First. That if just, it proves that, in 1773, a _third_ at least of the _circulating_ coin was in the best state possible. For the late calls having shewn, that there was then, in _Britain_ and _Ireland_, no more than about twelve _millions_ deficient _more_ than a grain; six millions (that is, a third of eighteen millions) or seven millions (that is, more than a third of nineteen millions) must have been deficient _less_ than a grain.[88]—It will also follow, (since the quantity brought in by the first call is known to have been 4.900,000l.) that but little more than a _fourth_ could have been deficient so much as six grains, or a shilling in a guinea.—No person can think this credible who recollects the distress of traffic, and the complaints of the kingdom before 1773.
Secondly. The truth of the account I have stated depends, in a great measure, on the supposition, that all the gold coined since the beginning of 1772 is now in the kingdom. I cannot conceive on what grounds this was taken for granted.—From the beginning of 1772 to June 1773, the practice of clipping was more prevalent than it had ever been. During the greatest part of 1772, the price of gold was so much above mint price, that a profit, from 2 to 4 _per cent_. might be got by melting heavy guineas[89]. And, in February in that year, the price of gold was at 4l. 1s. 6d. per ounce; and 4½ _per cent._ might be got by melting heavy guineas. Instead, therefore, of believing, that all the gold coined since the beginning of 1772 remains with us; I think it almost certain, that the greatest part of all coined during the first year and a half of this period, has been either clipped or melted into bullion. That part which was clipped has been recoined; and that part which was melted has been either recoined or exported; and, therefore, neither has made any addition to the coin of the kingdom.
These observations demonstrate, that the amount of the gold coin at the time of the Coin Act in 1773, must have been near the sum at which I have reckoned it. There may, for ought I know, have been an increase since; but I shall not believe there has, till I know, whether the coin brought in by the last proclamation has been all recoined and issued. But this cannot be expected; for should it be done, FOUR MILLIONS[90] more will have been coined and issued, than has been brought in.—The truth, therefore, may be, that the coinage, since June 1773, has been carried on only to provide a supply of new coin to be exchanged for old; in which case, the quantity of coin in the kingdom, even according to this method of computing it, will come out nearly the same with that which I have given.