THat we have had not that Import of Plate and Bullion, doth proceed chiefly from the present War we are ingaged in, and that wherein the Spaniards were with the French, be­fore us, which now for these 15 years past hath put a stop to the regular Proceedings of the Fleets they used to send annually to the Vera-Cruz, Cartagena, Porto bello, Hunduras, Rio de la Plata, Hava­na, Marracaya, and other places in their West-Indies, whither they carried great quantities of our English Manufactories (as well as of most other Countries;) and those Ships in former times, used to make a Voyage in 12, 14 and 16 Months, and bring to Spain among them above thirty Millions of Pieces of Eight (in Coyn or in Bullion) which is above six Millions of Pounds Sterling; and since their War with France (and the daily apprehension they had thereof) it hath been sometimes three or four Years Interval be­tween their coming home and going out, which hath obstructed a great part of that Consumption we used to have of our Manu­factories, and the return that used to be made for them in Plate and Bullion. And the French, Dutch, Genouese, Italians and Por­tugueses, have been proportionable Sufferers by it also. It hath likewise had an influence on our Turkey, East-India, Barbary and Guinea Trade, the said Fleets taking off great quantities of Wax, Blacks, Mohairs, Carpets, Callicoes, Silk-stockings, made of Turky-silk.

Another Reason why we have not that Import of Bullion and Coyn, proceeds from the charge of our Fleet abroad; the pro­ceed of those Goods that used to be sent home in Plate and Bullion is now diverted to supply them.

Another Reason proceeds from a greater than usual Import of Spanish and Portugal Oyl and Wines since the War, that we used to have from France and Italy (before) in return for our Manufactories, which hath also obstructed the Import of the Plate and Bullion.

Now this extraordinary Import of Spanish and Portugal Oyls [Page 10] and Wines proceeds (the latter from the Expence of them in room of those we used to have from France before) from the extraordinary Hazard and Charge it would be to the Importers of Oyls to bring from Mayork and Gallipoly, more than it is to bring them from Portugal, Sevilla or Malaga; the further they fetch it the greater is the Freight, as is the hazard, and of consequence the Insurance; so that the Merchant Importers can and do from these Considerations give a better price for Oyls in Portugal, and in any part of the Kingdom of Spain as high as Malaga, and thereby we lose the Sale of many of our own Manufactories that used to be truck'd for Oyls, or that proceed imployed therein, and now being brought in greater quantities from Portugal and Spain (which the Importers pay for in Mony) obstruct the Importation of so much as they Import, or of Bullion, or at least increases our Debt on the ballance of those Trades.

Another Reason that hath prevented that Import of Plate and Bullion, proceedeth from the little Incouragement that hath been given to Trade in General, and the little care had to our Manu­factories in particular, the returns of which would have supplied us with Bullion enough (from those Countries that take off the Product of ours) to carry on a Trade with those that do not. But we have lost the Expence of many of them, by not keeping them up to a Standard, as the Colchester Bays are (or ought by Law to be) every one making our Serges, Says, Stuffs and Stockings of less goodness each day than other, so that of late years, they have come to Foreign Markets so bad, that other Goods of other Coun­tries have been introduced in the room of them. And the mak­ing of our Silk-stockings of East-India Silk that used to be of Turky, we have thereby lost the Expence of them in Spain, and in the Spanish West-Indies, for which Markets I have known one Man send out of England thirty thousand Pair a year: By which may be computed the Loss that it hath proved to us thereby. And now they are chiefly supplyed by the Genoueses and Italians. By these (and the like Methods) we have not only lost the Expence of our own Product and Manufactory, but have obstructed by it the returns there would have been made (for such Commodities) in Foreign Bullion.

And for the retrieving of our lost Trade, and the preventing any future Loss thereby, it will be necessary that a Committee of [Page 3] Trade be erected to sit every Week for the Improvement thereof, and that they have full power given them to have our Cloth, Serges, Sayes, Stuffs and Stockings both Silk and Worsted to be made of such a Length, Breadth and Weight; and a Penalty to put on all that buy or sell any but what are so, and also impowered to in­courage those Trades that most conduce to the Nations Interest; and, on the contrary, to discourage any Superfluities from those Countries that Import to us more than they Export of our own Product or Manufactories.

THE Loss of our Coyned Mony hath proceeded from the suffering Bullion to be Shipped off, when the price of it doth exceed the value of our Coyned Silver and Gold, under the notion of Foreign Bullion (as really it is ab origine). But still it may be our Coyn melted down and sold to those that Export the same, and four Pence and six Pence might, and now twelve Pence may be got by a Crown piece, or five Shillings of unclipped Mony so melted down. And twenty per Cent. advantage is a good Al­lay for any scruple of Conscience those may have that practise it; and those that receive and pay one thousand Pounds a day, and meets with but one hundred pounds among it of unclipped Silver, may in a Year (accounting but three hundred Days) get six thousand Pounds Sterling.

For the preventing of which it would be necessary that no Foreign Bullion should be brought into the Kingdom, but what should be carried to the Tower, and stamped there, or at least none suffered to be shipped off again, but such as had the Tower Mark. And if this Method were used, no Bullion could be Ex­ported that had been coyned here, or wrought into Houshold Plate.

And because much of our coyned Silver and Gold may be be­lieved to be melted down, it would be necessary that none were suffered to melt down old Plate or Gold, or the Dust there­of. But that a convenient place or places may be appointed where all such Gold or Silver should be meltd down, and when so melted, then marked with a particular Mark, by which it should be known to have been old Plate or Gold so melted, and then delivered to the Owner or Owners thereof, for which he should in Books for that purpose stand Debtor, and in the same Books be credited again by a Certificate from the Gold-smiths ­Hall of the Ounces of Plate he or they hath worked up, and the Wyer-drawers should, bring what they have so worked up to be weighed. And the same method used for any Bullion that is de­signed to be worked up, if this or any other method could be put in practice, one Half-penny in an ounce would defray the Charge, and save the Life of many a Man; for if this be practised, those that steal Plate cannot so easily dispose of it.

Another Reason we find for the Decrease of our coyned Mony, proceeds from the great Increase of the use of Plate in the Pub­lick and Private-houses, which I compute amounts to as much (if it doth not more) as the Silver Coyn in the Kindom, the very Improvement of which in Trade I leave any to judge how useful it would be to promote the Nations Interest, which now lyeth dead; besides, advanceth the price of Silver and Gold, and occasi­oneth thereby the melting-down of our Coyn; and if there be but seven Millions of Pounds Sterling in Houshold Plate (and things made thereof) and in Gold Rings, Buttons, Buckles, Watches, Sword-hilts, &c. the very Interest of that Mony at six per Cent. amounteth to four hundred and twenty thousand Pound a Year, and in seven Years, with the Annual Interest, amounts to three Millions and five hundred twenty five thousand four hundred and ten Pounds Sterling.

Therefore it would be highly necessary that no Person but of such a Quality should be suffered to use Plate in their Houses or Utensils made thereof, or at least not any pieces of Plate above such a value; and those that will have more, to take out a Li­cense for it, and pay the King five per Cent. per Annum for it to­wards the support of the National Expences.

THE Arguments for the proving the necessity there is for the immediate Regulating of the Coyn might be many, but for Brevity sake, I will reduce them to these following.

First, That from the present Exorbitant rise of our Coyn, and the Bullion of which its made, we come to lose as much Mony as the Mony is advanced, by the Goods we Export. As for instance, to make it more plain, I ship for Spain one hundred pieces of Serges, which cost me two hundred Pounds all Charges aboard, and before the rise of our Coyn and Bullion, would sell in Spain for twelve pieces of Eight aboard in Gold (or pieces of Eight.) But now our Coyn is risen, and the Bullion of which it's made, I can sell the same Goods for Eight pieces of Eight, being those Eight will yield me here in England as much as the Twelve did be­fore, so that by the rise of our Coyn and Bullion, we come to lose one third of the value of our Exports; and if we Export to the value of nine Millions a Year, we consequently lose three Millions of Pounds a Year, so long as our Coyn goeth unregulated; which alone I think is a sufficient Argument to prove the necessity there is at present of regulating our Coyn and Bullion.

But it may be Objected, That although it be true we do lose one third part of what we Export, yet its only on such Goods as we sell for Mony, with a design to bring it home: But that this hath no manner of influence on such Goods as we sell abroad, and return other Commodities for the proceed of them, which is for the greatest part of the proceed of our Exports, and consequently your Argument will not hold good, that it is so great a loss to the Nation.

I say, still the loss is the same. Trade to what part of the World you please, their Coyn is the Standard by which their [Page 6] Goods are Sold, and if you can make so much of their Coyn here at home, so consequently the Goods you bring are rated to Cost you; so let your Trade be for Mony or in Barter, it tends to the same end, and by it we lower our own Product and Manufactory, and raise that of other Nations, and Inrich them by our own Ruin.

Another Reason that may be given for Regulating our Coyn, is because the poorer sort of the People in the Kingdom pay more than the amount of any. Tax laid on them (for the support of the War) hath amounted unto, particularly in Coals, Corn and all things made of Leather, these being bought and laid up by Monied Men, who conclude thereby they shall see their Principal and In­terest, and prevent the Loss which they apprehend may be by the Coyn when regulated, and is a great occasion of the rise of most other things.

Another Reason that may be given for the Regulating of the Coyn, may proceed from the baseness of the Mettle, and from the Clipped Mony, which latter being of less Value than Coyned for, giveth Incouragement to our Neighbours to Coyn Mony of the like weight (and probably not of the full Allay) and bring it over here, which may be believed from the great profit they may make, and of consequence we may increase the national loss five hundred thousand Pound a Year; together with the bad Mony that may be imposed upon us by them (and our own Country Men;) and its not unlikely but the demand of Bullion may arise the more from the Expence this way.

For hitherto, the Importation of our own Coyn hath not been regarded or taken notice of by the Officers of the Custom house, or by others, supposing it to be only a return of what is carried out by Travellers, Soldiers and Seamen; and Mony brought over in a Bag sealed up, is so delivered to the Person that goeth aboard for it; therefore it would be more convenient to have all Mony and Bul­lion lodged in some place, and after it was inspected into, deli­vered to the Owners thereof, whereby the false Mony may be found out when so Imported. Besides our Soldiers, Seamen and Tra­vellers take care to carry the best Mony out of the Kingdom; for tho' bad goeth here, it will not with other Nations; and then its liable to be Clipped there, and returned us.

Another Reason that may be given for the Regulating of our Coyn and Bullion, is that when its so done the Expence of the War [Page 7] may be carried on with less Charge than now it is, for all Mony for the supply of our Fleet abroad costs the King twenty nine per Cent. more than it may be done for when the Mony is regulated.

For they that have Mony abroad will not give it under five Shillings and six Pence a piece of Eight, because the Silver in a piece of Eight will yield them so much, the Charge and hazard of bringing it home being deducted.

When Tangier was in possession of the English, that Garison was supplied with pieces of Eight from Cadiz, at four Shillings and four Pence, which now costs the Nation (to supply the Fleet) five Shillings and six Pence, and is twenty nine, and one sixth per Cent. difference, and in five hundred thousand Pounds, one hun­dred forty five thousand eight hundred and thirty three Pound is saved.

FOR the making good the Loss that may arise by the Clip­ped Mony, I do not apprehend any Method more effectual than the calling in all the coyned Silver and Gold, and re-coyn­ing it into pieces of the same denomination, but of less Value in Substance.

And that value, less in substance, to be in proportion to what is requisite for making good the Loss by the clipped Mony, which I do compute to be at least two Millions of Pounds Sterling. Thus,

I suppose eight Millions of People, and they to have twenty Shillings one with another in coyned Silver, and that three quar­ters of it is clipped, which is six Millions, and that one third of that is clipped and worn away, so that two Millions will be the Sum required to make the same good.

It cannot be imagined that I have undertaken to Treat on this Subject without making some Inquiry into the quantity of the [Page 8] Mony there may be, and what may be lost by the clipped Coyn. And altho I may err in the Computation of the quanity, yet the quality may be pretty near computed, and upon tryal, I have found,

That five Shillings of Milled-mony hath weighed eight Shil­lings of the present currant Mony, and three Shillings of the eight was not clipped, only worn.

Again, I have found ten Shillings in Mill'd-mony to weigh twenty one Shillings of the clipped Mony.

Again, Twenty Shillings Mill'd-mony to weigh forty three Shillings of our now Currant Mony.

I have gone to several Goldsmiths in London, and have got them to take out of their Counters a Bag of one hundred Pounds (as came to hand) which upon tryal I have found at one place to weigh

The six hundred Pounds weighing in all one thousand one hun­dred ninety eight Ounces, five penny Weight, and seventeen Grains, and is no more than what three hundred and ten Pounds in Mill'd-mony will weigh.

I am informed the Mony paid into the Exchequer doth weigh from fifteen (and seldom the 100 l. reacheth) to twenty Pounds weight: So that the very best brought in there doth not weigh two thirds of what it ought to do, and the Mony paid into the Exchequer is supposed a great part of it to come from the Country.

But as it's believed that the Mony in the Country is generally not the one half so bad as it's in and near London, I have procured an Account to be sent me from the following Cities, from whence I am informed, that one hundred Pounds doth weigh on tryal of two Bags in each place, to be, viz.

The eight hundred Pounds weighing sixteen hundred and sixty nine Ounces, one Penny weight, and twenty Grains; and is not more than four hundred thirty one Pounds fifteen Shillings of Mill'd-mony will weigh, and but a very small dif­ference between the weight of the Mony in London and the Country.

And if there be but four Millions and three hundred thousand Pounds, it will require two Millions to make good; these are Experiments that any may make with very little trouble, and on which I make my further Computation; since two Millions of Pounds, is the Sum supposed or calculated to be necessary for the making good of the clipped Mony, the next thing to be considered is how to raise it.

For effecting of which it will be necessary to make an estimate of the coyned and uncoyned Silver and Gold that may be in the Kingdom, which I compute to be

Eight Millions in coyned Silver.

Three Millions in coyned Gold.

Four Millions in uncoyned Silver.

One Million in uncoyned Gold.

Which several Valuations amount to sixteen Millions of Pounds Sterling, and if twelve and a half per Cent. be taken from it, the said twelve and a half per Cent. will amount to two Millions of Pounds, and will answer the loss by the Clipped-Mony.

So that what Mony is new Coyned, must be at the rate of twelve and a half per Cent. less weight each species than before it was coyned for.

And the Gold and Plate that is uncoyned advanced twelve and a half per Cent. in like proportion.

For the Collecting of the said twelve and a half per Cent. to be raised on the Houshold-plate and Gold, and things made thereof, I would have every one that hath any, be obliged to carry it to the Tower (or to Places appointed for the same purpose) and there have the 12½ per Cent. taken out in specie, or paid down in Mony (at the Election of the Owner) and when so done, it should be stamped, and when so stamped, it should be of twelve and a half per Cent. more value than before, to countervail for what was taken out and paid into the Mint.

And all things made of Gold or Silver after a day prefixed, that should be found or offered to be sold, or left by any Deceased unstamped, should be forfeited.

And all Bullion either Gold or Silver, wrought or coyned, Im­ported into the Kingdom, to pay seven and a half per Cent. in time of War on the Importation, and ten per Cent. in time of Peace; and then also stamped, thereby to prevent the impo­sing on us coyned Mony from foreign Parts, for if they have the incouragement of five per Cent. in time of War, and two and a half per Cent. in time of Peace on the Importation, they'll never run the hazard (nor can afford to be at the Charge) to Coyn Mony.

And although I have proposed the Raising of our Mony twelve and a half per Cent. yet it ought to be considered whether 2 l per Cent. Allay may not be necessary to add to it, the Reasons pro and con being these.

First, That Allay in Silver or Gold doth make it the more durable.

Secondly, When the Coyn hath Allay, and not the Houshold­plate, &c. it's not so lyable to be melted down, for the Charge and Trouble for to separate it will much discourage the working it up, being more easie to add Allay to it, than to substract it from what hath been coyned.

Thirdly, The putting in Allay into our coyned Money will prevent its being Exported, or if Exported will occa­sion its return again, no duty being laid on such Money re­turned.

The Objections that I foresee will be brought against the adding of Allay to our coyned Silver and Gold, are these.

Object. 1. That Metals that are mixed, may be the better falsified, and the Colour, Sound, and Weight not so well distinguished.

Answer, For the same reason, I propose only two and a half per Cent. and not twelve and a half per Cent. Allay to make up the weight taken from it, which cannot make any great difference in the colour, sound or weight, but it may be discovered if a greater proportion be added, at least such a proportion as to countervail the undertaking.

Object. 2. But if there should be occasion for the future to alter the Money, it cannot be so well done as by Money of pure Silver.

Answer. When all our Money hath proportionable Allay in it, it may be raised or lowred without recoyning; and for the same reason (with others I shall shew hereafter) I propose the recoyning all our present Monies, as well what is not, as is clipped.

Object. 3. But it will be a dishonour to the King (and King­dom) to have his Stamp on mixed Money.

Answer. Two and a half per Cent. is but a small addition to the Allay, our Coyn hath at present, and it cannot be believed any dishonour since, it's the practice of other Nations as well as it's of our own, witness our Copper Money.

Having laid before you my proposal for the raising of two Millions of Money by raising the Coyn twelve and a half per Cent. and all household Plate and things made of Plate and Gold, and laying an Imposition on all Plate Bul­lion or foreign money Imported, I proceed in the next place to answer those Objections that may arise from the Proposal, especially such as have not any reference to Trade, which I design the Subject of the next Chapter.

Object. I. I see by your Proposal you would have all the Silver Coyn called in, as well that which is not, as that which is clipped, and defaced, which will be an unnecessary Charge and Trouble.

Answer. The reason why I propose the recoyning of the good as well as the bad Money, proceeds from the Confusi­on there will be otherwise in all receipts and payments, for if the old Coyn (that is unclipped) be only raised in proportion to the new Coyn twelve and a half per Cent. there will be odd fractions of Farthings (as I shall shew hereafter) which will be very troublesome in Accounts, and to raise the six pence to seven pence, and so the Shilling, half Crown, and Crown in proportion, is to raise sixteen and two thirds per Cent. and is more than requisite to be raised for the end designed, and nothing less will make each Species even pence.

So if the unclipped Money be not recoyned, it must be raised four one sixth, or eight two Thirds, or twelve and a half per Cent. for if it be under or over either of these, the Fractions in the several Species will be under or over a Farthing.

Now if you advance our Silver and Gold twelve and a half per Cent. and the Import thereof be sixteen Millions, it will raise six hundred sixty six thousand six hundred sixty six Pounds, thirteen Shillings and four Pence, and then the old Coyn, if only raised in proportion, and not all recoyned again

If the Coyn and Plate be advanced eight and one third per Cent. it will raise on Million three hundred thirty three thou­sand three hundred thirty three Pounds, six Shillings and eight Pence; and then, if not all recoyned,

If our Coyn and blate, &c. be raised twelve and a half per Cent. it will raise two Millions, and if not all recoyn­ed then

Another reason that may be given for the recovering all the present Money both clipped and unclipped, is because its im­possible for to coyn new Money in proportion to the value of the old, for the old Money hath been already culled, and the weightest gone, and what if left is light and worn, so that the new Coyn will be still better if not abated in substance, and that cannot be because there is a great difference in the weight of the pieces of Money, so that still the new Coyn will go from us or be melted down, and the old remain. And the same inconveniency there will be to have more Allay in one than the other.

If these difficulties can be overcome, I agree with you it will save a considerable Charge and Trouble, and the Me­mory of the preceeding Kings and Queens will be the better retained from the keeping of their Coyn.

Object. But if you recoyn all the present Money in the Kingdom, in the interval where shall we have Money to car­ry on our Trade, and for Household Expences, &c.

Answer, First, I would have the twelve and a half per Cent. raised out of the uncoyned Silver and Gold, and the same coyned into Shillings and six Peny pieces, which may amount to a Million of Pounds.

Then I would have the half Crowns that are clipped called in, and coyned into Shilling and six Peny pieces also; and paid for out of the Money coyned from the household Plate and Gold, &c. as far as it will go, and if they amount to more, then Notes to be given for the over plus, which should be as currant Money untill the half Crowns were new coyn­ed and delivered out.

When the half Crowns are paid for then I would have the clipped Shillings and six Peny pieces called in, and new coyn­ed into half Crowns.

Then the unclipped Money called in, and coyned into Crowns; and the Gold into Guinneys and half Guinneys.

And all Money unclipped should pass in proportion to the rise of the Money immediately, and brought into the Mint and stamped, paying the twelve and a half per Cent.

And by this method we may carry on our Trade, and sup­ply our selves for household Expences, &c. till the whole was finished.

Object. But notwithstanding you by your Calculation do make the loss by the clipped Money to amount to two Mil­lions of Pounds, and bring a Computation thereof from what you have had weighed, yet it can-never be believed to be so much, for you do not consider that since the rise of the Gold, that great quantities of Milled and unclipped Money have been hoarded up (in lieu of the Gold) expecting an advantage by the Silver, whenever the Coyn is regulated. There­fore you must undoubtedly have over computed the Loss, and of consequence the Sum, required to make it good: And therefrom you do but disquiet the People, and make the regulati­on of the Coyn more difficult.

Answer. If I have over Computed the▪ Loss, it will not be so great an Error as if it had been under Computed, for should it fall short, and a stop be put to the execution of the whole, then what may be done, may be to do again by that time you can raise Money for it. And then also it cannot be by [Page 15] the same method, having coyned at first in proprortion to your first Computation.

But by being over it may be applyed to the Charge of the War, for which Money must be raised.

But you'll find I have Computed it also for six hundred six­ty six thousand six hundred sixty six Pounds, thirteen Shillings and four Pence, which is four and one sixth per Cent. advance, then I have Computed it for one Million three hundred thirty three thousand three hundred thirty three Pounds six Shillings and eight Pence, which is eight and one third per Cent. advance, and then for two Millions of Pounds, which is twelve and a half per Cent. advance, so that either of these may be taken as may be found necessary.

But if the coyned and uncoyned Silver and Gold in the Kingdom should be but eight Millions (as some Compute) and one Million required to make good the loss, yet twelve and a half per Cent. must be raised, for as the loss by the one abateth, so doth the value of the other in proportion prove less.

Object. But it will be unreasonable that every one should be obliged to carry their Plate to the Tower, or to the next Mar­ket Town they live at because some may live Miles from a Market (and many of those Gentry) that may have more Plate and unclipped Money than they would run the hazzard of to carry to and from the next Market Town.

Answer, In such a case, the person or persons appointed for the stamping of Plate, &c. may go to the House of any person where they are advised to be above fifty Pounds va­lue of Plate to be stamped, or any Villiage where they may bring it all to one house in the said Villiage to have it done.

Object. But how will it be possible for such small things as the Watches, Rings and other small things made of Gold and Silver to be stamped: and if they are not stamped or marked, how shall it be known which of them have, and which of them have not paid.

Answer, It's very true, there may be a great many things made of Silver and Gold that cannot bear Stamping, or marking now they are made up, but there is nothing but what may when making, therefore it would be necessary that an order may be [Page 16] given for the future to have the Date of the Year, or any o­other Mark put on all such things as shall be made for the future, and thereby they'll be known not liable for to pay. And for those things that are already made, a Cirtificate may be given, what hath paid, specifying the parcels, and to what value as near as can be guessed, and no body should buy any such things but the Owner should produce the Cer­tificate, to have paid the twelve and a half per Cent. But this not to excuse what can be stamped or marked.

Object. But many people may be desirous to keep the Old Coyns by them, either to the respect they have to the Me­mory of those Kings or Queens in whose time they were coyn­ed, or as the Gift or Legacy of some particular Friend, and would think it hard to part from such Pieces.

Answer, They need not only paying the value they ought to pay in Money and suffering them to be Stamped, they may retain the quantity of any Coyns they desire.

Object. But why may not our Coyn be only raised, and the uncoyned Plate and Gold excused, and all Plate and Bullion that shall be Imported since the Charge and Trouble there­from will be so great?

Answer, If our Coyned Silver and Gold be only raised, then we should have as many Coyners as there are at present Clip­pers, from the advance they would make by buying up of Plate and Gold, and then Coyning it, and the like may be done in Foreign Parts with less hazzard, and Imported hi­ther, and besides, the uncoyned Plate and Gold would in a short time advance thereby near to the value in the coyned Money, and be only an advantage to particular persons, and not the Nation in general.

Object. But if the method you propose be put in practice it will be a great Charge to execute it, besides that of new coyning the Moneys, from whence shall that Charge be paid.

Answer, If two Millions be raised, then that two Millions will be of the new Coyn, two Millions, and two hundred and fifty thousand Pounds, as being twelve and a half per Cent. of less weight, and will more than answer the Charge in execution of my Proposal.

Object. You by your Computation do make to be three Mil­lions of Guinnies, and old Gold to be in the Kingdom, which going now at 30 s. a piece, when the Money is regulated will be 8 s. 6 d. loss in each Guinney, and is 42 per Cent. and this loss will be the ruin of many Tradesmen, and those that had never any hand in the raising of them, or benefit by them, and it will be very hard they should thus suffer, so great a loss, and the Consequences thereof may be of greater detriment than at present may be foreseen.

For never was a greater demand of our Manufactory than now, which proceeds in a great measure from the apprehensi­on of the necessity there is to regulate our Coyn, therefore every one is imploying their Moneys in Goods, to avoid the loss that may accrue to them by the Gold, or the bad­ness of the Silver. And therefore this loss will be severe to the Managers and Workers of our Manufactory; and Trades­men who they'll now pay, for to put off their Gold.

Answer. I am very sensible of the great loss it will be, by the fall of the Guinnies, and of the Consequence that may be therefrom, therefore I would have the amount of the Imposi­tion laid on Plate, Bullion and Foreign Coyn, appropriated to make good that loss, and be a Fund to pay the Annual Inte­rest thereof, which may answer the principle.

Object. But as the Import of Bullion, Plate, and Money in­to our Kingdom is a benefit to it, it cannot be imagined the Parliament will lay an Imposition thereon, but rather Incou­rage the bringing it in, by some allowance to the Importer.

Answer, The Imposition laid on the Importation of Plate, Bullion, and Foreign Money (by my Proposal) will be no hindrance but an incouragement to the Importers thereof, for in time of War, they have 5 per Cent. and in time of Peace 2½ per Cent. advantage thereby, as you ll see by it, for if the Plate and Bullion be advanced twelve and a half per Cent. and the Importer pay but Seven in time of War, and Ten in time of Peace, the remaining 5. or 2½ per Cent. is profit to them, and it ought not to be more being Foreign Commodities will rise in proportion to the incouragement you give, for the Importation of Plate, Bullion, or Foreign Coyns.

Object. But if when our War is over and our Trade im­proved, it should be thought necessary to reduce our Coyn again to the present Standard undoubtedly, that Charge and future Trouble may be avoided by keeping it so now.

Answer, Should it be thought convent hereafter for to reduce our Money to the present Standard it is of (or ought to be) then it would be necessary to recoyn all our Money of same Weight and Allay they are at (or should be) at present, and to make them Current at Sixteen and two Thirds per Cent. more than they go for now, and then the several pieces will be

But in such a case I would have all Coyn, I late and Bul­lion that is Imported to pay Eleven and two Thirds per Cent. in time of War, and fourteen and one sixth per Cent. in time of Peace. And then also all uncoyned Plate and Bullion in the King­dom either Gold or Silver to pay Sixteen two Thirds per Cent. proportionable to the rise of the Coyn.

But I would have but twelve and a half per Cent. taken out of the Gold, and the other four ⅙ per Cent. go towards paying that loss that the owners will have by them, which loss will be the sooner paid by the Duty on the Plate and Bullion Imported.

And all money uncliped should pay but twelve and a half per Cent. also whereby it will prevent those that have it to clip it.

But still should we be obliged to reduce our Coyn to the present Standard when the War is over, yet I do not fore­see (while we are ingaged in it) we can avoid the rais­ing of our money and the Bullion of which it's made.

For I apprehend the laying a severe penalty on any that shall take more for any foreign Commodity (as Bullion is) then such a price (which he cannot afford it at) is in effect to prohibit the same.

Again if Bullion be under the value of our Coyn, then of consequence it will be melted down, and both what we have in Bullion or Coyn will go out of the Kingdom as fast as the Gold hath of late come in.

Again, should we not raise our Plate and Bollion as well as our Coyn, you lay a Tax on the possessors of the Money, and advance those that are owners of the Plate and Bullion: And I think the general good of the Nation ought to be pre­ferred before that of particular persons, who are also such that have reaped a Benefit by the Calamity others lye under.

BEfore I Treat of the Inconveniencies, or Conveniencies that may follow the raising of our Coyn, Plate and Bul­lion, it will be necessary to answer one Question that may arise, which is,

Whether the regulating of our Trade will not more effe­c [...]ually answer the end proposed, than the raising of our Money, Plate and Pullion; for if our Imports do exceed our Exports, of Consequence the Balance of our Trade must be paid in Bullion or Coyn, or our Trade must Sink.

Answer, That the Improvement of our Trade will increase our Coyn and Bullion is most certain, and is of as great impor­tance that the prosecution thereof be carryed on (for that end) as far as the present Circumstances of our Nation will permit, during the War, which may extend so far as to ba­lance [Page 20] our Trade with other Nations, and also contribute towards the necessary expence of the War abroad.

But the regulating of our Trade can never answer the re­gulating of our Coyn, and making good our Clipped Money, which must be done either by raising the Value, or the rai­sing of a Tax to make the same good.

Which is the next thing to be considered of, whether it be not more the interest of the Nation to raise a Tax, and make good the clipped Money (and keeping it up to its former Standard) than by raising the value thereof, and the Bullion of which it's m [...]de.

With s [...]ission to better Judgments, I do apprehend it [...] r [...]st of our Nation to raise our Coyn, Plate and [...] to raise a Tax for the making go [...]d the clipped [...] [...]hi [...]h at this juncture of time (or during the War) can­ [...] [...] executed for these following reasons.

F [...]s [...], Should the Parliament find out a way to raise a Tax of two Millions of Money for the making good the clipped Coyn, such a Tax in Conjunction with what must be necessa­rily raised for the support of the War will be of as ill Con­sequence to raise (in one year) as the making good the clipped Coyn is necessary.

For there will be a further Tax, or Loss to the People (which i [...] equivalent) of one Million of Money (if not more) by the bad Coyn.

And more one Million two hundred seventy five thousand Pounds by the fall one Guinnies (which they will do when the Silver Coyn is regulated) and Compute but three Millions of them and in Old Gold.

So that four Millions two hundered seventy five thousand Pounds will be the Sum the Nation must pay, or will suffer one way or other; besides what must be raised for the sup­port of the War.

And when a Tax is given for two Millions of money, for the making good the clipped Coyn, it will be a year in the raising (besides the Charge) and another year before the mo­ney can be recoyned, in which time we shall too sensibly in­crease our Debt on the Balance of Trade.

And although the money should be anticipated, yet then it must increase the Charge from the Interest thereof.

But this must be effectual money, and not Credit, so that it will be the more difficult to raise, considering at the same time the bad money goeth not, nor the Guinnies, for above twenty one Shillings and six Pence.

Besides should our money be recoyned of the same Weight and Value, and fineness as it went for before, we have no greater security of keeping it in the Nation than we had, or can we thereby prevent its being melted down, for it hath been the Value of our Silver in the Milled-money, that hath been the occasion of its being melted down, for Exportation or making up into Plate here.

Now the reason why I apprehend and affirm it to be the va­lue of our Coyn, that hath been the occasion of its being melted down is this.

Silver and Gold is none of our own Product, but is brought from the West-Indies, Guinney and Barbary, and nothing that cometh from Foreign parts, in time of War, but costs more than in time of Peace, as we found here in England at the breaking out of the War, all Foreign Commodities immediate­ly were risen, proportionably to the distance from whence they came, and the hazzard thereof: As did our Silver and Gold, for those that had any in Bullion by them, at the breaking out of the War, were sensible it would be worth more, being before the War, they could insure 100l worth of Bullion home to England by a good man of War) at own Gui­ney per Cent. which afterwards would (and did) cost seven per Cent. Here therefore is a reasonable rise for our Bullion.

But still, this is not all in time of War, we have not those frequent supplies as in time of Peace; this brings a scarcity of it, and that again raiseth it more and more.

From whence people finding the profit that may be made by melting down of the Coyn, do it; others they Clip it, and thence again becomes another reason for the rise of the Bul­lion, the badness of the Coyn, and the demand of Plate there­from.

And when the Materials of which any Commodity is made is dear, it's evident that Commodity must rise: As when Corn is dear, Bread riseth, and when Wooll is dear, our Seiges rise, and so for other things, and Consequently, I think that our Coyn ought to be raised.

And I cannot but think the King of France did raise his mo­ney at the opening of the War for this reason, and having been made use of several times, it's not to be doubted, but an advantage hath been found thereby, and a main support to him in the present War.

And this is another reason for the raising our Coyn twelve and a half per Cent. and our Plate and Bullion, and money that is Imported to pay but seven and a half, or ten per Cent.

Now since the method for the increasing of our Bullion, and keeping of our Coyn (by the Improvement of our Trade and Manufactory) hath no influence to remedying our present clipped Money, we ought to pursue those methods that will do it, which is by raising of our Coyn, and the Bullion of which it's made; and I am perswaded will be more agreeable to the people, than the raising a Tax to make the same good. [...] having been already done without an Act of Parliament, therefore it may be believed would be contented an Act should pass for it. For from the raising of our Coyn, we shall reap these advantages.

First, There will be two Millions less to raise by a Tax on the People.

Secondly, What is raised for the support of the War, they'll be better able and will more Cheerfully Pay.

Thirdly, It will give a larger extent to the Cash of the Nation, and thereby lower the Interest of Money.

Fourthly, Therefrom it will increase our Trade and Manufacto­ry, and from it our Navigation.

Fifthly, Again from their Improvement will arise the Value of Land.

Sixthly, We shall be the better able to hold out the Charge of the War, and he that can spend the last Pound, is like to prove the Victor, for its Money that supplyeth Men and all other Instruments of War, Offensive and Defensive.

The Objections that may be against the raising of our Coyn and Bullion may be these.

Object. But the Coyn of those Countries that have any, hath been the M [...]asure or Standard in all times of our Trade and Commerce from one place to another, and of Consequence, if we lower or raise ours in value, it will be of no validity for the end proposed. But may be of great trouble to our Mer­chants, and put a stop in our Trade, untill such time as it can again be regulated according to the rise or fall of our Money

Answer. The Objection had been very reasonable, if it had been made by the Subjects of the King of Spain or Portugal, or by any people, or Nation that are obliged to suffer, or connive at the Export of their Coyn and Bullion, as not ha­ving sufficient Manufactory of their own, to give in return for the Goods that are Expended of other Countries amongst them.

And those that carry such a Kingdom, or Nation any sort of Merchandize, and in Return or Exchange, receive coyned Money or Bullion, I will allow they must make a Computati­on of the Weight and Allay thereof, that it may so correspond with that Country they carry it too, as that they may not lose by it.

But I deny that our coyned Silver or Gold hath been, is or ought to be Standard for any Commodities that are Imported, but to those people that Export our Coyn or Bullion in return for them. And that, that Trade that doth require it is the most pernicious Trade to our Nation.

And the Effect of raising of our Coyn will have this Benefit, that the Goods of such a Kingdom or Nation, will advance in proportion to the rise of our Coyn and Bullion. And there­from discourage the Importation of Commodities that are in­troduced (and we can be without) and prevent the offence that may be given to such a Kingdom or Nation, by a prohibition which would be otherwise requisite, and by this means we may the better balance our Trade with them.

But still suppose we Import from every Kingdom or Nation▪ and People we Trade with, more of their Commodities than we do Export to them: And that the balance of the Account [Page 24] of Trade may Import one Million of Pounds Sterling a Year (for it's evident it hath not been always so) which for the discharge of the Debt so contracted by our Trade, it's requi­site you ll say money or Bullion must go out of the Kingdom to pay the Balance, and will do notwithstanding any Law to the Contrary.

That our Imports do exceed the value of our Exports now is not to be admired, since we lose as much money as it's ad­vanced, in value by our Exports. So long as the Coyn goeth unregulated (as I have shewed in the third Chapter of this Book) and if we lose thereby but two Millions a Year when our Coyn is regulated, we shall bring them in Debtors on the Balance, of Trade on Million a Year, which will supply the Expences of our Fleet and Armies abroad, without having occasion to send out Coyn or Bullion.

Object. But you give us an Example, that the rise of our Gold and Silver is so great a disadvantage to the Trade of the Nation, that from the present advance, that if we Trade for nine Millions, we lose three thereof from our Exports. And yet you your self propose a method, and would have it raised twelve and a half (or eight one third of four one sixth per Cent. as there may be found occasion) which seemeth a Paradox to your proposition, for as I apprehend it, we shall then lose in proportion to the rise that may be made on the Coyn and Bullion.

Answer, It may be so supposed by those that have not well considered the proposal it self. But you ll find my proposal different from what hath been practised by other Kingdoms, and that the advantage by the raising of our Coyn and Bulli­on will not accrue to any particular person, but to the Nati­on in general, for the twelve and a half per Cent. I propose to have taken out of the Gold and Silver, either in Coyn, Plate or Bullion that goeth to make good the present extraordi­nary want in the clipped money, and loss by the rise of Guinnies.

For if I pay eighty seven Pounds ten Shillings for Goods that I Export, and twelve Pounds ten Shillings to the Nati­on, I cannot sell these Goods under one hundred Pounds. [...]nd yet those Goods shall not be the dearer abroad than be­ [...]re whereby the expence of them will not be obstructed.

Object. But if our Coyn and Bullion be raised, all things whatsoever will rise, as it did in Spain and Portugal, and there­fore we had better raise a Tax and make good the clipped money, than leave it to the mercy of each Trader to do.

Besides they are likely to continue it, and if Taxed by Parliament, it may be but for a certain time.

Answer, I do affirm it to be a general mistake, (and do ap­peal to those persons that lived in Spain, or in Portugal at that time of the rise of their Money in either of those Kindom) for nothing did rise that was the product of their Countries; as their Corn, Oyl, Wine, Fruit, House-rent, Salaries, &c. for what eight Ryals of the old money would pay for, eight of the new would answer, which was twenty per Cent. of less value in Spain. And nothing but what was imported into those Kindoms did raise, and not the Exports of their own Growth and Manufactory, which as I have already hinted, proceded from the account that foreign Merchants made of their money, by reducing it to the Standard of the Country they sent it to, which also proceeded from the want of Manufacories of their own, to Balance the account of Trade

And therefore they do (tho against their Law) connive at the Export of Plate and Bullion, for if they did not, they could not maintain their Indies, nor having Manufactories of their own Countries to supply them (and from whence is brought the Treasure to Spain) and they not being supply­ed with Apparrel and those necessaries they now receive, would soon Revolt from them, and have a Tradewith those that could and would do it.

The last rise of the money in Spain, was the 14 October 1686. their stile, when the piece of eight was advanced to ten Ryals, and the Vellone from 12 to 15 Ryals, and any that doubteth the Truth of what I have inserted, may from hence examine their Expence Books, before and after that time; and also the price of Malaga-Fruit, and any other Goods bought with rea­dy Money, and not in Truck, or taken for an old Debt.

For I say all such things or Commodities that used to be bought, and agreed in Vellone, did not rise.

Object. But if our Coyn and Bullion be raised, the King's Revenue will be so much the less (in proportion to what he receiveth) as the money is raised.

Answer, I do not foresee any loss it can be to the King's Re­venue by the raising the Money, which of it self is of no use, but for the purchasing those things that are useful, and if Pro­visions, Clothing, House-rent, Salaries and Wages is not raised (in which said Revenue is spent) there can be no loss to the Crown.

Nor can it be believed that any of our own product or Ma­nufactory will or ought to) rise for the same reasons, and the Experience we have found, that they have not (but ra­ther from the Taxes) although our Gold is advanced 42 ½ per Cent. (and our Silver Coyn now Currant, is not much a­bove half what it ought to be) therefore it may be believed it will not, wh [...]n it's brought down to twelve and a half per Cent.

The Tin-money that was, and the Copper-money that now is (was and is) as currant as our Gold and Silver (and now more) and though that wants of the Value, yet it purchaseth any thing we have to buy at Market as well as our Silver without the Sellers raising the Value therefrom.

And I presume nothing that is bought and paid for in Bank­Notes, is advanced the more, as not being in Specie, and the same Power that Established the one, doing the other may be as good payment, and not so liable to the misfortune of a Domestick War as the Bank will be) should any such happen, not but that I think the Bank is of great advantage to the Na­tion now, and may be more hereafter.

Object. But if you give so great incouragment to the Mer­chant Importer of Plate and Bullion, as 5 per Cent. in time of War, and two and a half per Cent. in time of Peace, then Foreigners from the advantage arising thereby, will be send­ing of Bullion and Plate over.

Answer, From hence will arise our advantage, and I cannot apprehend any disadvantage (unless what before hinted,) to us, the bringing of Gold and Silver into the Kingdom for it can­not be believed that they'll Import more than they Export Commodities of our Kingdom for, therefore the Consequence [Page 27] from it will be, we shall thereby increase our, Trade and Na­vigation, and therefrom the value of our Lands.

Object. But if our Coyn and Bullion be raised, then the Soldiers and Seamen abroad cannot be suppli [...]d with necessaries (without a great loss) by the money so raised, for tho and Act of Parliament should make the Coyn (so raised) Current here, in another Country they'll expect the full weight, and the King must raise the Officers and Soldiers and Seamen [...]s pay, as much as the Coyn is raised.

Answer, When our Coyn is once regulated, and our Trade improved (as I have already set forth) we shall become the Creditors on the Balance of Trade, at least on Millon a year, which is hoped may be sufficient for to supply the neces­sary Expences abroad, so that they ll be paid in the Coyn of the Country they are in, and will be no loss to them, as not having occasion to remit the Coyn or Bullion of our Kingdom to pay them.

Object. But this Balance of Trade will belong to Merchants and not to the King, and they holding up of exchange of money so high from own place to another, it will be the same loss to to the Kingdom, to remit it by exchange as in Coyn and Bullion.

Answer, The high praemio's that are demanded, and given for the exchange of money from one place to another, proceed­eth from the over Balance of Trade, and from whence that ariseth I have already in some part shown you.

That over balance of our Trade, caused the Export of our Bullion for the payment thereof, and that Export caused the rise of our Gold and Silver.

The rise of our Gold and Silver occasioned the melting down and clipping of our Coyn, from the advantage thereby.

Then our money proving so bad by clipping and counter­fieting, occasioned again the great rise of Gold.

This great rise on Gold, occasioned the raising of the praemio of Exchanges.

For saith the Merchant that hath money abroad, I will have so much for the Exchange of the money, or I will bring it home in Specie; for here in England, it will yield me so much to Coyn, [Page 28] and Gold and Silver is not worth more in other Countries this year than it was the last; but from the misfortune we lie under by our Coyn, which once regulated, you'll find it also in the exchange of money, and so long as it goeth unregulated we lose the extraordinary praemio given.

Object. But if our Coyn be raised, our Exchanges will rise in proportion from one place to another, as it did in Spain, all Bills running so many pieces of Eight in Gold as it went before the Proclamation for raising the Coyn.

Answer, I have already shewed the reason which proceeds from the same, as that of raising the Foreign Commodities in Spain. But I do not forese [...] any for the raising our Exchanges, for if one hundred pounds of our new raised money will pur­chase the same value of Goods as the old, there can be no reason to alter the Exchange, altho we should our Coyn.

But the Members of the Bank of England will be the persons most capable to regulate the Currant of Exchanges, by their examples in those places where there is any.

Obj [...]ct. But the landed Men of this Kingdom, are those on whom the greatest Burthen of the War hath layen hitherto, and if our Coyn and Bullion be raised, of Consequence their Land will be worth so much less Silver (if sold) than before.

Answer. We see Taxes lower the value of Land, and by the raising of our Coyn we excuse the raising a Tax on it, besides for raising of two Millions it's 20 per Cent. on the annual rent, and I cannot sorsee where the landed men can suffer by it, but on the contrary of advantage to them.

To prove which we will suppose a Genleman of five hun­dred Pounds a year to have 100 l. worth of Plate and uncoyn­ed Silver and Gold, and so each of them in proportion to their yearly Income, and that instead of paying 100 l. for five hundred a year they have (at 8 per Cent.) they I pay but two years Interest of one hundred Pounds, and can loose no more should the Coyn and Bullion be brought again to the present Standard.

Again, I leave any to jude whether the landed Men would not suffer much more should our Kindom be drained of its Coyn and Bullion (by which Trade will decay, and of conse­quence [Page 29] the Value of Lands lessen) as it will do if our Mo­ney is not raised.

Object. In Spain I remember on the rise of the money, there were many Law Suits commenced about the Debts then owing, whether they should be paid in the old or new Coyn, and for Goods contracted and not received, and on money depo­sited and untold, which in the end proved a loss to the Cre­ditor, and if such should happen here it would breed far gre­ter confusion.

Answer, From my proposal there can be no manner of dis­pute between Debtor and Creditor, for the value dis­puted for in Spain, here goeth to the making good the clipped money, and can be no manner of advantage to either party.

Object. But Gold and Silver is risen every where abroad, to to the value that our Gold and Silver goeth for here, there­fore the value of our Bullion cannot be altered.

Answer, I must confess I have heard the same Objection made, but not by persons whose calling leads them to know other­wise, and it's the praemio of Exchanges, and the Charge or Haz­zards that Merchants are at extraordinary, makes our Bullion the dearer to bring home, and is not dearer at the place from whence it comes.

The Repository, where the Gold and Silver is laid when brought from the Indies, is Spain, and if you'll remit thither a Bill of Exchange, for five hundred pieces of Eight, you may buy with it as many marks of Silver, or Castillanos of Gold, as you could have done before the War with the same money, now that Plate and Gold is dearer in France, Holland, Flan­ders, &c. proceeds from what I above set forth.

Having finishing what I first proposed, I shall only add, that unless, our coyned money be kept above the value of Bullion, we shall continue under the present Inconveniencies. And therefore Bullion out not to be exported when it exceeds such a rate, but that price to be in reason for what it may cost the Merchant Importer extraordinary in time of War. And if so, our Coyn must be now advanced whether by increasing the value, without altering the Species, or by diminishing the mat­ter, and leaving the same Name and value, or by leaving the Species of money of the same value and weight, but the fineness abased by pu [...]ing more Allay will te [...]d all to the same end.

But if our Coyn be raised, it's most certain our Bullion will also, and be only an advantage to particular persons, which if done by the method I propose, will acrue to the Nation in Ge­neral, and save the Expence that it will otherwise be to the landed Men.

From what hath been treated on, we find that the regula­ting of our Coyn, and the improvement of our Trade is of equal necessity, and the less useful we make Foreign Commo­dities among us, the better we shall accomplish both, and it's thought the prohibition of Muslings alone, would be at least five hundred thousand pound a year advantage to the Nation, and that the one third part of what is here expended is not brought directly from the Indies, but from Holland, which with other Commodities much increaseth our Debt on the Ballance of Trade, and may be supplyed by Manufactories of our own.