BY Current Coin, I mean not that which is Current by Law, but by Custom; that which People are forc'd to take for want of better, to the great Grievance of the Subject, Dishonour of the Kingdom, and Ob­struction of Trade.

For every Man now is destitute of a sufficient Pledge and Security for his Personal Estate, unless he will take Personal Security, or find out a Mort­gage, or rely upon a Bank.

Personal Security is now less than e­ver, the publick Banks have so drain'd [Page 8]or so engag'd at least the Traders in Money.

Mortgages are very hard to be found, for small Summs, and much har­der for great ones, since the establish­ment of the new Banks.

And as for a sole reliance on the Cre­dit of the new Banks I leave that for other Hoads to discuss; I am of the Opinion it was never intended that they should be the only Security for Personal Estates, and that People should carry in their Money to 'em out of ne­cessity, and not choice.

And how dishonourable it is to the King and Kingdom that our Money should be so suddenly debased to such a shameful Degree, foreign States will soon determine:

Now that it doth not become so by publick Authority but by Conni­vence of the Sovereignty, or Necessities [Page 9]of the Nation, is not stating the thing at all less Dishonourably.

For Connivence at a Fault discovers either an Ignorance of it, or Inability to correct it, or design in making use of it.

'Tis plain enough the Government is not Ignorant of it.

His Majesty in His Speech to both Houses of Parliament, shews He hath no design in making use of it, because He recommends the redressing of it to their Consideration, and therefore the not redressing it, can be only imputa­ble to the Weakness and Poverty of the State:

And what Inferences, not only the French, but all other Politicians may draw from thence are very obvious.

The finest Clothes that our Soldiers can put on, in the Field, would not [Page 10]at all dazzle the Eyes of the Confede­rate. Princes, nor strike any desponden­cies into the Minds of our Enemies, if they shall all come to know that the whole Power of England is at this time held up by the imaginary Value of Birmingham half Crowns and Shillings.

It will hearten our Enemies, and discourage our Friends, very much, when they shall come to know that the Nummary Wealth of England is al­most vanish'd, the Silver Coin gone, and the Royal Mint at a stand.

No Body will believe that we can long subsist at this rate; and indeed 'tis impossible we should, for if 'tis now much harder to redress than it was a year ago, and that means can­not be yet found out to do it, what Hopes shall we have of ever doing it 'till the War is ended? and what Hopes shall we have of bringing our Enemies to Terms, whilst they are sen­sible of our great Poverty.

The only way, sure, to bring the French King to Reason, will be by shewing him we are Able to continue the War as long as he can possibly be Willing, which he can never be­lieve, so long as he sees our Money, by which he judges our Wealth to be imaginary only, and not real Silver.

Besides all this, we are in apparent Danger hereby of being more effe­ctually and suddenly ruin'd by our Friends.

For if this Sessions of Parliament should break up without regulating the Coin, what Consequences may pos­sibly ensue?

It is not impossible that Foreigners in all parts of Christendom should ime­diately set themselves to counterfeit our base Money.

There are beyond Seas as good Chymists, and Black Smiths as at Lon­don, or Birmingham, and 'tis not impos­sible that they should secretly Import as much base Money, resembling that which goes current among us, and which hath not the intrinsic Value of One Shilling in Three, as if they please may not only buy up and Ex­port Two or Three Millions Worth of our Staple Commodities, affording 'em Cheaper abroad than we can at home; but as much Worth of our imported Commodities, even Gold it self, if they like that Trade better.

Such an Importation of Money would I fear, be of worse Consequence than all our Exportation of Silver and Gold can prove.

If what cost our Merchants a Shil­ling, they should sell for a Groat, or if they shall buy of us an Ounce of Gold for Three or Four Ounces of Silver, or supposing 'em to buy it at [Page 13]6 s. 6 d. per Ounce, they shall buy an Ounce for as much Counterfeit Mo­ney as shall not have 7 Peny-Weight of true Bullion in it, this would give our Balance of Trade, such a Terri­ble Swing, as no true Hearted English-Man would be willing to see.

This is a Danger which the easiness and small Charge of counterfeiting old Clipp'd Money threatens very much, unless it be speedily cry'd down.

And in the mean time, let us consider the Condition of the other Coin a­mong us, not counterfeited, but Clip'd, fil'd, or otherwise diminish'd.

'Tis plainly demonstrable by the Receipts of Money in His Majesty's Exchequer, that one half of the Silver is already Clipp'd away, and there is no Security why half what remains wo'n't be taken off too.

The Laws are severe enough made, and put in Execution, and yet New-Gate is perhaps now as full of Clippers as it was Three or Four Years ago.

Nothing but a Sense of Religion doth restrain Men from profitable Sins, and the Ordinary of New-Gate can inform us, how little the Guilt of Clipping affects the Criminal's Conscience.

Nor will preaching do much Good, upon those that never come to Church.

Clipping is the gainfulest Sin that ever was invented, and sits the easiest upon the Sinner's Mind, and 'tis ne­ver to be remedied but by making it impracticable, which Mill'd Money only (and no other to be currant) can do.

And what a perpetual Discontent and Confusion must it end in, if People shall come at last to proffer a Groat for a Shilling?

This must increase still vastly the Value of Guineas; this must raise the Price of all Commodities, this must make it impossible to expect any Mo­ney at all, either for the King's Use, or Balance of Trade; and this will not only force us to recall our Troops from Flanders, and by a natural Con­sequence let in the War upon us, but it would put a sudden and universal stop to all Foreign Trade.

And what fatal Consequences may it have in the mean time at home let us consider.

It may very well be suppos'd that a Dragooner may proffer to a Corn-Chandler 2 s. for a Bushel of Oats, and that the Corn-Chandler seeing that there is not Three Peny wt. or 9 Peny worth of Silver in both the Shillings, should not like the Bargain, what's now to be done?

Should There be a Law with Pe­nalty for refusing clipp'd Coin, as there is for crack'd Six pences, this would encourage Clippers to leave no­thing remaining in a Shilling but the Figure XII.

Should the Law prohibit the passing of all Silver clipp'd within the Ring, than two Thirds of the present Money of England would be immediately cry'd down: Then the Loss of clipp'd as well as counterfeit Money would be very hard upon the Proprietors, and we should have two Thirds less Money for carrying on our Trade:

And now we have two Thirds less than we should have, and if that two Thirds, which is cry'd down at the Owner's Loss, should be carry'd to the Mint, and new coin'd, it would scarce yield a twelfth Part of what we should then want.

If the Law should put down all Sil­ver Money but of such a Weight, then cer­tainly all Money above that Weight would be clipp'd down to it, and every Man must carry a pair of Scales in his Pocket, and we are still subject to the Consequence of the former Paragraph, as that former Paragraph would be to the first Conclusion of this, viz. That all Money would be soon clip'd down to the pub­lick Standard.

Let the matter be canvas'd never so much, it must at last come to this Con­clusion.

We cannot subsist either in War or Peace if the Coin of England be not speedily regula­ted.

NOw let us consider, that if all the current Silver Coin of England were passable and unalterable, yet we have vastly too little in Tale for carry­ing on the Trade of the Nation.

And this will appear several Ways, but chiefly by the high Price of Guineas and the Causes thereof.

Guineas have risen from 21 s. 6 d. to 30 s. either because the intrinsic Value of Gold hath risen near in Proportion to the Diminution of the intrinsic Va­lue of Silver Coin, or by reason of the Scarcity of the Silver Coin, or the Uncer­tainty of it, or partly by Reason of one, and partly t'other, which I believe is the Truth, that the Badness and Scarcity of [Page 19]Silver Coin hath occasioned an extrava­gant Rise of Gold.

Now if so much as concerns the Scar­city of Silver be granted me, then I have nothing to do upon this Article, but shew that the present high Price of Gold is dan­gerous to the Nation, and more dange­rous will a farther Advance of the Price thereof be.

And to them who think the Badness of our Coin the greatest Reason of the present high Valuation of Gold, I shall in the mean time say, that if the Price of Gold hath risen, suppose 4 s. or 5 s, in a Guinea, upon the Account only of the Baseness of our Silver Coin; then in hand­ling that Notion we must look upon Gold not so much a Coin as a Com­modity, and so indeed it is at this Pre­sent; because the Price of Gold in the Oar or Ingott hath risen almost propor­tionably to that which is coin'd; so that a Man doth not take a Guinea rather than 29 clipp'd Shillings, because the [Page 20]King's Impress is upon it; for so 'tis upon the Shillings; or because Authori­ty has made it pass so, for that Autho­rity is wanting; but because it is of a greater intrinsic Value than is in 29 Shil­lings of clipp'd or counterfeit Money, which is now most current: So that the Valuation of the Commodity Gold hath encreased as the intrinsic Value of our Silver Coin hath decreased.

And if so, then it is to be suspected that the Price of all staple Commodities have encreased in equal Proportion, or that they are in such a Proportion now higher than they wou'd have been; for Gold and Silver being reciprocally the Standards and Measures of Proportion of one another, are so of every thing else; and if I can now buy as many Ounces and Peny - Weights of Silver for a Guinea, as I could have done former­ly, then is not Silver Risen more then Gold? and if I can buy as many Grains of Gold now with an Ounce of Silver as I could formerly, then is not [Page 21]Gold risen more than Silver. And this is, perhaps more than a Supposition: For when Silver was 5 s. an Ounce, I cou'd buy 4 Ounces 6 Peny-wt. with a Guinea, and so I can now, that Silver is 6 s. 6 d. per Ounce. Again when Gold was about 3l.. 14s. an Ounce, I cou'd buy an Ounce of Gold with 15 Ounces of Silver, and so I can now, or near the Matter: So that the Commodities of Gold and Silver an­swer one another as they did, or near thereabout, abating only for the Portable­ness of Gold and its Coinage; whereas no Coinage is now allowable for those Pieces of Silver wherein the Coinage is defaced and spoiled; and if those two Commodities are so much higher than they would have been: For they are the Measure and Rule of Proportion of all. Then when the Value of Gold and Silver rises, the intrinsic Value of all Commodities rise with 'em:

For supposean Eastland or Hamburgh Mer­chant brings over a Barrel of Mum, which he (when our Money was old Standard) [Page 22]sold for 3 l. he disliking our Money now, sells his Mum, not according to the ex­trinsic Valuation of our Money, which is risen since he was here last; because the Intrinsic is diminished, but according to the common Value of Gold and Silver in the World; and therefore requires now 4 l. because he judges our Silver to be a fourth Part worse than it was, or if at 5 l. he judges it to be 2 Parts in 5 worse.

Again, suppose he sells his Mum for Gold, or is to exchange his Silver for Gold, that which he was wont to sell for 3 Guineas, he expects 3 Guineas for still; or if you are to pay him in Silver, he ex­pects as much as he can change for 3 Guineas, he wo'nt be fobb'd off with less: So the Merchant sells as cheap as ever; but we pay more, because what we pay, is dearer than it was.

You'll object against this way of rea­soning, and say tis the Risques of the Sea, and Obstructions of Trade now in Time of War, makes all foreign Com­modities dearer.

But I hope I don't err in saying, that the Merchant notwithstanding the War wou'd take less of our Silver Coin for the same Commodities if it were bet­ter, and less Gold of us if it wou'd buy as much Silver in his own Coun­try.

And there are Reasons which may ballance the Dangers of the Seas in Times of War in Reference to our Commerce with the Subjects of Neu­tral Princes.

On our side Taxes are great, and the Subject cannot afford to buy so many foreign Commodities as at other times: And on their side they have not so good a Vent as they had; so their Commodities must stick on hand unless sold so cheap as may make amends for the Hazards of the Sea, and the Cheapness of Commo­dities wou'd be the natural Effects of Scarcity of Money, if our Money had the same real Value as formerly.

Again a Collier who trades to New­castle is wont to receive a Guinea for eve­ry Chaldron of Coals he brought into the River at such a Time of Year, and so he doth still, and no more; and who can say Coals are risen and Mum it risen? No such thing; but Gold and Silver are risen: And when we give the same Gold and Silver for a Com­modity as we did, we wrongfully say the Commodity is dear, when 'tis not that but the Gold and Silver which costs us more. We give the same Labour, the same Leather, the same Mault, for the same Quantity of Gold and Sil­ver which we did.

And now 'tis the Country Gentle­men, Artizans and Day-Labourers have the hardest Bargain of all

The Farmer sells his own Corn and Cattle according to the Value of Gold and Silver, and the Mercer his Silks, and the Draper his Cloth, and the Tanner his Leather; but the Farmer in the mean time pays his Rent, and Hus­bandmen, [Page 25]and Artizans, according to the Value of our present Coin, and when he paid 28 Guineas a Quarter formerly, twenty shall serve turn now; and the Scrivener buys the Country Gentlemen's Lands, according to the Valuation of Coin, and not Metal; and the Land which cost the Father 600 Guineas, is now sold by the Son for 430; and half a Year hence it may be proffered for 300. This is nothing but Ruine and Confusion to the Land­ed Men of the Kingdom.

But if the Buyers of Land, as the Mer­chants, Bankers and Scriveners are, were Sellers too, we should find Land rise in Proportion to every thing else.

And whereas you'll say that Farmers and Grasiers are no Merchants, and wou'd be as well contented with passable Coin as old Standard, 'tis very true, but they keep up to such Prices as their whole-sale Chapmen can afford to give 'em; and when a Factor sells his [Page 26]Cloth at Blackwell-Hall, he considers the Necessity of the Buyer, as well as Ex­pence of the Clothier; when a Mer­chant can make a better Profit, 'tis ex­pected he should give a bettter Price.

But this with some unthinking People is the Effect of War; and be­cause some things are dearer upon this Account than others, therefore every thing else that is dearer must have the same Cause assigned; but a general Cheapness of things should, methinks, be the Natural Effect of our War, if our Money with which we go to Market were as it should be.

The War consumes but little of our Product and Manufacture; it carries a great many Mouthes into Flanders, and that would naturally make Provisions cheap: Many of these Mouths had idle Hands, and so they are not miss'd in the Manufacture; but instead of them, a great many industrious Foreigners come among us who eat little and work much.

The Taxes, as I said, are great In­ducements to Frugality, and the Advan­tages People have of late made of Money, have been no less.

These and other such like things if the Price of Gold and Silver had not ris­en, must have occasion'd a Fall of most other Commodities.

And now let us consider the Danger of the high Price of Gold as it stands at present.

Coin is the most portable Commodi­ty, and Gold the most portable Coin; but we have run it up high, and therefore do'nt at present fear Exportation; but then, if 'tis considerably higher than a­mong our Neighbours, there is great Rea­son to fear too great an Importation may be as dangerous, as a disadvantagious one doth already prove.

It seems to me so curious and nice a Commodity that always there may be Danger in it.

If in the great Thirst that's now upon us, we take in too much that will occasion a still more dangerous Rise of Silver: For considering the present Balance of Trade, the more Gold is imported, the less there will be of Silver; and if we import too little, we leave our selves de­stitute of a Way of Trading.

And if the Gold which is our present Support should by the Craft of Foreign­ers or necessities of the War follow the Silver out of the Nation, we should be left, I doubt in a very bad Condition.

And if its Value should rise as it must needs do if the Silver Coin grow worse and worse, then by how much it rises, by so much more all the Inconveniencies and Dangers of its late Rise among us will encrease.

What those Dangers are at present is no great Mystery, the English Metchants will make none of it if they may be heard.

The melancholly Letters which their Factors abroad daily send 'em makes the Case plain.

That a Guinea in Holland and Flan­ders is now but 26 s. or to speak more properly and plainly too, so many Ri­als, or Dolars and Stivers as bear Pro­portion to 26 s. of our Money

At that Rate they there buy our Gui­neas of Officers, which they can't be hin­dered carrying over in their Pocket; then the Holland and Flemming Merchants send back to us the same Guineas to buy therewith our Staple Goods and Manu­factures.

Here they are received at 30 s. And their Factors here who buy our Ma­nufactures as cheap of the Clothier or Stocking-Seller as our own Merchants, send back for 1000 Guineas. (for In­stance) Received from Holland 1500 Pounds worth of our Goods, which when the Dutch or Flemming Merchant receives, [Page 30]he finds by his Accompts that these Goods stand him in no more than 1300 l. So that he has received beyond Sea the like Goods for 1300, &c. which hath stood our English Merchant in 1500 l. The English and Flemming Merchants then ship off each their Goods for Spain, Turkey, the East or West Indies, and there they go to Market to sell these Goods, and the Flemming under sells the English 13 per Cent. even in these Commodities which are the Product of England.

And now what is the plain Inference? but inevitable Ruine to the whole Trade of the Nation. Here's an End of Mer­chandise, and (in Time of Peace) all Use of Shipping.

This I think is the natural and the present Effect of the Rise of Guineas.

But to return to my proper Subject, fare it as it will with Gold, the current Silver Coin of England is, by 3 Parts in 5 too little for our In-Land Trade, and [Page 31]must ruine in Process of time all those Traders who are wont to make seve­ral Returns of their Money in a Year; for the Scarcity of Money occasions the giving of longer Credit than is usual, and the giving of Credit hinders the Frequency of Returns.

Again, the Want of Silver Coin oc­casions the taking of Gold at such high Rates; and the Value of Gold Coin being uncertain, which Silver Coin hath not hitherto been, the Re­ceiver will always allow himself for a probable Loss: (which would be the cer­tain Effect too of making the Valu­ation of Silver Coin alterable and un­certain) that Allowance makes things bought so much the dearer, and that Dearness puts a Damp upon Trade.

So that the Scarcity of Silver is not only at present too visible, but so long as the Balance of Trade is lightest on our Side, is like to be more and more felt.

Yet the great Naval Stores we buy from abroad, the great Remittances to be provided for the Subsistence of our Armies and Fleets, are things inevitable, and 'tis impossible to hinder the Expor­tation of Bullion.

But 'tis very easie to hinder the Ex­portation of Money.

And as we shall do well to consider, that altho' our Plate may serve us once at a dead Lift, as the French King show'd us the Way, yet it can't serve us above once, and when that's gone after the rest of our Silver, what are we to do next?

We must not only stop a present Gap, but provide for the future, and so I lay it down as a Conclusion.

That we are under a very great Want of Silver Coin to carry on the necessary Trade of the Kingdom.

THat which encourages the Im­portation of any Commodity is the Certainty and Quickness of a Mar­ket at a good Price.

But notwithstanding Silver is dear in England, at present we are but dull Traders for it.

For the Mint and the Silver-Smiths being the chief Buyers, these cannot go to Market.

The Mint cannot afford to buy and sell to lose; if an Ounce of Silver cost the Warden of the Mint 6 s, 5 d. he can't afford to make a Crown-Piece of it.

And the fear of Plate's being call'd in, to the Disadvantage of the Owner, puts too great a Damp upon the Silver-Smiths Trade.

And the actual calling it in, upon such Terms, would very little mend the Matter; People will not be very fond of buying more, for fear at least the same Trick should be serv'd 'em twice.

And yet our Coin being altogether insufficient, we must provide for a con­siderable Quantity more.

The Quantity we want must be im­ported according to our Occasions, or what we have already, be augmented, by altering the Species, or by coining out our Plate.

It cannot be soon enough impor­ted in such great Quantities as we at present want, and yet if we could [Page 35]immediately buy it from abroad, we could not afford to coin what we buy, without altering our Coin from the old Standard, seeing our Necessity of ha­ving it, will make its Price rise abroad.

Therefore I shall referr what I have more to say, concerning Importation, to the Chapter of Exportation, and first speak of altering our Coin, for 'tis e­vident we must alter our Coin, as well as coin our Plate, or otherwise our Plate will last us but a little while, and in the mean time we may admit this Conclu­sion.

That England must be as good a Mar­ket for Silver as other Countries, or we shall have little imported, be it never so plentiful abroad.

THere are Three Ways of alter­ing our Coin.

I. First, By not altering the Species of the Money, but the Value. of it, as making a Crown Piece go for 6 or 7 s.

II. Secondly, By diminishing the Mat­ter, but leaving the same Name; and there is no essential Difference between these two Ways.

III. Thirdly, by abasing the Fineness with more than ordinary Allay.

This has been judicially and fully stated by Mr. Lownd's, Mr. Lownds's Report. p. 28. and onwards. who hath shown the undeniable Expediency of keeping up always our Silver Coin, to the present Fineness, as that illustrious and solid Writer Sr. Robert Cotton had likewise shew'd, and therefore I will say nothing on this Topic, lest I should seem to build upon other Mens Foundations; and I the rather omit it, because all that hath, or can be said, against the rai­sing of the extrinsic Valuation of Coin, above the real Value, is applicable to the abasing of it by Allay. And I ful­ly assent to that Axiom, That the de­basing our Money, by Allay, and raising the Value of the Standard, is only doing one and the same thing, (to most In­tents and Purposes) by two several Ways or Means.

Suppose then but two Ways of de­basing it, by Quantity, or by Quality, and still that is all but debasing of it, [Page 38]that is, giving it a Value in Name, of more than it hath Intrinsically or Real­ly; for this more than Intrinsic Value, is meerly Extrinsical, supposed, or de­nominated: in short 'tis a fictitious imaginary Value, and not a real one, above the intrinsic.

And this, to say no more of it, is the reviving of that Monster which Q. Elizab. Cotton's Posthu­ma. p. 287. is of Happy Memory so gloried in the subduing; and I doubt we have Mon­sters enough to deal with, without re­viving more

This is such a devouring Expedient as will immediately swallow down a Part of every Man's Estate, and at last con­sume the Nation.

The Price of every thing will rise instead of falling.

For if we were willing to submit to this at home, yet there is such a Com­bination, between our Foreign and Home Trade, and the Relation between 'em is so inseparable, that let the State give it what Name it will, it will pass for no more at home than it doth a­broad, unless the heavy Balance of Trade was on our side the Water; and it will pass for no more abroad than it is real­ly, not Extrinsically or Imaginarily, worth at home.

An Act of Parliament can as well make a Scotch Pound pass for an En­glish, as half an Ounce of Silver in England to go for an Ounce in Holland, without some Consideration as may Ba­lance the Difference.

Let us call a six penny-Weight of Sil­ver a Crown Piece, as loud and as long as we will, yet we shall never buy a Pound of Nutmegs with Four of 'em, unless you'll give the Dutch Mer­chant [Page 40]a Yard of broad-Cloth, or some­thing else into the Bargain.

'Tis a plain case, that when the real Value of Money is lessen'd, the Price of every thing will Rise accordingly, be the Extrinsic Value what it will.

Two Crown-Pieces do not buy a Yard of Cloth, because they contain Ten Shillings, but because they contain almost two Ounces of Silver.

Gold and Silver are the universal Pledges and Security of all Trade, in every Nation, and what's wanting in their Value must some way or other be made Good, more than in Name or Supposition.

'Tis True, in Holland and elsewhere, they have a base Under-Money, and there is not an Ounce of Silver, perhaps, in as many Stivers or Schillings, as are Equivalent to Ten Shillings in our Mo­ney.

But if in Holland, you can exchange so many of them, as have not an Ounce of pure Silver in 'em, for as much of their better Coin, as contains two or three Ounces of good Silver, then doubt­less you can buy as good Commodities for those, as you can proportionably for their better Money; as here you might formerly have bought as much Pack-Thread for 48 Tin Farthings as for a Silver Shilling; the Reason is, be­cause there was a recourse; and base Money will have a proportionable Va­lue to Good, in that place where it can be changed into Good; but that's a very different thing, from debasing the whole Species of Money throughout the Nation, so that a Man shall be forc'd always to take Under-Money, without any prospect of remedy.

I have nothing to say against an in­ferior sort of Money; a Verna Nummus, [Page 42]provided there be a Regina Pecunia too; and it is indeed a dishonouring him, whose Image and Superscription our Money bears, if we shall make use of our Money to cover over a Fraud; it is a respect we owe to the King, not to suffer his Impress upon any thing but what is really Valuable; and it is for the Nation's Honour that the vilest of our Coin hath a real Value; but if the Wisdom of the Parliament shou'd think otherwise, yet there is a vast Difference between having the under. Money, and all the Money of the Na­tion of an Imaginary Value.

The Arguments that may be made use of against such an imaginary Valu­ation of Money, are perhaps invincible, and almost innumerable; but were there no other but this, I think it might be sufficient without any more; consi­dering our present Case.

We must have an Army in Flan­ders or a War in England

I would I had nothing to do but to make out that.

How must we pay this Army? The Royal Bank of England, 'tis said, have e­stablished there a Mint for Coining of Money to pay the Army; I desire then to know if they will be contented to re­ceive here an undervalued Money, and pay there our Army in Money which the Flemmings will take; If they do, the Cap lies between the Flemmings and them, I wo'nt award till I know more.

I rather think that the Hollanders and Flemmings will raise their Money pro­portionably to what we raise ours, and then in all Respects we are just as we were, till we rise higher than they, and then they higher than we; which will beget perpetual Wranglings and Wars in Trade.

I thought now to have done with this Article, but can't omit one thing.

Which is that when you raise the Value of Money, you Naturally raise the Value of Silver, which is high e­nough already; and then indeed Eng­land will become the Best Market for Silver, because all Countries will sell it to us and get sufficiently by the Bargain: they'll buy good peny-worths of our Commodities, giving us high Valued Silver for it, till we have a glut of Silver and the Price of Silver falls, and then I suppose the Intrinsic Value of the Money falls too: Tho' I confess as bad Consequences may follow too great an Intrinsic Value.

I speak nothing of the Confusions and Jealousie which will arise from hence, but there's a long Chain of ill Consequences, and therefore I hope it will be allow'd as a Maxime.

That if our Silver Coin hath less than a real Value, it will not answer the Inten­tions of the Government.

'TIS too well known, that when the Balance of Trade comes to be examined, we fall short of several of our Neighbours very considerably: By this Means the Exchange doth not only fall very low, but will become altogether in­sufficient for our present Occasions; so that as long as the War continues, [Page 46]there is an absolute Necessity that we export so much Silver and Gold in Specie as the Balance wants on our Side.

But this Exportation would not be at all prejudicial to us, if the Importa­tion could be made equal to the Exportation, and a Balance in this Particular only would do our Busi­ness.

In vain therefore we labour to find out a Way to force a National Trade above what the State of Europe in general, or our own Nation in par­ticular will allow; if that were not the Case, where would be the In­convenience of a War? This is an Evil never to be cured, but in Times of Peace. But our Comfort is, that even in these Times of War [Page 47]the Nation notwithstanding the balance of Trade, appears as wealthy as ever, excepting only in the Article of Coyn, so that it is not only fruitless but very needless to speak now of the ba­lance of Trade either in general, or upon any Article but that of Money: Besides if we should be­gin at that end it would be a round about way, and so long in com­passing, that we may be at the last gasp before we attain our end. He would be accounted no good Physician who in the case of an Haemorrhage when the danger is very present should talk of Diet Drinks and Alteratives, whereas an actual and immediate application to the part affected, or a sudden revulsion is more to the purpose. But be the balance of Trade in general how it will, 'tis impossible it should be suddenly remedied, f [...]t all du­ring the War.

But if we can balance a little between that Article of Trade which relates to the Importation of Bullion, it will be soon much better with us than it is at present, 'tis something if we can give pre­sent ease, and not increase the Danger; and more if we can les­sen the Danger which the want of ease seems to threaten.

Suppose for instance then the whole Trade of England to all parts of the World to be carried on by two Merchants, one at Lon­don, and the other at Amsterdam, and the only Commodities to be Cloth and Silk. Suppose he at London Exports every year 1000 l. worth of Broad Cloth and no more, and he at Amsterdam Imports hither 1500 l. worth of Silk, that here's an inevitable necessity of the Londiners Exporting every Year 500 l, in Bullion can't be de­nyed, [Page 49]and if this continue year by year it, will be, you'll say, of pernici­ous consequence to England, and it will be a wonderful hard matter at this time to help such a Case.

But if we can at present so or­der it, that instead of importing 1500 l. worth of Silk we shall im­port 1000 l. worth of Silk, and 500 l. worth of Silver we shall be no losers in the Article I am up­on, and which is the only thing I have undertaken to look after, viz. That the Nation shall never want Money be the Trade what it will: for if 500 l. in Silver be Exported and as much Imported every Year, we can never have a Peny worth of Bullion less than we have.

And if other Nations must get by us, they had better get any thing than our Money; if what they get by us they must be forced [Page 50]to spend among us, 'twill lessen I hope the Calamity, as will ap­pear more hereafter.

Now this is not to be done by giving our Coyn a Nominal, fictitious or extrinsick value only above its intrinsick: Foreigners are not such Fools to be dealt with at that rate, as to pay you a Rex Dollar of 18 d. weight 18 grains in Amster­dam or Brussels, for a piece of Money of 15 penny weight in London.

Turn the Tables, and suppose the King of Spain should advance his Real of Eight weighing but 17 Penny Weight 12 Grains to double the value it now bears, Sir Robert Cotton's answer of the Committee. Sep­tember 1626. Pag. 306.and yet needing by reason of the barrenness of his Country more of [Page 51]Foreign Wares than he can Coun­tervail by Barter with his own; he must part with his Money and not gain by enhauncing his Coyn. One Real of Eight would not then buy of us as good a Yard of broad Cloth as two doth now, and why should we think to over reach them more than they us.

But then again, suppose the Money to be Coyned shall be (as our Mill'd Money and di­minished hammer'd Money is) pretty near the Intrinsick value of the Silver in each piece, and this will doubtless facilitate Exporta­tion. If a Foreigner for instance bring to London and sells 40 Bales of raw Silk, or 40 Tun of Wine, and meets not here with such a Market for the buying of other Commodities to be Trans­ported as he expected, perhaps [Page 52]those he wants are not of our Growth or Manufacture, or it may be he is in hast, or the Sea­son calls him home; how easie is it for him to sheer away, and go to another Market, having Money in his Pocket passable every where, at the rate he took it, that inconsi­derable allowance for Coynage on­ly excepted!

This I think is plain, but as yet there is more in it than so; and suppose it, any other Nations turn to want Silver as much as we now do, and Silver should be there at an higher price than with us, then our Money becomes good Mer­chandice, and he gets most who carries most over: And the lower the value of our Coyn is the less Foreign Commodities we shall have for it.

You'll Prohibit you'll say the ex­porting [Page 53]of it, and so you have up­on pain of Death prohibited the Exportation of our Wooll, yet to the comfort of our Grasiers 'tis still Exported, though it's very bulky Ware. But Money lies in a small Compass, a Sea Captain knows very little of his chief bu­siness if he knows not where to stow a 1000 l. undiscovered.

And if after all we should be very severe in the execution of such prohibitory Laws, it would put such a damp to Foreign Trade as every body is not a ware of.

And indeed if Money were not allowed to be a commodity, yet 'tis a Pledge and Surety of every Traders Property, and I am not reconciled to the Justice of that Law which forbids a man to take his Pledge along with him.

Such a Law makes money no­thing but a Commodity, and then we must pay dear for what we buy of Foreigners, for most men will sell Cheaper than they will Barter.

This Article needs I think no more illustration, if it doth the Merchants can tell more of it than I, and I hope they will grant me this Conclusion.

That if our English Money will pass in any other Country for as much as it doth here, 'tis impracticable to hinder the Exportation of it.

ANother great grievance of the Nation in the matters of Coyn may be thought the melting of it down.

This hath been a vile and great practice for many Years.

The Criminals have been under two temptations:

1. The inequality of the Mint in all the hammered money; some milled Pieces were of more Intrin­sick [Page 56]than Extrinsick Value, and some of less, so that in culling out of the bigest, they made an evident advantage.

But that sort of money being al­most all gone and never like to be coyned again, I shall altoge­ther wave the consideration of it.

2. The other Temptation is the great Intrinsick Value of our mill'd money, most of which was coyn'd when Silver was 5 s. 2 d. 5 s. 4 d. or 5 s. 6 d. per ounce, and the price of Silver rising, a Crown piece has now the intrinsick value of 6 s. or thereabouts, this is a mighty temptation to melt it down.

Titius owes Sempronius 10 l. and pays him in mill'd money, Semproni­us owes a third man as much, but first melts it down and sells it to a Goldsmith for 12 l. and so puts [Page 57]40 s. in his Pocket. This might have been prevented you'll say be­fore all the mill'd money was gone; by crying down all other money, for if the Goldsmiths had given 12 l. in mill'd money for an In­got melted out of ten Pounds, they must at length have been ruined; and therefore the Crying down all other money must have brought down the price of Silver necessari­ly, or none could have been sold:

If 5 s. melted down would not have yielded a Crown Piece, who would have melted 'em; and if they would have yielded more, the money of the Nation how much soever must soon have vanished, for more could not have been coyn'd, till the price of Silver should fall: But how could the price of Silver have fallen so low in England, as not to be worth any mans while to melt down the milled money, if Silver [Page 58]should at the same time of its melt­ing bear an higher price in other Countries than it did here at the time of its Coyning: So that the Crying down of base money would at any time have been so far from help­ing us, that it would have imme­diately ruined us, it being impos­sible to Coyn more upon the old Standard, if the price of Silver is higher beyond Sea than it was when that old Standard was Coyn­ed: And 'twill be impossible for us to Coyn new money after the old Standard (till we can bring down the Foreign Price of Silver) so fast as it will be melted down.

To make this plain upon which so much depends, put the Case thus.

Suppose you called in by com­pulsion and Coyned all the Plate of England, and suppose it never so many Millions, and all after [Page 95]the old Standard, when the Plate is all gone people will have more Plate, and Silversmiths must still have work, and Goldsmiths their Trade, unless by prohibiting the use of silver Plate we proclaim an hypocrital Beggary to all the world, and ruin many thousand Families of Artisans. The Silver then of which you coyn your new Plate must come from abroad, or be pro­cured out of your money;

The Goldsmith will go the cheaper way to work, and rather than he'll give 5 s. 10 d. to a Mer­chant for an ounce of Plate, he'll fling in a Crown and 6 d. into the melting Pot, and though the Laws against melting down Coyn be ne­ver so severe yet people will ven­ture any thing for gain, as you may see Clippers do daily; espe­cially if their Consciences don't check 'em, and few mens Consci­ences [Page 60]will scruple making the most of their own.

And as the accurate Mr. Lowndes observes, notwithstanding ever since Ed. 3d's. time prohibitory Laws have been against melting down Coyn, pag. 68. and the profit of melting it sometimes very incon­siderable, pag. 69. the practice hi­therto was never prevented. But it may be said money shall be coyn­ed of an intrinsick value or near thereabouts (Coynage only al­lowed) in proportion to the pre­sent value of Silver, be it more or less as it shall alter from time to time, and so the abatement for Coynage shall always keep the Estimate of the Coyn above the Intrinsick value of the Silver, but in­stead of bringing remedy this will make the Case tentimes worse, for then upon every rise of Silver the Goldsmiths and others will melt [Page 61]down all that was Coyn'd at a low­er Price, and if the form of the Coyn don't direct 'em to be dex­trous, the Prentices shall follow the old Trade of weighing money Night and Day too.

So that without going farther upon this Topick, I may lay it down as a Conclusion or Maxim.

That if the Intrinsick Value of Coyn be subject to alteration the Coyn is always in danger of being melted down.

PEople who have several un­easinesses upon 'em at one and the same time, are very apt to at­tribute 'em all to one, which is the most hated, the most invidi­ous, or at least the most visible cause, though in reality every one may have sprung from a several and very different root.

Thus our present War with France is to some few people odi­ous, to many invidious, and to all visible, and this therefore must be the cause of all National Cala­mities.

Whereas many things are better with us now than if we had no War; a frequency of Parliaments, an universal vigilance, a care of Shiping; a choice of able Mini­sters, (and not unskilful Favorites in most places of greatest Trust;) an intire Allyance with the most useful Neighbours; an honest imployment for all dissolute Men; an hononrable provision for younger Sons of Gentlemen; a perfectunderstanding between the King and his People; an almost total desistance from an unreasonable and disadvantageous Commerce with France; a more brotherly Correspondence with the Dissenters (being all equally en­gaged in the Publick danger) We have great Honour by the Bravery of our Arms, and the most im­portant assistance we give to all [Page 64] Christendom against French and Turk Our King is become the Generalissimo of Europe, and his Fleet give Laws in all Seas.

These and many more to the better part of the Nation are the advantages of this necessary the expensive War.

But there are some that look upon it with an evil eye, and then the badness of money, and the scarcity of it, and the Export­ing and melting down, and hoard­ing it, and the rise of Gold, and the dearness of Commodities, and the badness of Trade are all as evident effects of the War as the Taxes are.

Though in truth this is all Humour and Caprice, and none of it more rdiculous than when the hoard­ing up of Money is imputed to the War, which is the meer ef­fect of the dearness of Silver, as the dearness of Silver in England is the natural effect of its dear­ness abroad, and its dearness a­broad to the obstructions of Trade, which would be if only France and Spain were at War, since Spain is the Silver Market of the whole World.

Ever since the extraordinary a­basement of Coyn by an unparal­leled Counterfeit and Clipping, people have hoarded up Money a pace, not knowing how far the debasement would run; and fear­ing [Page 66]if they put their good Money out they should at the long run be forced to be paid back in they know not what themselves.

Nor hath the beauty and rarity of uncorrupted and undiminished Coyn, added a little to the hu­mour of hoarding it up.

Undefaced and weighty pieces are now as so many Medals, people think it a great happiness to have a store of 'em. And as the Coyn degenerates these are more charily preserved, and will be so till the intrinsick value of 'em diminishes. I could give a shrewd guess where this weighty Money is to be found in great quan­tities, but be it where it will as I said before, I think every man hath a right do what he will with his own, so far as it is his own.

All that I at present aim at is to show.

That Coyn which hath an In­trinsick value above the Extrinsick, and is with-all rare or uncommon will inevitably be boarded up, and continue so to be.

TO give an exact Estimate of what Silver Coyn is ne­cessary for the carrying on our Trade in its full Vigor, is a task I am not at present willing to undertake, but the least I can guess at is 5000000 l. consider­ing that great Sums will always remain in the Exchequer, and Banks; for I look upon the Banks not as Chanels only, but as great Receptacles likewise, wherein mo­ney must rest and wait for op­portunities of disposing it.

None of Hypothesies depend upon definite or determinate Sums, and I shall beg nothing essentially necessary to the carry­ing on of my design, but I desire for the present working on­ly of my Proposition, that a few Postulata be a while granted me.

It matters not much whether any of 'em be true for they may easily be varied Mutatis Mu­tandis.

1. THE Subject will be assured by the giving intire Satisfaction for Clipt Money, that the Coin of Eng­land Minted by Authority, is an invio­lable and an unalterable Property which the Parliament will for ever maintain, even in the worst of times; the Consi­deration of which, will give the real and additional Value of the new Coin'd Money, a Credit throughout the World. And People will be the better able to pay Taxes if they are at no loss by their Clipt Money.

2. The Denomination of the Silver Coin will not hereby be raised above the real value.

3. The Trade and Circulation of Bullion in and out of the Kingdom, will not be at all hinder'd, so that as much Silver and Gold may be yearly transported into Flanders, as the occasions of the War require, without loss of Coinage; and Money which is the Vi­tal warmth of In-land Trade, by which People are enabled to pay Taxes, al­ways preserved among us.

4. The frequent Rises and Falls of Money beyond Sea, will be no longer an effectual trick to cheat us, as it hath hitherto been.

5. If it should after all be exported, it will be 20 l. per Cent. more to the Exporters loss, than if it had a full In­trinsick Value.

6. That 20 l. per Cent. which the Ex­porters lose, will be gain'd by the Go­vernment; [Page 124]because for what is export­ed, no Interest will be paid, nor no Principal at the end of the War.

7. The Coin'd Silver of the whole Nation, may in times of Peace be re­duced to the old Standard, and Intrin­sick Value, without recoining or alter­ing the Species.

8. Those who hide and hoard up their Money, to defeat the Intents of a Tax upon it, will be disappointed of their Ends, and become greater Losers than by producing it; whereby Mo­ney may be affected by Taxes, which now cannot so easily be done.

9. All the Benefits and Advantages which can be proposed by a raising of the extrinsick and denominated Value of Money, will be hereby secured, and all the Inconveniencies of that Me­thod obviated.

10. All the Advantages which can be proposed to the Publick by Coining [Page 125]after the old Standard, will hereby be effected, at a very inconsiderable pre­sent Expence, and no more than one Million at the end of the War.

11. Guineas will hereby fall in their Estimation, by an easie, natural, and gradual Abatement.

12. The Plenty of Money will be much greater, the Intrinsick Value more, and the Certainty of what a Man takes clearer than is at present.

And the real Value of our Coin, as great as ever, to all Intents and Purposes, but of Exporting, Melting-down, and Hiding