Part 15 (2/2)
But these are not the only criminal devices to which the coiners and dealers, as well as the utterers of base money, have had recourse, for answering their iniquitous purposes.
Previous to the Act of the 37 Geo. 3. cap. 126, counterfeit French crowns, half-crowns, and s.h.i.+llings, of excellent workmans.h.i.+p, were introduced with a view to elude the punishment of the then deficient Laws relative to Foreign Coin.
Fraudulent die-sinkers are to be found both in the Metropolis and in Birmingham, who are excellent artists; able and willing to copy the exact similitude of any coin, from the British guinea to the sequin of Turkey, or to the Star PaG.o.da of Arcot. The delinquents have therefore every opportunity and a.s.sistance they can wish for; while their accurate knowledge of the deficiency of the laws, (particularly relative to British Coin) and where the point of danger lies, joined to the extreme difficulty of detection, operates as a great encouragement to this species of treason, felony, and fraud; and affords the most forcible reason why these pests of society still continue to afflict the honest part of the community.
An opinion prevails, founded on information obtained through the medium of the most intelligent of these coiners and dealers, that of the counterfeit money now in circulation, not above one third part is of the species of _Flats_ or _composition money_; which has been mentioned as the most intrinsically valuable of counterfeit silver, and contains from one fourth to one third silver; the remainder being blanched copper.--The other two thirds of the counterfeit money being _cast_ or _washed_, and intrinsically worth little or nothing, the imposition upon the public is obvious. Taking the whole upon an average, the amount of the injury may be fairly calculated at within ten per cent. of a total loss upon the ma.s.s of the base silver money now in circulation; which, if a conclusion may be drawn from what pa.s.ses under the review of any person who has occasion to receive silver in exchange, must considerably exceed _one million sterling_!
To this we have the miserable prospect of an accession every year, until some effectual steps shall be taken to remedy the evil.
Of the Copper Coinage, the quant.i.ty of counterfeits at one time in circulation might be truly said to equal three fourth parts of the whole, and nothing is more certain than that a very great proportion of the actual counterfeits pa.s.sed as Mint halfpence, from their size and appearance, although they yielded the coiners a large profit.
Even at present the state both of the silver and copper coinage of this kingdom (the copper pence only excepted) deserves very particular attention, for at no time can any person minutely examine either the one coin or the other, which may come into his possession, without finding a considerable proportion counterfeit.
Until, therefore, a new coinage of halfpence and farthings takes place upon the excellent plan adopted by Government, with respect to the pence now partially in circulation, what must be the situation of the retail dealers, the brewers, distillers, and many other cla.s.ses of industrious traders, who in the course of their business, are compelled to receive depreciated counterfeit money?[46]
[Footnote 46: It is a curious fact, that although the number of Pence which have been supplied by that admirable Artist, Mr. BOULTON, of Birmingham, and which have been actually circulated amounts to Forty Million of Pieces, making .166,666. 12_s._ 4_d._ sterling, and which is equal to 4_d._ for every inhabitant in this Island, according to the largest computation: yet the quant.i.ty of halfpence (chiefly counterfeits) which are found in actual circulation, are at least in the proportion of forty to one. This must ever be the case until some expedient, such as is hereafter recommended, shall be adopted for calling them in, and subst.i.tuting in their place a new Coinage of the full standard weight: For it is evident that the Dealers and Tradesmen at present h.o.a.rd up the penny pieces, and only circulate the counterfeit halfpence which they receive; the nuisance therefore remains, and the coiners are thus encouraged to continue their nefarious practices.]
The burden is not only grievous beyond expression, to those who have no alternative but to take such base money in payment; but extends indirectly to _the Poor_: in as much as the diminished value of such coin, arising from its reduced or base quality taken in connection with the quant.i.ties thrown into circulation, tends to enhance the price of the first articles of necessity.
The labourer, the handicraftsman, and the working manufacturer, being generally paid their weekly wages, partly in copper money of depreciated value;--it is obvious that they must obtain less than they would otherwise receive, were the coin of a higher standard; for the retail dealers who furnish the poor with food, must s.h.i.+eld themselves, at least in part, against the unavoidable losses arising from base money; by advancing the prices of their various commodities.
Nor are such advances made upon a principle which cannot be defended; since it is evident that the relative value _even of the old copper coin of the Mint_ to gold or silver, is nearly _twice its intrinsic value_; and while such copper money cannot be paid into the receipt of his Majesty's Exchequer, or received in payment by the officers of the revenue, the burden and loss of a diminished coin fall entirely upon the traders, (who are compelled to receive such money,) and upon the labourers and mechanics through whose medium it is chiefly circulated.
While the disproportion thus stated between the denominative value of copper and silver money is so very great, it is evident that the legal coinage of copper must produce an immense profit; as _one pound_ of copper estimated at 15 _pence_[47] will make as many halfpence, of the legal coinage, as pa.s.s for _two s.h.i.+llings_.
[Footnote 47: A few years ago sheet-copper was as low as 11-1/2_d._ a pound, and will probably be again at the same price on the return of Peace. Indeed it has been even lower, although it has recently very much advanced in price.]
This fact plainly shews the vast temptation which is held out to those who carry on the counterfeit coinage, where the profit from the coiner to the dealers, and from these dealers to the utterers, at the full denominative value, must be in many instances from two to three hundred per cent. When to this circ.u.mstance is added the security which the deficiencies in the present laws hold out, the whole operates as a kind of bounty to these fraudulent people, who cannot resist the prosecution of a trade where the profit is so immense, and where a coinage equally _pure and heavy_ as the old mint standard would even be extremely productive.[48]
[Footnote 48: This observation does not apply to Mr. Boulton's New Copper Coinage; for although some feeble attempts have been made to counterfeit it, these can never go to a great extent, from its not being a sufficient object of profit; besides the fraud is easily detected, since each penny weighs an exact ounce: of course the halfpence should weigh half an ounce, and the farthings one quarter of an ounce, when these last two denominations are brought into circulation; as it is expected they will be.]
In every view the evil at present arising from base money of every denomination appears to be of the greatest magnitude--while its extent will scarce be credited by any but those who have turned their attention very minutely to the subject.
The trade of dealing in counterfeit coin acquires its greatest vigour towards the end of March; for then the Lotteries are over, when _Swindlers_, _Gamblers_, _Pretended Dealers in Horses_, _Travellers with EO Tables_, and _Hawkers_ and _Pedlars_ go into the country, carrying with them considerable quant.i.ties of base silver and copper money; by which they are enabled, in a great degree, to extend the circulation, by cheating and defrauding ignorant country people.
In the spring season too, the dealers in counterfeit coin begin to make up their orders for the different country towns; and it is supposed, upon good grounds, that there is now scarcely a place of any consequence all over the kingdom where they have not their correspondents; it is also a fact well established, that many of these correspondents come regularly to the _Metropolis_, and also go to Birmingham and the neighbouring towns once or twice a year for the purpose of purchasing base money, where the evil is said to be increasing even more than in London.
It very seldom happens, on account of the great demand, (especially of late years) that the dealers have ever any considerable stock on hand.
The base money is no sooner finished, than it is packed up and sent to customers in town and country; and with such rapidity has it been fabricated, on occasions of pressing emergency, that a single dealer has been known to procure from the coiners who worked for him, from .300 to .500 for country orders, in the course of the week!
The lower ranks among the Irish, and the German Jews, are the chief supporters of the trade of circulating base money in London;--there is said to be scarce an Irish labourer who does not exchange his week's wages for base money; taking a mixture of s.h.i.+llings, sixpences, and copper.
The Jews princ.i.p.ally confine themselves to the coinage and circulation of copper; while the Irish women are the chief utterers and colourers of base silver. A vast number of these low females have acquired the mischievous art of colouring the bad s.h.i.+llings and sixpences, which they purchase from the employers of Jew-boys, who cry _bad s.h.i.+llings_.
It is somewhat singular that among the Jews, although many cases occur where they appear to be coiners of copper money and dealers to a great extent, yet scarce an instance can be adduced of their having any concern in the coinage of base silver: neither are they extensive dealers in any other base money than copper.
The Jews, however, deal largely in foreign coin, counterfeited in this country; having been the chief means by which _Louis d'Ors_, _Half Johannas_, as well as various silver coins, (particularly _Dollars_) made of base metal, have been sent out of this country. It is through the same channel that the Sequins of Turkey have been exported; and also the PaG.o.das of India.[49]
[Footnote 49: See ante, p. 17, 18.]
<script>