11 Should Silver Money Be Altered?(A Treatise on the Alteration of Money) (Excerpt‪)‬

All the disadvantages that we have explained as coming from adulteration of copper money are found more forcefully in the case of silver money because of its quality and abundance. Gold money is always less used, and if the government is prudently administered, there will not be a great supply of copper money. Actually, silver is the backbone of commerce because it is conveniently exchanged for all other goods and used to liquidate contracted debts. Some, however, are not affected by the disadvantages derived from debasing of copper coinage. They maintain that debasing silver coins would greatly benefit the State. I have therefore decided to explain now whether such a move would correct the damage experienced or cause all affairs of State to be subverted, everything going topsy-turvy. I personally believe that the latter will happen. Would that I were a false prophet! This approach, they say, is the way to safety and peace. Outsiders will not be enticed by its quality to lay their greedy hand on our silver and seek profit by diverting it to other nations. Meanwhile, our legal provisions are rendered powerless through fraud and ambition. It is a fact that Spanish silver money is better than that of its neighbors by at least an eighth part. Although they do not go into it, silver would be greater means of curing the king's financial needs, for, if from the exchange of base copper money of little value they bring into the treasury over six hundred thousand gold pieces, can we imagine what would happen if silver were debased? It is in great supply in Spain, and each year--incredibly--a greater amount is imported from the Indies.