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CONSANGUINITARIUM, AT LEICESTER, With Four Houses in front, built by the Founiler on his place of his Birth,
1820.) Consanguinitarium, Leicester.--National Currency. 17 samo principles, had almost totally dwelling-houses, which bound the disappeared, aud therefore it was not street, erected on the spot where Mr. prudent to risk much with a possi- Jobpson was born. Each of tbe alms. bility of the same effect being pro- houses has a room on the groundduced.
floor, and a chamber over it: the In 1797 tbe mint being found un- rooms are neat and convenient; and equal to the conduct of a copper the windows glazed with beautiful coinage of large extent, Mr. Boul- stained glass. To each inbabitant is ton, of Birmingham was authorized given a printed copy of the Rules and to coin for Government. By this Orders *.
N. R. S. plan the fortune of an ingenious map was made, and the moniers were allowed relaxation from their labours
Jan. 2. of stamping the head of his present The Coinage of a Nation may be Majesty upon the neck of the King it wears the badge of office, and from of Spain, in order to give his dollars
its 'splendour or meauness, may be currency here. It was afterwards found to be ex- judged the wealth or property of
the State. pedient to put the dollars also into
Collectively, it is the Mr. Boulton's Mint, in order to efface servant of the whole community to entirely the Spanish impression, and which it belongs, but individually, to convert them into Bank Tokens *.
each piece of coin is the servant of In the following year the sub
the possessor. Every body has its sisting Committee of the Council for services, from the prince to the beg. coins was dissolved, and a new Com- gar; and as every one employs it, so mittee was appointed, whose first every one, according to the use he may determination went to sanction the
be supposed to make of it, ought currency of Mr. Boulton's heavy cop. As it sustains a most important pub
to contribute towards its formation, per coinage with the lighter Tower lic function, so it ought, in all nahalf-peopjes. About twenty years afterwards they changed their opinion, lions, to have a salary assigned to
it. and all the Tower halfpennies were called in for the purpose of recoinage. of a material that all men covet, it
When nations are once possessed (To be continued.)
soon becomes obvious, that a conMr. URBAN,
vepieut form is required for its cir. I recorded the endowa
: enten of an N vot, LXIII. p. 1046, you have culation, and coins called money have
been invented for that purpose. The Establishment in the Borough of Lei- prerogative of coining money, and cester, by the late John Johnson, esq. fixing ils denomination, is properly and named by him the Consanguinita- vested in the monarch or ruling power, riuni." And in vol. LXXXIV. p. 296,
and the denomipation being once the Institution is farther noticed, in fixed, qugbi, on po pretence whatan account of the death of its philan. ever, to be changed, because it would
violate, all contracts; all the transthropic Founder.
I request you to insert a View of actions of fair dealing between man this comfortable place of refuge ; and man being founded on the inwhich is a handsome stone-building, variability of national currency. Yet consisting of five houses, in South- there have been princes, who, misgate-street, near the Water-house taking price for value, have some. pump. (See Plate II.): It is partly times altered the one in hopes to ob. screened in the view by four seat
tain the other; but Providence has
placed this beyond the power of man. * These Tokens were declared by Dr.
A King Inay, by his prerogative, Darwin to be inimitable, from the supe
raise the denomination of a piece of riority of their workmanship, and the power coio, but that cannot in the least is.
the coining maebine; and I do believe, crease its value, if its ght cunthat, by the help of a statute to protect tinues the same. them, and of steel gauges to detect the counterfeits, they have not been imitated * These are printed in Nichols's History to any very large amount.
of Leicestershire, vol. I. p. 528. GENT. MAG. January, 1820.
(Jan. A commercial people having no will be relieved from the necessity of mines of their own, and not having raising supplies for any deficiency in by conquest exacted bullion from the old coins ; and the vation relieved other oations, can obtain it ouly by from wbat is of far greater consebaving had something to sell, or quence, the inconvenience that un. having performed some service s bence avoidably must attend a sudden withit is, that the coio of such a uation, is drawing and re-issuing a nation's exclusively the property of the peo- currency. Where there is a settled ple, except only such part of ii as salary raised for a constant coining, the executive Goveroment may, pe. there will always be a supply for riodically require for the exigencies that which is continually withdrawing, of the State, which again reverts to neither loss nor gain being suffered the people in ceaseless rotation. The on either side, por any charge whalcoin that each man bonestly posscs- ever made at the time of coining. scs, be it little or much, is decidedly The practice of some nations is, to and distinctly bis own; he has given impose a seignorage to defray the value for it'; and he will not part expense of coining ; but this certainly with it but on the same terms. joto is both in politic avd unjust ;-inisuch a nation coins must have crept politic because it tends to prevent by slow degrees, and being once form- coining at home, and holds out ened and designated by the ruling power, couragement to foreigners to imitate it becomes the duty of the executive, it abroad; and wojust, because it to preserve them as ocar as possible throws the charge upon him wbo in ihe same state as at their first is.. brings his bullion to be coined, and sue, which can be effected only by thereby performs a public service, that prerogative, which first estab- and who uses each piece but once : Jished their quality and weight, for- for tho moment it escapes from his bidding their circulation after they hands, it enters into the service of the have become deficient; which deter. public, every one using it according mination of the ruling power involves to his dealings. When its career is a question of great magaitude. stopped, it can be no great hardship “ Who is to sustain the loss of ex. to ihrow the loss upon the possessor, change from old and light, to new whose traffic will enable him to susand heavy 3" Tbe answer of State lain it; but it would be the very policy must be, that it should fall height of injustice to throw upon upon the individual in whose hands him, at the same time, any loss that it happened to be found. This, at might be occasioned by a previous first sight, will appear not consist.
seigaorage. ent with strict justice, and it can be Thus ihe creation of coins (if I dofended only by the nature of the may so express myself) would becase;- the deficiency when it does come the charge of the whole da. happen must fall some where, aod tion: the renovation of them would buw can it possibly be fixed under be sustained by its commerce. easier circumstances than amongst Where coinage is so established, it the many wbo will then have to share can scarcely ever happen, that a solit : It is a servant who has become vent debtor should not be able to disabled, and his cure will cost but fiod sufficient full weight coios, to little; whereas if the light coins were satisfy the demands of his creditor; suffered to continue in circulation, but if at any tiine it should so hapit would encourage further deprecia. pen, it seems a principle of justice tion, and at last, if called in for re- that he ought to have the power of coinage, it must be at an expence to doing it by a full weight of bullion. be borne by the nation collectively, So on the other hand, it seems equal. and thus occasion à careless observ. ly consistent with justice, that at any ance of deficiencies ; but if the charge time, when coins have become dimi. falls individually, every individual nished below the standard of their will endeavour to guard against it, currency, the creditor should be left and thus become conservator of the to his choice to refuse the coin and coinage. Uoder such circumstances demand the weight in bullion. it will always be maintained in cle- There are but three metals which gant, purity; the executive power the world has agreed to receive as
universal and copper.
1820.) On National Coinage and Currency.
19 universal equivalents, and of which consequently silver was' continually coins are made; namely, gold, silver, travelling from Europe and South
But copper, though America to Asia, till, at length, the most used, and most useful, in small proportion has become nearly the payments for the internal traffic of å nation, is not acceptable to fo. In the present state of the world, reigners, and therefore has not ob when cominerce is so much extended, tained sufficient consideration as circumstances may occur, in which a legal tender. Silver has been until nation may not only fabricate her laiely the principal money of all com- own national coins, but also find it mercial states, but as both that and convenient to imitate those of far gold are universally acceptable, and distant nations, in order to tempt the mines are niore productive of silver them into some particular branch of than gold, the latter has become the commerce. Thus the rude pagoda of superior metal, and hence has arisen the Indians, might be made in the a question as to their relative value. same mint that has produced the most On this subject much discussion has exquisite specimens of European taken place, and endeavours have coinage, and where it is done with been made to fix a standard between fidelity, no evil can arise from it, them; but how can that be fixed by though it ought to be prohibited to art, which is ever varying in nature? be done by individuals with as much The mines themselves vary sometimes caution as is used in pational curin the quantities produced, and na- rency. It was said in France that tions vary at different times in the during the last Bonapartean war, quantities they possess. Kings may, vast quantity of twenty franc and ought to establish a relative pieces, with the head of Louis the price between the coins made of each Eighteenth, was coined in Eogland, in metal but their relative value is order to procure sustenance for the fized by the dispensations of Provi. troops then serving in countries where dence alone. Should the silver mines that coin circulated, and to the ho: become less, and the gold mines pro- nour of Great Britain, they were ductive, then relative value must found to be equally valuable in weigbt change, and silver might becoine the and purity, and are now equally acsuperior metal. The only way that ceptable even in France itself. Hownations can lake is to abide by the ever, an example such as this, points standard prices they first fix upon, out to all pations the absolute neand leave commerce, by the exchange cessity of making and preserving their of the two metals, to adjust their va. currency to the full amount of its seJue : il will be time enough for par. veral denominations, for, if their cur, ticular Governments to interfere, rency is depreciated, foreigners will when general acceptance may, by either pay ihem their debis in their reason of plenty or scarcity, have own depreciated coins, or forge an taken another bias: --if palure or. imilation of them ; in each case the dains a change, Governments will be debt will be discharged at a loss forced to comply. However, there to the native aud gain to the fo. is not much to be apprehended on reigner. this score ; for centuries have passed Nations who had heretofore acco. away, and po very material change mulated large quantities of coin, may, has taken place in the production of by reason of a great dearth of bread the mines. The gold aod silver coin. coro in their own land, or in support age of some nations is as fourteen to of a foreign war, be compelled to one; of some, as sixteen to one ; and spend the whole of their coinage, and of others (the greater part) as filleen thus be reduced to the necessity of to one, which seems to be about the substituting an artificial currency; average. Those countries which and the promise to pay must, for a have fourleen to one, must expect to time, supply the place of actual para receive their foreigo debts in silver ; ment. When thus reduced, nothing while those of sixteen to one will be but time can restore to the people paid in gold; and thus are the metals their autient standard ; they can realways tending toward a
obtain it only by the same equilibrium. A little inore than fifty by which it was originally gained sa years ago, the relative value of silver if the nation has mines of its own, it to gold was as bibe to one in Cbida : must wait the supply that the inides