Mr. Goschen on Wednesday introduced his Bill for withdrawing light
gold coins from circulation, in a speech containing some interesting figures. It appears to be most difficult to ascertain the amount of gold coinage in the country, but the most plausible estimate is that it does not exceed seventy-five millions, and of this about thirty-three millions is believed to be light. These are- very low figures, and are subject to modification ; but the largest estimate does not exceed a hundred millions In opposition to some French calculations, the authorities of the Mint are confident, after careful calculation, that while the- average life of a sovereign is eighteen years before it sinks below legal weight, the average life of a half-sovereign is only ten years, the truth being that, although friction may not wear the little coin faster than the big one—which is the French affirmation—a half-sovereign has twice as much fric- tion to bear as its weightier rival. Mr. Goschen proposes to- withdraw all the light coin at national expense, and to devote to that purpose 2400,000. At present, it will be remembered, the loss on light coin is practically borne by the last Bank which accepted it. The big Bill which is to provide an auto- matic system for withdrawing light coin, is postponed to next year.
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