and copper so mixed by way of alloy, is fixed by the legislature. When melted with pure metal, or added, or extracted to make a lawful proportion, both gold and silver are brought to what is called standard. This alloy of silver and copper is never reckoned of any value. The standard once fixed, should ever be invariable; since any alteration would be followed by great confusion, and detriment to the state.

5. It is for public convenience, and for facilitating the bartering between mankind for their respective wants, that coins were invented and made; for were there no coins, gold and silver might be made, or left pure; and what we now call a guinea's worth of any thing, might be cut off from gold, and a crown's worth from silver, and might serve, though not so commodiously as coin.

6. Hence it is evident that in whatever shape, form, or quality, these metals are, they are brought to be the most common measure between man and man, as serving to barter against, or exchange for, all kinds of commodities; and consequently are no more than an universal accepted merchandise: for gold and silver in bullion, that is to say in an uncoined mass, and gold or silver in coin, being of equal weight, purity, and fineness, must be of equal value, the one to the other for the stamp on either of these metals, duly proportioned, neither adds to, nor takes from their intrinsic value?

7. The prices of gold and silver as merchandise, must in all countries, like other commodities, fluctuate and vary according to the demand; and no detriment can arise therefrom, more than from the rise and fall of any other merchandise. But if when coined, a due proportion of these metals, the one to the other, be not established, the disproportion will be felt and proved; and that metal wherein the excess in the proportion is allowed, will preferably be made use of, either in exportation, or in manufacture; as is the case now, in this kingdom, in regard to silver coin, and which, in some measure, is the occasion of its scarcity. For so long as 15 ounces and about one fifth of pure silver in Great Britain, are ordained, and deemed, to be equal to 1 ounce of pure gold, whilst in neighbouring states, as France and Holland, the proportion is fixed only 14 and a half ounces of pure silver, to one ounce of pure gold; it is very evident, that our silver when coined, will always be the most acceptable merchandise, by near five in the hundred, and consequently more liable to be taken away, or melted down, than before it received the impression at the mint.

8. 62 shillings only, are ordained by law to be coined from 12 ounces of standard silver: now following the proportion above mentioned of 15 one fifth to 14 one half, no regard being necessary as to alloy, 65 shillings should be the quantity cut out of those 12 ounces.

9. No everlasting invariable fixation for coining, can be made from a medium of the market price of gold and silver, though that medium might with ease be ascertained so as to hinder, either coined gold or silver from becoming a merchandise: for whenever the price shall rise above that 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 selfevident; 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 nine 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 31. 17s. 104d. an ounce. Now the current market price of standard gold is 31. 19s. an ounce, which makes not quite 1 per cent. difference between the coined and uncoined gold.

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 carrying it to the mint. It is absurd to think any one should send gold to be coined that should cost more than 31. 17s. 104d. 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 legis lature 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 stand

kind, 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

eaten than of others, some being of lighter digestion than others.

The difficulty lies, in finding out an exact measure; but eat for necessity, not pleasure; for lust knows not where necessity ends.

Wouldst thou enjoy a long life, a healthy body, and a vigorous mind, and be acquainted also with the wonderful works of God, labour in the first place to bring thy appetite to reason.

ladelphia.*

ing.

HAVE you read over these queries this morning, in order to consider what you might have to offer the Junto touching any one of them? viz.

the non-exportation of gold and silver in bul-Rules for a Club formerly established in Philion or coin: for were it not certain, that paper could command the equivalent of its agreed-for value; or that gold and silver in Previous question, to be answered at every meetbullion or coin exported, would be returned in the course of trade in some other merchandise; neither paper would be used, or the metals ex ported. 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 subject to waste by long use, or impaired by adulteration, sweating, or filing, as coins may.

Rules of Health.-From Poor Richard's Almanac, 1742.

EAT and drink such an exact quantity as the constitution of thy body allows of, in reference to the services of the mind.

They that study much, ought not to eat so much as those that work hard, their digestion being not so good.

The exact quantity and quality being found out, is to be kept to constantly.

Excess in all other things whatever, as well as in meat and drink, is also to be avoided. Youth, age, and sick, require a different quantity.

And so do those of contrary complexions; for that which is too much for a phlegmatic man, is not sufficient for a choleric.

The measure of food ought to be (as much as possibly may be) exactly proportionable to the quality and condition of the stomach, because the stomach digests it.

That quantity that is sufficient, the stomach can perfectly concoct and digest, and it sufficeth the due nourishment of the body.

A greater quantity of some things may be

1. Have you met with any thing, in the author you last read, remarkable, or suitable to be communicated to the Junto? particularly in history, morality, poetry, physic, travels, mechanic arts, or other parts of knowledge?

2. What new story have you lately heard agreeable for telling in conversation?

3. Hath any citizen in your knowledge failed in his business lately, and what have you heard of the cause?

4. Have you lately heard of any citizen's thriving well, and by what means?

5. Have you lately heard how any present rich man, here or elsewhere, got his estate?

6. Do you know of a fellow-citizen, who has lately done a worthy action, deserving praise and imitation: or who has lately committed an error, proper for us to be warned against and avoid?

7. What unhappy effects of intemperance have you lately observed or heard? of imprudence of passion? or of any other vice or folly?

8. What happy effects of temperance? of prudence? of moderation? or of any other virtue?

9. Have you or any of your acquaintance been lately sick or wounded? If so, what remedies were used, and what were their effects?

10. Who do you know that are shortly going voyages or journies, if one should have occasion to send by them?

11. Do you think of any thing at present, in which the Junto may be serviceable to mankind? to their country, to their friends, or to themselves?

*This was an early performance. The club held in Philadelphia, was composed of men considerable for their influence and discretion, the chief measures of

Pennsylvania usually received their first formation in this club, it existed thirty years without the nature of its institution being publicly known. This club gave

origin to the American Philosophical Society now ex

isting.