My Lords,

I Have just now Received a Letter of Advice from King James, by which it appears, The Parliament of England are very Busie about the Alteration of their Coyn; con­cerning which, You know, We have had many Debates in Council for Three Months past, to try if any Project could be fram'd, or a Feasible way found, to drain the English of their Money, as fast as it shall be New Coyned; for, as I have often told some of You, if this be possible to be done, then I doubt not but to Conquer them, and the rest of my Enemies, without Fighting either by Land or Sea: And in regard You have had sufficient Time to consider upon this Project, since our last Debate of this Affair, I desire to hear what Methods You have to propose, and how it may be effected. —

May it please Your Majesty, We have had many Conferences upon this Subject, and by the Progress we have made, we find it is practicable, and easie to be done, and with a very reason­able Charge to Your Majesty; therefore we have digested and framed the Methods and Ways of doing it, and doubt not but Your Majesty will approve thereof, being so contriv'd, that [Page 5]if the Parliament of England pass a Vote, for Coyning their New Money of the same Weight and Fineness if for­merly was, and pass for no more than their Mill'd Money did, (viz.) 464 Grains, or a Crown Piece of that Weight, for Five Shillings, as it did of late; Then we can and do assure Your Majesty, That if the English Coyn Six Millions of New Money, we can easily make You Master of Five Millions of it in Fifteen Months, — accounted from that time they begin to Coyn it.

Oh Heavens! Is this possible?

Your Majesty may assure Your Self, It is possible, and the most easie to effect of all Projects that have been undertaken by any of Your Ministers since the War began. — There is nothing can prevent Us from Bringing their Money from England as fast as they Coyn it, provided this Parliament pass a Vote for Coyning it of the same Weight and Purity, and Order their Shillings, Half-Crowns and Crowns to pass as they formerly did, Your Majesty may then rely upon it, if they Coyn Ten Millions of such Money from their Clipp'd Money and Plate, we have found and contriv'd infallible Ways and Means to bring Nine Millions of it away from thence in Two Years Time.

If this be possible to be done, I'll spare no Cost to effect it; for since he first mentioned it, — I have often thought some Lucky Method might be found, to do me more Service this way, than all my Forces can by Sea or Land.

'Tis very true, and Our Advice is, — That Your Majesty will admit us to Imploy to the Value of 250000 in English Money in such Ways as we have contriv'd for the Bringing over of their Coyn, whereby we'll engage totally to strip and divest them of it; and that Your Majesty will spare the Value thereof in the Publick Charge of Your Army, and Marine Affairs; so that, by consequence, it will Cost You nothing, if Your Majesty saves as much in other Expences, as shall be laid out upon this: And though we may imploy to the Value of so much in English Money to effect it, nevertheless, we doubt not but to Return You Nine Hundred Thousand Pounds more, besides your Principal; and question not but to make You Master of Nine Parts in Ten, of what-ever they Coyn, in less than Two Years Time; which being done, What Army can they bring into the Field? or, What Fleet can they fit out to Sea? Must not Your Most Christian Majesty Remain Master of Both? Will not the Confederacy then be broke, and leave Your Ma­jesty to Give Laws, and to Govern Europe? Who, or what can, or shall resist You, when this is done?

As I said before, I'll spare no Cost to effect it: But, How shall it be done? My Lord, I never knew a Project of Yours sail, if You can make this appear, I'll gratifie Your Demands in all things, and own Your Service for ever.

In all Dutiful Submission, I humbly inform Your most Christian Majesty, — That we have settled Forty Eight Correspondents Abroad, All which are to Merchandize in the Places following for Us, upon Your Majesty's Account.

(Viz.)

Who are to Receive such Goods from England, as shall be sent from thence, by our Agents there, to each and every of these respective Places; and to Return such Goods back for England, by the same Ships as we shall direct.

We have also taken Care to provide Forty Four Correspon­dents in the following Places of England, which will be all fix'd in their several Stations before the New Coyned Money comes forth, (viz.)

Two Merchants, with One Melter, at New-Castle and Durham; One Merchant, and a Melter, at Stockton and Tarm; Four Merchants at Hull and York, with One Melter; One Merchant at Boston; One at Yarmouth, and a Melter; Twelve Merchants in London, and Five Melters; Two Mer­chants [Page 8]at Exeter, One at Topsham, One at Barustable and Biddiford, with One Melter; One Merchant at Plimouth, One at Truro, One at Falmouth, One for Saint Ives and Pad­stow, with One Melter; at Bristol Three Merchants and a Melter: And for the In-land Towns, and Trading Countries, we have appointed Twenty Four other Correspondents to remain there till this Business is dispatch'd, to whom our Agents in London will remit Guinneas from thence, at the Cur­rant Price they go for there, let that be more or less (as Opportunity offers) to every County of England, by the Carriers of those Countries; where our Agents are to Change the Guinneas for New Coyn'd Money; and as each of them gathers up One Hundred, Two Hundred, Three Hundred, Four Hundred or Five Hundred Pounds a Week, more or less, in every County, of the New Coyn, they are to send it by the same Carriers, pack'd up in some of that County Goods, to their respective Correspondents in London, where it is to be Melted down with the rest Collected there, and thereabouts: And such Silver as is to be pack'd up in any sorts of Bale Goods, is ordered to be Cast into broad and thin Ingots, and then beaten out to the Thickness of half an Inch, for the Con­veniency of Packing; and for what Goods are Shipp'd from London, or any of the before-mentioned Places, in Cask, the same may be done in thicker Ingots, or Bars of Bullion; whereby we Propose, from all Places of England, one reckoned with another, to pick up, and Melt down, near One Hundred Thou­sand Pounds a Week, which is much more than they can Coyn Weekly; so that it will be time enough to begin this Trade Two or Three Months after the English have begun their Coynage, against which time nothing shall be Wanting on Your Majesty's Part.

I have heard this Discourse with all the Delight that can be imagin'd, and never did more pleasing Patience possess my [Page 9]Mind: I confess, the Project, and the Methods of it, seems a very feasible Enterprize; nor can I foresee how it should mis­carry, if your Correspondents in England be so prudent to keep all things secret, then I question not but to meet with Success.

Your Majesty may depend on't; we have taken effectual Care of that; for if Your Majesty approve of the Project, and will be at the Charge, we doubt not their Secrecy and Faithful Service.

First, Here are Forty Eight Correspondents settled in various Places Abroad, who know nothing one of another, nor of our Designs; so that there is no doubt to be made of their Dis­covering, or Writing any thing to England to prevent it, if Furnish'd as followeth.

We propose to supply each and every of these Forty Eight Correspondents Abroad, with Five Thousand Pounds a piece, to Trade to and from England, (all the Places before-mentioned being in Peace with the English) which Forty Eight Cor­respondents so supply'd, will take up Two Hundred and Forty Thousand Pounds, the Value of which, when sent in Goods from the several Places where they reside, to our Agents in England, we have contracted for to be done on these Terms and Conditions. (viz.)

All and every of them are to have One Third Part of the Profits their Goods make in England; our Agents or Merchants in England, another Third; and Your Majesty the Remainder. We have also agreed, They shall have the same Proportion of the Profits made of such Goods as shall be sent them from England, Bullion only excepted: And if their Parts of the Profits, inward and outward, do not arise to Five Hundred [Page 10]Pounds a Man per Annum, Your Majesty is to make it up so much to all and every of them, as well to those in England, as to those in other Places Abroad; for which, they are to deliver up a fair and true Account, together with the Principal Stock, and Your Majesty's Proportion of the Profits, when demanded; and are to keep all Secrets we shall entrust them with. And as it hath been already mentioned, we have contriv'd the Business so, that none of our Correspondents Abroad, nor in England, knows one of another, but only those that are to deal directly together, and they know not the bottom of this Design; neither shall the Agents that are to be concerned in the several Counties of England, know one of another, each being to keep to the particular Person he is to deal with from thence to London; so that we look upon the Five Hundred Pounds per Annum to be a sufficient Obligation to oblige all Persons that shall be concerned to Secresie and Industry; whereby we doubt not but to strip the English of their Coyn as soon as 'tis well Coyned; for which, we have given our Correspondents their positive Orders, to pack up Four Hundred Pounds Worth of Bullion, in every Hundred Pounds Worth of other Goods they shall Ship from thence; so that by one Return of Two Hundred and Forty Thousand Pounds, we shall draw away Nine Hundred and Sixty Thousand Pounds, Five or Six of which Draughts will effectually do our Business: Besides, Your Majesty may conclude, That by the Working Silver-Smiths, and the Exporters of Bullion, there will be above a Million of their Coyn Melted down in Twelve Months Time after it comes forth.

My Lords, If this Project takes effect, you may live to hear of another Revolution; for though they over-witted me in That, I may chance to over-Reach them in This, especially if they carry on their Coynage so, as to leave an Opportunity to Impower me.

But one of my great Fears is, That either amongst that Parliament, or the People, there may be some such Thinking Men, whose fore-sight may lead them to consider the Circum­stances and State of Europe, and especially the Stratagems and Inclinations of the Court of France, at this time; who cannot but imagin, we shall be ready to Contrive, and Engage in any Project which seems rational to Wound our Enemies, having so many of them. And, amongst other Thoughts, may un­luckily light of such Notions as these; the Probability and Possibility of which being Discovered, and made Publick to the English People and Parliament, may thereby prevent us from putting this Design in Practice; and if this should hap­pen, I should either think my self Accurst, or imagin that some of you, or those you imploy, have Betray'd me: I confess this is one of my great Fears, for I'm so in Love with this Project, being confident, if it takes effect, it will enable me to do all I desire, so that I'd rather give Forty Millions of Livers than it should be Discover'd.

Your Majesty's Judgment and Prudence in all things is very great, and there is much Reason in what You say; nevertheless, I am of Opinion, There is not One Man in Ten Millions of Men can think of such a Contrivance; or, how­ever, — That it should be thus laid in the Court of France; for, unless he knew what's done and acted here, he must be a strange sort of Fortune-Teller that can predict and fore-tell our Designs and Proceedings in Council; although, I confess, he that loves his King and Countrey, and is of a generous Spirit, will spare no Pains, but Think and Write, and Write and Think of all the Ways he can to serve them. — But the Ways and Methods of Managing this Project, and also the Enterprize it self, seem to me impossible to enter into any [Page 12]Man's Head, unless he was engaged with an Enemy, as Your Majesty is; or else, was in Councel with us: Who can imagin any Man should have the fore-sight to know our Designs? I think Your Majesty need not question this.

My next Doubt, and the greatest of my Fears is, That the Parliament of England will not Vote, The Coynage of their Money of the same Fineness and Weight, and Value it as it was before; because they very well know it hath been lately Melted down, and therefore must conclude it will be so serv'd again, especially in these times, when all Europe hath such Occasions for Silver: My Reason is this, because, in all Parts of Europe, except Holland, Portugal, Spain, and Italy.— It is worth 20 per Cent. more now than the Price the English formerly Valued it at; so that if they consider the Affairs and State of Europe, they must needs know and understand there is a great Alteration, and a vast Difference, to what there was in Times of Peace, amongst all Nations; so that how the People or Parliament should be of that Opinion, and take that Method in their New Coynage, seems to me a Doubt, they will not Vote it, as afore-said.

We hope there will be no Occasion for Your Majesty to doubt it, having taken much Care, and used all the Endea­vours that possibly may be to impose upon Them, and the People of England; that 'tis absolutely necessary to Coyn their New Money of the same Weight, Value, and Fineness, it formerly was; and we knew very well, by good Advice, before the Parliament met, that all, or most of the unthinking People, were fix'd and grounded in that Belief; and to confirm them and their Parliament in that Opinion, we have caused [Page 13]several Sorts of Printed Papers to be Publish'd, and spread amongst them, to assert and prove the Necessity of it; in which Papers our Agents have endeavoured to exert and prove,

First, The great Loss they suffer by the Exchange of Money; alleadging, if they Owe, they must either Pay or Break.

Secondly, The Destruction and Ruin it will bring upon their Trade, if they should either abase their Coyn, make it less, or raise it in its Value.

Thirdly, That all Foreigners will Value it according to its Weight and Fineness, and will make that the Measure of their Trade with them, and will Sell them their Goods, and be Paid for them accordingly.

Fourthly, That if they should Raise the Value of their New Coyn, all Foreign Exchange of Money will rise proportionably.

Fifthly, That if they should Raise the Value of their Coyn, such an Alteration or Change of it will Defraud the Nobility, Gentry, and Landlords of their Rents.

Sixthly, That all the Revenues of the Crown, with the Revenues of the Church, will be Lessened: — All their Eatables and Wearables will be Dearer: — All their Officers and Souldiers, by Land and Sea; their Ser­vants, Labourers, and Workmens Wages, with all Gifts, and Publick Settlements of Charity, will be Diminished. — These, and a Multitude more of such like Arguments, we have, by our Agents, strenuously prest upon the People, which have taken that good Effect, there is scarce One in a Thousand but believes them, insomuch, that they [Page 14]have and do maintain these Inferences in all common Discourse, and have labour'd extreamly to perswade their Parliament into the same Opinion and Belief: All which things seem rational enough to them that take the Circumstances of Europe to be the same now, they were in Times of Peace; and especially such as know not, nor think nothing of the Design we have to drain them of their Money, and how easily it may be done: — And, therefore, I doubt not but Your Majesty will hear very speedily that Parliament hath Voted it accord­ingly; — and the next thing will be, to fall a Coyning.

That would be the Welcomest News that ever came at Paris, Marli, or Versailles, since these Wars began; — when I hear such a Vote is past in England, as I said before, I shall have some Hopes to see another Revolution, and a further Con­quest in EUROPE than I have yet made; for ever since this Project of Draining them of their Money was first mov'd, I have always thought the Parliament of England could never serve Me more, nor Themselves and the People less, than in this thing of the Value of their Coyn, which, when done, and Establish'd at the Price their Mill'd Money formerly was at, will leave me sufficient room to cut 'em out New Work.

Of all the Projects Your Majesty hath Enterpriz'd, either by Land or Sea, since the Wars began, in my Opinion, there are none of 'em to be compar'd with This, for Sinking Your Enemies Speedily, Secretly, and Certainly.

And though You drain all the Ware-Houses in France, and empty every particular Province of its Goods, to bring Silver and Gold in great Plenty into Your Kingdom, nevertheless, if it [Page 15]be at high Rates, the doing thereof will Impoverish and Weaken Your Enemies, and will add very much to Strengthen and Enrich You; for when they're divested of their Silver, though they'd give Eight Shillings an Ounce for it, they cannot have it again. — And considering how we have order'd and con­triv'd the Management of this Enterprize, the most that ever Your Majesty will disburse to effect it, will not exceed 250000 Pounds; I mean so much for a Principal, or Stock to accomplish it. — And if there was no Advantage, nor any Profits to be made by Imploying so much Money in Im­porting and Exporting Goods to and from England, neverthe­less, all the Sallaries Your Majesty hath to Pay to 116 Agents, at 500 Pounds a Man, to go through and effect this Design, comes but to 58000 Pounds; of which, the Profits inwards and outwards of 240000 Pounds, imploy'd as aforesaid, cannot make less than one Third of the 58000 Pounds, which is 19333 Pounds, 6 Shillings and 8 Pence: — So that Your Majesty's Charges will be reduc'd to 38666 Pounds, 13 Shillings and 4 Pence, which will be all the Cost You will be at, totally to drain and divest the English of their New Coyn'd Money, by carrying on of this Design. — But then if Your Majesty pleaseth to consider, as You signifi'd before, the Difference there is in France, and most Parts of Europe, between the Prices of Silver of their Standard, at 5 Shillings and 3 Pence an Ounce, admitting one of their Crowns pass but for 5 Shillings, will be at least 12 Pence an Ounce for the Difference; so that the Question will be this, If, by this Project, in 12 Months time after their Money is New Coyned, You drain them of 5 Millions, What Advantage will that make Your Majesty over and above all Your Cost and Charges, allowing every Ounce of their Money to afford You 12 Pence Profit? Answer. 929075 Pounds, 4 Shillings and 8 Pence clear of all Charges, together with the Principal Stock return'd again. And this You may conclude for infallible Truth; — When You have got the Commanding Purse, You must and will have the [Page 16]Commanding Sword; and how easie it is to make Your Self Master of that Purse, by Executing this Design now laid, I think there wants no further Proof nor Demonstration.

My Lords, I approve extreamly well of what hath been said and done in this Affair; I have nothing more to say at present, but to recommend it to your Care; — and shall daily desire to hear of a Vote past by the Parliament of England for Coyn­ing their New Money of the Standard, Weight and Value their Mill'd Money formerly was; which being done, I have nothing more to add; But then Have at All.