| By Author | [ A B C D E F G H I J K L M N O P Q R S T U V W X Y Z | Other Symbols ] |
| By Title | [ A B C D E F G H I J K L M N O P Q R S T U V W X Y Z | Other Symbols ] |
| By Language |
|
Download this book: [ ASCII ] Look for this book on Amazon Tweet |
Title: The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject
Author: Pratt, Samuel
Language: English
As this book started as an ASCII text book there are no pictures available.
*** Start of this LibraryBlog Digital Book "The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject" ***
produced from images generously made available by The
Internet Archive)
THE
REGULATING
Silver Coin,
Made Practicable and Easie,
TO THE
GOVERNMENT
AND
SUBJECT.
Humbly submitted to the Consideration of both Houses of Parliament.
By a Lover of his Country.
_LONDON_,
Printed for _Henry Bonwick_, at the _Red-Lion_ in St. _Paul_’s
Church-Yard. 1696.
CONTENTS
THE REGULATING Silver Coin, &c.
DEFINITIONS.
CHAP. I. Of the present badness of our Coin.
CHAP. II. Of the present Scarcity of Silver Coin in England.
CHAP. III. Of the Importation of Silver.
CHAP. IV. Of Altering our Coin.
CHAP. V. Of Exportation of Coin’d Silver.
CHAP. VI. Of melting down the current Coyn of England by our Goldsmiths
and other Artificers.
CHAP. VII. Of Hoarding up of the Silver Coyn.
CHAP. VIII. Of Regulating our Silver Coyn.
CHAP. IX. Advantages and Conveniencies most of which may be expected
from this Method.
------------------------------------------------------------------------
THE
REGULATING
Silver Coin, _&c._
Writing on so curious, and intricate a Subject, I have great Reason to
bespeak the Candour of the Reader.
A Book of this Nature cannot but expect to meet with great Opposition,
and ’tis very probable from Two sorts of Men especially, _viz._ Those
that know little of the Subject-Matter, and those that know much.
They that know little are Jealous, and they that know much Opiniatre,
and whilst one will not take Pains to comprehend a thing, another taketh
too much to overthrow it.
[Sidenote: _Mr._ Lowndes.]
But as I hope I shall say nothing here, to be pity’d; so I am on the
other side pretty secure from Envy, because, the greatest Credit that
can be gotten, by a thing of this Nature, doth already seem to be
engross’d by a late learned and industrious Writer upon this Subject.
It was, I must needs say, a prudent piece of Service the _Lords of the
Treasury_ did the Nation, and more particularly the _Parliament_, under
whose Judgment this matter justly falls, by imploying so able a Pen to
clear the way, in giving a true, and entertaining Account of Matter of
Fact.
But I must do my self that little piece of Justice too, as to
acknowledge the main Design of these Papers was laid before I could have
a sight of that Book:
And now I am ready enough to confess my own Weakness, and Insufficiency,
for so great an Undertaking; nor do I pretend to write a Stile equal to
that experienc’d Minister, but am contented to be understood without
shining, and to offer Mathematical Reasoning, without polishing and
Ornament.
When I at first form’d the whole Scheme, I had more Leisure, by much,
than when I put it in Writing, and I can better answer for my Design,
than for my way of expressing it; and therefore all the Favour I expect
or ask, is, that the _Theorem_, which is the main of the Work, may not
suffer for the Inartificialness of the _Problems_ that lead to it.
I affect Truth and Plainness, and a sincere Love to my Country.
Whatsoever I have read or heard on this Subject, hath brought the
Matters to this _Dilemma_, that either Coin must want of its intrinsic
Value, so as to disatisfie most of the King’s loving Subjects, and
endanger a fatal stop to Trade; or if it is to be made of near an
intrinsic Value, according to the Rate Silver shall go at in the time of
Coining, then upon every little Rise of Silver higher than that Price,
we are in danger of having it exported and melted down; and so every
Parliament may meet with the same Difficulties we at present labour
under in the badness and scarcity of Silver Coin.
That which I pretend to, is, to obviate both these Dangers, or otherwise
I confess I might have spar’d my Pains; for he who hath provided for one
and not the other, hath at the best but done _half the Work_.
There are three Terms of Value, upon the right Understanding of which,
much depends, _viz._ _Extrinsic_, _Intrinsic_, _Real_.
DEFINITIONS.
_Extrinsic Value_ of Money is the Denomination and Power, that is given
it by Authority.
_Intrinsic Value_ is the necessary and Natural Value, always and every
where inherent in the Species.
_Real Value_ is a Certain Value more or less than Extrinsic, or
Intrinsic, adherent to the Species, with respect to time and place.
TWO things are now under Consideration. 1. The Badness of our Silver
Coin.
2. The Scarcity of it.
CHAP. I.
_Of the present badness of our Coin._
By Current Coin, I mean not that which is Current by Law, but by Custom;
that which People are forc’d to take for want of better, to the great
Grievance of the Subject, Dishonour of the Kingdom, and Obstruction of
Trade.
For every Man now is destitute of a sufficient Pledge and Security for
his Personal Estate, unless he will take Personal Security, or find out
a Mortgage, or rely upon a Bank.
Personal Security is now less than ever, the publick Banks have so
drain’d or so engag’d at least the Traders in Money.
Mortgages are very hard to be found, for small Summs, and much harder
for great ones, since the establishment of the new Banks.
And as for a sole reliance on the Credit of the new Banks I leave that
for other Heads to discuss; I am of the Opinion it was never intended
that they should be the only Security for Personal Estates, and that
People should carry in their Money to ’em out of necessity, and not
choice.
And how dishonourable it is to the King and Kingdom that our Money
should be so suddenly debased to such a shameful Degree, foreign States
will soon determine:
Now that it doth not become so by publick Authority but by Connivence of
the Sovereignty, or Necessities of the Nation, is not stating the thing
at all less Dishonourably.
For Connivence at a Fault discovers either an Ignorance of it, or
Inability to correct it, or design in making use of it.
’Tis plain enough the Government is not Ignorant of it.
His Majesty in His Speech to both Houses of Parliament, shews He hath no
design in making use of it, because He recommends the redressing of it
to their Consideration, and therefore the not redressing it, can be only
imputable to the Weakness and Poverty of the State:
And what Inferences, not only the _French_, but all other Politicians
may draw from thence are very obvious.
The finest Clothes that our Soldiers can put on, in the Field, would not
at all dazzle the Eyes of the Confederate Princes, nor strike any
despondencies into the Minds of our Enemies, if they shall all come to
know that the whole Power of _England_ is at this time held up by the
imaginary Value of _Birmingham_ half Crowns and Shillings.
It will hearten our Enemies, and discourage our Friends, very much, when
they shall come to know that the Nummary Wealth of _England_ is almost
vanish’d, the Silver Coin gone, and the Royal Mint at a stand.
No Body will believe that we can long subsist at this rate; and indeed
’tis impossible we should, for if ’tis now much harder to redress than
it was a year ago, and that means cannot be yet found out to do it, what
Hopes shall we have of ever doing it ’till the War is ended? and what
Hopes shall we have of bringing our Enemies to Terms, whilst they are
sensible of our great Poverty.
The only way, sure, to bring the _French_ King to Reason, will be by
shewing him we are Able to continue the War as long as he can possibly
be Willing, which he can never believe, so long as he sees our Money, by
which he judges our Wealth to be imaginary only, and not real Silver.
Besides all this, we are in apparent Danger hereby of being more
effectually and suddenly ruin’d by our Friends.
For if this Sessions of Parliament should break up without regulating
the Coin, what Consequences may possibly ensue?
It is not impossible that Foreigners in all parts of _Christendom_
should immediately set themselves to counterfeit our base Money.
There are beyond Seas as good Chymists, and Black-Smiths as at _London_,
or _Birmingham_, and ’tis not impossible that they should secretly
Import as much base Money, resembling that which goes current among us,
and which hath not the intrinsic Value of One Shilling in Three, as if
they please may not only buy up and Export Two or Three Millions Worth
of our Staple Commodities, affording ’em Cheaper abroad than we can at
home; but as much Worth of our imported Commodities, even Gold it self,
if they like that Trade better.
Such an Importation of Money would I fear, be of worse Consequence than
all our Exportation of Silver and Gold can prove.
* * * * *
If what cost our Merchants a Shilling, they should sell for a Groat, or
if they shall buy of us an Ounce of Gold for Three or Four Ounces of
Silver, or supposing ’em to buy it at 6 _s._ 6 _d._ _per_ Ounce, they
shall buy an Ounce for as much Counterfeit Money as shall not have 7
Peny-Weight of true Bullion in it, this would give our Balance of Trade,
such a Terrible Swing, as no true Hearted _English-Man_ would be willing
to see.
This is a Danger which the easiness and small Charge of counterfeiting
old Clipp’d Money threatens very much, unless it be speedily cry’d down.
And in the mean time, let us consider the Condition of the other Coin
among us, not counterfeited, but Clipp’d, fil’d, or otherwise
diminish’d.
’Tis plainly demonstrable by the Receipts of Money in His Majesty’s
Exchequer, that one half of the Silver is already Clipp’d away, and
there is no Security why half what remains wo’nt be taken off too.
The Laws are severe enough made, and put in Execution, and yet
_New-Gate_ is perhaps now as full of Clippers as it was Three or Four
Years ago.
Nothing but a Sense of Religion doth restrain Men from profitable Sins,
and the _Ordinary_ of _New-Gate_ can inform us, how little the Guilt of
Clipping affects the Criminal’s Conscience.
Nor will preaching do much Good, upon those that never come to Church.
Clipping is the gainfulest Sin that ever was invented, and sits the
easiest upon the Sinner’s Mind, and ’tis never to be remedied but by
making it impracticable, which Mill’d Money only (and no other to be
current) can do.
And what a perpetual Discontent and Confusion must it end in, if People
shall come at last to proffer a Groat for a Shilling?
This must increase still vastly the Value of Guineas; this must raise
the Price of all Commodities, this must make it impossible to expect any
Money at all, either for the King’s Use, or Balance of Trade; and this
will not only force us to recall our Troops from _Flanders_, and by a
natural Consequence let in the War upon us, but it would put a sudden
and universal stop to all Foreign Trade.
And what fatal Consequences may it have in the mean time at home let us
consider.
It may very well be suppos’d that a Dragooner may proffer to a
Corn-Chandler 2 _s._ for a Bushel of Oats, and that the Corn-Chandler
seeing that there is not Three Peny _wt._ or 9 Peny worth of Silver in
both the Shillings, should not like the Bargain, what’s now to be done?
Should There be a Law with Penalty for refusing clipp’d Coin, as there
is for crack’d Six-pences, this would encourage Clippers to leave
nothing remaining in a Shilling but the Figure XII.
Should the Law prohibit the passing of all Silver clipp’d within the
Ring, than two Thirds of the present Money of _England_ would be
immediately cry’d down: Then the Loss of clipp’d as well as counterfeit
Money would be very hard upon the Proprietors, and we should have two
Thirds less Money for carrying on our Trade:
And now we have two Thirds less than we should have, and if that two
Thirds, which is cry’d down at the Owner’s Loss, should be carry’d to
the Mint, and new coin’d, it would scarce yield a twelfth Part of what
we should then want.
If the Law should put down all Silver Money but of such a Weight, then
certainly all Money above that Weight would be clipp’d down to it, and
every Man must carry a pair of Scales in his Pocket, and we are still
subject to the Consequence of the former Paragraph, as that former
Paragraph would be to the first Conclusion of this, _viz._ _That all
Money would be soon clipp’d down to the publick Standard._
Let the matter be canvas’d never so much, it must at last come to this
Conclusion.
_We cannot subsist either in War or Peace if the Coin of_ England _be
not speedily regulated_.
CHAP. II.
_Of the present_ Scarcity _of Silver Coin in_ England.
Now let us consider, that if all the current Silver Coin of _England_
were passable and unalterable, yet we have vastly too little in Tale for
carrying on the Trade of the Nation.
And this will appear several Ways, but chiefly by the high Price or
Guineas and the Causes thereof.
Guineas have risen from 21 _s._ 6 _d._ to 30 _s._ either because the
intrinsic Value of Gold hath risen near in Proportion to the Diminution
of the intrinsic Value of Silver Coin, or by reason of the Scarcity of
the Silver Coin, or the Uncertainty of it, or partly by Reason of one,
and partly t’other, which I believe is the Truth, that the Badness and
Scarcity of Silver Coin hath occasioned an extravagant Rise of Gold.
Now if so much as concerns the Scarcity of Silver be granted me, then I
have nothing to do upon this Article, but shew that the present high
Price of Gold is dangerous to the Nation, and more dangerous will a
farther Advance of the Price thereof be.
And to them who think the Badness of our Coin the greatest Reason of the
present high Valuation of Gold, I shall in the mean time say, that if
the Price of Gold hath risen, suppose 4 _s._ or 5 _s._ in a Guinea, upon
the Account only of the Baseness of our Silver Coin; then in handling
that Notion we must look upon Gold not so much a Coin as a Commodity,
and so indeed it is at this Present; because the Price of Gold in the
Oar or Ingott hath risen almost proportionably to that which is coin’d;
so that a Man doth not take a Guinea rather than 29 clipp’d Shillings,
because the King’s Impress is upon it; for so ’tis upon the Shillings;
or because Authority has made it pass so, for that Authority is wanting;
but because it is of a greater intrinsic Value than is in 29 Shillings
of clipp’d or counterfeit Money, which is now most current: So that the
Valuation of the Commodity Gold hath encreased as the intrinsic Value of
our Silver Coin hath decreased.
And if so, then it is to be suspected that the Price of all staple
Commodities have encreased in equal Proportion, or that they are in such
a Proportion now higher than they wou’d have been; for Gold and Silver
being reciprocally the Standards and Measures of Proportion of one
another, are so of every thing else; and if I can now buy as many Ounces
and Peny-Weights of Silver for a Guinea, as I could have done formerly,
then is not Silver Risen more than Gold: and if I can buy as many Grains
of Gold now with an Ounce of Silver as I could formerly, then is not
Gold risen more than Silver. And this is, perhaps more than a
Supposition: For when Silver was 5 _s._ an Ounce, I cou’d buy 4 Ounces 6
Peny-wt. with a Guinea, and so I can now, that Silver is 6 _s._ 6 _d._
_per_ Ounce. Again when Gold was about 3 _l._ 14 _s._ an Ounce, I cou’d
buy an Ounce of Gold with 15 Ounces of Silver, and so I can now, or near
the Matter: So that the Commodities of Gold and Silver answer one
another as they did, or near thereabout, abating only for the
Portableness of Gold and its Coinage; whereas no Coinage is now
allowable for those Pieces of Silver wherein the Coinage is defaced and
spoiled; and if those two Commodities are so much higher than they would
have been: For they are the Measure and Rule of Proportion of all. Then
when the Value of Gold and Silver rises, the intrinsic Value of all
Commodities rise with ’em:
For suppose an _Eastland_ or _Hamburgh_ Merchant brings over a Barrel of
Mum, which he (when our Money was old Standard) sold for 3 _l._ he
disliking our Money now, sells his Mum, not according to the extrinsic
Valuation of our Money, which is risen since he was here last; because
the Intrinsic is diminished, but according to the common Value of Gold
and Silver in the World; and therefore requires now 4 _l._ because he
judges our Silver to be a fourth Part worse than it was, or if at 5 _l._
he judges it to be 2 Parts in 5 worse.
Again, suppose he sells his Mum for Gold, or is to exchange his Silver
for Gold, that which he was wont to sell for 3 Guineas, he expects 3
Guineas for still; or if you are to pay him in Silver, he expects as
much as he can change for 3 Guineas, he wo’nt be fobb’d off with less:
So the Merchant sells as cheap as ever; but we pay more, because what we
pay, is dearer than it was.
You’ll object against this way of reasoning, and say ’tis the Risques of
the Sea, and Obstructions of Trade now in Time or War, makes all foreign
Commodities dearer.
But I hope I don’t err in saying, that the Merchant notwithstanding the
War wou’d take less of our Silver Coin for the same Commodities if it
were better, and less Gold of us if it wou’d buy as much Silver in his
own Country.
And there are Reasons which may ballance the Dangers of the Seas in
Times of War in Reference to our Commerce with the Subjects of Neutral
Princes.
On our side Taxes are great, and the Subject cannot afford to buy so
many foreign Commodities as at other times: And on their side they have
not so good a Vent as they had; so their Commodities must stick on hand
unless sold so cheap as may make amends for the Hazards of the Sea, and
the Cheapness of Commodities wou’d be the natural Effects of Scarcity of
Money, if our Money had the same real Value as formerly.
Again a Collier who trades to _Newcastle_ is wont to receive a Guinea
for every Chaldron of Coals he brought into the River at such a Time of
Year, and so he doth still, and no more; and who can say Coals are risen
and Mum is risen? No such thing; but Gold and Silver are risen: And when
we give the same Gold and Silver for a Commodity as we did, we
wrongfully say the Commodity is dear, when ’tis not that but the Gold
and Silver which costs us more. We give the same Labour, the same
Leather, the same Mault, for the same Quantity of Gold and Silver which
we did.
And now ’tis the Country Gentlemen, Artizans and Day-Labourers have the
hardest Bargain of all.
The Farmer sells his own Corn and Cattle according to the Value of Gold
and Silver, and the Mercer his Silks, and the Draper his Cloth, and the
Tanner his Leather; but the Farmer in the mean time pays his Rent, and
Husbandmen, and Artizans, according to the Value of our present Coin,
and when he paid 28 Guineas a Quarter formerly, twenty shall serve turn
now; and the Scrivener buys the Country Gentlemen’s Lands, according to
the Valuation of Coin; and not Metal; and the Land which cost the Father
600 Guineas, is now sold by the Son for 430; and half a Year hence it
may be proffered for 300. This is nothing but Ruine and Confusion to the
Landed Men of the Kingdom.
But if the Buyers of Land, as the Merchants, Bankers and Scriveners are,
were Sellers too, we should find Land rise in Proportion to every thing
else.
And whereas you’ll say that Farmers and Grasiers are no Merchants, and
wou’d be as well contented with passable Coin as old Standard, ’tis very
true, but they keep up to such Prices as their whole-sale Chapmen can
afford to give ’em; and when a Factor sells his Cloth at
_Blackwell-Hall_; he considers the Necessity of the Buyer, as well as
Expence of the Clothier; when a Merchant can make a better Profit, ’tis
expected he should give a better Price.
But this with some unthinking People is the Effect of War; and because
some things are dearer upon this Account than others, therefore every
thing else that is dearer must have the same Cause assigned; but a
general Cheapness of things should, methinks, be the Natural Effect of
our War, if our Money with which we go to Market were as it should be.
The War consumes but little of our Product and Manufacture; it carries a
great many Mouthes into _Flanders_, and that would naturally make
Provisions cheap: Many of these Mouths had idle Hands, and so they are
not miss’d in the Manufacture; but instead of them, a great many
industrious Foreigners come among us who eat little and work much.
The Taxes, as I said, are great Inducements to Frugality, and the
Advantages People have of late made of Money, have been no less.
These and other such like things if the Price of Gold and Silver had not
risen, must have occasion’d a Fall of most other Commodities.
And now let us consider the Danger of the high Price of Gold as it
stands at present.
Coin is the most portable Commodity, and Gold the most portable Coin;
but we have run it up high, and therefore do’nt at present fear
Exportation; but then, if ’tis considerably higher than among our
Neighbours, there is great Reason to fear too great an Importation may
be as dangerous, as a disadvantagious one doth already prove.
It seems to me so curious and nice a Commodity that always there may be
Danger in it.
If in the great Thirst that’s now upon us, we take in too much that will
occasion a still more dangerous Rise of Silver: For considering the
present Balance of Trade, the more Gold is imported, the less there will
be of Silver; and if we import too little, we leave our selves destitute
of a Way of Trading.
And if the Gold which is our present Support, should by the Craft of
Foreigners, or necessities of the War follow the Silver out of the
Nation, we should be left, I doubt in a very bad Condition.
And if its Value should rise, as it must needs do if the Silver Coin
grow worse and worse, then by how much it rises, by so much more all the
Inconveniences and Dangers of its late Rise among us will encrease.
What those Dangers are at present is no great Mystery, the _English_
Merchants will make none of it if they may be heard.
The melancholly Letters which their Factors abroad daily send ’em makes
the Case plain.
That a Guinea in _Holland_ and _Flanders_ is now but 26 _s._ or to speak
more properly and plainly too, so many Rials, or Dolars and Stivers as
bear Proportion to 26 _s._ of our Money.
At that Rate they there buy our Guineas of Officers, which they can’t be
hindered carrying over in their Pockets; then the _Holland_ and
_Flemming_ Merchants send back to us the same Guineas to buy therewith
our Staple Goods and Manufactures.
Here they are received at 30 _s._ And their Factors here, who buy our
Manufactures as cheap of the Clothier or Stocking-Seller as our own
Merchants, send back for 1000 Guineas. (for Instance) Received from
_Holland_ 1500 Pounds worth of our Goods, which when the _Dutch_ or
_Flemming_ Merchant receives, he finds by his Accompts that these Goods
stand him in no more than 1300 _l._ So that he has received beyond Sea
the like Goods for 1300, _&c._ which hath stood our _English_ Merchant
in 1500 _l._ The _English_ and _Flemming_ Merchants then ship off each
their Goods for _Spain_, _Turkey_, the _East_ or _West-Indies_, and
there they go to Market to sell these Goods, and the _Flemming_
under-sells the _English_ 13 _per Cent._ even in these Commodities which
are the Product of _England_.
And now what is the plain Inference? but inevitable Ruine to the whole
Trade of the Nation. Here’s an End of Merchandise, and (in Time of
Peace) all Use of Shipping.
This I think is the natural and the present Effect of the Rise of
Guineas.
But to return to my proper Subject, fare it as it will with Gold, the
current Silver Coin of _England_ is, by 3 Parts in 5 too little for our
In-Land Trade, and must ruine in Process of time all those Traders who
are wont to make several Returns of their Money in a Year; for the
Scarcity of Money occasions the giving of longer Credit than is usual,
and the giving of Credit hinders the Frequency of Returns.
Again, the Want of Silver Coin occasions the taking of Gold at such high
Rates; and the Value of Gold Coin being uncertain, which Silver Coin
hath not hitherto been, the Receiver will always allow himself for a
probable Loss: (which would be the certain Effect too of making the
Valuation or Silver Coin alterable and uncertain) that Allowance makes
things bought so much the dearer, and that Dearness puts a Damp upon
Trade.
So that the Scarcity of Silver is not only at present too visible, but
so long as the Balance of Trade is lightest on our Side, is like to be
more and more felt.
Yet the great Naval Stores we buy from abroad, the great Remittances to
be provided for the Subsistence of our Armies and Fleets, are things
inevitable, and ’tis impossible to hinder the Exportation of Bullion.
But ’tis very easie to hinder the Exportation of Money.
And as we shall do well to consider, that altho’ our Plate may serve us
once at a dead Lift, as the _French_ King show’d us the Way, yet it
can’t serve us above once, and when that’s gone after the rest of our
Silver, what are we to do next?
We must not only stop a present Gap, but provide for the future, and so
I lay it down as a Conclusion.
_That we are under a very great Want of Silver Coin to carry on the
necessary Trade of the Kingdom._
CHAP. III.
_Of the Importation of Silver._
That which encourages the Importation of any Commodity is the Certainty
and Quickness of a Market at a good Price.
But notwithstanding Silver is dear in _England_, at present we are but
dull Traders for it.
For the _Mint_ and the Silver-Smiths being the chief Buyers, these
cannot go to Market.
The Mint cannot afford to buy and sell to lose; if an Ounce of Silver
cost the Warden of the Mint 6 _s._ 5 _d._ he can’t afford to make a
Crown-Piece of it.
And the fear of Plate’s being call’d in, to the Disadvantage of the
Owner, puts too great a Damp upon the Silver-Smiths’ Trade.
And the actual calling it in, upon such Terms, would very little mend
the Matter; People will not be very fond of buying more, for fear at
least the same Trick should be serv’d ’em twice.
And yet our Coin being altogether insufficient, we must provide for a
considerable Quantity more.
The Quantity we want must be imported according to our Occasions, or
what we have already, be augmented, by altering the _Species_, or by
coining out our Plate.
It cannot be soon enough imported in such great Quantities as we at
present want, and yet if we could immediately buy it from abroad, we
could not afford to coin what we buy, without altering our Coin from the
old Standard, seeing our Necessity of having it, will make its Price
rise abroad.
Therefore I shall refer what I have more to say, concerning Importation,
to the Chapter of Exportation, and first speak of altering our Coin, for
’tis evident we must alter our Coin, as well as coin our Plate, or
otherwise our Plate will last us but a little while, and in the mean
time we may admit this Conclusion.
_That_ England _must be as good a Market for Silver as other Countries,
or we shall have little imported, be it never so plentiful abroad_.
CHAP. IV.
_Of Altering our Coin._
There are Three Ways of altering our Coin.
I. _First_, By not altering the _Species_ of the Money, but the Value of
it, as making a Crown Piece go for 6 or 7 _s._
II. _Secondly_, By diminishing the Matter, but leaving the same Name,
and there is no essential Difference between these two Ways.
III. _Thirdly_, by abasing the Fineness with more than ordinary Allay.
[Sidenote: _Mr. Lownds’s Report_, p. 28. and onwards.]
This has been judicially and fully stated by Mr. _Lownd_’s, who hath
shown the undeniable Expediency of keeping up always our Silver Coin, to
the present Fineness, as that illustrious and solid Writer Sr. _Robert
Cotton_ had likewise shew’d, and therefore I will say nothing on this
Topic, lest I should seem to build upon other Mens Foundations; and I
the rather omit it, because all that hath, or can be said, against the
raising of the extrinsic Valuation of Coin, above the real Value, is
applicable to the abasing of it by Allay, and I fully assent to that
Axiom, That the debasing our Money, by Allay, and raising the Value of
the Standard, is only doing one and the same thing, (to most Intents and
Purposes) by two several Ways or Means.
Suppose then but two Ways of debasing it, by Quantity, or by Quality,
and still that is all but _debasing_ of it, that is, giving it a Value
in Name, of more than it hath Intrinsically or Really; for this more
than Intrinsic Value, is meerly Extrinsical, supposed, or denominated:
in short ’tis a fictitious imaginary Value, and not a real one, above
the intrinsic.
[Sidenote: _Cotton’s Posthuma_, p. 287.]
And this, to say no more of it, is the reviving of that Monster which Q.
_Elizab._ of Happy Memory so gloried in the subduing; and I doubt we
have Monsters enough to deal with, without reviving more.
This is such a devouring Expedient as will immediately swallow down a
Part of every Man’s Estate, and at last consume the Nation.
The Price of every thing will rise instead of falling.
For if we were willing to submit to this at home, yet there is such a
Combination, between our Foreign and Home Trade, and the Relation
between ’em is so inseparable, that let the State give it what Name it
will, it will pass for no more at home than it doth abroad, unless the
heavy Balance of Trade was on our side the Water; and it will pass for
no more abroad than it is _really_, not _Extrinsically_ or Imaginarily,
worth at home.
An Act of Parliament can as well make a _Scotch_ Pound pass for an
_English_, as half an Ounce of Silver in _England_ to go for an Ounce in
_Holland_, without _some Consideration as may Balance the Difference_.
Let us call a six peny-Weight of Silver a Crown-Piece, as loud and as
long as we will, yet we shall never buy a Pound of Nutmegs with Four of
’em, unless you’ll give the _Dutch_ Merchant a Yard of broad-Cloth, or
something else into the Bargain.
’Tis a plain case, that when the _real_ Value of Money is lessen’d, the
Price of every thing will Rise accordingly, be the _Extrinsic_ Value
what it will.
Two Crown-Pieces do not buy a Yard of Cloth, because they contain Ten
Shillings, but because they contain almost two Ounces of Silver.
Gold and Silver are the universal Pledges and Security of all Trade, in
every Nation, and what’s wanting in their Value must some way or other
be made Good, more than in Name or Supposition.
’Tis True, in _Holland_ and elsewhere, they have a base Under-Money, and
there is not an Ounce of Silver, perhaps, in as many Stivers or
Schillings, as are Equivalent to Ten Shillings in our Money.
But if in _Holland_, you can exchange so many of them, as have not an
Ounce of pure Silver in ’em, for as much of their better Coin, as
contains two or three Ounces of good Silver, then doubtless you can buy
as good Commodities for those, as you can proportionably for their
better Money; as here you might formerly have bought as much Pack-Thread
for 48 Tin Farthings as for a Silver Shilling; the Reason is, because
there was a recourse; and base Money will have a proportionable Value to
Good, in that place where it can be changed into Good; but that’s a very
different thing, from debasing the whole _Species_ of Money throughout
the Nation, so that a Man shall be forc’d always to take Under-Money,
without any prospect of remedy.
I have nothing to say against an inferior sort of Money; a _Verna
Nummus_, provided there be a _Regina Pecunia_ too; and it is indeed a
dishonouring him, whose Image and Superscription our Money bears, if we
shall make use of our Money to cover over a Fraud; it is a respect we
owe to the King, not to suffer his Impress upon any thing but what is
really Valuable; and it is for the Nation’s Honour that the vilest of
our Coin hath a real Value; but if the Wisdom of the _Parliament_ shou’d
think otherwise, yet there is a vast Difference between having the
under-Money, and all the Money of the Nation of an Imaginary Value.
The Arguments that may be made use of against such an imaginary
Valuation of Money, are perhaps invincible, and almost innumerable; but
were there no other but this, I think it might be sufficient without any
more; considering our present Case.
We must have an Army in _Flanders_ or a War in _England_.
I would I had nothing to do but to make out that.
How must we pay this Army? The Royal Bank of _England_, ’tis said, have
established there a _Mint_ for Coining of Money to pay the Army; I
desire then to know if they will be contented to receive here an
undervalued Money, and pay there our Army in Money which the _Flemmings_
will take; If they do, the Cap lies between the _Flemmings_ and them, I
wo’nt award till I know more.
I rather think that the _Hollanders_ and _Flemmings_ will raise their
Money proportionably to what we raise ours, and then in all Respects we
are just as we were, till we rise higher than they, and then they higher
than we; which will beget perpetual Wranglings and Wars in Trade.
I thought now to have done with this Article, but can’t omit one thing.
Which is that when you raise the Value of Money, you Naturally raise the
Value of Silver, which is high enough already; and then indeed _England_
will become the Best Market for Silver, because all Countries will sell
it to us and get sufficiently by the Bargain: they’ll buy good
peny-worths of our Commodities, giving us high Valued Silver for it,
till we have a glut of Silver and the Price of Silver falls and then I
suppose the Intrinsic Value of the Money falls too. Tho’ I confess as
bad Consequences may follow too great an Intrinsic Value.
I speak nothing of the Confusions and Jealousie which will arise from
hence, but there’s a long Chain of ill Consequences, and therefore I
hope it will be allow’d as a Maxime.
_That if our Silver Coin hath less than a_ real Value, _it will not
answer the Intentions of the Government_.
CHAP. V.
_Of Exportation of Coin’d Silver._
’Tis too well known, that when the Balance of Trade comes to be
examined, we fall short of several of our Neighbours very considerably:
By this Means the Exchange doth not only fall very low, but will become
altogether insufficient for our present Occasions; so that as long as
the War continues, there is an absolute Necessity that we export so much
Silver and Gold _in Specie_ as the Balance wants on our Side.
But this Exportation would not be at all prejudicial to us, if the
Importation could be made equal to the Exportation, and a Balance in
this Particular only would do our Business.
In vain therefore we labour to find out a Way to force a National Trade
above what the State of _Europe_ in general, or our own Nation in
particular will allow; if that were not the Case, where would be the
Inconvenience of a War? This is an Evil never to be cured, but in Times
of Peace. But our Comfort is, that even in these Times of War War the
Nation notwithstanding the balance of Trade, appears as wealthy as ever,
excepting only in the Article of Coyn, so that it is not only fruitless
but very needless to speak now of the balance of Trade either in
general, or upon any Article but that of Money: Besides if we should
begin at that end it would be a round about way, and so long in
compassing, that we may be at the last gasp before we attain our end. He
would be accounted no good Physician who in the case of an _Hæmorrhage_
when the danger is very present should talk of Diet Drinks and
Alteratives, whereas an actual and immediate application to the part
affected, or a sudden revulsion is more to the purpose. But be the
balance of Trade in general how it will, ’tis impossible it should be
suddenly remedied, if at all during the War.
But if we can balance a little between that Article of Trade which
relates to the Importation of Bullion, it will be soon much better with
us than it is at present, ’tis something if we can give present ease,
and not increase the Danger; and more if we can lessen the Danger which
the want of ease seems to threaten.
Suppose for instance then the whole Trade of _England_ to all parts of
the World to be carried on by two Merchants, one at _London_, and the
other at _Amsterdam_, and the only Commodities to be Cloth and Silk.
Suppose he at _London_ Exports every year 1000 _l._ worth of Broad Cloth
and no more, and he at _Amsterdam_ Imports hither 1500 _l._ worth of
Silk, that here’s an inevitable necessity of the _Londiners_ Exporting
every Year 500 _l._ in Bullion can’t be denyed, and if this continue
year by year it, will be, you’ll say, of pernicious consequence to
_England_, and it will be a wonderful hard matter at this time to help
such a Case.
But if we can at present so order it, that instead of importing 1500
_l._ worth of Silk we shall import 1000 _l._ worth of Silk, and 500 _l._
worth of Silver we shall be no losers in the Article I am upon, and
which is the only thing I have undertaken to look after, _viz._ That the
Nation shall never want Money be the Trade what it will: for if 500 _l._
in Silver be Exported and as much Imported every Year, we can never have
a Peny worth of Bullion less than we have.
And if other Nations must get by us, they had better get any thing than
our Money; if what they get by us they must be forced to spend among us,
’twill lessen I hope the Calamity, as will appear more hereafter.
Now this is not to be done by giving our Coyn a _Nominal_, _fictitious_
or _extrinsick_ value only above its intrinsick: Foreigners are not such
Fools to be dealt with at that rate, as to pay you a Rex Dollar of 18
_d._ weight 18 grains in _Amsterdam_ or _Brussels_, for a piece of Money
of 15 penny weight in _London_.
[Sidenote: Sir _Robert Cotton_’s answer of the Committee. _September
1626._ Pag. 306.]
Turn the Tables, _and suppose the King of_ Spain _should advance his
Real of Eight_ weighing but 17 Penny Weight 12 Grains _to double the
value it now bears, and yet needing by reason of the barrenness of his
Country more of Foreign Wares than he can Countervail by Barter with his
own; he must part with his Money and not gain by enhauncing his Coyn_.
One Real of Eight would not then buy of us as good a Yard of broad Cloth
as two doth now, and why should we think to over reach them more than
they us.
But then again, suppose the Money to be Coyned shall be (as our Mill’d
Money and diminished hammer’d Money is) pretty near the Intrinsick value
of the Silver in each piece, and this will doubtless facilitate
Exportation. If a Foreigner for instance bring to _London_ and sells 40
Bales of raw Silk, or 40 Tun of Wine, and meets not here with such a
Market for the buying of other Commodities to be Transported as he
expected, perhaps those he wants are not of our Growth or Manufacture,
or it may be he is in hast, or the Season calls him home; how easie is
it for him to sheer away, and go to another Market, having Money in his
Pocket passable every where, at the rate he took it, that inconsiderable
allowance for Coynage only excepted!
This I think is plain, but as yet there is more in it than so; and
suppose it, any other Nations turn to want Silver as much as we now do,
and Silver should be there at an higher price than with us, then our
Money becomes good Merchandice, and he gets most who carries most over:
And the lower the value of our Coyn is the less Foreign Commodities we
shall have for it.
You’ll Prohibit you’ll say the exporting of it, and so you have upon
pain of Death prohibited the Exportation of our Wooll, yet to the
comfort of our Grasiers ’tis still Exported, though it’s very bulky
Ware. But Money lies in a small Compass, a Sea Captain knows very little
of his chief business if he knows not where to stow a 1000 _l._
undiscovered.
And if after all we should be very severe in the execution of such
prohibitory Laws, it would put such a damp to Foreign Trade as every
body is not aware of.
And indeed if Money were not allowed to be a commodity, yet ’tis a
Pledge and Surety of every Traders Property, and I am not reconciled to
the Justice of that Law which forbids a man to take his Pledge along
with him.
Such a Law makes money nothing but a Commodity, and then we must pay
dear for what we buy of Foreigners, for most men will sell Cheaper than
they will Barter.
This Article needs I think no more illustration, if it doth the
Merchants can tell more of it than I, and I hope they will grant me this
Conclusion.
_That if our_ English _Money will pass in any other Country for as much
as it doth here, ’tis impracticable to hinder the Exportation of it_.
CHAP. VI.
_Of melting down the current Coyn of_ England _by our Goldsmiths and
other Artificers_.
Another great grievance of the Nation in the matters of Coyn may be
thought the melting of it down.
This hath been a vile and great practice for many Years.
The Criminals have been under two temptations:
1. The inequality of the Mint in all the hammered money; some milled
Pieces were of more Intrinsick than Extrinsick Value, and some of less,
so that in culling out of the bigest, they made an evident advantage.
But that sort of money being almost all gone and never like to be coyned
again, I shall altogether wave the consideration of it.
2. The other Temptation is the great Intrinsick Value of our mill’d
money, most of which was coyn’d when Silver was 5 _s._ 2 _d._ 5 _s._ 4
_d._ or 5 _s._ 6 _d._ per ounce, and the price of Silver rising, a Crown
piece has now the intrinsick value of 6 _s._ or thereabouts, this is a
mighty temptation to melt it down.
_Titius_ owes _Sempronius_ 10 _l._ and pays him in mill’d money,
_Sempronius_ owes a third man as much, but first melts it down and sells
it to a Goldsmith for 12 _l._ and so puts 40 _s._ in his Pocket. This
might have been prevented you’ll say before all the mill’d money was
gone; by crying down all other money, for if the Goldsmiths had given 12
_l._ in mill’d money for an Ingot melted out of ten Pounds, they must at
length have been ruined; and therefore the Crying down all other money
must have brought down the price of Silver necessarily, or none could
have been sold.
If 5 _s._ melted down would not have yielded a Crown Piece, who would
have melted ’em; and if they would have yielded more, the money of the
Nation how much soever must soon have vanished, for more could not have
been coyn’d, till the price of Silver should fall: But how could the
price of Silver have fallen so low in _England_, as not to be worth any
mans while to melt down the milled money, if Silver should at the same
time of its melting bear an higher price in other Countries than it did
here at the time of its Coyning: So that the Coyning down of base money
would at any time have been so far from helping us, that it would have
immediately ruined us, it being impossible to Coyn more upon the old
Standard, if the price of Silver is higher beyond Sea than it was when
that old Standard was Coyned: And ’twill be impossible for us to Coyn
new money after the old Standard (till we can bring down the Foreign
Price of Silver) so fast as it will be melted down.
To make this plain upon which so much depends, put the Case thus.
Suppose you called in by compulsion and Coyned all the Plate of
_England_, and suppose it never so many Millions, and all after the old
Standard, when the Plate is all gone people will have more Plate, and
Silversmiths must still have work, and Goldsmiths their Trade, unless by
prohibiting the use of silver Plate we proclaim an hypocritical Beggary
to all the world, and ruin many thousand Families of Artisans. The
Silver then of which you coyn your new Plate must come from abroad, or
be procured out of your money.
The Goldsmith will go the cheaper way to work, and rather than he’ll
give 5 _s._ 10 _d._ to a Merchant for an ounce of Plate, he’ll fling in
a Crown and 6 _d._ into the melting Pot, and though the Laws against
melting down Coyn be never so severe yet people will venture any thing
for gain, as you may see Clippers do daily; especially if their
Consciences don’t check ’em, and few mens Consciences will scruple
making the most of their own.
And as the accurate Mr. _Lowndes_ observes, notwithstanding ever since
_Ed. 3d_’s. time prohibitory Laws have been against melting down Coyn,
_pag._ 68. and the profit of melting it sometimes very inconsiderable,
_pag._ 69. the practice hitherto was never prevented. But it may be said
money shall be coyned of an intrinsick value or near thereabouts
(Coynage only allowed) in proportion to the present value of Silver, be
it more or less as it shall alter from time to time, and so the
abatement for Coynage shall always keep the Estimate of the Coyn above
the Intrinsick value of the Silver, but instead of bringing remedy this
will make the Case tentimes worse, for then upon every rise of Silver
the Goldsmiths and others will melt down all that was Coyn’d at a lower
Price, and if the form of the Coyn don’t direct ’em to be dextrous, the
Prentices shall follow the old Trade of weighing money Night and Day
too.
So that without going farther upon this Topick, I may lay it down as a
Conclusion or Maxim.
_That if the Intrinsick Value of Coyn be subject to alteration the Coyn
is always in danger of being melted down._
CHAP. VII.
_Of Hoarding up of the Silver Coyn._
People who have several uneasinesses upon ’em at one and the same time,
are very apt to attribute ’em all to one, which is the most hated, the
most invidious, or at least the most visible cause, though in reality
every one may have sprung from a several and very different root.
Thus our present War with _France_ is to some few people odious, to many
invidious, and to all visible, and this therefore must be the cause of
all National Calamities.
Whereas many things are better with us now than if we had no War; a
frequency of Parliaments, an universal vigilance, a care of Shiping; a
choice of able Ministers, (and not unskilful Favorites in most places of
greatest Trust;) an intire Allyance with the most useful Neighbours; an
honest imployment for all dissolute Men; an honourable provision for
younger Sons of Gentlemen; a perfect understanding between the King and
his People; an almost total desistance from an unreasonable and
disadvantageous Commerce with _France_; a more brotherly Correspondence
with the Dissenters (being all equally engaged in the Publick danger).
We have great Honour by the Bravery of our Arms, and the most important
assistance we give to all _Christendom_ against _French_ and _Turk_. Our
King is become the _Generalissimo_ of _Europe_, and his Fleet give Laws
in all Seas.
These and many more to the better part of the Nation are the advantages
of this necessary tho’ expensive War.
But there are some that look upon it with an evil eye, and then the
badness of money, and the scarcity of it, and the Exporting and melting
down, and hoarding it, and the rise of Gold, and the dearness of
Commodities, and the badness of Trade are all as evident effects of the
War as the Taxes are.
Though in truth this is all Humour and Caprice, and none of it more
ridiculous than when the hoarding up of Money is imputed to the War,
which is the meer effect of the dearness of Silver, as the dearness of
Silver in _England_ is the natural effect of its dearness abroad, and
its dearness abroad to the obstructions of Trade, which would be if only
_France_ and _Spain_ were at War, since _Spain_ is the Silver Market of
the whole World.
Ever since the extraordinary abasement of Coyn by an unparalleled
Counterfeit and Clipping, people have hoarded up Money apace, not
knowing how far the debasement would run; and fearing if they put their
good Money out they should at the long run be forced to be paid back in
they know not what themselves.
Nor hath the beauty and rarity of uncorrupted and undiminished Coyn,
added a little to the humour of hoarding it up.
Undefaced and weighty pieces are now as so many Medals, people think it
a great happiness to have a store of ’em. And as the Coyn degenerates
these are more charily preserved, and will be so till the intrinsick
value of ’em diminishes. I could give a shrewd guess where this weighty
Money is to be found in great quantities, but be it where it will as I
said before, I think every man hath a right do what he will with his
own, so far as it is his own.
All that I at present aim at is to show.
_That Coyn which hath an Intrinsick value above the Extrinsick, and is
withall rare or uncommon will inevitably be hoarded up, and continue so
to be._
CHAP. VIII.
_Of Regulating our Silver Coyn._
To give an exact Estimate of what Silver Coyn is necessary for the
carrying on our Trade in its full Vigor, is a task I am not at present
willing to undertake, but the least I can guess at is 5000000 _l._
considering that great Sums will always remain in the Exchequer, and
Banks; for I look upon the Banks not as Chanels only, but as great
Receptacles likewise, wherein money must rest and wait for opportunities
of disposing it.
None of Hypotheses depend upon definite or determinate Sums, and I shall
beg nothing essentially necessary to the carrying on of my design, but I
desire for the present working only of my _Proposition_, that a few
_Postulata_ be a while granted me.
It matters not much whether any of ’em be true for they may easily be
varied _Mutatis Mutandis_.
POSTULATA.
1. _That the Current Silver Coyn of_ ENGLAND l. s.
_ought to be at least_ 5.000.000 Sterl.
2. _That there is not in England at present
above_ 4.000.000 _l._ Sterl.
3. _That there passes not publickly above_ 3.000.000 _l._ Sterl.
4. _That the hoarded Silver Coyn is about_ 1.000.000 _l._ Sterl.
5. _That the present Current Counterfeited Coyn
is about_ 1.000.000 _l._ Sterl.
6. _That the present Current Silver Coyn not
counterfeited, but clipt filed or otherwise
diminished is about_ 2.000.000 _l._ Sterl.
7. _That the Current Silver Coyn in daily use,
not counterfeited but cliped or otherwise
diminished is not intrinsically above_ 1.000.000 _l._ Sterl.
Now the _Axioms_ I shall build upon are chiefly these.
AX. I.
_That a way to induce the Subject to a voluntary compliance with the
necessities of State, is preferable to any manner of Compulsion._
And by this I intend to obviate two Projects, _viz._
1. _That the Clipt Money be all called in without giving full
satisfaction to the Proprietors_; and this I take to be a piece of
Injustice, because this Money was at first given out to us by the
Government, as a sufficient pledge and unalterable Security of our
Properties, and it was at first issued out of the Mint in such various
and undesigned Shapes, in respect of the Peripherie or Circumference in
which it hath been debased, and so various withall in the thickness and
weight of each respective piece, that ’twas almost impossible for the
Subject to distinguish the diminutions, which at first were so Curious,
so Subtil, and small as was not to be easily suspected; and it hath been
by gradual and sensible approaches that the present abasements are so
considerable.
But this cannot be so well urged in behalf of Counterfeit Money, it is
not any thing we have received of the State, it never was given to us,
as a Pledge and Security; and so never was Money properly so called, but
a False, and Counterfeit sort of Ware which every man Bartered for at
his own Peril, and to such _Caveat Emptor_ might properly have been
said.
But if the wisdom of _Parliament_ things fit to make Compensation for
all the Counterfeit Money, I have nothing to say against it: They are
the proper Judges.
Or if they shall not think fit to give a full Compensation for the Clipt
Money, I have nothing to say, it would be great presumption in a private
man to dictate.
In the method I shall tender, I shall make provision for a full
Compensation for all the clipt and diminished money of the Royal
Standard; at the small expence of 250.000 _l._ which is vastly less than
I have heard yet proposed, I reckon three quarters of the money may be
paid back in good Milled Coyn forthwith, as fast as it can be coyned.
The second Project I designed by the former Axiom to obviate is,
_The compelling of people to supply a present exigence by bringing in
their Plate into the Mint_:
Which would be an attempt I doubt of pernicious Consequence, and instead
of that I have made a provision; whereby questionless as much Plate will
be crouded into the Mint with all the speed imaginable, as shall make up
in tale the two millions of Pounds Sterling of clipt money which when
melted down produced but one; and then I presume the extraordinariness
of the encouragement may, and ought to Cease.
AX. II.
_That our coyn cannot be secured against Exportation, Melting down, and
Hoarding up, unless it have either a real, or_ extrinsick _value above
the_ intrinsick.
AX. III.
_That a_ real _value to make up the want of_ intrinsick _given to Money,
will be more satisfactory to all His Majesties good Subjects than a
mere_ extrinsick _value above the_ intrinsick.
AX. IV.
_That the_ real _value of Money ought to be more than the_ intrinsick,
_and equal to the_ extrinsick.
AX. V.
_That Money cannot have a_ real _value over and above the_ intrinsick,
_unless that over and above value be settled by an unquestionable
Security applicable to every particular persons Use_.
PROPOSITION.
_Now I humbly propose to the Consideration of better judgments the doing
of these things._
1. The speedy calling in all the clipt and diminished Money of the old
Standard, and intirely satisfying every Proprietor, by paying them 75
_l._ _per Cent._ back in Specie, and ascertaining to ’em the remainder
by Parliament Security.
2. The leaving as small an interstice of time as is possible between the
calling in the old Money and issuing out of New.
3. That therefore vast Encouragement be given for the speedy bringing in
three or four Millions of ounces of Plate to the Mint, to answer the
present Necessities of the King and People.
4. That the Exportation of Silver Money beyond the Permission of the
_King_ and _Parliament_, be effectually hinder’d.
5. That a Provision be made as shall leave no Temptation for the melting
that down which shall be Coin’d.
6. Nor for hoarding it up.
7. That the Importation of Silver from all parts be encouraged, and the
Current Silver-Coin of _England_ encreased to Five millions of Pounds
Sterling.
8. That the Standard, in respect of Allay, be kept to its old Purity.
9. That the Denomination of the new Money be equal to the old.
10. That every one of the aforesaid Articles be accomplish’d at no more
expence to the Publick than Two hundred and fifty thousand Pounds at
present, and a Land-Tax of a Penny in the Pound during the War, or, at
the most, Two Pence in the Pound.
Theorem.
For the effecting all the aforesaid Articles,
_Let a Competent Authority immediately Call in and Cry down all Clipt
Money under such a weight, supposing it to be all that Money which hath
lost full half the original weight_.
This may conveniently and safely enough be done before any new Money be
coin’d.
_When this is new Coin’d, let it be re-deliver’d to the respective
Proprietors in proportion, by Tale, to what every one brought into the
Mint by Tale._
_Then let all the rest of the Clipt Money be Called in by such a Day,
and Cry’d down._
[Sidenote: Postulat. 6, 7.]
_And supposing in all_ 2000000 l. _Sterling so melted down, and the
Product, after Melting, be half as much, or about_ 3500000 _Ounces of
Silver, there may out of this be Coin’d_ 1250000 l. _of New Money, of
the same extrinsick value it now hath, and of such an intrinsick value,
as that a Crown Piece shall weigh (now that Silver is_ 6 s. 6 d. _an
Ounce, or_ 3 l. 18 s. _the Pound Troy) Twelve-penny weight, and about
three grains, and have in it the intrinsick value of_ 4 s. _So that the
Government hath already saved Two hundred and fifty thousand Pound_.
Then will it be known in how short time 1000000 _l._ can be Coined.
_According to that time, supposing it (many Mints being set up at once)
to be Two Months, let a Proclamation be issued out, encouraging the
bringing in_ 4000000 _Ounces of Plate into the Mint, at Four respective
Days or Weeks_.
_For the first Million, till the end of the first fortnight, shall be
paid_ 7 s. 4 d. per _Ounce, which amounts to_ 366666 l. 13 s. 4 d. _till
the end of the second fortnight, shall be paid_ 7 s. 2 d. _an ounce,
which comes to_ 358333 l. 6 s. 8 d. _till the end of the third
fortnight, shall be paid_ 7 s. _an ounce, amounting to_ 350000 l. _And
for the last Million_ 6 s. 10 d. _an ounce, amounting to_ 341666 l. 13
s. 4 d. _in all_ 1416666 l. 13 s. 4 d. _So that for one ounce with
another, the Government has paid_ 7 s. 1 d. _an ounce_.
It may be thought, that a great deal of this may be saved, and perhaps
Six-pence in an ounce, which amounts to One hundred thousand Pounds, and
that Six shillings and seven pence would be Temptation enough, when the
Price of Silver is like to Fall.
But I am now providing for the worst Contingences, and the severest
Suppositions that may be.
Yet the Frugalest way, I presume, would be, to leave the Management of
this Article wholly to the _Lords_ of the _Treasury_, who, by publick
notice, may vary _pro re natâ_, the _Præmium_ for bringing in Plate, and
perhaps may think it expedient nevertheless to begin high, and to abate
the _Præmium_ according to the quantity brought in; and after one or two
Abatements, People may perhaps bring it in the faster, fearing a greater
Fall: Whereas if the _Lords_ of the _Treasury_ should begin low, and
afterwards be forced to raise the _Præmium_ higher, Peoples Hopes of
their still advancing of it more, would restrain ’em from making so much
haste as the necessities of State require.
_We suppose then this Silver to be Coining every Day as fast as
possible, and that the_ 250000 l. _saved by the Government out of the
first Million, shall begin to pay for the Plate, as it comes in_.
_Then three ounces of Silver at_ 6 s. 8 d. _an ounce, Coins_ 20 s. _of
the new Standard, allowing 2, 3, or 4 d._ per _ounce for Coinage; seeing
the setting up so many several Mints more than ordinary must be very
chargeable_.
And here must be noted, That let _Silver_ Rise or Fall as much as it
will, it Alters very little the process of the _Theorem_, for it need
have no other effects than making the _Money_ bigger or less, unless the
3^d _Corolary_ following be admitted.
_At this Rate then when 3500000 Ounces of this Plate is Coin’d into
MONEY it will produce after the aforesaid rate_ 1166666 l. 13 s. 4 d.
_to which add the_ 250000 l. _paid before hand for it, and now there is
paid in all for the 4000000 of Ounces of Plate_ 1416666 l. _what it
Cost; and the King hath 500000 Ounces of Plate by Him, which at_ 7 s. 1
d. _an Ounce stands the Government in_ 177088 l. 6 s. 8 d.
_But because it cost the King dear for his present Necessities, the_
Lords _of the_ Treasury _cannot allow more for it than it will produce
when Coin’d_.
And if the necessities of State require that this Silver should be sent
and Coin’d in _Flanders_, that it may go farther there than it can here
for the immediate use of the Souldiers, then the Commissioners of the
Accounts will probably account for it, according to its Value beyond
Sea; and then the Government shall still be a greater Loser by it; so
the _Lords_ of the _Treasury_ cannot allow for it more perhaps than
150000 l. what ever it be more or less, the case will stand thus at the
least.
_There is now of New Money Coin’d_, 2416666 l. 13 s. 4 d. _and this
last_ 150000 l. _being advanced to the King for his present Necessities
abroad, either to Coin in_ Flanders, _or to send over in Bills, will go
towards the payment of the Million of Clipt money. But if it be probable
as Mr._ Lounds _seems to intimate, That People may Voluntarily bring in
a great deal of Plate at_ 6s. 6d. _an Ounce; then it is much more
probable, that they will be quicker in bringing it in at_ 6 s. 7 d. _an
ounce; and if so, the Government Saves out of my Proposals_ 6 d. _an
Ounce, which in_ 4000000 _Ounces comes to_ 100000 l. _And then there
will be_ 250000 l. _paid in recompence of the Clipt Money, and there is
but_ 750000 l. _Remaining_.
Or put the case Shorter and Plainer, the Government wants 1000000 l.
worth of Silver, and is willing to give 25 _per Cent._ more for it than
the common price.
If that vast Allowance be made for fear of a sudden and fatal stop to
all manner of Trade for want of Money, yet the 250000 l. Saved out of
the Clipt Money, will make good the Bargain.
And then Four parts in Five will Coin a Million of Money, and still
there will be another 250000 l. worth left towards the paying of the
Clipt Million, and but 750000 l. remains Unpaid.
And upon this Easier supposition we will proceed; because it is likewise
cheaper to the Nation than the Buying of full 4000000 ounces of Silver.
_Then if the Parliament Orders ’em to be paid_ 250000 l. _more, which is
all that the Nation is Burdened in the Bargain: The Proprietors of the
Clipt Money are Reimbursed_ 75 l. per Cent. _of what they Brought to the
Mint, which is more by_ 25 l. per Cent. _than the intrinsick value of it
was; and the other_ 25 l. per Cent. _is coming towards ’em apace. For
now the present Necessity and the Dangers of it are obviated, the price
of Silver begins to Fall and Settle, as the prospect of a Plenty draws
nearer_; tho’ we can never suppose it will fall lower than in other
Countries, or much lower at all, during the War between _France_ and
_Spain_. _And be it at what price it will, the Merchant will from all
Parts bring his Silver to the_ Tower, _because the Market is here Quick
and he is sure of Ready-Money for what he Sells; the King can afford now
to Coin, which he could not do of late Years; And therefore a Third and
Fourth Million will be soon bought and Coined, and the government out of
every Million bought will save a Fourth part_.
_For the New-Coin’d Money must bear a proportion to the price of Silver,
as four to five, and_ 800000 l. _worth of Silver is to be in_ 1000000 l.
_of New Coin no more nor less, and out of the four Million-worth of
Silver, besides the Million of Plate the King will have Saved a fifth
Million; by which gain’d Millions, the Clipt Money will be entirely
Satisfied for at no more than_ 250000 l. _present Cost to the
Government_, q. e. d.
For the case will stand thus: There will be 5000000 _l._ of New Coin,
_viz._ out of the Clipt Money 1250000 _l._ out of the Plate 1250000 _l._
(or if the last 250000 _l._ be not Coin’d, but Exported, then there will
be out of the Plate but 1000000 l.) and out of the last Two Million
worth of _SILVER_ Coin’d 2500000 l. So that there will be in the Nation
at least Four Millions, Seven Hundred, and Fifty Thousand Pounds New
Money.
The King, after all this, buys 750000 Ounces of _Bullion_, and coins it,
without Profit, into 250000 _l._ This makes up 5000000 _l._ compleat,
and then the Royal Mints is to be at a stand (as at present) until the
Parliament shall have resolved what more is to be done; our present
Necessities are supply’d, and this, which we shall have, will not be
diminished.
These Five Millions now want a fifth part of the _Intrinsick Value_ of
the Coin; and unless a _Real Value_ be given it to make amends for the
want of the _Intrinsick_, and to Equal the _Extrinsick_, I have, after
all, I confess, done nothing, according to my Fourth _Axiom_.
_I humbly therefore Propose, That a Land-Tax may make it good, if it do
not exceed Two-pence in the Pound._
But after what manner it is to be made good, is the great Question.
If they, into whose Hands the newcoin’d Silver shall first come, should
be allowed for the Intrinsick Want of it, then, in the paying it out
again they must transmit the Allowance the State gives; or else the
First Receivers would be Savers, and the rest Losers: But if the State
must immediately give the Full Allowance, then it might as well have
Coin’d to the _full Intrinsick Value_. But the _Intrinsick Value_ is
lessen’d, and the _Real_ given, because the Government is better
qualified at present to pay _Interest_ than _Principal_.
_Therefore an_ Interest _is to be paid equivalent to the Extrinsick
Value, and fully satisfactory for the Want of Intrinsick; that so the
Subject may be no Loser, and the Government put to no Difficulties_.
Beside, that Money would return to its Intrinsick Value, if a _Shilling_
were always to be tack’d to a _Crown_ or _Four-Shilling_ Piece; which is
One of the chief things we are to avoid.
_Let this Interest be_ 5 _per Cent._ and let it be look’d upon as a
sufficient Interest, as it better will appear to be, when I come to
answer the Objections, which may be made to this Method.
_The Interest of a Million of Pounds Sterling, which is wanting to make
up the Real Value of the New Coin at_ 5 per Cent. _amounts to Fifty
thousand Pounds_ per Annum.
_But, to Ease the Nation of half this Charge, let it be duly and
carefully considered,_
_That if the present Possessor of an entire_ 100 l. _be entitled to this
Interest, and not of a less Sum, every less Sum will have such a Value
Real, as the Possessor of an entire_ 100 l. _can make of it, and will
allow for it_.
_And there will be no occasion for the Government to pay Interest for
lesser Sums, because the valuation of lesser Sums will always bear that
proportion which Merchants, Goldsmiths, and Bankers will receive ’em at,
from the least Sum to the greatest._
If I pay in, for instance, to a Goldsmith Fifty pounds to day, and Fifty
pounds to morrow, he will no more scruple to give me a Note for One
hundred pounds, than if I had paid it in at once: And, if I pay my
Brewer Five pounds a week, as he brings in my Drink, for twenty weeks
together, he will look upon it as good Pay as if I paid him at the
twenty weeks end One hundred pounds together; and if Five pounds will
pass from me as the _fifth part_ of an _Hundred_, why not, by the same
Rule of Proportion 20 Shillings for the _hundredth part_? That which
hath the Value of Five pound _Lumbard-street_, hath the same in
_Pater-Noster-Row_, and the same likewise at _Brentford_, or elsewhere:
And there can be no Instance or Reason given, why Money of the like
weight; Intrinsick and Extrinsick Value, should not be as passable in
little Sums as in great, since there is an easie Resort, and at hand
always; in which, without any distinction, they daily determine.
Where an Hundred pound will be Received, there will Ninety nine, and
Ninety eight, and so downwards (for, where can you stop?) to the single
Penny.
_And of the Running Cash of_ England _we may reasonably suppose, that
one half is not in Sums exceeding Twenty Pounds, and they who have less
Sums than that, will have no great Encouragement to look after
Interest_.
The Fifth Part which Twenty Pound wants of its Intrinsick Value, is but
Four Pounds, and that, at 5 _per Cent._ is but Four Shillings a Year;
from which the trouble of Receiving by entering into Combination with
others, will for the most part take off, and not make it worth the
while.
_So that the whole_ Money _of_ England, _that is New Coin’d, not
amounting to above_ 5000000 _l. and but half that to be paid Interest
for_, viz. 2500000 l. _and there wanting but a Fifth Part of that_, viz.
500000 l. _the Interest of_ 500000 l. _at_ 5 per Cent. _amounts to just_
25000 l. per Annum.
_But then, supposing that Interest be demanded for_ ⅗ _of the New-coin’d
Money, and that by an unexpected Combination every Sum of Five Pounds
should be brought in, yet then the whole Interest amounts to no more
than_ 30000 _l._ per Annum.
And the Case stands thus:
The Parliament hath Borrow’d of the whole People of _England_ a Million
of Pounds Sterling, and no more, to be repay’d at the end of the War;
and in the mean time, till it be repay’d, they give Five Pounds _per
Cent._ Interest upon a Land-Tax.
Thus _the Clipp’d Money is all Call’d in, and Satisfied for; there hath
been little time between Calling back of the Old, and Paying back the
New, by bringing in_ 1000000 _l. worth of Plate speedily and voluntarily
into the_ Mint, _an effectual Stop is put to the Exportation, melting
down, and hoarding up of Coin’d Money; Importation of Silver from all
Parts Encourag’d, the Current Coin of_ _ENGLAND_ _Encreas’d; the Purity
and Denomination of the Coin Continued; and all at the present Expence
of Two hundred and fifty thousand Pounds, and a Yearly Land-Tax of One
Penny in the Pound during the War_, q. e. d.
The only Difficulty that remains, is, After what manner the Interest
shall be paid.
But, if there is no more than _Difficulty_ in it, I desire it may be
Consider’d, What Great Difficulties the People of __ENGLAND__ at present
undergo, in the Want of such a Regulation: What Difficulties are in
every Market-Shop, and House of Trade; and what Great Disorders are
Daily like to ensue: Let Bankers, Goldsmiths, Merchants, and
Cash-keepers, consider the Difficulties they lye under at present, and
the much greater Disadvantages they must be subject to, if the Coin of
_England_ should not have a _Real_ Value.
But, to make the Difficulty seem much less than may at First be
imagin’d, I humbly propose this following Method.
_Let the Days of its Payment be fix’d by_ _PARLIAMENT_, _either
Quarterly, Annually, or Triennially. If the Establish’d Interest be Five
Pounds_ per Cent. _then, perhaps, Annually will be thought most
expedient, in some Month when the Days are long. If the Wisdom of_
Parliament _shall think fit to give more Interest than Five Pounds_ per
Cent. _then there is Visible Reason, why it should be Quarterly. If less
than Five Pounds_ per Cent. _a Triennial Payment may suffice_. But
suppose it Yearly.
_Let Three hundred Commissioners be named by_ Parliament, _One hundred
of which for_ London, Westminster, _and_ Southwark, _the Two hundred for
the Country, to be not above Twenty Miles distant from one another, so
that no body can live farther off than Ten Miles from one Commissioner
or other_.
_Let these Commissioners be the most Substantial Gentlemen or Citizens
in the most Popular Towns and Cities in_ England, _giving in sufficient
Security to the Government for Performance of Their Trust_.
_At the Day appointed let the Money be brought to the Commissioners
Houses in Hundred-pound Baggs, and there open’d and weigh’d, and then
seal’d up with the Proprietor’s Seal, in the presence of the said
Commissioner, Entering down in a Register every man’s Name in one
Column, the Weight of the Money in another Column, and the Interest it
amounts to in a third._
_Let none be Receiv’d after Twelve of the Clock at Noon, and none
Re-delivered till One of the Clock, to prevent Frauds in bringing the
same Money twice for the same Interest._
_Then, in the Afternoon, let every man’s proper and individual_ Money,
_Seal’d up as aforesaid, and Weighed again in the sight of the
Proprietor, be deliver’d, with the_ Interest _due for it_.
_For which One Days Trouble in a Year, I do suppose, the Government may
allow the Commissioners Twenty Pound a man; which amounting to Six
thousand Pounds_ per Annum, _for all the Commissioners of_ _ENGLAND_,
_and suppose Three of the Five millions, whereas I supposed at first_
2500000 _l. only to demand Interest, it will amount to but Thirty
thousand Pounds_ per Annum, _and this Six thousand Pounds_ per Annum
_for the Commissioners added, makes but Six and thirty thousand Pounds_
per Annum.
_Now, whereas a Land-Tax of Four Shillings in the Pound amounts to_
2000000 _l. a Tax of a Penny in the Pound amounts to_ 41666 _l._ 13 _s._
4 _d. so that_ 5666 _l._ 13 _s._ 4 _d._ per Annum _Remains_.
_Allow the Commissioners then Thirty Pounds apiece, and there remains_
2666 _l._ 13 _s._ 4 _d. for a Superintendant, Auditors, Registers,
Register-Books, and other incident Charges; and the whole matter is
brought within a Tax of a Penny in the Pound_, q. e. d.
Now, as to the Hoarded Money, the Mill’d and Hammered Money of Full
Weight, I humbly am of the Opinion, That no Notice at all be taken of it
by the Government; and my Reasons are: That it will have an uncertain
Value, according to Peoples Opinion; and, that Uncertainty of
Estimation, as well as the Intrinsick Value, will cause it, without any
Edict or Precept, to be melted down.
For, a great deal of it is now kept up, only to see what things will
come to; and what Advantage can be made of it: But when People see the
Parliament has Conquer’d the Difficulty, and that there is a great
Plenty of Money stirring about again, they will be baulk’d of their
Expectations, and take Advantage of the First of the Market; this will
conduce to the Cheapness of Bullion, and cause a Plenty: And if any
continue still hoarded, it will be by People only who have an
irremediable Humour that way; and ’tis better they should hoard that for
which the Government pays no Interest, than to keep Unemploy’d Money by
’em at the expence of the Publick.
And as to the Paying of our Armies Abroad, I humbly propose, That the
_Parliament_ may always give His Majesty such an Allowance for that Use,
as His Majesty may be enabled to Export so much Uncoin’d Silver as is
necessary to the carrying on of so Glorious a War.
Which Uncoin’d Silver will for the most part find its way back again,
because the carrying over so much every Year will glut that place to
which ’tis carryed; so that Silver will become Cheap there, and they
must disgorge at the best Market; which _England_, in all probability,
will be. And the effect of that Over-ballance which Forreigners must, as
cases now stand, get by us; cannot be carryed out of the Nation, but in
other Commodities besides Silver.
For Silver Uncoin’d they Sell, and Silver Coin’d they cannot afford to
carry away; So that our own Commodities are like to be bartered for
Silver, and that conduces to bring the ballance of Trade even.
And here I go no farther, but leave the Question to better
Understandings.
Quest. _Whether Silver bearing an higher Price here than elsewhere, and
coming to a Quicker Market, will not naturally and easily force an
Exportation of our own Commodities, when it shall become altogether
impracticable to Export our Coin?_
Corol. I.
=Note=, That the Price of Silver Bullion being subject to Vary, the
difference between the _Intrinsick_, and the _Real_ Value, ought to be
Considerable; Because, if they should be too near one another, the
Additional Value would be so Small, that when Silver Rises, the
Goldsmiths would be Tempted to Melt down the New Coin, when they can get
almost as Much by that Practice, as they can do by receiving Interest,
or by passing it away for Principal.
Nor must the Two several Values be too far Different one from the other,
lest Foreigners be Tempted to Counterfeit our Coin.
I don’t mean by sending Us over such a Counterfeit as shall be of Less
intrinsick Value than our Own; but they can Afford all the Charge of
Curious Coinage, and Pure Silver, and Full Weight, and Hazard of
Importing it contrary to all Laws that We can Make; If any more
considerable Sum, than Twenty _per Cent._ could be Gain’d by such
Importation: But no body can afford all the Charge and Hazard, if the
Profit be no Greater, and the Punishment Capital.
Corol. II.
Nevertheless, provision may be Made, that all _Counterfeit Money_ shall
be Confiscated by a Summary Process, to be Tryed by a Jury of
_Moneyers_, for every Sum above _Five Pounds_; and for Less Sums, able
and substantial _Goldsmiths_ shall be Commissioned and Authorised to end
Disputes, Cutting it Asunder before the Owners Face; and Charging
themselves in a Book kept for that purpose, as Debters to the King for
the same individual pieces, which at the General Quarter Sessions they
shall deliver for the _KING_’s Use.
Some such Method as This, would make people more Cautious in taking
Counterfeit Money; whereas now they Take what they themselves Know to be
so, which hath given great Encouragement to Counterfeiters.
And if I may be Well Heard, I don’t at all Question, but to shew a Way;
how all Counterfeit Money may be easily Known; let it be Wash’d, Plated;
of mixt Metal, or pure Silver; Which is the next piece of Service of
this Nature, that I designe my Country, _GOD_ continuing my Life and
Health.
Corol. III.
I humbly Propound to the Disquisition of Better Judgments; Whether the
New Coin ought not alwayes to be of the same continued Weight,
notwithstanding any Variations in the Price of Bullion; and that not the
Weight of Coin, but the Aforementioned Interest be Varied from Year to
Year according to the Price of Bullion.
The Advantages and Conveniences of what I have Proposed, is, I hope, by
this time, somewhat Evident; but before I Reckon ’em up, it may perhaps
be Expected that I should Faithfully and Candidly let down all those
_Objections_ which have Occurr’d to me whilst I have been Writing these
Papers.
The most Material I will: And they are These.
_Object._ I.
_Now, if it be Objected, that Five Pounds_ per Cent. _for want of_
Silver, _in an Hundred Pound is too little, seeing an Hundred
Pound Bagg-full is entitled to no more than Twenty Shillings a
Year_:
I Answer,
That if a Man be contented to put in his Money into any of the New
Banks, at 3 _l. per Cent._ ’tis better worth to lend it at 5 _per Cent.
per Annum_, upon as good Security.
If it be reply’d, That a Man may take it out of a Bank when he will, and
his Money is always at Command: I answer, It is much more so when he has
it in his own Custody; For, he who shall have Four hundred Crown-pieces
by him, can make as much use of it to all Intents and Purposes, but of
Melting or Exporting, as if it were of an Intrinsick Value; and then
sure he who having Four hundred Pieces of Money by him of a Real Worth,
and applicable to any Lawful Use, can make Twenty Shillings a Year
Advantage by Keeping ’em; hath much the better of him who hath Four
hundred Pieces of other Money by him, of no more _Real_ Value, nor more
transferable, and hath no Profit by ’em, whilst they are in his Hands.
And whereas it may be said, _No Man can be entitled to the Interest of
that_ 20 l. _due to him from the Government, unless he keeps_ 80 _more
dead by him, as a Vehicle to convey the Interest of the_ 20 l. _to him_.
I answer the Government doth not intend to give Encouragement that Men
should keep more Money by ’em than they have, or may have Occasion for.
That is a sort of hoarding which we are to prevent.
And therefore this 5 _l. per Cent._ is not given as an Interest for dead
and unemploy’d Money, but to ascertain universally the real Value of it,
and to take off all the Objections that are made against a mere
extrinsick Value.
But if the Wisdom of the _Parliament_ thinks fit to give 10 _l. per
Cent._ Interest, whereby every 100 _l._ of new Coin’d Money will be
entitled to 40 _s. per Annum_ Interest; then the whole Interest of
500000 _l._ which the 2500000 _l._ half of the 5000000 _l._ wants of
intrinsick Value, amounts at 10 _l. per Cent._ but to 50000 _l. per
Annum_.
Or suppose by Combination ⅗ of the 5000000 _l._ demand Interest, then
will the whole Interest amount to but 60000 _l. per Annum_, which with
all the incident Charges, will be defrayed for little more than a
Three-half-penny in the Pound Land-Tax; and for much less than 2 _d._ in
the Pound.
And I am not at all against an Interest of 10 _l. per Cent._ because
beside the present Advantage it gives, it doth ascertain to the People
of _England_, not only a Promise that the _Parliament_ will; but that
there is a reason of good Husbandry likewise, why the Parliament should
as soon as possible save the Nation that Annual Charge, by the paying of
the principal Million that is wanting.
_Object._ II.
_These Ends may as well be pursued by transferable Notes or Bills
with Interest._
I answer that they cannot in the least, because here is 4 _l._ in 5 _l._
better secur’d than any Notes in the World can pretend to: for every Man
hath so much of his Money in his Pocket; and that, for which the
Security is given, is divisible into the _5th._ part of a Six-pence,
which transferable Bills cannot be.
_Object._ III.
_That if this Method will hold, the intrinsick Value of Money may be
but half as little as I propose, and the Subject will be always in
fear of farther Alterations._
_Answ._ This I confess would be a very material Objection against Mr.
_Lound_’s Method, but hath no force in ours, because the Government
saves nothing by lessening the intrinsick Value; for what it saves at
present, it must pay Interest for, and Principal too at the long run;
besides, the Government aims at nothing but to rectifie the Coin, and
keep it from being imbezil’d.
_Object._ IV.
_The Money of_ England _will be too much for_ 300 _Men to receive in
one Day_.
_Answ._ It is but 10000 _l._ a Man one with another; _i. e._ but 100
hundred Pound-bags, which may very well be weighed and seal’d up, and
entered in a Book in 5 hours time; _viz._ 20 in an hour; and as for the
great Banks and Cashes of _England_, such as the _Royal Bank_,
_East-India Company_, and the like, they need not remove their Money at
all; but Commissioners may be sworn and sent to their respective
Treasuries, taking sufficient Security of the said Treasurers and
Cashiers, that none of the said Money shall be remov’d or touch’d in 24
hours.
_Object._ V.
_It will be a great Trouble to carry_ 100 l. 10 _Miles for_ 20 _s._
_Answ._ It may not be 100 Men’s Case in all the Nation, and no Man is
forc’d to carry it; and he who don’t carry it, hath lost nothing but
what he might have gained.
For this is all clear Gains to every Man, who as soon as he has received
his 20 _s._ can keep the 20 _s._ and pay a Debt with the 100 _l._
_Object._ VI.
_The want of a less Intrinsick Value, than_ 20 _l._ per Cent. _will
answer all the aforesaid Ends_.
_Answ._ Less will not secure it against Exportation.
Foreigners have a knack at raising the price of Silver to draw over our
Money to ’em; and I hear they can afford what they now daily do, _viz._
To Export, rather than fail, Clipt Money; and the only way to keep our
Money at Home, _Is to fix, during the War, one considerable part of its
Value to the Kingdom_; and when those Foreigners who must deal with us,
cannot Export our Money, but with great disadvantage, they will be
forced to take our Commodities in lieu of it, and be as industrious to
make ’em valuable abroad as we are. And as to that Notion that we must
not glut the Markets abroad with our Commodities, it is a Vulgar Errour
unless we make this distinction, That ’tis dangerous when our _English_
Factories glut the Market; for when Foreigners see the Market full, they
combine together to keep down the Price, knowing that we must Sell; but
then Foreigners who are better acquainted with their own Markets and
Fairs than we are, and can spread a Trade much farther than our
Factories can do, when they Export our Commodities and cannot Trade at
all with us without exporting ’em; they can shift from one place to
another, and open secret Passages of Commerce, not yet found out.
If the _Portugueses_ for instance could not have Money for their Wine,
would they (I desire to know) rather leave of Trading with us, than take
our Cloth for their Wine. Or if heretofore we had drank no _French_
Wine, but what we had paid for in Tin, would they have found a Vent for
our Tin, or ploughed up their own Vineyards?
_Object._ VII.
_This will be forcing Foreigners then, to Export our Commodities._
_Answ._ Not at all: For if the Ballance of Trade shall continue after
all, to our disadvantage, here’s nothing in all this matter that hinders
our exporting Bullion.
But if ’tis absolutely necessary to export Bullion to make good the
Ballance of Trade, then we should take the more care, not to export more
than is absolutely necessary; and whilst we carry on our Trade abroad,
not to let this at home be at a stand, but secure Money enough for the
Nations In-land Trade, and to pay the Taxes without pretence of
impossibility.
_Object._ VIII.
_Five Millions will not be half enough for our In-land Trade._
_Answ._ And I am clearly of that Opinion; and that Ten Millions is
little enough, or else what need had there been, to have Coin’d Fifteen
Millions in three Reigns, as the most industrious Mr. _Lounds_ hath
delivered to us?
But we are providing for a present necessity and not abundance.
And yet should we Coin five Millions more, in all Ten Millions; less
than 2 _d._ in the Pound Land-Tax, would pay Interest for all, and the
Million gained out of it would save 2 _s._ in the Pound that Year, which
is making a very good Bargain for the Government.
But you may vary the _Postulata_, as I said before, how you please.
_Object._ IX.
_The new Coined Money will appear very small to the Eye._
_Answ._ Go which way you will, it must be smaller than it was, or of
greater value, because Bullion is dearer than when the Mill’d Money was
Coin’d, and if the new Coin’d Money were to have an Intrinsick Value, it
must necessarily be ⅕ less than it now is, and according to these
Proposals it will be but about ⅓.
Supposing Silver at this extraordinary Price, I don’t see how it can
possibly be larger than as 8 to 10, and this Proposition is as 8 to 12.
_Object._ X.
[Sidenote: _Cotton Post._ p. 294.]
The Mint is the Pulse of the Common-Wealth, _and this would discover
us to be in a weak Condition_.
_Answ._ It will discover us doubtless, to be in a borrowing Condition
upon good Interest and Security; but that’s the worst of it; whereas if
the Mint should only give us an imaginary Valuation, then we are
discovered to be in an imaginary Habit of Wealth.
CHAP. IX.
_Advantages and Conveniencies most of which may be expected from this
Method._
1. The Subject will be assured by the giving intire Satisfaction for
Clipt Money, that the Coin of _England_ Minted by Authority, is an
inviolable and an unalterable Property which the _Parliament_ will for
ever maintain, even in the worst of times; the Consideration of which,
will give the real and additional Value of the new Coin’d Money, a
Credit throughout the World. And People will be the better able to pay
Taxes if they are at no loss by their Clipt Money.
2. The Denomination of the Silver Coin will not hereby be raised above
the real value.
3. The Trade and Circulation of Bullion in and out of the Kingdom, will
not be at all hinder’d, so that as much Silver and Gold may be yearly
transported into _Flanders_, as the occasions of the War require,
without loss of Coinage; and Money which is the Vital warmth of In-land
Trade, by which People are enabled to pay Taxes, always preserved among
us.
4. The frequent Rises and Falls of Money beyond Sea, will be no longer
an effectual trick to cheat us, as it hath hitherto been.
5. If it should after all be exported, it will be 20 _l. per Cent._ more
to the Exporters loss, than if it had a full Intrinsick Value.
6. That 20 _l. per Cent._ which the Exporters lose, will be gain’d by
the Government; because for what is exported, no Interest will be paid,
nor no Principal at the end of the War.
7. The Coin’d Silver of the whole Nation, may in times of Peace be
reduced to the old Standard, and Intrinsick Value, without recoining or
altering the Species.
8. Those who hide and hoard up their Money, to defeat the Intents of a
_Tax_ upon it, will be disappointed of their Ends, and become greater
Losers than by producing it; whereby Money may be affected by _Taxes_,
which now cannot so easily be done.
9. All the Benefits and Advantages which can be proposed by a raising of
the extrinsick and denominated Value of Money, will be hereby secured,
and all the Inconveniencies of that Method obviated.
10. All the Advantages which can be proposed to the Publick by Coining
after the old Standard, will hereby be effected, at a very
inconsiderable present Expence, and no more than one Million at the end
of the War.
11. Guineas will hereby fall in their Estimation, by an easie, natural,
and gradual Abatement.
12. The Plenty of Money will be much greater, the Intrinsick Value more,
and the Certainty of what a Man takes clearer than is at present.
_And the real Value of our Coin, as great as ever, to all Intents
and Purposes, but of Exporting, Melting-down, and Hiding._
FINIS.
------------------------------------------------------------------------
TRANSCRIBER’S NOTES
1. CONTENTS added by transcriber
2. Changed “Silver Risen more then Gold” to “Silver Risen more than
Gold” on p. 20.
3. Changed “Coyning: So that the Crying down of base money” to
“Coyning: So that the Coyning down of base money” on p. 58.
4. Changed “which a first” to “which at first” on p. 73.
5. Silently corrected typographical errors.
6. Retained anachronistic and non-standard spellings as printed.
7. Enclosed italics font in _underscores_.
8. Enclosed bold font in =equals=.
9. Superscripts are denoted by a caret before a single superscript
character or a series of superscripted characters enclosed in
curly braces, e.g. M^r. or M^{ister}.
*** End of this LibraryBlog Digital Book "The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject" ***
Copyright 2023 LibraryBlog. All rights reserved.