[Page] Decus & Tutamen: OR, OUR NEW MONEY As now Coined, In Full Weight and Fineness; Proved to be for The Honour, Safety, and Advantage of England. WRITTEN By way of ANSWER to Sir Richard Temple and Dr Barbon. To which is Added, An ESSAY to preserve our New Money from being Hoarded, Melted down, Transported or Counterfeited.

LONDON Printed, and are to be sold by most Booksellers, 1696.

[Page iii] TO HIS Honoured Friend G. Clive Of the Middle-Temple, Esq


AS the many Civilities receiv'd from You, most justly Challenge an Ac­knowledgment, so Your exqui­site Perfections in Learning and Ingenuity, render this Dedi­cation duly applyed; by the [Page iv] former whereof, to own Your Candor and Generosity, by the latter to bespeak (by the Touch-Stone of Your perusal and ap­probation) a sufficient Security from the Snarlings and Insults of those Carping Zoylus's, who are such Self-Admirers, to approve of nothing of which themselves are not Authors; and are more disingeniously Witty in Criticising, and dis­canting on others performances, than in rectifying and amend­ing what they pretend so de­fective. And here, SIR, I am not ignorant, that while I am barely owning your Favours instead of a Compensation, I am running farther on the Score, [Page v] which I doubt not however, but your Goodness will readily par­don, since 'tis not practicable for one to pay, where another is not willing to receive.

There is one things, SIR, I have omitted in the following Discourse (as not being practi­sed till it was finished,) i. e. To observe how great a Mischief we are falling into, by giving considerable Sums of Money for the prompt payment of Bank and other Notes, of which the Rates grow so high, as 'tis to be feared will in a short time ruine our Paper Credit, which used to be very considerable in the way of Trade, and which must needs be abated if not to­tally [Page vi] ruined thereby, unless the Government by some means or other put a speeedy stop thereto; for Men are grown to that pass, that few will pay their just Debts (tho' of Money lent, and they have considerable Sums by them,) unless you'l take a Note, which they have made by this ill Practice, at least 10 per Cent. less than Money: So that tho' we had our Comple­ment of Running Cash, we shall find, that if this practice be per­mitted, we shall never have Notes in better Credit, nor rea­dy Money paid in much more plenty than now it is, as I could easily prove by sundry instances, were it not matter more proper [Page vii] for another place, than this E­pistle: Which before I. con­clude, I shall only further ob­serve, That I look upon the great Mistake of such as are for having the nominal value of our Coin raised, the Alloy therein more, or the same Coin­ed lighter, to be owing chiefly to this misguided Supposition; That we in this Island live in­dependantly without having a­ny thing to do with Foreign Countries, which did we do the making any thing currant by Stamp, that has little or no va­lue in it self, would I coefess, be sufficient to make it serve to most Ends and Purposes of Inland Trade and Bargains: But if [Page viii] we consider our selves, with re­spect to Foreign Dealings and Traffique, we shall find we are so much the more at a loss, by how much the Extrinsick value of our Coin exceeds the Real or Intrinsick.

But lest I should by prolixity misuse the liberty of this Dedi­cation, and retain your Thoughts too long from the Entertainment of Subjects more Noble, and so­lidly Refined, I subscribe my self with all Sincerity,

Your most Humble, and obliged Servant, E. H.

Decus & Tutamen, &c.

SUCH is the Folly, as well as the Ambition and Envy of the present Age, that nothing can be propounded as advantagious to the Publick, that meets not with Opposi­tion, to the great hindrance not only of the Riches and Prosperity of the Na­tion, but also to the unspeakable Scan­dal and Discouragement of its true Policy.

And upon such irregular Principles, no doubt but Sir Richard and the Doctor undertook, to write against Mr. Lock's Book concerning Coin; A Book which for its excellent Prescriptions of curi­ous Remarks and Political Maxims on that Subject, cannot be sufficiently va­lued, but by those of equal judicious Ac­complishments, and clear Notions with himself.

[Page 2] But before I proceed, that the afore­said Remarkers may not think, this Dis­course undertaken out of any preju­dice conceived against them, I do sin­cerely profess, I know neither of the two; but that this is published out of pure Zeal for Truth, without any pre­judice against any Party whatever.

First then in general, I cannot but ad­mire that Sir Richard Temple should be the Author of such mistaken Notions concerning Coin and Trade, as he has publish't in his said Remarks, in which I see not any thing of weight or reason in all his seven Objections; nor does he make out any thing he Assigns, to be an Erroneous Assertion of Mr. Lock, un­less we must believe meerly because he says it, whose Authority must be lookt upon unquestionable, because of his Quality.

But tho' these Gentlemen have taken the Pains to impose their Sentiments on the World, yet I hope they'l have no better reception than they had in the Honourable House of Commons; for how much soever the leaving open the price of Guineas, and advancing the value of Coin, might have been to Sir [Page 3] Richard, and to Dr. Barbon as to his ex­pected Bank, (by which means the Sum subscribed would have been ¼ more) yet sure I am, we should thereby have▪ had miserable Convulsions in Trade, if not a total Ruine, before the next Session of Parliament. And here I remember what the Doctor says in answer to this, in his Epistle: That he could have got more by melting down the New Coin of the present Standard, than he could pro­pose to do by a New Coinage of advan­cing the Crown Piece to Six Shillings and 3 pence. But this he should talk to Chil­dren, or such Projectors as himself; for I would fain know, Whether is safer and more for advantage, to gain 15 pence in a Crown Legally, or to gain but 1 penny, (for Bullion is but at 5 s. 1 d. per Ounce,) in a Crown, and incur there­by the Penalty of the Law against such melting down.

But I'll leave the Doctor a while, and return to Sir Richard, who in his first Remark says; ‘First, That an Ounce of Silver is equal to an Ounce of Silver of the same Weight and Fineness, but that an Ounce of Silver will buy an Ounce of Silver, of like fineness (he [Page 4] says) is absur'd, since there is no oc­casion for any Barter.’

This Remark consists of Two Parts: The first he grants, the second he denies; and I think the first, which is that he grants, is more absur'd, or at least has more inpropriety in it than the latter; for two Ounces of Silver of the same Fineness, he needs not question are of the same weight; for an Ounce Troy is always equal to an Ounce Troy; so that he had better have left [of the same Weight] out.

Then as to his Second Part, I dare Ap­peal to all the world, Whether it is ab­sur'd to Barter Silver for Silver; I am sure, its a thing done every day, and no doubt but Sir R. has done it himself, unless he always paid for his Plate with Farthings and Halfpence, which few Goldsmiths would take, unless the quan­tity bought were inconsiderable; so that its just as absur'd to say, that an Ounce of Silver will buy an Ounce of Silver of the same Fineness, as it is to say, an Ounce of Sterling Plate is sold for a Sterling Crown Piece; and that's no Absurdity at all, for the Plate bought is an Ounce of Silver, and the Crown [Page 5] that paid for it is near 1 ℥ of sterling Silver of the same Fineness, which Bar­ter is very proper and practicable; and therefore his Reason [since there is no occasion for any Barter] is vain and fri­volous, since nothing is more true, than that Silver Coin and Old Plate are daily Bartered for New Plate.

His Second Remark, is, ‘That the intrinsick Value of Silver is the true Instrument or Measure of Commerce, (he says) is partly true and partly false; for the Money of every Country is the Measure of Commerce there.’

To this I Answer, That tho' the Mo­ney of a Country is the Instrument of Commerce, yet the intrinsick value of Silver is nevertheless the true Measure thereof, by being the measure of that Money; for by how much the more there is of Silver in any Money, by so much the more it is valuable; and by how much the more is is valuable, by so much the more of any Commodity it will purchase: And in all Buy­ing, Selling, and Bartering, tho' the Persons concerned were guided as to the Worth of the thing, Bought, Sold, or [Page 6] Bartered, by the Coin of the place where such Bargains are transacted. Yet all or the greatest part of the Coin in all Countries, being either Silver or Gold, whose value is computed by that Silver. To say, That because Coin is the Instrument of Commerce, that Sil­ver is not so, (as the Doctor does posi­tively, and Sir R. in part affirm) is to say, That the Coin of all Trading Nati­ons is no Silver, which is false, and the Remark very weak.

But the Doctor says, pag. 24. ‘That if Men made their Bargains only for the Quantity of Silver, to what pur­pose is there any Copper Money Coin­ed, which reckoning one Country with another, is ⅓ part of the Money in Europe.

To which I Answer, That Copper Money is in all places, except Sweedland, designed only for conveniency in paying small Sums, which cannot so well be paid in Silver, because the quantity thereof being very small, wou'd be (and is as we see in our Silver ½ pence, pence, two pences, &c.) in danger of being lost. And as to there being ⅓ of the Coin in Europe made only of Copper, I dare affirm, and appeal to all the Mer­chants [Page 7] and Travellers in England, that not one hundredth part of the Coin in all the Traffiquing Nations in the world, except Sweedland, is any thing but Gold or Silver; And I am farther confirmed in this Opinion, not only because I have some knowledge of the several Coins, but from this computation of it in our own Nations Coin.

The most ingenious Calculator Sir William Petty has told us▪ That 50000 l. in Farthings and Half pence, is a suffi­cient quantity of Copper Money for England: But I am of opinion, that we have not so many now, because we want. And the Running Cash of Gold and Silver is computed modest­ly at 6,000,000 il. which divided by 50000 l. quotes▪ 120: so that at that rate, instead of ⅓, there is but a one hundred and twentieth part of the Running Cash of England made of any thing but Gold and Silver. And we have great reason to believe, That Cop­per Money in other Countreys, being but for the same use we make of it in England, (viz. for Change, and paying small Sums, as is said above,) is near the same proportion to their Gold and Sil­ver Cash.

[Page 8] And therefore as to what the Doctor says, page 15. 'That there are more Bargains made with Copper Money than either with Gold or Silver, and would make good this Assertion by an instance of half penny Loaves being bought and sold, (which by the way is a ridiculous one.) I say, it is egregiously false, to instance in some useful things for the Body and Mind, (as the Doctor has it, page 2.) In a Whole-sale Trade, where the Commodities bought and sold are not cutt or divided into lesser parts than they were brought in. Daily Experience tells us, there is no such thing as paying in Copper Money, for it is a small Whole-sale Parcel that is not worth 6 d. and all or most Parcels above (not to say some below) that price, are paid for in Silver; and tho' the Copper Money has the King's stamp on it, which the Doctor lays such stress on, pag. 13. 'yet so prudent and wise were our Law-makers, that no one can be forced to take this Money for Rent or Debt, because it has not a Uni­versal Value, nor was intended to be receiv'd or pay'd in large Sums in the way of Trade, by reason of its being [Page 9] far less portable than Silver; 3 far­things weighing 14 grains more, and taking up as much room as half a Crown in Silver, and consequently o­mitting the Grains 100 l. in Copper, as much as 4000 l. in Silver; and at this rate, how troublesom would it be for a Man to be obliged to receive Copper Money for Packs of Sheeps Wool, or Sacks of Cotton, Bales of Silk, Hogs­heads of Sugar, Wine, Brandy, &c. nay, if this mony were paid for the greatest part of Bargains, as the Doctor says it is, it would cost less money to carry most sorts of Goods to a Fair or Mart, than the Money those Commo­dities were sold for home again; but to come nearer the Doctors half penny Loaves, how few are there that pay for either Victuals, Apparel or Lodging in this sort of Money? For does any Man pay for a Years Board, or so much as a Joint of Meat at the Market in farthings? Does any man pay for a Hatt, Coat, &c. or so much as Gloves or Thread Stock­ings, in Farthings? Does any one pay their House-rent, or so much as for a half Peck Loaf in Copper Money? Nay, to come to the Doctors own instance, of [Page 10] the vast number of Half penny and pen­ny loaves that are bought, I dare Engage ¾ thereof are paid for in Silver Coin; for the Baker I'le warrant, never buys a Bushel of Wheat, and pays for't in Far­things or Copper Money, nor the Vi­ctualler (in whose House most of the Ba­kers Half Penny Loaves are spent,) pays for a dozen or two (than which he has seldom less) in Copper Money, no nor even the Person who buys these of the Victualler for his own Eating, comes to his House only to eat; for 'tis a hundred to one, but this Guest and his Friend, (for few drink alone) if he calls for a Role or two, but he has some Cheese or Butter, and two Tankards of Ale, which makes 6 d. in all which Trade, there is no Copper Money used; and I think all these Cases may and do happen every day. And as for Books, there's scarce a bound one in any Volume bought under 6 d. And where one pounds worth is bought with Copper Money, 1000 l's. worth are bought with Gold and Sil­ver. All which is sufficient to shew, that it is with Silver Money and not Copper (as the Doctor says,) that our Inland [Page 11] Trade is managed, and consequently that Silver is the Measure thereof.

And after the same manner is the Traffique of other Nations, their Mo­ney being for the most part made of Sil­ver, contrary to what the Doctor says, page 14. viz.

‘That the Merchants both in their Bills of Exchange, and in their Ac­counts do as often reckon by the Cop­per Money as the Silver Money.’

This I utterly deny, and will prove it a Mistake in the Doctor, by shewing what Money other Nations keep their Accompts in. And in what Money they exchange with London.

That all Trading Nations that have Commerce with England, do keep their Accompts in, and buy and sell with and for Silver Money, for the most part will appear as follows:

1. In the Netherlands, viz. at Am­sterdam, Rottordam, and Antwerp, Ac­compts are kept in pounds, shill. and pence, Flemish, or in Guilders and Stiver; there is likewise current the Holland Dollar, Duccatoon, and other pieces, all of Silver, some 9, some 10, and some 11 ounces fine.

[Page 12] 2. In France Accounts are kept in Livres or Franks, Souze and Deniers, and there are Curant the Crown of 3 Livres, and other pieces, all made of silver, some 10 ounces, some 10 ounces 18 pw. fine.

3. In Spain Accounts are kept in some places, viz. Valentia, Saragota and Barselona, in pounds, shill. and pence; and there are currant the Ducats of 10½, 11 and 12 Ryalls, which is sil­ver Coin of 11 ounces, 3½ pw. fine; and at Cadix, are Currant the piece of 8 Sevill and Mexico, the first 11 ℥ 4 pw. the lat­ter, 11 ounces fine. As also the Pat­tacoon, &c.

4. In Portugal, their chief Money used in Traffique are Milrees, Crusado's, and Testoons: And they in some parts keep their Accounts in these, and some in Rees, which is Copper. But the Ex­change is made with London upon the Mill-Ree, which is Par with 6 s. 4 d. Sterling; All these Denominations of money, except the Rees are Silver, some 10 ounces 7 pw. and some of 11 ounces fine.

5. In Germany the Coins of silver are too tedious to mention here; the most [Page 13] usual of which in Trassique, are the Rix Dollar above 11 ounces fine, Creutzers of 10 ounces, 10 pw. fine of Silver; and at Hamburgh, Accounts are kept in pounds, shill. and pence, in which they likewise exchange with London 32 shill. being Par there, with one one pound Sterling.

6. In Italy, as at Leghorn and Genoa, Accounts are kept in pounds, shill. and pence De Ovo, the Testoons of Mantua and Milan of 11 ounces, 5 pw. fine, also Ducats, Tary, and many other silver Coins, too tedious to relate here; but we exchange with Venice and pla­ces thereabout, upon the Ducat de Ban­co, which is Par with 52 pence Sterling, and with Legorn upon the Crown de Ovo, which is Par with 67½ d. Sterling.

7. The Money of Ireland in which Accounts are kept, are Pounds, Harps and Obbs, the Harp is 9 ℥ 6 pw. fine, the Obb is half the Harp, and 20 Harps is their pound; and Exchange at Lon­don with Dublin by the 100 pound Irish, which is Par with 75 English.

8. The Money of Scotland, is Pounds, Marks, Nobles, and small Pieces, the for­mer of 11 ℥. 2 pw. (or Sterling) fine. And in [Page 14] short, all other Trading Countrys, except Sweedland, have their Commerce car­ryed on chiefly by silver Coin, as the Rupee and ½ Rupee of East India, all sine, the piece of Eight, Mexico and Peru in the West Indies, fine as abovesaid; The 8 s. Danzick, Guilders, &c. in Poland, 10 ℥. 12 pw. fine; The Deghen, &c. of Russia, 11 ℥. 13 pw. fine; The Da­nish Dollar 10 ℥. 12 pw. fine. And in Sweeden, besides their Copper Dollars, they have the Sweeds Dollar of the same fineness, with the Rix Dollar of Germa­ny, and half its value; tho' I confess, a great part of their Trade is carryed on with the Copper Money; but the like is not done (as appears by the forego­ing Account) in any other Nation, and no doubt but the Sweeds would glad e­nough be rid of it for Silver, were it not the Product and Manufacture of their own, and that they are very poor: for as the Learned and Ingenuous Malynes says on the same Subject, Necessitas non habet Legem.

And thus I think, I have sufficiently proved from matter of Fact, That more Bargains are made with Silver than Cop­per Money, since there is abundantly [Page 15] more of the former than of the latter, and consequently that Silver is the mea­sure of Commerce: And I have like­wise proved, That Merchants do not either in their Accounts or Bills of Ex­change, reckon any thing near so much in Copper Money as in Silver. For whereas the Doctor says, pag. 13. As in Portugal, the Merchant often draws his Bills of Exchange, to be paid in Ri­als of 400 Rees; and says he, And so in Spain, he draws his Bill to be paid in Rials of 372 Malvadies. He is in this very much out, as well as in his Copper Money bargains; for our Exchange to Lis­bon is in Milrees of 6 s. 4 d. Sterling per Millree, & to 7 s. &c. in Circa & to Cadiz. The Par is 54. d. sterling for one piece of Eight; and the course (now) 60 d. and upward; to which two places are the principal Exchange of that Country with London made; and what they do among themselves, is nothing to us.

And therefore it does not appear, that the Doctor has any more Experience in these matters than Mr. Lock (nor in­deed so much▪) notwithstanding his great Profession, in condemning▪ Mr. Locks definition of the Par of Exchange, [Page 16] page 19. which with the Doctors Noti­on, I [...]ll incert as follows, and leave it to those that have long known the Practick part, whether of the two is the most true and genuine.

Mr. Lock's Definition of the Par. The Par of Exchange (pag. 18. of his Considerations) is a certain number of Pieces of the Coin of one Country, con­taining in them an equal quantity of Silver to that in another number of pie­ces of the Coin of another Country.

The Doctor's Definition. The Par of Money is made by compu­ting the valuation that the several Go­vernments set on their Coins, which is not from the equal quantity of silver in each piece of Money.

Now I take the Doctors Notion of the Par of Exchange, to be very false, and what was never thought of being the Par by any but himself; for to say that the value of Money (for I take the Par to be value,) is made by computing the valuation that the several Governments set on their Coin, is not only false and [Page 17] nonsensical Contradiction; but also (if he means, that one Nation must take a­nothers Money for what they please to call it,) pernicious to Trade, and destru­ctive to the very foundation of all Ex­change, and a thing never practised. For instance, Suppose in the Year 89, I had paid 100 l. at London, that my Factor or Correspondent might receive the value at Dublin, where the Person on whom the Bill was drawn, pays my Factor 800 Copper Half Crowns, which were equal to my 800 silver ones which I paid here, according to the Doctors Par of the va­luation the Government had put on them, (tho' in truth, they were not above 800 Half Pence, or 33 s. 4. d. of that Mo­ney the value was paid in England.) Now suppose the Government had changed after my Correspondent had re­ceiv'd these Copper Pieces, and before he had put them off again; and that this new Government had put a stop to the Currency of the Copper Money, and made Half a Crown currant for Half a Penny (as was reasonable enough) I should here have lost 98 l. 6 s. 8 d. by the Bargain; and such loss is every Mer­chant liable to, that regards not whe­ther [Page 18] the Mony his Correspondent is to receive Beyond-Sea, be something near the Par of the Money paid by himself here, by having so many more pieces al­lowed in Exchange, by how much those pieces are deficient in weight and fine­ness of those paid first: For other­wise I would fain know, to what end all the Mints of Europe keep so pre­cise Accompts of the fineness of their Coins, for they might know without that, what value (by denomination) o­ther Governments put upon their Coin. Or to what end was there such care taken by Edw. III. and other Kings of England, to fix Tables of the Par of Ex­change in publick places, setting forth the true weight and fineness of Foreign Coins, to prevent our English Merchants being imposed on in their Exchanges?

And the truth is, the matter is not so difficult as the Doctor would make it, by his singular way of expressing it: For the very word implies the meaning, Par pro pari, i. e. value for value, not as the Government puts upon it (with respect to Foreign Exchange,) but as it is in weight and fineness.

For as Silver is the measure of all [Page 19] kind of Commodities, so is it of Ex­change too; for as in Commutation or Barter of Goods, the several sorts must first be valued by the standing mea­sure of Silver before it can be known how much of one must be given for ano­ther kind: So is it in Exchanges, where the true value of each Coin being com­pared with Silver, it is easily known how many pieces of one Coin must be given for so many of another.

And Lastly, I offer this as a Proof, that the quantity of Silver in Exchange, is considered, and not the nominal value the Government gives to Money; be­cause for these two years past, since our Money has been so very much clipt and debased, and our Guinea's so high, Ex­changes have run very low against us; the Dutch (and other places proportio­nable) allowing us but 26 s. and 27 s. Flem. for a pound Sterling; whereas within these 4 or 5 years, they allowed 35 s. per pound Sterling; and since our Coin has been amending, and Guinea's lowered, the Dutch allow 29 and 30 s. for 20 s. Sterling.

[Page 20] Sir Richard's Third Remark, is, ‘Bullion is a Commodity, and has no certain universal stated price or value.’

And says the Doctor in the first of his contrary Propositions: ‘That there is no intrinsick value in Silver, or any fixt or certain Estimate that common Consent has plac't on it, but that it is a Commodity, and riseth and falleth as other Commodities do.’

I must confess I have this advantage in answering this: That no body is of the Doctors mind, and therefore a little may serve to say against him in this case, for 'tis a hard matter to introduce a new Opinion at best; but more especially when that Opinion is contrary to all men's Reason.

That there is a natural or intrin­sick Goodness in Silver above all other Metals (except Gold) such as solidness, & not porous, cleanness & not apt to rust, fineness and beautiful to the Eye, I think no body can gainsay.

And that upon and for the sake of these natural Perfections and Qualities, Silver has obtain'd an Universal Esteem and Value above all other Mettals (except [Page 21] Gold) in all the most civiliz'd Nations and earliest of times, is as undoubted a Truth.

For as to its universal value, it is much the same at the East and West Indies, in Turkey and Eastland, in Russia, Poland, and all over the Commercial World, as it is here in England.

And as to the early esteem it had in the world, we find it the common Mea­sure of Commerce in Sacred History, a­bout 488 years after the Flood which was in Abraham's time; and no doubt but it was so long before: And tho' Silver is a Commodity because it is bought and sold, yet I deny that it rises and falls so as other Commodities do, nor is there any Commodity that keeps such a certainty as to price, as Silver does; it being in no part of the World worth less than 5 s. an ounce, and in few places worth much more; and the reason of this will appear, by comparing it with other Commodities, most of which are the Product of more Countries than one or two, and the same sort of Commo­dities are made better and worse, which with many other Circumstances, as Fa­shion, Plenty, Scarcity, &c. much alters [Page 22] the price of Commodities that are for Wear, (as the most staple ones are.)

But Silver coming chiefly from the Mines of Peru and Mexico in America, and not subject to any of the abovesaid Causes of rising and falling, the price thereof is much at one; so that the in­trinsick value of Silver, may properly e­nough be said to be 5 s. per ounce, be­cause it will fetch so much in any part of Europe, if not of the World, and conse­quently the fittest measure of Com­merce; and this is no more than Sir Richard grants at the latter end of his third Remark. Tho' the Doctor is much more positive in denying the whole, to make good the credit of his Copper Money Extrinsick value, &c.

Sir Richard's Fourth Remark. ‘That advancing the denomination, or lessening the weight and fineness of Coin, will be no loss to the Landed­men in their Rents, &c. And that such a change can have no such effect.’

And says the Doctor in the Tenth of his contrary Propositions. ‘That if the Money be raised ⅕, the [Page 23] Landlord will not lose any part of his Rent, or the Creditor any part of his Debt.’

The truth of these Assertions depend on this:

That raising the value of Coin by de­nomination, will not inhance the price of any Commodity.

I shall therefore first prove, That the raising the denomination of the Coin, and making the 5 s. piece to pass for a­ny Sum more, will analogically (at least) advance the price of all things.

2. Shew how the Landlords and other Persons, having Annuities or Stypends, will become losers by such advance of Coin and Commodities.

We have sufficient matter of Fact, to prove, That the raising the denomina­tion of Coin, does also advance every Commodity proportionable; for that which was worth but 20 pence, in Ed­ward the first's time, is now worth 5 s. and that all Commodities did rise near ⅓ from July, 94. (when Guinea's began to rise) to the time they were at 30 s. is also matter of Fact; and that since Guinea's have been setled at 22 s. all Commodities have fallen is also true, [Page 24] Wool and Woolen Cloth (the chief of our Commodities,) is a Proof thereof, and is that I choose for instance; the first being fallen 8 s. per Tod, the second 4 or 5 s. per Yard. Which advance of Commodities according to the advance of Coin, made the wise and good Q. Eliz. in the Declaration, Anno 1559. concern­ing the amending the Coin, debased by H. VIII. express these words: [Also by continuance of this sort of base Moneys, altho' Almighty God hath given now of late Years, plentiful increase by the Earth, yet the Prices of all things growing or co­ming from the Earth, hath daily risen, as Grain, Fruit, Cattel, Victuals, Wool, Lea­ther, and such-like, and no remedy could be devised to amend the same, but to cause that the same base Monies should be cur­rant for no more than they were in just va­lue.] And the reason of the Rise or Fall of Commodities as Money does, is plain, because Money is that which mea­sures every thing; and therefore if Mo­ney rise, Commodities must rise; if it falls, they must fall. And the chief rea­son of this, is our being so deeply en­gaged in Commerce with Foreigners, who will never take our Money for what [Page 25] we are pleas'd to call it, but what it is really worth with them, and will be taken from them for, in other places. Thus, if an Ironmonger buyeth of a Dutch-man Chimney-backs, to the va­lue of 825 pounds Flemish, he might have paid for them before the advance or de­basing of our Coin (the Exchange be­ing at least 33 s. Flem. per pound Sterl.) with 500 l. Sterling; but our pound be­ing advanced to 24 s. the Dutch-man lowers his Exchange proportionable (as they always do; Witness the extream low Exchange just before the Regulation of our Coin, and the advance of it since,) which is to 27 s. 6 d Flem. for 1 l. Sterling; at which Rate 600 l. will but pay the pounds Flem. 825. So that here is evidently ⅕ lost to the English-man, who must fetch it up by selling his Goods ⅕ dearer than formerly. Or if he Bar­ters for Goods of our own Product or Manufacture, as suppose Iron in the Bar, the seller of this Iron will advance it pro­portionable to what the Chimney Backs are advanced, which ⅕. And thus 'tis plain, the raising our Coin advances For­reign Exchange; that raiseth Foreign Commodities, and Foreign Commodi­ties [Page 26] rising, does many ways advance the Product of our own Country; for if Chimney Backs, Sword Blades, &c. coming from Holland, should by raising our Coin grow dear, our English would generally content themselves with Eng­lish Blades, and Grates, and Chimneys of our own make, which would much ad­vance the price. And tho' I have only instanced in one or two Commodities from Holland, yet the same consequence would happen by the raising our Coin to all other Goods or Merchandize, not on­ly of that Country, but all others with whom we have any Commerce. And thus I have proved, That raising our Coin would necessarily advance the price of all things, and shall therefore proceed to shew:

2. That by this advance of Coin and Commodities, all such as have made Con­tracts before this advance, must necessa­rily be losers, till such time as they can advance the Terms of their Contracts proportionable to the advance of things. Thus,

1. All Landlords whose Estates are let out by Lease.

2. All Persons having certain yearly Stipends or Sallaries.

[Page 27] 3. All Creditors whose Debts were contracted before the advance of our Coin, and not paid till afterwards; must all unavoidably be at a loss by the advance of Coin.

1. As to Landlords, whose Estates are lett out by Lease for 7, 11, 21, 31 or 40 years, (the usual terms Leases are grant­ed for,) will be so much the greater lo­sers, by how much the longer the Leases they have granted are: because here is an advance of Coin that has advanced the price of things, and still the Land­lord has but the same Rent. For in­stance, if I have 500 l. per Ann. let out by Lease for 40 years, to be paid in cur­rant English Money; after this, the Coin of the Nation is advanced ⅕, and other things proportionable, yet I re­ceived but 500 l. per Ann. of this New Money; so that if I expended yearly be­fore the advance of Coin 300 l. and laid up 200 l. now the Coin is advanced, that which cost me 300 l. will cost me 360 l. so that I can lay by me but 140 l. per Ann. The interest of which at 6 l. per Cent, is but 8 l. 8 s. Whereas it is plain, the interest of my 200 l. which I laid up before the advance of Coin, is [Page 28] 12 l. So that here is evidently a loss of 3 l. 10 s. in 12 l. which is above ¼ loss to the Money'd Man.

But it may be said, That this Land­lord or Money'd Man, must be suppos'd to have Money by him when this change of Coin happens, which will be ⅕ more, as if he had 1500 l. of the Old Money, it would be 1800 l. of the New, which is 300 l. gain to him.

To this it may be answered, That this Gain will be more than lost in a short time after, when much Money by the dearness of things is drawn out of the Landed or Monyed Man's, into the Trades-man's hands. And the Money of the Nation being thus encreased ⅕, does naturally encrease the number of Userers and Purchasers, and the number of Userers and Purchasers encreaseth the value of Land, and lowers the Rate of Interest. So, if with this Money he would purchase, Land is advanced; or if he would lend it on Usury, Interest is lowered; so that he must necessarily Iose by this means notwithstanding.

2. As the Landlord, whose Estate is lett out by Lease, must lose until his Leases are expir'd, and he can advance [Page 29] his Rents proportionable to the price of all other things: So likewise it will go with such as have Employments, whose Sallaries are certain, and cannot be sud­dennly (if ever) advanced in proporti­on to Victuals, Cloaths, &c. on which they live, so that they must also be great losers by this advance of things, which is occasioned by the rise of our Coin.

3. All Creditors whose Debts were contracted before the rise of Coin, and not paid till afterward, must lose, be­cause the Debt was contracted before the rise of things, and according to the value of Money then; but now Money is raised and Commodities likewise, this (when paid the Creditor in the New Money) will not purchase so much by ⅕ as if it had been paid him before this Revolution of Coin; besides, had the Debt been in the Creditors hands before the alteration of Coin, it would of it self encreased ⅕, which he also loseth.

But on the other hand,

1. All Day-Labourers. And,

2. All Landed-men having Tenants at Will, need not lose by this Alteration of Coin, because they may advance the Prices of their work, and Income pro­portionable, [Page 30] to the advance of Money and Commodities, which loss must there­fore fall,

1. On such as have occasion to em­ploy these Labourers, as Builders, &c.

2. On these Tenants at Will, who must advance the Rent of the Houses or Lands they hold; so that I think nothing can be made more apparent, than that advancing the currant value of Money, will be a loss not only to Landed-men, but to most others.

What is material in Sir Richard's Fifth Remark, is already Answered: I shall therefore say no more to it, but con­sider▪

Sir Richard's Sixth Remark. ‘To keep up an old Standard under an old Denomination below the value of Bullion, is the greatest Folly imagi­nable, and for which we have paid dear; for it first carryed away all our Gold and Broad Money, and lastly all our Mill'd Money,’ &c.

And the Doctor says in the Eighth of his contrary Propositions, ‘That it is the Practice of all the Go­vernments in Europe, to raise their Mo­ney as the price of Silver rises.’

[Page 31] To Sir R. I answer, That nothing can be greater Folly than to alter the Stan­dard of our Coin, as the price of any Commodity is altered; for Money be­ing the Measure of Commerce (as both Sir R. and the Doctor say it is,) to alter Money, is to alter the Measure of all things; and that I am sure, unless there is absolute necessity, is both Folly and Injustice, and is as tho' the Buyer of Timber or Deal Boards, should have his two Foot Rule made longer in pro­portion to what the seller advanceth the price of his Wood.

'Tis great Folly to advance the value of our Coin in proportion to Bullion, or any other Commodity, because it will never answer the end for which it is raised. I have sufficiently proved, That raising the Coin will inhance the price of all Commodities; and therefore to advance the value of Money, to bring it to the same price with Bullion, instead of that, it would advance the value of Bullion, that being a Commodity as well as other things, and is indeed beginning at the wrong end, as if we should bring the Cart to the Horses; Not that I can see that Bullion before the Regulation of [Page 32] our Coin was advanced (properly speak­ing) to 6 s. 3 d. per ounce, as some fan­cy; altho' it was frequently sold for that price, yet if we consider that that 6 s. 3 d. of Clipt Mony, was bona fide, worth but 5 s. of our true Mill'd Coin; it then follows, That Bullion was not advanced so much as other Commodi­ties, but was all along at the old price of 5 s. per ounce, if you would pay for it with Money of full weight and fineness. And to confirm this truth, I have dis­coursed with several Eminent Gold­smiths, who have great dealing in Plate, and they tell me, That what I have here asserted is true; and I am sure, it is reasonable. For (as the ingenious Mr. Lock observes) it is impossible there should ever be 15 d. difference between an ounce of Sterling Silver coined and an ounce uncoined, tho' there may be 2 d. 3 d. or 4 d. per ounce difference, because Bullion may be exported and coined Silver may not. And because a Crown Piece wants 2 d. of being 1 ℥. of Silver.

And as the ill Policy of coining our Money lighter, or making it go for ¼ or [...] more than it is worth in other Nations, [Page 33] would appear; so would it be great in­justice, because it would injure several sorts of people. The King for Example, must lose ⅕ of what he takes over to bear his Expences in Holland, and so must the Officers and every private Soul­dier, which would fall especially very heavy on the latter: who out of their 3 s. a week Allowance, must but have ½ a Crowns worth (at most) of the Dutch Victuals, Drink, &c. and so would it likewise be a manifest Injury to all per­sons concerned in Foreign Affairs, as I have sufficiently proved before; so that instead of being the greatest Folly ima­ginable to keep our Coin to the old Stan­dard for Weight and Fineness, I think if rightly consider'd, it will appear to be the most prudent and advantagious thing the Government can do, to keep it where it is; and that more especially, consi­dering we are so deeply engag'd in Fo­reign Concerns: And as to out Dome­stick Affairs, many (I have shewed) will be losers by this advance of Coin, but none can be gainers; the truth is, our In­land Trader's (purely living upon that) will lose the least, tho' they'l gain no­thing; for what they will gain by the [Page 34] advance of their Stock and Cash just upon the Revolution thereof, they will in short time lose, by paying dearer for Manufa­cturing their Goods, and all Necessaries.

But on the contrary, tho' we can gain nothing but loss by advance of Coin, yet we shall be great Gainers by continuing the present Standard, because Foreign­ers will take out Money (upon occasion) at the same price we take it at, and it will keep all Commodities both Foreign and Inland, at a reasonable price. Be­sides, the Honour and Esteem the Nati­on would justly gain thereby in the eyes of Foreigners▪ for, as the ingenious Sir William Betty says of raising the Deno­mination of Coin, That it's like com­pounding to pay a Debt, and is an infal­lible sign of a Bankrupt, and poor Nati­on; so on the other hand, the keep­ing the Coin to its Primitive Weight and Purity, is an Indication of its Wealth and Riches.

As to the continuing our Coin on the present foot, being the cause of carrying away all our Broad and Mill'd Money.

I answer, That of the three parts, viz. what is Exported, Hoarded, and Melted down, I really believe the part carryed [Page 35] away to be the least, and the part Hoard­ed the greatest. And this will appear by considering, in whose Hands the greatest part of this Cash lyeth: It can­not be deny'd, but that the Nobility, Gentry, and Inland Traders together, are Richer, and have more Money than either the Merchants actually Trading beyond the Sea, on the Manufacturers of Plate, called Goldsmiths; and therefore 'tis most certain, the greatest part of our Milled and Broad Money, is hoard­ed, for the Nobility and Gentry have no other use to make of the surplus of their Expences, unless to purchase with, or put out to Interest, or into the Bankers Hands; and so long as the major part of the Cash currant is Clipt, they'l di­spose of that these ways, and keep the Mill'd and Broad Money in their own Hands; so that I may safely affirm, that in some measure to my own knowledge, besides what Reason suggests, That there is not a Gentleman in England, that lives not up to the heighth of his Estate, but who has considerable Sums of Milled, and Broad Money by him; and tho' the Bankers and Goldsmiths are reputed to have melted down much, yet they are [Page 36] not all so ill principl'd, to act against the Laws, Constitution and Interest of the Nation; for I know a Banker who upon this Revolution of Coin, had by him to answer Payments in Old Mill'd Money, to the value of 10000 l.

And 'tis but reasonable to conclude, That the Bankers have much more Mo­ney in their Hands than the Merchants; for they have generally the possession of the Merchants Money. And if a Mer­chant has a great Sum to receive, he or­ders his Goldsmith to do it, who has therefore the priviledge of picking and culling out the Mill'd or Broad, to hoard or melt down, and satisfieth the Mer­chant with ordinary Clipt Money; so that it's plain almost to a Demonstra­tion, that the greatest part of our Mill'd and Broad Money is hoarded, the next to that is melted down, and the least part of all is exported.

And as to what the Doctor says, That it is the practice of all the Governments in Europe, to raise their Money as the price of Silver rises: And at the latter end of his Book, pretends to give seve­ral Examples of it, and what was the consequence thereof. I do not see that [Page 37] thing he says makes for him, but rather against the Raising of our Coin, whose Circumstances do by no means run pa­rallel with theirs. For pag. 61, 62, and 63. he tells us, The Romans and French did use to raise their Coin; but what is that to us; they were lead by their Am­bition to be engag'd in long and charge­able Wars; the former, with most part of the World; the latter, with most of Europe. And therefore, let the conse­quence be never so fatal to their Foreign Commerce▪ (of which the Romans had little, and the French of late have as little or less,) yet they must have Money to supply their present Exigencies, which they could not possibly acquire any o­ther way, but by multiplying their Spe­cies of Coin. But for us to follow their Example, since we can easily raise our Money without that beggarly way of Compounding; and since we have so vast a Foreign Trade, which is the Rich­es and Glory of our Nation, and which must be much abated, if not ruined by such advance of Coin, as I have suffici­ently proved above: I say, these and many other miserable consequences un­avoidably attending, for us to follow [Page 38] their Example, would be the worst piece of Policy imaginable: For indeed, the consequence of this advance of Coin was no more than (as the Doctor confesses, pag. 62 and 63,) they themselves grew weary of; for (says he) it created a di­sturbance. And pag. 82. they called in such Money as had been greatly raised, and reduced the value of it to its usual Bounds; which I think they would ne­ver have done, had they not found this raising of their Coin very prejudicial to them; for People are not willing to let go what they find by Experience will be their interest to retain. And pag. 84. the Doctor confesses, that the Nation was never at Peace in their Commerce and Traffique, till the value of the Mo­ney was reduced within their Bounds. So that the Doctors Example of raising Coin, is neither a Reason why we should do the like, nor any Encouragement, but quite contrary; from the ill Effects, he tells us, The raising their Coin had as I have shewed above; and yet notwith­standing these miserable Effects, the Doctor wishes heartily, pag. 71. That we had a Power to raise our Coin 40 or 50 per Cent. Which Power no doubt [Page 39] but we have, so that he needs not wish forit; but blessed be God, they that have this Power, have more Reason and Ingenuity, than to make use of it in a case that would be of so miserable and destructive consequence.

The truth is, could the Doctor prove, That Bullion were 6 s. or upward per ounce in Foreign parts, with whom we have great Commerce, and that this price were so constant and ordinary, that there were no hopes of its Fall, then it would be time to advance the price of Bullion likewise in England, otherwise we should have none Imported, but what we have would be Exported; and if we should by that means, be forc'd to advance the price of Bullion from [...] s. 1 d. per ounce (which it is at now,) to Six Shillings, we must necessarily advance the price of coined Silver as well as Bul­lion, otherwise the price of Bullion be­ing so much above that of Coined Sil­ver, we could neither make up the Dif­ference by Imposition, as I have hinted afterwards; nor could we possibly pre­vent the Melting Down and Transport­ing it, the Encouragement being so great; but since that high price of Silver cannot [Page 40] for a constancy happen in Foreign parts, since the discovery of those rich Mines in the West Indies, and since the price of Bullion is now much the same with us as in other Trading Countrys; and since the value of Bullion and Coined Silver is at this time much the same here, there not being a penny per ounce difference, I see not the least Reason why we should advance the value of our Money.

As to what the Doctor says, pag. 80. That Trade makes people Rich, and Gold and Silver are the Badges of Rich­es; and therefore, as the People grow Rich, Gold & Silver must rise. I Answer, That his Premises do by no means re­quire such Consequences; for by this he would suppose, that we have only a certain quantity of Gold and Silver here in Europe, which can no ways encrease but by the advance of the Specie, not considering that many Years some Mil­lions of pounds are brought over into Europe from the West Indies, which greatly encreases our Stock, keeps the price pretty certain, and prevents us ha­ving any occasion for the Doctors multi­plying our Cash by inhancing its nomi­nal value.

[Page 41] Sir Richard under his last Remark▪ has chiefly this, worth Answering, viz.

‘That the Fall of Guinea's was not only unnecessary, but highly prejudi­cial to the Nation.’

This is easily proved a mistake, by proving that the lowering of them con­duced extreamly much to our advantage, especially in our Foreign Trade. For if in the greatness of our Foreign Trade consists the Riches and Glory of the Na­tion, as all hands do agree it chiefly does, and if the highness of Guinea's so per­plex'd our Merchants that they could not possibly carry on their Foreign Com­merce without great Difficulty and Loss, and if all this put the Merchants upon petitioning the Parliament for bringing Guinea's lower, which was done at their Request; then I think it's plain, that the lowering them was not disadvanta­gious to us, but absolutely, necessary for the carrying on of Foreign Commerce, and maintaining the Riches and Gran­dure of this Nation: For the high price of Guinea's first advanced the course of Exchange against us, and all Foreign Commodities; and secondly, [Page 42] the price of Inland Goods, which no­thing can be more plain, than that low­ering of them has brought down; and I could give instances almost in all Com­modities that have fallen since Guinea's were brought Low: So that the Gain thereby extends to all that have occasion either for Apparel or Victuals, whereas the loss by lowering them chiefly fell on such as had great Sums in their hands, and who probably got as much or more by the Rise of Guineas as they lost by their Fall.

And thus I have done with my Argu­ments against Raising our Coin, of which tho' I might have said much more, if my Business other ways would have permit­ted; yet I think the foregoing Lines are sufficient to prove, That the Raising our Coin will infallibly bring great loss to the whole Body of this Nation, by raising Foreign Goods, and the course of Exchange, and likewise all Inland Com­modities: Whereas the Loss to us by continuing the Coin at the present Stan­dard, is meerly accidental, and can only prove so by our Coins being either mel­ted down, counterfeited or hoarded; all which, it would be no less subject to, [Page 43] were it Coined lighter, or the value rai­sed, as they would have it, should the price of Bullion rise proportionably to what we advance our Coin, which 'tis more than probable it would. And therefore, since our Coin (tho' it were advanced) would still be lyable to the a­foresaid Mischiefs; the way to prevent and salve them, will not be to Coin our Money lighter or baser, or raise its va­lue, but it will be to endeavour by all means possible to prevent these Mis­chiefs, in order whereunto I have made the following Essay.

Since many have taken upon them to prescribe Rules for the prevention of these great Prejudices to the Nation, of Hoarding, Melting down, &c. I shall take the liberty to throw in my Mite, for the preservation of the Publick Trea­sure. For the truth is, tho' the curren­cy of such Money as is of full weight and fineness, would conduce much to the fa­cilitating all Receipts and Payments, and tend extreamly to the Honour and Advantage of the Nation in several re­spects. Yet if we cannot find means to prevent the great mischiefs of Hoard­ing, [Page 44] Melting down, Exporting, &c. it is to be fear'd, we shall have a greater diminution of our Coin by these irregu­lar and ill Practices, than we can pos­sibly make up by our Mint: And there­fore I humbly propose,

First, To prevent hoarding our Coin.

This is certainly the least blameable of any of the ill Practices, because the Money remains in Specie in the Nation, which on emergent occasions would pro­bably be brought to light, as we see great Sums are of Broad Money at this time; it is therefore the excessive Hoarding that is mischievous to the Na­tion, when Men have such a love to Mo­ney, either for its Beauty, or intrinsick Worth, that rather than part with it, they will let their just Debts remain un­paid after due, in hopes, or upon the ex­pectation that a Sum will shortly come into their hands that is less valuable, tho' in the mean time perhaps the Labourer, and other Artificers, who have but just from hand to mouth want Bread for themselves and Families.

This is the case of such Nations as have two sorts of Coin currant, a better and a worse of the same denomination, [Page 45] and this has long been our own case. We have had the Crown, ½ Crown, Shilling and Six Pence, New and Old, Unclipt and Clipt; and the consequence of that has been, that our Mill'd and Broad Mo­ney has been Hoarded, and the Clipt only currant.

Therefore, if ever we would prevent the excessive Hoarding of our Coin, we must have it coined all of full Weight, by calling all our Money in that admits but of suspition of being Clipt, and when that is new Coined, and all our Coin is Milled, or Broad unclipt, we shall find not a penny Hoarded that will any ways be a detriment to the Nation: And for any Gentleman, &c. to hoard so much Money as is over and above what will defray all their Expences and pay their Debts, can never hurt us.

But then, this calling in our Old Coin will best be done gradually, as the Wis­dom of the Parliament hath begun, to their exceeding great Commendation. And in my poor opinion, if the Govern­ment in the space of six Months (by which time we shall have a Million and a half of New Money, besides the great quantity of Old Mill'd Coin and Gui­nea's,) [Page 46] should call in all our present clipt Money, it would I presume, effectually prevent excessive Hoarding, and we should have much more plenty of Money currant, and ease in telling it, than we have now; which we can never expect, so long as any of these Clipt Sixpences, &c. are permitted to go, for the Rea­sons aforesaid.

2. To prevent the Melting down our New Coin.

I humbly propose, That the price of Bullion may be settled by Act of Parlia­ment at 5 s. per ounce, to all people that have dealings in it within this Kingdom, except the Merchant that imports it, who may have 5 s. 3 d. or 5 s. 4 d. per ounce, as an incouragement for bringing it into the Nation.

That all Bullion imported be bought of the Merchant by the Lords of the Treasury or their Agents, for the King, of whom alone, all such as have occasion shall buy their Bullion at 5 s. per ounce:

That to make good this 3 d. or 4 d. per ounce, and Charges, &c. to the King, a Duty be laid on some Commodity im­ported, as Wine or the like, to be paid by the Retailers or Importer, as the Par­liament shall think proper.

[Page 47] That an enact Account be kept of what Bullion is imported, and to whom it is disposed, that so an estimate may be made what the King is out of Purse, and a Duty laid accordingly: And if this Accompt is audited once a Month by the Kings Auditors, it will prevent his Majesty being defrauded.

That the Officers concerned in recei­ving and disposing of this Bullion, shall be sworn to deal justly and fairly, and likewise give good Security for the same.

That all persons selling Bullion to the King as imported, shall make Oath, that it was first Landed in England, since a certain time that may be mentioned in the Act; and that such Silver was never bought or sold before in this Kingdom, which will prevent the selling of any Bullion to the King (to gain 3 d. or 4 d. per ounce) that was formerly bought of him.

That all Bullion thus bought of the King, shall (after it is manufactured) be carry'd to Goldsmiths-Hall, and vouch­ed by the Mark (as it is now) to be Sterling Silver, to prevent putting a greater quantity of Alloy therein by the Owner.

[Page 48] That the Gain of Workers or Sellers of silver Utensils, shall be charged to the Buyer in the Fashion; and if any Gold­smith shall take or require above 5 s. per Ounce for Plate of 11 ℥. 2 pw. fine, and 18 pw. of Alloy, he shall forfeit the same [...] to the King, and ½ to the Informer, or such other Penalties as the Wisdom of Parliament shall think fit.

That no Bullion be Exported before the Exporter make Oath, That not any of the Current Money of England is con­tained in it, as is by Law provided to that purpose.

And if any one shall discover any Per­sons offending in any of these Cases, their Estate shall be confiscated, ½ to the King, and ½ to the Informer.

These and such like Rules and Me­thods, tho' here laid down rough and imperfect, may I doubt not, if polished and improved by a prudent Govern­ment, wholly cure us of that mischie­vous practice of melting down our Coin. And tho' many Objections may by prejudiced or self-interested People, be brought against them, yet if they prove only Motives to induce this sort of men, or any others, to rectify what I have said [Page 49] amiss, or compleat what I have Essayed, I have my desire. But I am fully per­swaded, That if ever our Coin be redu­ced to a state in which it may continue, to be for the interest of the English Na­tion, it must be effected, first, by having it coined according to the present Stan­dard, and secondly, by taking such mea­sures as will certainly secure it to us in that State, by making it mens interest neither to Hoard, Export, or Melt down.

3. To prevent Exporting or carrying our Coin out of England.

The occasion of carrying away our Coin, is taken to be,

1. To pay the Ballance of our Trade.

2. To supply our Army in Flanders.

3. To buy Foreign Commodities, where we have no Exchange.

4. To maintain Gentlemen in their Travels abroad, till they can receive Money in Exchange.

The first and third of these are rec­koned the most material, the other two more inconsiderable; the second being only while the War lasteth, and may wholly, or for the most part, be avoided by our agreeing with the Dutch, to take [Page 50] so much of our English Commodities, as shall be equivalent to the Expence of our Army in Flanders, and the English Mer­chant to be paid out of the Exchequer for such Commodities; and the fourth, which is very inconsiderable, may be sal­ved by the same method the first and third are.

As to the first, The paying the Bal­lance of our Trade. The Reader is to know, That if England Export not as many Goods as it imports from all pla­ces in the World, (reckoning the prime cost of the Foreign Goods imported, and Charges, and the selling price of those Exported, with Charges) it must be in debt; and in this case, the Ballance of Trade is said to run against us.

That this Ballance of Trade, if it con­tinue to run against us, runs us still far­ther into debt; and if the course of Trade does not alter, that we pay this debt or Ballance with Commodities, we must pay it with Gold or Silver; for we cannot pay it with Bills of Exchange, because that implies a Debt both ways; as if I owe a Dutch Merchant 100 l. and another Dutch Man oweth me 100 l. I can draw a Bill on the Dutch Man that [Page 51] oweth me 100 l. to pay it to the Dutch Merchant, to whom I am indebted. But if I have no 100 l. owing me in Holland, nor any other place to which they Ex­change, then I must pay this 100 l. in Specie, because I cannot draw a Bill.

This is the common notion of the Ballance of Trade, and of carrying our Money over to pay it; but I must con­fess, that unless the several Countries we trade with, kept an account of the Trade in the Gross Bulk thereof, by all the Merchants comparing Accompts of their Imports and Exports, I cannot see how this Ballance should upon any cer­tain grounds be known. So that tho' we may pay dear for the Ballance of Trade running against us, by its being and cause of Exchange running against us, which is caused by our having occa­sion to pay more Sums in Foreign Parts, than they have to pay here, yet the Sums carryed over to Ballance Trade withal, are very inconsiderable if any at all.

The chief occasion then of carrying a­way our Coin, is to buy Foreign Com­modities with (not to pay Debts,) in places where we have no Exchange, as chiefly in the East Indies: And this is [Page 52] done, either because the Goods we carry thither are more bulky in proportion to their price; so that the value of the Ships Cargoe outward, will not lade her home in Goods, whose value lye in a little room, unless Silver be taken to make it up; for in such long Voyages, the Merchant is very unwilling to come home without a full Cargo; or else it is done because the Merchant can go out (supposing the Goods of like value Bulk for Bulk,) without a full Cargo, and make up what is wanting by taking Bul­lion or Coin privately, which saves a great deal both in Custom outward, and in Freight.

But however, let the design of taking away our Coin be what it will, it is a­greed on all hands, that much of it is taken from us, and especially to carry to the East Indies, which is one great reason why I believe that Trade does us more damage than it does us good. And tho' I am a great Admirer of every thing the Ingenious and Accomplished Mer­chant Sir Josiah Child says, in his Dis­course concerning Trade, yet I must ex­cept this of the great advantage that oc­curs to the English Nation, by the East [Page 53] India Trade; and my chief reason for not fully conforming to his opinion in this matter, is, First, Because the Trade to the East Indies robs us of our Coin, without which 'tis impossible the Nati­on should subsist, as we have too great proof of at this time, when no man can get 10 per Cent. of Bankers, tho' his ne­cessities are never so pressing: And Se­condly, Because the Commodities we im­port from India, are fully manufactured, as Silks, Muslins, and Callico's, whereby our own Artificers have no Advantage, as they have by the Turky, Hamburgh, and most other Trades. But this being partly a Digression from my Subject, I shall return to shew, That this Exporta­tion of our Coin will be prevented, by the aforesaid reducing the value of Bul­lion below that of our Coin. For,

As when our Coin is Richer than Bul­lion, i. e. a 5 shill. piece is worth as much Bullion as 5 s. 4 d. or upward, and then our Coin is more likely to be carryed a­way than Bullion; so on the other hand, when Bullion is reduced as aforesaid to 5 s per ounce, it will be Richer than our Coin (as I have shewed before,) and consequently be more advantagious to [Page 54] carry away than Coin. But because, af­ter the price of Silver is thus setled as a­foresaid, it may sometimes happen, that Bullion may not be easily got to carry a­way, and that rather than go without, the Traders to the East Indies will car­ry away our Coin. Therefore, Secondly, I humbly propose, That before any Ship be permitted to Sail that is bound to the East Indies, the Governour and Com­mitty-men of the East-India Company (if the Ship is on their Account) shall make Affidavit, as shall also the Master of such Ship, with his Mates and Pur­sur. That none of the currant Coin of England, or Bullion made thereof in all or in part, is laden or designed to be la­den on Board such Ship, or otherwise to be conveyed to the said Indies, by any means directly or indirectly, to their or any of their knowledge or privity, other than permitted by Act of Parliament. And if the Ship is an Interloper, such­like Oath may be taken by the Owners, Supercargo, Captain, &c. Thirdly, And if any one shall discover any Sum so to be carryed away of English Coin, one Moiety shall be the Kings, the other the Informers. Fourthly, And if it can be [Page 55] proved, That any of the Company or Owners were privy to the taking away such Sums of English Coin, then the whole Ships Cargo shall be forfeited; and if the Captain be proved privy to it▪ (unless he makes such Discovery,) he shall be utterly uncapable of Command­ing as Captain, any English Vessel what­soever, and his whole Estate confiscated.

But there is a Fifth occasion of carry­ing away our Coin, and which, next to the East India Trade, robs us of the most; and that is, what is taken from us by the Sweeds, Danes, and Portuguese, who when they bring us of their Com­modities, do not take enough of ours to Ballance the Trade with them, but take very considerable Sums of our Coin, to our great Detriment, and which I think deserves to be prevented, either by al­tering the Act of Navigation, that we have none of their Commodities, but what our Merchants fetch from them, or by laying severe Penalties on all such as buy their Pitch, Hemp, Tarr, &c. un­less they pay with Goods of our own Ma­nufacture.

These or such-like Penalties and En­couragements will certainly prove effe­ctual, [Page 56] to prevent our Coin from being Exported, or carryed out of England; the preservation of which is of the greatest consequence to us, and de­serves certainly some speedy methods to be taken in order thereto; for other­wise all our Coining at the Mint is in vain.

4. To prevent Counterfeiting our New Coin.

I had not thought to say any thing on this Head, because I judged it needless, by reason of the Difficulty of Counter­feiting our Mill'd Coin. But being since inform'd, that several considerable Sums thereof have been Counterfeited, I think it proper to say something that may (if carefully put in practice) be a means to prevent it.

And indeed Nature it self does much favour the Detections of this villanous practice: Since it is not possible for those Counterfeiters of our Coin to make their pieces weigh as pond'rous as the true ones, because Silver is heavier than any other Metal of less value, ex­cept Lead, with which Silver will not incorporate or mix. For the weight of the several Metals Quantities being a­like, [Page 57] are less according as they are here placed, from the heaviest down­ward, viz.

  • Gold,
  • Lead,
  • Silver,
  • Copper,
  • Brass,
  • Iron,
  • Common Pewter,
  • Fine Pewter, &c.

The weight of Sterl. Sil­ver to the like quan­tity of

  • Copper is as 1 is to .87
  • Brass is as 1 is to .81
  • Iron is as 1 is to .77
  • Com. Pewt. is as 1 is to .71
  • Fine Pewt. is as 1 is to .69

At which rate the quantity of a Crown piece of

  • Copper will weigh but 16 Pw. 19 grs.
  • Brass will weigh but 15 Pw. 15 grs.
  • Iron will weigh but 14 Pw. 21 grs.
  • com. Pw. will weigh but 13 Pw. 17 grs.
  • fine Pw. will weigh but 13 Pw. 8 grs.

Now, that which I would infer from these Analogies of Silver to other Mettals, is to shew, how we may com­pute when a piece of Money is too light by Counterfeiting, and when too light by wear. As in this Table of Propor­tions, a false Crown Piece made of Cop­per, and only washed over, (if it does [Page 58] not much exceed a true Crown in Bulk) it will want 2 pw. 13 grs. the difference between 16 pw. 19 grs. and 19 pw. 8 grs. which it is impossible it should be worn lighter in 700 Years. And to prove this, I have weigh'd some of K. Charles the 2d's Crown Pieces, and find of those coined 27 Years ago, to be worn about two Grains; now if I strike off the two Years last past, wherein this Coin could not wear much, because Hoarded; then the Proportion will be, That a Crown Piece will wear 29 grains in 25 years. By which it may be easily gathered, what any other Piece will wear in any other number of years, which cannot be worth taking notice of in any piece un­der 50 or 100 years; in which last time a Crown Piece will want but a penny of full weight, if the lightness proceed only from the wear.

To instance in other Pieces, Suppose I would know what a Shilling should wear that has been coined 120 years: By this Proportion it will appear, it will but wear 1 26/29 Grains, which is not quite two Grains. For

464252921201 26/29 Grs.

[Page 59] So that it can never countervail the trouble of Rogues and Villains, to coun­terfeit any Pieces of Coin, but it will be easily discovered by weight, making a sufficient Allowance both for wear and difference in weight of the same pieces, occasioned by the negligence of the Weigher at the Mint. A Crown Piece, if they should take but 6 d. in Silver out, and put the like quantity of Copper therein, this would make 7 Grains dif­ference in the weight, between that Crown Piece and a true one, which a true Crown would not wear in less than 87 years. And if this extraordinary Alloy were Brass, or any other Metals, the want of weight would be much greater.

And, if every Banker and Cashier were obliged to keep in their Publick Shops or Offices, a good pair of Scales and Weights for Silver, to be for the common use of those with whom they deal, it would be very easie to discover this Cheat, either in single Pieces or in great Sums together, allowing however a small matter for wear. And for the Assistance of those concerned, I have here inserted a Table what any Sum of [Page 60] our New Coin should weigh precisely, from 6 d. to 100 l. and may serve for much greater Sums; which Table is calculated at the rate of the 5 s. piece weighing 19 pw. 8151, 612, 903, 225 grains, or 19 pw. 8 grains▪ and something more than ½ a grain.

6 d.00000122 ¼
1 s.00000320 ¼
2 6d.00000916 ¼
5 s.00001908 ½
10 s.00011817
1 l.00031710
501070702 ¼
601110412 ¼
702030122 ¼
802061908 ¼
902101618 ½
1003021404 ½
3009080213 ¾
4012101618 ¼
6019040503 ½
7022061908 ½
[Page 61]8025091312 ¾
9029000717 ¼

So that if a Person have any of these Sums to receive, it is but telling it over, and afterward put it in a Bag, and weigh it; as if be 70 l. it must weigh 22 l. 6 ℥. 19 pw. 8 gr. To which add the weight of a Canvas 100 l. Bag, which is commonly 1 ℥. and so to 1 ℥. 1 pw. and you have the true weight of 70 l. of our Milled Money and Bag; but if a­ny of it were counterfeit, it would want weight. And if to this be added severe Penalties on all such as offer any Counterfeit Money in payment, especi­ally on the Goldsmiths and Bankers, who are supposed to know Money well, and are less lyable to be deceived than o­thers: I hope it would be effectual to hinder the Currency of Counterfeit Mo­ney.

For indeed, 'tis too miserable and un­happy a truth, That notwithstanding the Parliament have taken such measures in the last Sessions, as would have been a­bundantly sufficient to cure us of the [Page 62] great difficulties we laboured under, by reason of the ill state of our Coin; yet we have a sort of Men among us, I mean Bankers, who (because these good Laws have run counter to their Selfish ends) have endeavoured to make all those pru­dent Methods taken for the Regulation and Restoring our Money, of no effect, by combining together to ruine the Bank of Eugland, by getting what Bank Notes they could into their hands; which upon the stop of the Currency of our Clipt Money, they power'd on the Bank so fast, as it was impossible they should Answer. And tho' they were disappointed in their design of quite ru­ining the Bank thus, yet they have made the short Payments of the Bank a suffici­ent Reason for making their little or none; tho' at the same time▪ they have very considerable Sums in Guinea's, which they either Transport to Holland or Scotland, to gain 1 s. or 18 d. a piece, or else Hoard them up, in hopes to break thro' the late Act of Parliament, for keeping the value of Guinea's at 22 s. or under. Besides, the non-payment of of their own Notes is most apparently very advantageous unto them; and [Page 63] which for that reason they will never be brought to pay, till they are forc't to it by Law, or the Bank paying in full, or the plenty of Silver Mony or Guinea's, which they will therefore endeavour to stifle and retard as much as in them lyes; since by that, they have a colour for not paying their Notes; and by not paying their Notes, they have the more Cash out at Interest, or invested in Jew­els, &c. or perhaps in monopolizing of Goods to their exceeding great advantage. All which Rogueries some ill disposed people are forward to say, The Parliament might have prevented: First, By giving longer time for bringing the Clipt Money into the Exchequer: And Secondly, By not lowering the price of Guinea's; not considering at the same time, That we had little or no Silver Coin currant from about last Midsummer till after Christmass last, the Guinea's all that time being a sufficient Running Cash, which they would have been, till we had a sufficient quantity of our New Silver Coin, had we not had some mon­sters of Men among us. And as for the low­ering of Guinea's 3 s. too low, which say they, is the occasion of their being carryed to Holland, Scotland, and Ireland, because they go there for 23 s. 24 s. and 25 s. each. I say in Answer, that it was but reasonable to conclude, that as the high price of Guinea's in England, was the occa­sion of their Rise in these three places; so the lowering of our own Coin should have caused these Nations to do the like, which it has done in part: And no doubt, but so long as we can have Gold as now, at near 4 l. per ℥. if the Parliament should think fit to permit the Coin­ing of more Guinea's, we might afford to let the Dutch or others take them from us at 23 s. till [Page 64] they are weary; for we shall gain considerably by them at this Rate, as we do also in the way of Trade; which the Dutch are not so blind (what­ever the Irish are) but they will soon perceive, and value our Guinea's no higher, if so high as we do.

But, if every body were on my mind, un­less these Bankers could make it appear by their Books, and their own Oaths, that they cannot make their Payments, I would quickly make them tir'd with the Trade of Cheating; for if a Man has receiv d a Sum of Money of another, for which he has given his Note to repay at demand, I think 't is but reasonable, that if this Demand is made, and the Money is not paid, the Len­der should have the Improvement of that Money from the time such Demand is made▪ and I doubt not but a Court of Equity wou'd give it, and which if duly prosecuted, would soon make these Sparks weary of their Trade of Cheating, in hin­dering what they can the Current Money [...] to the destruction of Commerce, and ruine of this Rich and Flourishing Island. So that upon the whole, I humbly conceive, That the readiest way to have plenty of good Money current, is ei­ther totally to put down the Bankers Trade, or to abridge them of that Power which they knavishly make use of, to the great detriment of the Nati­on; but on the other hand▪ if Rounds were set to the practice of Bankers, and [...] made more effectually, to prevent Melting down, Exporting and Counterfeiting our Coin, we should in a short time, notwithstanding the War, and ma­lice of our Enemies, be one of the happiest Na­tions the Sun sees.


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