Some few Considerations, supposed Ʋseful; Concerning the vote of the House of Commons, Friday the 24. February upon the Bill, For the Hindring the Expor­tation of Gold and Silver, and the Melting down of the Coin of this Realm, hum­bly Proposed by Dr. Hugh Chamberlain, to the Wisdom of the Honourable House of Commons.

1. Gold and Silver, as all other Commodities, whether Foreign or Domestick, must be consider'd with respect to their real natural Value, and the Market-price, which are both very variable, and not to be governed by Laws.

2. The real natural Value of all Commodities, is the Expence of labour, Charge and Hazard, in raising and bringing the same to a Market, and this Varies it accord­ingly, for Gold doth not cost so much in Peru and Guiny, as it doth in London, Paris, or Amsterdam. The Market-price varies according to the Multitude or Paucity of Chapmen, and the plenty or scarcity of the Commodities.

First, The multitude or paucity of Chapmen, are commonly governed by their several Necessities and Pleasures in the use of the Commodities: Thus we see, where Gold is not the measure of Trade, as in some parts of the East and West-Indies, and in Africk, Iron is much more valuable, because they have much occasion for the one, and little or no use for the other; neither for Vessels, Ornaments, or Mony. So likewise tho Gold should cost you 3 l. per Ounce, if you can find but few Chapmen, you must sell it for 40 s. if you can get no more, and your Necessities compel you to sell: and if it should cost you but 40 s. per Ounce, if you have multitude of Merchants, you may sell it for 3 l. 10 s. more or less, for 'tis not what Charge it stands you in, but the greater or lesser number that hath occasion for it.

Secondly, The plenty and scarcity of Commodity varies the Price, tho much above the natural Value, or below it. Thus a piece of Bread in a Siege of a Penny natural Va­lue is oft sold for 5 s. and on the contrary, a Diamond formerly sold for 10 l. when scarce, hath by clogging the Market yielded but 5 l. tho possibly less than the Charge expended, which is the natural Value.

4. Nothing can possibly bring Gold or Silver, being of Foreign Growth into England, but the Exportation of Commodities of our own Growth or Manufacture; or what our Natives can return from Foreign Service for their Labour, or what Foreign Travellers spend here to see the Country.

5. Nothing can possibly carry our Gold and Silver out of England, but the consuming more For [...]gn Commodities at prime cost, then we get in Value for the Sale of our exported Mer­chandize, or what Foreign Merchants, and Mechanicks by their labour and Thrist can save he [...] to return to their own Country; Or what our Nobility and Gentry spend abroad in thei [...] Travels, or what our Ambassadors, Foreign Ministers, or our Armies in Foreign Coun­tries or Mercinary Allies draw out of the Nation.

So that 'tis neither changing the denomination of our Coin higher or lower, above or under [...]he [...]ural Value and Market-price of the material, which quantity and use will regulate, can [...]ither gain, keep, or drive away our Gold and Silver, but only the abovementioned bal­anc [...] of Trade, over or under which like Necessity will over-rule all Laws.

7. That which makes the variety of Value here at home, betwixt Gold, Silver and Bullion, is the disproportion among themselves, according as, they exceed the settled proportion by the Standard, in Use or Quantity. For Example, When there is more use for Gold, or less [...]uantity in proportion than for Silver, Gold shall be dear, and exceed the Standard in the Market-price, tho the natural Value continues the same. And when there is more use for Silver, or less quantity in proportion than for Gold, Silver shall be dear, and exceed the Standard in the Market-price, tho the natural Value were the same. And when there is more use for Plate than for Mony, Plate shall be Dearest and exceed the Standard in Value, and Coining shall not only stand still, but very oft the Coin shall be melted down: For, if the qantity of Gold exceeds in proportion the Silver, Gold shall be Cheap: If Silver ex­ceeds Gold, Silver shall be Cheap: If Mony exceeds Plate, Mony shall be Cheap, If Plate exceeds Mony, Plate shall be Cheap. And tho Mony still retains the same Denominati­on, it doth not always the same Value, being also over-ruled by the plenty or scarcity of other Commodities, for a Crown is not of the same Value When it will purchase but half a Bushel of Wheat, as when it can a whole one, there being then either less Corn, or more need of it, or more Chapmen that come with more Mony; but this Variety is no prejudice to the Nation, in respect of the quantity of Gold and Silver, that being always the same; for when we have more Mony, we have so much the less in Plate, and if more in Plate, we have the less in Mony: But notwithstanding, it is a very great damage to Trade, because Mony is living Riches, Plate but dead; the one being capable of turning and improving Trade, but Plate is not.

The Nobility's hoarding and carrying of Gold in their Pockets and the great Gaming with Gold, will raise the price above Silver, tho the proportion remains the same.

From the Premisses may be concluded, that raising the value of our Mony, cannot keep it, but will give our Merchants some trouble to adjust the Parr in their Exchange and Trade abroad: Nor lowering it cannot drive it away, without bringing as much or more in the room; but if we take no care to exceed in Exportations, all we can do, will never keep our Mony; and if we do exceed in Exportations, all Foreigners can do, can never draw is away. Exportations must be sufficient to answer the Charges that foreign Payments, of Allies, Armies, Ambassadors, English Travellers, and returning strange Dealers, requires as well as importing Foreign Commodities, or we must still Decline. Which regulation of Trade 'tis hum­bly conceived, may well deserve the serious Care of this Honourable House. This Duty I thought I ow'd my Country, and hope 'twill give no Offence if I have been mistaken, I'le thank any that will rectifie me.

LONDON, Printed in the Year 1691.

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