Memorial to the Lords of His Majesties Privy Council, anent the English clipt money, and other current coins in Scotland 1695 Approx. 13 KB of XML-encoded text transcribed from 3 1-bit group-IV TIFF page images. Text Creation Partnership, Ann Arbor, MI ; Oxford (UK) : 2011-04 (EEBO-TCP Phase 2). A50602 Wing M1697 ESTC R23542 12767312 ocm 12767312 93600

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 Early English books online. (EEBO-TCP ; phase 2, no. A50602) Transcribed from: (Early English Books Online ; image set 93600) Images scanned from microfilm: (Early English books, 1641-1700 ; 698:33) Memorial to the Lords of His Majesties Privy Council, anent the English clipt money, and other current coins in Scotland England and Wales. Privy Council. 4 p. s.n., [Edinburgh : 1695?] Caption title. Reproduction of original in Huntington Library.

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 eng Coinage -- Great Britain. Currency question -- Scotland. 2020-09-21 Content of 'availability' element changed when EEBO Phase 2 texts came into the public domain 2009-02 Assigned for keying and markup 2009-03 Keyed and coded from ProQuest page images 2009-07 Sampled and proofread 2009-07 Text and markup reviewed and edited 2009-09 Batch review (QC) and XML conversion
MEMORIAL To the Lords of his Majeſties Privy Council, anent the Engliſh Clipt Money, and other Current Coins in Scotland.

COnſidering the great Diminution of the intrinſick Value of the Engliſh Money by Clipping, without doubt they will uſe all Indeavours to lodge as much of the Loſs thereof upon us as poſſible they can, and that with all Diligence imaginable; eſpecially the Parliament of England being to fall upon ſome Courſe for redreſſing the ſame, and preventing the like for the future: It doth therefore concern us in this Kingdom to prevent any loſs we may ſuſtain by the Fault of others.

The Remedy appears to be Two-fold, Firſt, to call down the Value of the Engliſh clipt Money, and then to call up or raiſe the Value of the other Currant Coins of Scotland, whether Forraign or Domeſtick.

For the firſt, it is moſt reaſonable that the current Value of Monies ſhould be leſsned, according as the intrinſick Value is leſsned, and the intrinſick Value of Engliſh clipt Money being leſsned by Clipping to a third Part, and in ſome Species to a half loſs of the Value of what it was at firſt, it ought certainly to be undervalued accordingly.

All that can be ſaid againſt it, appears to be of no great weight, for the loſs of particular perſons who are poſſeſſed of that Clipt Money, will ſtill prove greater and greater; As alſo that of the Nation in general, ſo long as there is not an adequat Remedy found out for freeing the Nation of the ſame, though with loſs, and preventing the like for the time to come: And in one Word, this appears to be the only Reaſon why our current Coin is carried forth of the Kingdom, becauſe the Engliſh after they have had the benefit of Clipping their own Money, they ſend down theirs when light, to barter with our Goods and heavy Money, whereby their Advantage is as great as our Loſs is.

It is not to be regairded, that if ſuch Meaſure be taken with us, the Engliſh will buy none of our Beaſts and Goods, for what they by from us is for their own Advantage, and not for ours; And if it be for their Advantage to to buy from us, they can make their payments in Bills of Exchange as they did formerly: And it is obſervable, that ſince the Clipping of their Money, their Payments for Scots Commodities hath been by the Species of Money, Ten, for one more than what their Payments were formerly.

If therefore ſome ſpeedy and effectual Courſe be not fallen upon for preventing the Prejudice we ſuſtain by the Clipt Money, it will both take away all Encouragement from the Importers thereof, and give Encouragement to the Exporters of the ſame, and prevent the Exportation of our other Current Coins, and the leſs Value ye ſet upon the Clipt Money, the more Value you ſet upon the unclipt, which is equivalent to raiſing the Value thereof, and will prove as great an Encouragement for the Importing of the unclipt Species of Money, as if it were actually called up to a higher Value than for what it paſt formerly in this Kingdom.

As to the ſecond Remedy, its believed by ſome, that the raiſing of the current Coyns of a Kingdom, in value will cauſe it to be imported in hope of gain, and keep it from being exported, for fear of loſs.

The firſt view of things are often pleaſant, when the end and Progreſs thereof is not.

For it is certain, that one Ounce of Silver of equal finneſs, is, and allwiſe will be of equal value with an other Ounce of Silver of the ſame finneſs, all the world over.

And it is as certain, that Money is not only the true meaſure of all our other Means and Riches in the Kingdom, but alſo of our Forreign Commerce with Strangers, which therefore ought to be kept juſt and conſtant, to avoid theſe confuſions, which ever accompanie ſuch alterations.

For firſt at home, if the common meaſure be changed, our Lands, Rents, and Commodities both Forreign and Domeſtick muſt alter in proportion, indeed thoſe who are to borrow or receive Money upon former Contracts, will be defrauded of their due proportionably, as the Money is raiſed above its former value which they would ſoon find to their great loſs, if they went to Mercat with their new Money; if the ſtranger Merchant, or thoſe of our own Nation bring in Forreign Wars, and find the Money raiſed, ſhall not they raiſe the price of their Commodities proportionably, and ſhall not the price of the Merchants Exchange with Forreign Countries, riſe in proportion with our Money, and conſequently why may not our Monies be carried out of the Country, to as much profit, as before the alteration.

If it be thought, that the raiſing of it, will cauſe forreign Money come in, it muſt be done either by the Merchant who hath exported our Wars; or by the Merchant who intends to buy of our Commodities; or by him who brings in Forraign Coyn, as Merchandiſe to gain upon it, according to the value its raiſed with us.

For the firſt if the value called up, be but ſmall, it will bring in little or no Treaſure, becauſe the Merchant will rather bring in Wars, upon which, there is uſually a competent gain.

As to the ſecond, there will be as little Encouragment, becauſe the price of Commodities will raiſe in value proportionably, as our Money doth.

And as to the third, its the ſame thing, for if they bring Money upon the expectation of Advantage, they muſt either receive the value thereof, in Money, Goods, or by Bills of Exchange, by the firſt, there can be no Advantage becauſe Money is the ſame with Money, and the Goods raiſe proportionably, as ſaid is; neither by the laſt, becauſe the price of Exchange raiſing proportionally will take from the one hand what is gained by the other: for the Merchants Exchange by Bills is a practiſe, whereby they that have Money in one Countrie, may give in the ſame to receive Money again in an other Countay, upon certain conditions agreed upon; whereby Merchants are accomodated, without tranſporting of Treaſure.

Theſe Exchanges are not made at equal Values of the Monies only, becauſe he that delivereth his Money hath regard to the hazard of the Debt and time of forbearance, but that which cauſeth really and truly an under or over-valueing of Money by exchange, is the plenty or ſcarcity thereof, where exchanges are made, and as that makes the price of exchange high or low, ſo the over or under ballance of our tread doth certainly occaſion plenty or ſcarcity of Money.

For ſuppoſe Holland, or England import more Goods in value to us than we ſell them, then it's evident their Merchants not only carry away our Treaſure to ballance Accounts between us and them, but alſo money being to be delivered by us to them by exchange, it is therefore undervalued by the Receivers whatever over-value we may put upon it our ſelves, and this occaſions the raiſe of exchange.

But ſuppoſe on the other hand our currant Coin ſhould be ſo much undervalued by us, as that ninety pounds being carried over in ſpecie, would ſatisfie for an hundred pounds at Amſterdam, yet that would never occaſion the carrying out of our Money, if it were not becauſe of the over-ballance of Trade: For ſuppoſe the Wares brought from Holland, extend to the value of five hundred Pound yearly, and our Commodities tranſported to them, only four hundred Pound yearly, Is it not evident that there muſt be an hundred Pound of ballance; and this Loſs muſt be tho' the returns were only in Money: For the Dutch carrying away from us five hundred Pound of Money for their Wares, and we bringing home four hundred Pound only of their Coin for our Commodities, there will be ſtill an hundred Pounds loſs, and if our Money be ſo much undervalued more than theirs, ninety Pounds carried over will pay that ballance of an hundred Pound at Amsterdam.

Again, ſuppoſe we carry as much Wares in value to Holland, as they bring in to us; by which the means is equal for each to make their Returns by Exchange, without carrying away money from either State, and that the Scots Merchants ſhould notwithſtanding, bring his Returns in ready money, becauſe of the Advantage by the calling up of the money in Scotland. Yet it muſt of neceſſity follow, that the Scots Merchant ſhall want as much means of Exchange with the Dutch, as he brought money from them: for though ſome both export and import Wares, ſome export, others import only; ſome deliver out their money by Exchange, others take it up; ſome carries out money, and others bring it in: yet all the money in a Countrey; that is not the true gain by the over ballance of Trade, muſt of neceſſity, be ſent back to ballance the Exchange. Whereby we may plainly ſee, that what money is carried out within the balance of Trade, tho overvalued by us, cannot be conſiderable; for it muſt of neceſſity return to us again: and we loſe only, and ſhall always loſe thoſe monies which are made without the ballance of our Trade, let the ſpecies of our money be never ſo much rais'd and overvalued.

Theſe Circumſtances being conſidered, the over-valueing of Money, either Forreign or Domeſtick, will be found no good Expedient to promote the deſigned Ends: Treaſure cannot be forced into a Nation, to make it really ours, can only be by a lawful Gain; this lawful Gain in a Nation, where there is no Silver or Gold Miens, can be by no wiſe, but by the true and juſt ballance of a well adjuſted Trade, and that is when their export exceeds their import: But on the contrary, the prejudice will be ſo great, that it will confound the Property of the Subject, leſſen the Revenue of the King, occaſion damnage to ſome men, give unreaſonable and unjuſt advantage to others, diſturb the Affairs of the Nation to no purpoſe, violate the Laws of Forreign Commerce; and if we were a Nation that bore any bulk in Trade, might cauſe other Princes and States raiſe their Coin in proportion with ours, ſettle Affairs of Commerce to our prejudice; and then grant all the Advantages we propoſe to our ſelves, what will it ſignifie?

If notwithſtanding of what is ſaid, Your Lordſhips ſhal think it neceſſar to make ſome alterations of the value of currant Coin, eſpecial regard would be had to the comparative value of it: For as an Ounce of Silver is alwiſe of an equal intrinſick value every-where, yet ſo there being no common Standard for the intrinſick value of any thing more than what is put upon it by the general and unanimous conſent of People and Nations, it muſt neceſſarily follow, that we ought to conſider what value our neighbour Nations put upon the currant Coin of our Kingdom, whether Forraign or Domeſtick, and that in relation to theſe particulars.

Firſt, To conſider and examine, if the Gold to Silver be of the like proportionable Value in Scotland, as the Gold is to Silver in France, Spain, Holland, and other Countries.

Secondly, to compare the alloye of Gold and Silver in Scotland, with that of other Countries.

Thirdly, to conſider if the Coin be of equal value with the current price of Bullion, the charge of coining only deduc'd, if any reformation of our current Coin be neceſſary, eſpecial care muſt be had to theſe Conſiderations; for if the value of Gold be rais'd above the value of ſilver, more than proportionably, it will make us plenty of Gold. But all our money ſhall be carried out with loſs, and the Nation impair'd in its Treaſure, as it did in England above thirty year ago, when Gold was call'd up ten of a hundred, and Silver not proportionably. So if the Silver, or particular denominations of Coin be raiſed, the one more than the other, or more than the Gold in proportion, the ſame conſequence will follow as to that of the Gold, and will afford nothing but a Trade, and Barter of money with money, according to the real and intrinſick value of the different ſpecies's, to the great prejudice of the Trade, and impoveriſhing of the Nation.

For the laſt Conſideration, it doth not ſo properly belong to your Lordſhips as to the High Court of Parliament; therefore ſhall ſay nothing of it.