The Press.
London, England, 1853-08-27 00:00:00

DECIMAL C(►INAGE

THE Report of the Decimal Coinage Com-
mittee lies before us ; and verities to a
remarkable degree the prediction which we
hazarded in our fifth number respecting its
probable nature. In their rceonuuen►lation of
a decimal system the el anmittee are unani-
mous, and well might they be so ; fi►r, though
evidence was sought in►)initially from all
quarters, no single witness► of commercial or
scientific eminence could be found to testify
in behalf of our existing coinage arrange.
menus—the most absurd, probably, as they
are certainly the most complicated, that pre
wail anywhere in Europe. The advantages to
be derived from a change are obvious mid
manifold. In the first. place, a saving of
clerkly labour will be eti'vted, certainly to
the extent of one-halt, possibly I.lls I'rtit • or

M

F

de MelteAs calculates) to the extent of four-
fifths of the total labour now performed in
that department of business. Next (and to
the masses this is the more important con•
sideration), accounts will be so fur simplified
as to make them easily intelligilik by the
most ignorant class of purchasers, vhf from
want of skill in figures, are at preselibtbso-
lutely at the mercy of village tradesmen. 'ln the
public offices, a large reduction of work, and,
consequently, of expenditure, will ensue ; and
a similar benefit will bo shared by almost
every merchant and even every tradesman in
large business.
The committee remark with truth that no
single instance has yet been known in which
a decimal notation having once been intro
duced into the coinage of any country has
been subsequently discontinued. In the vast
empire of China that mode of reckoning has
long been in use ; and Portugal, having
adopted it some years ago, is now applying a
similar reform to the weights and measures
of the country. But we may look for precedents
nearer home. At the Mint, and at the Bank
of England, the sale and purchase of bullion
are already carried on according to the deci
mal scale ; and this, although the adoption of
that notation, while our coinage remains un
altered, implies on the part of those who use
it a double expenditure of time and trouble in
transferring their calculations from the old to
the new scale, and vice versa. Yet the practice
prevails, and is legalised by a recent act of
Parliament.
In truth, the question practically at issue is,
not whether the reform shall be made, but
how ? The two most important coins in our
table are the penny and the pound. It is
clear that both of these cannot be retained
unaltered, the one being Thth part of the
other. In choosing a unit of value as the
basis of the new system, one or other must be
discarded. Much might be said, doubtless,
on both sides. The pound is, say the com
mittee, " the present standard of value, and
" the basis on which our exchange transae-
" thins with the whole world rest." It is
interwoven with our social and political ideas.
We talk of a debt of eight hundred millions,
of a revenue of fifty millions, of a man of
ten thousand a year. It would not be easy,
if it were desirable, to teach men a new
language and familiarise them with an un-
accustomed standard of value. On the other
hand, the penny is in a great degree to the
poor man what the pound is to the rich. A
change in its value will be felt temporarily,
perhaps for some time, as an inconvenience.
The one evil might fairly be set against the
other. But there are distinct and separate
considerations which seem to turn the nicely-
poised scale. If you alter the penny by a
very slight amount (from ,lath to ghth of the
pound) you have a decimal system ready
framed to your hands. If you alter the
pound, leaving the penny untouched, a corre
spending change becomes necessary in every
other denomination of coin. The difference,
both of actual cost and of trouble, is immense.
For this cause we think the oommittee have
done wisely in recommending the retention
of the pound sterling as a basis of future
value.
The only practical difficulty that occurs
(beyond that vague though formidable preju
dice which any inuovatien on popular habits
has to encounter) arises out of the number of
public and private taxes now fixed at one
penny—e.g., the newspaper stamp, the postage
stamp, the receipt stamp, railway fares, and
tolls of various descriptions. These obstacles,
however, are more formidable in appearance
than in reality. The postage may be reduced
by the fraction of Tigth to meet the altered
_
of no more than
are compant-
never bought
quantities. The
stamp would cause
Railway and toll
follows :—The
limited term to
of coin (an in-
on Condition of
of the term so

THE PRESS.

temporary, but present, gain balancing the
future and permanent loss.
The rest of their project shall be told by the
committee in their own words :

As respects the coins, it will be necessa►y to withdraw
from circulation certaia of the coins at present in use, and
to substitute in their piece certain other coins, having re-
ference to the decimal scale, before the decimal system can
be considered as fully developed. Your committee con•
template the retention, under any circumstances, of the
present sovereign (1,000 mils), half sovereign (51)0 mils),
(11$) mils), and shilling (50 mils, or five cents). The
present sitpence, under the denomination of 25 mils,
might be retained, and the crown, or piece of 250 mils, of
which few are in circulation, need not be withdrawn. On
the other hand, it will be desirable to withdraw the half-
crown, and the threepenny and fourpenny pieces, which are
inconsistent with the decimal scale. .

With regard to the coins not in actual existence at pre-
sent, hut which it will be necessary eventually to introduce,
your committee refer to the evidence taken by them on the
subject. It appears to them that copper coins of one, two,
and five mils, and silver coins of twenty and ten mils, will
be required, to which should be added such others as expe-
rience may show to be desirable. It is important, how-
ever, to bear in mind that the smaller the number of the
coins with which it is possible to effect purchases and ex-
changes the better.
Your committee feel that a certain period of preparation,
destined to facilitate the transition from the present to the
new system, is unavoidable. During such a transition period,
various measures should be adopted with a view to prepare
the way for ulterior changes, and to create in the public
mind a desire for their completion. Several of the pro-
ceedings on the part of her Majesty's Mint which would
ultimately become necessary might be adopted at the pre.
sent time without introducing any elements inconsistent
with the existing system of coinage and accounts. They
believe that no unnecessary delay should prevent the full
introduction of the decimal system, and they recommend
that the necessary preparatory measures should be entered
on at the Royal Mint as soon as possible.
- -

We earnestly hope that no time will be lost
by the Executive in comply ins with the re-
commendations of the committee.e Mr. CARD-
WELL may be neither a financier nor a states-
man, but he is fully competent to carry through
a change of this kind, supported as he will be
by all parties in Parliament, and sure of the
assent of all reasoning and calculating nieu.

.. __
value of the penny, at a loss of
100,0001. Newspaper stamps
tivel unaffected, as these are
1 .
1
i ."; ,iii., .. t always in large qu
ot.:l` ' k.,,,_ f the receipt stamp
. - 4Z . '' fl" idemble loss. Ra
(-77 s'. .+a ' ' . -. q. be dealtwith.as
~„
cll. .. r-'
' - . • , !.11,r be raised fov.a lii
1
- I.s I.:: gi •• ..
..,41-st denomination I
-•.. • l';" ess than ith), on
lii i , at the expiration
`').*'":'-fhpf adOext lowest dem
szl. . •
1.1 ..
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