FURTHER
ConftDmtton$
' •
Concerning
Raifing the Value
MONEY
WHEREIN
Mr. Lowndes % Arguments for it
in his late Report concerning
Jn EJfy for the Amendment of
the Silver Coins^ are particu-
lariy Examined,
*-
loUdon,
Printed for A. and 'J. Churchil at the Black.
Swan in Pater'Nofier-RoWj MDCXCV.
TO TrtE
Right Honorable
S^John Sommers, Kt.
Lord Keeper of the Great
Seal of England y and
one of His Majefties
moft Honorable Privy
Council.
MY LORD,
The PapersI here prelent your
Lordfhip, are in Subftance
the fame with one which I
delivered to you, in Obedi-
ence to the Commands 1 received by
your Lordfhip, from their Excellen-
cies, the Lords Juftices; and with
A 2 another
The Dedication.
another, which I writ in Anfwer to
fbme C^eftions your Lordfliip was
pleafed to propole to me concerning
our Coin. The Approbation your J'
Lordftiip was pleafed to give them ', '
then, has been an Encouragement to
me, to revife them now, and put '
them in an Order; fitter to comply | '
with their Dcfires, who will needs I
have me print fbmething at this time, j
oil this Subjefl:: And could any thing ^
ofthis Nature be received with Indif-
ferehcy in this Age; the Allowance ^
they have had from your Lordfhip ,
whole, great and clear Judgment is, PP°
with general Confent and Applaule, I* ' '
acknowledged to be the juft Meafure '^J^
of Right and Wrong amongft us, ,r^^
might make me hope that they might I ,i
pais in the World without any great, PP.,
DiHike. fPpJ
However, fince your Lordfhip®'^
thought they might be of life to clear
fbme Difficulties, and reftifie Ibme®^*
wrong Notions that are taken up® ^
about Money, I have ventured them^'
into^the World, defiring no Mercy
any
The Dedication.
er to, erroneous Pofitions or wrong
\v25l Rea-fonings, which ihall be found in
them. I fhall never knowingly be of
any, but Truths and my Countrey's
:rniDg
your
them'fide ' ^he former I fliall always gladly
ent toj and own, whoever fhews it
d put^^ • Papers, I am fure,
omply "0 other Aim, but to do what
little I can , for the Service ol my
stime: Lordfliip's fo evident-
^thing preferring that to all other Confide-
rations, does, in the Eyes of all Men,
fit lb well upon you, that my Ambi-
tion will not be blamed ; if I in this,
^propofe to my felf fb great an Exam-
Cp' pie ; and in my little fphere am mo-
ilndif-
I rved by the fame Principle.
I have a long time forefeen the Mifi
chief and Ruine coming upon us by
.clipp'd Money, if it were not timely
'ftopp'd: And had Concern enough
for the Publick, to make me print
fbme Thoughts touching our Coin
fbme Years fince. The Principles I
_ there m ent on, I fee no reafon to al-
fJJ ter ; They have, if I miftake nor,
^ their Foundation in Nature, and will
A 5 ftand:
gft us
Drddiif
:o clear-
:e foni!
;KJ
t(
aoi*'
The Dedication.
ftand : They have their Foundation
in Nature, and are clear 5 and will be
fb, in all the Train of their Conle-
quences throughout this whole ( as it
is thought) myfterious Bufinefs of
Money, to all thole, who will but
be at the eafie Trouble of ftripping
this Subjeft of hard, obfcure and
doubtful Words, wherewith Men are
often miflead and miflead others. And
now the Dilbrder is come to Extremi-
ty, and can no longer be plaid with, I
wifh it may find a liiddain and elFeftu-
al Cure; not a Remedy in Sound and
Appearance, which may flatter us
on to Ruine in the Continuation of a
growing Milchief, that calls for pre-
lent Help.
I wifh too, that the Remedy may
be as eafie as polCble ; and that the
Cure of this Evil be not ordered fo as
£0 lay a great Part of the Burden une-
qually on thofe, who have had no
particular Hand in it. Wefimwjler~
Hall is lb great a Witnels of your
Lordlbip'sunbiafled Juftice, andftea-
Care to prelerve to every one their
Right;
T'he Dedicationl
Right ; that the World will not
wonder you Ihould not be for fuch
leflening our Coin, as will, without
any Reafon, deprive great Numbers
of blamelels Men of a Fifth Part of
their Eftates, beyond the Relief of
Chincery, I hope this Age will fcape
lb great a Blemilh. I doubt not but
there are many, who, for the Service
of their Countrey, and for the Sup-
port of the Government, would glad-
ly part with, not only one Fifth, but
a much larger Portion of their Eftates.
But when it lhall be taken from them,
only to be beftowed on Men in their,
and the common Opinion, no better
deierving of their Countrey than
themfelves, unlefs growing exceed-
ingly rich by the publick Neceffities,
whilft every body elfe finds his For-
tune ftreightned by them, be a pub-
lick Merit, that deferves a publick
and fignal Reward, this Lois, of one
Fifth of their Debts and Income, will
fit heavy on them, who' fball feel it
without the Alleviation of any Profit
or Credit, that will thereby accrue to
A 4 the
The Dedicatimi
the Nation, by/uch a leflening of our
Coin.
If any one ask, how I, a retired
private Man, come at this time to
meddle with Money and Trade : For
they are infeparable 5 I reply, that
your Lorfhip, and the other great
/ Men that put me upon it, are an-
fwerable for it: Whether what I fay
be to the purpofe or no, that I my
feif am anfwerable for. This I can
anfwer to all the World, that I have
not faid any thing here, without a
full Perfwafionofits Truth ; nor with f
any other Motive or Purpofe than the
clearing of this artificially perplexed,
rather in it felf myfferious Subjed,
as far as iny poor Talent reaches. ThaC
which perhaps I fhall not be fo well
able to anfwer, to your Lordfhip and
my felf, is the Liberty I have taken,
in fuch an Addrefs as this, to profefs
fhatlam, "
^ My Lord,
Tour Lordfhips mofi humble
and mofi Obedient Servant
JOHN LOCKE.
oor
'i' ■'
THE
PREFACE.
T Hough Mr. Lowndes a?jd I
differ in ihe Way, yet 1 affure
my [elf, our End is the fame;
and that ive bptb fropofe to
, , our [elves the Service of our Country.
He is a Man known fo able in the Fojl
he is in ; to which the bufinefs of Money
peculiarly belongs : And has [hewed him-
felf fo learned in the Records, and Mat-
ters of the Mint; and fo exaSl in Cal-
culations and Combinations of Numbers
relating to our Coin, either already in
ufe, or dejigned by him, that 1 think I
fbould have troubled the Publick no more
en this Subje^, had not he himfelf en-
gaged me in it ; and brought it to that
pafs, that either 1 mufi be thought to re-
nounce my own Opinion, or mufi publick^
ly oppofe his. Whilfi
r j|
The Preface.
Whilfi his TrcHfe was yet a Ma/su-
fcrift, ahA before it was laid before thofe
great Perforss, to whom it was afterwards
fubmitted^ he did me the Favour to fbew
it to me ; and made me the Compliment,
to ask me my Opinion of it. Though we
had fome fbort Difcourfe on the Subje&,
yet the multiplicity of his bufinefs, whilfi
I (laid in Town ; and my Health, which
foon after forced me out of it, allowed us
not an occafton to debate any one point
throughly , and bring it to an ijjue Be-
fore I returned to Town, his Book was
in the Prefs; and fintfhed befme I had
the opportunity to fee Mr. Lowndes
again. And here he laid a new Obliga-
tion on me, not only in giving me one of
them ; but telling me, when I received
it from his Hands, that it was the firjl
he had parted with to any Body. J then
went it over a fecond time, and having
more leifure to confder it, I found there
were a great many Particulars in it drawn
out of Ancient Records, not commonly
known , wherewith he had obliged the
W 'orld. Thefe, which very pleaftngly en-
pertained me, though they prevail d not
on
The Preface.
on mt to he of his Opinion every wherCy
yet joynd mth the great Civilities he had
fhewn tne, left me in a dtfpofition fa little
inclined to oppofe any thing in ity that 1
fbottld rather have chofen to acknowledge
my felf in Print, to he his Converty if
his Arguments had convinced me, than to
troubled the World with the Reafons, why
I Dijfent from him.
In this Difpofttion my Pen relied^
from medling any farther with this Sub^
jeli whiljl 1 was in Town^ foon after my
own Healthy and the Death of a Friend,
forPd me into the Country : And the bu-
finefs occafion'd thereby, and my own pri-
vate Affairs, took up all my time, at my
frft coming thither \ and had continued
onto do foy had not fever al repeated in-
tinsations and inflances from London,
not without fame reproaches of my back-
wardnefsy made me fee, that the fVorld
concerned me particularly in M.Lowndes'i^
Pojifcripty and expelled fomething from
me on that occafion.
Though pofftbly 1 was not wholly out of
his mind when Mr. Lowndes writ that
Invitation, yet I Jhall not make my felf
the
The Preface.
the Commitments to think I alone am eon'
cern'din it. The great importance of the
matter made him defire every one to con'
tribute what he could to the clearing of it^
and fitting it in a true light. And I muji
do him this R igbt, to thinkj that he pre'
fers the publick Good to his private Opi-
nion 5 and therefore is willing his Propo-
fals and Arguments jhould be with free-
dam exatnind to the bottom^ that if there
be any mijlake in themy no body may be
mijled by his Reputation and Authorityy
to the prejudice of his Country. Thus I
under It and his Pojifcripty and thus 1
flsall endeavour to comply with it. I jhall
to the belt of my skilly examine his Argu-
ments with all Refpect to him^ and Fide-
lity to Truthy as far as I can difcover it.
The franknefs of his proceeding in parti-
cular with mcy ajjures me he is fo great a
Lover of 7ruth and Righty that he will
not think himfelf injuPd when that is de-
fended; and will be glad^ when it is made
plaiuy by whofe Hand foever it be.
This is what has made me publifb thefe'
PaperSy without any derogation to Mr.
Lowndej, or fo much as a fufpition that
he
The Preface.
he will take it amifs. 1 judge of him by
my felf. for I jhall think my felf obliged
to any one, who jhallJhew me, or the Pub-
lick, any material mijtake in any thing
I have here [aid, whereon any fart of the
Queliion turns.
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Further
Lift
(O
ler
FURTHER
ConftDerattons
Concerning
Raijing the Value
MONEY
Silver is the 3In(frument and S^eafure
of Cotnmerce in all the Civilized
and Trading parts of the World.
It is the 31nttrument of Commerce by
its intrinfick value. -
The intrinCck halue of Silver confider'd
as Money, is that eftimate which commoa
confent has placed on it, whereby it is
made Equivalent to all other things, and
confequently is theuniverfal Barter or Ex-
change which Men give and receive for
B other
CO
other things they would purchafe or part
with for a valuable confideration : And
thus as the Wife Man tells us, Momy an.
fwers all things.
Silver is the Sl^afure of Commerce by
its quantity, which is the Meafure alfo of
its intrinfick value. If one grain of Silver
has an intrinfick value in it, two grains of
Silver have double that intrinfick value,
and three grains treble, and fo on propor-
tionably.This we have daily Experience of,
in common buying and felling. For if one
Ounce of Silver will buy, i.e. is of equal
value to one Bufliel of Wheat, two Ounces
of Silver will buy two Bufhels of the fame
Wheat, i. e. has double the value. 1
.Hence it is evident, that an equal quatu
tftp of Silver is always of equal value to
an equal quantity of Silver.
V This common fenfe , as well as the
Market, teaches us. For Silver being all
of the fame nature and goodnefs, having
all the fame quantities, 'tis impolfible but
it fhould in the fame quantity have the
fame value. For if a lefs quantity of any
Commodity be allowed to be equal in va-
lue to a greater quantity of the fame fort
of Commodity, it muft be for fome good
quality it has which the other wants. But
^Iver to Silver has nofuch difference.
Here
(5)
Here it will be asked, is not feme
btr finer than other ?
1 anfwer, one mafs of mixed Metal not
difcerned by the Eye to be any thing but
Silver, and therefore called Silver, may
have a lefs mixture of bafer Metal in it
than another, and fo in common fpecch Is
faid to be finer Silver. So Dncatoous ha-
ving a lefs mixture of Copper in them
than our Englifh Coin has, are faid to be
finer Silver. But the truth is, the Silver
that is in each is equally fine, as will ap-
pear when the bafer Metal is feparate
from it. And 'tis of this pure or fine filver
I muft be underftood when 1 mention filver;
not regarding the Copper or Lead which
may chance to be mixM with it. For ex-
ample: Take an Ounce of fine filver, and
4 of an Ounce of Copper, and melt them
together, one may fay of the whole mafs,
that it is not fine filver, but it is true there
is an Ounce of fine filver in it; and though
this mafs weighing I4 Ounce be not of
equal value to 14 Ounce of fine filver, yet
the Ounce of fine filver in it is, when fe-
parate from the Copper, of equal value
to any other Ounce of filver.
By this Meafure of Commerce, viz.. the
quantity of filver. Men meafure the value
of all other things. Thus to meafure what
the value of Lead is to Wheat, and of ei-
B 2 ther
(4) ■
ther of them to a certain fort of Linnen
Cloth, the quantity of Silver that eath is
va uedator fells for, needs only be known.
For if a Yard of Cloth be fold for i Ounce
of Silver, a Bulhel of vVheat for one Ounce,
and an hundred weight of Lead for two
Ounces, any one prefently fees and fays
that a hufhcl of Wheat is double the value
of a Yard of that Cloth, and but half the
value of an hundred weight of Lead.
Some are of opinion that this meafure
of Commerce, like all other meafures, is
Arbitrary, and may at pleafure be variedly
by putting more or fewer grains of Silver
in pieces of a known denomination, v. g.
by making a penny or a fhilling lighter or
heavier,inSilvcr,inaCountry wherethefe are
known denominations of pieces of lilver mo-
ney.But they will be of another mind, when
they conlider that Silver is a meafure of a
nature quite different from all other. The
Yard or Quart Men meafure by, may reft
indifferently in the Buyers and Sellers,or a
third perfons hands, it matters not whoft
it is. But it is not fo in Silver. It is the
thing bargain'd for, as well as the meafure
of the bargain; and in Commerce paflcs
from the buyer to the feller, as being in
"fuch a quantity equivalent to the thing
fold: And fo it not only meafures the value
of the Commodity it is apply'd to, but is
given
(5)
given in Exchange for it, as of equal value
But this if does,f as is vilible) only by its
quantity^ and nothing elle. For it muft be
retnembred, that Silver is the Inflrument
as well as A4eafnre of Commerce, and Is
given in Exchange for the things traded
for; And every one defiring to get as much
as he can of it for any Commodity he fells,
'lis by the quantity of Silver he gets for it
in Exchange, and by nothing elfe, that he
meafures the value of the Comrh^ity he
fells.
The Comi'nn: of silver, or making
ntp of it, is the afcertaining of its qu^n-
tity by a publick mark, the better to fit it
for Commerce.
In CoirPd Silver or Money there are thefe
three things, which are wanting in other
Silver, i. Pieces of exaftly the fame weight
and finenefs. 2. A ftamp fet on thofe
pieces by the publick Authority of that
Country. 3, A known denomination gi-
ven to thefe pieces by the fame Authority.
The fetantp is a mark, and as it were
a publick voucher that a piece of fuch a
denomination is of fuch a weight, and
fuch a finenefs, i.e. has fo miich Silver in
it.
That precife weight and finenefs,by Law
appropriated to the pieces of each deno-
Eiination, is called the &tanbacti.
B 3 ifmc
(6)
iFl'ne filter is Silver without the mix-
tare of any bafer Metal.
SiUap is bafer Metal mixed with it.
The iFi'nencf0 of any Metal appearing
to be Silver, and fo called, is the proper-
tion of Silver is in it, compared with what
there is in it of bafer Metals. '
The Finenefs of Standard Silver in Eng-
land is eleven parts Silver, and one part
Copper, near: Or to fpcak more exaftly,
the proportion of Silver to Copper is as
an hundred and eleven to nine. Whatever
piece or mafs has in it of bafer Metal
above the proportion of 9 to 11 t , is worfe
or courfer than Standard. Whatever mafs ^
of Metal has a lefs proportion than 9 to
XII, of bafer Metal in it, is better or
finer than Standard.
Since Silver is the thing fought, and
would better ferve for the meafure of
Commerce if it were unmixt, it will polfi-
bly be asked why any mixture of bafer
Metal is allowed in Money, and what ufe
there is of fuch Sllla^, which ferves to
make the cjuamity of Silver lefs known in
the feveral Coins of different Countries ?
Perhaps it would have been better for -'
Commerce in general, and more conveni-
ent for all their Subjeds, if the Princes
every where, or at leaft in this part of the
World, would atfirft have agreed on the
' fine-
( 7 )
finenefs of the Standard to have been juft
Allay, in round numbers j without chofe
minuter Fraftions which are to be found
in the Allay of moft of the Coin in the
feveral diftind Dominions of this part of
the World: Which broken proportion
of bafer Metal to Silver, in the Standard
of the fcveral Mints, feeras to have been
introduced by the Skill of Men imploy'd
in Coining, to keep that Art (as all Trades
are call*d) a Myftery rather than for any
ufe or neceffity there was of fuch broken
nurabers.But be that it as it will,the Stand-
ard in our Mint being now fetled by An-
thority, and eftabliflied by Cuftom, known
at home and abroad, and the rules and
methods of Eflaying fuited to it •, and all
the wrought Plate as well as Coin of
land being made by that meafure ^ it is of
great concernment that it fliould remain
nnvariable.
But to the queftion 5 What need is there
of any mixture of bafer Metal with Silver
in Money or Plate ? I anfwer, there is
great reafon for it. For,
I. Copper mixt with Silver makes it
harder, and fo it wears and waftes lefs in
ufe than if it were fine Silver, z. It melts
eafier. 3. Silver as it is drawn and mek-
ed from the Mine, being feldora perfcdly
fine, it would be a great charge by refining,
B 4 to
(8)
to feparatc all the bafer Metals from it,
and reduce it to perfeAly unmixt Silver.
The ufe of Coin'd Silver or Money is,
that every Man in the Country where it is
current by publick Authority, may, with-
out the trouble of refining , efTaying or
weighing, be afliired what quantity of Sil-
vcr he gives, receives, or coniradts for, un-
der fuch andfuchdenomination§.
If this Security goes not along with the
publick Stamp, Coining is labour to no
purpofe, and puts no difference between
coin'd Money and uncoin'd Bullion. This
is fo obvious, that I think no Government,
where Money is Coin'd, ever overlooks it.
And therefore the Laws every where, when
the quanti ty of filver has been leffen'd in any
piece carrying the publick Stamp, by Clip-
ping, Wafhing, Rounding, &c. have taken
pff the Authority of the publick Stamp,and
declar'd it not to be lawful Money. This is
known to be fo in£»^/»W,andeverycnemay
not only refufe any Money bearingthe pub-
lick Stamp, if it becUpt,or any ways rob'd -
of the due weight of its Silver; but he that
offers it in payment is liable to Indidlment,
Fine and Imprifonment. From whence we
may fee, that the ufe and end of the pub-
lick Stamp is only to be a guard and vouch-
cr of the quantity of Silver which Men
pontraT for. And the injury done to thp
publick
m
\ , ( 9 )
publick Faith, in this point, is that which
in Clipping and falfe Coining hightens the
Robbery into Treafon.
Men in their bargains contrail not for
denominations or founds, but for the in-
trinlick value^ which is the quantity of
Silver by publick Authority warranted to
be in pieces of fuch denominations. And
'tis by having a greater quantity of Silver,
that men thrive and grow richer, and not
by having a greater number of denomina-
lionsi Which when they come to have need
of their Money will prove but empty
founds, if they do not carry with them the
teal quantity of Silver is expeiled.
♦ The Standard once fetled by publick
Authority,the quantity of Silver eftablifhed
under the feveral denominations/I humbly
conceive, Ihould not be altred ) till there
were an abfolute neceffity Ihewn of fuch a
change, which I think can never be.
The reafon why it Ihould not be chang-
cd is this J Becaufe the publick Authority
is Guarantee for the performance of all
legal Contrads. But men are abfolv'd
from the performance of their legal con-
trads,if the quantity of Silver, under fet-
led and legal denomination, be altred; A?
is evident, ifborrowing i oo /.or 400 Oun-
ces of Silver to repay the fame quantity of
Silver (for that is underftood by the fame
Clo)
fum, and fo the Law warrants it) or ta-
king a Leafc of Land for years to come, at
the like Rent of I oo/. iheylhall pay both
the one and the other in Money CcinM
under the fame denominations with I lefs
Silver in it, than at the time of the bar-
gain. The Landlord here and Creditor are
each defrauded of to per Cent, of what
they contraded for, and is their due. And
1 ask, How much jufter it would be thus
to diilblve the Contracts they had made ?
than to make a Law, that from henceforth
all Landlords and Creditors Ihould be paid
their pail Debts and the Rents for Lcafes
ready made, in dipt Money, twenty per
Cent, lighter than it Ihould be? Both
ways they lofe twenty per Cent, of their
due, and with equal Juftice.
The cafe would be the fame, and legal
Contrads be voided, if the Standard Ihould
be altred on the otherfide, and each fpecies
,of our Coin be made ] heavier. For then he
that had borrowed or contraded for any
Sum, could not be difcharged by paying
the quantity he agreed for, but be liable to
be forced to pay 20 percent, more than
he bargained for, that is, more than he
.ought.
. On the other fide ^ Whether the Creditor
be forced to receive lefs, or the Debtor
,forced to pay more than his Contrad, the
damage
(")
damage and injury is the fame, whenever
a Man is defrauded of his due. And whe-
ther this will not be a publick failure of
Juftice, thus aibitrarily to give one Mans
Right and PoflelTion to another, without a-
ny fault on the fuffering Man's fide, and
without any the leaft advantage to the
publick, 1 (hall leave to be confidered.
Il^aifing of Coin is but a fpecious v^ford
to deceive the unwary. It only gives the
ufual denomination of a greater quantity
of Silver to a lers,('y.^. calling Four Grains
of Silver a Penny to day, when Five
Grains of Silver made a Penny yeflerday)
but adds no worth or real value to the Sil-
ver Coin, to make amends for its want of
Silver. That is impofTible to be done. For ic
is only the quantity of the Silver in it that
is, and eternally will be, the meafure of
its value. And to convince any one of this,
1 ask, whether he that is forced to receive
but 3 zo Ounces of Silver under the denq-
raination of ico /. (for 400 Ounces of Sit-
ver which he lent under the like denomi-
nation of 100 /.) will think thefe 320 Gun-
ces of Silver, however denominated, worth
thofe 400 Ounces he lent ? If any one caii
be fuppofed fo filly, he need but go to the
next Market or Shop to be convinced, that
Men value not Money by the denomina-
tion, but by the ilHantlt? of Silver that is
in
(
\
( 12 )
w it. One may as rationally hope to
lengthen a foot by dividing it into Fif-
teen parts, inftead of Twelve; and calling
them Inches^ as to increafe the value of
' the Silver that is in a Shilling, by dividing
it into Fifteen parts inftead of Twelve,
and calling them Pence. This is all that
is done when a Shilling is raifeJ from
Twelve to Fifteen Pence.
Clipping: of Money is railing it with-
out pnbiick Authority; the fame denomi-
nation remaining to ti e piece, that hath
now lefs Silver in it, than it had before.
Altering the Standard, by Coining pieces
under the fame denomination with lefs Sil-
ver in them than they formerly had, is
doing the fame thing by publick Authori-
ty. The only odds is, that by Clipping the
lofs is not forced on any one (for no bo-
dy is obliged to receive Clip'd Money,) By
altering the Standard it is.
^ Altering the Standard, by raijtng the Mo-
ney ,wili not get to the Publick or bring to
the Mint to beCoin'd one Ounce of Silver .*
But will defraud the King, the Church, the
Univerfiries and Hofpitals, ^c. offo much
of their fcticd Revenue,as the Money is rai^
fed v.g. 20 fer Cent, if the Money (as is
propos'd) be raifed ]. It will weaken,if not
totally deftroy the publick Faith, when all
1 that have trufted the Publick, andalTifted
our
C »3 )
our prefent neceffities, upon Afts of Parlia-
menr, in the Adillion Lottery^ Bank jiB ,
and other Loans^ (hall be defrauded of zopcr
Cent, of what thofe Adts of Parliamenc
V. ere fecurity for. And to conclude,this rai-
fiiig oirr Money will defraud all private
Men of 20 per Cent, in all their Debts and
fetlcd Revenues.
capping by Engliih Men is robbing the
honeft Man who receives clip'd Money,
and transferring the Silver, j. e. the value
is pared ofFfrom it into the Clippers poc-
kec. Clipping by Foreigners is robbing
England it felt. And thus the Spaniards
lately rob'd Portugal of a great part of its
Treafure or Commodities f which is the
fame thing) bv importing upon them
clip'd Money of the Portugal llarap. >
CJippingj and clip'd Money, have befidcs
this robbery of the Pnblick other great in-
conveniences: As the difordering ofTrade,
railing Foreign Exchange, and a general
difturbance which every one feels thereby
in his private Affairs.
Clipping is lo gainful, and fo fecret a
Robbery, that penalties cannot reftrain it,
as we fee by experience.
Nothing, I humbly conceive, can put a
flop to Clipping., now it is grown fo univer-
fal, and Men become fo skilful in it, but
making it unprofitable.
Nothing
C 14)
Nothing can make Clifping unprofitable,
but making all light Money go only for its
weight. This ftops Clipping in a moment,
brings out all the mill'd and weighty Mo-
ney, deprives us not of any part of our
clip'd Money for the ufe of Trade. And
brings it orderly, and by degrees, and
without force into the Mint to be recoin'd.
If clip^d Money be calfd in all at once,
and ftop'd from paffing by weight, I fear it
will itop Trade, put our Affairs all at a
ftand, and introduce confufion. Wheieas,
if it be permitted to pafs by its weight,
till it can by degrees be Coin'd, (the ftamp
fecuring its finenefs as well then as now,
and the Scales determining its weight) it
will ferve for the paying of great Sums as
commodioufly almoft as weighty Money,
and the weighty Money being then brought
out will ferve for the Market Trade, and
lefs Payments, and alfo to weigh the clip'd
Money by.
On the other fide j If clip*d Money be al-
lowed to pafs current by tale, till it be ail
recoin'd, one of thefe two effedts will ap-
patently follow: Either that we Ihatl
want Money for Trade, as the clip'd Money
decreales by being Coin'd into wei^ty ^
(For very few, if any body,who get weigh-
ty Money into their hands, will part with
it, whilll clip'd Money, not of half the va-
05)
lue is current) Or if they do, the Coiners
and Clippers will pick it up, and new Coin
and Clip it whereby clip'<i Money will
be increafcd. So that, by this way, either
Money will be wanting to trade, or clip^d
Money continued. If clifd Money be
itop'd all at once, there is immediately a
Hop of Trade. If it be permitted to pafs
in tale, as if it were lawful weighty Mo-
ney whilft it is recoining, and till all be
recoin'd, that way alfo there will be an
end of Trade, or no end of dif'd Money.
But if it be made to pafs for its weight till
it be all recoin'd, both thefe evils are avoid-
ed, and the weighty Money which we
want will be brought out to boot.
is neceflary to the carrying on of
Trade. For where Money fails, men can-
not buy, and Trade flops.
Crctil't will fupply the defedt of it to
fome fmall degree for a little while. But
Credit being nothing but the expeftation
of Money within fome limited time. Mo-
ney muft be had or Credit will fail.
Money alfo is necelfary to us, in a certain
proportion to the plenty of it amongft
our Neighbours. For if any of our Neigh-
bours have it in a much greater abundance
than we, we arc many ways obnoxious to
them. I. They can maintain a greater
force. 2. They can tempt away our Pco-
' \
Ci6)
pie, by greater wages, to ferve them by
Land or Sea, or in any Labour. 3. They
can command the Markets, and thereby
break our Trade, and make us poor.
4. They canon any occafion ingrofs Na-
val and Warlike Stores, and thereby en-
danger us.
In Countries where Domeftick Mines do
not fupply it, nothing can bring in
but Tribute or Trade. Tribute
is the efFedt of Conqueft.- Trade, of Skill
and Induftry.
By Commerce Silver is brought in only
by an over-ballance of Trade.
An ®i7£rdmUattce of 'cEratie, is when
the quantity of Commodities which we fend
to any Country do more than pay for thofe
we bring from thence: For then the over-
plus is brought home in Bullion.
^ulU'Olt is Silver whofe workman/hip
has no value. And thus Foreign Coin
hath no value here for its ftamp, and our
Coin is Bnl!ion in Foreign Dominions.
'Tis ufelefs, and labour in vain, to Coin
Silver imported into any Country where it
isnottoftay.
Silver imported cannot flay in any
Country in which, by an over-ballance of
their whole Trade, it is not made theirs,
and does not become a real incrcafe of
their Wealth.
If
(l?)
If by a general Ballance of its Trade,
Tngland yearly fends out Commodities to
the value of 400.000 Ounces of Silver
more than the Commodities we bring
home from abroad coft us; there is
100000 1. every year clear gain: Which
will come home in Money, be a real in-
creafe of our Wealth, and will ftay here.
On the other fide, if upon a general baU
lance of our whole Trade, we yearly import
Commodities from other parts to the va-
lue of 100.0001. more than our Commodi-
ties exported pay for, we every year grow
looooo 1. poorer. And if welhould im-
port a Million in Bullion from Spain every
year, yet it is not ours jit is noincreafeto
our Wealth, nor can it ftay here j but muft
be Exported again every grain of it, with
:i 00.0001. of our own Money to boot.
I have heard it propos'd as a way to
keep our Money here, that we Ihould pay
our Debts contracted beyond Seas, by Bills
of Exchange.
The Idlenefs of fuch a PropoOtion will
appear, when the nature of Exchange is a
little confider'd.
Foreign C^jtcliangt is the paying of Mo-
ney in one Country, to receive it in an-
other
The (Cirtlianfft is when a Man
pays for Bills of Exchange above the Par.
C It
(.8)
It is HoVd when he pays lefs than the
far. ^ ^
The I©ar is a certain number of pieces
of the Coin of one Country, containing
in them an equal quantity of Silver to that
in another number of pieces of the Coin
of another Country: v. g. luppofing 35
Shillings of Holland to have juft as niuchi
Silver in them as 20 Englijh Shillings. Bills
of Exchange drawn from England to Hot'
land at the rale of 36 Shillings Dutch for
each pound Sterling, is according to the
Par. He that pays the Money here, and
receives it there, neither gets nor lofes by
the Exchange ; but receives juft the fame
quantity of Silver in the one place, that
he parts with in the other. Butif he pays
one pound Sterling to receive but 30 SkiU
lings in Holland.^ he pays J more than the
and fo pays more Silver for the Ex-
change, let the Sum be what it will.
The reafon of High Exchange^ is the
buying much Commodities in any Foreign
Country, beyond the value of what tl at
Country takes of ours. This makes Englifh
Men have need of great Sumsthere,and this
raifes tht Exchange or Price of Bills. For
what grows more into demand, increald
prefently in price.
Returning Money by Exchange into Fo-
reign parts, keeps not one Farthing frorti
going
(i? )
going out: It only prevents the more trca-
blefome and hazardous way of fending
Money in fpecie forwards and backwards.
Bills of Exchange more comraodioufly, by
Scrips of Paper, even the Accounts between
particular Debtors and Creditors in difFe-
rent Countries, as far as the Commerce
between thofe two places is equivalent:
But where theover-ballance, on either fide,
demands payment, there Bills of Exchange
can do nothing; But Buliion, or money
in fpecie muft be fent. For in a Country
where we owe Money, and have no Debts
owing to us, Bills will not find Credit i bflt:
for a fhort time, till Money can be fent to
reimburfe thofe that paid them5 unlefs we
can think Men beyond Sea will part with
their Money for nothing. If the Traders
of England owe their Correfpondents of
Holland loo.oool. their Accounts with all
the reft of the World ftanding equal, and
remainingfo,one Farthingof this loo.oool^
cannot be, paid by Bills of Exchange. For
example, I owe looo 1. of it; And to pay
that, buy a Bill of N. here, drawn on John
de iVit of Amfterdam^ to pay P. van Lore
my Correfpondent there. The Money is
paid accordingly, and thereby I am out of
Van Lores Debt; but one Farthing of the
Debt of England to Holland is not thereby
paid i for N. of whom I bought the Bill
C 2 of
( 20)
/ of Exchange, is now as much indebted to
, . John de Wtt^ as I was before to P, van Lore.
/ • 'Particular Debtors and Creditors are only
" changed by Bills of Exchange j but the Debt
7 jOwing from one Country to the other,
_ cannot be paid without real Efieds fent
/ thither to that value, either in Comraodi-
7 .ties, or Money. Where the ballance of
S Trade'barely pays for Commodities with
'-j . Commodities, there Money rauft be fent,
^ or elfe the Debt cannot be paid.
1 Have fpoke of Silver Coin alone, be-
c^ufe that makes the Money of Account,
"^uid meafure of Trade, all through the
,^0rld. For all Contrafls are, 1 think,
.eyery where made, and Accounts kept in
'Silver Coin. I am fure they are fo in £»-
gfand^ and the Neighbouring Countries.
Silver therefore, and Silver alone, is the
Meafure of Commerce. Two Metals, as
Cold and Silver^ cannot be the Meafure of
Commerce both together, in any Country:
Becanfe the Meafure of Commerce muft be
perpetually the fame, invariable , and
keeping the fame proportion of value in
.all its parts. But fo only one Metal does,
or can do to it felf: So Silver is to Silver^
and Cold to Gold. An Ounce of Silver is
always of equal value to an Ounce of Silver^
and an Ounce of Gold to an Ounce of Gold-.,
and two Ounces of the one, or the other,
of
^ C2I)
of double the value to an Ounce of thd
fame. But Gold and Silver change thejirl
value one Co anotherFor fuppofing tli^m
to be in value as fixteen to one now 5 per-
haps the next Month they may be as fifteen
and three quarters, or 15 and I to one,
And one may as well make a meafure, v.'g.
a Yard, whofe parts lengthen and flivink,'
as a Meafure of Trade of Materials, that
have not always a fetled 'imvariable Value
to one another.
One Metal therefore alone can be the
Money of Account and Contradt, and the
Meafure of Commerce in any Country.'
The fittefl: for' this ufe, of 'all other, is
Silver^ for many reafons, which need not
here be mention'd. It is enough that the
World has agreed in it, and made it thar
common Money J and as the rightly
call it, Meajare. All Other Metals, Goldy
as well as Lead, are but Commodities, '
CoinmohltieS are Moveables, valuable
by Money, the common itieafure,^
Gold, though not the'Money' of the
World, and the Meafure of' t^bmmerce^
nor fit to be fo, yet may, and opght to be
coined, to afcertain its Weight and Fine-
nefsy And fuch Coin may^ Tafely have a
Price as'well as Stamp fet upb'n it by puV-l
lick Authority *, fo the value fet be under."
the Market price:" For thenTuch pletes
C 3 Coin'd,
taeatLi
C") A
Com'd, will be a Commodity as pallable
as Silver Money, very little varying in
their price: As Guineas which were Coin'd
at the value of zo s. but pafled ufually for
between 21 or 22 (hillings, according to
the current rate •, But not having fo high
a value put upon them by the Law, 'no bo-
dy could be forced to take them to their
lofs at 21 s. 6 d. if the price of Gold
fliould happen at any time to be cheaper.
From what has been laid, 1 think it ap-
pears:
J. That Silver is that which mankind
have agreed on to take, and give in Ex-
change for. all other Commodities, as an
Equivalent-
2. That 'tis by the quantity of Silver
they give or take, or coiitraft for, that
they eftimate the value' bf other things,
and fatisfie for them 5 and thus by its
quant(tp Silver becomes the Meafure of
Commerce, '
3. Hence it necelTarily follows, that a
greater quantity of Silver has a greater
value^ a lefs-quantity of Silver has a lefs
■value; and an equal qiiantftp an equal
value.
4. That Money differs from uncoin'd
Silver onlydn this, that .the quantity of
Silver m each piece of Money, is afcer-
tain'd by tl\eS|amp it begrswhich is fet
(23)
there to be apublick Voucher of its weight
and finenefs.
5. That Gold is Treafare as well as Sil-
ver, becaufe it decays not in keeping, and
never finks much in its value,
6. That Gold is fit to be Coin'd as weli
as Silver, to afcertaln its to thofe
whohave a mindtoTraffick in iti but not
fit to be joynM with Silver, as a Meafure
of Commerce.
7. That Jewels too are Treafure^ becaufe
they keep without decay ; and have con-
ftant^y a great value, in proportion to
their Bulk: But cannot be ufed for Money,
becaufe their value is not meafur'd by their
quantity ^ nor can they, as Gold and Sil-
ver, be divided, and keep their value.
8. The other Metals are not Treafure,
becaufe they decay in keeping, and becaufe
of their plenty ; which makes their value
little in, a great bulk ; and fo unfit for
Money, Commerce, and Carriage.
9. That the only way to bring Treafare
into England^ is the well-ordering our
Trade.
10. That the only way to bring Silver
and Gold to fhe Mint^ for the increafe of
our Stock of Mosey and Treafure, which
(hall ftay here, is an over-ballance of our
whole Trade. All other ways to increafe
our Money and Riches, are but Projec];s
that will fail us. C 4 Thefe
l' 24 )
Thefe things premifed, I fhall now
proceed to fhew wherein I differ from
Mr. Lowndes^ and upon what grounds I do
fo.
Mr. Lowndes propofes, that our Money
fliould be raifed (as it is called) one fifth :
that is, That all our prefent denominations
of Money, as Penny^ Shilling^ Half-crovpn^
Crown^ &c. fhould each have \ lefs Silver
in it, orbeanfwered with Coin of j lefs
value. How he propofes to have it done
I fhall confider hereafter. I fhall at pre-
fent only exarain the Reafons he gives for
it.
His firft reafon, p. 6S. he gives us in
thefe words. The value of the Silver in the
Coin ought to be raifed to the foot of Six Shil-
lings three Pence in every Crown 5 becaufe the
price of Standard Silver in Bullion is rifen to
Six Shillings five pence an-Ounce.
This reafon feems to me to labour un-
der feveral great miftakes, as
1. That Standard Silver can rife in re-
fpeftof it felf.
2. That Standard Bullion is now, ore-
verwas worth, or fold to the Traders in
it for 6 s. % d. the Ounce;, of lawful Mo-
ney of England. For that matter of faft
holds not to be fo, that an Ounce of Sler-
ling^ Bullion is worth 6 s.'^d. of our mill'd
weighty Money, this reafon ceafes j And
; onr
(25)
our weighty Crown pieces ought not tq
be raifed to 6 s. becaufe our light
clip'd Money will not purchafe an Ounce
of Standard Bullion, under the rate of
6 s. ^ d. of that light Money. And let
me add here, nor for that rate neither.
If therefore the Author means here, that
an Ounce of Standard Silver is rifen to
6 s, 5 of our clip'd Money, I grant it
him, and higher too. But then that, has
nothing to do with the raifing our Lawful
Coin, which remains unclip'd ; unlefs lie
will fay too, that Standard Bullion is fo
rifen, as to be worth, and aduallytofell
for 6s. %d. the Ounce of our weighty mill'd
) Money. This I not only deny, but farther
add, that it is impoffible to be fb. For
fix ftillings and five pence of mill'd Mo-
-ney, weighs an Ounce and a Quarter near.
Can it therefore be poflible, that one
Ounce of any Commodity, Ihoiild be
wo^th an Ounce and Qtiarter of the felf-
fame Commodity, and of exaflly the fame
-goodnefs ? For fo is Standard Silver to
Standard Silver. Indeed one has a mark
upon it, which the other has not: But it
is a mark that makes it rather more, than
■ lefs valuaWe: Or if the mark, by hindring
its Exportation, makes it lefs valuable for
that purpofe, the Melting-pot can eallly
take it off.
The
(26)
The complaint made of melting down
our weighty Money, anfwers this reafoa
evidently. For can it be fuppos'd, that a
Goldfmith will give 14 Ounce of .Goin'd
Silver, for One Ounce of Bullion when by
putting it into his Melting-pot, he can for
Icfs than a Penny charge make it Bullion ?
CFor 'tis always to be remerabred, what I
think is made clear, that the value of Sil-
ver, confidercd as it is Money, and the
meafureof Commerce, is nothing but its
quantity.') And thus a raill'd Shilling, which
has double the weight of Silver in it to a
current Shilling, whereof half the Silver
is clip'd away, has double the value. And
to fliew that this is fo,I will undertake,that
any Merchant, who has Bullion to fell,
fhall fell it for a great deal lefs number of
Shillings in tale, to anyone, who will con-
trad to pay him in mill'd Money, than
if he be paid in the current clip'd Money.
Thofe who fay Bullion is 3^tCen, I de-
fire to tell me', What they mean by Ri-
1 jTew? Any Commodity, I think, is pro-
i pcrly, faid to be BifjEit, when the fame
I will exchange for a greater ^«4k-
] my of another thing; but more particu-
> larly of that thing which is the meafure
7 of Commerce in the Country. And thus,
^ Gorn is laid to be Riftn amongll the Eng-
7 in Eirginiaj when a BufheJ of it will
\ ' . fell,
(27)
fell, or exchange for more pounds of To.
bacco5 Amongft the Www/, when it will /
fell for more yards of W^w/wpowpe^/, which )
is their Money ^ And amongft the EngU(h
here, when it will exchange for a greater ,
quantity of Silver, than it would before. 7
Etfing and fmtiing of Commodities is always ^
between feveral Commodities of diftind /
worths. But no body can fay that To- )
bacco ( of the fame goodnefs ) is rifen "7
in refpeft of it felf. One Pound of \
fhe fame goodnefs will never exchange s
for a Pound and a Quarter of the fame
g^oodnefs. And fo it is in Silver; An
Dunce of Silver will always be of equal va-
lue to an. Ounce of Silver •, nor can it ever
rife or fall in refpeil of it felf: An Ounce
of Standard Silver can never be worth
Ounce of Standard Silver 5 nor one Ounce
of uhcoin'd Silver, exchange for 14 Ounce
of Coin'd Silver : The ftamp cannot Ip
^uchdebafe its value. Indeed the ftamp
hindring its free exportation, may make
the Goldfmith (who profits by the return
of Money) give or <0 or perhaps
ibmetimes more (that is 5/. ild. 5/.
or 5/. ^d. the Ouncej of Coin'd Silver
for uncoin'd, when there is need of fend-
jng Silver beyond Seas-, as there always is
when the ballance of Trade will not fup-
ply our wants, and pay our debts there.
But
(28;
But much beyond this, the Goldfmi'th will
never give for Bullion; fince he can make
it out of Coin'd Money at a cheaper rate.
Tisfaid is rifen to6 J. the
Ounce, i. e. that an Ounce of uncoin'd
Silver will exchange for 11 Ounce of
Coin'd Silver. If any one can believe this,
I will put this Ihort Cafe to him. He has
of Bullion or Standard uncoin'd Silver,
two round plates, each of exad fiie and
weight of a Croren piece: He has befides,
of the fame Bullion, a round plate of the
weight and fize of a Shillings and another
yet lefs, bf the exadt weight and fize 'of a
Three-pence. The two great Plates being
of equal weight, and finenefs, I fuppofe
he will allow to be of equal value, and
that the two lefs, joyn'd to either of them,
make it I more worth than the other is
by it felf, they having all three together
^ more Silver in them. Let us fuppofe
then, one of the greater, and the two lefs
plates to have received the next moment,
(by Mir&cle, or by the Mil), it tnatters not
how ^ the.mark or ftamp of our Crown^ our
Shillings "and cur Three-pence: Can any
body fay, that now they have got the ftamp
, pf our Mint upon thera, they are fo fallen
in value, or the other unftamp'd piece fo
JRifen, that that unftamp'd piece which
moment before was worth only one of
i the
( 29)
the other pieces, is now worth them all
three? Which is to fay, that an Ounce of
iincoin'd Silver is worth an Ounce and a
Qiiarter of Coin'd. This is what men
i"' would perfuade us,when thev fay,that Bui-
Mifi ]ioj| 13 to 6 s. ^d. [^oflawful Mo-
WKii ney3 the Ounce, which 1 fay is utterly
impoflible. Let us confider this a little
farther in an other inftance. The prefent
Mill'd Croipwpiece, fay they, will not ex-
change for an Once of Bullion, without
the addition of a Shilling and a Tlnree-fence
■sofib of weighty Coin added to it. Coin but
anotk that Crown piece into 6 s. and 3 d. and
Czeoii then they fay it will buy an Ounce of
eslxq^ Bullion, or elfe they give up tljeir reafoa
and njeafure of railing the Money. Do
oe, aj: that which is allow'd to be equivalent to
of:lit3, Coining of a prefent Mill'd Crown piece
others into 6 s. ^ d. (-viz.. ) call it, 75 Pence,
logetlr and then alfo it mull by this Rule of raijing
foppol buy an Ounce of Bullion. If this be fo, the
twoki felf-fame roiU'd Crovyn peice will and will
joio:. not exchange for an Ounce of Bullion. Call
crcnimi it 60 pence, and it will not: The very next
(»j,0E moment call it 7 5 pence, and it will. I am
> ai; afraid no body can think change of dene-
tiellac; mination has fucha power;
fofafe Mr. Lowndes fupports thigf 1)10 firft rea-
piece I fon with tbefe words, p. 68. This reafon^
> (fhiti which I humbly conceive will ofpsar irrefraga.'
one f' ^ K
tin
C?o)
bkj is grounded upon a Truth fo Apparent^
that it may well he compared to an Axiom^ even
in Mathematical reafomng j to wit, that
CElietifoeter t^ie intuinack balue of
bep m ttjc Coin, Ijatl) been, oj iball bo l.cfs'
tiian t^e pJico of »)ilb£c in Bullion, t^e
Coin ^atlj anb bJill bemcltcb bobn.
This I think, though it be allowed Mr.
Lowndes for z's Apparent a Truth^tind as cer-
tain a Maxim as he could wiih, yet ferves
not at all to his purpofe of lelftning the
Coin. For when the Coin, is as it ihould
be, according to the Standard flet the
Standard be what it will ) weighty and
unclip'd, it is impolTible that the value of
CoinM Silver ihould be lefs than the value
or price of Uncoin'd j Becaufe, as I have
fiiewn, the value and quantity of Silver
are the fame : And where the quantities
are equal, the values are equal j excepting
only the odds that may be between Bullion
that may be freely exported, and Coin'd
Silver that may not; The odds whereof
fcarce ever amounts to above 2 d.per Ounce,
and rarely to above a penny or an half-penny.
And this odds ( whatever it be ) wille-
qually belong to his raifed millM Money,
which cannot be exported, as it will to
our prefcnt mill'd Money , which can-
not be Exported; As I lhall have oc-
calion to (hew more particularly here-
after.
I
r 31)
after. All this diforder, and a thoufand
others, comes from light and unlawful
Money being current. For then it is no
wonder'thatBullion Ihould be kept up to the
value of your clip'd Money ^ that is, that
Bullion Ihoald.not be fold by the Ounce for
lels than 6 s.<^d. when that 6 s.-^d. clip'd
Money paid for it, does not Weigh above
an Ounce. This inftance therefore of the
prefent price of Bullion, proves nothin g but
that the quantity of Silver in Money go-
verns the value of it, and not the denomi-
nation *, as appears when clip'd Money is
brought to buy Bullion. 1 his is a fair
Tryal: Silver is fet againll Silver, and by
that is feen whether clip'd Money be of the
fame value with wdghty of the fame de-
nomination, or whether it be not the quan-
quantity of Silver in it that regulates its
value. I
I cannot but, wonder that Mr. Lowndes^
a Man fo well skill'd in the Law, efpecially
of the Mint, the Exchequer, and of our
Money, Ihould all along in this Argument
fpeak of clip'd Money, as if it were the
lawful Money of England-^ and Ihould
propofe by that (which is in effed by the
Clippers Sheers) to regulate a new fort of
Coin to be introduced into England, And
if he will Hand to that mcafure, and lelfen
the new Coin'd to the rate of Bullion fold
in
C 32 )
in exchange for prefent current clip'd
Money, to prevent its being melted down;
he muft make it yet much lighter than he
propofes, and the raifing it, or to give it
its due name the lelTening of it| will not
ferve the turn .• For I will be bold to fay,
that Bullion now in Englandi% no where to
be bought by the Ounce for 6 s. d. of our
prefent current clip'd Money. So that if
his Rule be true, and nothing can fave the
weighty Coin from melting down, but re-
ducing it to the weight that clip'd Money
is brought to, he miiftleflen the Money in
his new Coin much more than , ^ for an
Ounce of Standard Bullion will always be
worth an Ounce of clip'd Money, whether
that in tale amount to 6 s. d. 6 s. 6d.
Ten Shillings,or any other number of Shil-
lings or Pence of the nick-named clip'd
Money. For a piece of Silver that was
Coin'd for a Shilling, but has half the Silver
clip'd off, in the Law and in propriety of
fpeech is no more a Shilling,Than a piece of
Wood,which was once a fealed Yard, is ftill
a Yard when one half of it is broke off.
Let us conCder this Maxim a little fur-
ther; which out of the language of the
Mint in plain Englilh, I think, amounts to
thus much, That when an Ounce of
Standard Bullion cofls a greater number of
Pence in tale, than an Ounce of that Bullion
can
xsjy
can be Coin'd into by the Standard of the Mint^
the Coin will he melted down, I grant it, if
Bullion Ihould rife to 15 Pence the Ounce
above ■t^s.id. as is now pretended ; which
is to fay, that an Ounce of Bullion cannot
be bought for lefs than an Ounce and a
quarter of the like Silver Coined. But
that, as 1 have fhew'd, is impoffible to be:
And every one would be convinced of the
contrary, if we had none now but lawful
Money current. But 'tis no wonder if the
price and value of things be confounded
and uncertain, when the Mcafure it felf is
loft. For we have now no lawful Silver
Money current among us: And therefore
cannot talk nor judge right, by our prefent
uncertain clip'd Money, of the value and
price of things, in reference to our lawful
regular Coin, adjufted and kept to the
unvarying Standard of the Mint. The
price of Silver in Bullion above the value
of Silver in Coin, when Clipping has not
defac'd our current Cafli ( for then the
odds is very rarely above a penny or two
pence the Ounce) is fo far from being a
caufe of melting down our Coin, that this
price given above the value of the Silver in
our Coin, is given only to preferve our
Coin from being melted down: For no
body buys Bullion at above 5 j. id, the
Ounce, ( which is juft the value ) for any
D other
(34>
Other reafon, but to avoid the crime and
hazard of melting down our Coin.
I think it will be agreed on all hands,
that no body will melt down our Money,
|3Ut for profit. Now profit can be made
by melting down our Money, but only in
two cafes.
Firfl:, When the current Pieces of the
fame denomination are unequal, and of
different Weights 5 forae heavier, fome
lighter: For then the Traders in Money,
cull out the heavier, and melt them down
v>?ith profit. This is the ordinary fault of
Coinimj by the Hammer; wherein it ufu-
ally fulficed, That a Bar of Silver was cut:
into as many Half-crowns, or Shillings, as
anfwer'd its due weight; without being
very exad in making each particular
piece of its due weight; whereby fome
pieces came to be heavier, and fome lighter,
than by the Standard they fiiould. And
then the heavier pieces were cull'd out, and
there was profit to be made f as one eafily
perceives) in melting them down. But
this caufe of melting down our Money is
eafily prevented, by the exafter way of
Coining by the Mill, in which each fingle
piece is brought to its jufl: weight. This
inequality of pieces of the fame denomi-
nation, is to be found in our Money, more
.thanever, fince Clipping has been In falhi-
on •,
(55)
on: And therefore 'tis no wonder, that
in this irregular State of our Money, one
complaint is, that the heavy Money is
melted down. But this alfo the making
clip'd Money go at prefent for its Weight,
(which is a fuddain reducing it to the
Standard ) and then, by degrees, recoin-
ing it into raill'd Money f which is the ul-
titrate and more compleat reducing it to
the Standard ) perfedly cures.
The other cafe wherein our Money comes
to be melted down, is a iofing Trade *, Or,
which is the fame thing in other words, an
over-great Confumption of Foreign Com-
modities. Whenever the over-ballance
of Foreign Trade makes it dilEcult for
our Merchants to get Bills of Exchange,
the Exchange prefently rifes, and the Re-
turns of Money raife them in proportion
to the want of money Englilh men have in
any parts beyond Seas. They who thus
furnilhthcm with Bills, not being able to
fatisfie their CorrefiX)ndents on whom
thofe Bills are drawn, with the produd of
our Commodities there, muft fend Silver
from hence to reimburfe them, and repay
the money they have drawn out of their
hands. Whilft Bullion may be had for a
fmall price more than the weight of our
current Calh, thcfe Exchangers generally
choofe rather to buy Bullion, than<fun the
D 2- rifque
( 3« )
lifqueof melting down cur Coin, which
isCriminal by the Law. And thus the mat-
ter for the moft part went, whilfl: millM
and dipt Money palTed proraifcuoufly in
payment: For fo long a dipt Half-crown
was as good here as a mill d one, fince one
palTed, and could be had as freely as the
other. Bnt as foon as there began to be a di-
ftinftion between dipt and unclipt Money,
and weighty Money could no longer be had
for the light. Bullion ( as was natural )
rofe; And it would fall again to morrow
to the price it was at before, if there were
none bnt weighty Money to pay for it. In
fltort, whenever the whole of our Foreign
Trade and Confumption exceeds our Ex-
portation of Commodities, onr Money
muft go to pay our Debts fo contrafted,
whether melted, or not melted down. If
the Law makes the Exportation of our
Coin Penal, it will be melted down j if it
leaves the Exportation of our Coin free,,
as in Holland^ it will be carried out in
fpecie., One way or other go it mull, as
we fee in Sfain ; but whether melted down,
or unmelted down, it matters little: Our
Coin and Treafure will be both ways
equally diminilhed, and can be rellor'd
only by an over-ballance of our whole Ex-
portation, to our whole Importation of
coHfumgble Commodities. Laws made.
againft
(37)
againfl: Exportation of Money or Bullion,
will be all in vain. Reftraint, or Liberty
in that matter, makes no Country Rich
or Poor : As we fee in HoiUnd 5 which had
plenty of Money under the free liberty of
its Exportation •, a nd in great want
of Money under the fevercft penalties
againfl: carrying of it out. But the Coin-
ing, or not Coining our Money, on the
fame foot it was before, or in bigger or
lefs pieces, and under whatfoever denomi-
nations you pleafe, contributes nothing
to, or againfl its melting down or Expor-
ration, fo our Money be all kept each fpe-
cies in its full weight of Silver, according
to the Standard: For if fome be heavier,
and fome lighter allowM to be current, fo,
under the fame denomination the heavier
will be melted down, where the tempta-
tion of profit is confiderable, which in
well regulated Coin kept to the Standard,
cannot be. But this melting down carries
not away one Grain of our Treafure out
of England. The coming and going of that
depends wholly upon the Ballance of our
Trade; and therefore it is a wrong Con-
cluiion which we find, p. 71. That conti'
nuing either old or nerv Coins on the frcfent foot^
will he nothing elfe hut furnijhing a Species to
melt down at an extravagant profit^ and will
encourage a violent Exportation of our Silver
D 3 M
(38)
for fake of the gain only, till we Jhall have
little or none left. For example j Let us
fuppofe all our light Money new Coined,
upon the foot that this Gentleman would
have it, and all our old mill'd Crowns
going for 75 pence, as he propofes, and
the reft of the old mill'd Money propor-
tionablyj Idefire it to be lhewed how this
would hinder the Exportation of one
Ounce of Silver, whilft our Affairs are in
the prefent pofture. Again, on the other
fide, fuppofing all our Money were now
mill'd Coin upon the prefent foot, and
ourBallance qf Trade changing, our Ex-
portation of Commodities were a Million
more than our Importation, and like to
continue (b yearly ; whereof one half was
to Holland., and the other to Flanders.,x.\\qx&
being an equal Ballance between England
and all other parts of the World we 1 rade
to i I ask, what poffible gain could any
Englifti Man make, by melting down and
carrying out our Money to Holland and
Elanders, when a Million was to come
thence hither, and Englilb Men had more
there already than they knew how to ufe
there, and could not get home without
paying dear there for Bills of Exchange ?
if that were the cafe of our Trade, the
Exchange would prefently fall here, and
fife there beyond the Par of their Money
to
(39)
to ours, i. e. An Englilh Merchant muft
give in Holland more Silver for the Bills
he bought there, than he Ihould receive
upon thofe Bills here^ if the two Sums
were weigh'd one againft the other 5 or
run the rifque of bringing it home in
fpecie. And what then could any Englilh
man get by Exporting of our Money or
Silver thither ?
Thefe are the only two Cafes, wherein
our Coin can be melted down with profit 5
and I challenge any one living to fhew me
any other. The one of them is removed
only by a regular juft Coin kept equal to
the Standard j be that what it will, it
matters not, as to the point of melting
'down of the Money. The other is to be
removed only by theBallance of our Trade
kept from running us behind-hand, and
contrading Debts in Foreign Countries by
an over-confumption of their Commodi-
ties.
To thofe who fay that the Exportation
of our Money, whether melted down, or
not melted down, depends wholly upon
our Confumption of Foreign Commodi-
ties, and not at all upon the Sizes of the
feveral Species of our Money, which will
be equally Exported, or not Exported,
whether Coin'd upon the old, or the pro-
pofed new Foot: Mr. Lowndes replies,
p. 72. D 4 Firfiy
( Ao)
Firfi, That the necejfity of Foreign ex-
fence and Exportation to anfwer the Bal-
lance of Trade^ may be dminifbedy but cannot
in any fenfe be augmented by raijing the Va-
hie of our Monty.
I beg his pardon, if I cannot aflent to
this. Becaufe the neceflity of our Expor-
tation of Money depending wholly upon
the Debts which we contradt in Foreign
parts, beyond what our Connmodities Ex-
ported can pay \ the Coining our Money
in bigger or lefs pieces under the fame or
different denominations, or on the prefent
or propofed Foot, in itfelf neither increaf-
ing thofe Debts, nor the Expences that
make them, can neither augment nor dimi-
nifh the Exportation of our Money.
2. He replies P. 7 2. T hat Melters of the
Coin xoill have lefs frofit by Fourteen pence half-
fenny in the Crown when the Money is Coin-,
ed upon the new Foot.
Tothis I take liberty to fay, thatthere
will not be a farthing more profit in melt-
ing down the Money, if it were all new
milled Money upon the prefent Foot, than
if it were all new Coin'd, as is propofed
I lighter.For whence (hould the profit arife
more in the one, than the other ? But Mr,
Lowndes goes upon this fuppolition ; That
Standard Bullion is now worth fix Shillings
and five Pence an Ounce, of mili'd Money,
(40
(I- and would continue to fell for fix Shillings
« M five Pence the Ounce, if our Money were
utmt ai] weighty mill'd Money .• Both which I
'feh. take to be miftakes, and think I have
proved them to be fo-
slFentto 3. He fays, 'Tis hoped that the Exchange
tExpor- to Holland may he kept at a fiand^ or at leafl
illyiipoi from falling much lower, I hope fo too. But
i Foragi how that concerns this Argument, or the
iiesfc Coining of the Money upon a new Foot, I
It Monet do not fee.
efamcot 4. He fays, P. 73. There h a great dijfe-
Kprefeil rence with regard to the jervice and differ vice
T incraf- of the Pahlick^ between carrying^ out Bullion or
ences tk ^ Coinffor neceffary ufes^ or for prohibited Com-
nordiiii- modities. The gain to the Exporters, which
it]. is that which makes them melt it down and
tersoftk Export it, is the fame in both Cafes. And
ffweWj. the neceffity of Exporting it is the fame.
lyisCok- For 'tis to pay Debts, wltich there is an
equal neceffity of paying, when once con-
tkttbei! traded, though for ufeful things. They
tiDiiiEli' are the Goldfmiths and Dealers in Silver
lealine! that ufually Export what Silver is fent be-
oot, tk ybnd Sea, to pay the Debts they have con-
pfopofd traded by their Bills of Exchange. But
jfolaiir thofe Dealers in Exchange feldom know,
I gut Mr, orconlider, how they to whom they give
jj, Ilia: their Bills, have or will employ the Money
jgjiligi they receive upon thofe Bills. Prohibited
il Moot)', Commodities, 'tis true, ffiould be kept out,
lii and
V
(42)
and ufelefs ones Impoverilh us by being
brought in. But that is the fault of our
Importation: And there the mifchief ihouid
be cured, by Laws, and our way of Living.
For the Exportation of our Treafure is not
the caufe of their Importation, but the
confequence. Vanity and Luxury fpends
theiii;That gives them vent here: That vent
caufes their Importation : And when our
Merchants have brought them, if our
Commodities will not be enough, our Mo-
ney muft go to pay for them. But what
this Paragraph has in it againft continuing
our Coin upon the prefent Foot, or for
making our Coin lighter, I confefs here
again, 1 do not fee.
'Tis true what Mr. Lowndes obferves
here, the Importation of Gold, on the
going of Guineas at 30 /. has been a great
prejudice and lofs to the Kingdom. But
that has been wholly owing to our clip'd
Money, and not at all to our Money be-
ing Coin'd at five Shillings two Pence the
Ounce 5 nor is the Coining our Money
lighter, the cure of it. The only remedy
for that mifchief, as well as a great many i
others, is the putting an end to the paffing
of clip'd Money by tale, as if it were law-
ful Coin.
5. His fifth Head P. 74, is to anfwer
thofc, who hold, thatby thelclTeningour
Money
X
m
J being
living,
feisnot
but ite
Kpenii
ibatveai
(ben 001
Silt ffk
Mtinoiii!
or tor
ifels k
obfens
ijOntk
nagteai
oa, EM
)iir cli|i'l
Penceik
r Monq
yred]
eat uati
loaoff
eoin?®
Koief
(43)
Money one fifth, all People who are to re-
ceive Money upon Contracts already made,
will be defrauded of zo Fer. Cent, of their
due: And thus all men will lofe one fifth
of their fettled Revenues, and all men that
have lent Money of their Principal and
life. To remove this Objedion, Mr.
Lowndes fays, that Silver in England is
grown fcarce, and confequently dearer,
and fo is of higher price. Let us grant for
the prefent, it is of higher price (which
how he makes out 1 fliall examine by and
by.) This, if it were fo, ought not to an-
nul any mans Bargain, nor make him re-
ceive lefs in quantity than he lent. He was
to receive again the fame Sum, and the
Publick Authority was Guarantee that the
fame Sum fliould have the fame quantity
of Silver under the fame denomination.
And the reafon is plain, why in juflice he
ought to have the fame quantity of Silver
again, notwithftanding any pretended rife
,of its value. For if Silver had grown more
plentiful, and by confequence (by our Au-
thor's Rule)cheaperihis Debtor would not
have been compell'd by the Publick Autho-
> rity to have paid him, in conlideration of
its cheapnefs, a greater qu^tity of Silver
than they Contraded for. Cacao Nuts
yvere the Money of a part of America^
yvhen w.c firll came thither, Suppofe then
you
C44>>
you had lent me laft Year 300, or fifteen-
fcore Cacao Nuts, to be repaid this year;
Would you be fatisfied and think your felf
paid your due, if I fhould tell you, Cacao
Nuts were fcarce this year, and that four-
fcore were of as much value this year as an
hundred the laftj and that therefore you
were well and fully paid if I reftored to you
only 1200 for the 1500 I borrowed ?
Would you not think your felf defrauded
of J of your Right,by fuch a payment ? nor
would it rhake any amends for this to ju-
ftice, or reparation to you, that the Pub-
lick had (after your contradi:, which was
made for fifteen Score) altered the denomi-
nation of Score^ and applyed it to fixteen
inftead of twenty. Examine it, and you
will find this jult the Cafe, and the lofs
proportionable in them both: That is, a
real lofs of 2 o Per. Cent. And therefore
a man has Right done him, if he receive ]
lefs Silver than his Contradt. As to Mr.
Lowndes's proofs, that Silver is now % more
value than it was, I fear none of them will
reach Mr. Lowndes's point. He fays P. 77
By daily experience^ nineteen penny weighty and
three tenths of a penny weight of Sterling Sil-
-vfr, which is jttji the weight of a Crown piecej
will purchafe more Coin'd Money than five un'
clif d Shillings. I wifh he had told us where
this daily experience, he fpeaks of, is to be
found .■
C 45)
found For I dare fay nobody hathfeen
fifeej. a Sum of unclifd Shillings paid for Bullion
[tiispr any where this twelve months, to go no
M'Wfe further back.
In the next place, J wilh he had told ns
hliatfc how much more than five lawful mill'd Shil-
spas- lings. Bullion of the weight of a Crown
icrefoiEtt piece will purchafe. If he had faid it would
Wtojt purchafe fix SI illings and three pence
borroK! weighty iMoney, he had proved the matter
IfdefraBii in qneftion. And whoever has the weight-
ymeotlt! of a Crown in Silver paid him in Mr.
)rtliisto; new Coin, inlleadbf fix Shillings
lattbeP-i and three Pence of ourprefent Money,has
iwbich no injury done him, if it will certainly pur-
chafe him fix Shillings and three Pence all
ittofiffl uncli-p'd of our prefeut Money. But every
it, amif one at firfl: fight perceives this to be impof-.
utdtbel; fible, as 1 have already proved it. And I
Thatii, have in this the concurrence of Mr.
ndtkrjfe Lowndes''^ new Scheme, to prove it to be fo.
herecm For P. 52 he propofes that his.S»/yer Vnue
having the weight and finenefs of a prefent
uoffiuf unclip'd Crown piece, fhould go for 75
ofthemr pence-, and that the prefent Shilling fhould
efavsf' §0 ^0^" ' 5 psncs '■) hy which eftablifhment
n^kt there will be75 pence in bisVmfe, and 93
pence three farthings in fix Shillings three
Criwp pence, weighty Money of the prefent Coinj
which is an undeniable confeffion, that it
is as impolFible for hisSi/ver Vnite^ (having
of is to b II®
foillf
C40 I
no more Silver in ic than a prefent im-
clip'd Crown) to be worth, and fo to pur- i
chafe fix unclip'd Shillings and three pence,
of our prefent Money, as it is for 75 pence
to be worth 93 of the fame pence, or 75 to ^
> beequal to 93.
If hi means by more^ that his Sterling
Silver of the weight of a Crown piece will
purchafe a penny, or two pence more than '
five unclip'd Shillings, which is the moft,
and which is but accidental too \ What is
this rife of its value to 15 pence? And what
amends will Jo ( a little more or lefs)
rife in value, make for \ diminiflied in
weight and loft in the quantity? which
is all one as to fay, that a penny, or there- jj
abouts, (hall make amends for fifteen '
pence taken away.
Another way to recommend his New
Coin, to thofe who (hall receive it inftead
of the prefent weightier Coin, he tells
them, f. 77. it will pay as much debt and
purchafe as much Commodities as our
prefent Money, which is j heavier. What
he fays of debts is true. But yet I would
have it well confidered by our Englifti
Gentlemen, that though Creditors will
lofe 5 of their Principal and life, and f
Landlords will lofe j of their Income, j
yet the Debtors and Tenants will not get j
it. It will be asked, Who then will get 1
it.'
(47^
it? Thofe, I fay, and thofe only who
have great Sums of weighty Money
C whereof one fees not a piece now in
Payments) hoarded up by them, will get
by it. To thofe by the propofed change
of our Money will be an increafe of j add-
jj. ed to their Riches, paid out of the Poc-
riS ketsof the reft of the Nation. For what
thefe men received for Four Shillings, they
will pay again for Five. This weighty
Money hoarded up, Mr. Loxvr.deSf p. 105
computes at One Million and Six hundred
thoufand Pounds. So that by raifing our
Money one fifth, there will Three hurt-
dred and twenty thoufand Pounds be given
to thofe who have hoarded up our weighty
Moneyi which hoarding up of Money is
thought by many to have no other merit
in it than the prejudicing our Trade and
publick Affairs, and increafing our necef-
fities, by keeping fo great a part of our
Money from coming abroad, at a time
when there was fo great need of it. If
the Sum of unclip'd Money in the Nation,
be as fbme fuppofe, much greater; then
there v/ill by this contrivance of the rai-
fing our Coin, be given to tbefc rich
Hoarders, much above the aforefaid Sum
of Three hundred and twenty thoufand
Pounds of our prefent Money. No body
clfe, but thefe Hoarders, can get a Far-
thing
I
thing by this propofed change of our
Coinunlefs men in debt have Plate by
them, which they will Coin to pay their
Debts. Thofe too, I muft confefs, will
get one fifth by all the Plate of their own,
which they lhallCoin and pay Debts with,
valuing their Plate at Bullion : But if they
fhall confider the fafhion of their Plate,
what that coft when they bought it, and
the falhion that new Plate will coll them,
if they intend ever to have Plate again,
they will find this one fifth feeming prefent
profit in Coining their Plate to pay their
Debts, amount to little or nothing at all.
No body then bnt the Hoarders will get
by this Twenty per Cent. And 1 challenge
any one to (hew how any body elfe f but
that little in the cafe of Plate Coin'd to
pay Debts) fhall get a farthing by it. It
ieems to promife fairefl to the Debtors-, but
to them too it will amount to nothing. For
he that takes up Money to pay his Debts,
will receive this new Money, and pay it
again at the fame rate he received it, juft
as he does now our prefent Coin, without
any profit at all. And though Commodi-'
ties (as is natural) fhall be raifedin pro-
portion to the leflening of the Money, no
body will get by that, any more than they
do now, when all things are grown dearer.
Only he that is bound up by contradl to re-
ceive
(49)
ceivc any Sum under fuch a denomination
of Pounds, Shillings and Pence, will find his
lofs fenfibly when he goes to buy Commo-
dities, and make new Bargains. The Mar-
kets and the Shops will foon convince him,
that his Money, which is one fifth lighter,
is alfo one fifth worfe ; when he muftpay
twenty Per. Cent, more for all the Commo-
dities he buys with the Money of the new
Foot, than if he bought it with the prefenc
Coin.
• This Mr. Lowndes himlelf will not de-
ny, when he calls to mind what he hirafelf,
fpeaking of the inconveniencies we fulFer
by our clip'd Money, fays, P. 115. Perfons
before they conclude in my bargains., are ne-
cejfuated firfi to fettle the price or value of the
very Money they dre to receive for their Goods:,
.And if it be in. clip'd or bad Monty, they fet the
price of their Goods accordingly : Which I thinks
has been one great canfe of raijing the price, not
only of Merchandiz.es, but even of Edibles^
and other necejfaries for the Sufienance of the
common People, to their great Grievance. That
every one who receives Money after the
raifing our Money, on Contrails made be-
fore the change, muftlofe twenty per
in all he fhall buy,is Demonftration, by Mr.
Lowndes's own Scheme. Mr. Lowndes pro-
pofes that there (hould be Shillings Coin'd
upon the new Foot 5 lighter than our pre-
E lent
(50)
fent Shillings, which flionld go for 12 pence
apiece^and that the unclipMShillings of the
prefentCoin fhould go for fifteen pence a-
piece, and the Crown for feventy five pence.
A man who has a Debt^of an hundred
Pounds owing him, upon Bond or Leafe,
receives it in thefe new Shillings, inftead
of lawful Money of the prefent Standard:
He goes to Market with twenty Shillings
in one Pocket of this newMoney, which
are valued at 240 pence; and in the o-
ther Pocket with four millM Crown pieces,
(or 20 mill'd Shillings of the prefent Coin)
which are valued at three hundred pence,
which is one fifth more: 'tis Demonftration
then that he lofes one fifth, or 20 per Cent.
in all that he buys, by the receipt of this
new Money,for the prefentCoin,which was
his duej unlefs thofe he deals with will take
four for five pence, or four fliillings for
five (hillings. He buys, for example, a
quart of Oyl for fifteen pence: Ifhe pay for
it with the old Money in one Pocket, one
Shilling will doit-, if with the new Money
in the other, he muft add three pence to it,
or a quarter of another Shilling; And fo of.
all the reft that he pays for, with either
the old Money which he fhould have receiv-
ed his Debts in, or with the new, which
he was forced to receive for it. Thus far
it is Demonftration, he lofes Twenty per
Cent.
(50
Cent, by receiving his Debt in a new Mo-
ney thus raiied, when he ufes it to buy a-
ny thing. But to maKe him amends, Mr.
Lom/des teils him, Silver is now dearer j
and all things confeq»ently will be bought
cheaper twenty per Cent, I am fure there
is no Demonftration of that, nor appea-
ranee of it yet; And if I may credit
Houfekeepers and lubftantial Tradefmen,
all forts of Provifions and Commodities
are lately rifen excefllvely j and notwith-
Handing the fcarcity of Silver, begin to
come up to the true value of our clip'd
|Vloney, every one felling their Commodi-
ties fo as to make themfelves amends in.
the number of light pieces for what they
want in weight- A Creditor ought to
think the new light Money equivalent to
the prefent heavier, becaufe it will buy as
much Commodities. But what if it Ihould
fail, as 'tis ten to one but it will, what
fecurity has he for it? He is told fo, and
he muft be fatisfied. The Salt, Wine,
Oyl, Silk, Naval Scores, and all Foreign
Commodities, will none of them be fold us
by Foreigners for a lefs quantity of Silver
than before, becaufe we have given the
name of more Pence to it, is I think De-
monftration. All our Names(if they are any
more to us) are to them but bare founds;
And our Coin,as theirs to us, but meer Bui-
E 2 lion,
1
i ^
(52 )
lion, valued only by its weight. And a
Suede will no more fell you his Hemp and
Pitch, or a Spaniard his Oyl, for lefs Silvery
becaufe you tell him Silver is fcarcer now
in England^ and therefore rifen in value
one fifth; than a Tradefman of London will
fell his Commodity cheaper to the Ijle
of Many becaufe they are grown poorer,
and Money is fcarce there.
All ForeignCommodities mult be (hut out
of the number of thofe that will fall, td
comply with our raifing our Money. Corn
alfo, 'tis evident, does not rife or fall, by
the differences of more or lefs plenty of
Money, but by the plenty and fcarcity that
God gives. For our Money, in appearance
remaining the fame, the Price of Corn is
double one year to what it was the prece-
dent-, and therefore we muft certainly
make account, that fince the Money is one
fifth lighter, it will buy one fifth lefs Corn
Commmibus annis. And this being the
great expence of the Poor, that takes up
alraoft all their Earnings; if Corn be Com-
mmihus annis fold for one fifth more Mo-
ney in Tale than before the change of our
Money, they too muft have one fifth more
inTale of the new Money for their Wages,
than they have now; and the Day-labou-
rer muft have, not only twelve, but fif-
teen pence of the new Money a day, which
is
( 55 )
is the prefent Shilling, that he has now,
or elfe he cannot live. So that all Fo-
reign Commodities, with Corn and La-
hour, keeping up their value to the quan-
tity of Silver, they fell for now 5 and not
complying in the fall of their real price
with, the nominal raifing of our Money 5
there is not much left wherein Landlords
and Crediors are to expedl the recompenfe
of 20 per Cent, abatement of price in Com-
•modities to make up their lofs in the light-
nefs of our Money they are paid their Rents
and Debts in. 'Twouid be eafie to Ihew the
fame thing concerning our other native
Commodities, and make it clear, that we
have no reafon to expedl they Ihould abate
of their prefent price, any more than
Corn and Labour. But this is enough, and
any one, who has a mind to it, may trace
the reft at his leifure.
And thus I fear the hopes of cheaper
Penny-worths, which might beguile fome
Men into a belief, that Landlords and
Creditors would receive no lefs by the pro-
pofed new Money, is quite vanilhed. But
if the promife of better Penny-worths
and a fall of all Commodities Twenty per
Cent. Ihould hold true, this would not at
all relieve Creditors and Landlords, and
fet them on equal terms with their Neigh-
hours: Becaufe the cheap Penny-worths
E 3 will
(54)
will not be for them alone; but every bo-
dy elfe, as well as they, will fhare in that
advantage } fo that their Silver being di-
miniflied one fifth in their Rents and
Debts, which are paid them, they would
ftill be Twenty per Cent, greater lolers than
their unhoarding Neighbours, and Forty
per Cent, greater lofers than the Hoarders
of Money; Who will certainly get Twenty
per Cent, in the Money, whatever hap-
pens in the price of things; And Twenty
per Cent, more in the cheapneft of Com-
modities, if that promifed recompencebe
made good to Creditors and Landlords.
For the Hoarders of Money (if the price of
things falls) will buy as cheap as they. So
that what ever is faid of the cheapnefs of
Commodiiies,'cis Demonftration,) whether
that proves true or no) T hat Creditors,
and Landlords, and all thofe who are to
receive Money upon Bargains made Before
the propofed change ofonrCoin, will un-
avoidably lofe Twenty per Cerit. "
One thing Mr. Lowndes fays in this Pa-
ragraph very remarkable, which ( thinic
decides the Queftion. His words f>. 78. are
thefe, That if the -value of the Silver in the
Coins (by m extrih/ick denomination^ he rai-
fed above the value or market price of the
fame Silver to ©UlUon, the Subjebi
would be proportionably injured and defrauded.,
C 55 )
as they were formerly in the cafe of hafe Mo-
neys coin'd by fublique Authority. It remains
therefore only to Ihew, that the Market-
price of Standard Bullion is not one
fifth above our Coin that is to be raifed,
and then we have Mr. Lowndes of our fide
too againft its raifing. I think it is a-
bundantly proved already, that Standard
Bullion neither is, nor can be worth one
fifth more than our Lawful weighty Mo-
ney: And if it be not, by Mr. Lowndes's
confeffion, there is no need of raifing our
prefent legal mill'd Money to that degree ,
and 'tis only our clip"'d Money that wants
amendment: And when that is recoin'd
and reduced all to mill'd and lawful Mo-
ney, that then too will have no need of
raifing. This I lhall now prove out of
Mr, Lowndes's own words here.
Mr. Lowndes in the forecited words com-
'pares 4he value of Silver in our Cohj to the
value of the fame Silver rthuc'h tO ©uUlOtl ?
which he fuppofing to be as four to five,
makes that the meafure of the raifing our
Money. If this be the difference of Value
between Silver in Bullion, and Silver in
Coin j And it be true, that four Ounces of
Standard Bullion be worth five Ounces of
the fame Silver CoinM ^ Or, which is the
fame thing, that Bullion will fell by the
Ounce for Six Shillings and five Pence un-
E 4 clip'd
(5«)
dip'd Money ^ 1 will take the boidnefs
to advife His Majefty to buy, or to bor-
row any where fo much bullion, or
rather than be without it, melt down
fo much Plate, as is equal in weight to
twelve hundred pounds Sterling of our
prefent mill'd Money. This let him fell
for mill'd Money And according to onr
Authors Rule, it will yield fifteen hundred
pounds. Let that fifteen hundred pounds
be reduc'd into Bullion, and fold again,
nnd it will produce eighteen hundred anjl
Sixty Pounds: Which i8<5o/. of weighty
Money being reduced to Bullion, will ftill
produce one fiffh more in weight of Sil-
ver, being fold for weighty Money. And
thus His Majefty may get at leaft Three
hundred and twenty thoufand Pounds by
felling of Bullion for weighty Money, and
melting that down into Bullion, asfaft as
he receives it ^ till he has brought into hi?
hands the Million and Six hundred thou-
fand Pounds, vvhich Mr. Lowndes computes
there is of weighty Money left in Eng-
land.
J doiibt not but every one who reads it,
yvill think this a very ridiculous Proppf}-
tion. But he muft think it ridiculous for
no opher reafop, 'but becaufe He fees 'tis
i.mpoffibl9, that Bullion fhouldfell for one
fifth above its weight of the fame Silver
Coin'd,
V
(57)
Coin'd; That is, that an Ounce of Stands
ard Silver fhould fell for fix Ihillings five
pence of our prefent weighty Money. For
if it will, 'tis no ridiculous thing that the
King Ihould melt down, and make that
pro.fit of his Money.
If our Author's Rule, (p. 78, where he
fays, That the only jufi and reafojiahle Foot
Hfon which the Coins fionld be current^ is the
•very price of the Silver thereof^ in cafe it be
molten in the fame place where Coins are made
current) be to be obferved; Our Money is to
be railed but an half penny in five Ihil-
lings J for that was the ordinary odds in
the price between Bullion and Coin'd Sil-
yer, before Clipping had deprived us, ip
Commerce, of all our mill'd and weighty
Money. And Silver in Standard Bullipn
would not be in value one jot above the
fame Silver in Coin, if clip'd Money were
not current by Tale, and Coin'd Silver (as
Mr. Lowndes propofes, p. 73) as well as )
Bullion, had the liberty of Exportation. ?
For when we have no clip'd Money, but
all our current Coin is weight, according
to the Standard, all the odds of value
that Silver in Bullion has to Silver In Coin,
is only owing to the Prohibition of its
Exportation in Money *, And never rifes,
nor can rife, above what the Goldfmith
|hall eftimate the rifque and trouble of
■ ' melting
• . •• - •'"I J'
'c^ir
melting it down 5 which is fo little, that
the Importers of Silver could never raife
it to above an half penny an Ounce, bat
■at fuch times as the Eaft-India Company,
t)r fome Foreign Sale, calling for a great
quantity of Silver at a time, made the
Goldfrnith fcramble for it; and fa the Im- 1
porters of Bullion raife its price upon j
them, according to the prefent need of '
great quantkres of Silver, which every
Goldfrnith feager to ingrofs to himfelf as
'touch as he could) was content to pay high
for, ratlier than go withont .• His prefent
gains froth fhofe whom he furnilh'd, and
"Whom otherwife he could not furnilh, ma-
king him-amends. ^
The natural vaflue then between Silver
in Bullion, and in Coiti, is (I fay) every
where equal ^ bating the citarge of Coin-
age, which gifes the advantage to the lide
of the Coin. The ordinary odds here in
England^ between Silver in Bullion, and
the fame in our Coin, is by reafon that the
Stamp hinders its free Exportation about
an half penny in the Crown. The acci-
dental difference, by reafon of fuddain
occalions, is fometimes (but rarely) two
pence in five Ihillings, or foraewhat more
in great urgencies. And fmce the ordi-
nary rate of things is to betaken as 'the
meafurc of their price, and Mr. Lomdes
tells
(59)
tht tells us, p. 78. That if the value of the
raift Silver in the Coins jhould be raifed above the
c, 1® value^ or Market Price^ of the fame Silver
apanj, reduced to Bullion^ the Subjebi would be fro-
1 gitji portionably injured and defrauded ^ 1 leave
idttli him to make the Inference, what will be
liiilii. the confequence in England^ if our Coin
opo] be i-aifed here one fifth, or twenty per
ltd i Cent.
iiero Mr. Lowndes fays farther, p. 80. That
mftlfi Silver has a price. 1 anfwer Silver to
Silver can have no other price, but quan-
pjjfe tity for quantity. If there be any other ' •
difference in value, it is or can be nothing
jjijij, but one of thefe two : Firft, either the
• value of the labour imploy'd about one
parcel of Silver more than another, makes
a difference in their price ; and thus fafh-
)fCoi P^3te fells for more than its weight
of the fame Silver ^ and in Countries
where the Owners pay for the Coinage,
jji Silver in Coin is more worth than its
jjjjjjj, weight in Bullion ; but here, where the
J j))j. Publick pays the Coinage, they are of very
near equal value, when there is no need
fjjjjji. of Exportation: For then there is no more
odds than the trouble of carrying the Bui-
lion to the Mint, and fetching again, is
jjI worth 5 Or the charge of refining fo much
jj 'jjj of it, as will bring it to Standard, if it
be worfe than Standard.
i
(6o)
Or Secondly, feme Priviiedge belong-
ingtoone parcel of Silver which is denied
to another, viz.. Here in England a liberty
of Exportation allowed to Silver in Bui-
lion , deny'd to Silver Stamp'd. This,
when there is need of Exportation of Sil-
ver, gives forae fmall advantage of value
to uncoin'd Silver here, above Coin'd ; but
that is ordinarily very inconfiderable ;
and can never reach to one fifth, nor half
one fifth, as has been already fliewn. And
this 1 think will anfwer all that is faid
•about the price of Silver in that place.
• "Tis true what Mr. Lowndes fays in the
next words, p. 8i, That five jhiSings coin'd
jipon the Foot profos'd, will aBually contain
more real and intrinfick value of Silver hy a
great deaf than is in the current Money now
commonly applied to the payment of the faid
Rents., Revenues and Debts, But will he
hence conclude, becaufe there is now loft
in thofe Rents, Revenues and Debts, a
great deal more than twenty per Cent, under
the prefent irregularity of our Coin, and
the Robbery in clipM Money, without any
the Icafl: neglcd or raifcarriage in the Own-
er that inticled him to that lofs, that
therefore it is juft that the lofs of Twenty
per Cent, be eftablifii'd on him by Law for
the future, in the reforming of cur Coin ?
Air-
C<50
Mr.ho-atvAcs^ fecond reafon for lelTening
onr Coin we have p. 82. in thefe words,
Tht value of the Silver in the Coin ought to he
raifed^ to encourage the bringing oj Bullion
to the Mint to be Coin d. This raifing of
Money is, in effeft, as has been feen, no-
thing but giving a denomination of more
pence to the fame quantity of Silver, viz.. \
That the fame quantity of Silver Ihall here-
after be called feventy five pence, which
is now call'd but fixty pence. For that is
all is done: As is manifell, when a Crown
piece which now goes but for fixty pence,
fliall be made to go for feventy five pence j
for 'tis plain, it contains nothing of Sil-
ver, or worth in it, more than it did be-
fore. Let us fuppofe, that all our Silver
Coin now in England were Six pences,ShiU
lings. Half-crowns and Crowns, all milled
Money, full weight according to the prefent
Standard; And that it fliould be order'd,
that for the future, the Crown piece in-
ftead of going for fixty pence, Ihould go
for leventy five pence, and fo proportion-
ably of all th# other pieces; I ask then,
how fuch a change of denomination fiiall
bring Bullion to the Mint to be Coin'd, and
from whence ? 1 fuppofe this change of
names, or afcribing to it more imaginary
parts of any denomination, has no Charms
in it to bring Bullion to the Mint to be
Coin'd;
r
■i,)'
(62)
Coin'd: For whether you call the piece
Coin'd twelve pence, or hfeeen pence,
lixty or feventy five, a Crown or a Scepter^
it will buy no more Silk, Salt or Bread
than it would before. That therefore
cannot tempt people to bring it to the
Mint. And if it will pay more Debt, that
is perfedt defrauding, and ought not to
be permitted. Next, I ask, from whence
lhall this raifing fetch it ? For Bullion can-
not be brought hither to ftay here, whilft
the Ballanceof our Trade requires all the
Bullion we bring in, to be Exported again,
and more Silver out of our former Stock
with it, to anfwer our exigences beyond
Seas. And whilft it is fo, the Goldfmiths
and Returners of Money will give more
for Bullion to Export, than the Mint can
give for it to Coin-, and fo none of that
will come to the Mint. But fays our Au-
thor, p. 83. y4n Half-penny an Ounce profit^
which will be in the propos'd Coin^ above the
prefent price of Sterling Bullion^ will be an
encouragement to thofe who have Englifh Plate^
to bring it in to be Coin'd. I tloubt whether
there will be any fuch profit -, for I imagine
that Standard Bullion cannot now be
bought per Ounce for fix fiiillings and five
pence of our clip'd running Calh, which
is the Meafure whereby Mr. Lowndes de-
termines of the price of Sterling Silver.
But
But taking this Half-penny an Ounce pro-
fit for granted, it will not bring to the
Mtnt any Plate, whofe Fafhion is valued by
the Owner at an Half-penny per Ounce j
and how much then it is like to bring to
the Mint, is eafie to guefs.
The true and only good reafon that
brings Bullion to the Mint to be Coin'd, /
is the fame that brings it to England to ftay 7
there, viz.. The gain we make by an over- S
ballance ofTrade, When ourMerchants car- i
ry Commodities abroad, to a greater value ,?
than thofe they bring home, the overplus ,
comes to them in' Foreign Coin or Bullion, V
which will ftay here, when we gain by the /
Ballance of our whole Trade. For then we t_
can have no Debts beyond Sea to be paid (
with it •• In this thriving pofture of our (,
Trade, thofe to whofe lhare this Bullion I
falls, not having any ufe of it whilft it is
in Bullion, choofe to carry it to the Mine
to have it Coin'd there, whereby it is of
more ufe to them for, all the bufinefs of
Silver in Trade, or purchafingLand ^ the
Mint having afcertained the weight and
finenefs of it : So that on any occafion,
every one is ready to take it at its known
value, without any fcruplc^ a convent-
ence that is wanting in Bullion; But when
our Trade runs on the other fide, and our
exported Commodities will not pay for
thofe
(«4)
/ thofe Foreign ones weconfunie, onr Trea-
fure muit go •, and then it is in vain to be-
flow the labour of Coining on Bullion
that muft be Exported again. To what
purpofe is it to make it pafs through our
Mint, when it will away P The lefs pains
and charge it coftsus, the better.
His third reafon P. 83 is, that this
raifing our Coin by making it moic in tale,
mil make it more commetifHrate to the general
needtherhpf^ and thereby hinder the increafe
of haz.ardoMs Paper-credit^ and the incon-
veniency of Bartering,
Juftasthe Boy cut his Leather into five ,
Qiiarters (as he call'd them) to cover his
Ball, when cut into four Qiiarters it fell
fhort: But after all his pains, as much of
his Ball lay bare as before. If the quantity
of Coin'd Silver employ'd in England falls
Ihort, the arbitrary denomination of a
greater number of Pence given to it, or
which is all one, to the feveral Coin'd pieces
of it, will make it commenfurate to the
fize of our Trade, or the greatnefs of our
occafions. This is as certain, as that if
the quantity of a Board which is to Hop a
Leak of a Ship fifteen Inches fquare, be
but twelve laches fquare, it will not be
made to do it,by being meafured by a Foot
that is divided into fifteen Inches inftead of
I twelve, and fo having a larger tale or.
number
(^5)
tea. of Inches in denomination given to it.
be- This indeed would be a convincing,
llion Reafon, if founds would give weight to '
wk Silver, and the noife of a greater number
ii ODt of pence fkfs in quantity proportionably
paic! as they are more in number) were a large
» y^oney^ which our Author P. 84
It tliis fays our occafions require, and which he by
ntalt, an increafe of the tale of pence hopes to pro-
jfm. vide. But that Miftake is very vifible, and
laeafe ftall be further fliewn in the bufinefs of
Ecoa. Bartering.
The ncccflity of Truft and Bartering is
ito6« one of the many inconvcniencies Ipringing
vet i from the want of Money. This inconve-
itiel A nience, the multiplying arbitrary denomi-
aocbol nations, will no more fupply, nor any ways
mtitf make our fcarcity of Coin commenfurate to
»</fal the need there is of it, than if the Cloth
n of a which was provided for clothing the Army,
it, 01 falling Ihort, one Ihould hope to make it
ipiocti commenfurate to that need there is of it, by
to thi meafuring it by a Yard one fifth Ihorter
ofoiit than the Standards or changing the Stan-
tkil dardofthe Yard, and fo getting the full
)llopa denomination of Yards,neceflary according
ire, k to the prefent meafure. For this is all will
jotk' be done by raifing our Coin,as is propofed.
afoot All it amounts to, is no more but this,
tdol viz,. That each piece, and confequently
alt Of our whole Stock of Money, ftiould be niea-
offlkr F fured
1
-V
( 66 J
fured and denominated by a penny one
fifth iefs than the Standard.
. Where there is not Coin'd Silver in
proporiion to.ihe value of the Commodi-,
lies that daily change Owners in Trade,
there is a necefuty of Trnft, or Bartering;
i.e. changingCommoditiesforConirnodi-
ties, without the intervention of Money.
For Example,let usfappofe 'inBermHdos but,
an hunderd pounds in ready Money; but
that there is every day there a transferring I
of Commodities from one Owner to an-
ther,to thevalue ofdoubBeas much. When
the Money is all got into hands that have
already bought all that they have need of ^
for that day, whoever has need of any fi
thing elfe that day, rauft either go pn tick, .!
or bainer for it; i. e. give the Commodi- I
ties he can btft iipare,for the Commodities
he wants, v.g. Sugar for Bread, C^c. Now
'tis evident here, that changing the Deno-
mination of the Coin they already have in
Bwmpidos., or Coining it over again under
new Denominations, will not contribute,
in the leaft towards the removing this nc-
ceffity of Trull or Bajteing. For the whole
Silver they have in Coin, being but four
hundred Ounces; and the exchange of the '
value of Commodities made in a diltance
of time, wherein this Money is paid, not
abive once, being to the value of eight g
hundred
(67)
' hundred Ounces of Silver 'tis plain that
one half of the Comriiodities that fhift
hands, muft of necelficy be taken upon
credit, or exchanged by Barter; thofe who
want them having not Money to pay for
them. Nor can any alteration of the Coin,
or Denomination of thefe four hundred
Ounces of Silver help this .• Becaufe the va-
lue of the Silver, in refped of other Com-
moditiesjwill not thereby be at all increaf-
ed i And the Commodities changed, being
(as in the cafe) double in value to the four
hundred Ounces of Coin'd Silver to be laid
out in them ; nothing can fupply tWs want
but a double quantity, i. e. eight hundred
Ounces of Coin'd Silver; how denomina-
ted it matters not, fo there be a fit.propor-
tion of fmall pieces to fupply fmall pay-
ments.
Suppofe the Commodities pafling every
day in Englandy in Markets and Fairs, be-
tween ftrangers,or fuch as trull not one an-
other, were to the value of a Million of
Ounces of Silver • and there was but half a
Million of Coin'd Silver in the hands of
thofe who wanted thofe Commoditie ; 'tis
Dpmonftration thfey mult truck for them,
or go without them. If then the Coin'd
Silver of Ew/ZW, be not fufficient to an-
fwer the value of Commodities mOying
in Trade-amongft'hs, Credit or Barter
F 2 mult
c;<8)
mull do it. Where the Credit and Money
fail, Barter alone rauft do it: Which be-
ing introduced by the want of a greater
plenty of Coin'd Silver, nothing but a
greater plenty of Coin'd Silver can remove
it. The increafe of Denomination does, or
can do nothing in the cafe: For 'tis Silver
byits quantity, and not Denomination,
that is the price of things, and meafure of
Commerce j and 'tis the weight of Silver
in it, and not the name of the piece that
men eftimate Commodities by, and ex-
change them for.
If this be not ro,when the neceffity of our
affairs abroad, or ill husbandry at home,
has carried away half our Treafure, and a
moiety of our Money is gone out of Eng-
land 5 'tis but to iflue a Proclamation,
that a Penny (hall go for Two-pence, Six-
pence for a Shilling, half a Crown for a
crown, &c. and immediately without any
more ado we are as rich as before. And
when half the remainder is gone, 'tis but
doing the fame thing again, and raifing the
Denomination anew, and we are where
we were, and fo on: Where by fuppofing
the denomination raifed every man will
be as rich with an Ounce of Silver in his
Purfe as he was before when he had fix-
teen Ounces there ^ and in as great plenty
of Money,able to carry on his Trade, with-
out
C ^9 )
out bartering; his Silver, by this fliort way
of raifing, being chang'd into the value of
Gold : For when Silver will buy fixteen
times as much Wine, Oyi, and Bread, &c:
to day, as it would yefterday (all other
things remaining the fame but the De-
nomination^ it hath the real worth of
Gold.
This I guefs every body fees cannot be
fo. And yet this mull be fo^ if it be true,
that raifing the Denomination one fifth
can fupply the want, or one jot raife the
value of Silver in refpeft of other Com-
moditiesj i. e. makealefs quantity of it to
day, buy ,a greater quantity of Corn,
Oyl and Cloth, and all other Comraodities,
than it would yefterday, and thereby re^
move the necelfity of bartering. For if raif-
ing theDenomination can thus raife the va-
lue of Coin in exchange for other Commo-
ditiesone fifth, by the fame reafon it can
raife it two fifths, and afterwards three
fifths, and again, if need be, four fifths, and
as much further as you pleafe. So that by
this admirable contrivance of raifing our
Coin, we lhall be as rich and as well able
to fupport the charge of the Government,
and carry on our Trade without bartering
or any other inconvenience for want of
Money, with fixty thoufand Ounces of
Coin'd Silver in EngUnd^ as if we had fix
F 3 or
670-)
or fixty MilUorB. If this be not fo, I de-
fire any one to fhew me, why the fame way
of raifing the denomination which can raife
the value of Money in refpett of other
Commodities, one fifth, cannot when you
pleafe raife it another fifth, and fo on ^ I
beg to be told whyre it muft ftop, and
why at fuch a degree without being able
to go farther. ' .
It muft be taken notice of, that the raif-
ing I fpeak of here, is the raifing of the va-
jlue of our Coin in refpeft of other Gom-i
modities. (as I call it ml along) m contra-
diftiadion to raifing the Denomination.
The confounding of thefe in difcourfes con--
cerning Money,is one great caufe,! fufped,
that this matter is fb little underftood,
and fo often talked .of with fo little Infor-r
mation of the hearyrs.
A Penny is a denomination no mo?e be-
longing CO eight than, to eighty, or to onq
fingie grain of Silver : And fo it is not ne-
ceftary that there Ihould be fixty fuch
Pence, no more nor lefs, in an of SU^
ver/, e. twelve in a piece calFd ^Shilling,
and fixty in a piece call'd a Cro>yft^ fuch
like divifions being only extrinficai deiio*
minations, are every, where perfy^y ar-
bitrary. For, here in thefe might
as well have been twelve Shillings in a Pen-
ny, as twelve Pence in a Shilling, i. e. the
. deno-
(Vi)
denomination of the lefs piece might have
been a Shilling, ahd of the biggei' a penny.
Again, the Shilling might have been Coin'd
ten times as big as the Penny, and the
Grown ten times as big as the Shilling;
whereby the Shilling would have bad but
ten Pence in it, and the Crown an hundred.
But this,however ordered,alters not one jot
the value of the Ounce of Silver inrefped
of other things, any more than it does its
weight. This raifing being but glvlrlg
of names at pleafure to alie<uot parts.of a-
ny piece, viz.. that now the fixtlech part
of an Ounce of Silver lhall be callM a Pen-
ny, and to morrow that the feventy fifth
part of an Otince of Silver fhall be called a
Penny, may be done with what increafe
you pleafe: And thus it may be order'd by
a Proclamation, that a Shilling lhall go for
twentyfour pence, an half-Crown for fixty
inftead of thirty pence, and fo of the reft.
But that an half-Crown fhall be worth, or
contain, fixty fuch Pence as the Pence were
before this change of denomination w'as
made, that no power on Earth can do: Nor
can any Power fbut that which canmaJte
the plenty or fcarcity of Commodities)
raife the value of our Money thus double
in refpedt of other Commodities, and make
that the fame piece, or quantity of Silver,
under a double denomination, lhall pur-
F 4 chafe
C72)
chafe double the quantity of Pepper,
Wine oir Lead, an inftant after fuch Pro-
clamation, to what it would do an inftant
before. If this could be, we might, as e-
very one fees, rajfe Silver to the value of
Gold, and make our Selves as l^ich as we
pleafed. But 'tis but going to Market with,,
an Ounce of Silver of one hundred and
twenty pence, to be convinc'd that it will
purchafe no more than an Ounce of Silver
of fixty pence. And the ringing of the piece
will as foon purchafe more Commodities
as its change of denomination, and the
multipli'd name of pence, when it is call'd
fix fcore inftead of fixty.
'Tis propos'd, that the twelve pence
ftiould be raifed to fifteen pence, and the
Crown to feventy five pence, and fo pro-
portionably of the reft; But yet that the
Pound Sterling fhould not be raifed. If
there be any advantage in raifing, why
fhould not that be raifed too.? And as the
Crown piece is raifed from fixty, to feven-
tyfive pence, why fhould not the Pound
Sterling be raifed in the fame proportion,
from Two hundred and forty pence, to
Three hundred pence ?
Farther, If this raifing our Coin can fb
ftretch our Money and enlarge our pared
remainder of it, as to man^ it more commen-
to the general need thereof^ for carry.
ing
(73)
tHg on the common Traffick. and Commerce of
the Nation^ and to anfwer occajions requiring
a larger Supply of Money, as Mr, LowndesttW,^
us in his third Reafon P. 83 Why are we
fo nigardly to our felves in this time of oc-
cafion, as to flop at one fifth ? Why do we
not raife it one full Moiety, and thereby
double our Money I If Mr. Zojp»^&j's Rule
P. 78 That if the value of the Silver in the
Coin, ftould he raifed above the Market price
of the fame Silver reduced to Bullion', the feufit
j£tt would be proportionably injur d and
frauhtb, muft keep us from this advantages
and the publick care ofjuftice Hop the raiC-
ing of the Money at one fifth, becaufe if
our Money be raifed beyond the Market-
price of Bullion, it will be fo much defraud-
ing oftheSuhjeSl: I then fay it muft not be
raifed one fifth, nor half one fifth, that is,
it muft not be raifed fifteen pence in the
Crown 5 no nor five pence. For I deny that
the Market-price of Standard Bullion ever
was, or ever can be five Shillings feven Pence
of lawful weighty Money the Ounce : So
that if our prefent raill'd Money be raifed
one fifth, the Subjecfts will by Mr. Lowndes\
Rule, be defrauded lixteen per Cent, nay,
above eighteen per Cent. For the Market-
Price of Standard Bullion being ordinarily
under five Shillings four Pence the Ounce,
yvhen fold for weighty Money(vvhich is but
one
(7A)
one thirtieth) whatever cm- prefent mill'd
Money is ralfed above one thirtieth, it is
by Mr, Lowndes's Rule fo much defrauding
the Subjeii. For -the Market-price of any
thing, and fo of Bullion, is to be taken
from its ordinary rate all the Year round;
and not from the extraordinary rife of two
or three Market-days in a Year. And that
the Markst'priee of Standard Silver was not
found, nor pretended to be aboveShiL
lings and four Pence the Oui'ice, before clip-
ing had left none but light running Galh
to pay for Bullion, or any thing elfe, is
evident from a Paper then publilh'd, which
1 took the liberty to examine in my Con/i-
deration of the confetjuencesof raijlngthe value
of Money^ &c. Printed 169a. The Author
of that Paper, 'cismanifed, was not igno-
rant of the price of Silver, nor had a de-
fign tolelTen its rate, fct down the higheft
price it then bore.
If then, Mr, Lowndes's Rule of Jufticd,
and care of the Subjedt, be to regulate the
rife of our mill'd Money,it mull not be raif-
ed above one thirtieth part. If the advan-
tages he promifts, of making our Money,
by railing it one fifth, snore commcnfurate
to the general need thereof^ to be laid hold
on, 'tis reafonable to further, and make it
yet more commenfurate to the general need
there is of it. Whichever of the two Mr.
Lowndes
(75)
Lmndes will prefer, either reafon of State,
or rule of Juftice, one fifth muft not be his
raeafuve of failing onr prefenc miilM Mo-
i>ey. If the advantage of making our
Money more proportionate to our Trade,
and other neceffities, be to govern its pro-
pofed every one will cry oilt to
Mr. Lmndes^ If your way will do what
you fay, the raifing it one half will be
nauch better than one fifth, and therefore
pray jet an Half-crown be raifed to a
Grown, and a Six-pence to a Shilling. If
Equity, andthe conlideration of the Sub-
jefts Property ought to govern in the cafe,
you mull aot raife our raill'd Crown to a-
bove Five Shillings and Four Pence.
If it here be faid to me, that I do then
allow.that our Money may be raifed one
thirtieth, i. e. that the Crown piece
Ihould be raifed to Five Shillings and two
Pence, and fo proportionably of the other
fpecics of our Coin;. I anfwer, he thaC
infers fo, makes his Inference a little too
quick.
But let us for once allow the ordinary
price (5f Standard Silver to be Five Shil-
lings Four Fence the Ounce, to be paid for
in weighty Coin ffor that muft always be
remembredjwhen we talk of the rate ofBul-
lion) and that the rate of Bullion is the
jml ineafure of railing our Money. This
I
I fay is no rcafon for the raifing our mill'd
Crown now to Five Shillings Four Pence,
and recoining all our clipM Money upon
that Foot; unlefs we intend, as foon as
that is done, to new raife, and Coin it a-
gain. For whilft our Trade and Affairs
abroad require the exportation of Silver,
and the exportation of our Coin'd Silver
is prohibited, and made penal by our Law,
Standard Bullion will always be fold here
for a little more than its weight of Coin'd
Silver. So that if we fhall indeavour to
equal our weighty Coin'd Silver to Stan-
dard Bullion, by raifing it, whilft there is
a neceflity of the exportation of Silver,
we ftiall do no otherwife than a Child,
who runs to overtake and get up to the
top of his fhadow, which ftill advances at
the fame rate that he does. The privi-
ledg that Bullion has, to be exported free-
ly, will give it a little advance in price a-
bove our Coin, let the Denomination of
that be raifed or fallen as you pleafe, whilft
there is need of its Exportation, and the
Exportation of our Coin is prohibited by
Law. But this advance will be but little,
and will always keep within the bounds
which the rifque and trouble of melting
down our Coin Ihall fet to it in the eiti-
mate of the Exporter. He that will ra-
ther venture to throw an Hundred Pound
into
(ll)
into his Melting-pot, when no body feeJ
him, and reduce it to Bullion, than give
an Hundred and Five Pounds for the fame
weight of the like Bullion, will never give
Five Shillings and Five Pence of rnill'd Mo-
ney for an Ounce of Standard Bullion *, nor
buy at that price, what he can have
near Five per Cm. cheaper, without any
rifque, if he will not accufe himfelf. And
1 think it may be concluded, that very few,
who have Furnaces, and other convenien-
cies ready for melting Silver, will give
One per Cent, for Standard Bullion, which
IS under Five Shillings and Three Pence
per Ounce, who can only for the trouble
of melting it, reduce our Coin to as good
Bullion.
The odds of the price in Bullion to Coin
on this account (which is the only one,
where the Coin is kept to the Standard)
can never be a reafon for railing our Coia
to preferve it from melting down: Becaufe
this price above its weight is given for
Bullion, only to avoid melting down our
Coin \ and fo this difference of price be-
tween Standard Bullion and our Coin, can
be no caufe of its melting down.
Thefe three Rcafons which 1 have exa-
min'd, contain the great advantages, which
our Author fuppofes the propos'd railing
of our Coin will produce. And therefore
I have
(78)
I have dwelt longer upon them.' His re-
maining fix Reafons being of lefs momtn'",
and offering molt of them, but fome cir-
curaffantial conveniendes, as to the com-
putation of our Money, S-'c- I lhall more
briefly pafs over. Only before I proceed
to them, I lhall here fet down the different
value of our Money, colleded from our
Authors Hiftory of tire feveral changes of
our Coin, fince Edward the Firft's Reign,
quite down to this prefent time. A curi-
ous Hiftory indeed, for which I think my
felf and the World indebted to Mr,
Eowndes^s great Learning in this fort of
knowledg, and bis great exadnefs in re-
lating the particulars. Ilhall remark on- |
ly the quantity of Silver was in a Shilling '
in each of thoft Changes; that lb the Rea-
der may at firft fight, without 'farther
trouble, compare the lelTening, or Increafe
oftbe quantity of Silver upon every change.
For in propriety of fpeech, the- adding to
the quantity of Silver in our Coin, is the
trneiraifing of its value ; and the'diminiih-
ing Che quantity of Silver in it, is the fink-
ing of its value 5" however they come to be
tranfpos'd 'and ufed in the quite contrary
fenfe. , ■ ' - ' .
If my Calculations,from the Weight and
Finenefs I find fet down in Mr. Lottnde's'i ifr,
Extrad out of the Indentures of the Mint,
have
1
c 79)
have hot mifled me, the quantity of Silver
to a Grain, which was in a Shilling in eve-
ry Change of our Money, isfetdownin
the following Table.
One Shilling contain'd of Fine Silver
Grains.
28
Edw.
I
264
18
Edw,
3
236
27
■Edw,
3
'
213
9
Hen.
5
175
1
Hftn.
6
142
4
Hen.
6
176
49
Hen.
6
142
I
Hen.
8
ii8j
34
Hen.
8
100 ]
36-
Hen.
8
60 j
37
Hen.
8
' 1
401
3
Edw,
6
40 1
5
Edw.
6
20
d
Edw.
6
88 i
2
Eliz.
43
Eliz.
i
86 f
And fo it has reraaiti'd from the 43 of
Elizabeth to thiadav.
Mr. Lorendei'i 69
Air. Lowndes having given us the Fine--
nefs of the Standard Silver in every Reign,.
and
C8o)
and the number of pieces itwasCoin'd in-
to, doles this Hiftory with words to this
purpofe, p. 56. By this dednn:ion it doth evi-
dtntly appear^ that it hath been a Policy con-
fiantly pra5lifed in the Mints of England, to
raife the value of the Coin in its extrinfcl^
Denomination from time to time^ as any exi-
gence or occafion required^ and more efpeciatly
to entourage the bringing of Bullion into the
Realm to be Coind. This indeed, is round-
ly to conclude for his Hypothefis. But I
could wi(h,that from the Hiftpries of thofe
Times, wherein the feveral changes were
made , he had ILcw'd us the Exigences
and Occafions that produced the raifing of
the Coin, and what elFeds it had.
If I miftake not, Henry the Sths feveral
raiflngs of our Co in, brought little increafe
of Silver into England. As the feveral
Species of our Coin leHen'd in their re-
fpedive quantities of Silver 5 fo theTrea-
fure of the Realm decrealed too : And he
that found the Kingdom rich, did not, as
I remember, by all his raifings our Coin,
leave it fo.
Another thing, (that from this Hiftory J
makes me fufped ^hat the railing the De-
nomination was never found effedively to
draw Silver into England., is the lowering
the Denomination, or adding more Silver
to the feveral Species of our Coin, as in
Hen.
(8i)
Hen. VI's time, the Shilling was incrcaled
from One Hundred Forty Two Grains of
Silver, to One Hundred Seventy Six. And
in the Cth of Edw, VI, in whofe time railing
the Denomination feems to have been tried
to the utmoft, when a Shilling was brought
to Twenty Grains of Silver. And the great
alteration that was then quickly made on
the other hand, from Twenty to Eighty
Grains at one leap, feeras to Ihew that
this lelTening the Silver in our Coin, had
proved highly prejudicial: For this is a
greater change in finking of the Denomi-
nation in proportion, than ever was made
at once in raifin^ it; A Shilling being made
four Times weightier in Silver in the
than it was in the ^th year of Edxs>. VI. bis
Reign.
Kingdoms are feldora found weary of
the Riches they have, or averfe to the in-
creafe of their Treafure. If therefore
the raifing the Denomination did in reality
bring Silver into the Realm, it cannot be
thought that they would at any time fink
the Denomination, which by the Rule of
contraries (hould be at leaR fufpeded to
drive, or keep it out.
Since therefore we are not from matter
of Fad informed, what were the true Mo-
tives that caufed thofe feveral changes in
the Coin 5 May we not with Reafon fu-
G fpeft.
(82)
fpedt, that they were owing to that Policy
of the Mint, fet down by our Author, p.
83. in thefe words, that the fropofed ad-
vance is agreeable to the Policy that in paj}
yiges hath b en praBifed^ not only in oar Mint\
hat in the AUnts of all Politic^ Governments
namely^ to raife the value of Silver in the Coin
to pjomote tl)e toojfe of t^e Sl^int ? As
1 remember, fuitabie to this Policy of the
Mint J there w is, fome two years lince, a'
complaint of a worthy Gentleman, not ig-
norant of ir, tfac the Mill in the Mint
Hood ftill ^ And therefore th jre was a Pro-
pofal olFer'd for bringing Grill: to the
Mill.
The bafinefs of Money, as in all Tinles,
even in this our quick-lighted Age, hath
been thought a Myltery : Thofe imployM'
in the Mint muft, by their places, be fnp-
pofed to penetrate decpeft into it. .Tis
no impolTible thing then to imagine, that '
it was not hard, in the Ignorance of pafir'
Ages, whenUM'ohey was little, and Skill
in the Turns of Trade lefs, for thofe-
verfed in the Buiinefs and Policy of the ■
Mint,' to perfwade a Prince, efpecially if
Money were fcarce, that the Fault was'in '
the Standard of the Mint, and that the
way to increafe the Plenty of Money, was "'
tQraife (a well founding Word) the Va- ■
Itioof the Coin. This could mot but be'
... i' O wil-,
my
willingly enough hearkened to; when, be-
lides the Hopes of drawing an Increafe of
Silver into the Realm, it brought prefent
Gain by the Part which the King got of
! the Money, which was hereupon all coin-
J ed anew, and the Mint Officers loft no-
thing, Jince it promoted the Work, of the
Mint.
This Opinion Mr. Lovonda hirafelf gives
fufficicnt ground fori-in his Book, parti-
, cularly p. 29. where wef read thefe Words,
jilthoHgh theformerDebafements of the Coins by •
, public^, Authority^ efpedally thofe in the Reign
of King Henry K/II. and King Edward KI.
might be projeBed for the Profit of the Crown^
' ' and the Projectors might meafure that Profit
by the exceffive Quantities of Allay , that vpere
mixed with the Silver and the Gold ( and let
me add, or by the Qiiantity of Silver lef-
fenedineach Species, which is the fame"
thing ) And though this was enterprifed by a
Prince, who could fir etch his Prerogative very
far upon his 'People ; and was done in Times
when the Nation had very little Commerce, In- :
land or. Foreign, to be injur d and prejudi- <'
ced thereby ; yet Experience prefently fhewed.,
, that the ProjeClors were.mifiaken, and that it
was abfolutely necejfary to have the bafeMoney
reformed.' This at leaft they were not mi-
ftaken in, that they brought Work to the
Mint, and aTart of the Money coined to
G 2 the
(84).
the Cr<?wn foo* Seigniorage 5 in both which
there was Profit. Mr. Lowndes tells us,
p. 44.. that Henry S\\\. bad CO the Value of
fifty grbilUngs for every Pound Weight of
GMd coined : And as I remember, it is
foaaewbere faid, that the King might take
what he pkafed for Coinage. 1 knosy not
too but the flattering Name of raifing Mo-
ney trtight prevail then as it does now ;
and impofe fo far on them, as to make
them think the raifis^y i. e. dimini/hing
the Silver in their would bring it
into the Realm, or (bay it here when they
found it going out. For if we may gaefs
at the other, by JFftnry VUl's raifmgy it was
probably when, by reafon of Ejcpence in "
foreign Wars, or ill managed Trade,
they fortimd Money begin to grow fcarce.
The having the Species of our Coin one
fifth bigger, or one fifth lefs than they are
at prefcnc, would be neither good nor
harm to LvgUnd, if they had always been
fo. Our Standard has continued in weight
and finenefs jufl; as it is now, for very
near this hundred Years lafl: pafl; : And
tbofe who think the Denomination and
Size of our Money have any Influence on
the State of our Wealth, have no reafon
to change the prefent Standard of our
Coin 5 fince under that we have had a
greater iocreafe, and longer Continuance
of
(85>
of Pknty of Money, than perhaps any
other Country can Ihew; I leenoreafon
to think, that a little bigger or lefs Size
of the pieces coined, is of any moment one
way or t'other. The Species of Money
in any Country, of whaifoever Sizes, fit
for coining, if their Proportions to one
another be fuited to Aritbmetick and Cal-
culations, in whole Numbers, and the
Ways of Account in that Country adap^
ted to fmall Payments, and carefuUy kept
to their juft Weight and Finenpfs, can
have no Harm in them. The Harm comes
by the change, which unreafonably and
unjuftly gives away and transfers Men's
) Properties, diforders Trade, puzzeis Ac-
counts, and needs a new Arithmetick to
call up Reckonings, and keep Accounts in;
befides a thoufand other Inconveoiencies;
notto mention the Charge of recoiningthe
Money. For this may be depended on,
that if our Money be raifed, as is propo-
fed, it will inforce the recoining of all our
Money, both old and new (except the
new Shillings) to avoid the terrible Difii-
culty and Confufion there will be in keep-
ing Accounts in Pounds, Shillings ^ and
Pence ( as they mnft be J when the Species
of our Money are fo ordered, as not to
anfwer thofe Denominations irt round
- Numbers.
G 3 This
r86)
This Confideration leads me to Mr.
Lowndes fifth and fixth Reafons, p. 85.
wherein he recommends the railing our
Money in the Proportion propofed, for its
Convenience, to our accounting by Pounds^
Shilling's^ and Pence. And for obviating
Perplexity among the common People, he
pyopofes the prefent weigthy Crown to go
at fix Shillings three Pence ^ and the new
Scepter ox Vnite to be coined of the feme
Weight, to go at the fame rate; and Half-
crowns Halfjcepters^ov Half-mites ^ of the
Weight of the prefent 'Half-erown^ to go
for two Shillings feven Pence Half-penny : By
no Number of which Pieces can there be
made an even Pound Sterling.^ or any Num-
ber of even Shillings under a Pound; but
they always fall into Fractions of Pounds
and Shillingsmay be feen by this follow-
ing Table.
I \ Crown or Scepter piece
I. s. d.
1 I ^13
2 Crown pieces'
3 Crown pieces
4 Crown pieces
il(>
18 9
I Half-crown piece
3 Half-crown pieces
5 Half-crown pieces
7 Halfrcrowns,
The
(S?)
■ The prefent Shillwg^ and new Ttfioon
going for. 15. Pence, no Number of them
make any Number of even Shillings, but
five Shillings^ ten Shillings^ fifteen Shillings^
and tmnty Shillings; but in all the relf,
they always fall intb Fradlions.
. The like may be faid of the prefent Six^
pjsKces^ and future half going for
Seven Pence Half-fenny 5 the quarter Te-
fivons^ which are,to go for three pence three
farthings jand the Grofs andG'?:o<ifj,which are
tp go tor five pence ^ the half Crofs ox Groat^
which is to go for twopence halfpenny^znd the
Prime^ which is to go for a penny farthing :
Out of any Tale of each of which Species
there can no juft Number of Shillings be
made, as I think, but five Shillings, ten.
Shillings^ fifteen Shillings^ and tirewfy Shil-
lings ^ but they always fall into Fractions.
The new intended Shilling alone feems to
be fuited to our accounting in Pounds^
Shillings^- and Pence. The great pieces,
as Scepters^ and Half .Scepters^ which are
made to ferve for the Payment of greater
Sums, and are for Difpatch in Tale, will
not in Tale fall into even Pounds. And 'I
fear it will puzzle a better Arithmetician,
than moll Country Men are, to tell, with- ^
out Pen and Ink, how many of the lelfer^
pieces (except the Shillings ) however'
cpmbined, will make jull fixteen orfeven-
G 4 teen
V
(88)
teen ShiHings. And I imagin there is' not
one Country Man of three, but may have
it for his Pains, if he can tell an Hundred
Pound made up of a promifcuous Mixture
of the Species of this new raifed Money
( excluding the Shillings ) in a days time.
And thatwhich will help to confound him,
and every body elfe, will be the oU Crowns,
Half-crowns,Shillings, and Six^ncescurrent
for new Numbers of Pence, So that I take
ft for granted, that if our Coin be raifed,
as is propofed, not only all our clipp'd,
but all our weighty and mill'd Money
muft of neceflity be recoined t(X> 5 if you
would not have Trade difturb'd, and Peo-
pie more difeafed with new Money, which
they cannot tell, nor keep Accounts in,
than with light and clipp'd Money, which
they are cheated with. And what a Charge
the new coining of all our Money will be
to the Nation, I have computed in anothef
place. *That I think is of feme Confidera-
tion in our prcfent Circamftances, though
the Confufion that this new raifed Money,
I fear, is like to introduce •, and the want
of Money, and ftop of Trade, when the
clipp'd is called in, and the weighty is to
be recoin'd ^ be of much greater.
* ?Vi4. ftortpbfemtionsitxiaPafer cntUukd,F9r
irmraiini co'wwit &c. p. 8.
m
(89)
His fourth^ Eighth^ and Ninth Reafons,
f. 84. and 86. are taken from the faving
our prefent millM Money from being cut
and recoin'd. The End I confcfs to be
good : 'Tis very reafonable, that fo
much excellent Coin, as good as ever was
in the World, ihould not be deftroyed.
But there is, I think, a furer and eafiec .
way topreferve k, than.what Mr. Loxwdet
propofes. 'Tis paft doubt, it will be in no
danger of recoining, if our Money be kept
upon the prefent Foot: But if it be raifed,
as Mr. Lowndes propofes, all the prefent
Eiill'd Money will h^ in danger, and the
Difficulty of countingit upon the new pro-
, pofed Foot will inforce it to be recoin'd
into new pieces of Crowns, Half-crowns,
Shillings, and Six-pences, that may paft
for the fame Numl^r of Pence the pre-
' fent do, vif.. 60. 30. 12. and 6. as I
have above ffiewn. He fays in his fonrth
Reafon, thatj/piecw, having the fame Bigr
nefs^ (hould have different yalms^ it might
diffcult for the common Peofle ( efpecialLythofe
not skill'd in Aritbmetick) to compute how mam
I ny of one kind will be equal to he Summ of ano^
ther. Such Difficultiesjand Confufion, in
! counting Money, I agree with him,
ought carefully to be avoided. And there-
fore, fnce if pieces havirfg the fame Btgffff
and Stamp, which the People are act
^uained
_ C 90 }'
quainted with,' fhall have new Values diffe-
vent from thioie whichPedple are accuftom-
ed tojandthefenewValuOT (hall inhJumbers
6f Pence not anfwer our way of accounting
by Founds and Shillings •, it vkll be difficult for
the common People' ( efpeciaHy'thofe not sktll'd
in Arithmetick)to compute hoxv many of any one
kind will mak^'dny Swnm they are to pay or re-
ieive-^ Efpecially when the Numbers of
any one kind of pieces will be brought in-
to fo few even Summsbf and Shil-
ings. And thus Mr. Lowdes's Argument
here turns upon himfelf, and is againft
raillhg oar Coin, to the Value propofed
by him, from the Confufion it will pror-
duce.
His 8/^. Reafon , p. 86. we have in
thefe Words \ It U difficult to conceive hovt
any Defign of amending the clipp'dMoney^ can
he compajfed zvithout raifin^ the f^alue of the
Silver remaining in them^ hecaufe of the great
Deficiency of the Silver clipped away ,( which
upon recoining) mufi neceffiarily be defraid
and born one way or other.
'Tisnb Dffieulty to conceive., clipp'd
Money, being not lawful Money, Ihould
be prohibited to pafs for more than its
Weight. Next, it is «o Difficulty to con-
eeive., that clipp'd Money, palTing for no
more than its Weight, and fo being in the
jftate of Standard BullionJi which cannot be
ex-
(90
exported, fliould be brought to the Mint,
and there exchang'd for weighty Money.
By this way, it i$ no DijpcHlcy to conceive
how the amending the clipped Money may be
pompajfed^hecaufe this way the Deficiency of the
Silver clipp'^d away^will certainly be defraid and
jborn one way or other.
And thus I have gone over all Mr.
Lowndes's Reafons for raifing our Coin :
wherein,though I feem to differ from him,
yet I flatter my felf, it is not altogether fo
much as at firft fight may appear; fihceby
what I find in another Part of his Book, I
have reafon to judge he is a great deal of
,my Mind. For he hz%five very good Argu-
VCt^nX-S^ox continuing the prefent Standard of
Finenefsj each of which is as ftrong for
continuing alio the prefent Standard of
Weight-, i.e. continuing a Penny of the
fame Weight of Standard Silver, which at
prefent it has. He that has a mind to be
iatisfied of this, may read Mr. Lowndests
firft five Reafons for continuing the prefent
Standard of Finenefs, which he will find in
his 29,30,31,32 pages of his Report.
And when Mr. Lowndes himfelf has again
confidered what there is of Weight in
them, and how far it reaches, he will at
leaft not think it ftrange if they appear
to me and others, good Arguments againft
putting lefs Silver into our Coin of the
(92)
fame Denominations, let that Diminnti-
on be made what way it will.
What Mr- Lowntks fays about Gold
Coins, p. 88. &c. appears to me highly
rational, and I perfe^ly agree with him ;
excepting only that I do not think Gold is
in regard of Silver rifen i in England i
which I tiiink may. be thus made out. A
Guinea weighing five Penny Weight and
nine Grains, or one hundred and twenty
nine Grains ; and a Pound Sterling
weighing one thouiand eight hundred and
fixty Grains; A Guinea at twenty Shillings
is asaie hundred and twenty nine to one
thoufand eight hundred and fixty ^ that is,
as one to fourteen and an half,
• A Guinea at two and twenty Shillings,
is as one hundred and twenty nine, to two
thoufand forty two, i. e, as one to fix-
teen.
■ A Guinea at thirty Shillings, is as one
hundred twenty nine to two ^thoufand fe-
ven hundred eighty four, i. e. as one to
twenty one and a half,near. .
He-tberefore that receives twenty Shil-
lings ffliil'd Money for a Guinea, receives
one thoufand eight Bundred and fixty
Grains Standard Silver, for one hundred
twenty nine Grains of Standard Gold,
i. e. fourteen and an half for one.
*
•- He-
(93 )
He who receives ttvo and twenty Shii-
lings raill'd Money for a Guinea, has two
thoufand forty two Grains Standard Sii-
ver, for one hundred twenty nine
Grains Standard Gold, i. e, fifteen for
one.
He who receives thirty Shillings miU'd
Money for a Guinea, has two thoufand
feven hundred eighty four Grains Stand-
ard Silver, for one hundred twenty nine
Grains of Gold, i. e. twenty one and an
half for one.
But the current Cafh being(upon Tryals
made about Midfuminer laft ) computed
by Mr. Lowndes P. ic8. to want half its
Standard weight, and not being mended
lince, it is evident he who receives thirty
Shillings of our prefent clip'd Money, for
a Guinea, has but One thoufand three hun-
dred ninety two Grains of Standard Silver,
for One hundred twenty nine Grains of
Gold, i. e. has but ten and three quarters
pfSilver for one of Gold.
I have left out the utmoft precHi-
ons of fradions in thefe computations, as
not necelTary in the paefent Cafe, thefe
whole Numbers fhewing wdl enough the
difference of the value of Guineas at tbofe
feveral Rates.
If it be true what I here alTert, vix,. That
he who receives 50 Shillings in our Cor-
rent
C94)
rent" tUp'd Money for a Guinea, receives
not eleven Grains ofSilver for one of Gold j
wheras the value ofGold toSilver in all our
Neighbouring Countries is about fifteen to
one, which is about a third part more;
It will probably be demanded, how comes
iito pafs that Foreigners,or others,import
Gold; when^they do not receive as much'
Silver for it here, as they may have in all
other Countries ? The reafon whereof is
tjiliblv this, that they exchange it not here
for Silver, but for our Commodities; And,
oiir Bargains for Commodities as well as
all other Coptrads being made in Pounds
Shillings arid Pence; our clip'd Money re-
tains amongft the Pdople (who know not
how to count but by Current Money) a
part of its legal value, whilft; it palTesfor
the fatisfadion of legal Contrads, as if
it were Lai\ful Money. As long as the
King receives it for his Taxes, and the
Landlord Jbr his Rent, 'tis no wonder the
Farmer andTenent (hould receive it for his
Commodities. And this perhaps would do
well enough,if our Money and Trade were -
to Circulate only amongft our Selves, and
we had noCommerce with the reft of the
World, and needed it not. But here lies
thelofs, when Foreigners lhall bring over
Gold hither, and with that pay for our
Commodities at the rate of Thirty Shil- "
lings
("95)
lings the Guinea, when the fame quantity
of Gold that is in a Guinea is not beyond
Sea worth more Silver than is iW twenty,
or one and twenty and fix Pence of our
mill'd and lawful Money: By which way'
pf paying for out: Commoditjes England
jofes near one thrrd (5f the value of all the
Gommodities it thus fells. And 'lis all one'
as-if Foreigners paid for them in Money"
Coin'd and clip'd beyond Sea, wherein was-
one third lefs Silver than there ought;
to be. And thus we lofe near one third'
in all our Exportation, whilfl Foreign
Gold Imported is received in Phynient for
Thirty Shillings a Guinea. To make this ■
appear, we need but trace this way of
Commerce a little, and there can be no
doubt of the lofs we fuffer by it.
Let us fuppofe, for Example, a'Bale of
Holland Linnen worth chei e,one hundreds'
eighty Ounces of our Standard Silvch ^ And .
a Bale of Serge here worth alfo the fame
weight of One hundred eighty Ounces of'
the fame Standard Silver: 'Tis evident,
thefe two Bules are cxadly of the fame va- >
lue. Mr. Lorpndes tells us P S3 That at -
this time the Gold that is in a Guinea, (if it
were carried to Spain, Italy, and ^
[ome other j'laces^ ) would not jntrci/df^ fo mttch^^
Silver there, as is equal to, the Standard of'
twenty of oKr.Skillhgt) i- e. wcjld bc" in va-
lue
(96)
lue there to Silver fcarce as one to fourteen
and ah half: And I think, I may fay, that
Gold in Holland is, or lately was, as one
fo fifteen, or not much above. Taking
then Standard Gold in Holland to be in pro-
portion to Standard Silver, as one to about
fifteen, or a little more; Twelve Ounces of
our Standard Gold, or as much Gold as is
in Forty-four Cnmas and a half, mnfl be
given for that Bale of Holland-Linneh, if
any one will pay for it there in Gold: But
if he buys that Bale of Serge here for One
hundred and eighty Ounces of Silver,
which is Forty eight Pounds Sterling, if he
pays for it in Gold at Thirty Shillings the
Guinea, two and Thirty Guineas will pay
for it. So that in all the Goods that we
fell beyond Seas for Gold Imported, and
Coin'd into Guineas, unlefs the Owners
raife them 3 above what they would Sell
them for in raill'd Money, we lofe twelve
in Forty four and an half, which is very
near one third.
This lofs is wholly owing to the
permitting clip'd Money in Payment.
And this lofs we rouft| unavoidably fufFer
whilft clip'd Money is Current amongft us.
And this robbing of England of near one
third of the value of the Commodities we
Sell out, will continue whilft People had
rather receive Guineas at Thirty Shillings,
thaii
(97)
than Silver Coin (no other being to ba
had^ that is not worth half what they take
it for. And yet this clip'd Money, as bad
as it is, and however unwilling People
are to be charged with it, will always have
Cr^it enough to pafs, whiift the Gold-
fmiths and Bankers receive it; and they
will always receive it, whiift they can paft
it over again to the King with advantage*
and can have hopes to prevail, that at laft
when it can be born no longer, but rauft be
call'd in, no part of the lofs of light Mo-
ney,which lhall be found in their hands ihall
fail upon them, though they have for many
Vears dealt in it, and by reafon of its b^
ing clipM have had all the running Calh
of the Kingdom in their hands, and made
profit of it. I fay, clip'd Money, however
bad it be, will always pafs whiift the
King's Receivers, the Bankers of any kind,
and at laft the Exchequer takes it. For
who will not receive clip'd Money, rather
than have none forjhis neceflary occalions,
whiift he fees the great Receipt of the Ex-
chequer admits it, and the Bank and Gold- •
fmiths will take it of him, and give him
Credit for it, fo that he needs keep no
more of it by him than he pleafes. In this
State, whiift the Exchequer receives clip'd
Money, I do not fee how it can be ftop'd
from pafling. A clip'd Half-Crown that
H goe'-
(9«)
goes at the Exchequer, will not be refufed
by any one who has hopes by his own or
ochers hands to convey it thither, and who,
unlefs he take it, cannot Trade, or fliall
not be paid. Whilft therefore the Exche-
quer is open to elip'd Money, it will pals,
and whilft clip'dMoney pafles,Clippers will
certainly be at Work j and what a gap
this leaves to Foreigners, if they will make
ufe of it to pour in clip'd Money upon us
(as its Neighbours did into Portugal) as
long as we have either Goods or weighty
Money left to be carri'd away at fifty per
Cent, or greater profit, its ealie to fee.
1 will fuppofe the King receives clipM
Money in the Exchequer, and at half or
three quarters lofs Coins it into mill'd
Money. For if he receives all, how much
foever clip'd, I fuppofe the Clippers Sheers
hre not fo Iquemilh as not to pare away a^
bove half. Twill be a wonderful confci-
encioufnels in them, no where, that 1 know,
to be parallell'd, if they will content them-
felves with lefs profit than they can make,
• and will leave feven Penny worth of Silver
in an Half-Crown, if fix Penny worth and
the Stamp be enough to make it pafs for
Half a Crown. When his Majefty hath
CoinM this into millM Money of Standard
vdeight, and paid it out again to the Ban-
kcrs, Goldfmiths or others, what lhall
then
(99)
then become of it ? Tiiliei they will lay \t
up to get t id of their tlip'd Mouey, for
no body will part with heavy Money,
wlulft he has afty light •, nor will any hea-
vy Money tome abroad whilft rbereis iighr
left J for whoever has clip'd Money by
him, will fell good Bargains, or borrow
at any Race of thofe who are willing to
oart with any weighty, to keep that by
him, rather than the clipM Money he has
in his hands. So that as far as this reaches,
no miird Money, how much foevcr be
CoinM will appear abroad or if it docs,
will it long fcape the Coiners and Clippers
hands, who will be at work prefently up-
on it to furnilh the Exchequer w ich more
clip'd Money at fifty, lixty, feventy, or I
know not what advantage. Though this
be enough to cut off the hopes of mill'd
Money-appearing in payments whilfl: any
clip'd is current.? Yet to this we may add,
that Gold Imported an over value will
fweep it away as fait as it is Coin'd whiill
clip'd Money keeps up the i ate of Guineas
above thrir former value. This will be
the circulation of our Money, whilft clip'd
is perrakted any way to be Current. And
if ftore enough of clip'd Money from at
home or abroad, can be but provided (as
'tis more than probable it may now the
; Ihall Tradc is fo Univerfal, and has been fo long
[to I H 2 pradti-
( 100 )
praftifed with great advantege, and no
great danger, as appears by the few have
fufFer'd in regard of the great number 'tis
evident are ingaged in the Trade, and the fl"?'
vent of it here in England is fo known
and fure) I do not fee how in a little while
we fhall have any Money or Goods at all Ir
left in England^ if Clipping be not iramedi- i'®'"
ately ftop'd. And how Clipping can be
ftop'd, but by an immediate pofitive to-
tal Prohibition, whereby all clip'd Money
fhall be forbid to pafs in any Payment i*"
whatfoever, or to pafs for more than its
weight, I would be glad to learn. Clip-
ping is the great Leak, which for fome time 'i ^
paft has contributed more to Sink us, than
all the Force of our Enemies could do. 2.
'Lis like a Breach in the Sea-bank, which Mlie
widens every moment till it be ftop'd. And 3JhI
ray timerous Temper mpft be pardon'd if 3, l\
lam frighted with the thoughts of clip'd fcis
Money being Current one moment longer, ito
at any other value but of warranted Stan- iat
dard Bullion. And therefore there can be f ^
nothing more true and reafonable, nor that iilueal
deferves better tobe conrider'd,than what sdoti
Mr. Lowndes fays in his Corollary P. 90. ater,
Whoever defires to know the different '«la
ways of Coining Money by thtHammer and ajjlftj
by the may inform himfelf in theiilKrt
exaft Account Mr. Lowndes has given ofjising
botb,iisyiia
( lOI )
both, under his fecond general Head •
Where he may alfo fee the probableft guefs
that has been made of the quantity of our
clipM Money, and the Silver deficient in
it 5 and an Account of what Silver Money
here Coin'd in the Reigns of Q. Elizabeth
K- Jams ill. and Charles ift. more exadt
than is to be had any where elfe. There
is only one thing which I fhall mention,
fince Mr. Lmndes does it here again under
this Head P. loo. and that is, melting
down our Coin •, concerning which I (hall
venture humbly to propofe thefe follow-
ing Queflions.
1. Whether Bullion be any thing but
Silver, whofe Workmanfhip has no value ?
2. Whether that Workmanfhip, which
can be had for nothing, has, or can have
any value >
3. Whether, whilft the Money in our
Mint is Coin*d for theOwners,without,any
cofl to them, our Coin can ever have any
value above Standard Bullion ?
4. Whether, whilfl our Coin is not of
value above Standard Bullion, Goldfmiths
and others, who have need of Standard
Silver, will not rather take what is by the
Free labour of the Mint ready elfaid and
adjufted to their ufe, and melt that down,
rather than be at the trouble of meltiug
mixing and effaying of Silver for the ufes
they have? H 3 6 Whe-
? I
{102)
■j. Whether the only core for this wan-
ton, though criminal melting down our
Coin, be not, that the Owners Ibould pay
one Moiety of the Sixteen-pcnce Half-
penny, which is paid per Pound Troy for
Coinage of Silver, which the King now
pays all ?
6. Whether by this means Standard Silver
in Coin will not be more worth than Stan-
dard Silver in Bullion, andfo be preferved
from this wanton melting down, as foon
as an overballance of our Trade fhall bring
us Silver to ftay here ? for till then it is in
vain to think of preferving our Coin from
melting down, and therefore to no pur-
pofe till then to change that Law.
7, Whether any Laws, or any Penal-
ties can keep our Coin from being carried
out, when Debts contrafted beyond Seas
call for it?
S. Whether it be any odds to England,
whether it be carried out, melted down
into Bullion, or in Specie/
•9. Whether, whilft the Exigences of
onr occalionsand Trade call for it abroad,
it v/ill not always be melted down for the
conveniency of Exportation, fo long as the
l-aw prohibits its Exportation in Specie ?
I o. Whether Standard Silver -in Coin
and in Bullion, will not immediately be of
}he fame value as ibon as the Prohibition of
carrying
(105)
' carrying out Money in Specie is taken off?
I II. Whether an Ounce of Silver the
I more would be caried out in a Year, if
that Prohibition were taken off i
12. Whether Silver in our Goin will not
always, during the Prohibition of its Ex-
portation, be a little lefs worth than Sil-
' ver in Bullion, whilft the Confumption of
Foreign Commodities beyond what ours
pay for, makes the Exportation of Silver
neceflary? And fo, during fuch a ftate,
Raife your Money as much and as often as
you will. Silver in the Coin veill never fetch
4s much Its the Silver in Bullion^ as Mr.
exprelTes it, p. no.
As to the Inconveniencies and Damages
we fuftain by clip'd Money paffing by Tale,
as if it were Lawful, nothing can be more
true, more judicious, nor more weighty,
than what Mr.Lowndes fays under his third
I General Head ( wherein I perfedly agree
with him, excepting only where he builds
j any thing upon the propofed raifing our
Coin one fifth. And to what he fays, p. 114,
I concerning our being deprived of the ufe of
our heavy Money, by mens hoarding it, in
I profpeEi that the Silver contained in thoje
r rveghty pieces will turn more to their Profit, than
lending it at fnterefl. Pur chafing or Trading
therewith. I crave leave to add, That thole
Hoarders of Money, a great rr.any of them
H 4 di ivc
( I04)
drive no lefs, but rather a greater Trade
by hoarding the weighty Money, than if
they let it go abroad. For, by that means
all the current Calh being light, clip'd
and hazardous Money, 'tis all tumbled in-
to their Hands, which gives credit to their
Bills, and furnilhes them to trade for as
much as they pleafe, whilft every body
elfe fcarce Trades at all, (but juft as ne-
ceflity ferves) and h ready to ftand ftill.
Where he fays p. 114. 'IV# not likely the
weighty Moneys will foon appear abroad with-
out raifing their value and recoining the clip'd
Moneys: I Ihould agree with him, if it
run thus Without recoining the clip'd,
and in the mean time making it go for its
weight. For that will, I humbly conceive,
bring out the heavy Money,without raifing
its value, as effedlually and fooner j for it
will do it immediately: His will take up
feme time. And I fear, if clip'd Money
be not ftopt all at once, and prefently
from pafling any way in Tale, the Da-
mage it will bring will be irreparable.
Mr. Lowndes'# Fourth General Head is^
to propofe the means that mujl be obfervedj and
the proper methods to be ttfed in., and for the
Re efiablijhment of the Silver Coins.
Thefirft hfThat the IVorkJhould befiuijhed
in as little time as may be j not only to obviate a
farther Damage by clipping in the interim ^ but
alfo
(105)
dlfo that the needful advantages of the nexv
Money may be the fooner obtained for the fer^
vice of the Nation^
Thefe I agree with him, are very good
and necelTary Ends but they are both to
be attain'd, I conceive, much fooner by
making clip'd Money go for its weight,
than by the Method lAx. Lowndes propofes.
For this immediately puts an end to C//p-
ping^ and obviates all further Damage thereby.
Next, it immediately brings out ail the
hoarded weighty Money, and fo that ad-
tage will be fooner obtain'd for the fervice
of the Nation,than it can any other way be-
fides. Next it preftrves the ufe of clipMMo-
ney for the Service of the Nation in the itltt-
rfntjtill it can be Re-coin'd all at tbeTower.
His Second Propofitionis, Thtu the lofs^
or the greatefi part of ;V, ought to be born by
the Publick^ and not by particulars^ who being
very numerous will be prejudiced againfi a Re~
formation for the publick benefit^ if it be to be
effe^ed at the coji of particular Men.
A Tax given to make good the defeat
Silver in clip'd Money, will be paid by
particulars., and fo the lofs will be born by
particular men: And whether thefe parti-
culars be not more numerous, or at leall a
greater number of innocent men of them
more fenlibly burdenM that way, than if
it takes its chance in the hands of thofe
men,
( 106 )
men, who have profited by the having it in
their hands, will be worth confidering.
And I wifli it were well weighed, which of
the two ways the greater number of men
would be moll dangeroufly prejudic'd a-
gainft this Reformation. But as Mr- Lowndes
orders the matter, every Body will I
fear be prejudiced againft this Reformation^
when (as he divides it p. r 3 3,134.) the Ow-
ners will bear near one half of the lofs in
the pi icc of his clip'd Money, and every
Bodyelfe his part of the remainder in a
Tax levied on therh for it. I wifh a re-
mcdy could be found without any Bodies
lofs. Mofl: of thofe ways 1 have heard
propofed to make Reparation to every par-
ticular man for the clip'd Money (hall be
found in his hands, do fo delay the reme-
dy, if not entail Clipping upon us, that I
fear fuch a care of particulars indangers the
whole. And if that fuller, it will go but
ill with particulars. And therefore I think
it will be the Rational delire of all particn-
lars^ that the fhorteft and fureft way, not
interfering with Law or Equity, Ihould
be taken to put an effectual end, to an E.
viljwhich every moment it continues works
powerfully toward a general ruin.
His Fourth Propbfition is, that no room
mufi be left for JelouJie 3 I acknowledg to be
a good one, if there can be a way found to
attain it. I can-
(107)
1 cannot but wonder to find thefe words
P. 124 That no perfon whatfoever (k^ll hereaf-
ter be oblig'd to accept in legal Payments any
Money whatfoevery that is already clip*d or
may hereafter be clip'd or diminijh'd ; and that
no Perfon fhall tender or receive any fiich Mo-
ney in Paymenty under fome [mall Penalty to be
made eaply recoverabky &C.
As if any man now were obliged to rc-
ceive clip'd Money in legal Payment, and
there were not already a Law with fevere
Penalties againft thofe who tendered clip'd
Money in Payment ?
'Tis a doubt to me, whether the War-
den, Mafter-worker, &c. of the Mint at
the Tovpery could find Fit and Skilful Perfons
enough to fet nine other Mints at work in
other parts of England in a quarter of a
Year, as Mr. Lowndes propofes P. 127.
Befides, Mr. Lowndes tells us P. g6 that the
Engines which put the Letters upon theEdges of
the Ivrger Silvar Pieces^ and markjhe Edges of
the refl with a Crainingy are fccwts
Ip. And indeed this is fo great a Guard a-
gainft Counterfeiting as well as Clipping
our Money, that it deferves well to be
kept a Secret, as it has been hitherto.
But how that can be, if Money be to be
Coin'd in nine other Mints, fet up in feve-
ral Parts, is hard to conceive. And laflly,
perhaps fome may apprehend it may be of
Cio8)
ill confequence to have fo many men in-
ftruded and empioyM in the Arc of Coin-
ing, only for a fhort job, and then turn'd
loofe again to fliifc for themfelves by their
own skill and induAry, as they can.
The Provifion made in his fourth Rule,
p. 135, to prevent the Gain of fubtile Dea-
lers by CHlling out the heavieft of the difd
ficces, though it be the Produd of great
Sagacity and Forefight, exadly calculated,
and as well contrived as in that cafe it can
be j yecl fear is too fubtile for the Appre-
henfion and Pradice of Country Men,
who, many of them, with their little
Quicknefs in fuch matters, have alfo but
fmall Summs of Money by them, and fo
neither having Arithmetick, nor Choice
of clip'd Money to adjuffc it to the
Weight there required , will be hardly
made to undcrftand it. But I think the
Clippers have, or will take care that
there will not be any great need of it.
To conclude, I confefs my felf not to
fee theleafl: Reafon why our prefent milPd
Money fhould be at all altered in Finenefs,
Weight, or Value. I look upon it to be
the belt and fafeft from counterfeiting,
adulterating, or any ways being fraudent-
ly dirainilhcd, of any that ever was coined.
It is ad julted to our legal Payments, Rcc-
konings, and Accounts, to which our Mo-
ney
% (" loi;)
ney mnfl. be reduced: The railing its De-
noinination will neither add to its Worth,
nor make the Stock we have, more pro-
portionate to our Occalions, nor bring
one Grain of Silver the more into f.ngland,
or one Farthing Advantage to the publick:
It will only ferve to defraud the King, and
a great Number of his Subjeils, and per-
plex all, and put the Kingdom to a need-
iefs Charge of recoining aU, both mill'd
as well as clip'd Money.
If I might take upon me to offer any
thing new, I would humbly propofe, that
fince Market and retail Trade requires Iefs
Divifions tb^njix pence, afufficient Qpan-
tity of Four penny. Four pence half penny,
and Five penny Pieces Ihould be coined.
Thefe in change will anfwer all the Fradti-
ons between Six pence and a Farthing, and
thereby fupply the Want of fmall Monies,
whereof I believe no body ever faw enough
common to anfwer the NecefTity of fmall
Payments whether, either becaufe therer
was never a fufficicnt Qiiantity of fuch pie-
ces coined, or whether becaufe of their
Smallnefs they are apter to be loft out of
any Hands, or becaufe they oftner falling
into Chiidrens Hands, they lofe them, or
lay them up ; fo it is, there is always a
vifible Want of them, to fupply which
without the Inconveniencies attending re-
ry
(llo) ,
ry Ihiall Coin, the propofed pieces^ I huin-
b!y t. "ceive, will ferve,
If it be thought fit for this end to have
Tour fence f Four pence half penny j and Five f
ptnny pieces coined, it will, I fuppofc, be
convenient that they fhould be diftinguifh-
ed from fx pences^ and from one another,
by a deep and very large plain Difference
in the Stamp on both fides, to prevent
Miffakcs, and Lofsof Time in telling of
Woncy. The Fonr pence half penny^ has n®*!
" 'aheady the Harp for a known Diltihdion,
which maybe fit to be continued: The ^
Five pence may have the Feathers, and the Cifili
Four pence this Mark IV. of four on the Re- to
verfe, and on the other fide they may each Jlwut
have the King's Head with a Crown on rr, ihrce
to fhew on that fide too, that the Piece fo tee
coined is one of thofe under a Six pence • iIk i
and with that they may each on that fide al- on,
fo have fomeMarks of Diftinftion one from Argi
another, as the Five penny piece this Mark that
of V, the Four pence halfpenny a little Harp, «ill,
and the Four pence nothing • kli
Thefe, or any other better Diftinfli- . thei
ons, which his Majefty fhall order, will in fm,
Tale readily difcover them, if by chance
any of them fall into larger Payments, for
which they are notdefigned.
And thus I have, with as ranch Brevity
andClearnefs as I could, complied with
what
(iiO
tvhat Ml'* Lowndes profefTes to be the end
of printing bis Report in thefe Words, viz..
That any Perfons ivhq have confidered an Af'
fair of thk nature^ may (if they pleafe ) corn-
municate their Thoughts for rcndring the
Defign here aimed at., more perftU., or more
agreeable to the publich^Service. It nilift he
tonfcfied that my Confederations have led
me to Thoughts in feme Parts of this Af-
fair, quite oppofite to Mf* Lowndes's: But
how far this has been from any Defire to
oppole him, or to bave a fMfpute wirh a
Man, no ptherwife known to me but by hjs,
Civilities, and whom I have a very great
efteera for, will appear by what I printed
about raifing the yalue of Moneyabove'
three Years fince. All that 1 have faid
here in anfwer to him, being nothing but
the applying the Principles, I then went
on', particularly now to y[(. Lowndes^i
Arguments, as they came in my way <
that fo thereby others might judge what
will, or will not be the Confequences of
fuch aChangeofour Coin, as he propofes,
the only way, I think, of rendring his De~
fign more agreeable to the pHblick Services
FINIS.
ERRATA.
T)Age 2. I. y^.fame qualities, p. 4.1. »?. or Sellers.
p. 10. 1. ly. already, p. 27. ]. 3. IVampomfeak.
p. 18. !. 10. the exali. p4 3a. 1. 4./or that raifing.
J. y. that lejfening. p. 31. ult. Coin. p. ^3. '• 4- "t
above. ]. 53. for all. p. 64. 1. 23. will not. p. ^y. 1. 6.
larger, p. 74. 1. 19. to raife it higher to make. p. 77.
!• 7. have it.
\