YOU command me to give you my judgment on this difficult Subject of Money, without Reflecting I fear, that as the Task is too great for my Forces, so the [Page 2]time you have alotted me is too little for the work, tho my capacity and talents were never so promising.

I am under a further diffi­culty by coming thus late into the Dispute, when others (who besides their being better able, and having better means to acquit themselves) have exhau­sted the Argument; so that the most I shall be able to do will be but a Gleaning after their Harvest.

Under these disadvantages then of being constrain'd to take another method than I wou'd chuse were I left to my liberty; of avoiding to speak to [Page 3]many Points, as having been very pertinently spoken to already, and of going out of the beaten Road to find out something that may be thought new, en­tertaining, or instructing: If, I say, under these difficulties I shall chance to succeed in my attempt, and afford your Lordship the least addition of Light to the Knowledge you possess in most Subjects, I shall be very well pleas'd whatever pains it may cost me to obey you. Leaving it entirely to your Election, whether a Child of so weak a Father may be of strength to be adventur'd abroad and see the World or no.

With this short Preface, and under the shelter of this just Apology, I proceed; purposing to observe a little more or less the following Method.

I shall first Discourse gene­rally, and go a little into the History and Antiquity of Mo­ney.

Then I shall endeavour to shew the the Reasonableness and Utility of the Institution and Invention of Money.

I should have look'd a little into the History of the Coin and Mint of England, which wou'd have been necessary, but I perceive that is already well and painfully perform'd to my [Page 5]hand, by one who is both bet­ter able, and can have recourse to better means to do it; and therefore I shall therein be si­lent.

I shall Essay to shew in the expounding my Subject, how and when Money may be Use­ful and Currant, and answer all the Ends of that Invention without containing any real or intrinsic Value.

I shall endeavour to explain the meaning of Intrinsic and Extrinsic Value, and shew their Use, and how it came to pass that from making Money of worthless things, and baser me­tals, Men came to Coin Gold and Silver; and on that Arti­cle shall endeavour to explain [Page 6]and assign the Proportion of the Intrinsic Value of Money, and determine the precise dif­ference there ought to be be­tween the Intrinsic and Extrin­sic, or Political Value.

I shall proceed to enquire into the Evils and Maladies in­cident to Money, and the mi­staken Politicks of some Nations (especially the Spaniards) there­in, to the great Grievance of the People, the Dishonor, Da­mage, and Danger of the State.

I shall discourse of Dearness and Cheapness of Money, and Things; which cannot be un­derstood without reference to Money, and a comparison rightly stated between them.

I shall mingle my Specula­tions on this Subject with Hi­storical and Political Remarks, and frame perhaps, or suggest Schemes of antient Government, to illustrate and explain diffi­cult Questions, as they may occur about Money.

I shall necessarily Treat of Government, Peace, War, Trade, Arts, Navigation, Exchange, Ʋsury, Banks, and Money Pro­jects, &c. as they tend to the Explication and right Know­ledge of my Subject.

In short, I shall travel ne­cessarily over a great deal of ground, and endeavor to re­move many rubs in my Pas­sage before I can fairly come to my Journeys end; which is, [Page 8]to Establish a right Notion (at least my conceptions) of Money; and to propose a Re­medy of the Evil under which the Nation at this day Lan­guishes, on the occasion of the present Corruption and la­mentable State of the Coin of this Kingdom.

I may perhaps go into sun­dry other particulars which I have not here recited; and it may be those I have may not fall out in the order herein above specified: but I trust I shall no where be understood to go industriously out of my way to meet any foreign or offensive Matter in the course of my Design, which is to treat my Subject intelligibly, [Page 9]pertinently, and as becomes an English man, uninfluenc'd by any consideration that might be thought to byass my Love and Veneration to my Coun­try.

The Use of Money is of very great Antiquity, as antient as History at least; whence may be gather'd, that mankind had very early Notions of the bles­sing of Society, and therein of improving their common ease and intercourse, by invent­ing and subsistuting something that shou'd render their Com­merce one with another more practicable and beneficial, than by Barter or Exchange of one Commodity for another: Per­haps [Page 10]too it was consistent e­nough with the Virtue and Simplicity of the first Ages of the World, to Coin their Mo­ney of Iron, Brass, or other inferiour matter or metals, which had very little, or no Intrinsic Value, but was made Currant, and receiv'd an Ex­trinsic or Political Value from the Stamp and Authority of the Prince or State, within whose Territory it pass'd and was receiv'd, but cou'd be of no use without the Bounds of that Power by Virtue where­of it reciv'd that currant Va­lue; because the profit accru­ing by the coinage of base Metals being taken and assu­med by the Prince, it became [Page 11]a Prerogative and Mark of Sovereignty; and as all Fo­reign Coin was therefore for­bidden to be receiv'd, so it became Penal by that means to the Subject to imitate or falsifie it, as being from thence, I suppose, justly call'd the Kings Coin.

But as the Ambition of Prin­ces, Luxury and Avarice grew in the World, the love of Money, and the desire to ac­cumulate Wealth to compass the means and gratifie the ends of our deprav'd Appetites in­creas'd. But because Ambition, which aims at Extent of Power and Dominion, cou'd not be further'd but by Foreign helps [Page 12]of Power and Means, by Ar­mies and Provisions of War; because Luxury and a volup­tuous Life grew too great to be asswag'd by the Native Growth or Product of our re­spective Climes and Countries; because the Avaricious Man, whose Vice is merely to hoard and heap up Riches, perceiv'd that Money in those early days had little or no Intrin­sic Worth, having but a no­minal and arbitrary Signifi­cation; it being in the power of the Prince or State to alter its value: He therefore cove­ted by all possble means to possess something else not so liable to loss by accident, e­mergencies of State, or caprice [Page 13]of Princes; such as shou'd con­tain a solid unalterable, inde­pendant Universal Approba­tion. Which, in short, is what we mean by Intrinsic Value.

From these Causes then, and to answer the Ends aforesaid, we may fairly conclude, that those two noble and univer­sally esteem'd Metals of Gold and Silver obtain'd to be Coi­ned and Manufactur'd into Money; which from thence is properly call'd Treasure.

From the use then of Brass, Iron, or other base Coin (which having little or no real Value, and therefore had no Virtue beyond the Extent of that Au­thority [Page 14]which made it pass.) Men came from a Domestick (as I may say) to meditate on an Universal Coin; where­by their Intercourse might be spread beyond their own Fron­tiers; such as might obviate all the difficulties of Traffic in the World abroad; as namely, when by their native Fruits or Manufacturies by way of Barter, whether for Luxury or Necessity they cou'd not easily be supply'd, they might have present recourse to, to remove that difficulty, and facilitate their Intercourse; be­cause with Money we may pur­chase every thing, but every thing, and very often many things; do in some conjun­ctures [Page 15]chance not to be Mo­neys-worth. Thus did Money by being made of Gold and Silver, and from no other cause, obtain'd that Virtue, and ac­quir'd the Reverence that it has in the World.

If Intrinsic Value then ap­pears so necessary, and that the more any thing contains of that Virtue which intitles it to the general Esteem, the greater right it will have to our Ve­neration; it is a plain conse­quence, that the purer and perfecter the Coin of a King­dom is, the more acceptable and popular it will be; for as the plenty and scarcity of good Blood in our Natural Bodies, [Page 16]which by infinite and almost inperceptible Channels is con­vey'd and distributed to the remotest Members, establishes a good or bad Constitution: Such is the Treasure of the Body Politic, the strength and weakness, health and infirmity, whereof (to pursue the Parallel no further) is founded on the plenty or scarcity, perfection or impurity of the Coin. Where­fore I will take for granted, that I shall not be censur'd for spinning my Speculation too fine, if I briefly enumerate as they occur to me the Be­nefits accrewing to the Com­monwealth, by a wise and scrupulous care in the Regu­lation of our Mint, whereby [Page 17]a just, rich, unadulterate Coin may be establish'd and pre­serv'd.

First, I observe that Arts will flourish with greater Lu­stre and Perfection; and Indu­stry, the Child of Art and Mo­ther of Riches and Plenty, will by this means be pursued and cultivated; in as much as La­bour, which is the Original of Property, will grow more in Use and Fashion, in proporti­on to the value of the Reward. People at this Day do not Bar­ter for Beads and Shells, but will expect a Penyworth for their Peny; and as it is a mark of Slavery, so is it the means of Poverty in a State, where [Page 18]the Magistrate assumes a Pow­er to set what Price he pleases on the Publick Coin: It is a sign of Slavery, because the Subject in such Case lives mere­ly at the Mercy of the Prince, is Rich, or Poor, has a Com­petency, or is a Beggar, is a Free-man, or in Fetters at his Pleasure; for a Man may en­joy enough to Day, and more than will suffice to pay his Debts, and to Morrow a De­cree of the Prince, or a Pro­clamation of the State, to serve perhaps some sorry pre­sent Publick End, may declare him a Bankrupt. 'Tis a cause of Poverty, because Arts and Industry by this means lose their Appetite, sicken into [Page 19]Sloth, and sink by degrees in­to Misery; for where People labour for uncertain or little Gain, the Edge of growing Rich is taken off, Poverty grows into a Habit, and eve­ry laudable Profession falls in­to Contempt; as it is at this Day in Spain, which we behold fallen from a flourishing State into the most abject forlorn Condition, that it is possible for a free unconquer'd King­dom to sink to; much of whose Misery being, I am per­suaded, owing to their want of a due Penetration into mat­ters of Money, wherein no People play more at fast and loose. I say, all laudable Arts grow in proportion to the Re­ward; [Page 20]but Gold and Silver, which have obtain'd a real universal value, is a solid un­changeable unarbitrary Re­compence: Wherefore the siner and purer your Money is, the more it will charm and incite to the use of those Means that conduct Men to the Pos­session of it.

The Species of Gold and Silver will by this means be propagated, and increase in proportion to the Industry and Application of the People to obtain it; because the Species growing more in demand, the use of it will spread wider; and the more any thing is in request, the surer we are of its [Page 21]increase, by Peoples ingaging in a more general and ardent En­deavour to possess it.

The plenty of Gold and Silver which grows from a pure and rich Coin, will raise the Value of your Land, which is the Natural Wealth of the State, as Treasure is the Artifi­cial; for, as low Interest springs from the plenty of Money, so Land, which is the solid Foun­dation of that Security, which insures the Property of it to the Lender, and which can never increase or diminish in Quan­tity, must indisputably rise and fall in Value according to the plenty or scarcity of your Treasure, which will be ever [Page 22]liable to Ebbs and Floods, while States are obnoxious to Revolutions, by Sedition, War, Famine, Pestilence, or the like.

The raising the Value of your Land, tends to the Im­provement of Husbandry and Tillage; for People, otherwise never so heavy, have a quick Sense of the Profit of their Labour, and will bestow their Cost and Pains in proportion to the Worth of the Subject-Matter and the Benefit they gather from their Industry: This will multiply Husband­men, and propagate a hardy and useful Race of People, the least Lucrative, the most [Page 23]Innocent and Prositable of all others to the State whether for peace or war.

The love of Riches and de­sire of Gain thus growing up­on us, becomes a greater in­citement to ingage in all sorts of Difficulties, to despise Perils and decline no means what­ever that are likely to con­duct us to our profit.

Hence Navigation the Nur­sery of our native Strength, the Rock of our Safety, the Source and Foundation of all our Wealth, Power and Pro­sperity, becomes cherish'd and improv'd, and all the incident Arts of that noble and useful [Page 24]Profession cultivated and in­rich▪d; and how many hands are Imployed; how many Trades and Professions subsist and increase by the the Art of Shipwrightry alone, exclusive of the Profits flowing to us by our Navigations, is too well known to need my Observa­tion here.

Let it be further remark'd, that where your Money is pure, your Coin beautiful and per­fect, People will be won to value it in Proportion; and when Interest is low, which is ever a sign of Riches, when it chances to fall of it self, as it will be a means whenever it shall be made so by a Law. [Page 25]When good Security is hard to find, when Men (of which sort there are many) have scru­ples about Usury, and some there are also who want Assu­rance to adventure great Sums of Money out of their hands: When these and the like Mo­tives, I say, shall happen where the Coin of a Kingdom is Pure and without Blemish, People will be incourag'd and invit­ed to hoard and coffer up their Treasure, in proportion to their Plenty, as there is no doubt Men do their fair Money at this day, on the occasion of the present lamentable Cor­ruption of our Coin. Which Money so reserv'd and lay'd up, shall give no Impediment [Page 26]to Trade and the general Com­merce of the Nation; because it will be no other than as it were the over-flowings of our Wealth: And whenever it shou'd chance that scarcity of Money might be justly ascribed to such or the like cause, the Mint when it is set on a right Basis (as shall be shown by and by) will be ever at hand to supply that want. Nor is it likely any such Sums so Trea­sur'd up, can lie longer hid than during the Lives of the Possessors, which, at their death at farthest, becomes spread and distributed amongst their Heirs, and takes its course again in the Common Currant-Channel of Business.

By thus laying up and hoard­ing a proportion of our su­perfluous Wealth, how eager­ly soever over anxious Misers, and Men of Worldly Minds may contend to the contrary, may, I am perswaded, without a Paradox, be made intelligible enough to be a means of in­creasing the capital Stock of National Treasure, tho it lie useless and yields only the pre­sent pleasure of Possession to the injoyer. And how lauda­ble it wou'd be, and of what mighty Consequence it might prove to the Glory, Power, and Felicity of a Nation, (and especially ours) to have the Mastery of an immense Trea­sure spread and distributed [Page 28]among Myriads of well-minded Subjects, who having it in their power, it will be odds but it will be always in their Will too in any emergency of Danger or Distress of the State (which is the bottom wherein all their Treasure is imbark'd) to part with each Man his proportion to the Prince, thereby inable­ing him to save the whole. I ask then whether this wou'd not be more eligible to a Think­ing Man and an Englishman, to be always in a capacity of obligeing and gratifying a good Prince, by the most signal and substantial Expressions that may be of his Duty and good Will: which is parting with his Mo­ney to serve and support him; [Page 29]whereby a perpetual concord betwixt Prince and People is preserv'd, good Laws obtain'd, and ev'ry Grievance cur'd or prevented. Than on the other hand, for a Nation to be un­bless'd with a covetous ambi­tious Ruler, who is himself a hoarder up of Treasure, and who by great Parcimony, and perhaps for dangerous Ends shall be able out of his stand­ing Revenue, in a few years, to ingross and become Master of all the Money in the King­dom, where it must lie as dead and useless as in the most con­ceal'd Coffers of the People, or be converted to other uses than those for which it will be given, when regularly de­manded [Page 30]and appropriated. We behold the superfluities of most Men's Estates to run out into Jewels, Plate, and rich Movea­bles; all which in time loose of their Value, and become for the most part of damage to the owner. Now if to gra­tifie their Vanity, and for bare Ostentation, Men will yield to this Expence: How much more Praise-worthy wou'd it be, and turn better to Pub­lick and Private Account, for every wealthy Man, by cure­ing his mind of the anxious Thoughtfulness of letting Mo­ney lie dead by them, as they call it, to have always a pro­portion of their Store so lay'd up in good Money, which as [Page 31]it may be lodg'd with more safety, so is it kept with better Fruit; for as the making costs him nothing, so the owner loses nothing by the Fashion whensoever he parts with it, as in his Plate, and most other things of Value he doth; al­most every thing besides be­comes the worse for the wear­ing, but pure and perfect Coin, which contains its due Intrinsic Value, shall, in all likelyhood, be like rich Wine, which ac­quires Virtue by its Age; for I think it may be prov'd to a Domonstration, that Gold and Silver is not likely to grow much more plentiful in the world, but in all probability to rise in value according to [Page 32]the growing scarcity of the Species; which I shall endea­vour further to explain anon. Furthermore, whatsoever Men have lying by them which they keep not for profit, or shew, or present use, they part with more easily, and miss with less pain when it is out of their Possession: Nor is it beyond the prospect of any Thinking Man that such a practise of laying up Money in proportion to our Store, may become a means of propagating the Spe­cies of Gold and Silver among us, and so of lowering the Rates of Usury; which wou'd beget a retrenching of the worst and most pernicious sort of Gain of all others in a State, [Page 33]and a borrowing, as I may say, from lazy Avarice, to lend on easier terms to the industrious and painful Merchant, Trades­man and Artificer, &c. whose prime material being Money, when that shall be obtain'd with less difficulty, they will be enabled to prosecute their useful Callings with more Com­fort to themselves, and greater Fruit to the Commonwealth; for let interessed and avarici­ous Men say what they can to the contrary, when all is done, the Merchant (and consequent­ly every Trade and Mystery depending on our Commerce with the World abroad) must now adays rest contented to Trade and Labour for less Pro­fit [Page 34]than heretofore, for Reasons too long to explain here; from which Consideration, if the In­terest of Money, either by a Law, or some other means, does not fall proportionably, our Rivals abroad, who perhaps see better in that medium, or stand in a better Light than we do, may come to convince us of our Error when too late. I say, unless wise and magisterial Remedies be apply'd, Trade must inevitably decay, languish, and give up the Ghost, and at length the majority of Man­kind be reduc'd to row in the Usurers Gallies: But this whole Paragraph may perhaps seem superfluous, or be thought too long a digression; wherefore [Page 35]in one word, if sober and well­principl'd Men would weigh and digest this Proposition, I am in little doubt but they would see Truth or Probabili­ty enough in it to win their Approbation, for as it promi­seth those good Effects and more than I have enumerated, so like Goliah's Sword, which, tho' it seem to lie by the Walls, it may in time come to be said there is nothing like it; for it may chance to tend towards the cure of that Leprosie whose Contagion is become epidemi­cal; infecting our best and noblest Families, whose An­cestors thought Usury as infa­mous as Forgery, which, in an­cient and more innocent Times, [Page 36]stood branded by the Laity, and censur'd by the Church. For Usury is no other than a kind of a petty Tyranny, where the Borrower sells him­self into Bondage to the Len­der, who are for the most part the cruelest Task-Masters in the World: And because Usu­ry was a Burden upon the ma­jority, for the sake of a few, and yielded no increase to the Publick Stock, it was therefore forbidden to the Jews by the all-wise Law-giver, God him­self; that is to say, among themselves, while to their Neighbors round about (whom they had leave to vex and im­poverish) it was permitted them to lend and let out their [Page 37]Money on the hardest terms, the Avarice of that sordid Na­tion could suggest. In a word, that I may not be thought to declaim while I am so much in Earnest, let me once for all observe to you, That where a Government is easie, where Arts and Industry flourish, where Money abounds, and Trade is incourag'd, where In­terest is low, and where all those Benefits accrue to a Na­tion, which we have specified and endeavour'd to prove, to be in a great degree the Pro­duct of an excellent and well-understood Coin: That State, I say, under such an Oecono­my, shall above all, and to crown their Felicity, increase [Page 38]and abound proportionably in People; such a Country, like a great Market, where every good and needful thing is to be had, shall invite every Body to come; and People will a­bide and set up their Rest there where they can be most at their Ease. This, as it will further insure our Happiness by augmenting our Strength; so, according to Sir William Petty's reckoning (who was a most excellent Calculator) our Treasure will grow from our Numbers, which is from the Power it self that Protects our Possession of it, by the Pro­portion of Ten Pounds per Head per Annum for every Man the Nation contains; after [Page 39]which Rule of computing, One hundred thousand additional Inhabitants only, will amount to a Million of Pounds profit per Annum to the Publick; and such an accession of Wealth and Power to a Land of Plen­ty as ours is, that perhaps yields, or may be made to pro­duce Sustenance for double the Inhabitants that now live on it, ought to be in every ones Wish and Aim to com­pass.

From my general Notions of Coin, the Original, Institu­tion, Nature and Use of Mo­ney, which seemed a necessary Induction towards the due Ex­plication of my Subject, I pro­ceed [Page 40]to observe, That Mankind had no sooner found it neces­sary, from the Reasons we have rendred, that their Mo­ney should contain Intrin­sic Value, when their choice of the Matter whereof to make it, fell inevitably on Gold and Silver; from the general E­steem, the Durableness, the Beauty, Ductileness and Puri­ty of those Metals, whereby they became every where more valued among civiliz'd Nati­ons than any other Species; that is to say, a less quantity thereof would be barter'd or exchang'd for a greater of any other Matter or Metal what­soever. Now that which con­tains more value in less com­pass, [Page 41]is necessarily more worth, will lie in less room, is tran­sported with more ease, con­ceal'd and secur'd from Vio­lence with less trouble, and the Possessor enjoys it with less Hazard and Anxiety.

Tacitus observes, that the Scythians (otherwise barba­rous enough) abounded with Gold: The Reason was plain, they were a Nation always in motion, flying, marching and wandring with great Celerity; had no abiding Place, and therefore naturally and wisely chose to be Masters of such a Species of Wealth as they cou'd move, transport, stow, and dispose of most commodiously. [Page 42]From hence then we may con­clude, the World came to de­termine their choice of Gold and Silver, whereof to make their Money, which for the sake of, and in order to that extent of Commerce, where­of they began to have a taste, this kind of Money being de­sign'd for perpetual Motion, was more apt for Circulation, and better adjusted to the Uses of Intercourse, than any other whatsoever.

From the Reasonableness, or Necessity, or both, of the choice Men made of Gold and Silver, whereof to make and coin their Money, it may not be much out of our way to [Page 43]make a short Inquiry into the Original of the Rates and Va­lue of Money, how it became determin'd how it rises and falls, why and how the Propor­tion between Money and Things varies, and by what Rules, to attain a right and useful No­tion of this intricate Sub­ject.

Mankind for the Offence of our first Parents was by his Maker Sentenc'd to Labour; By thy sweat shalt thou live, says the Text; that is, thou shalt Labour or Die. This Sentence as it was the fruit of Original Sin, so it seems to be the Foun­dation of Original Property: We can have no title to any [Page 44]thing; we can call nothing ho­nestly our own; we can nei­ther be sustain'd, cloath'd, or preserve our Being, but by La­bour: The Earth, our Com­mon Mother by which we are nourish'd, will yield us nothing without Labour and Cultiva­tion. I go to a River or a Fountain to fetch water for my use, the water was nobo­dy's, had no Proprietor, and was no more worth than the Labour which I bestow'd in fetching it; from whence a natural Right and Property of that water is deriv'd to me, and I may dispose of it to another for so much of some­thing else which he hath and I want, as my labour may be [Page 45]deem'd worth. You have Gold and Silver, and I have none; you wou'd imploy me for a year in your Service; I am a poor Man who live by my Day-Labour and have but from hand to mouth, as they say. Now 'tis plain, if you com­pute what Sum of Money will suffice to pay for the Labour that produces all those Species of things that must go to su­stain Cloth, and keep me for this term of a Year, that Sum is what I ought to receive for my Wages; and that term being reduc'd to days, will shew what I ought to have per diem for my Service, which in natural Justice is enough. By this In­stance of a Contract, we may [Page 46]be enlight'ned in the Notion, Use, and Value of Property, which by no other way can be so easily rated; and by this Rule and no other, we calcu­late and make our Estimates of the value of Works and Things; namely, by beginning our reckoning from simple and uncompounded Labour; which, I say, is the Original of Pro­prety, is every Freeman's own, who has a right to sell it for what it is worth; and how that is calculated I have en­deavour'd to explain.

The next thing to be sought in this Enquiry, is the Value cumparatively of Gold and Sil­ver, with other things which [Page 47]are bought with Money, name­ly, how it comes to pass that just so much Money, or such a quantity of Gold or Silver, a little more or less, comes to be a competent Price for such Things or Commodities as we need, and which to supply our Necessities we are oblig'd to goe to Market for and Pur­chase with Money.

This Query is in like man­ner best resolv'd by an Exam­ple, which may shew us in one view, how the Value of Mo­ney comes to be regulated to such a Proportion with other Species, so as to be consistent with the Ends and Uses of Traffick and Intercourse, to [Page 48]which Purpose it was Origi­nally instituted.

It is not hard to suppose, that a Thousand Men with their Wives and Families should transport themselves by agree­ment, to some Spot or Island, as History tells us the Veneti­ans did, and others have done; invited by the Fertility and Bounty of the Soil and Cli­mate, which might be made to yield every thing needful for the supply of their Neces­sities. We may farther easily imagine, that a due Proporti­on of People of all useful Pro­fessions, were forted and cho­sen by joynt Consent, whereof to form and compose this lit­tle [Page 49]Body of a Republick; eve­ry one, as it chanc'd carrying with him what Treasure he had; which Treasure, in order to their Establishment, is cast into a Common Bank, and de­stin'd to the Use of the Com­munity. This Colony we can grant plants its self where they have no Intercourse or Com­munication with the rest of Mankind, but must live on their own Stock, and he su­stain'd and supply'd by their Labour and the Fruit of their own Industry. Now 'tis plain, That with reasonable Men, the first thing they would go about would be to deliberate how, by Laws and Institutions, to esta­blish themselves so as to live [Page 50]at their best Ease. They know the Use of Money, whereof they have a certain Stock in Bank, which being never like­ly to increase, nor, as it may be manag'd, is it absolutely necessary to their Happiness that it should; wherefore they devise how to make this Stock of Treasure, be it more or less, to become a certain Fund for Perpetuity, whereon to esta­blish their common Inter­course; in order to which, what is more obvious than first to reckon and determine how many Species of Things, and no more, are or shall be neces­sary to be had or us'd for their simple and commodious Subsistence. Next they will [Page 51]calculate what Quantity will be necessary of each respective Kind. And Thirdly, They will find the comparative va­lue of these Species one with another, which is known by the labour each Thing will cost to make and it fit for their Use: For I observe, that every Man's Day-labour must produce his daily Subsistence, or the Community at a long run must dissolve: This being known and establish'd, the next Step, which is very easie to make, is to calculate from the respective Ages of the People, whereof our little Body-Poli­tick is compos'd, a mean pro­portional Expence of the above­said Species per Annum, neces­sary [Page 52]to one single Member thereof; that is, how much La­bour it will cost to produce all those Particulars that any one single Person shall need or be permitted to consume or ex­pend within the circuit of one Year; to which Revolution I the rather limit it, because within that space the Earth yields her Increase, and the or­dinary Changes of Things hap­pen, and it being the great Pe­riod by which Time it self is measur'd: This being obtain'd, and your Stock of Trea­sure known, will produce a Rule that will amount to a De­monstration for assigning a Va­lue to your Money. Admit then for Evidence-sake, that [Page 53]your Number consists of Ten thousand Souls, this Ten thou­sand People will by your Cal­culation consume a known and certain Quantity of the above­said several Species, which will cost such a Proportion of Man's Labour to produce; now up­on examination into your Treasure, we will suppose you find just Two hundred thou­sand Pounds in Bank; divide your Two hundred thousand Pounds Cash by Ten thousand, which was the Number of your People at that time, and the Quotient will be Twenty, which is twenty Pounds in Money; which twenty Pounds must in­evitably answer for and be equivalent to the Labour of [Page 54]any one, caeteris paribus per An. then upon reducing your Year into Days, the Product will be about Ten Pence per Diem, and so much was the Day-labour of one Man worth at that time; that is, while your People and your Treasure hold this Pro­portion one with another; wherefore by this Rule every Member of this Community has a right to receive Twenty Pounds out of the common Stock, to be inabled to bring the Year about: Which will beget a constant intelligible Circulation of your Coin, by you intended to answer all the Ends of Traffick and Inter­course within the circuit of the Year.

But your People you will say, in so healthful a Soil and Climate, where neither the Sword, Plague, or Famine is likely to diminish them, will soon by the course of Nature multiply, but your Treasure cannot; and in such Case how will your Money, which was but just enough before, suffice then? The Answer to this Ob­jection is easie, and will shew us at once the chief Causes of the rising and falling of Mo­ney, that is the Dearth or Plen­ty of the Species of Things which happens in the wide World; where Government comes to be relax'd and Chance for the most part Rules, where Necessity, which is blind, stum­bles [Page 56]on Remedies and Expedi­ents next at hand to redress the Evils of our Mismanage­ment or want of Foresight: But by our Hypothesis there can never happen any such thing as dear and cheap, plen­ty and scarcity of Money; which I thus prove. I say that your Treasure, which is Two hundred thousand Pounds, and which is not to increase or di­minish, is by this Contrivance and Calculation plainly ren­dred a sufficient Fund to answer all the Ends of Intercourse in this little Republick of Ten thousand People, but your stock of Money being impossible to increase, and very probable that our Numbers of People [Page 57]should; what Expedient can be found to get over this Obje­ction since by our Calculation the Money you have in Bank is but just enough for the Uses of your present Numbers. Thus, I say, this seeming Difficulty is obviated; after the Revoluti­on of one Year you make a Census, and upon the Roll you find your People increas'd one in Ten: Hereupon by the same Calculation and Rule of Proportion, you plainly find that Nine Pence this Year in Money must inevitably be worth, purchase and buy in the Market, whatsoever the last Year cost ten Pence; and so, if your Numbers come to dou­ble, that which originally cost [Page 58]a Shilling, must then cost but Six Pence: The like Rule serves in Case of the dimunition of your People, by which means your Money shall, by exact Methods of Proportion, be preserv'd in a due and perpe­tual Balance with the Species it is to purchase; and the Price of Labour by the same Rule regulated and duly stated, and your Stock of Treasure, by this means, becomes an everlasting unexhaustible Fund, to answer all the Uses of the Govern­ment. And there is no doubt but by this manner of Calcu­lation, or some way like it, the Law of Assize was found and establish'd, whereby every need­ful thing was yearly rated and [Page 59]set at a certain Price, which in frugal States is still practis'd, and it were to be wish'd it were every where more in Fashion.

I am well aware that Pro­jectors, Mony-mongers, Bank-Brokers, and petty Dealers in Politicks, will be apt to take this Argument by the wrong Handle, and be very earnest and in pain to shew me a thou­sand Errors in my Hypothe­sis; but these Gentlemen may please to understand, that as I am not conscious of any Ta­lents in the Politicks, so nei­ther is it my Purpose to wade in so deep Water, a depth I know so much above my head; [Page 60]let it suffice, that by this Scheme of a little State, where Religi­on, Justice, Innocence, Tempe­rance, and Industry are the Ba­sis, the Building may stand, and Rules may be calculated to a Demonstration for its Perpe­tuity. And the farther Men wander by Ambition, Violence, Luxury, Avarice, Sloth, and the like Irregularities, from the Innocence and Simplicity of this Original, the harder it is to conceive and propound Re­medies for the Evils such Er­rors produce. Wherefore, as we know an Unite to be the beginning and simplest of Numbers, yet find too, that it is the Basis of the Pyramid on which Arithmetick it self stands [Page 61]and is sustain'd; so upon the simplest and least compound­ed Government, the Unite, as I may say, of a State, unmix'd and clean from all Infection of the Corruptions of humane Frailty; we can best build our Speculations when we have a mind to amuse our selves on the Subject of Laws and Go­vernment, because 'tis to that Fountain alone which we can safely resort for Succours in the greatest streights of our Medi­tation, deriving so much Light from the Reason and Evidence contain'd in a simple, sound, re­gular Form of State, which is governable and durable to a Demonstration; I say, we may be best aided in our Notions [Page 62]by reference to this Original, when our Thoughts are busied about any other Form, how diversify'd, distress'd, or diseas'd soever: And for this Reason, and no other, have I conceiv'd and produc'd this Pattern, which serving my Purpose to exemplifie the Facility of ob­taining a due understanding of my Subject of Money alone, affords no just Latitude for Criticks to busie themselves a­bout any collateral Reflecti­ons.

From this principal Rule then being taught to make a general Judgment of Money, its Nature, Use and Properties, we may with ease be supply'd [Page 63]with Reasons sorted to every incidence of that Subject; as namely (to mention a few) why Labour heretofore in Eng­land was worth but a Penny a Day, which now is ten or twenty times that Value? Why an Ox that was then sold for a Noble, is now worth Ten or Fifteen Pounds. How it came to pass that such nume­rous Armies were heretofore pay'd and sustain'd when Mo­ney was so hard to find, and the like? so that in short, by this clew we may be con­ducted through all the Laby­rinths of our dark and intri­cate Subject, and from the right Knowledge of the Causes be inabled to take better aim in [Page 64]our Deliberations about the Effects; for as Mankind grew to swerve from those first few rules which were adjusted to the simplicity of Original Govern­ment, the love of Ease which is natural, (Labour being a kind of pain, which we wil­lingly shun) introduc'd Vio­lence; the stronger compelling the weaker to Labour, while he liv'd at his Ease. Sloth and Idleness thus indulg'd, begat a taste of Pleasure; Pleasure fru­ctify'd into Luxury and Excess. This gave up the Reins to the Empire of the Passions, which multiply'd by the Power they gain'd, and became so many Tyrants and Task-Masters; which at this day Rule with so [Page 65]much Cruelty over Mankind, and is the Sourse of all those Vices, Impieties, and Misrule which at this Day infect the World: And how various and diversify'd, how jarring and discordant soever they may be amongst themselves, do never­theless all combine and unite in the single Service of this one Idol Money, whose Mysteries, in such a Babel of worship, we are not to wonder should be so hard to unfold.

By these Incroachments then upon the Liberties of right Reason, through the growth and corruption of our Appe­tites, which begat so many de­viations from the first Standard [Page 66]simple Maxims of Govern­ment, here by me, for Illustra­tion sake, propounded; we may by Analogy and Comparison be furnish'd with Helps in our Judgment on every Doubt a­bout this intangled Subject: As the Jews heretofore had re­course to the Sanctuary, where all their Original Standards of Coins, Weights and Measures were lodg'd, and from that Reason I suppose they were call'd the Shekel, the Balance, and the Cubit of the Sanctuary. Pursuant then to our Method, let us inquire what can be thought to disturb the Tran­quility of our little Common­wealth: To which I answer, That nothing (humanly speak­ing) [Page 67]but a departing from, or a relaxation of that Strictness of Order and Discipline on which their Prosperity was founded: And this may spring from infinite Causes, but I will instance only one or two; and first, by Ambition from with­out or within, by invading of their Neighbours, or by their invading them: This arises from Injustice, which infers Hostility, and Hostility intro­duces Violence of every kind, whereby the Balance becomes broken, and the Harmony of our little State threatned with Dissolution. But, to go no further than one single abstra­cted instance of this Vice of Ambition, let us suppose a [Page 68]tenth part of the Number which composes our Colony to be destin'd to the War: Is it not evident, that if one Man out of ten shall be taken from the Plough, or any other civil Occupation, and diverted to other Uses, foreign to the O­riginal Establishment, who shall be thereby exempted from the Labour and Duties incident to his Membership of a peace­able State, that the remaining Nine must by their Labour produce the Subsistance of Ten? This I think is plain, and from hence, as the dispropor­tion increases, Scarcity, Pover­ty, and Necessity are intro­duc'd; for the Labour of the Industrious becomes at length [Page 69]too little to sustain and pro­vide for those who live ex­cus'd from Labour, and who must subsist whether they con­tribute towards their Subsi­stence or no: Whereupon De­spair, Desertion, Depopulation, and every evil Incident to War ensues. Hence then, I say, doth Ambition (which is a Drop­sie of the Mind, the thirst whereof is increas'd by the possession of what it most co­vets to asswage it) makes a Breach in our Establishment, and urges a recourse to other Means and Methods than were originally necessary to the well-being of the State; and thus Treasure becomes need­ful, is more sought after, and [Page 70]consequently more scarcy and more worth: For, as the wise Man saith, Money answers all things; so is it most true, that it becomes the only Plaister to all the Sores that are made and fester through the malignity of this dangerous Disease, Am­bition; and tho' civil Necessi­ties should clamour never so loud, 'tis not heard amidst the clashing of Arms and Noise of Cannon, for Military Wants press to be reliev'd like Spanish Beggars, with their Hand on their Sword, and plead a stron­ger Title to our Compliance than any other Demand, how needful and just soever: And this indeed is the Root and O­riginal of Mens desires to ac­quire [Page 71]Riches; because they would be out of the Power of those Accidents which threaten their Repose, and covet to pos­sess so much thereof as they conceive may suffice for them­selves and others. But this Fund, whether Publick or Pri­vate, has a Bottom, and while the Cause continues the Effects grow every Day less and less supportable, and in the upshot, as I have shewn, terminates in Misery and Desolation. Thus we behold, how by this single Instance of Ambition, which is an Enemy to our Establish­ment, the Order and Oecono­my of our suppos'd Common­wealth is broken, and the State runs to ruine; because [Page 72]the Means that are to minister to it have Limits, but Ambiti­on has none.

Avarice, which is an irregu­lar love of Money, arising from a false Fear of Want or Poverty, and grows into a ha­bit of accumulating Riches, from an over-anxious obser­vation of the Streights People are often driven to, by Mens breaking through the Bounda­ries of good Government, is another Evil, of pernicious con­sequence to the very Essence of the Establishment we have erected; for, let it be suppos'd that Usury alone, which is the Darling and First-born Evil of this Vice, should chance (by in­dulging this Error) to be in­troduc'd, [Page 73](without mention of manifold other Mischiefs which attend it,) and that there were but ten Jews or Money-Mongers, with each one hun­dred Pound in his Pocket, ad­mitted into the State, and these Misers had leave to lend their Money at Ten per Cent. per An­num Interest; what think you would be the Consequence of this Violationof our Establish­ment? Why plainly this, That in fifty or threescore Years the Usurers would become Ma­sters of all your Treasure; that is, your whole Stock of two hundred thousand Pounds, Original Money, would with­in that space of time center in their Coffers; which is true to a Demonstration.

I might inforce manifold In­stances of the Fruit of Mis­government, and by recurring as occasion should be given to our original Form of a little Commonwealth, shew by plain Political Arithmetick, and evi­dent Calculation, how and by what proportions Error pre­vails, and by what Steps the Bo­dy Politick sickens and dissolves; as, namely, through Sedition, Luxury, Prodigality, Sloth, and the like, but these may suffice for Samples, whereby to ex­plain my general Notions of Money, which I thought a ne­cessary Induction to the Que­stion under debate.

I come now to draw Use from the Doctrines I have de­liver'd: [Page 75]Wherefore to apply them to our present Case, I ob­serve our Government in the present Conjuncture, to be un­der two very pinching Diffi­culties about Money; the one, from the exorbitant present Occasion for the consumption of our Treasure; the other, from our Coins being so abo­minably adulterated, dimi­nish'd, and abus'd. As to the First, I am not qualify'd to determine what the Nation can spare: But, for the Second, I am sure I may say, it is more than we can possibly presume to will not therefore presume to meddle with the Merits, or en­ter into the Necessity of the one, as not being mine; but [Page 76]the Business of the Great Coun­cil, now met, by whose Wis­dom that important Question ought to be discuss'd; but, in the other Point, I conceive it can give no reasonable distast to interpose ones Opinion, who by being an unbiass'd Obser­ver, may, 'tis likely, stand in a Light proper enough to dis­cern; whose Tongue being un­ty'd by the danger he sees, may have a little Right to lend a word of Warning to divert an impending Stroak, whereof he is sure, when ever it lights, to have a share of the Smart: Wherefore let me take leave to say, without meaning the least Offence or Injury to any single Man, and for no other [Page 77]End than to set a Sea-mark, whereby to shun this Rock for the future; that had our Pi­lots look'd well out, this hea­vy Disaster, under which the Nation grieves, had never be­fallen us; being a Mischief plainly begotten for want of foresight of those in Authori­ty, and was propagated to the dangerous degree wherein we now behold it, by the Villainy and guilty Practises of Gold­smiths, Bankers, Resiners, and Money-Brokers, &c. who have been Gainers, Incouragers, Re­ceivers, and Pourveyors to this abominable Crime; and con­sequently, all Sharers in the guilt of so much Blood as the severity of our Laws hath [Page 78]drawn to punish it; of the pre­sent Sufferings the Nation is under in the Consequence, and of the Expence of the Remedy, which will be very great when ever we go about it.

Being now, after a longer Voyage than I intended, ar­riv'd within view of my Port, and consequently oblig'd to steer my course with more caution than in the wide Sea of Generals was necessary, I shall therefore I think do best right to the subject I am treat­ing, by resolving the whole matter now resting to be de­bated into Dialogue, and the rather because I see abundance of questions every where made, and doubts rais'd about it; I [Page 79]shall therefore digest the re­maining and principal part of my Discourse into Question and Answer, viz.

Question, Why is our English Coin call'd Sterling?

Answer, This is doubtful, but the prevailing Opinion is, that Money was first Coin'd and made a Native of England at a Town of that Name, about the Ninth Century, and was thence call'd Sterling Money; before which time perhaps the Roman Coin, and that of other civiliz'd Nations, was the Cur­rant Money among us, as Cob's and all sorts of Outlandish Coin go at this day, or very lately did in Ireland.

Q. Have there been any Alte­rations made in the Mint of Eng­land since this first Establishment; because there is a great deal of talk, and People make much a-do about the Sacredness of our Stan­dard; and much talk there is about the Mysteries of the Mint, &c.

A. There have been many Changes, Reductions and Esta­blishments made in the Mint since King Edward the First, whatever were before; in whose Reign the Proportion of the Denarius or Penny, which Originally was the twentieth part of an Ounce, became al­ter'd from twenty pence, to twenty six, from thence (as seeming Reason of State per­haps [Page 81]suggested) to thirty two, from thirty two to forty Pence, from forty to forty five, and thence to sixty Pence the Ounce; and this last happen'd in the Reign of Queen Eliza­beth; from which time to this day, there has not been I take for granted, the least Reforma­tion made in the Mint by any solemn Publick Act of State.

Q. I desire to be inform'd what the Motives might be for so ma­ny Alterations as you have enu­merated; for, methinks, wise Men should not alter and determine in a Case of this Magnitude, without some very well-grounded Reasons.

Ans. I confess I am to seek for a solid Reason for their [Page 82]so doing, unless it were to pro­pagate the Species, and so spread it wider among the Peo­ple, by mincing it into so ma­ny lesser Parts, to the end eve­ry Body, how poor soever; might share in the Pleasure of possessing it; go to Market with more ease, and manage their common Traffick with less difficulty; for, when a Pul­let was sold for a Peny, what Species of current Coin could be found to buy a thing that was not worth the twentieth part of a Pullet, I cannot guess; for it is plain, we go to the Shops and the Market at this day, to purchase sundry things, for our Money, that are not the twentieth or the fortieth [Page 83]part of the value of a Pullet; and we have no Reason to con­clude but our Fore-fathers did the same: Wherefore I must give you this for my best Rea­son, till I can be furnish'd with a better.

Q. Would there be any good or harm in changing on, by enact­ing, for Example, that the Ounce of Standard Silver, that now is establish'd at sixty Pence, should be rated at seventy or eighty Pence, and so forward, as Reason may seem to suggest?

Ans. If you only mean bare­ly the subdividing your Ounce of Silver into lesser Particles, and do not intend by this Que­stion to put a value, of your own making, upon the Ounce [Page 84]of your Standard Silver, (for that will be the Subject of ano­ther great Question,) then I think it would only beget a good deal of Trouble and In­tricacy in Business and Ac­counts, now that the Nation is grown so deeply ingag'd in Fo­reign Trade and Commerce: Other good or harm I see none in it; for our Coin is now cast and establish'd into so low a Denomination, that the poorest People have none of those Im­pediments in their Dealings, which heretofore might be thought to vex and incumber them, when their Peny was the twentieth part of an Ounce, which is now grown to be the sixtieth; and when that was [Page 85]the lowest current Silver Coin, saving only that in those days People for their convenience divided that Peny, either by breaking it, or by Scissors, di­viding it into four parts; which Species of Money, tho' now almost quite worn out and extinct, has yet within our Memory been pretty plenty, and that was our old thin blind Groats, which I believe, and think I have some reason so to do, were for the most part those original Pence or Denarius's, that were coin'd while the Peny continu'd to be the twentieth part of an Ounce, and obtain'd to be cal­led Groats; perhaps from the old Saxon or Danish word Grott, [Page 86](which is great,) that is, the great Peny; to distinguish it from the latter Peny, which was so much less.

Q. How long think you Silver-Money, which is in continual use and circulation, may last? For, it is plain, it wears and grows ligh­ter by motion and usage, and at length, without clipping or dimi­nishing by Art, will wear out of it self, and become too light to pass.

Ans. My Answer to the fore­going Question may be a sort of solution to this, namely, that if those Groats were the old Peny, it is near Four hundred Years ago since that Species was last coin'd; but this depends much upon the size of your [Page 87]Coin, and the quantity of cur­rent Money in Stock and Use, and other Circumstances, of no great moment to mention here.

Q. I think, however, one good Ʋse may be made of this Ob­servation; and that is, to calcu­late from thence a little, more or less, by what Proportions current Money may waste, and at length be worn out; for 'tis plain, that by the bare usage, telling, and mo­tion in its Circulation, it will diminish, and at a long run be con­sum'd: Whence we gather, that if there were no other way to de­stroy it, there must be a supply from abroad to obviate that Evil, how little soever it may seem: Where­fore I pray give me your Opinion therein.

Ans. If that be the use you would make of this Query, and you but grant me leave to state the Question on the Proportion of our Moneys wearing out in the space of four hundred years, then it is visible that your Stock of Money, without a pro­portionable Recruit, will, with­out any other cause, be total­ly extinct within that space of time; and so by Calculation it will be found to waste after the Rate of a quarter per Cent. per Annum; that is, five Shil­lings in the hundred Pounds; but then you must suppose it to be all small Money; as there is reason to believe it was in those Days; for I do not know whether Crowns, Half-crowns, [Page 89]Shillings, and Six-pences, are above two hundred Years old, if so much; by which Propor­tion, at least, it is found, I say, that your Money must be re­pair'd to keep the Balance e­ven. And by this reckoning too we may gather, that our Money naturally and necessa­rily wastes one eighth part as much as some Nations take for the Interest of their Mo­ney.

Q. Have there not been other kinds of Regulations and Changes made in our Mint, besides those you have mention'd?

Ans. Yes, several; but let it suffice to mention only one in King Henry the Eighth's time, which Prince, by his Profusions [Page 90]in pompous Living, Spectacles, and vain Wars, being driven to great Streights for want of Money, which the Nation could by no means supply: That Prince was made to be­lieve that he might be a very great Gainer by embasing his Coin, namely, (for Example-sake, for I am not sure of the Proportion) by the allowing but Nine Peny worth of fine Silver to the Shilling, and sup­plying the rest with Allay, and then telling the People, by his Proclamation, that the new Shil­ling, which was intrinsically worth but Nine Pence, should pass for as much as the o­ther Shilling, which was worth Twelve Pence; by which means [Page 91]he would save or gain five and twenty per Cent, in the pay­ment of his Debts, and in the pay of his Armies, and the like his Fleets, &c.

Q. What Objection does there lie against such a Project, when the streights of a Prince or State are pressing?

Ans. There are manifold Ob­jections, so manifest, so just, and of so great moment, that it would be tedious to enu­merate them; which that Prince soon saw, and endea­vour'd to reform his Error. First, a Prince or State that yields to such Councils is a Bankrupt, and, like a broken Citizen, compounds for his Debts at five Shillings in the [Page 92]Pound loss to his Creditors, and by his or their Proclama­tion publishes, That all Credi­tors whatsoever shall lose one fourth part of what is justly owing them; all Landlords one fourth part of their Ar­rears of Rent, and all Leases for Years to come (to name no more) shall lose one fourth part of their Value; which, as it would be very unrighteous, and a most grievous Injustice, so the Cure which such a Pra­ctice might be thought to give to the Disease, would become a much greater Malady, and prove no other than a sense­less Chimera and crude Notion in the addle Head of the Pro­jector.

Q. But will not the Publick Stock of Money by such an Act of State be increas'd proportio­nably? And shall not we then buy for Nine Pence what before cost us a Shilling? And, if so, is this a small Benefit?

A. You are under a mistake, for your Shillings wou'd 'tis true be twelve Shillings then, for nine there was before; but then you don't reflect that these twelve new Shillings will buy no more Bread and Beef in the Market than nine Shillings did when your Money was five and twen­ty per Cent. better; so that o­ver and above the Folly (not to say Iniquity) of such an Act, there are these further Evils attending it; as Namely, [Page 94]when your Money is comman­ded to be coin'd, and currant at the rate of one quarter more than it is intrinsically worth, all your Neighbours round a­bout you, will Coin and fur­nish your Money from abroad, every ill Man will be Coining it at home, and Coin none but legal Money neither, if they please, because the Profit will be great, without going far­ther: While yet, the Tempta­tion of greater gain would be likely further to prevail, by debasing your Money yet low­er and lower, which they may do without much danger of Suspicion; because when once the publick Money comes to be so impoverish'd with allay, [Page 95]the Beauty and Complexion of your Coin is lost, and then an additional Fraud, of three, four or five per Cent, is not so ea­sily discern'd; by which means in process of time, the whole Mass of National Money, shall be in danger of being impoverish'd into Counters. Furthermore, all this sort of Money which you shall Coin your selves, you shall loose by in the Coinage after the Rate of Five and Twenty per Cent, which is easie to conceive, by observing to you, that the la­bour and charge in the Manu­facturage of your new Shil­ling, which is worth but Nine Pence, is equal to that of your old Shilling, which was worth [Page 96]Twelve Pence; so that it plain­ly appears, that one quarter per Cent. of the charge of the Coi­nage is thereby lost: Where­fore computing your Coinage at the rate only of Two per Cent. you will be damnified in the charge of the Manufa­cture, or Re-Coinage of five Millions of Money, the sum of five and Twenty Thousand Pounds at least. In short, such a mistaken Act of Regulation will, in my humble Opinion, amount to little less than a Law to make Clipt Money pass; for it wou'd be tanta­mount: The Species of Gold and Silver wou'd by this means by degrees vanish from among us; and what farther mischiefs [Page 97]to the State such an Act might produce, a little time would tell us.

Q. One Question begets ano­ther. You lay a great deal of Stress I perceive on your No­tion of Intrinsic Value, wherein, (tho' you have already spoken to very good purpose) yet I must pray you to assist me farther in my Notion of it in our present Case.

Ans. I would not multiply Words, nor confound you with Terms and abstracted Noti­ons of Intrinsic and Extrinsic, but come briefly to my An­swer, which I will now limit to the single Question of Money, that being our Theme; pur­suant to which, I reply, That [Page 98]Gold and Silver, for the Rea­sons I have delivered in my general Discourse of Coin, have obtain'd universally to be the Matter whereof to make and coin Publick Money; because those two Metals are every where more esteem'd; and, when fashion'd into Money, there lying more worth in less room than in other Me­tals, is thence more adjusted to the Uses of Motion and Cir­culation; and therefore more proper and aiding towards the Ends of general Commerce; for the sake whereof, and for no other purpose, I conceive it to have been invented and esta­blish'd in the World. I say, Gold and Silver is all the World [Page 99]over of more value, and pre­fer'd to most other things, and Men will give you more in exchange of any other Com­modity which shall be of grea­ter bulk, weight, or measure than either of these two Spe­cies contain in themselves; and if this adds any thing to what I have already said, namely, That whatever has most worth lying in least room, will be ge­nerally understood to be spe­cifically more valuable; then Coin made of Gold and Sil­ver, does every where contain most Intrinsic Value. Which Repetition perhaps may seem superfluous.

Q. By this Corallary drawn from your general Axiome, that [Page 100]Money now adays must have its due Intrinsic Value; I infer, that the more Allay you put into your Coin, or the less Gold or Silver it contains, the less valuable it will be in the Eye of the World, and that it is not the calling a piece of Money a Shilling by a Proclamation that will work any Effect; but, that if your Coin be made generally base or light, it will be rated accordingly; where it will go for no more than what it is intrinsically worth, notwith­standing any Edict to the contra­ry: For, tho' it is in the Power of the Prince or State, to call a piece of Money a Crown or a Shil­ling, and to make it Penal for the Subject to refuse it for such; yet we may safely presume, that [Page 101]such an Act of State can never be thought to influence the Seller of any Commodity, who will be still left at liberty to vaalue it according to its real worth. Do I conceive you right, or no?

Ans. You do; and the Rea­son is very plain; for Money is the Rule of Commerce, and Commerce is become univer­sal; but it cannot be a Rule if it be not equally calculated and rectify'd to the Use of the general Good; which is the Honour, Profit, Ease, and Tran­quillity of the State.

Q. Explain a little more your meaning, by calling Money the Rule of Commerce.

Ans. 'Tis a Rule, because Rea­son suggested and Custom has e­stablish'd [Page 102]it such; and, with­out this Rule, Trading People would be ever in the dark, and not know how to make one re­gular Step in their Business, and consequently, the majority of Mankind would have little or nothing to do without their own Boundaries.

Q. Open it further, by some In­stance or other of Fact.

Ans. Let it be thus then: A Spanish Merchant observing here in England, that Colchester Bays are at such a Price, and has a mind to send a Parcel in­to Spain, where that Commo­dity is in request; but, that he may be under some certainty, he writes to his Correspondent in that Country, to be inform'd [Page 103]what Price Bays bear there: He tells him, so many Rials a Piece; the Merchant knows the Intrinsic Value of those Ri­als, and presently reckons whe­ther it will be worth his while to buy Bays here in England (as the Price goes) to send to Spain to be paid for them, as his Factor has inform'd him they will yield. And by this Rule only he is or can be go­vern'd.

Q. But, do not the Spaniards now and then transgress this Rule, by altering the Price and Value of their Money, and thereby vio­late this Law of Commerce?

Ans. Yes, I grant they do, to the very great damage of the Trade of that Country, the [Page 104]distraction and confusion of Accompts, and impoverishment of the Subject; who by that means, whilst they furnish Gold and Silver to all the World, have very little or none Cur­rent among themselves, and (as I have observ'd elsewhere) do manifestly owe much of the Misery they are in to their want of a right understanding of this Mystery; and, were it not for their Mines, and other Profits that arise by that Trade, which make ample amends for this unjust as well as unwise Practice, the Trading World would have no Dealings with them.

Q. But methinks, after all that you have said, it might be com­pass'd [Page 105]by the Wisdom of a think­ing well-govern'd People, to make their Money current on what Tearms they please to decree; which may be done by Enacting good Laws of Assize, thereby establishing a determin'd Rate or Price on every thing: In which Case let your Money be little or great, base or fine, it may be made to suffice for all your Ʋses.

Ans. I grant you would have Reason, and might make Nuts and Shells pass for Money, as they do at this day in some Countries, if you were to be secluded from the rest of the World, and would hold no In­tercourse without your own Frontiers; but, since by the [Page 106]corruption of our Manners, Mankind has stamp'd this va­lue on Gold and Silver, their Use is become necessary to our Ease and Safety, and we can neither gratifie our Passions and Appetites, nor defend and se­cure our Peace, Liberty and Possessions without it; inso­much that Treasure of Gold and Silver is become Essential to our subsisting and well-be­ing in the World; and in re­gard the only means of ac­quiring it is by our Industry, and the Arts of a wide and universal Commerce, we can have recourse to no other Rule, than by going with the majo­rity in the trodden Track of Business, and bustle in the [Page 107]World abroad, in order to the acquiring those Things which Custom through Vice and hu­mane Frailty has made neces­sary to our temporal Felicity; wherefore your Law of Assize would here avail little or no­thing; while I grant, that in Domestick Matters it may be of great Use for the case of the Poor, and better Being of la­bouring and industrious Peo­ple, who must labour daily to eat their daily Bread: Here I own indeed, that a judicious Regulation of the Prizes of all Things we consume within our selves of our own growth, would be a means to incourage Industry, and tend even to the Advantage of our Commerce abroad.

Q. I think you have made it pretty plain now, that if we would be Rich, Safe, and Happy, we must swim with the Tide of the World, and steer the general Course to arrive at the general Haven; and that pursuant to this End, in the Calculations of our Measures about Money, we can­not wisely determine therein, but by borrowing many Arguments from abroad, where our chief In­tercourse lies, and from whence we derive those means, (for they are not, I perceive, of our own growth) which, humanly speak­ing, can insure our Prosperity.

Ans. You conceive me right; wherefore, I think, there will need no more Words on this Point of our Debate.

Q. You told me but now that Money was the Rule of Commerce, which you explain'd well enough; I would now willingly be inform'd by what Rules I may be able to make a judgment of Money it self, or of the value of Gold and Silver, whereof Money is made: For, can Money buy it self, or Gold and Silver be purchas'd with Gold and Silver? This is a little dark to me, and puts me in need of your help to explain.

Ans. My Answer to your Question is shortly this; That Gold and Silver, which are a Merchandize, the same with Silk, Spice, or any other Com­modity which we purchase by Traffick, are of late Years grown more scarce, either by [Page 110]being apply'd to more Uses, or that the Circle of their Use is become wider; by which means it spreads thinner, and the quantity of the Species by that means appears to be less, and indeed is so, comparing the Use that is now made of them with what was practis'd twenty or thirty Years ago: Whence the World wanting Gold and Silver more, they come to be more sought after, and so bet­ter worth; which is no more than to say, That less of ei­ther of them will suffice now than in those Days, to purchase Labour, Bread, or any other Thing we need and would buy with Gold or Silver. Where­fore there is no Impropriety at [Page 111]all in saying, That Silver is be­come dear; namely, That an Ounce of that Species, which twenty or thirty Years ago was not worth five Shillings, is now risen to be valued at a­bove six Shillings, because as much Silver as would make five current legal Shillings, according to the Standard of the Mint then, ought to pro­duce by that Proportion six such Shillings now. I still use whole Numbers, it not being our business here to insist on rigid Truth of Calculation, but to shew barely how every thing is reducible to it.

Q. Since you have led me thus far in search of this necessary Truth, I would willingly be fur­ther [Page 112]instructed by your Reasons, how, and in what manner (by descending to some particular Causes) this scarcity or dearness of Gold and Silver is come to pass in the World; for the true Reason being known and consen­ted to, good use, I do not doubt, may be made to the Publick of such Knowledge.

Ans. The Reasons and Causes of this Scarcity I take to be manifold, I will name but a few, and shall begin with a main Cause; and that is, The long and obstinate War in Eu­rope, whereby, through the Pas­sion and Ambition of Princes and States, the regular esta­blish'd Methods of Business and Intercourse of the World is [Page 113]broken. By Sea there is nothing but Violence, Pyracy, and Depra­dation; whereby the Hands of Industry are weakned; and that great Channel and Roads of the World's Comerce is possess'd and beset by Enemies and Robbers; and we here in England chiefly, who pretend to be in our proper Element, who boast of Conquest and Dominion there, whether by the Violence and good Manage­ment of our Enemies, or the Drowsiness or Incapacity, or both, of our own Pylots and Friends at home, whose Duty it is to be more on the watch, and to look better out; have receiv'd so many deep Wounds in that tender and mortal part of our Body, that it seems a Miracle how we subsist and survive it; while any one, [Page 114]who should presume to probe and search this Sore to the quick, by nakedly stating the Fact in our Maritime History and Conduct since the War, and tho' it should be never so well meant, and merely in order to the Cure of the Malady, he would be thought, I fear, to give too much Anguish to be indur'd; and such an Enter­prize (let the Purpose be never so honest and inoffensive) would taste too bitter, and look too like a Libel to be suffer'd to pass un­censur'd of Authority.

Thus it is with us by Sea: By Land the War rages more univer­sally, and with greater Violence, tho' not so sensible to our feeling here in England, because our si­tuation has hitherto secur'd us from Hostilities at our Doors, and [Page 115]our Fields and Farms are not yet forag'd and plunder'd as our Neighbours are; but what we pay, as I may say, to be exempted from such Violence, is almost tanta­mount, and at a long run will as certainly impoverish and undo us: And we may collect from manifold Symptoms, that our De­stiny, without some almost mira­culous Means to save us, is not far off. Now to give you a Rea­son how War impoverishes the World, because captious and sceptical Contenders in such Di­sputes will be apt to say, What do you mean by broaching such Opinions, and maintaining Para­doxes? Does War annihilate your Money? Is your Gold and Silver dissolv'd, or gone into the Earth, from whence 'twas taken? This is [Page 116]Malice and Trifling, and nothing else. To these Gentlemen then, and out of respect to Truth and plam Dealing, these few follow­ing Reasons, of the chief Causes of Poverty and scarcity of Mo­ney by War are tender'd; Let us compute by the gross, we have shewn that Riches are the Pro­duct of Arts and Industry; whence is inferr'd, That the greater Num­bers there are of Men of Business and Traffick, Artizans, labouring and industrious People, which are the procuring Cause of Wealth, the greater will be the Effect. But War is a mortal Foe to Arts and Industry, and consequently produces Effects directly con­trary.

We behold Europe at this day ingag'd in a bloody and wastful [Page 117]War, which, for ought I know to the contrary, imploys a Milli­on in Arms, besides Horses and Beasts of Burden, destin'd by Na­ture's Law to the Uses of Peace and humane Ease, besides some hundreds of thousands who are exercis'd about Military Matters, as Arms, Ammunition, Stores and Utensils of War, Fortifications, and the like: All which mighty Numbers of Men and Things, are not only imploy'd in the pro­fitable Professions of Peace, but are and must be sustain'd by pur­chase, and paid for out of the Sweat and Industry of those that are, who by degrees do not on­ly grow too few for the work, but are over and above Sufferers, and molested a thousand ways in their peaceful Methods of Life, as [Page 118]namely, by the Violence, Rapine, Insolence, and Iniquity of those very People, whom they are ho­nestly, with great hardship, pain and parcimony, labouring to maintain; till at length they come to cut down the very Bough that bears them, and kill the Tree by whose Harbour they were shel­tred, and by whose Fruit they were fed. Thus the Land comes to mourn and lie waste, and the Means necessary to the Support of great Armies becoming ex­hausted; Oppression, Poverty, and Calamity, inevitably succeed. Fur­thermore, scarcity of Money is begotten in times of Hostility, from great Summs falling into Hands where it is under no re­gulation, being prodigally and voluptuously imploy'd, squan­der'd [Page 119]and scatter'd carelesly a­bout; by which means it does not circulate so currently, and make such regular returns into the Publick Coffers as in times of Peace, when Business and Traf­fick is contain'd within their pro­per Channels.

Add to these one very great further Cause of the decay and scarcity of Treasure; and that is, the Caution and Jealousie People are put under, every one to save his own private Stake. For when Demands of Publick Supplies wax pressing, and Taxes begin to be felt, 'tis very natural for Men to begin to meditate on Self-preser­vation, to foresee and provide for the Storm e'er it overtake them: Whence those who best can, whose Fortunes principally [Page 120]consist in Money and Moveables, withdraw their Effects to Coun­tries as far as they can from Danger; others hide and conceal by a thousand Arts every thing that is Money or Moneys-worth, and cover from the World's Eye every appearance of Wealth; profess Poverty, and practise all the methods of Parcimony ima­ginable, to disguise and shelter themselves from the Jealousie and Tyranny of Tax-gatherers, and will chuse to abide the worst Treatment those cruel Ministers can inflict, rather than discover Money, which they are sure will yield them Comfort in better Times. And this I know to have been the Practice time out of mind, in the Kingdoms of Bar­bary, where Tyranny reigns with [Page 121]a high Hand, where the least su­spicion of Wealth suffices to ex­pose a Man to the utmost Peril; where People therefore live un­der a perpetual Mask, and no Bo­dy enjoys the least good thing, (whatever he may possess) but by stealth, from which Cause (as I have been often assur'd from the Natives themselves) the better half of the Treasure of those Countries is hid in Holes, and cover'd under Ground: In­somuch, that it is grown into a habit, even among their Princes, who take a Pride and Pleasure to bury their Gold. This, I say, is another great Cause of the scar­city of Money in dangerous and hostile Times; and, if we may allow but a fifth or sixth part of the Treasure (which would o­therwise [Page 122]appear among us here on this side the World) to have been so withdrawn and diverted, there would be no doubt but such a diminution would work a good part of the Effect we are searching after. To these com­mon and evident Causes of the Evils incident to War in general, we may here subjoyn why War is of late more Burthensome than heretofore; and that is, by the over-grown Greatness of the French Monarch, that aspiring Prince, who would put a Yoak on the neck of Europe, conceiving that by the force of an immense Treasure, whereby being inabled to bring greater Bodies of strength into the Field, than was ever be­fore practis'd in our Hostilities on this side the World; he was [Page 123]given to hope perhaps thereby to overwhelm us; which Design, though we see hitherto to want the effect, we are from thence nevertheless instructed in the Causes of this over-burthensome warfare, whereby we are put un­der an invincible necessity of pro­viding an equal Force, which produces an equal Charge to withstand him, which I thought necessary to Note. Lastly, and over and above the Impediments to our general Commerce, and the Interruption thereby of our general Supplies of what we need, whereby the price of Money is inhanc'd, and every thing comes harder to us. The Mines themselves of Gold and Silver, I am well assur'd are exhausted, and yield not the Species in so great [Page 124]Plenty as heretofore; to which, adding the wide use Silver and Gold every day obtains, by spreading further into the North, and the Inland Countries: The great Exportations to the Indies, Turkey, &c. from whence none returns, must to any judicious thinking Man, be concluded to be among the Causes of that ge­neral scarcity of Gold and Silver here in Europe, in comparison of what was observ'd to circulate amongst us in Twenty or Thirty Years ago; which has rais'd the value of the Species, and begot­ten that difference in price you enquire after.

Q. You have sufficiently explain'd the general Causes of the decay of Gold and Silver in the World a­broad, [Page 125]and in gross, would it be amiss to bring the Question home, by asking you, how we here in En­gland seem at least to share a greater degree of the Smart of this Evil than most other Nations? Wherefore, if it would not take up too much room, (for I observe our Subject begins to run into a longer Argument than I expected) I should be glad you would instruct me a lit­tle.

Ans. Your Question is reasona­ble, and I am ready to gratifie you by recounting a few of the many causes of this evil felt by us here at home, in a greater Degree of late than ordinary. I shall be­gin with Trade, which is a rich, cunning and coy Mistress, must have much Art and Address to [Page 126]acquire, and great Attention and Assiduity to retain when gotten. This Lady seems to have been neglected and ill treated by us of late. We do not, I fear, reflect enough, that her Favors once lost are hardly recovered, be­cause we have many Rivals, who are jealous, wise and wary, and will be sure to stop the least gap we leave, and hit every blot we make in our Conduct. There are loud Lamentations in our Streets on this single Article of Trade: Let Authority be pleas'd (at whose Door it lyes) to lend some Attention to these Cries, and sift and search the Causes to the Bottom, and they will find Sluts Corners enough. Let them in their Debates and Deliberations, take knowing Men to their As­sistance, [Page 127]using such caution in their Choice; as that when they wou'd penetrate, and cure the E­vils and Errors of one Branch of Commerce, to hear their Reasons with a more willing Ear, who are sufferers by such Faults, than those of others who are gainers by them, be their Parts and Ta­lents otherwise never so Superior. For Interest is a Passion, and Pas­sion is both Deaf and Blind. The Turky-Merchant exclaims against the East-India Company, and these against them, while perhaps both Trades may need Reformation with respect to the Publick. The Art is well to distinguish, for Trade, though it be the publick Mistress, is courted by particulars for pri­vate gain, which may, and do of­ten interfere with the general [Page 128]good, so that there is a less My­stery, and a greater to be disco­ver'd, for private Men go as much in the dark, and in cuvert to their profit as they can, and to find out and detect these bad in­tricate and bye ways, seems to be the behoof of those who would go in earnest upon this work, which requires more Judgment and Pains to execute well, then perhaps is practis'd by our Phy­sicians. In short, 'tis from this great Fountain Trade, that all our Wealth flows: If that be troubled and infected the Streams cannot be pure; every Branch and Channel will gather filth, run thicker and slower, and in the end the Stream will stand still, and the Circulation cease. But the most visible and grievous [Page 129]Disease, of which our Commerce languishes, seems to me to be the heavy Burthens of all Kinds laid on Navigation, which is the ve­ry bottom on which all our Pro­sperity is built. Surely we should be more cautious if we consi­der'd that we are running a Race with our Rivals in Trade; and a Prize of unspeakable Value is set before us, where he who carries least weight is surest to win the Course. Our New-Market Gen­tlemen tell us, That barely an Ounce or two in the weight of a Sett of Horse-shooes suffices to lose the four Mile Course: Shall we want the Discretion of a Jocky in our Deliberations about the most solemn Thing that belongs to the Government? I could wish this Point were better [Page 130]weigh'd that we might discern better, and lay it more to Heart, and that our Friends and Neigh­bours the Dutch, might be our Teachers and Examples in the Arts and Wisdom they Practice, to further Foreign Trade, in the Ease and Incouragement they give to Navigation; which being the great Wheel that regulates all the lesser Movements of the Ma­chine of Business and Profit; should be watch'd with a wake­ful Eye, that nothing might clog or disturb its Motion.

Q. While we are on this Article of Trade, I pray instruct me a lit­tle in the Mystery of Exchange, which seems to me to have a great in fluence on Money-Matters; which is the principal Subject of our En­quiries.

Ans. Your Questions grow har­der and harder, and I honestly here own my Ignorance of abun­dance of Arts, or rather Tricks, that are introduc'd and practis'd by crafty Traders in this dark way of Dealing. But thus far I may observe, That Exchange is a kind of Usury, or lending and borrowing Money at Interest, wherein Usance (as they call it) governs, and the Premium is pro­portion'd to the hazard and time of Payment: And, forasmuch, as Credit (on which this Intercourse is founded) is a less solid Securi­ty than Land, the Profit thereby does therefore excel that of ordi­nary Usury. In a word, Ex­change is lending and borrowing in one Place to pay and receive in another, and was invented to [Page 132]facilitate the Motion of Com­merce, but is grown to an Art of setting the Dice on Necessity, and making every Man fine for his Wants; which is as much as to say, That the more these Mo­ney-Dealers are let into the Se­crets of your Streights, the high­er they will raise the Price of your Redemption. Time was when Exchange was regulated here by Publick Authority, and establish'd on an exact and solemn Scrutiny into the Nature and Value of all Foreign Coin wheresoever we had any Dealings; to the end in exchanging Money for Money, the Par (as they call it) being known and adjusted, (which was the Proportion between the Va­lue of Sterling and Foreign Mo­ney) they knew to a trifle the [Page 133]comparative Intrinsic Difference of their respective Coins, and so rated and govern'd their Ex­change by that Rule, out of a jealousie lest we might part with more of our Bullion for less of theirs in this kind of Intercourse; which, at a long run, might pre­judice and exhaust the capital Stock of Treasure. But these wise Cautions are long since ceas'd.

Q. But have not you bin silent in one very essential Point in the Ʋse of this Mystery of Exchange; as namely, that of being apply'd to even the Scales and Balance the Inequality that shall at any time be found betwixt our Importations and Exportations, &c.

Ans. 'Tis true; and therefore something ought to be said here on that Subject: Wherein you may be pleas'd to observe in few words, that in Trade, when particular Merchants Export more Goods in Value than they Im­port, or Import more than they Export, the Balance of each Man's Trade is always made up by the help of Exchange; that is, they Lend or Borrow in one place to Receive or Re-pay in another, as I have said. But when a Na­tion Exports more Goods than Purchase the Goods they Import, they Trade to their Gain, and must receive in Money what rests, to balance the Account. When what they Export is not sufficient so to do, they must then Pay the Balance, and if there [Page 135]be extraordinary Occasions to make Payments abroad, that Debt must needs be increased, and they must pay so much the more, but which way soever the Ba­lance incline, it is made even by no other way but by Bullion, or by Money by way of Ex­change. And this I think may suffice for Answer to your last Quaery.

Q. What is your Opinion of Banks?

Ans. I have heard long and intricate Arguments pro & contra on this Subject; but as Men for the most part contend more for Victory than Truth, I have not bin much Edify'd by eithers Rea­sons, as not having not been pos­sess'd [Page 136]enough of the merits of the Dispute; but he sees least into a Mystery who is least in the secret of the Design. In a Popular and new Erected State where the Peoples minds are doubt­ful and fluctuating, I think it to be a useful Invention; because all who ingage and incorporate in­to such a Community, do in effect give Sureties for their good Behaviour; for in such a case Men are ingag'd by stronger Bonds than can be had from Conscience, Religion, Honor, or any other specious Tye; because in these we are sure there may be Hypocrisie, but in Interest we know there is none. On the o­ther hand, these great and pub­lick Banks in a State that is tot­tering and in danger, are very Per­nicious; [Page 137]for where the Trea­sure is there will be the Power; and in such a case if the Bank shou'd chance to decline from the Establish'd Form of Govern­ment, so great a weight can hardly fail to turn the Scale.

Q. Why shou'd not a National Bank be always on the side of the Establish'd Government, is not that their safest way?

Ans. Because there are mani­fold instances of great Evidence, whereby it might be made ap­pear, that the distresses of State may instil Fears into the Bank Proprietors, that their Money is in Danger, and in such Case, they will not incline to favour the State; but because it is with­in [Page 138]in the Memory of Man, that the Bankers and their Creditors were grievous Sufferers by one of those many Cases incident to such In­stitutions. I will forbear to mention any other, and observe only that the Bank then was not a Corporation, had no Consist­ence or Constitution of Strength, to withstand such Attack; but wherever a body of Men becomes establish'd by Publick Authority, shall be built on Publick Funds; obtain the sanction of Laws, to regulate and sustain them, and this Body shall come to know its own Strength, to gather and grow Richer and Wiser in their way, as they will do every Day, more and more: What Seeds of Faction and Sedition may be Sown, and Spring from such an [Page 139]Innovation; what strength of Opposition may be form'd against the Measures the Government may at some time or other take in the Regulation or Reforma­tion of Abuses in the State as may not suit with their Ends: In a word, what Influence such a Body of Men may acquire over the Establish'd Form of Govern­ment, who shall be back'd with Laws, enrich'd with the colle­ctive Treasure of the Nation, and united by the strongest Bonds, superiour to Oaths and Sacra­ments, Interest. Of what force such a new Thing may be in an old Monarchy, repugnant every way to the form of the State, methinks a short view with a very little attention may discern. Wherefore I will take leave to [Page 140]conclude, That if Monopolies of little Things are declared unlawful by our Statutes, from the Evils that are observ'd to grow to the Publick by Tol­lorateing them; then à Fortiori, a Monopoly of Money (as 'tis plain such Banks are no other) must be so with a witness. We are told by Classic History, that the Bankers or Monyers, (which was one and the same thing among the Romans in that Age) became so Rich and Powerful, and by that means so unruly, that the Grievances the State suffer'd un­der, by the Lycense that Body of People (who were Establish'd by Authority) had for their Lu­cre and unjust Gain introduc'd, cost no less than a Civil War to redress; and the Dispute was [Page 141]long deciding: The Riches and Impudence of the seditious Wage­ing a doubtful Contest with that very Power that sat them up.

Such Establishments for ought I know, may be suitable enough to a Republick, as being in their Nature of a Piece with such Forms of State. And the History of the Bank of Venice may inform us how far it avail'd there to­wards the Fettering of the Peo­ple, and the establishment of that Aristocracy: But how consistent they are with our ancient English Monarchy methinks there should be some reason for wise Patriots and true English Men to weigh, before we wade too far in such un­certain Depths.

Q. I see many printed Proposals of Banks, of a lower Rate; Projects [Page 142]and Funds of Gain and Security, &c. to Adventurers, every where pub­lish'd and press'd on the People: What is your Opinion of these new Inventions?

Ans. This Proposition does not seem to be within the Circle of our Inquiries, which are calcu­lated for national and general Use. But, so far as I conceive our Subject and the Publick are concern'd in the Question, I will adventure to speak my Mind, and no further; having nothing to do with the Designs and Revela­tions of private Men, who may think they see when they Dream, and often, like bold unskilful Py­lots, carry themselves and those who trust them into Perils and Loss. Tho' for the most part such Projects are Snares, being [Page 143]calculated and laid for the certain Gain of the Inventers, and doubt­ful Emolument of the Adventu­rers. Or, if you please, the Com­parison will best hold with the Art of Angling, wherein the cun­ninger the Artist is, the more will be his success. Now the Bait is Profit, with which he covers his Hook; and, if he would fish for Gudgeons, which is a greedy foo­lish Fish, it is no matter how bare the Hook lies, so the Bait be but alluring: And here let our Artist but light on their haunts and he is sure to have sport enough. Thus greedy, covetous and weak Men are caught, whose Avarice and Hunger after great Gain seals their Eyes to the hazard. But, when our Angler would catch shy and subtil Fish, he has recourse to [Page 144]more sleights, will fish finer, and bait more cunningly, that the Hook may not appear; and often is oblig'd to trouble the Water too, the better to hide his Pur­pose: And this way Men of more Wit and Caution are taken. But here let me be so just to own, that I am persuaded there are very ma­ny well-meaning ingenious Men, whose Heads lying this way, do now and then, by long Meditati­on and racking their Brains on one and the same Subject, light upon Things laudible enough; but then such Projects are for the most part intelligible at first sight, and, like Columbus's Egg, do not need tedious and troublesome Ex­plications, through the multipli­city of Calculation, whereby the Evidence is discern'd by but a few, [Page 145]and they see but darkly neither: For all Projects are to be suspe­cted of Artifice or Error, where many Questions must be begg'd; where Contingencies are visible, and many Casualties are incident: Which consist of many nice and intricate Parts, that, like many Movements in a Machine, where, upon the failure of the least Wheel, the Motion of the whole is destroy'd. A further Objection, for the most part, lies against these kind of Money-Projects; That they are out of the Road and Circle of common Business; which is very hard to break, and Men of repugnant Methods meet as it were in the dark in their Ne­gotiations, and so interfere, justle, and overturn one another; for, those who would go to their Pro­by [Page 146]a nearer cut than their Neighbours, must leave the trod­den Path of Business, where they will either lose their way, or must trespass and do damage to many for the sake of a few. Further­more, all new Inventions of this sort, wherein Wit and Subtlety go to their Composition, over and above the suspicion, the middle Rank of Men (which are the ma­jority) will and ought to have of their Utility; so of course the fewer will be found to take part and ingage with them, while the greater and stronger Party, not being of their Mind, will become Enemies, and watch perpetually to cross and perplex them, and combine a thousand ways to de­feat them: And thus their Suc­cess by that means is in danger [Page 147]of disappointment. Let me add to these Cautions, That I, for my part, take all Projects of this sort, which are erected on a view of Private Advantage, that are con­ceiv'd with much Art, and re­quire to be manag'd by equal Address, seem to me to be little better than Play at Cards or Dice, where Skill and Cunning (which is a sort of out-witting ones Neighbour) mostly governs: And as this is but a lesser degree of Fraud, so it often degenerates into rank Cheating; besides, be­ing out of the way of that sim­plicity of Intercourse, which is in­telligible and practicable by most Men, and by which all Ranks and Capacities of People may be gui­ded and better'd by honest In­dustry and Plain-dealing: I have [Page 148]therefore singled out these few general Objections to such Pro­jects of Profit, wherein the Pub­lick seems not only to be nothing at all interested, but for the most part indanger'd thereby of suffer­ing Damage: I thought it therefore but a little out of my way to in­counter them, and, as I have spoken perhaps with more freedom than will be forgiven me by some, yet I am persuaded I shall have the majority on my side. In a word. I would fain see some of these supersine Artists spin a Web of Use and Strength for Publick Wearing; I would see Projects for improvement and Encourage­ment of Industry and Peopling the Land, which mourns; for introducing and encreasing such laudable Arts and Manufactures [Page 149]as we have not, and for Refor­mation of Abuses which have crept into those we have; When I shall behold Proposals for alle­viating the unmerciful Burthens laid on Navigation, and trans­ferring them, if they must be born, on something wherein our Wisdom and good Sence may be better seen; which Burthens are as certainly the Bane of Trade and Foreign Commerce, as Na­vigation is the Basis of all our Strength and Riches. When there shall be sound Men fruit­ful of Invention of Publick and Popular Minds; who (without driving so furiously, and hunting with so much anxiety after my­stical Gain, of no kin at all to the Commonwealth,) shall tell us how by plain and practicable [Page 150]Methods, we may be rid of the Beggars and Idlers in our Streets; whose subsistance, as it is said to cost the Nation near a Million a Year, that Summ might not on­ly be sav'd to the Publick, but half as much, for ought I know, gain'd by a wise and artful Em­ployment of the Labour of that very Poor, whom we now su­stain at so very burthensome an Expence: When such praise-worthy Projects as these shall be suggested and made Publick, it will be Matter of Joy to every honest English-man, and no Objection will lie against the Mat­ter and Meaning, whateser may be said to the Form of such Pro­posals. But let us hasten to our main Question.

Q. Let me prosecute my Curiosity then to the Mark we have been all along aiming at; and, according to the Light you have given me into the Subject of Money in general, to ask you, how we shall be able to com­pass a just Rule for the regulating our Coin here at home, while the Question seems, by your way of han­dling it, to lie so deep, and is sur­rounded with so much darkness, that we must pry into many Mysteries of State, travel into Foreign Trade and Intrigues of Business to attain a due knowledge therein?

Ans. Perhaps the Question is not so hard, as at first sight it may seem: This at least I may be sure of, that such Truths can­not lie very deep, which my [Page 152]weak Forces may suffice to draw up. To proceed then, I first fix this Maxim, That as your Coin may be too Poor, so it may be too Rich, either of which is a Disease; and is to be understood by the Comparison and Proporti­on it bears, with the matter of Gold and Silver out of which it is made; for we have shewn already the Necessity we are under, of making our Money so as to con­tain intrinsie value; and being got over that Point, we come now to make an Essay, towards determining the Proportion. I say then, that Money is poor or base Comparatively, as when you make more Shillings out of the same quantity of Bullion, by a new Law then was allow'd by your old Establishment, for this [Page 153]makes you but nominally the Richer, while Virtually and in Truth, you become poorer by a quarter per Cent of the Charge of the Mintage of all the new Money that shall be so Coined, observing the proportion men­tioned already, and not to re­peat the Evils enumerated, this one more we may add; Namely, the Trouble and Molestation of Telling, carrying and using more Money for less Profit than be­fore, which is some clog to Trade, whose course shou'd be made to move with all the Arts of Ease, Invention can suggest. That no Profit can arise to the publick any way, by such an E­stablishment of our Mint, (where­by your Coin becmes so impo­verish'd.) We need to go no [Page 154]furhter for a Proof, than the Ob­servation may be made of what has befallen us by Chance, in our Clipt and bad Coin now grown and establish'd by Custom into use among us, which hap­pening to be diminished to al­most half the Original Value: We behold every thing risen in Price as it were by that Propor­tion; and our Gold Coin which is not so lyable to Corruption and Dimunition, risen from the same cause near a Third Part, which may suffice to shew how the publick is affected, when your Coin either by Law or Chance comes to be too Poor.

Your Coin is too Rich, when a piece of Money, for Example, a Mild Crown shall go but for [Page 155]Five Shillings in Money, to buy and go to Market with; when if it were lawful to melt it down and sell it, for its due worth, wou'd yield you Six Shillings, there being Six Shillings worth of Silver in that Piece. I still use round Numbers; the nicety of Calculation not being here necessary. Now, as on the one Hand, when your Money is bad and poor, and this becomes esta­blish'd by Law or Custom into use; every Nation abroad, and every bad Man at home (who has art enough) will be Coining this Money for you, and will im­part and utter it for your use, and their profit, as some Nations (which I need not name) serve the Spaniards at this day, by their base black Money, which doth [Page 156]not contain a sixth part of the value for which it passeth with that blind Nation. I say by this means, as your Mint shall grow out of use by the plenty of such Coin as shall be Manufactur'd by others to your Hands; so your Money shall grow worse and worse, (for there will be no end of debasing it) till your whole Mass of Silver Coin shall be de­stroy'd and converted into Trash and Counters, rather than Mo­ney.

On the other Hand, when your Money happens to be too Rich, as hath been our Case by the great rising of Bullion in value, since the coining of our Mild Money, 'tis plain, and there can be no room for doubt, but that such Coin will be transported out of [Page 157]the Land, and by those whose pro­fession best enables them, will be melted down into Bars and Bul­lion, and from this Cause, Name­ly, its over richness or goodness this Disease Springs, and hence is Consum'd, Vanish'd, and Extinct all or the most part of the noble Mill'd Coin, which was Minted in the two last Reigns; there be­ing no Action, how vile soever that Gain with Impunity will not Sanctifie, or hardly any Consci­ence so scrupulous, that this Charm has not Power to Quiet and Absolve; wherefore let those, who by their Occupation have the means of touching most Money, consider and be aware what fort of People this Crime is likely most to touch,

Q. If this Doctrine of yours be bottom'd on sound Reason (as it has the appearance) it is visible that we are led into an Error, by those who would teach us, that the Stan­dard establish'd Rule of the Mint, (namely, That your Money must for ever be just so fine, and of such a weight) is Sacred, and cannot be alter'd without damage and danger to the State.

Ans. 'Tis seen by what has been said, and is, I think, as demon­strable as anv Problem in Geometry, That the Rules for Coinage, and the Standard of the Mint, must vary according to the general scarcity or abundance of the Spe­cies of Gold and Silver; and that 'tis, consequently, an Error in Fundamentals to hold the con­trary, [Page 159]as I have endeavour'd to shew, and will need no further Explanation here.

Q. Why (if what you say be true) is there so much variety in the Coin of Countries, how comes it to pass that there is such diversity of coarse and fine, light and weighty Money in the World? And that all Mankind, who are link'd in one ge­neral League of Intercourse, do not come to accord in one universal Standard for their Money, which would save abundance of Trouble in the Course of general Trassick, and set the Intercourse of the World on a much surer and easier foot?

Ans. First, Because Silver and Gold are more or less plenty in the diverse Countries of the World, comparatively, and so be­comes more or less worth. Se­condly, [Page 160]'Tis hard and hazardous to change any rooted Custom of a Country; especially, in a Case of this general Importance, tho' in Speculation it should appear never so just. Thirdly, The Use of Money (which was originally invented for the Ease and Bene­fit of Commerce) is become cor­rupted, and made an Instrument of Tyranny and Oppression: The Passions of Princes and States, where the Government is abso­lute, making their Power, in this Point of Money, to become a Yoke and a Burthen, which was meant for the Comfort and Ease of Mankind; forging Racks and Shackles for the Subject, out of that very Matter, which by Na­ture, the first Institution and the right Reason of the Thing was [Page 161]decreed, and devis'd for their Be­nefit and Consolation.

Q. You were speaking of Mono­polies of Money but now, Do not Princes who enjoy absolute Power, by this unlimited Authority, make a kind of Monopoly of Money?

Ans. Yes, such Princes can do that by their Power, which a great Bank may compass by Art, or come to do by Accident and from the Nature of the Thing: And we know the King of France him­self, with all his boasted Wealth, often Practises such poor Shifts; proclaiming one Value on his Mo­ney when he has a great Summ to pay, and another when he has much to receive. But the World abroad, by whose Sentiments Tra­ding-People must be govern'd, will not heed it; nor are influ­enc'd [Page 162]by it, and no solid Fruit can ever be gather'd from such De­vices, which are ever signs of a sickly Constitution; and the Prince or State that uses them, are like Men whose Bodies are de­cay'd by much drinking of Spi­rits; they are reliev'd indeed in the present Pangs they feel, but by the very Draught, which in that Moment yields them Com­fort, they are in the end destroy'd.

Q. Why is it call'd the Mystery of the Mint, if our Princes here in England make none of those undue Ʋses of Coinage, as are in Practice among absolute States?

Aus. Perhaps 'tis continu'd to be call'd a Mystery from the Pow­er our Princes heretofore claim'd, or had, to make Coinage some way or other turn them to Ac­count, [Page 163]and the Profit arising thereby, being kept secret, was therefore call'd so. Or, it may be stil'd a Mystery, from the dif­ficulty most Men are under, to conceive and see clearly in so cloudy and perplext a Subject.

Q. How long have our Princes been so Wise, and so Good, as to part with a Power which yielded them but a doubtful Profit, at the purchase of great Jealousie of the People, lest such a Power as look'd a little Arqitrarily, might in time degene­rate into Licence, and so come to be call'd a Grievance, and the cause of Discontents and Murmures, in so free and noble a Constitution as ours is?

Ans. I think King Charles the Second quitted his Right to the Profits accruing by the Mint, for [Page 162] [...] [Page 163] [...] [Page 164]some valuable Consideration, which at that time, by reason of great Coinage, amounted to thir­ty or forty thousand Pounds per Annum: Since when we are, I presume, at liberty to consult and determine, by the best Rules that Wisdom and Science can suggest, about such Laws and Regulati­ons for the Mint, as may be found most easie and beneficial for the State.

Q How did that Profit arise to King Charles the Second, &c. by the Mint?

A. I suppose diverse ways, but principally this; namely, that Bullion in those days being much lower in Value than now, because more plentiful, and the Standard Establish'd to such a weight and sineness (which was not to be [Page 165]alter'd) a proportional Profit came by that means of course to the King through the cheap­ness of the Material out of which the Coin was Manufactur'd, in so much that the Merchant or Goldsmith had a Merchantable Profit, to incourage them to send their Bullion to the Mint, and the King a competent share of Gain in the overplus. But pray note, upon this Question (which helps to unsold the Mystery) that since those days (through the causes we have endeavour'd to explain) the Material of your Money is risen in Value it may be a fifth part at least; and that Batgain which was thought (and it may be really was) so profita­ble to the King; then shou'd his Majesty have enter'd into Cove­nants [Page 166]with his People to Coin a certain Sum of Money yearly of the Establish'd Standard weight and fineness (which he cou'd not alter) He might have liv'd to see himself a great deal more a looser by such a Contract, then he had been a Gainer; and behold all his Money to vanish as fast as it was Minted, as we have plainly enough shewn.

Question, I am now at length every way convinc'd, that our Mo­ney ought to be all new Coin'd. And that by reason of the new and exor­bitant price of your Bullion, you must have a new Standard and Pro­portion for your Mint. But how that can be found and setled, is a new Question, to which I stand in need of your Answer?

Ans. We have travel'd a great [Page 167]way to arrive fairly at this single Question; and if we have gone somewhat about and made our Journey seem longer, then might be thought necessary to some? I Answer, That it was for the sake of the Majority, that this Voy­age was taken, and therefore but just to go their pace. Our Sub­ject lies in the dark to the Multi­tude, and therefore we cannot open too many Windows to let in the Light, to the end, the weakest Sihht may be enabled to discern and make some Judgment, where­by to determine in a matter, that so nearly touches every Body.

Question, Your Apology is rea­sonable, and I believe will be thought so by most Men; but let us come now to an Issue, and decide this arduous Question: How, and by what Methods and Rules of Pro­portion [Page 168]our Mint may be Reform'd.

Answer, I will not trouble you with References to what has been said, that we may not multiply Words, and will take for granted, you bear in Mind that our Hy­pothesis is fram'd upon Reasons drawn from abroad, as well as at home; wherefore we must take Foreign as well as Domestick Con­siderations to our Ayd. Your Money, I have shewn is subject to these two chief Diseases, of being too Rich, which is containing more worth than it goes for in Coin, which begets a Consumpti­on, and wasting by re-converting it into Bullion, exporting and the like; too Poor, when it is either Coined by Authority through mistaken measures of State, with too great an extrinsick allowance, or corrupted, clipt and salsify'd [Page 169]by others, so as to become noto­riously diminish'd in the intrinsick Value; Which raiseth the Price of all things by the like proportion; begets doubts Difficulties and Vexa­tion in your common Traffick, and enhaunses the rates of Exchange with your Neighbours, which hath a mighty Influence on your Trade abroad, encourages bad People at home to diminish and falsifie it every day more and more, because there is no rule left to compare and know your Money by; And invites the Nations round about you (who may do it with more safety) to import and utter it in such quantities, and still worse and worse, till in the end, all your Silver Coin, the unclipp'd and the clipp'd shall be gone out of the [Page 170]Kingdom; and what a calamitous State such a People must be in, needs no Exaggeration here.

Q. I am glad you have repeated and renewed in my Memory these two chief Diseases of Money, and given so reasonable a Prognostick of the Effects; because I reckon you will now come to propose the remedy for Restoring and Establishing the Health of our Coin, by such Rules as may seem as just as your Argument hi­therto has appear'd to me reasona­ble.

Ans. To arrive then at that right Rule of proportion you require, (and which we have been thus long in quest of) I first propose, that we should look a little back here at home, and inquire, and be at a certainty, what Price Bullion [Page 171]bore, when our last mill'd Money was coined. And we will sup­pose it here about the round summ of Five Shillings the Ounce, then let us grant it to be risen and ad­vanced in Price, from Five to Six Shillings or thereabouts the Ounce, which shall be the Value we will give it at this day: Both which Prizes may be more or less, with­out damage to our reasoning a­bout the Rule which I wou'd propose for our Government in this great Question. Now pray note, that while the King had his Pro­fit by the Mint (which was inde­finite) and Silver was at an Under­rate no great difficulty cou'd oc­cur in the Coinage, for as long as that gain lasted be it little or much, the King had it, who was [Page 172]enabled over and above still to al­low the Merchant or Goldsmith One or more per Cent profit, to invite them to bring their Bullion to the Mint; that is, their Silver became so much more worth to them when manufactur'd into Mo­ney (which they cou'd presently utter and employ) than when in­the Masse in their Ware-house: Upon which Motive (namely their Gain) they carried it to the Mint. But that incitement ceasing from the reasons I have given; there is not only no more Money now coin'd, but even the Mill'd Mo­ney, which in those days was min­ted (from the same Motive Gain) is melted down again, and recon­verted into Bulloin, as we have noted, and cannot too often re­peat. [Page 173]If this be true, who can with any shadow of Rcason gain­say the necessity we are under of changing the proportions of our Mint, which must inevitably and for ever change; rise and fall by a Scale of proportion rectify'd to the rising and falling Value of your Bullion.

Let it be granted then, that your Silver is risen in Value from the causes which have been enu­merated: We will suppose here just fifteen per Cent. since your last Coinage of mill'd Money; if this be true, then I say your Coin at this day, if your Money were tru­ly minted at that time, (which you are likewise to consider) ought to be just fifteen per Cent. lighter than that mill'd Money was; for [Page 174]I wou'd by no means propose the least alteration in the purity of the Standard; for the many reasons I have already deliver'd. Wherefore let Authority be pleas'd by the help of Merchants, Goldsmiths, the Offi­cers of the Mint, and by all the cautious and judicious means possi­ble, compass a right knowledge of this Difference (which we do not you see here determine) and the Rule for their Guidance in assigning, the just Proportion to your Coin must plain­ly result from thence; as namely, if the Difference of fifteen per Cent. here by me propounded were the exact truth, then your new Shilling to be coined, and to be of the same fine­ness with the old mill'd Shilling, must weigh and be worth (within a very small fraction) Ten-pence far­thing; [Page 175]I go the plainest way to work I can, to make my meaning intelligible to every capacity.

Q. But methinks by this Rule you are leading into the Error, which you have been all along cautioning us to avoid, for by thus taking from the Subject One Penny Three Farthings out of every Shilling seems to me to be very hard, and will for certain be so reckon'd by every Body.

Ans. With your pardon, no Body by this Rule, is, or ever can be injur'd; because if People wou'd but open their Eyes, and look with attention, they wou'd Discern, that this Ten-pence far­thing will buy as much of every thing in the Market now, when your Coin shall be rectify'd, as Twelve-pence wou'd have done at [Page 176]that time; which I think may suf­fice to satisfie your scruple.

Q. What wou'd be the hurt then, if you should make your Shilling yet lighter, provided it keep the fineness.

Ans. Every visible Departure from this Rule, wou'd prove a proportional damage to the Sub­ject, and have the same Effect as in the case of clipt money; for your Coin wou'd abate in its E­steem with the People, in pro­portion to the Dimunition of its due intrinsick Value; whereby all the Species of things wou'd rise, and grow dear, accordingly as we find to have come to pass on the occasion of our Clipp'd Money; and in such case, I grant, the Ob­jection you have made wou'd a­mount to a Grievance.

Q. But have you not taught that we are not to make our Rule for Regulating the Mint from Observations and Reasons ariseing barely from among our selves here at home, but with regard also and reference had to our Neighbours abroad with whom we have Commerce?

A. I have and can suppose the price I have already assign'd to Bullion at this Day to be the result of a Cal­culation founded on that regard, but because it is necessary to explain it I will, as well as I can, why that Cau­tion is necessary.

We here in England live in the Neighbourhood of divers great Na­tions who are our Rivals and Vye with us in the Arts of Trade, the Dutch especially, who perhaps are Our Superiours in every thing that belongs to that great and profitable Mystery. [Page 178]They are every way under a bet­ter Oeconomy and observe every thing nearer than we do; they live with greater Frugality, which is their Wisdom, as enjoying but few neces­saries to their subsistance of their own growth; which habituates them to a narrower Inspection and Observa­tion of every the least thing that re­lates to their profit. This penurious Method of Life which in them is a Virtue wou'd not with us, it may be, thought so, who live in a wide, rich and plentiful Country, abounding in all things needful to humane life and ease. But this greater Ex­tent and Latitude of Life and Man­ners which we inherit, naturally mol­lify's us towards Luxury Sloth and Improvidence, and whatever Virtues our good Soil may produce and our [Page 179]better Stars may shed towards the exalting our Courage, enlargeing our Generosity, and forming our minds for Magnanimity and other noble and plausible Endowments, which I think are more inherent in us than most other Nations; these native benefits doe, I say, beget and in­fer an incapacity to deal with these our Neighbours in those contests where Diligence, Penetration, Vi­gilance and good Husbandry are to be the Weapons. Now Trade which they prosecute more by much for necessity then we doe, for they must Navigate or Starve, is the Prize held up between us, and I fear 'tis found but too evident to our Cost, that in this strife the Virtues and Manners which they profess are more appropriated to enable them for Vi­ctory [Page 180]than ours. It wou'd be te­dious and perhaps Invidious to e­numerate by how many Arts they have won upon us of late, but I leave that Speculation to wiser Heads, and keep within my own Cir­cle which is the subject of Money; wherein how far and by how many sleights they have contributed to­ward the pressures we at this Day are sinking under on that Score, Prin­ted Papers do so plainly and honest­ly every day evince that I may spare here to explain. It is very likely then (not to say very true) that all the Bullion wherewith we aboun­ded before this War, and all the Silver that has been clipt from our Money, does this day in a manner Center in Holland and thereabouts; this must in evitably infer a greater [Page 181]abundance of that Species among 'em and a proportionable scarcity with us; that plenty with them must needs in some degree lower the value of the Species, while this high Tide of Affluence lasts; as it must by the same Rule inhaunce it here in our low ebb of Poverty. I pray then consider and weigh with your ut­most attention, how to attain and arrive at such a Proportion in the renevving the Establishment of your Mint, that it may not be said Your want of Wisdom and a thorough Insight into a Mat­ter of so great Moment shall afford them a new handle whereby to hurt you with your new Money. For Example, if you Mint your new Coin with an over-great Extrinsi­cal Price, out of an over value and regard to the present appearing Rate [Page 182]of Bullion here, which, I note has acquir'd, as I may say, an undue and praeter-natural Ascent in our esteem; You will thereby be in danger of your Neighbours im­proveing the advantage of their lower price of Bullion to your Detriment, by Importing it to our Mint and purchaseing therewith; even to the laying up in store for Years to come every Staple Commodity and Manufacture of the Kingdom, by which means whatever present appearance there may be of quickness of Trade, the consequence must be pernicious; and I will adventure to say, that as no People whatsoever can be conceived to contribute a greater share of Blood and Treasure towards supporting the Burthen of the War, so [Page 183]none I am sure even by this ve­ry means are likely to taste less consolation from a Peace, whenever it shall happen. Which must yield but Melancholly Reflections by e­very thoughtful English-man, and therefore one wou'd think ought to awaken us; lest we sleep the sleep of Death.

Q. What Method wou'd you advise to obviate this Evil, for there is no doubt but our superiours wou'd be glad to turn every Stone to settle our Mint on a right bottom.

A. You ought I think to begin with this first necessary Reflection, namely, that this Exorbitant rise­ing of the price of your Bullion, is in a good degree due to the present badness of your Currant Coin, and the difference in price [Page 182] [...] [Page 183] [...] [Page 184]even betwixt us and Holland in like manner to be grown in some proportion from the same cause: Now both these Reflections are to bear some weight in your Delibera­tions, least by over-rateing the causes you bend your Argument (which you wou'd streighten) too far the other way. To explain this point a little, you are to reckon that whenever your Coin shall come to be better'd (be it more or less) the difference or height of Exchange, or of the Price of Silver betwixt you and Holland (which is all one) will be less of course, as from the same rec­koning the value of your own Bullion at home will sink too. Now I say that the Amount of those two, which are but co-inci­dent [Page 185]Effects, is to be computed, and by proper helps (I mean such as may be had from Men who are most busied in Trade and Exchange and as shall be thought to have Integrity enough to be trusted) an Estimate ought to be first made, namely, to state to what degree, a little more or less, the Exchange with Holland and the Price of our Bullion here at home may fall, as a bare and sim­ple effect of the regulating our Mint, without heeding any other matter at all relateing to the sub­ject. When this Effect, I say, which is accidental shall be de­termin'd, as if it shall be deem'd to amount to 3. 4. or five per Cent, more or less, then this sum, or difference is to be deducted and [Page 186]left out of the Argument; as namely, if you conclude that this accidental Effect will be 5. per. Cent, that your Bullion will fall of course on the Re-coining your Money; in such case if your Bul­lion be risen 20 per Cent. in the whole you must deduct this 5 per Cent, out of that difference; because it ought to have no Exi­stence among the solid Reasons for the change you are about to make.

Q. If I understand you right then, I conceive if the appearing difference betwixt the price of Bullion now and heretofore be observ'd to amount to 20 per Cent. the real difference by your reckoning is but fifteen per Cent, and upon that Calculation, your Rule for a new Regulation of the Mint must be Built.

A. You understand my mean­ing. The next step I wou'd pro­pose is to consider, what was the Original Motive of Assigning an Extrinsic or Political Value to Mo­ney; I mean that little Value which was given to the publick Coin more then it was really worth, without regard to the salse Reasons of State that after­wards prevail'd, and is at this Day in Practice in Rigid and Violent Governments; and this was plainly for no other End, than to keep every one their own Coin within their own Territory; For while it obtain'd, or there was given 2, or 3, or more per Cent. Ex­trinsical worth by the Mintage, it was so much more in esteem [Page 188]where it was a Native than else­where; which was a very rea­sonable Device to prevent its wan­dring without the Circle of its Currant Virtue. Wherefore let your Coin be Established with such a proportion of Political Va­lue as may prevent its going a­broad, and yet may not be thought to affect you at home in the Prices of the Species of Things, which wou'd amount to an injustice and a grie­vance, in proportion to the Er­rour you shall commit; as I have shewn. On the other hand, if you make your Money vvith­out any Nominal or Extrinsic signification, it vvill (as I have of­ten said and prov'd) be the cause of your loosing it, by melting down, or going out of the King­dom, [Page 189]upon the least advance of the price of Bullion, and there is no manner of question to be made but that Material vvill rise every day more and more as long as the War lasts, from the general causes to vvhich I have already ascrib'd. The grovving scarcity of Money in the World, novv as it vvill be very hard to hit a just mean proportion betvvixt these tvvo, so I think 'tis the safest Errour to incline to the giving your nevv Money too much ra­ther than too little Extrinsic Va­lue, because as an Excess on that side vvill as it vvere ob­viate the danger of the rise­ing Value of your Bullion, so the Errour here, vvill affect us less than the other way, because [Page 190]money, though a little too poor, is yet better by far than none at all; is much more easily melted down and transported than it is Coin'd and Counterfeited, the one may be done easily by any body, any where; the other can be per­form'd but by a few, and requires great secrecy and many Tools; the one is a fault Finable only, the other Punish'd with Death, and therefore likely to have fewer Offenders.

Q. I see but one very visible Ob­jection to lie against this Opinion of yours of giving your Money rather an over than under Exstrinsic Value, and that is the profit arising by the Mintage; for if your new Money shall be made to go for something more than it is In­trinsically [Page 191]worth, will there not arise a certain profit somewhere by the Min­tage.

A. Yes, plainly; for if you allot but 5 per. Cent Extrinsic Value to your new Coin, the charge of the Manufacturage, which will not be above two per. Cent, being dedu­cted out of that 5 per. Cent. there will still remain 3 per. Cent profit; which in the minting of five Mil­lions of Money rises to 150000 pound.

Q. Whose will this Profit be? for the King you say has quitted his right to it.

A. I am no Judge of that; but if I had the honour of being a Mem­ber [Page 192]of Parliment, I should wil­lingly give my Vote to bestow it towards a Fund for the new Hospital at Greenwich; For as no sort of Men have a greater right to our general Charity then Sea­men, so no Charity could rise so easily and from so publick a Foun­tain as this.

Q. You Determine then, I presume, that we ought to Re-coin the whole stock of National Money; I do, be­cause I think there cannot possi­bly Occur any mischief by much so grievous and dangerous to the Nation, through any difficulty that may be suggest'd to spring from the new Minting your Money, as those which we suffer, and threaten us by delaying it. [Page 183]For the Mint or publick Money is the Pulse of the Body politick: And Tacitus tells us, that the Health and Infirmity of the State was always measur'd by that Motion. And grave Authors further assure us, That as the Roman Empire declin'd, it was manifested by their Mint; their Money debasing, as the Power and Virtue of that great People sunk and declin'd. Money is the publick Measure of every thing we have; all our Meum and Tuum is weigh'd and dispens'd by no other Scale or Rule: If that be unequal, false or doubtfull, what Injustice, what Vexation, Murmurings, Po­verty and Peril, threaten'd the State thereby, needs no Rhetorick to in­force! Let it be seen by the timely Wisdom of our Remedies, that the Disease was not Mortal, and the [Page 184]Danger beyond the possibility of a Cure: The Calamitous Fire of London was a Disaster which the World thought wou'd have bin a Death's blow to the State, and, during the Operation of People's Prognosticks thereupon, brought us very low in our Neighbour's Eyes: But the sudden Repair of that stupendous Loss, by the Re­building with so much Magnifi­cence the greatest City (for ought I know) in the Universe, rais'd the Reputation of Our Glory, Courage and Wealth, to a more surprizing Degree of Value in the World's, and our own Esteem too; which by Art, or Wisdom's Rules, cou'd ne­ver have bin known or calculated. We may hope for the like fruit from the same wise and steady Counsels: The Calamity of our [Page 185]Coin is not inferiour; the Cure seems not, in my poor Judgment, harder; nor will the Benefits which the Nation shall reap in the Effect be less.

Q. Have you no further Advice to give, or Cautions to offer, in the main Point of Regulating the new Coinage of Our Money?

A. I cannot repeat too often, and therefore once more do re­commend to your utmost Atten­tion, the deliberating and determi­ning the Proportion betwixt the Real and Nominal Value of your Money; which is the Key of the whole Difficulty, and requires the greatest Advice, Gravity, and Pene­tration to fix.

Q. Have not you said that the Material of your Money is not likely to grow cheaper, but to rise still higher [Page 186]and higher; and yet but just now you gave me an Instance of your fore-sight that on the Moment your Coin shall be regulated, (whether it shou'd chance to be rightly or wisely performed or no,) yet there wou'd presently, as a pure and simple Effect of such a Re­formation, be a Fall of the Value of Silver and Gold, and all the Species of things to a Certain degree, the Quantum being undetermin'd?

A. In this Objection you seem not to be aware, that the Abate­ment of the Value of your Silver and Gold you speak of, is no other than an accidental Effect of that Cause: But the growing Value of Gold and Silver, whereof I have given you my Prognosticks is from the general Causes already by me produc'd; And therefore this Ef­fect, by the bye, has no Weight [Page 187]in your Objection, because it will presently expire, and the general growing Scarcity be no ways in­fluenc'd thereby.

Q. You seem to have yet taken but little notice how our Gold Coin will be affected by the Regulation of our Mint.

A. I have already noted, that your Gold must necessarily fall in its Value upon the Repairing of your Silver Coin, the obvious Rea­son of its exorbitant Rise being from the low Reputation of our Silver-Money; so that it has grown higher through the reason of Com­parison (as I may say) becoming so much the more worth from the others happening to fall so low, which is therefore owing purely to this unhappy Accident here at home: But of what ill influence [Page 188]it has bin to our Affairs; the use our watchfull Neighbours have made thereof, we are loudly and truly every-where told by publick Papers. But a great deal of this Evil, I say, will cure of it self, by your Silver Coin recovering its Re­putation: After which, if Gold shall be thought still to bear too high a Value, I believe it may be in the Power of the Government to Regulate that at any time by a Proclamation, or some wise Result of Council.

Q. I think I have now askd you all my Questions about the Matter; Let me now ask you a few touching the Manner wherein you wou'd proceed in this great Work.

A. I think, according to Advice already publish'd, that more Mints than One ought to be employ'd to [Page 189]carry on the business. And as a foundation to this great Work, I propose that One Million at least, or Fifteen Hundred Thousand Pounds worth of Bullion may be by one means or other compass'd to be first Coin'd into Shillings and Sixpences, to be a Fund ready prepar'd to pay upon the spot for such Clipt Money as shall be brought in.

The next step I would propose to be made, should be the Calling in of all the Half-crowns, Thir­teenpence-halfpenies, Ninepences, and the rest of that unequal Mo­ney; your Shillings and Sixpences to remain still currant till this first Work shall be over. This Money being brought in to the several Receivers appointed, to be spread and distributed in the most popu­lous [Page 190]Places of the Kingdom, shall be paid for in ready new Money by the said Officers; viz. Five new Shillings for five Shillings of your clipt Halfcrowns, &c receiving all the old Money by Weight as well as Tale, according to the Me­thod and Regulation propos'd by Mr. Lowndes; for to think of pay­ing People by piece-meal with Bills or Paper, who shall come from far, sull of Doubts, and pinch'd with Poverty, and vex'd already to the Quick with the Hardships they have suffer'd, and still lie under; and where the Majority will be found to need every penyworth of the Money they shall bring in to be Exchang'd for present currant Money: I say, to propose such a Method as should not be very casie and intelligible to the greater part [Page 191]of the People, might breed a Mischief of no verb easie Dige­stion.

Wherefore I humbly propose, that this Million and a half (or whatsoever the Decay of the whole Treasure of the Nation shall be computed to amount to) may be first found and provided by such means as to the Wisdom of the Parliament shall appear most feasi­ble; which, in my poor Opinion, will not be an insuperable Work. This being first done, and you be­ing then in possession of the Bal­lance of this Debt, which is owing to your general Stock of Treasure, by the Clipping and Impairment it has suffer'd; there will remain no other Difficulty but in the Mint­ing and orderly Distributing and Exchanging your Money by such [Page 192]Rules as I think have bin already very prudently and masterly pro­pounded by the said Mr. Lowndes.

I propose your beginning with Halfcrowns, &c. because the Work must be done Gradatim, and can­not be compass'd otherwise with­out much greater Difficulty and Disorder; wherein a good deal must still happen after all your ut­most care to prevent it.

Your Halfcrowns, &c. being re­ceived and paid for (wherein I note that no Brass or base Money is to be receiv'd,) this is presently to be Minted up to increase your Stock of new Money to be Exchang'd for the old. When this Difficulty is pass'd, I would humbly propose that Proclamation should be made for People to bring in one half or one quarter of their Shillings and [Page 193]Sixpences, or such a proportion as shall be Deem'd to amount to the Summ of new Money you shall have got Minted. Which propor­tion of Shillings and Sixpences be­ing brought in and paid for, (a new Shilling for an old, &c.) shall be forthwith Coin'd up to produce wherewithall of new Money to carry on your Payments for the old.

I propose this gradual Method in the Coining and Calling in of your Shillings and Sixpences I say, to obviate the Trouble, and ease you in the many Difficulties which must needs otherwise occur in the transacting so voluminous and multifarious a Work. When your first proportion of Shillings and Sixpences shall be brought in and paid for, &c. you are to pro­ceed [Page 194]to the next, and so on till your Business shall be finish'd.

Q. You have yet made no mention of the remaining Mill'd-Money, and the rest of the weighty and undefac'd old Coin of the Kingdom; of which sort there must needs be a good quan­tity. What wou'd you propose shou'd be done with that?

A. I propose, that whosoever has bin so honest as to spare from the general Spoil committed on our Coin, or so frugal or provi­dent to have reserved or laid any part thereof up, that it is but Ju­stice they shou'd be consider'd for the same. Wherefore my Advice is, That all such Money shou'd be left to the choice of the Owners, whether to Melt it down and sell it for its real Worth, or to dispose of it to the utmost height of its [Page 195]Value to those who may have a mind to buy it, but still to be oblig'd to dispose of it, so as that it may be re-converted into Coin.

Q. Will not bad Men fall to Clip­ping the Clipp'd-money a-new, when it shall be publish'd by Proclamation, that all the Clipp'd-money is to be paid for on the spot with good new­coin'd legal Money? Or will not those who have cull'd out all the fair Mo­ney from the bad (which is not honest) and who by touching a great running Cash, have it always in their power, will not such Men be able to make a better hand of it by sending this pick'd Money to the Clippers to be trimm'd, and par'd as close as Knavery and Avarice can suggest, than by selling and re-converting such fair Coin into Bullion, as you propose?

A. I believe this might be very easily prevented, and people wou'd not think of Transgressing a-new, or of making that undue use of their fair Money as you mention, if this single Resolution shall be ta­ken: Namely,

That Authority wou'd be pleas'd to direct a judicious Scrutiny to be forthwith made into the lowest de­clension the Coin of the Kingdom is at this day under, and has suffer'd by Clipp [...]ng and Wasting it; and then admitting they find it to be sunk, for Example, Forty in the Hundred, and that to be the most. In such case I humbly conceive, that if they shall determine that all Money as shall be brought to the Receivers to be Exchang'd, which shall fall out to be diminish'd be­low that proportion, such Want [Page 195]shall be made good by the Bringer or Proprietor, and not by the Pub­lick. As on the other hand, all fair Money as shall be so brought in, that shall be found to amount to more than the Value assign'd to your new Money; such surplus to be accounted for and made good to the Deliverer, as I have propos'd. I know there are some Objections seem to lie against this Expedient; but I am convinc'd too, that the Benefit in the main out-weighs them.

Q. What sort of Money wou'd you propose to be Coin'd in the Minting your new Money?

A. I know Crowns & Halfcrowns are less chargeable in the Manufa­cture; but being more liable to Di­minution by Drilling, & other Arts, and more coveted by Strangers, [Page 198]and therefore more in danger to be Exported. I shou'd therefore prefer the Coining all into Shil­lings and Sixpences, with some small proportion of lesser Money. But above all, I humbly propose that the whole Mass of publick Money shou'd be re-coin'd and reduc'd to one Fashion and Manufacture; And wou'd avoid, as a Rock, all new Names and new Values to Mo­ney, tho' I observe it to be some­where propos'd to be done with such old Money as might be thought to remain undiminish'd; which they wou'd have stamp'd with certain Marks to express its new Value by; I say all new Christ­ned Money, and all new Marks to be stamp'd on old Money; and all odd, intricate and puzling Va­luations of Money, contain so ma­ny [Page 197]Dangers, Vexations and Diffi­culties, as I trust we shall take care to avoid by the Self-evidence of the Evils that attend such a Reso­lution.

Q. When you have done all you can, and your Money becomes re-esta­blish'd to your Wish; will it be ever the likelier to remain at home, do you think, tho' we shou'd follow in every Article the Rules and Cautions you have propounded to prevent it?

A. You have bin told by seve­ral Treatises of Trade lately publish'd, that a main Consideration in the Conduct of our general Commerce, is to avoid, by wise and cautious Measures, the over-ballance of our Trade. For tho' you shou'd have Five thousand Trading Ships at Sea, and ten times that number of Sea­men employ'd in your Navigati­ons, [Page 198]you Trade to loss, if you buy from abroad, and pay more Money for what you fetch from Foreigners, than you receive from them for your Service, and your own native Fruits and Manufa­ctures; with all this shew of quick Trade, I say, and extent of Com­merce, you are blowing a dead Cole, and take all this pains but to diminish your Capital or Natio­nal Stock of Treasure: For Trade, without this prime regard, is but little better than Usury: It may inrich a few subtle, bustling, busie Men by chance; but the Land will grieve for their gain, and such pro­fit to particulars will become a Charge on the Debtor-side of the publick Leiger-Book, when-ever that Point shall come to be narrow­ly sifted and debated.

Now if great Wisdom and At­tention are due to the keeping this ballance in our hands, and the dis­posing it to lean towards our Pro­fit, lest by inclining never so little the other way, it shou'd, like a slow Feaver, at length consume us. What Providence in our fore­sight, what Talents and reach of Wit, Prudence and Application, may suffice to save us from the ruine which seems to bode us by the exorbitant Over-ballance we behold at this day! Which, like a Comet, threatens the Nation, with this difference only, That we can Calculate to a certain degree, where and how the Malevolence of the One will work, while we can but guess at the Effects of the Other.

Q. But since this Burthen must be bourn, and the bearing of it seems the lesser Evil of the two, because Poverty is still better than Bondage: Me­thinks we ought to set all our Wits on the stretch to find Expedients how it may be longest sustain'd, and carry'd most commodiously: For why shou'd we want the Discretion of a Porter or a Slave; who being condemn'd to bear and carry a certain Weight, will be sure to dispose of it, so as it shall least gall and wring his Shoulders. Wherefore if we must sustain this Weight, I wou'd be glad to know your Opinion, which is the best way to doe it in such manner as not to sink under it so suddenly as you seem to fear.

A. This Question is too bold for Men without Doors to med­dle in: wherefore I shall touch it with the greatest tenderness. You [Page 201]know (for it is no Secret) that there goes out of the Nation at this day a great deal above a Mil­lion yearly in ready Money or Bul­lion, and by what Means this Mo­ney can circulate or return to us again (it being the over-ballance of our Trade, and therefore mo­ving in foreign Channels) is very hard to Divine.

Now this great Summ, whether your National Coin be good or bad, must go out of the Kingdom, if this over-ballance must be paid; And therefore if you have no Bul­lion, you must send Money, where your extrinsical Value will not be understood, and where your Clipt Shilling, which passes for a Shilling here, shall go for no more than it weights; and therefore there must go a great deal more to pay a fo­reign [Page 202]Debt, than would suffice to pay the same Debt here at Home.

Wherefore if a Million of this Money, which by the urgency and fatality of this destructive War goes yearly out of the Kingdom, were in another manner employ'd; as, namely, to maintain a so much greater Maritime Strength of our own as may amount to that Summ; and by thus easing our Neighbours of just so much in their Naval Ex­pence, which they might transfer and employ to the same Uses for which our Money is at this day Re­mitted into Holland: I say, if such a Project were feasible, the Benefits to us wou'd be unspeakable, where­of that I may Enumerate a few: First, this great Summ wou'd then Circulate within Our selves. Se­condly, Our Naval Strength wou'd [Page 203]be augmented by a third part more than it is at this Day; whereby our Line of Battel would be stronger by the Union and Consistence of our own Native Strength, and we should have to spare to cover our Commerce from that Desolation that has hitherto afflicted us; and by securing especially our Plantati­on-trade, which is our Mines of Gold and Silver, we shou'd taste the relief which that Trade wou'd afford us to our much greater pro­fit. Thirdly, Trade, which now languishes and is at deaths-door, wou'd by this means revive among us; so many more hands wou'd be set a work in every Profession, and so many Species of things of our own growth wou'd be utter'd and spent, that I am perswaded if such a difficulty cou'd be overcome, it [Page 204]wou'd give a new and cheerfull face to our Affairs here at home at least. Lastly, by thus encreasing our Mari­time, which is our Native Strength, we shall shine brighter in our own Orb, and grow stronger, as resting more on our proper Center. We shall encrease our Strength by borrow­ing no body from their peacefull Trades and Business, but employ such, as when the War shall beended, will be still in their Element and Pro­fession, where our wide Commerce shall with open Arms be ever ready to embrace, cherish and employ, to the Nations best and surest Interest.