[134]

EING now upon the Consideration of Interest and Money, give me leave to say one Word more on this occasion, which may not be wholly unseasonable at this time. I hear a Talk up and down of raising our Money, as a means to retain our Wealth, and keep our Money from being carried away. I wish those that use the Phrase of raising our Money, had some clear Notion annexed to it ; and that then they would examine, Whether, that being true, it would at all serve to those Ends, for which is propos'd.

The raising of Money then signifies one of these two things ; either raising the Value of our Money, or raising the Denomination of our Coin.

The raising of the Value of Money, or any thing else, is nothing, but the making a less quantity of it exchange for any other thing, than would have been taken for it before. v.g. If 5 s. will exchange for, or, (as we call it) buy a Bushel of Wheat ; if you can make 4 s. buy another Bushel of the same Wheat, it is plain the Value of your Money is raised, in respect of Wheat [135] One Fifth. But thus nothing can raise or fall the value of your Money, but the proportion of its Plenty, or Scarcity, in proportion to the Plenty, Scarcity, or Vent of any other Commodity, with which you compare it, or for which you would exchange it. And thus Silver, which makes the Intrinsick Value of Money, compar'd with it self, under any Stamp or Denomination of the same or different Countries, cannot be raised. For an Ounce of Silver, whether in Pence, Groats, or Crown Pieces, Stivers or Ducatoons, or in Bullion, is and always eternally will be of equal Value to any other Ounce of Silver, under what Stamp or Denomination soever ; unless it can be shewn that any Stamp can add any new and better qualities to one parcel of Silver, which another parcel of Silver wants.

Silver therefore being always of equal Value to Silver, the value of Coin, compar'd with Coin, is greater, less, or equal, only as it has more, less or equal Silver in it : And in this respect, you can by no manner of way raise or fall your Money. Indeed most of the Silver of the World, both in Money and Vessels being alloy'd, (i.e. mixed with some baser Metals) fine Silver (i.e. Silver separated from all Alloy) is usually dearer than so much Silver [136] alloy'd, or mixed with baser Metals. Because, besides the Weight of the Silver, those who have need of fine (i.e. unmix'd) Silver ; as Gilders, Wyre-drawers, &c. must according to their need, besides an equal Weight of Silver mixed with other Metals, give an Overplus to reward the Refiner's Skill and Pains. And in this Case, fine Silver, and alloy'd or mixed Silver are considered as two distinct Commodities. But no Money being Coin'd of pure fine Silver, this concerns not the Value of Money at all ; wherein an equal quantity of Silver is always of the same Value with an equal quantity of Silver, let the Stamp, or Denomination be what it will.

All then that can be done in this great mystery of Raising Money, is only to alter the Denomination, and call that a Crown now, which before by the Law was but a part of a Crown. For Example : Supposing, according to the Standard of our Law, 5 s. or a Crown, were to weigh an Ounce, (as it does now, wanting about 16 Grains) whereof one twelfth were Copper, and eleven twelfths Silver, (for there-abouts it is) 'tis plain here 'tis the quantity of Silver gives the Value to it. For let another Piece be Coin'd of the same Weight, wherein half the Silver is taken out, and Copper or other Alloy put into the place, [137] every one knows it will be worth but half as much. For the Value of the Alloy is so inconsiderable as not to be reckoned. This Crown now must be rais'd, and from henceforth our Crown Pieces Coin'd one Twentieth lighter ; which is nothing but changing the Denomination, calling that a Crown now, which yesterday was but a part, viz. Nineteen twentieths of a Crown ; whereby you have only raised 19 parts to the Denomination formerly given to 20. For I think no body can be so senseless, as to imagine, that 19 Grains or Ounces of Silver can be raised to the Value of 20 ; or that 19 Grains or Ounces of Silver shall at the same time exchange for, or buy as much Corn, Oyl, or Wine, as 20 ; which is to raise it to the Value of 20. For if 19 Ounces of Silver can be worth 20 Ounces of Silver, or pay for as much of any other Commodity, then 18, 10, or 1 Ounce may do the same. For if the abating One twentieth of the quantity of the Silver of any Coin, does not lessen its Value, the abating Nineteen twentieths of the quantity of the Silver of any Coin, will not abate its Value. And so a single Threepence, or a single Penny, being call'd a Crown, will buy as much Spice, or Silk, or any other Commodity, as a Crown-piece, which contains 20 or 60 times as much Silver ; which [138] is an Absurdity so great, That I think no body will want Eyes to see, and Sense to disown.

Now, this raising your Money, or giving a less quantity of Silver the Stamp and Denomination of a greater, may be done two ways.

1. By raising one Species of your Money.

2. By raising all your Silver Coin at once, proportionably ; which is the thing I suppos'd, now propos'd.

1. The raising of one Species of your Coin, beyond its intrinsick Value, is done by Coining any one Species, (which in account bears such a proportion to the other Species of your Coin) with less Silver in it, than is required by that value it bears in your Money.

For Example, A Crown with us goes for 60 Pence, a Shilling for 12 Pence, a Tester for 6 Pence, and a Groat for 4 Pence : And accordingly, the proportion of Silver in each of them, ought to be at 60. 12. 6. and 4. Now, if in the Mint there should be Coin'd Groats, or Testers, that being of the same Alloy with our other Money, had but Two thirds of the Weight, that those Species are Coin'd at now ; or else, being of the same Weight, were so alloy'd as to [139] have One third of the Silver required by the present Standard chang'd into Copper ; and should thus, by Law, be made Current ; (the rest of your Silver Money being kept to the present Standard in Weight and Fineness) 'tis plain, those Species would be raised One third part ; that passing for 6 d which had but the Silver of 4 d in it ; and would be all one as if a Groat should by Law be made Current for 6 d ; and every 6 d in payment pass for 9 d. This is truly raising these Species : But is no more in effect, than if the Mint should Coin clip'd Money. And has, besides the Cheat that is put, by such base or light Money, on every particular Man, that receives it, that he wants One third of that real value which the Publick ought to secure him, in the Money, it obliges him to receive as Lawful and Current ; It has, I say, this great and unavoidable inconvenience to the Publick, That, besides the opportunities it gives to Domestick Coiners to Cheat you with lawful Money, it puts it into the Hands of Foreigners to fetch away your Money without any Commodities for it. For if they find that Two-Penny weight of Silver, marked with a certain Impression, shall here in England be equivalent to 3 d weight mark'd with another Impression ; they will not fail to stamp Pieces of that [140] Fashion ; and so Importing that base and low Coin, will, here in England, receive 3 d for 2 d, and quickly carry away your Silver in exchange for Copper, or barely the charge of Coynage.

This is unavoidable in all Countries where any one Species of their Money is disproportionate in its intrinsick Value, (i.e. in its due proportion of Silver to the rest of the Money of that Country) an inconvenience so certainly attending the allowance of any base Species of Money to be Current, that the King of France could not avoid it, with all his watchfulness. For though, by Edict, he made his 4 Sols Pieces, (whereof 15 were to pass for a French Crown, though 20 of them had not so much Silver in them, as was in a French Crown Piece) pass in the Inland parts of his kingdom, 15 for a Crown in all Payments ; yet he durst not make them Current in his Sea-port Towns, for fear, that should give an opportunity to their Importation. But yet this Caution served not the turn. They were still Imported ; and, by this means, a great loss and damage brought upon his Country. So that he was forced to cry them down, and sink them to near their intrinsick Value. Whereby a great many particular Men, who had quantities of that Species in their Hands, lost a great part [141] of their Estates ; and every one that had any, lost proportionably by it.

If we had Groats or Six-Pences Current by Law, amongst us, that wanted One third of the Silver which they now have by the Standard, to make them of equal Value to our other Species of Money ; who can imagine, that our Neigbours would not presently pour in quantities of such Money upon us, to the great loss and prejudice of the Kingdom? The quantity of Silver that is in each Piece or Species of Coin, being that, which makes its real and intrinsick Value, the due proportions of Silver ought to be kept in each Species, according to the respective Rate set on each of them by Law. And when this is ever varied from, it is but a Trick to serve some present occasion ; but is always with loss to the Country where the Trick is play'd.

2. The other way of raising Money is by raising all your Silver Coin at once, the proportion of a Crown, a Shilling, and a Penny, in reference to one another, being still kept, (viz. That a Shilling shall weigh One fifth of a Crown Piece, and a Penny weigh One twelfth of a Shilling, in Standard Silver) But out of every one of these, you abate One twentieth of the Silver, they were wont to have in them.

[142] If all the Species of Money, be, as 'tis call'd raised by making each of them to have One twentieth less of Silver in them than formerly ; and so your whole Money be lighter than it was : These following will be some of the consequences of it.

8. It will rob all Creditors of One twentieth (or 5 per Cent.) of their Debts, and all Landlords One twentieth of their quit Rents for ever ; and in all other Rents as far as their former Contracts reach, of 5 per Cent. of their yearly Income ; and this without any advantage to the Debtor, or Farmer. For he receiving no more pounds Sterling for his Land or Commodities, in this new lighter Coin, than he should have done of your old and weightier Money, gets nothing by it. If you say yes, he will receive more Crown, Half-Crown, and Shilling Pieces, for what he now Sells for new Money, than he should have done if the Money of the old Standard had continued ; you confess your Money is not raised in Value, but in Denomination ; since what your new Pieces want in Weight, must now be made up in their number. But which way soever this falls, 'tis certain, the Publick (which most Men think, ought to be the only reason of changing a settled Law, and disturbing [143] the common current course of things) receives not the least Profit by it : Nay, as we shall see by and by, it will be a great Charge and Loss to the kingdom. But this, at first sight, is visible ; That in all Payments to be received upon precedent Contracts, if your Money be in effect raised, the Receiver will lose 5 per Cent. For Money having been Lent, and Leases and other Bargains made, when Money was of the same Weight and Fineness that it is now, upon Confidence that under the same names of Pounds, Shillings and Pence, they should receive the same value, (i.e. the same quantity of Silver) by giving the denomination now to less quantities of Silver by One twentieth, you take from them 5 per Cent. of their due.

When Men go to Market to buy any other Commodities with their new, but lighter Money, they will find 20 s. of their new Money will buy no more of any Commodity than 19 would before. For it not being the denomination but the quantity of Silver, that gives the value to any Coin, 19 Grains or parts of Silver, however denominated or marked, will no more be worth, or pass for, or buy so much of any other Commodity as 20 Grains of Silver will, than 19 s. will pass for 20 s : If any one thinks a Shilling or a Crown [144] in name has its value from the denomination, and not from the quantity of Silver in it, let it be tried ; and hereafter let a Penny be called a Shilling, or a Shilling be called a Crown. I believe no body would be content to receive his Debts or Rents in such Money : Which though the Law should raise thus, yet he foresees he should lose Eleven twelfths by the one, and by the other Four fifths of the value he received ; and would find his new Shilling, which had no more Silver in it than One twelfth of what a Shilling had before, would buy him of Corn, Cloth, or Wine but One twelfth of what an old Shilling would. This is as plainly so in the raising, as you call it, your Crown to 5 s. and 3 d. or (which is the same thing) making your Crown One twentieth lighter in Silver. The only difference is, that in one the loss is so great, (it being Eleven twelfths) that every body sees, and abhors it at first proposal ; but in the other (it being but One twentieth, and covered with the deceitful name of raising our Money) People do not so readily observe it. If it be good to raise the Crown Piece this way One twentieth this Week, I suppose it will be as good and profitable to raise it as much again the next Week. For there is no reason, why it will not be as good to raise it again another One [145] twentieth the next Week, and so on ; wherein, if you proceed but 10 Weeks successively, you will by New-Years-Day next have every Half-Crown raised to a Crown, to the loss of one half of Peoples Debts and Rents, and the King's Revenue, besides the Confusion of all your affairs : And if you please to go on in this beneficial way of raising your Money, you may by the same Art bring a Penny-weight of Silver to be a Crown.

Silver, i.e. the quantity of pure Silver separable from the Alloy, makes the real value of Money. If it does not, Coin Copper with the same Stamp and denomination, and see whether it will be of the same value. I suspect your Stamp will make it of no more worth, than the Copper-Money of Ireland is, which is its weight in Copper, and no more. That Money lost so much to Ireland, as it passed for above the rate of Copper. But yet I think no body suffered so much by it as he, by whose Authority it was made current.

If Silver give the value, you will say what need is there then of the charge of Coinage? May not Men Exchange Silver by Weight, for other things ; make their Bargains, and keep their Accounts in Silver by weight? This might be done, but it has these inconveniencies.

[146] 1. The weighing of Silver to every one we had occasion to pay it to, would be very troublesome, for every one must carry about Scales in his Pocket.

2. Scales would not do the business. For, in the next place, every one cannot distinguish between fine and mix'd Silver : So that though he received the full weight, he was not sure he received the full weight of Silver ; since there might be a mixture of some of the baser Metals, which he was not able to discern. Those who have had the care, and government of Politick Societies, introduced Coinage, as a remedy to those two inconveniencies. The Stamp was a Warranty of the publick, that under such a denomination they should receive a piece of such a weight, and such a fineness ; that is, they should receive so much Silver. And this is the reason why the counterfeiting the Stamp is made the highest Crime, and has the weight of Treason laid upon it : Because the Stamp is the publick voucher of the intrinsick value. The Royal Authority gives the stamp ; the Law allows and confirms the denomination : And both together give, as it were, the publick faith, as a security, that Sums of Money contracted for under such denominations, shall be of such a value, that is, shall have in them so much Silver. For 'tis Silver and not Names that [147] pay Debts and purchase Commodities. If therefore I have contracted for Twenty Crowns, and the Law then has required, that each of those Crowns should have an Ounce of Silver ; 'tis certain my Bargain is not made good, I am defrauded (and whether the publick faith be not broken with me, I leave to be considered) if, paying me Twenty Crowns, the Law allows them to be such as have but Nineteen twentieths of the Silver, they ought to have, and really had in them, when I made my Contract :

2. It diminishes all the King's Revenue 5 per Cent. For though the same number of Pounds, Shillings, and Pence are paid into the Exchequer as were wont, yet these Names being given to Coin that have each of them One twentieth less of Silver in them ; and that being not a secret concealed from Strangers, no more than from his own Subjects, they will sell the king no more Pitch, Tarr, or Hemp, for 20 Shillings, after the raising your Money, than they would before for 19 : or, to speak in the ordinary phrase, they will raise their Commodities 5 per Cent. as you have rais'd your Money 5 per Cent : And 'tis well if they stop there. For usually in such changes, an out-cry being made of your lessening your Coin, those who have to deal with [148] you, taking the advantage of the allarm, to secure themselves from any loss by your new Trick, raise their price even beyond the Par of your lessening your Coin.

I hear of two inconveniencies complained of, which 'tis proposed by this project to Remedy.

The one is, The melting down of our Coin : The other, The carrying away of our Bullion. These are both inconveniencies which, I fear, we lie under : But neither of them will be in the least removed or prevented by the proposed alteration of our Money.

1. It is past doubt that our Money is melted down. The Reason whereof is evidently the cheapness of Coinage. For a Tax on Wine paying the Coinage, the particular Owners pay nothing for it. So that 100 Ounces of Silver Coin'd, comes to the Owner at the same Rate, as 100 Ounces of Standard Silver in Bullion. For delivering into the Mint his Silver in Bars, he has the same quantity of Silver delivered out to him again in Coin, without any Charges to him. Whereby, if at any time he has occasion for Bullion, 'tis the same thing to melt down our mill'd Money, as to buy Bullion from abroad, or take it in Exchange for other Commodities. Thus our Mint to the only advantage of our Officers, but at the publick cost, La-[149]bours in Vain, as will be found. But yet this makes you not have one jot less Money in England, than you would have otherwise ; but only makes you Coin that, which otherwise would not have been Coin'd, nor perhaps been brought hither : And being not brought hither by an over-ballance of your Exportation, cannot stay when it is here. It is not any sort of Coinage, does, or can keep your Money here : That wholly and only depends upon the Ballance of your Trade. And had all the Money in King Charles the II. and King James the II. time, been Minted according to this new proposal, this rais'd Money would have been gone as well as the other, and the remainder been no more, nor no less than it is now. Though I doubt not but the Mint would have Coin'd as much of it as it has of our present mill'd Money. The short is this. An over-ballance of Trade with Spain brings you in Bullion ; cheap Coinage, when it is here, carries it into the Mint, and Money is made of it ; but if your Exportation will not Ballance your Importation in the other parts of your Trade, away must your Silver go again, whether Monied or not Monied. For where Goods do not, Silver must pay for the Commodities you spend.

[150] That this is so will appear by the Books of the Mint, where may be seen how much mill'd Money has been Coin'd in the two last Reigns. And in a Paper I have now in my Hands, (supposed written by a Man not wholly ignorant in the Mint) 'tis confessed, That whereas One third of the Current Payments were some time since of mill'd Money, there is not now One twentieth. Gone then it is. But let not any one mistake and think it gone, because in our present Coinage, an Ounce wanting about 16 Grains is denominated a Crown : Or that (as is now proposed) an Ounce wanting about 40 Grains, being Coin'd in one piece, and denominated a Crown, would have stop'd it, or will (if our Money be so alter'd) for the future fix it here. Coin what quantity of Silver you please, in one piece, and give it the denomination of a Crown ; when your Money is to go, to pay your Foreign Debts, (or else it will not go out at all) your heavy Money, (i.e. that which is weight according to its Denomination, by the Standard of the Mint) will be that, which will be melted down, or carried away in Coin by the Exporter, whether the pieces of each Species be by the Law bigger or less. For whilst Coinage is wholly paid for by a Tax, whatever your size of Money be, [151] he that has need of Bullion to send beyond Sea, or of Silver to make Plate, need but take mill'd Money, and melt it down, and he has it as cheap, as if it were in pieces of Eight, or other Silver coming from abroad ; the Stamp, which so well secures the weight and fineness of the mill'd Money, costing nothing at all.

To this perhaps will be said, That if this be the effect of mill'd Money, that it is so apt to be melted down, it were better to return to the old way of Coining by the Hammer. To which I answer by no means. For,

1. Coinage by the Hammer less secures you from having a great part of your Money melted down. For in that way there being a greater inequality in the weight of the Pieces, some being too heavy, and some too light, those who know how to make their advantage of it, cull out the heavy pieces, melt them down, and make a benefit of the over-weight.

2. Coinage by the Hammer exposes you much more to the danger of false Coin . Because the Tools are easily made and concealed, and the work carried on with fewer Hands, and less noise than a Mill ; whereby false Coiners are less liable to discovery.

[152] 3. The pieces not being so round, even, and fairly Stamp'd, nor Mark'd on the Edges, are expos'd to Clipping, which mill'd Money is not.

Mill'd Money is therefore certainly best for the Publique. But whatever be the cause of melting down our Mill'd-money, I do not see how raising our Money (as they call it) will at all hinder its being melted down. For if our Crown-pieces should be Coin'd One twentieth, lighter. Why should that hinder them from being melted down more than now? The intrinsique value of the Silver is not alter'd, as we have shewn already : Therefore that temptation to melt them down remains the same as before.

But they are lighter by One twentieth. That cannot hinder them from being melted down. For Half Crowns are lighter by half, and yet that preserves them not.

But they are of less weight, under the same denomination, and therefore they will not be melted down. That is true, if any of these present Crowns that are One twentieth heavier, are current for Crowns at the same time. For then they will no more melt down the new light Crowns, than they will the old Clip'd ones, which are more worth in Coin, and Tale, than in Weight and Bullion. But it cannot be [153] suppos'd that Men will part with their old and heavier Money, at the same Rate that the lighter new Coin goes at ; and pay away their old Crowns for 5 s. in Tale, when at the Mint they will yield them 5 s. 3 d. And then if an old Mill'd Crown goes for 5 s. 3 d. and a new Mill'd Crown (being so much lighter) go for a Crown, What I pray will be the odds of melting down the one or the other? The one has One twentieth less Silver in it, and goes for One twentieth less ; and so being weight, they are melted down upon equal terms. If it be a convenience to melt one, it will, be as much a convenience to melt the other : Just as it is the same convenience, to melt Mill'd Half Crowns as Mill'd Crowns ; the one having with half the quantity of Silver, half the value. When the Money is all brought to the new rate, i.e. to be One twentieth lighter, and Commodities raised as they will be proportionably, What shall hinder the melting down of your Money then, more than now, I would fain know? If it be Coin'd then as it is now Gratis, a Crown-piece, (let it be of what weight soever) will be as it is now, just worth its own weight in Bullion, of the same fineness. For the Coinage, which is the manufactury about it, and makes all the difference, costing nothing, what can [154] make the difference of value? And therefore, whoever wants Bullion, will as cheaply melt down these new Crowns, as buy Bullion with them. The raising of your Money cannot then (the Act for free Coinage standing) hinder its being melted down.

Nor, in the next place, much less can it, as it is pretended, hinder the Exportation of our Bullion. Any denomination or stamp we shall give to Silver here, will neither give Silver a higher value in England, nor make it less prized abroad. So much Silver will always be worth (as we have already shew'd) so much Silver given in exchange one for another. Nor will it, when in your Mint a less quantity of it is raised to a higher denomination (as when Nineteen twentieths of an Ounce has the denomination of a Crown, which formerly belong'd only to the whole 20) be one jot rais'd, in respect of any other Commodity.

You have rais'd the denomination of your stamp'd Silver One twentieth, or which is all one 5 per Cent. And Men will presently raise their Commodities 5 per Cent. So that if yesterday 20 Crowns would exchange for 20 Bushels of Wheat, or 20 Yards of a certain sort of Cloth, if you will to day Coin current Crowns One twentieth light-[155]er, and make them the Standard, you will find 20 Crowns will exchange for but 19 Bushels of Wheat, or 19 Yards of that Cloth, which will be just as much Silver for a Bushel, as yesterday. So that Silver being of no more real value, by your changing your denomination, and giving it to a less quantity ; this will no more bring in, or keep your Bullion here, than if you had done nothing. If this were otherwise, you would be beholden (as some People foolishly imagine) to the Clippers for keeping your Money. For if keeping the old denomination to a less quantity of Silver, be raising your Money (as in effect it is all that is, or can be done in it by this project of making your Coin lighter) the Clippers have sufficiently done that : And if their Trade go on a little while longer, at the rate it has of late, and your Mill'd-money be melted down and carried away, and no more Coin'd ; your Money will, without the charge of new Coinage, be, by that sort of Artificers, raised above 5 per Cent. when all your current Money shall be Clipped, and made above One twentieth lighter than the Standard, preserving still its former denomination.

It will possibly be here objected to me, That we see 100 l. of Clip'd Money, above 5 per Cent. lighter than the Standard, buy [156] will as much Corn, Cloth, or Wine, as 100 l. in Mill'd-money, which is above One twentieth heavier : Whereby it is evident, that my Rule fails, and that it is not the quantity of Silver, that gives the value to Money, but its Stamp and Denomination. To which I Answer, That Men make their Estimate and Contracts according to the Standard, upon Supposition they shall receive good and lawful Money, which is that of full Weight : And so in effect they do, whil'st they receive the current Money of the Country. For since 100 l. of Clip'd Money will pay a Debt of 100 l. as well as the weightiest Mill'd-money, and a new Crown out of the Mint will pay for no more Flesh, Fruit, or Cloth, than five clip'd Shillings ; 'tis evident that they are equivalent as to the Purchase of any thing here at home, whil'st no body scruples to take Five clip'd Shillings in exchange for a weighty Mill'd Crown. But this will be quite otherwise as soon as you change your Coin, and (to raise it as you call it) make your Money One twentieth lighter in the Mint ; for then no body will any more give an old Crown of the former Standard for one of the new, than he will now give you 5 s. and 3 d. for a Crown : for so much then his old Crown will yield him at the Mint.

Clip'd and unclip'd Money will always buy [157] an equal quantity of any thing else, as long as they will without scruple change one for another. And this makes, that the Foreign Merchant, who comes to sell his Goods to you, always counts upon the Value of your Money by the Silver that is in it, and estimates the quantity of Silver by the Standard of your Mint ; though perhaps by reason of clip'd or worn Money amongst it, any sum that is ordinarily received is much lighter than the Standard, and so has less Silver in it than what is in a like Sum new Coin'd in the Mint. But whilst clip'd and weighty Money will equally change one for another, it is all one to him whether he receive his Money in clip'd Money or no, so it be but current. For if he buy other Commodities here with his Money, whatever Sum he contracts for, clip'd as well as weighty Money equally pays for it. If he would carry away the Price of his Commodity in ready Cash, 'tis easily. changed into weighty Money. And then he has not only the Sum in tale, that he contracted for, but the quantity of Silver he expected for his Commodities, according to the Standard of our Mint. If the quantity of your clip'd Money be once grown so great, that the Foreign Merchant cannot (if he has a mind to it) easily get Weighty Money for it, but having sold his [158] Merchandise, and received Clip'd Money finds a difficulty to procure what is weight for it ; he will, in selling his Goods, either contract to be paid in weighty Money, or else raise the Price of his Commodities, according to the diminish'd quantity of Silver in your Current Coin.

In Holland, (Ducatoons being the best Money of the Country, as well as the largest Coin) Men in Payments, received and paid those indifferently, with the other Money of the Country, till of late the Coining of other Species of Money, of baser Alloy, and in greater quantities, having made the Ducatoons, either by melting down, or Exportation, scarcer than formerly, it became difficult to change the baser Money into Ducatoons ; and since that, no body will pay a Debt in Ducatoons, unless he be allowed Half per Cent. or more, above the value they were Coin'd for.

To understand this, we must take notice, That Guilders is the denomination, that in Holland they usually compute by, and make their Contracts in. A Ducatoon formerly passed at Three Guilders, and Three Stuyvers, or Sixty-three Stuyvers. There were then (some Years since) began to be Coin'd another Piece, which was call'd a Three Guilders Piece, and was order'd to pass for Three Guilders or Sixty [159] Stuyvers. But 21 Three Guilders Pieces, which were to pass for 63 Guilders, not having so much Silver in them as 20 Ducatoons, which passed for the same Sum of 63 Guilders ; the Ducatoons were either melted down in their Mints, (for the making of these Three Guilder Pieces, or yet baser Money, with Profit) or were carried away by Foreign Merchants ; who when they carried back the Product of their Sale in Money, would be sure to receive their Payment of the number of Guilders they contracted for in Ducatoons, or change the Money they received, into Ducatoons : Whereby they carried home more Silver, than if they had taken their Payment in Three Guilder Pieces, or any other Species. Thus Ducatoons became scarce. So that now he that will be paid in Ducatoons must allow Half per Cent. for them. And therefore the Merchants, when they Sell any thing now, either make their Bargain to be paid in Ducatoons, or if they contract for Guilders in general, (which will be sure to be paid them in the baser Money of the Country,) they raise the Price of their Commodities accordingly.

By this example in a Neighbour Country we may see, how our new Mill'd Money goes away. When Foreign Trade Imports more than our Commodities will [160] pay for, 'tis certain, we must contract Debts beyond Sea, and those must be paid with Money, when either we cannot furnish, or they will not take our Goods to discharge them. To have Money beyond Sea to pay our Debts, when our Commodities do not raise it, there is no other way but to send it thither. And since a weighty Crown costs no more here than a light one ; and our Coin beyond Sea, is valued no otherwise than according to the quantity of Silver it has in it, whether we send it in Specie, or whether we melt it down here, to send it in Bullion (which is the safest way as being not Prohibited) the weightiest is sure to go. But when so great a quantity of your Money is Clip'd, or so great a part of your weighty Money is carried away, that the Foreign Merchant, or his Factor here cannot have his Price paid in weighty Money, or such as will easily be changed into it, then every one will see, (when Men will no longer take Five clip'd Shillings for a Mill'd or weighty Crown) that it is the quantity of Silver that buys Commodities and Pays Debts, and not the Stamp and Denomination which is put upon it. And then too it will be seen, what a Robbery is committed on the Publick by Clipping, Every Grain diminished from the just weight of our Money, is so much loss [161] to the Nation ; which will, one time or other, be sensibly felt : And which, if it be not taken care of, and speedily stopt will, in that enormous course it is now in, quickly, I fear, break out into open ill effects ; and at one blow, deprive us of a great part, (perhaps, near One fourth) of our Money. For that will be really the case, when the increase of Clip'd Money makes it hard to get weighty ; when Men begin to put a difference of value between that which is weighty, and light Money ; and will not Sell their Commodities, but for Mony that is Weight ; and will make their Bargains accordingly.

Let the Country Gentleman, when it comes to that pass, consider, what the decay of his Estate will be, when receiving his Rent in the Tale of Clip'd Shillings, according to his Bargain, he cannot get them to pass at Market for more than their Weight. And he that Sells him Salt or Silk, will bargain for 5 s. such a quantity, if he pays him in fair weighty Coin, but in Clip'd Money he will not take under 5 s. 3 d. Here you see you have your Money without this new trick of Coinage, raised 5 per Cent. But whether to any advantage of the Kingdom, I leave every one to judge.

Hitherto we have only considered the raising of Silver Coin, and that has been [162] only by Coining it with less Silver in it, under the same Denomination. There is another way yet of raising Money, which has something more of reality, though as little good as the former in it. This too, now that we are upon the Chapter of Raising of Money, it may not be unseasonable to open a little. The raising I mean is, when either of the two richer Metals, (which Money is usually made of) is by Law raised above its natural value, in respect of the other. Gold and Silver, have, in almost all Ages, and parts of the World (where Money was used) generally been thought the fittest Materials to make it of. But there being a great disproportion in the Plenty of these Metals in the World, one has always been valued much higher than the other ; so that one Ounce of Gold has exchanged for several Ounces of Silver : As at present, our Guinea passing for 21 s. 6 d. in Silver, Gold is now about Fifteen and an half times more worth than Silver ; there being about Fifteen and an half times more Silver in 21 s. 6 d. than there is Gold in a Guinea. This being now the Market Rate of Gold to Silver ; if by an established Law the Rate of Guinea's should be set higher, (as to 22 s. 6 d.) they would be raised indeed, but to the loss of the Kingdom. For [163] by this Law Gold being rais'd 5 per Cent. above its natural true value, Foreigners would find it worth while to send their Gold hither, and so fetch away our Silver at 5 per Cent. profit, and so much loss to us. For when so much Gold as would purchase but 100 Ounces of Silver any where else, will in England purchase the Merchant 105 Ounces, what shall hinder him from bringing his Gold to so good a Market ; And either Selling it at the Mint, where it will yield so much, or having it Coin'd into Guinea's : And then (going to Market with his Guinea's) he may buy our Commodities at the advantage of 5 per Cent. in the very sort of his Money ; or change them into Silver, and carry that away with him?

On the other side, if by a Law you would raise your Silver Money and make 4 Crowns or 20 s. in Silver, equal to a Guinea, at which rate I suppose it was first Coin'd ; so that by your Law a Guinea should pass but for 20 s. the same inconveniency would follow. For then strangers would bring in Silver, and carry away your Gold, which was to be had here at a lower rate than any where else.

If you say, that this inconvenience is not to be fear'd ; for that as soon as People found, that Gold began to grow scarce, or that it was more worth than the Law [164] set upon it, they would not then part with it at the Statute-rate ; as we see, the broad pieces that were Coined in K. James I. time for 20 s. no body will now part with under 23 s. or more, according to the Market value. This I grant is true ; and it does plainly confess the foolishness of making a Law, which cannot produce the effect, it is made for : As indeed it will not, when you would raise the price of Silver in respect of Gold, above its natural Market value : For then, as we see in our Gold, the price of it will raise it self. But on the other side, if you should by a Law set the value of Gold above its Par, then People would be bound to receive it at that high rate, and so part with their Silver at an under value. But supposing that having a mind to raise your Silver in respect of Gold, you make a Law to do it ; what comes of that? If your Law prevail, only this ; that as much as you raise Silver, you debase Gold (for they are in the condition of two things put in opposite Scales, as much as the one rises the other falls) and then your Gold will be carried away, with so much clear loss to the kingdom as you raise Silver and debase Gold by your Law, below their natural value. If you raise Gold in proportion to Silver the same effect follows.

[165] I say, Raise Silver in respect of Gold ; and Gold in proportion to Silver. For when you would raise the value of Money, phansie what you will, 'tis but in respect of something you would change it for, and is done only when you can make a less quantity of the Metal, which your Money is made of, change for a greater quantity of that thing which you would raise it to.

The effect indeed and ill consequence of raising either of these two Metals, in respect of the other is more easily observed and sooner found in raising Gold than Silver Coin : Because your accounts being kept, and your reckonings all made in Pounds, Shillings, and Pence, which are denominations of Silver Coins, or numbers of them ; if Gold be made current at a rate above the free and Market value of those two Metals, every one will easily perceive the inconvenience. But there being a Law for it, you cannot refuse the Gold in Payment for so much. And all the Money or Bullion People will carry beyond Sea from you, will be in Silver, and the Money or Bullion brought in, will be in Gold. And the same just will happen when your Silver is raised and Gold debased in respect of one another, beyond their true and natural proportion : (Natural proportion or value I call that respective rate they find any [166] where without the prescription of Law) For then Silver will be that which is brought in, and Gold will be carried out ; and that still with loss to the kingdom, answerable to the over-value, set by the Law. Only as soon as the mischief is felt, people will (do what you can) raise their Gold to its natural value. For your accounts and bargains being made in the denomination of Silver-money ; if, when Gold is raised above its proportion, by the Law, you cannot refuse it in Payment (as if the Law should make a Guinea current at 22 s. and 6 d.) you are bound to take it at that rate in Payment. But if the Law should make Guinea's current at 20 s. he that has them is not bound to Pay them away at that rate, but may keep them if he pleases, or get more for them if he can : Yet from such a Law, one of these three things will follow. Either 1st, the Law forces them to go at 20 s. and then being found passing at that rate, Foreigners make their advantage of it : Or 2 ly, People keep them up and will not part with them at the legal rate, understanding them really to be worth more, and then all your Gold lies dead, and is of no more use to Trade, than if it were all gone out of the kingdom : Or 3 dly, It passes for more than the Law allows, and then your Law signifies nothing,[167] and had been better let alone. Which way ever it succeeds it proves either prejudicial or ineffectual. If the design of your Law take place, the kingdom loses by it : If the inconvenience be felt and avoided, your Law is eluded.

Money is the measure of Commerce, and of the rate of every thing, and therefore ought to be kept (as all other measures) as steady and invariable as may be. But this cannot be, if your Money be made of two Metals, whose proportion, and consequently whose price, constantly varies in respect of one another. Silver, for many Reasons, is the fittest of all metals to be this measure, and therefore generally made use of for Money. But then it is very unfit and inconvenient, that Gold, or any other Metal, should be made current Legal Money, at a standing settled Rate. This is to set a Rate upon the varying value of Things by Law, which justly cannot be done ; and is, as I have shewed, as far as it prevails, a constant damage and prejudice to the Country, where it is practised. Suppose Fifteen to one be now the exact Par between Gold and Silver. What Law can make it lasting ; and establish it so, that next Year, or twenty Years hence, this shall be the just value of Gold to Silver, and that one Ounce of Gold shall be just [168] worth fifteen Ounces of Silver, neither more nor less? 'Tis possible, the East-India Trade sweeping away great Sums of Gold, may make it scarcer in Europe. Perhaps the Guinea Trade, and Mines of Peru, affording it in greater abundance, may make it more plentiful ; and so its value in respect of Silver, come on the one side to be as sixteen, or on the other as fourteen to one. And can any Law you shall make alter this proportion here, when it is so every where else round about you? If your Law set it at fifteen, when it is at the free Market Rate, in the Neighbouring Countries, as sixteen to one ; Will they not send hither their Silver to fetch away your Gold at One sixteen loss to you? Or if you will keep its Rate to Silver, as fifteen to one, when in Holland, France, and Spain, its Market value is but fourteen ; Will they not send hither their Gold, and fetch away your Silver at One fifteen loss to you? This is unavoidable, if you will make Money of both Gold and Silver at the same time, and set Rates upon them by Law in respect of one another.

What then? (Will you be ready to say) would you have Gold kept out of England? Or being here, would you have it useless to Trade ; and must there be no Money made of it? I answer, Quite the contrary. [169] 'Tis fit the Kingdom should make use of the Treasure it has. 'Tis necessary your Gold should be Coin'd, and have the king's Stamp upon it to secure Men, in receiving it, that there is so much Gold in each piece. But 'tis not necessary that it should have a fixed value set on it by publick Authority : 'Tis not convenient that it should in its varying proportion have a settled price. Let Gold as other Commodities, find its own Rate. And when, by the king's Image and Inscription, it carries with it a publick Assurance of its weight and fineness ; the Gold Money so Coin'd will never fail to pass, at the known Market Rate, as readily, as any other Species of your Money. Twenty Guineas, though designed at first for 20 l. go now as current for 21 l. 10 s. as any other Money, and sometimes for more, as the Rate varies. The value or price of any thing, being only the respective estimate it bears to some other, which it comes in Competition with, can only be known by the quantity of the one, which will exchange for a certain quantity of the other. There being no two things in Nature, whose proportion, and use does not vary, 'tis impossible to set a standing regular price between them. The growing plenty or scarcity of either in the Market ; (whereby I [170] mean the ordinary places, where they are to be had in Traffick) or the real Use, or changing fashion of the place bringing either of them more into demand than formerly, presency varies the respective value of any two Things. You will as fruitlesly endeavour to keep two different Things steadily at the same price one with another, as to keep two Things in an AEquilibrium, where their varying weights, depend on different Causes. Put a piece of Spunge in one Scale, and an exact counterpoise of Silver in the other, you will be mightily mistaken if you imagine, that because they are to day equal, they shall always remain so. The weight of the Spunge varying with every change of moisture. in the Air, the Silver in the opposite Scale will sometimes Rise and sometimes Fall. This is just the State of Silver and Gold in regard of their mutual value. Their proportion, or use, may, nay constancy does vary, and with it their price. For being estimated one in Reference to the other, they are as it were put in opposite Scales, and as the one rises the other falls, and so on the contrary.

Farthings made of a baser Metal, may on this account too deserve your Consideration. For whatsoever Coin you make current, above the Intrinsick value, will [171] always be dammage to the Publick, whoever get by it. But of this I shall not at present enter into a more particular Enquiry. Only this I will confidently affirm, That it is the Interest of every Country, that all the current Money of it should be of one and the same Metal ; That the several Species should be all of the same Alloy, and none of a baser mixture : And that the Standard once thus settled, should be Inviolably and Immutably kept to perpetuity. For whenever that is alter'd, upon what pretence soever, the Publick will lose by it.

Since then it will neither bring us in more Money, Bullion, nor Trade ; nor keep that we have here ; nor hinder our weighty Money, of what Denomination soever, from being melted, to what purpose should the kingdom be at the charge of Coining all our Money a-new? For I do not suppose any Body can propose, that we should have two sorts of Money at the same time, one heavier, and the other lighter, as it comes from the Mint. That is very absurd to imagine. So that if all your old Money must be Coin'd over again, it will indeed be some advantage, and that a very considerable one, to the Officers of the Mint. For they being allow'd Sixteen pence half-penny for the Coinage of every Pound Troy, which [172] is very near Five and an half per Cent. If our Money be Six Millions, and must be Coin'd all over again, it will cost the Nation to the Mint One hundred thirty thousand pounds. If the clip'd Money must scape, because it is already as light as your new Standard ; do you not own that this design of new Coinage is just of the Nature of Clipping?

This business of Money and Coinage is by some Men, and amongst them some very Ingenious Persons, thought a great Mystery, and very hard to be understood. Not that truly in it self it is so : But because interessed People that treat of it, wrap up the Secret they make advantage of in mystical, obscure, and unintelligible ways of Talking ; Which Men, from a preconceiv'd opinion of the difficulty of the subject, taking for Sense, in a matter not easie to be penetrated, but by the Men of Art, let pass for Current without Examination. Whereas, would they look into those Discourses, enquire what meaning their Words have, they would find, for the most part, either their Positions to be false ; their Deductions to be wrong ; or (which often happens) their words to have no distinct meaning at all. Where none of these be, there their plain, true, honest [173] Sense, would prove very easie and intelligible, if express'd in ordinary and direct Language.

That this is so, I shall shew, by examining a Printed Sheet on this Subject, Intituled, Remarks on a Paper given in to the Lords, &c.

Remarks. 'Tis certain, That what place soever will give most for Silver by weight, it will thither be carried and Sold : And if of the Money which now passes in England, there can be 5 s. 5 d. the Ounce, given for Standard Silver at the Mint ; when but 5 s. 4 d. of the very same Money can be given elsewhere for it, it will be certainly brought to the Mint ; and when Coin'd, cannot be Sold, (having one Penny over-value set upon it by the Ounce) for the same that other Plate may be bought for, so will be left unmelted ; at least, 'twill be the Interest of any Exporters, to buy Plate to send out, before Money ; whereas now 'tis his Interest to buy Money to send out before Plate.

Answ. The Author would do well to make it intelligible, how, of the Money that now passes in England, at the Mint can be given 5 s. 5 d. the Ounce, for Standard Silver, when but 5 s. 4 d. of the same Money can be given elsewhere for it. Next, How it has one Penny over-value set upon it by the Ounce ; So that, When Coin'd it cannot be Sold? This, to an ordinary Reader, [174] looks very Mysterious ; and, I fear, is so, as either signifying nothing at all, or nothing that will hold. For,

1. I ask who is it at the Mint, that can give 5 s. 5d. per Ounce, for Standard Silver, when no body else can give above 5 s. 4 d.? Is it the king, or is it the Master Worker, or any of the Officers? For to give 5 s. 5 d. for what will yield but 5 s 4 d. to any body else, is to give One sixty fifth part more than it is worth. For so much every thing is worth, as it will yield. And I do not see how this can turn to account to the king, or be born by any body else.

2. I ask, How a Penny over-value can be set upon it by the Ounce ; so that it cannot be sold? This is so Mysterious that I think it near impossible. For an equal quantity of Standard Silver will always be just worth an equal quantity of Standard Silver. And it is utterly impossible to make 64 parts of Standard Silver equal to, or worth 65 parts of the same Standard Silver ; which is meant by setting a Penny over-value upon it by the Ounce, if that has any meaning at all. Indeed, by the Workmanship of it, 64 Ounces of Standard Silver may be made not only worth 65 Ounces, but 70 or 80. But the Coinage, which is all the Workman-[175]ship here, being paid for by a Tax, I do not see how that can be reckon'd at all : Or if it be, it must raise every 5 s. and 4 d. Coin'd, to above 5 s. 5 d. If I carry 64 Ounces of Standard Silver in Bullion to the Mint, to be Coin'd ; shall I not have just 64 Ounces back again for it in Coin? And if so, Can these 64 Ounces of Coin'd Standard Silver, be possibly made worth 65 Ounces of the same Standard Silver uncoin'd ; when they cost me no more, and I can, for barely going to the Mint, have 64 Ounces of Standard Silver in Bullion turned into Coin? Cheapness of Coinage in England, where it costs nothing, will, indeed, make Money be sooner brought to the Mint, than any where else : because there I have the convenience of having it made into Money for nothing. But this will no more keep it in England, than if it were perfect Bullion. Nor will it hinder it from being melted down ; because it cost no more in Coin than in Bullion : And this equally, whether your Pieces, of the same Denomination, be lighter, heavier, or just as they were before. This being explain'd, 'twill be easie to see, whether the other things, said in the same Paragraph, be true or false ; and particularly, whether 'twill be the Interest of every Exporter, to buy Plate to send out before Money.

[176] Remark. 'Tis only barely asserted, That if Silver be raised at the Mint, That 'twill rise elsewhere above it ; but can never be known till it be tried.

Answ. The Author tells us in the last Paragraph, That Silver that is worth but 5 s. 2 d. per Ounce at the Mint, is worth 5 s. 4 d. elsewhere. This, how true, or what inconvenience it hath, I will not here examine. But be the Inconvenience of it what it will, this raising the Money he proposes as a Remedy : And to those who say, upon raising our Money Silver will rise too, he makes this Answer, That it can never be known, whether it will or no, till it be tried. To which I reply, That it may be known as certainly, without Trial, as it can, That two Pieces of Silver, that weighed equally yesterday, will weigh equally again to morrow in the same Scales.

There is Silver (says our Author) whereof an Ounce (i.e. 480 Grains) will change for 5 s. 4 d. (i.e. 496 Grains) of our Standard Silver Coin'd. To morrow you Coin your Money lighter ; so that then 5 s. 4 d. will have but 472 Grains of Coin'd Standard Silver in it. Can it not then be known, without Trial, whether that Ounce of Silver, which to day will change for 496 Grains of Standard Silver Coin'd, will change to morrow but for 472 Grains of [177] the same Standard Silver Coin'd? Or can any one imagine that 480 Grains of the same Silver which to day are worth 496 Grains of our Coin'd Silver, will to morrow be worth but 472 Grains of the same Silver, a little differently Coin'd? He that can have a Doubt about this till it be tried, may as well demand a Trial to be made, to prove, That the same thing is equiponderant, or equivalent to it self. For I think it is as clear, That 472 Grains of Silver are equiponderant to 496 Grains of Silver, as that an Ounce of Silver, that is to day worth 496 Grains of Standard Silver, should to morrow be worth but 472 Grains of the same Standard Silver, all Circumstances remaining the same, but the different Weight of the Pieces stamp'd : which is that our Author asserts, when he says, That 'tis only barely asserted, &c. What has been said to this, may serve also for an Answer to the next Paragraph. Only I desire it may be taken notice of, That the Author seems to insinuate that Silver goes not in England, as in Foreign Parts, by Weight : Which is a very dangerous as well as false Position ; and which, if allowed, may let into our Mint what Corruption and Debasing of our Money one pleases.

Remark. That Our Trade hath heretofore furnished [178] us with an Overplus, brought home in Gold and Silver, is true ; But that we bring home from any place more Goods than we now Export to it, I do not conceive to be so. And more Goods might be sent to those parts ; but by reason of the great value of Silver in this part of the World, more Money is to be got by Exporting Silver, than by any other thing that can be sent ; and that is the reason of it. And for its being melted down, and sent out, because it is so heavy, is not by their Paper denied.

Answ. That we bring home from any place more Goods than we now export, (The Author tells us) he doth not conceive.

Would he had told us a Reason for his Conceit. But since the Money of any Country is not presently to be changed, upon any private Man's groundless Conceit, I suppose this Argument will not be of much weight with many Men. I make bold to call it a groundless Conceit : For if the Author please to remember the great Sums of Money are carried every Year to the East-Indies, for which we bring home consumable Commodities ; (though I must own that it pays us again with advantage.) Or if he will examine, how much only two Commodities, wholly consum'd here, cost us yearly in Money, (I mean Canary Wine and Currants) more than we pay for with Goods Exported to the Canaries and Zant ; [179] besides the Over-ballance of Trade upon us in several other places, he will have little reason to say, he doth not conceive we bring home from any place more Goods than we now Export to it.

As to what he says concerning the melting down and Exporting our Money, because it is heavy. If by heavy, he means, because our Crown-pieces (and the rest of our species of Money in proportion) are 23 or 24 Grains heavier than he would have them Coin'd : This, whoever grants it, I deny upon grounds, which I suppose, when examined, will be found clear and evident.

Indeed when your Debts beyond Sea, to answer the Over-ballance of Foreign Importations, call for your Money, 'tis certain the heavy Money, which has the full Standard Weight, will be melted down and carried away : because Foreigners value not your Stamp or Denomination, but your Silver.

He would do well to tell us what he means by the great value of Silver in this part of the World. For he speaks of it as a Cause, that draws away our Money more now than formerly ; or else it might as well have been omitted as mentioned in this place : And if he mean, by this part of the World, England ; 'tis scarce Sense to say, That the great Value of Silver in [180] England should draw Silver out of England. If he means the Neighbouring Countries to England, he should have said it, and not doubtfully this part of the World. But let him, by this part of the World, mean what he will, I dare say every one will agree, That Silver is not more valu'd in this, than any other part of the World ; nor in this Age, more than in our Grandfathers Days.

I am sorry if it be true, what he tells us, That more Money is to be got by Exportation of Silver, than by any other thing that can be sent. This is an Evidence, that we bring home more Goods than we Export. For till that happens, and has brought us in Debt beyond Sea, Silver will not be Exported ; but the Overplus of Peoples Gain, being generally laid up in Silver, it will be brought home in Silver ; and so our People will value it as much as any other, in this part of the World.

The Truth of the Case in short is this. Whenever we, by a losing Trade, contract Debts with our Neighbours ; they will put a great Value on our Silver, and more Money will be got by transporting Silver than any thing can be sent : Which comes about thus. Suppose that by an Overballance of their Trade (whether by a Sale of Pepper, Spices, and other East-India Commodities, it matters not) we have received great [181] quantities of Goods, within these two or three Months, from Holland, and sent but little thither ; so that the accounts ballanced between the Inhabitants of England and the United Provinces, we of England were a Million in their Debt : What would follow from hence? This : That these Dutch Creditors, desiring to have what is due to them, give Order to their Factors and Correspondents here, to return it to them. For enquiring, as we do, what are the effects of an over-ballance of Trade, we must not suppose, they invest their Debts in Commodities, and return their Effects that way. A Million then being to be returned from England to Holland in Money, every one seeks Bills of Exchange : but Englishmen not having Debts in Holland to answer this Million, or any the least part of it, Bills are not to be got. This presently makes the Exchange very high ; upon which the Bankers, &c. who have the command of great quantities of Money and Bullion, send that away to Holland in Specie, and so take Money here to pay it again there, upon their Bills, at such a rate of Exchange, as gives them five, ten, fifteen, &c. per Cent. profit : And thus sometimes a 5 s. Piece of our mill'd Money may truly be said to be worth 5 s. 3 d. 4 d. 6 d. 9 d. in Holland. [182] And if this be the great value of Silver in this part of the World, I easily grant it him. But this great value is to be remedied, not by the alteration of our Mint, but by the Regulation and Ballance of our Trade. For be your Coin what it will, our Neighbours, if they over-ballance us in Trade, will not only have a great value for our Silver, but get it too ; and there will be more to be got by Exporting Silver to them, than by any other Thing can be sent.

Remarks. The alteration of the Coins in Spain and Portugal are no way at all like this. For there they alter'd in Denomination near half, to deceive those they paid, with paying those to whom they owed one Ounce of Silver, but half an Ounce for it. But in the alteration here designed, to whoever an Ounce of Silver was owing, an Ounce will be paid in this Money ; it being here only designed, that an Ounce of Money should equal an Ounce of Silver in value, at home, as well as abroad, which now it does not.

Answer. In this Paragraph the Author Confesses the alteration of the Coin in Spain and Portugal was a cheat ; but the alteration here design'd, he says, is not : But the Reason he gives for it is admirable : viz. Because they there alter'd in Denomination near half, and here the Denomination is alter'd but 5 per Cent ; for so in Truth [183] it is, whatever be designed. As if 50 per Cent. were a Cheat, but 5 per Cent. were not ; because perhaps less perceiveable. For the two Things that are pretended to be done here by this new Coinage, I fear will both fail, viz. 1. That to whomsoever an Ounce of Silver is owing, an Ounce of Silver shall be paid in this Money. For when an Ounce of Silver is Coin'd, as is proposed, into 5 s. 5 d. (which is to make our Money 5 per Cent. lighter than it is now) I that am to receive an 100 l. per Annum, Fee Farm Rent ; shall I in this new Money receive 105 l. or barely 100 l.? The first I think will not be said. For if by Law you have made it 100 l. 'tis certain the Tenant will pay me no more. If you do not mean that 400 Crowns, or 2000 Shillings of your new Coin shall be an 100 l. but there must be 5 per Cent. in tale, added to every 100, you are at the charge of new Coinage to no other purpose but to breed Confusion. If I must receive 100 l. by tale, of this new Money for my Fee Farm Rent, 'tis demonstration that I lose five Ounces per Cent. of the Silver was due to me. This a little lower he confesses in these Words, That where a Man has a Rent-SEC, that can never be more, this may somewhat affect it, but so very little, that it will scarce ever at all be perceived. This very little is [184] 5 per Cent. And if a Man be cheated of that, so he perceives it not, it goes for nothing. But this loss will not affect only such Rents, as can never be more, but all Payments whatsoever, that are contracted for before this alteration of our Money.

2. If it be true, what he affirms, That an Ounce of Money doth equal an Ounce of Silver in value abroad, but not at home ; then this part of the Undertaking will also fail. For I deny that the Stamp on our Money does any more debase it here at home than abroad, or make the Silver in our Money not equal in value to the same weight of Silver every where. The Author would have done well to have made it out, and not left so great a Paradox only to the credit of a single Assertion.

Remarks. And for what is said in this Bill to prevent Exportation, relates only to the keeping in our own Coin, and Bullion, and leaves all Foreign to be Exported still.

Answer. What the Author means by our own and Foreign Bullion, will need some explication.

Remarks. There is now no such thing as Payments made in weighty and Mill'd Money.

Answer. I believe there are very few in Town, who do not very often receive a mill'd Crown for 5 s. and a mill'd half [185] Crown for 2 s. 6 d. But he means I suppose in great and entire Sums of mill'd Money. But I ask, if all the clip'd Money were called in, whether then all the Payments would not be in weighty Money ; and that not being call'd in, whether if it be lighter than your new mill'd Money, the new mill'd Money will not be melted down as much as the old? Which I think the Author there confesses, or else I understand him not.

Remark. Nor will this any way interrupt Trade ; for Trade will find its own course ; the Denomination of Money in any Country no way concerning that.

Answer. The Denomination to a certain Weight of Money, in all Countries, concerns Trade ; and the alteration of that necessarily brings disturbance to it.

Remark. For if so be it occasions the Coining more Money.

Answer. He talks as if it would be the occasion of Coining more Money. Out of what? Out of Money already Coin'd, or out of Bullion? For I would be glad to know where it is.

Remarks. It may be some gain to those that will venture to melt down the Coin, but very small loss (if any) to those that shall be paid in the New : 'Tis not to be denied, but that where any Man has a Rent-SEC, that [186] can never be more, this may somewhat affect it ; but so very little, 'twill scarce ever at all be perceived.

Answer. As much as it will be gain to melt down their Coin, so much loss will it be to those who are paid in the new. Viz. 5 per Cent. which I suppose, is more than the Author would be willing to lose, unless he get by it another way.

Rem. And if the alteration designed should have the effect of making our Native Commodities any way dearer.

Answ. Here the Author confesses, that proportionably as your Money is raised, the Price of other things will be raised too. But to make amends, he says, Rem. It does at the same time make the Land which produces them, of more than so much more in value.

Rem. It does at the same time make the Land which produces them, of more than so much more in value.

Answ. This more than so much more in value, is more than our Author, or any body else for him, will ever be able to make out.

The Price of Things will always be estimated by the quantity of Silver is given in exchange for them. And if you make your Money less in Weight, it must be made up in Tale. This is all this great mystery of raising Money, and raising Land. For Example, The Mannor of Blackacre would yesterday have yielded [187] One hundred thousand Crowns, which Crown-pieces, let us suppose numero rotundo, to weigh each of them an Ounce of Standard Silver. To day your new Coin comes in play, which is 5 per Cent lighter. There's your Money raised : The Land now at Sale yields One hundred and five thousand Crowns, which is just the same One hundred thousand Ounces of Standard Silver. There's the Land raised. And is not this an admirable Invention, for which the Publick ought to be at above One hundred thousand pounds Charge for new Coinage, and all your Commerce put in disorder? And then to recommend this Invention, you are told, as a great Secret, That, Had not Money, from time to time, been raised in its Denomination, Lands had not so risen too : which is to say, Had not your Money been made lighter, fewer Pieces of it would have bought as much Land as a greater number does now.

Rem. The loss of Payments there spoken of, will, in no sort, be so great as if the Parties to whom these Debts are owing, were now bound to receive them in the Money now Passes, and then to melt the same down ; so at this they will have no cause to complain.

Answ. A very good Argument! The Clippers have rob'd the Publick of a good part of their Money (which Men will, [188] some time or other, find in the Payments they receive) and 'tis desired the Mint may have a liberty to be before-hand with those to whom Debts are owing. They are told they will have no reason to Complain of it, who suffer this loss ; because it is not so great as the other. The damage is already done to the Publick, by Clipping. Where at last it will light, I cannot tell. But Men who receive Clip'd Money, not being forced to melt it down, do not yet receive any loss by it. When Clip'd Money will no longer change for weighty, then those who have Clip'd Money in their hands, will find the loss of it.

Rem. 'Twill make the Customs better paid, because there will be more Money.

Ans. That there will be more Money in Tale, 'tis possible : That there will be more Money in Weight and Worth the Author ought to shew. And then, whatever becomes of the Customs, (which I do not hear are unpaid now) the king will lose in the Excise above Thirty thousand pounds per Annum. For in all Taxes where so many Pounds, Shillings, or Pence are determined by the Law to be paid, there the king will lose 5 per Cent. The Author here as in other places, gives a good reason for it. For, His Majesty being to pay away this Money by Tale, as he received it, it will be to him no loss at all.

[189] As if my receiving my Rents in full Tale, but in Money of undervalue 5 per Cent. were not so much loss to me, because I was to pay it away again by Tale. Try it at 50 per Cent. The odds only is, That one being greater than the other, would make more noise. But our Author's great refuge in this is, That it will not be perceiv'd.

Remark. If all Foreign Commodities, were to be Purchased with this new Species of Money sent out ; we agree, That with 100 l. of it there could not be so much Silver or other Commodities bought, as with 100 l. in Crown Pieces as now Coined ; because they would be heavier ; And all Coin in any Kingdom, but where 'tis Coined, only goes by Weight ; and for the same weight of Silver, the same every where still will be bought ; and so there will, with the same quantity of Goods. And if those Goods should cost 5 per Cent. more here in England than heretofore, and yield but the same Money (we mean by the Ounce abroad) the same Money brought home and Coin'd, will yield the Importer 5 per Cent. more at the Mint than it heretofore could do, and so no damage to the Trader at all.

Answ. Here Truth forces from the Author a confession of Two Things, which demonstrate the vanity and uselesness of the Project. 1. That upon this change of your Coin, Foreign Goods will be rais'd. 2. Your [190] own Goods will cost more 5 per Cent. So that Goods of all kinds being thereupon raised ; wherein consists the raising of your Money, when an Ounce of Standard Silver, however minc'd, stamp'd, or denominated, will buy no more Commodities than it did before? This confession also shews the Falshood of that dangerous supposition, That Money, in the Kingdom where it is Coin'd, goes not by weight, i.e. is not valued by its Weight.

Rem. 'Tis true, The Owners of Silver will find a good Market for if, and no others will be damaged ; but, on the contrary, the making Plenty of Money will be an advantage to all.

Answ. I grant it true, That if your Money were really raised, 5 per Cent. the Owners of Silver would get so much by it, by bringing it to the Mint to be Coin'd. But since, as is confessed, Commodities will (upon this raising your Money) be raised too 5 per Cent. this alteration will be an advantage to no body but the Officers of the Mint, and Hoarders of Money.

Rem. When Standard Silver was last raised at the Mint, (which it was, from 5 s. to 5 s. and 2 d. the Ounce, in the 43d. of Eliz.) and, for above Forty Years after, Silver uncoin'd was not worth above 4 s. 10 d. the Ounce, which occasion'd much Coining ; and of Money, none in those days was Exported : Whereas [191] Silver now is worth but the very same 5 s. and 2 d. the Ounce still at the Mint, and is worth 5 s. 4 d. elsewhere. So that if this Bill now with the Lords does not happen to Pass, there can never any Silver be ever more Coin'd at the Mint ; and all the mill'd Money will in a very little time more be destroyed.

Ans. The reason of so much Money Coin'd in Queen Elizabeth's Time, and afterwards, was not the lessening your Crown Pieces from 480 to 462 Grains, and so proportionably all the rest of your Money, (which is that the Author calls, raising Standard Silver from 5 s. to 5 s. 2 d. the Ounce) but from the over-ballance of your Trade, bringing then in Plenty of Bullion, and keeping it here.

How Standard Silver (for if the Author speaks of other Silver, it is a fallacy) should be worth its own Weight in Standard Silver at the Mint, (i.e. 5 s. 2 d. the Ounce) and be worth more than its own Weight in Standard Silver, (i.e. 5 s. 4 d. the Ounce) in Lombard-street, is a Paradox that no body, I think, will be able to comprehend, till it be better Explain'd. It is time to give off Coining, if the value of Standard Silver be lessened by it ; as really it is, if an Ounce of Coin'd Standard Silver will not exchange for an Ounce of uncoin'd Standard Silver unless you add 15 or 16 Grains [192] overplus to it : Which is what the Author would have taken upon his word, when he says, Silver is worth Five Shillings Four Pence elsewhere.

Five Shillings Four Pence of Money Coin'd at the Mint, the Author must allow to be at least 495 Grains. An Ounce is but 480 Grains. How then an Ounce of uncoin'd Standard Silver can be worth Five Shillings Four Pence, (i.e. How 480 Grains of uncoin'd Standard Silver can be worth 495 Grains of the same Standard Silver, Coin'd into Money) is unintelligible ; unless the Coinage of our Mint lessens the Value of Standard Silver.

SIR,

OIN and Interest are Two Things of so great moment to the Publick, and of so great concernment in Trade, that they ought, very accurately to be examin'd into, and very nicely weigh'd, upon any Proposal of an alteration to be made in them. I pretend not to have Treated of them here as they deserve. That must be the work of an abler Hand. I have said something on these Subjects, because you requir'd it. And, I hope, the readiness of my Obedience will excuse, to You, the Faults I have committed, and assure You that I am,

John Lock.