The latter inconveniency defeats one purpose for which the power was originally submitted to the federal head; and as far as the former might prevent an inconvenient remittance of gold and silver to the central mint for recoinage
, the end can be as well attained by local mints established under the general authority.
For a Conservative shadow cabinet influenced by neo-Lockean thought, this suggested a necessary shift in emphasis from the political negotiations over wages with the government to policy based on the primacy of money supply, one that echoed the 'recoinage
' of 1696 pressed by Locke.
The Elizabethan recoinage
points us to the early modern obsession with the metal content of commodity money coinage.
Boulton lobbied for a contract to strike British coins, but in June 1790 the government postponed a decision on recoinage
under Elizabeth I later in the century did not halt soaring inflation (though it did slow it down), nor did it do much to ameliorate a slew of other social ills: famine, unrest, labor market fluctuations, and the like.
"John Locke, the Great Recoinage
, and the Origins of the Board of Trade: 1695-1698", en The William and Mary Quarterly 14, no.
The bulk of the coins are silver pennies from England of a type introduced by Edward I in the national recoinage
of 1279, a series that runs through to Edward III's reign.
England was experiencing a liquidity crisis as the Great Recoinage
, begun in 1695, temporarily reduced the stock of circulating coins.
Ignoring Newton's solution to the problem--which was to let the market set the value of minted money and thereby eliminate the incentive to melt or export it--Parliament opted to embark on a complete recoinage
, which would create new coins that were harder to counterfeit while retaining the old weights.
Woolhouse's comprehensive biography of John Locke--the first such biography in fifty years--makes extensive and chronologically systematic use of Locke's correspondence, journal entries, and early drafts and versions of both his better and lesser known works: from his works in metaphysics and epistemology, to his works in political theory, theology, and education, to his lesser known forays into economics, debates over currency and recoinage
issues, and even political intrigue.
Endorsing the belief that debasement was the problem, analysing its effects on her revenue and the dangers of a recoinage
, she concluded that for the good of the nation the debased coins had to be melted down and reissued in pure silver.