







 
   
     
       
         Further considerations concerning raising the value of money wherein Mr. Lowndes's arguments for it in his late Report concerning an essay for the amendment of the silver coins, are particularly examined.
         Locke, John, 1632-1704.
      
       
         
           1695
        
      
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             Further considerations concerning raising the value of money wherein Mr. Lowndes's arguments for it in his late Report concerning an essay for the amendment of the silver coins, are particularly examined.
             Locke, John, 1632-1704.
          
           [16], 111, [1], 24 p.
           
             Printed for A. and J. Churchil ...,
             London :
             1695.
          
           
             Advertisement: prelim. p. [13]-[16].
             Errata: p. [1] following p. 111.
             Imperfect: the author's Short observations on a printed paper, intituled, For encouraging the coining silver money in England, and after for keeping it here (24 p. at end), is lacking in filmed copy.
             Reproduction of original in Huntington Library.
          
        
      
    
     
       
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         eng
      
       
         
           Lowndes, William, 1652-1724. -- Some remarks on a report containing an essay for the amendment of the silver coins.
           Coinage -- England.
        
      
    
     
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           FURTHER
           Considerations
           Concerning
           Raising
           the
           Value
           OF
           MONEY
           .
           WHEREIN
           Mr.
           
           Lowndes's
           Arguments
           for
           it
           in
           his
           late
           Report
           concerning
           
             An
             Essay
             for
             the
             Amendment
             of
             the
             Silver
             Coins
             ,
          
           are
           particularly
           Examined
           .
        
         
           LONDON
           ,
           Printed
           for
           A.
           and
           
             I.
             Churchil
          
           at
           the
           
             Black
             Swan
          
           in
           Pater-Noster-Row
           ,
           MDCXCV
           .
        
      
       
         
         
         
           TO
           THE
           Right
           Honorable
           S
           r
           
             Iohn
             Sommers
          
           ,
           Kt.
           Lord
           Keeper
           of
           the
           Great
           Seal
           of
           England
           ,
           and
           one
           of
           His
           Majesties
           most
           Honorable
           Privy
           Council
           .
        
         
           
             MY
             LORD
             ,
          
        
         
           THE
           Papers
           I
           here
           present
           your
           Lordship
           ,
           are
           in
           Substance
           the
           same
           with
           one
           which
           I
           delivered
           to
           you
           ,
           in
           Obedience
           to
           the
           Commands
           I
           received
           by
           your
           Lordship
           ,
           from
           their
           Excellencies
           ,
           the
           Lords
           Justices
           ;
           and
           with
           
           another
           ,
           which
           I
           writ
           in
           Answer
           to
           some
           Questions
           your
           Lordship
           was
           pleased
           to
           propose
           to
           me
           concerning
           our
           Coin.
           The
           Approbation
           your
           Lordship
           was
           pleased
           to
           give
           them
           then
           ,
           has
           been
           an
           Encouragement
           to
           me
           ,
           to
           revise
           them
           now
           ,
           and
           put
           them
           in
           an
           Order
           ;
           fitter
           to
           comply
           with
           their
           Desires
           ,
           who
           will
           needs
           have
           me
           print
           something
           at
           this
           time
           ,
           on
           this
           Subject
           :
           And
           could
           any
           thing
           of
           this
           Nature
           be
           received
           with
           Indifferency
           in
           this
           Age
           ;
           the
           Allowance
           they
           have
           had
           from
           your
           Lordship
           ,
           whose
           great
           and
           clear
           Judgment
           is
           ,
           with
           general
           Consent
           and
           Applause
           ,
           acknowledged
           to
           be
           the
           just
           Measure
           of
           Right
           and
           Wrong
           amongst
           us
           ,
           might
           make
           me
           hope
           that
           they
           might
           pass
           in
           the
           World
           without
           any
           great
           Dislike
           .
        
         
           However
           ,
           since
           your
           Lordship
           thought
           they
           might
           be
           of
           use
           to
           clear
           some
           Difficulties
           ,
           and
           rectifie
           some
           wrong
           Notions
           that
           are
           taken
           up
           about
           Money
           ,
           I
           have
           ventured
           them
           into
           the
           World
           ,
           desiring
           no
           Mercy
           to
           
           any
           erroneous
           Positions
           or
           wrong
           Reasonings
           ,
           which
           shall
           be
           found
           in
           them
           .
           I
           shall
           never
           knowingly
           be
           of
           any
           ,
           but
           Truths
           and
           my
           Countrey
           's
           side
           ;
           the
           former
           I
           shall
           always
           gladly
           imbrace
           and
           own
           ,
           whoever
           shews
           it
           me
           :
           And
           in
           these
           Papers
           ,
           I
           am
           sure
           ,
           I
           have
           no
           other
           Aim
           ,
           but
           to
           do
           what
           little
           I
           can
           ,
           for
           the
           Service
           of
           my
           Country
           .
           Your
           Lordship
           's
           so
           evidently
           preferring
           that
           to
           all
           other
           Considerations
           ,
           does
           ,
           in
           the
           Eyes
           of
           all
           Men
           ,
           sit
           so
           well
           upon
           you
           ,
           that
           my
           Ambition
           will
           not
           be
           blamed
           ;
           if
           I
           in
           this
           ,
           propose
           to
           my self
           so
           great
           an
           Example
           ;
           and
           in
           my
           little
           sphere
           am
           moved
           by
           the
           same
           Principle
           .
        
         
           I
           have
           a
           long
           time
           foreseen
           the
           Mischief
           and
           Ruine
           coming
           upon
           us
           by
           clipp'd
           Money
           ,
           if
           it
           were
           not
           timely
           stopp'd
           :
           And
           had
           Concern
           enough
           for
           the
           Publick
           ,
           to
           make
           me
           print
           some
           Thoughts
           touching
           our
           Coin
           some
           Years
           since
           .
           The
           Principles
           I
           there
           went
           on
           ,
           I
           see
           no
           reason
           to
           alter
           :
           They
           have
           ,
           if
           I
           mistake
           not
           ,
           their
           Foundation
           in
           Nature
           ,
           and
           will
           
           stand
           :
           They
           have
           their
           Foundation
           in
           Nature
           ,
           and
           are
           clear
           ;
           and
           will
           be
           so
           ,
           in
           all
           the
           Train
           of
           their
           Consequences
           throughout
           this
           whole
           (
           as
           it
           is
           thought
           )
           mysterious
           Business
           of
           Money
           ,
           to
           all
           those
           ,
           who
           will
           but
           be
           at
           the
           easie
           Trouble
           of
           stripping
           this
           Subject
           of
           hard
           ,
           obscure
           and
           doubtful
           Words
           ,
           wherewith
           Men
           are
           often
           mislead
           and
           mislead
           others
           .
           And
           now
           the
           Disorder
           is
           come
           to
           Extremity
           ,
           and
           can
           no
           longer
           be
           plaid
           with
           ,
           I
           wish
           it
           may
           find
           a
           suddain
           and
           effectual
           Cure
           ;
           not
           a
           Remedy
           in
           Sound
           and
           Appearance
           ,
           which
           may
           flatter
           us
           on
           to
           Ruine
           in
           the
           Continuation
           of
           a
           growing
           Mischief
           ,
           that
           calls
           for
           present
           Help
           .
        
         
           I
           wish
           too
           ,
           that
           the
           Remedy
           may
           be
           as
           easie
           as
           possible
           ;
           and
           that
           the
           Cure
           of
           this
           Evil
           be
           not
           ordered
           so
           as
           to
           lay
           a
           great
           Part
           of
           the
           Burden
           unequally
           on
           those
           ,
           who
           have
           had
           no
           particular
           Hand
           in
           it
           .
           Westminster-Hall
           is
           so
           great
           a
           Witness
           of
           your
           Lordship's
           unbiassed
           Justice
           ,
           and
           steady
           Care
           to
           preserve
           to
           every
           one
           their
           
           Right
           ;
           that
           the
           World
           will
           not
           wonder
           you
           should
           not
           be
           for
           such
           a
           lessening
           our
           Coin
           ,
           as
           will
           ,
           without
           any
           Reason
           ,
           deprive
           great
           Numbers
           of
           blameless
           Men
           of
           a
           Fifth
           Part
           of
           their
           Estates
           ,
           beyond
           the
           Relief
           of
           Chancery
           .
           I
           hope
           this
           Age
           will
           scape
           so
           great
           a
           Blemish
           .
           I
           doubt
           not
           but
           there
           are
           many
           ,
           who
           ,
           for
           the
           Service
           of
           their
           Countrey
           ,
           and
           for
           the
           Support
           of
           the
           Government
           ,
           would
           gladly
           part
           with
           ,
           not
           only
           one
           Fifth
           ,
           but
           a
           much
           larger
           Portion
           of
           their
           Estates
           .
           But
           when
           it
           shall
           be
           taken
           from
           them
           ,
           only
           to
           be
           bestowed
           on
           Men
           in
           their
           ,
           and
           the
           common
           Opinion
           ,
           no
           better
           deserving
           of
           their
           Countrey
           than
           themselves
           ,
           unless
           growing
           exceedingly
           rich
           by
           the
           publick
           Necessities
           ,
           whilst
           every
           body
           else
           finds
           his
           Fortune
           streightned
           by
           them
           ,
           be
           a
           publick
           Merit
           ,
           that
           deserves
           a
           publick
           and
           signal
           Reward
           ,
           this
           Loss
           ,
           of
           one
           Fifth
           of
           their
           Debts
           and
           Income
           ,
           will
           sit
           heavy
           on
           them
           ,
           who
           shall
           feel
           it
           without
           the
           Alleviation
           of
           any
           Profit
           or
           Credit
           ,
           that
           will
           thereby
           accrue
           to
           
           the
           Nation
           ,
           by
           such
           a
           lessening
           of
           our
           Coin.
           
        
         
           If
           any
           one
           ask
           ,
           how
           I
           ,
           a
           retired
           private
           Man
           ,
           come
           at
           this
           time
           to
           meddle
           with
           Money
           and
           Trade
           :
           For
           they
           are
           inseparable
           ;
           I
           reply
           ,
           that
           your
           Lorship
           ,
           and
           the
           other
           great
           Men
           that
           put
           me
           upon
           it
           ,
           are
           answerable
           for
           it
           :
           Whether
           what
           I
           say
           be
           to
           the
           purpose
           or
           no
           ,
           that
           I
           my self
           am
           answerable
           for
           .
           This
           I
           can
           answer
           to
           all
           the
           World
           ,
           that
           I
           have
           not
           said
           any
           thing
           here
           ,
           without
           a
           full
           Perswasion
           of
           its
           Truth
           ;
           nor
           with
           any
           other
           Motive
           or
           Purpose
           than
           the
           clearing
           of
           this
           artificially
           perplexed
           ,
           rather
           in
           it self
           mysterious
           Subject
           ,
           as
           far
           as
           my
           poor
           Talent
           reaches
           .
           That
           which
           perhaps
           I
           shall
           not
           be
           so
           well
           able
           to
           answer
           ,
           to
           your
           Lordship
           and
           my self
           ,
           is
           the
           Liberty
           I
           have
           taken
           ,
           in
           such
           an
           Address
           as
           this
           ,
           to
           profess
           that
           I
           am
           ,
        
         
           
             MY
             LORD
             ,
          
           
             Your
             Lordships
             most
             humble
             and
             most
             Obedient
             Servant
             IOHN
             LOCKE
             .
          
        
      
       
         
         
           THE
           PREFACE
           .
        
         
           THough
           Mr.
           Lowndes
           and
           I
           differ
           in
           the
           Way
           ,
           yet
           I
           assure
           my self
           ,
           our
           End
           is
           the
           same
           ;
           and
           that
           we
           both
           propose
           to
           our selves
           the
           Service
           of
           our
           Country
           .
           He
           is
           a
           Man
           known
           so
           able
           in
           the
           Post
           he
           is
           in
           ;
           to
           which
           the
           business
           of
           Money
           peculiarly
           belongs
           :
           And
           has
           shewed
           himself
           so
           learned
           in
           the
           Records
           ,
           and
           Matters
           of
           the
           Mint
           ;
           and
           so
           exact
           in
           Calculations
           and
           Combinations
           of
           Numbers
           relating
           to
           our
           Coin
           ,
           either
           already
           in
           use
           ,
           or
           designed
           by
           him
           ,
           that
           I
           think
           I
           should
           have
           troubled
           the
           Publick
           no
           more
           on
           this
           Subject
           ,
           had
           not
           he
           himself
           engaged
           me
           in
           it
           ;
           and
           brought
           it
           to
           that
           pass
           ,
           that
           either
           I
           must
           be
           thought
           to
           renounce
           my
           own
           Opinion
           ,
           or
           must
           publickly
           oppose
           his
           .
        
         
         
           Whilst
           his
           Treatise
           was
           yet
           a
           Manuscript
           ,
           and
           before
           it
           was
           laid
           before
           those
           great
           Persons
           ,
           to
           whom
           it
           was
           afterwards
           submitted
           ,
           he
           did
           me
           the
           Favour
           to
           shew
           it
           to
           me
           ;
           and
           made
           me
           the
           Compliment
           ,
           to
           ask
           me
           my
           Opinion
           of
           it
           .
           Though
           we
           had
           some
           short
           Discourse
           on
           the
           Subject
           ,
           yet
           the
           multiplicity
           of
           his
           business
           ,
           whilst
           I
           staid
           in
           Town
           ;
           and
           my
           Health
           ,
           which
           soon
           after
           forced
           me
           out
           of
           it
           ,
           allowed
           us
           not
           an
           occasion
           to
           debate
           any
           one
           point
           throughly
           ,
           and
           bring
           it
           to
           an
           issue
           Before
           I
           returned
           to
           Town
           ,
           his
           Book
           was
           in
           the
           Press
           ;
           and
           finished
           before
           I
           had
           the
           opportunity
           to
           see
           Mr.
           Lowndes
           again
           .
           And
           here
           he
           laid
           a
           new
           Obligation
           on
           me
           ,
           not
           only
           in
           giving
           me
           one
           of
           them
           ;
           but
           testing
           me
           ,
           when
           I
           received
           it
           from
           his
           Hands
           ,
           that
           it
           was
           the
           first
           he
           had
           parted
           with
           to
           any
           Body
           .
           I
           then
           went
           it
           over
           a
           second
           time
           ,
           and
           having
           more
           leisure
           to
           consider
           it
           ,
           I
           found
           there
           were
           a
           great
           many
           Particulars
           in
           it
           drawn
           out
           of
           Ancient
           Records
           ,
           not
           commonly
           known
           ,
           wherewith
           he
           had
           obliged
           the
           World.
           These
           ,
           which
           very
           pleasingly
           entertained
           me
           ,
           though
           they
           prevail'd
           not
           
           on
           me
           to
           be
           of
           his
           Opinion
           every
           where
           ,
           yet
           joyn'd
           with
           the
           great
           Civilities
           he
           had
           shewn
           me
           ,
           left
           me
           in
           a
           disposition
           so
           little
           inclined
           to
           oppose
           any
           thing
           in
           it
           ,
           that
           I
           should
           rather
           have
           chosen
           to
           acknowledge
           my self
           in
           Print
           ,
           to
           be
           his
           Convert
           ,
           if
           his
           Arguments
           had
           convinced
           me
           ;
           than
           to
           troubled
           the
           World
           with
           the
           Reasons
           ,
           why
           I
           Dissent
           from
           him
           .
        
         
           In
           this
           Disposition
           my
           Pen
           rested
           ,
           from
           medling
           any
           farther
           with
           this
           Subject
           whilst
           I
           was
           in
           Town
           ,
           soon
           after
           my
           own
           Health
           ,
           and
           the
           Death
           of
           a
           Friend
           ,
           forc'd
           me
           into
           the
           Country
           :
           And
           the
           business
           occasion'd
           thereby
           ,
           and
           my
           own
           private
           Affairs
           ,
           took
           up
           all
           my
           time
           ,
           at
           my
           first
           coming
           thither
           ;
           and
           had
           continued
           on
           to
           do
           so
           ,
           had
           not
           several
           repeated
           intimations
           and
           instances
           from
           London
           ,
           not
           without
           some
           reproaches
           of
           my
           backwardness
           ,
           made
           me
           see
           ,
           that
           the
           World
           concern'd
           me
           particularly
           in
           M.
           
           Lowndes's
           Postscript
           ,
           and
           expected
           something
           from
           me
           on
           that
           occasion
           .
        
         
           Though
           possibly
           I
           was
           not
           wholly
           out
           of
           his
           mind
           when
           Mr.
           Lowndes
           writ
           that
           Invitation
           ,
           yet
           I
           shall
           not
           make
           my self
           
           the
           Compliment
           ,
           to
           think
           I
           alone
           am
           concern'd
           in
           it
           .
           The
           great
           importance
           of
           the
           matter
           made
           him
           desire
           every
           one
           to
           contribute
           what
           he
           could
           to
           the
           clearing
           of
           it
           ,
           and
           setting
           it
           in
           a
           true
           light
           .
           And
           I
           must
           do
           him
           this
           Right
           ,
           to
           think
           ,
           that
           he
           prefers
           the
           publick
           Good
           to
           his
           private
           Opinion
           ;
           and
           therefore
           is
           willing
           his
           Proposals
           and
           Arguments
           should
           be
           with
           freedom
           examin'd
           to
           the
           bottom
           ,
           that
           if
           there
           be
           any
           mistake
           in
           them
           ,
           no
           body
           may
           be
           misled
           by
           his
           Reputation
           and
           Authority
           ,
           to
           the
           prejudice
           of
           his
           Country
           .
           Thus
           I
           understand
           his
           Postscript
           ,
           and
           thus
           I
           shall
           endeavour
           to
           comply
           with
           it
           .
           I
           shall
           to
           the
           best
           of
           my
           skill
           ,
           examine
           his
           Arguments
           with
           all
           Respect
           to
           him
           ,
           and
           Fidelity
           to
           Truth
           ,
           as
           far
           as
           I
           can
           discover
           it
           .
           The
           frankness
           of
           his
           proceeding
           in
           particular
           with
           me
           ,
           assures
           me
           he
           is
           so
           great
           a
           Lover
           of
           Truth
           and
           Right
           ,
           that
           he
           will
           not
           think
           himself
           injur'd
           when
           that
           is
           defended
           ;
           and
           will
           be
           glad
           ,
           when
           it
           is
           made
           plain
           ,
           by
           whose
           Hand
           soever
           it
           be
           .
        
         
           This
           is
           what
           has
           made
           me
           publish
           these
           Papers
           ,
           without
           any
           derogation
           to
           Mr.
           Lowndes
           ,
           or
           so
           much
           as
           a
           suspition
           that
           
           he
           will
           take
           it
           amiss
           .
           I
           judge
           of
           him
           by
           my self
           .
           For
           I
           shall
           think
           my self
           obliged
           to
           any
           one
           ,
           who
           shall
           shew
           me
           ,
           or
           the
           Publick
           ,
           any
           material
           mistake
           in
           any
           thing
           I
           have
           here
           said
           ,
           whereon
           any
           part
           of
           the
           Question
           turns
           .
        
      
       
         
           Books
           lately
           Printed
           for
           ,
           and
           Sold
           by
           A.
           and
           
             J.
             Churchill
          
           ,
           at
           the
           Black-Swan
           in
           Pater-Noster-Row
           .
        
         
           
             A
             View
             of
             Universal
             History
             ,
             from
             the
             Creation
             ,
             to
             the
             Year
             of
             Christ
             1695.
             
             By
             
               Francis
               Tallents
            
             ,
             sometimes
             Fellow
             of
             
             Magdalen-College
             ,
             Cambridge
             .
             The
             whole
             graven
             in
             16
             Copper-Plates
             ,
             each
             15
             inches
             deep
             ,
             and
             12
             broad
             ;
             bound
             up
             into
             Books
             ,
             the
             Sheets
             lined
             .
             A
             Work
             of
             great
             Exactness
             and
             Curiosity
             .
             Price
             16
             s.
             
          
           
             
             Cambden's
             Britannia
             ,
             newly
             Translated
             into
             English
             ,
             with
             large
             Additions
             and
             Improvements
             .
             By
             
               Edmund
               Gibson
            
             ,
             of
             Queens
             College
             in
             Oxford
             .
          
           
             The
             General
             History
             of
             the
             Air.
             By
             
               Robert
               Boyle
            
             ,
             
               Esq
            
             Quarto
             .
          
           
             A
             Compleat
             Journal
             of
             the
             Votes
             ,
             Speeches
             ,
             and
             Debates
             ,
             both
             of
             the
             House
             of
             Lords
             and
             House
             of
             Commons
             ,
             throughout
             the
             whole
             Reign
             of
             Queen
             Elizabeth
             .
             
             Collected
             by
             Sir
             
               Simonds
               Dewes
            
             ,
             Baronet
             ,
             and
             Published
             by
             
               Paul
               Bowes
            
             ,
             of
             the
             Middle-Temple
             ,
             
               Esq
            
             The
             2d
             Edition
             .
             Fol.
             
          
           
             The
             Works
             of
             the
             famous
             
               Nicholas
               Machivael
            
             ,
             Citizen
             and
             Secretary
             of
             Florence
             .
             Writen
             Originally
             in
             Italian
             ,
             and
             from
             thence
             faithfully
             Translated
             into
             English.
             Fol.
             
          
           
             Mr.
             
             Lock
             's
             Essay
             concerning
             Humane
             Understanding
             .
             The
             Third
             Edition
             with
             large
             Additions
             .
             Fol.
             —
             His
             Thoughts
             of
             Education
             .
             Octavo
             .
          
           
             The
             Fables
             of
             Aesop
             and
             other
             Mithologists
             ;
             made
             English
             by
             Sir
             
               Roger
               L'Estrange
            
             ,
             Kt.
             Fol.
             
          
           
             Two
             Treatises
             of
             Government
             :
             The
             first
             an
             Answer
             to
             
             Filmer's
             Patriarcha
             .
             The
             latter
             an
             Essay
             concerning
             the
             true
             Original
             ,
             Extent
             ,
             and
             End
             of
             Civil
             Government
             .
             Octavo
             .
          
           
             
               Notitia
               Monastica
            
             :
             Or
             ,
             A
             short
             History
             of
             the
             Religious
             Houses
             in
             England
             and
             
               Wales
               ,
               &c.
            
             By
             
               Thomas
               Tanner
            
             .
             A.
             B.
             Octavo
             .
          
           
             The
             Resurrection
             of
             the
             (
             same
             )
             Body
             ,
             asserted
             from
             the
             Tradition
             of
             the
             Heathens
             ,
             the
             Ancient
             Jews
             ,
             and
             the
             Primitive
             Church
             :
             With
             an
             Answer
             to
             the
             Objections
             brought
             against
             it
             .
             By
             
               Humphrey
               Hody
            
             ,
             D.
             D.
             
          
           
             Bishop
             Wilkins
             of
             Prayer
             and
             Preaching
             :
             Enlarged
             by
             the
             Bishop
             of
             Norwich
             ,
             and
             Dr.
             Williams
             .
             8
             
             o.
          
           
             
             Considerations
             about
             lowering
             the
             Interest
             and
             raising
             the
             Value
             of
             Money
             .
             Octav.
             
          
           
             Short
             Observations
             on
             a
             Printed
             Paper
             ,
             Entituled
             ,
             
               For
               encouraging
               the
               Coining
               Silver
               Money
               in
            
             England
             ,
             
               and
               after
               for
               keeping
               it
               here
               .
            
             Octavo
             .
          
           
             Sir
             W.
             Temple
             's
             Hist.
             of
             the
             Netherlands
             .
             8
             
             o.
          
           
             —
             
               Miscellanea
               .
               Octavo
            
             .
          
           
             Dr.
             
             Gibson's
             Anatomy
             of
             humane
             Bodies
             ,
             with
             Figures
             .
             Octavo
             .
          
           
             Dr.
             
             Patrick's
             New
             Version
             of
             all
             the
             Psalms
             of
             David
             in
             Metre
             .
             Twelves
             .
          
           
             Two
             Treatises
             of
             Natural
             Religion
             Oct.
             
          
           
             Gentleman's
             Religion
             ,
             with
             the
             Grounds
             and
             Reasons
             of
             it
             .
          
           
             The
             Novels
             and
             Tales
             of
             the
             Renowned
             
               Iohn
               Boccacio
            
             ,
             The
             first
             Refiner
             of
             Italian
             Prose
             ;
             containing
             an
             Hundred
             Curious
             Novels
             :
             By
             seven
             Honourable
             Ladies
             ,
             and
             three
             Noble
             Gentlemen
             ,
             Framed
             in
             Ten
             Days
             .
             The
             Fifth
             Edition
             much
             Corrected
             and
             Amended
             .
          
           
             
               Logica
               :
               Sive
               ,
               Ars
               Ratiocinandi
               .
               Ontologia
               :
               Sive
               ,
               De
               Ente
               in
               Genere
               .
               Pneumatologia
               ,
               seu
               Despiritibus
               .
               Auctore
               Ioanne
               Clerico
               .
            
             12
             
             o.
          
           
             The
             Lives
             of
             the
             Popes
             ,
             from
             the
             time
             of
             our
             Saviour
             Jesus
             Christ
             ,
             to
             the
             Reign
             of
             Sixtus
             IV.
             By
             Sir
             
               Paul
               Rycaut
            
             ,
             Kt.
             The
             Second
             Edition
             corrected
             .
          
           
             The
             Meditations
             of
             
               Marcus
               Aurelius
               Antoninus
            
             ,
             the
             Roman
             Emperour
             ,
             concerning
             
             Himself
             .
             To
             which
             is
             added
             ,
             The
             Life
             of
             Antoninus
             ,
             with
             some
             Remarks
             upon
             the
             whole
             :
             By
             Monsieur
             and
             Mad.
             Dacier
             .
             Never
             before
             in
             English.
             Octavo
             .
          
           
             Sermons
             Preached
             by
             Dr.
             
               R.
               Leighton
            
             ,
             late
             Arch-Bp
             .
             of
             Glasgow
             .
             The
             Second
             Edition
             .
             Octavo
             .
          
           
             The
             Roman
             History
             ,
             written
             in
             Latin
             by
             
               Titus
               Livius
            
             ,
             with
             the
             Supplements
             of
             the
             Learned
             
               Iohn
               Freinshemius
            
             ,
             and
             
               Iohn
               Dujatius
            
             :
             Faithfully
             done
             into
             English.
             Fol.
             
          
           
             
               A●icius
               Manlius
               Severinus
               Boetius
            
             ,
             of
             the
             Consolation
             of
             Philosophy
             .
             In
             Five
             Books
             .
             Made
             English
             by
             the
             Right
             Honourable
             Richard
             Lord
             Viscount
             
               Preston
               .
               Octavo
            
             .
          
           
             Sir
             Richard
             Baker's
             Chronicle
             of
             the
             K.
             of
             England
             ,
             continued
             down
             to
             this
             Time.
             
          
           
             The
             Reasonableness
             of
             Christianity
             ,
             as
             delivered
             in
             the
             Scriptures
             .
             Octavo
             .
          
           
             Prince
             Arthur
             ;
             an
             Heroick
             Poem
             .
             In
             Ten
             Books
             .
             By
             
               R.
               Blackmore
            
             ,
             M.
             D.
             Fellow
             of
             the
             College
             of
             Physicians
             ,
             
               London
               .
               Fol.
            
             
          
           
             The
             Christians
             defence
             against
             the
             fear
             of
             Death
             ,
             with
             seasonable
             Directions
             how
             to
             prepare
             themselves
             to
             Dye
             well
             .
             Written
             originally
             in
             French
             ,
             by
             
               Charte
               Drilincourt
            
             ,
             of
             Paris
             ,
             and
             Translated
             into
             English
             by
             
               M.
               D.
               Assigny
               ,
               B.
               D.
            
             Third
             Edition
             .
          
           
             The
             Royal
             Grammer
             ,
             containing
             a
             new
             and
             easie
             Method
             for
             the
             speedy
             attaining
             the
             Latin
             Tongue
             .
          
        
      
    
     
       
         
         
           FURTHER
           Considerations
           Concerning
           Raising
           the
           Value
           OF
           MONEY
           .
        
         
           SIlver
           is
           the
           Instrument
           and
           Measure
           of
           Commerce
           in
           all
           the
           Civilized
           and
           Trading
           parts
           of
           the
           World.
           
        
         
           It
           is
           the
           Instrument
           of
           Commerce
           by
           its
           intrinsick
           value
           .
        
         
           The
           
             intrinsick
             value
          
           of
           Silver
           consider'd
           as
           Money
           ,
           is
           that
           estimate
           which
           common
           consent
           has
           placed
           on
           it
           ,
           whereby
           it
           is
           made
           Equivalent
           to
           all
           other
           things
           ,
           and
           consequently
           is
           the
           universal
           Barter
           or
           Exchange
           which
           Men
           give
           and
           receive
           for
           
           other
           things
           they
           would
           purchase
           or
           part
           with
           for
           a
           valuable
           consideration
           .
           :
           And
           thus
           as
           the
           Wife
           Man
           tells
           us
           ,
           
             Money
             answers
             all
             things
          
           .
        
         
           Silver
           is
           the
           Measure
           of
           Commerce
           by
           its
           quantity
           ,
           which
           is
           the
           Measure
           also
           of
           its
           intrinsick
           value
           .
           If
           one
           grain
           of
           Silver
           has
           an
           intrinsick
           value
           in
           it
           ,
           two
           grains
           of
           Silver
           have
           double
           that
           intrinsick
           value
           ,
           and
           three
           grains
           treble
           ,
           and
           so
           on
           proportionably
           .
           This
           we
           have
           daily
           Experience
           of
           ,
           in
           common
           buying
           and
           selling
           .
           For
           if
           one
           Ounce
           of
           Silver
           will
           buy
           ,
           
             i.
             e.
          
           is
           of
           equal
           value
           to
           one
           Bushel
           of
           Wheat
           ,
           two
           Ounces
           of
           Silver
           will
           buy
           two
           Bushels
           of
           the
           same
           Wheat
           ,
           
             i.
             e.
          
           has
           double
           the
           value
           .
        
         
           Hence
           it
           is
           evident
           ,
           that
           an
           equal
           quantity
           of
           Silver
           is
           always
           of
           equal
           value
           to
           an
           equal
           quantity
           of
           Silver
           .
        
         
           This
           common
           sense
           ,
           as
           well
           as
           the
           Market
           ,
           teaches
           us
           .
           For
           Silver
           being
           all
           of
           the
           same
           nature
           and
           goodness
           ,
           having
           all
           the
           same
           quantities
           ,
           't
           is
           impossible
           but
           it
           should
           in
           the
           same
           quantity
           have
           the
           same
           value
           .
           For
           if
           a
           less
           quantity
           of
           any
           Commodity
           be
           allowed
           to
           be
           equal
           in
           value
           to
           a
           greater
           quantity
           of
           the
           same
           sort
           of
           Commodity
           ,
           it
           must
           be
           for
           some
           good
           quality
           it
           has
           which
           the
           other
           wants
           .
           But
           Silver
           to
           Silver
           has
           no
           such
           difference
           .
        
         
         
           Here
           it
           will
           be
           asked
           ,
           is
           not
           some
           
             Silver
             finer
          
           than
           other
           ?
        
         
           I
           answer
           ,
           one
           mass
           of
           mixed
           Metal
           not
           discerned
           by
           the
           Eye
           to
           be
           any
           thing
           but
           Silver
           ,
           and
           therefore
           called
           Silver
           ,
           may
           have
           a
           less
           mixture
           of
           baser
           Metal
           in
           it
           than
           another
           ,
           and
           so
           in
           common
           speech
           is
           said
           to
           be
           finer
           Silver
           .
           So
           Ducatoons
           having
           a
           less
           mixture
           of
           Copper
           in
           them
           than
           our
           English
           Coin
           has
           ,
           are
           said
           to
           be
           finer
           Silver
           .
           But
           the
           truth
           is
           ,
           the
           Silver
           that
           is
           in
           each
           is
           equally
           fine
           ,
           as
           will
           appear
           when
           the
           baser
           Metal
           is
           separate
           from
           it
           .
           And
           't
           is
           of
           this
           pure
           or
           fine
           silver
           I
           must
           be
           understood
           when
           I
           mention
           silver
           ;
           not
           regarding
           the
           Copper
           or
           Lead
           which
           may
           chance
           to
           be
           mix'd
           with
           it
           .
           For
           example
           :
           Take
           an
           Ounce
           of
           fine
           silver
           ,
           and
           ¼
           of
           an
           Ounce
           of
           Copper
           ,
           and
           melt
           them
           together
           ,
           one
           may
           say
           of
           the
           whole
           mass
           ,
           that
           it
           is
           not
           fine
           silver
           ,
           but
           it
           is
           true
           there
           is
           an
           Ounce
           of
           fine
           silver
           in
           it
           ;
           and
           though
           this
           mass
           weighing
           1
           ¼
           Ounce
           be
           not
           of
           equal
           value
           to
           1
           ¼
           Ounce
           of
           fine
           silver
           ,
           yet
           the
           Ounce
           of
           fine
           silver
           in
           it
           is
           ,
           when
           separate
           from
           the
           Copper
           ,
           of
           equal
           value
           to
           any
           other
           Ounce
           of
           silver
           .
        
         
           By
           this
           Measure
           of
           Commerce
           ,
           viz.
           the
           quantity
           of
           silver
           ,
           Men
           measure
           the
           value
           of
           all
           other
           things
           .
           Thus
           to
           measure
           what
           the
           value
           of
           Lead
           is
           to
           Wheat
           ,
           and
           of
           either
           
           of
           them
           to
           a
           c●●tain
           sort
           of
           Linnen
           Cloth
           ,
           the
           quantity
           of
           Silver
           that
           each
           is
           valued
           at
           or
           sells
           for
           ,
           needs
           only
           be
           known
           .
           For
           if
           a
           Yard
           of
           Cloth
           be
           sold
           for
           ½
           Ounce
           of
           Silver
           ,
           a
           Bushel
           of
           Wheat
           for
           one
           Ounce
           ,
           and
           an
           hundred
           weight
           of
           Lead
           for
           two
           Ounces
           ,
           any
           one
           presently
           sees
           and
           says
           that
           a
           Bushel
           of
           Wheat
           is
           double
           the
           value
           of
           a
           Yard
           of
           that
           Cloth
           ,
           and
           but
           half
           the
           value
           of
           an
           hundred
           weight
           of
           Lead
           .
        
         
           Some
           are
           of
           opinion
           that
           this
           measure
           of
           Commerce
           ,
           like
           all
           other
           measures
           ,
           is
           Arbitrary
           ,
           and
           may
           at
           pleasure
           be
           varied
           ;
           by
           putting
           more
           or
           fewer
           grains
           of
           Silver
           in
           pieces
           of
           a
           known
           denomination
           ,
           
             v.
             g.
          
           by
           making
           a
           penny
           or
           a
           shilling
           lighter
           or
           heavier
           ,
           in
           Silver
           ,
           in
           a
           Country
           where
           these
           are
           known
           denominations
           of
           pieces
           of
           silver
           money
           .
           But
           they
           will
           be
           of
           another
           mind
           ,
           when
           they
           consider
           that
           Silver
           is
           a
           measure
           of
           a
           nature
           quite
           different
           from
           all
           other
           .
           The
           Yard
           or
           Quart
           Men
           measure
           by
           ,
           may
           rest
           indifferently
           in
           the
           Buyers
           and
           Sellers
           ,
           or
           a
           third
           persons
           hands
           ,
           it
           matters
           not
           whose
           it
           is
           .
           But
           it
           is
           not
           so
           in
           Silver
           .
           It
           is
           the
           thing
           bargain'd
           for
           ,
           as
           well
           as
           the
           measure
           of
           the
           bargain
           ;
           and
           in
           Commerce
           passes
           from
           the
           buyer
           to
           the
           seller
           ,
           as
           being
           in
           such
           a
           quantity
           equivalent
           to
           the
           thing
           sold
           :
           And
           so
           it
           not
           only
           measures
           the
           value
           of
           the
           Commodity
           it
           is
           apply'd
           to
           ,
           but
           is
           
           given
           in
           Exchange
           for
           it
           ,
           as
           of
           equal
           value
           But
           this
           it
           does
           ,
           (
           as
           is
           visible
           )
           only
           by
           its
           quantity
           ,
           and
           nothing
           else
           .
           For
           it
           must
           be
           remembred
           ,
           that
           Silver
           is
           the
           Instrument
           as
           well
           as
           Measure
           of
           Commerce
           ,
           and
           is
           given
           in
           Exchange
           for
           the
           things
           traded
           for
           :
           And
           every
           one
           desiring
           to
           get
           as
           much
           as
           he
           can
           of
           it
           for
           any
           Commodity
           he
           sells
           ,
           't
           is
           by
           the
           quantity
           of
           Silver
           he
           gets
           for
           it
           in
           Exchange
           ,
           and
           by
           nothing
           else
           ,
           that
           he
           measures
           the
           value
           of
           the
           Commodity
           he
           sells
           .
        
         
           The
           Coining
           of
           Silver
           ,
           or
           making
           Money
           of
           it
           ,
           is
           the
           ascertaining
           of
           its
           quantity
           by
           a
           publick
           mark
           ,
           the
           better
           to
           fit
           it
           for
           Commerce
           .
        
         
           In
           Coin'd
           Silver
           or
           Money
           there
           are
           these
           three
           things
           ,
           which
           are
           wanting
           in
           other
           Silver
           .
           1.
           
           Pieces
           of
           exactly
           the
           same
           weight
           and
           fineness
           .
           2.
           
           A
           stamp
           set
           on
           those
           pieces
           by
           the
           publick
           Authority
           of
           that
           Country
           .
           3.
           
           A
           known
           denomination
           given
           to
           these
           pieces
           by
           the
           same
           Authority
           .
        
         
           The
           Stamp
           is
           a
           mark
           ,
           and
           as
           it
           were
           a
           publick
           voucher
           that
           a
           piece
           of
           such
           a
           denomination
           is
           of
           such
           a
           weight
           ,
           and
           such
           a
           fineness
           ,
           
             i.
             e.
          
           has
           so
           much
           Silver
           in
           it
           .
        
         
           That
           precise
           weight
           and
           fineness
           ,
           by
           Law
           appropriated
           to
           the
           pieces
           of
           each
           denomination
           ,
           is
           called
           the
           Standard
           .
        
         
         
           
             Fine
             Silver
          
           is
           Silver
           without
           the
           mixture
           of
           any
           baser
           Metal
           .
        
         
           Allay
           is
           baser
           Metal
           mixed
           with
           it
           .
        
         
           The
           Fineness
           of
           any
           Metal
           appearing
           to
           be
           Silver
           ,
           and
           so
           called
           ,
           is
           the
           proportion
           of
           Silver
           is
           in
           it
           ,
           compared
           with
           what
           there
           is
           in
           it
           of
           baser
           Metals
           .
        
         
           The
           Fineness
           of
           Standard
           Silver
           in
           England
           is
           eleven
           parts
           Silver
           ,
           and
           one
           part
           Copper
           ,
           near
           :
           Or
           to
           speak
           more
           exactly
           ,
           the
           proportion
           of
           Silver
           to
           Copper
           is
           as
           an
           hundred
           and
           eleven
           to
           nine
           .
           Whatever
           piece
           or
           mass
           has
           in
           it
           of
           baser
           Metal
           above
           the
           proportion
           of
           9
           to
           111
           ,
           is
           worse
           or
           courser
           than
           Standard
           .
           Whatever
           mass
           of
           Metal
           has
           a
           less
           proportion
           than
           9
           to
           111
           ,
           of
           baser
           Metal
           in
           it
           ,
           is
           better
           or
           finer
           than
           Standard
           .
        
         
           Since
           Silver
           is
           the
           thing
           sought
           ,
           and
           would
           better
           serve
           for
           the
           measure
           of
           Commerce
           if
           it
           were
           unmixt
           ,
           it
           will
           possibly
           be
           asked
           why
           any
           mixture
           of
           baser
           Metal
           is
           allowed
           in
           Money
           ,
           and
           what
           use
           there
           is
           of
           such
           Allay
           ,
           which
           serves
           to
           make
           the
           quantity
           of
           Silver
           less
           known
           in
           the
           several
           Coins
           of
           different
           Countries
           ?
        
         
           Perhaps
           it
           would
           have
           been
           better
           for
           Commerce
           in
           general
           ,
           and
           more
           convenient
           for
           all
           their
           Subjects
           ,
           if
           the
           Princes
           every
           where
           ,
           or
           at
           least
           in
           this
           part
           of
           the
           World
           ,
           would
           at
           first
           have
           agreed
           on
           the
           
           fineness
           of
           the
           Standard
           to
           have
           been
           just
           1
           /
           12
           Allay
           ,
           in
           round
           numbers
           ;
           without
           those
           minuter
           Fractions
           which
           are
           to
           be
           found
           in
           the
           Allay
           of
           most
           of
           the
           Coin
           in
           the
           several
           distinct
           Dominions
           of
           this
           part
           of
           the
           World
           :
           Which
           broken
           proportion
           of
           baser
           Metal
           to
           Silver
           ,
           in
           the
           Standard
           of
           the
           several
           Mints
           ,
           seems
           to
           have
           been
           introduced
           by
           the
           Skill
           of
           Men
           imploy'd
           in
           Coining
           ,
           to
           keep
           that
           Art
           (
           as
           all
           Trades
           are
           call'd
           )
           a
           Mystery
           ;
           rather
           than
           for
           any
           use
           or
           necessity
           there
           was
           of
           such
           broken
           numbers
           .
           But
           be
           that
           it
           as
           it
           will
           ,
           the
           Standard
           in
           our
           Mint
           being
           now
           setled
           by
           Authority
           ,
           and
           established
           by
           Custom
           ,
           known
           at
           home
           and
           abroad
           ,
           and
           the
           rules
           and
           methods
           of
           Essaying
           suited
           to
           it
           ;
           and
           all
           the
           wrought
           Plate
           as
           well
           as
           Coin
           of
           England
           being
           made
           by
           that
           measure
           ;
           it
           is
           of
           great
           concernment
           that
           it
           should
           remain
           unvariable
           .
        
         
           But
           to
           the
           question
           ;
           What
           need
           is
           there
           of
           any
           mixture
           of
           baser
           Metal
           with
           Silver
           in
           Money
           or
           Plate
           ?
           I
           answer
           ,
           there
           is
           great
           reason
           for
           it
           .
           For
           ,
        
         
           1.
           
           Copper
           mixt
           with
           Silver
           makes
           it
           harder
           ,
           and
           so
           it
           wears
           and
           wastes
           less
           in
           use
           than
           if
           it
           were
           fine
           Silver
           .
           2.
           
           It
           melts
           easier
           .
           3.
           
           Silver
           as
           it
           is
           drawn
           and
           melted
           from
           the
           Mine
           ,
           being
           seldom
           perfectly
           fine
           ,
           it
           would
           be
           a
           great
           charge
           by
           refining
           ,
           
           to
           separate
           all
           the
           baser
           Metals
           from
           it
           ,
           and
           reduce
           it
           to
           perfectly
           unmixt
           Silver
           .
        
         
           The
           use
           of
           Coin'd
           Silver
           or
           Money
           is
           ,
           that
           every
           Man
           in
           the
           Country
           where
           ,
           it
           is
           current
           by
           publick
           Authority
           ,
           may
           ,
           without
           the
           trouble
           of
           refining
           ,
           essaying
           or
           weighing
           ,
           be
           assured
           what
           quantity
           of
           Silver
           he
           gives
           ,
           receives
           ,
           or
           contracts
           for
           ,
           under
           such
           and
           such
           denominations
           .
        
         
           If
           this
           Security
           goes
           not
           along
           with
           the
           publick
           Stamp
           ,
           Coining
           is
           labour
           to
           no
           purpose
           ,
           and
           puts
           no
           difference
           between
           coin'd
           Money
           and
           uncoin'd
           Bullion
           .
           This
           is
           so
           obvious
           ,
           that
           I
           think
           no
           Government
           ,
           where
           Money
           is
           Coin'd
           ,
           ever
           overlooks
           it
           .
           And
           therefore
           the
           Laws
           every
           where
           ,
           when
           the
           quantity
           of
           silver
           has
           been
           lessen'd
           in
           any
           piece
           carrying
           the
           publick
           Stamp
           ,
           by
           Clipping
           ,
           Washing
           ,
           Rounding
           ,
           &c.
           have
           taken
           off
           the
           Authority
           of
           the
           publick
           Stamp
           ,
           and
           declar'd
           it
           not
           to
           be
           lawful
           Money
           .
           This
           is
           known
           to
           be
           so
           in
           England
           ,
           and
           every
           one
           may
           not
           only
           refuse
           any
           Money
           bearing
           the
           publick
           Stamp
           ,
           if
           it
           be
           clipt
           ,
           or
           any
           ways
           rob'd
           of
           the
           due
           weight
           of
           its
           Silver
           ;
           but
           he
           that
           offers
           it
           in
           payment
           is
           liable
           to
           Indictment
           ,
           Fine
           and
           Imprisonment
           .
           From
           whence
           we
           may
           see
           ,
           that
           the
           use
           and
           end
           of
           the
           publick
           Stamp
           is
           only
           to
           be
           a
           guard
           and
           voucher
           of
           the
           quantity
           of
           Silver
           which
           Men
           contract
           for
           .
           And
           the
           injury
           done
           to
           the
           
           publick
           Faith
           ,
           in
           this
           point
           ,
           is
           that
           which
           in
           Clipping
           and
           false
           Coining
           hightens
           the
           Robbery
           into
           Treason
           .
        
         
           Men
           in
           their
           bargains
           contract
           not
           for
           denominations
           or
           sounds
           ,
           but
           for
           the
           intrinsick
           value
           ;
           which
           is
           the
           quantity
           of
           Silver
           by
           publick
           Authority
           warranted
           to
           be
           in
           pieces
           of
           such
           denominations
           .
           And
           't
           is
           by
           having
           a
           greater
           quantity
           of
           Silver
           ,
           that
           men
           thrive
           and
           grow
           richer
           ,
           and
           not
           by
           having
           a
           greater
           number
           of
           denominations
           ;
           Which
           when
           they
           come
           to
           have
           need
           of
           their
           Money
           will
           prove
           but
           empty
           sounds
           ,
           if
           they
           do
           not
           carry
           with
           them
           the
           real
           quantity
           of
           Silver
           is
           expected
           .
        
         
           The
           Standard
           once
           setled
           by
           publick
           Authority
           ,
           the
           quantity
           of
           Silver
           established
           under
           the
           several
           denominations
           ,
           (
           I
           humbly
           conceive
           ,
           should
           not
           be
           altred
           )
           till
           there
           were
           an
           absolute
           necessity
           shewn
           of
           such
           a
           change
           ,
           which
           I
           think
           can
           never
           be
           .
        
         
           The
           reason
           why
           it
           should
           not
           be
           changed
           is
           this
           ;
           Because
           the
           publick
           Authority
           is
           Guarantee
           for
           the
           performance
           of
           all
           legal
           Contracts
           .
           But
           men
           are
           absolv'd
           from
           the
           performance
           of
           their
           legal
           contracts
           ,
           if
           the
           quantity
           of
           Silver
           ,
           under
           setled
           and
           legal
           denomination
           ,
           be
           altred
           :
           As
           is
           evident
           ,
           if
           borrowing
           100
           l.
           or
           400
           Ounces
           of
           Silver
           to
           repay
           the
           same
           quantity
           of
           Silver
           (
           for
           that
           is
           understood
           by
           the
           same
           
           sum
           ,
           and
           so
           the
           Law
           warrants
           it
           )
           or
           taking
           a
           Lease
           of
           Land
           for
           years
           to
           come
           ,
           at
           the
           like
           Rent
           of
           100
           l.
           they
           shall
           pay
           both
           the
           one
           and
           the
           other
           in
           Money
           Coin'd
           under
           the
           same
           denominations
           with
           ⅕
           less
           Silver
           in
           it
           ,
           than
           at
           the
           time
           of
           the
           bargain
           .
           The
           Landlord
           here
           and
           Creditor
           are
           each
           defrauded
           of
           20
           
             per
             Cent.
          
           of
           what
           they
           contracted
           for
           ,
           and
           is
           their
           due
           .
           And
           I
           ask
           ,
           How
           much
           juster
           it
           would
           be
           thus
           to
           dissolve
           the
           Contracts
           they
           had
           made
           ;
           than
           to
           make
           a
           Law
           ,
           that
           from
           henceforth
           all
           Landlords
           and
           Creditors
           should
           be
           paid
           their
           past
           Debts
           and
           the
           Rents
           for
           Leases
           ready
           made
           ,
           in
           clipt
           Money
           ,
           twenty
           
             per
             Cent.
          
           lighter
           than
           it
           should
           be
           ?
           Both
           ways
           they
           lose
           twenty
           
             per
             Cent.
          
           of
           their
           due
           ,
           and
           with
           equal
           Justice
           .
        
         
           The
           case
           would
           be
           the
           same
           ,
           and
           legal
           Contracts
           be
           voided
           ,
           if
           the
           Standard
           should
           be
           altred
           on
           the
           otherside
           ,
           and
           each
           species
           of
           our
           Coin
           be
           made
           ⅕
           heavier
           .
           For
           then
           he
           that
           had
           borrowed
           or
           contracted
           for
           any
           Sum
           ,
           could
           not
           be
           discharged
           by
           paying
           the
           quantity
           he
           agreed
           for
           ,
           but
           be
           liable
           to
           be
           forced
           to
           pay
           20
           
             per
             Cent.
          
           more
           than
           he
           bargained
           for
           ,
           that
           is
           ,
           more
           than
           he
           ought
           .
        
         
           On
           the
           other
           side
           ;
           Whether
           the
           Creditor
           be
           forced
           to
           receive
           less
           ,
           or
           the
           Debtor
           forced
           to
           pay
           more
           than
           his
           Contract
           ,
           the
           
           damage
           and
           injury
           is
           the
           same
           ,
           whenever
           a
           Man
           is
           defrauded
           of
           his
           due
           .
           And
           whether
           this
           will
           not
           be
           a
           publick
           failure
           of
           Justice
           ,
           thus
           arbitrarily
           to
           give
           one
           Mans
           Right
           and
           Possession
           to
           another
           ,
           without
           any
           fault
           on
           the
           suffering
           Man's
           side
           ,
           and
           without
           any
           the
           least
           advantage
           to
           the
           publick
           ,
           I
           shall
           leave
           to
           be
           considered
           .
        
         
           Raising
           of
           Coin
           is
           but
           a
           specious
           word
           to
           deceive
           the
           unwary
           .
           It
           only
           gives
           the
           usual
           denomination
           of
           a
           greater
           quantity
           of
           Silver
           to
           a
           less
           ,
           (
           
             v.
             g.
          
           calling
           Four
           Grains
           of
           Silver
           a
           Penny
           to
           day
           ,
           when
           Five
           Grains
           of
           Silver
           made
           a
           Penny
           yesterday
           )
           but
           adds
           no
           worth
           or
           real
           value
           to
           the
           Silver
           Coin
           ,
           to
           make
           amends
           for
           its
           want
           of
           Silver
           .
           That
           is
           impossible
           to
           be
           done
           .
           For
           it
           is
           only
           the
           quantity
           of
           the
           Silver
           in
           it
           that
           is
           ,
           and
           eternally
           will
           be
           ,
           the
           measure
           of
           its
           value
           .
           And
           to
           convince
           any
           one
           of
           this
           ,
           I
           ask
           ,
           whether
           he
           that
           is
           forced
           to
           receive
           but
           320
           Ounces
           of
           Silver
           under
           the
           denomination
           of
           100
           l.
           (
           for
           400
           Ounces
           of
           Silver
           which
           he
           lent
           under
           the
           like
           denomination
           of
           100
           l.
           )
           will
           think
           these
           320
           Ounces
           of
           Silver
           ,
           however
           denominated
           ,
           worth
           those
           400
           Ounces
           he
           lent
           ?
           If
           any
           one
           can
           be
           supposed
           so
           silly
           ,
           he
           need
           but
           go
           to
           the
           next
           Market
           or
           Shop
           to
           be
           convinced
           ,
           that
           Men
           value
           not
           Money
           by
           the
           denomination
           ,
           but
           by
           the
           quantity
           of
           Silver
           that
           is
           
           in
           it
           .
           One
           may
           as
           rationally
           hope
           to
           lengthen
           a
           foot
           by
           dividing
           it
           into
           Fifteen
           parts
           ,
           instead
           of
           Twelve
           ;
           and
           calling
           them
           Inches
           ;
           as
           to
           increase
           the
           value
           of
           the
           Silver
           that
           is
           in
           a
           Shilling
           ,
           by
           dividing
           it
           into
           Fifteen
           parts
           instead
           of
           Twelve
           ,
           and
           calling
           them
           Pence
           .
           This
           is
           all
           that
           is
           done
           when
           a
           Shilling
           is
           raised
           from
           Twelve
           to
           Fifteen
           Pence
           .
        
         
           Clipping
           of
           Money
           is
           raising
           it
           without
           publick
           Authority
           ;
           the
           same
           denomination
           remaining
           to
           the
           piece
           ,
           that
           hath
           now
           less
           Silver
           in
           it
           ,
           than
           it
           had
           before
           .
        
         
           Altering
           the
           Standard
           ,
           by
           Coining
           pieces
           under
           the
           same
           denomination
           with
           less
           Silver
           in
           them
           than
           they
           formerly
           had
           ,
           is
           doing
           the
           same
           thing
           by
           publick
           Authority
           .
           The
           only
           odds
           is
           ,
           that
           by
           Clipping
           the
           loss
           is
           not
           forced
           on
           any
           one
           (
           for
           no
           body
           is
           obliged
           to
           receive
           Clip'd
           Money
           ;
           )
           By
           altering
           the
           Standard
           it
           is
           .
        
         
           Altering
           the
           Standard
           ,
           by
           raising
           the
           Money
           ,
           will
           not
           get
           to
           the
           Publick
           or
           bring
           to
           the
           Mint
           to
           be
           Coin'd
           one
           Ounce
           of
           Silver
           :
           But
           will
           defraud
           the
           King
           ,
           the
           Church
           ,
           the
           Universities
           and
           Hospitals
           ,
           &c.
           of
           so
           much
           of
           their
           setled
           Revenue
           ,
           as
           the
           Money
           is
           
             raised
             v.
             g.
          
           20
           
             per
             Cent.
          
           if
           the
           Money
           (
           as
           is
           propos'd
           )
           be
           raised
           ⅕
           .
           It
           will
           weaken
           ,
           if
           not
           totally
           destroy
           the
           publick
           Faith
           ,
           when
           all
           that
           have
           trusted
           the
           Publick
           ,
           and
           assisted
           
           our
           present
           necessities
           ,
           upon
           Acts
           of
           Parliament
           ,
           in
           the
           
             Million
             Lottery
             ,
             Bank
             Act
          
           ,
           and
           other
           Loans
           ,
           shall
           be
           defrauded
           of
           20
           
             per
             Cent.
          
           of
           what
           those
           Acts
           of
           Parliament
           were
           security
           for
           .
           And
           to
           conclude
           ,
           this
           raising
           our
           Money
           will
           defraud
           all
           private
           Men
           of
           20
           
             per
             Cent.
          
           in
           all
           their
           Debts
           and
           ●etled
           Revenues
           .
        
         
           Clipping
           by
           English
           Men
           is
           robbing
           the
           honest
           Man
           who
           receives
           clip'd
           Money
           ,
           and
           transferring
           the
           Silver
           ,
           
             i.
             e.
          
           the
           value
           is
           pared
           off
           from
           it
           into
           the
           Clippers
           pocket
           .
           Clipping
           by
           Foreigners
           is
           robbing
           England
           it self
           .
           And
           thus
           the
           Spaniards
           lately
           rob'd
           Portugal
           of
           a
           great
           part
           of
           its
           Treasure
           or
           Commodities
           (
           which
           is
           the
           same
           thing
           )
           by
           importing
           upon
           them
           clip'd
           Money
           of
           the
           Portugal
           stamp
           .
        
         
           Clipping
           ,
           and
           clip'd
           Money
           ,
           have
           besides
           this
           robbery
           of
           the
           Publick
           other
           great
           inconveniences
           :
           As
           the
           disordering
           of
           Trade
           ,
           raising
           Foreign
           Exchange
           ,
           and
           a
           general
           disturbance
           which
           every
           one
           feels
           thereby
           in
           his
           private
           Affairs
           .
        
         
           Clipping
           is
           so
           gainful
           ,
           and
           so
           secret
           a
           Robbery
           ,
           that
           penalties
           cannot
           restrain
           it
           ,
           as
           we
           see
           by
           experience
           .
        
         
           Nothing
           ,
           I
           humbly
           conceive
           ,
           can
           put
           a
           stop
           to
           Clipping
           ,
           now
           it
           is
           grown
           so
           universal
           ,
           and
           Men
           become
           so
           skilful
           in
           it
           ,
           but
           making
           it
           unprofitable
           .
        
         
         
           Nothing
           can
           make
           Clipping
           unprofitable
           ,
           but
           making
           all
           light
           Money
           go
           only
           for
           its
           weight
           .
           This
           stops
           Clipping
           in
           a
           moment
           ,
           brings
           out
           all
           the
           mill'd
           and
           weighty
           Money
           ,
           deprives
           us
           not
           of
           any
           part
           of
           our
           clip'd
           Money
           for
           the
           use
           of
           Trade
           .
           And
           brings
           it
           orderly
           ,
           and
           by
           degrees
           ,
           and
           without
           force
           into
           the
           Mint
           to
           be
           recoin'd
           .
        
         
           If
           clip'd
           Money
           be
           call'd
           in
           all
           at
           once
           ,
           and
           stop'd
           from
           passing
           by
           weight
           ,
           I
           fear
           it
           will
           stop
           Trade
           ,
           put
           our
           Affairs
           all
           at
           a
           stand
           ,
           and
           introduce
           confusion
           .
           Whereas
           ,
           if
           it
           be
           permitted
           to
           pass
           by
           its
           weight
           ,
           till
           it
           can
           by
           degrees
           be
           Coin'd
           ,
           (
           the
           stamp
           securing
           its
           fineness
           as
           well
           then
           as
           now
           ,
           and
           the
           Scales
           determining
           its
           weight
           )
           it
           will
           serve
           for
           the
           paying
           of
           great
           Sums
           as
           commodiously
           almost
           as
           weighty
           Money
           ,
           and
           the
           weighty
           Money
           being
           then
           brought
           out
           will
           serve
           for
           the
           Market
           Trade
           ,
           and
           less
           Payments
           ,
           and
           also
           to
           weigh
           the
           clip'd
           Money
           by
           .
        
         
           On
           the
           other
           side
           ;
           If
           clip'd
           Money
           be
           allowed
           to
           pass
           current
           by
           tale
           ,
           till
           it
           be
           all
           recoin'd
           ,
           one
           of
           these
           two
           effects
           will
           apparently
           follow
           :
           Either
           that
           we
           shall
           want
           Money
           for
           Trade
           ,
           as
           the
           clip'd
           Money
           decreases
           by
           being
           Coin'd
           into
           weighty
           ;
           (
           For
           very
           few
           ,
           if
           any
           body
           ,
           who
           get
           weighty
           Money
           into
           their
           hands
           ,
           will
           part
           with
           it
           ,
           whilst
           clip'd
           Money
           ,
           not
           of
           half
           the
           value
           
           is
           current
           )
           Or
           if
           they
           do
           ,
           the
           Coiners
           and
           Clippers
           will
           pick
           it
           up
           ,
           and
           new
           Coin
           and
           Clip
           it
           ;
           whereby
           clip'd
           Money
           will
           be
           increased
           .
           So
           that
           ,
           by
           this
           way
           ,
           either
           Money
           will
           be
           wanting
           to
           trade
           ,
           or
           clip'd
           Money
           continued
           .
           If
           clip'd
           Money
           be
           stop'd
           all
           at
           once
           ,
           there
           is
           immediately
           a
           stop
           of
           Trade
           .
           If
           it
           be
           permitted
           to
           pass
           in
           tale
           ,
           as
           if
           it
           were
           lawful
           weighty
           Money
           whilst
           it
           is
           recoining
           ,
           and
           till
           all
           be
           recoin'd
           ,
           that
           way
           also
           there
           will
           be
           an
           end
           of
           Trade
           ,
           or
           no
           end
           of
           clip'd
           Money
           .
           But
           if
           it
           be
           made
           to
           pass
           for
           its
           weight
           till
           it
           be
           all
           recoin'd
           ,
           both
           these
           evils
           are
           avoided
           ,
           and
           the
           weighty
           Money
           which
           we
           want
           will
           be
           brought
           out
           to
           boot
           .
        
         
           Money
           is
           necessary
           to
           the
           carrying
           on
           of
           Trade
           .
           For
           where
           Money
           fails
           ,
           men
           cannot
           buy
           ,
           and
           Trade
           stops
           .
        
         
           Credit
           will
           supply
           the
           defect
           of
           it
           to
           some
           small
           degree
           for
           a
           little
           while
           .
           But
           Credit
           being
           nothing
           but
           the
           expectation
           of
           Money
           within
           some
           limited
           time
           ,
           Money
           must
           be
           had
           or
           Credit
           will
           fail
           .
        
         
           Money
           also
           is
           necessary
           to
           us
           ,
           in
           a
           certain
           proportion
           to
           the
           plenty
           of
           it
           amongst
           our
           Neighbours
           .
           For
           if
           any
           of
           our
           Neighbours
           have
           it
           in
           a
           much
           greater
           abundance
           than
           we
           ,
           we
           are
           many
           ways
           obnoxious
           to
           them
           .
           1.
           
           They
           can
           maintain
           a
           greater
           force
           .
           2.
           
           They
           can
           tempt
           away
           our
           People
           ,
           
           by
           greater
           wages
           ,
           to
           serve
           them
           by
           Land
           or
           Sea
           ,
           or
           in
           any
           Labour
           .
           3.
           
           They
           can
           command
           the
           Markets
           ,
           and
           thereby
           break
           our
           Trade
           ,
           and
           make
           us
           poor
           .
           4.
           
           They
           can
           on
           any
           occasion
           ingross
           Naval
           and
           Warlike
           Stores
           ,
           and
           thereby
           endanger
           us
           .
        
         
           In
           Countries
           where
           Domestick
           Mines
           do
           not
           supply
           it
           ,
           nothing
           can
           bring
           in
           Silver
           but
           Tribute
           or
           Trade
           .
           Tribute
           is
           the
           effect
           of
           Conquest
           :
           Trade
           ,
           of
           Skill
           and
           Industry
           .
        
         
           By
           Commerce
           Silver
           is
           brought
           in
           only
           by
           an
           over-ballance
           of
           Trade
           .
        
         
           An
           
             Over-ballance
             of
             Trade
          
           ,
           is
           when
           the
           quantity
           of
           Commodities
           which
           we
           send
           to
           any
           Country
           do
           more
           than
           pay
           for
           those
           we
           bring
           from
           thence
           :
           For
           then
           the
           overplus
           is
           brought
           home
           in
           Bullion
           .
        
         
           Bullion
           is
           Silver
           whose
           workmanship
           has
           no
           value
           .
           And
           thus
           Foreign
           Coin
           hath
           no
           value
           here
           for
           its
           stamp
           ,
           and
           our
           Coin
           is
           Bullion
           in
           Foreign
           Dominions
           .
        
         
           'T
           is
           useless
           ,
           and
           labour
           in
           vain
           ,
           to
           Coin
           Silver
           imported
           into
           any
           Country
           where
           it
           is
           not
           to
           stay
           .
        
         
           Silver
           imported
           cannot
           stay
           in
           any
           Country
           in
           which
           ,
           by
           an
           over-ballance
           of
           their
           whole
           Trade
           ,
           it
           is
           not
           made
           theirs
           ,
           and
           does
           not
           become
           a
           real
           increase
           of
           their
           Wealth
           .
        
         
         
           If
           by
           a
           general
           Ballance
           of
           its
           
             Trade
             ,
             England
          
           yearly
           sends
           out
           Commodities
           to
           the
           value
           of
           400.000
           Ounces
           of
           Silver
           more
           than
           the
           Commodities
           we
           bring
           home
           from
           abroad
           cost
           us
           ;
           there
           is
           100000
           l.
           every
           year
           clear
           gain
           :
           Which
           will
           come
           home
           in
           Money
           ,
           be
           a
           real
           increase
           of
           our
           Wealth
           ,
           and
           will
           stay
           here
           .
        
         
           On
           the
           other
           side
           ,
           if
           upon
           a
           general
           ballance
           of
           our
           whole
           Trade
           ,
           we
           yearly
           import
           Commodities
           from
           other
           parts
           to
           the
           value
           of
           100.000
           l.
           more
           than
           our
           Commodities
           exported
           pay
           for
           ,
           we
           every
           year
           grow
           100000
           l.
           poorer
           .
           And
           if
           we
           should
           import
           a
           Million
           in
           Bullion
           from
           Spain
           every
           year
           ,
           yet
           it
           is
           not
           ours
           ;
           it
           is
           no
           increase
           to
           our
           Wealth
           ,
           nor
           can
           it
           stay
           here
           ;
           but
           must
           be
           Exported
           again
           every
           grain
           of
           it
           ,
           with
           100.000
           l.
           of
           our
           own
           Money
           to
           boot
           .
        
         
           I
           have
           heard
           it
           propos'd
           as
           a
           way
           to
           keep
           our
           Money
           here
           ,
           that
           we
           should
           pay
           our
           Debts
           contracted
           beyond
           Seas
           ,
           by
           Bills
           of
           Exchange
           .
        
         
           The
           Idleness
           of
           such
           a
           Proposition
           will
           appear
           ,
           when
           the
           nature
           of
           Exchange
           is
           a
           little
           consider'd
           .
        
         
           Foreign
           Exchange
           is
           the
           paying
           of
           Money
           in
           one
           Country
           ,
           to
           receive
           it
           in
           another
        
         
           The
           Exchange
           is
           High
           ,
           when
           a
           Man
           pays
           for
           Bills
           of
           Exchange
           above
           the
           Par.
           
           It
           is
           Low
           when
           he
           pays
           less
           than
           the
           Par.
           
        
         
           The
           Par
           is
           a
           certain
           number
           of
           pieces
           of
           the
           Coin
           of
           one
           Country
           ,
           containing
           in
           them
           an
           equal
           quantity
           of
           Silver
           to
           that
           in
           another
           number
           of
           pieces
           of
           the
           Coin
           of
           another
           Country
           :
           
             v.
             g.
          
           supposing
           36
           Skillings
           of
           Holland
           to
           have
           just
           as
           much
           Silver
           in
           them
           as
           20
           English
           Shillings
           .
           Bills
           of
           Exchange
           drawn
           from
           England
           to
           Holland
           at
           the
           rate
           of
           36
           
             Skillings
             Dutch
          
           for
           each
           pound
           Sterling
           ,
           is
           according
           to
           the
           Par.
           He
           that
           pays
           the
           Money
           here
           ,
           and
           receives
           it
           there
           ,
           neither
           gets
           nor
           loses
           by
           the
           Exchange
           ;
           but
           receives
           just
           the
           same
           quantity
           of
           Silver
           in
           the
           one
           place
           ,
           that
           he
           parts
           with
           in
           the
           other
           .
           But
           if
           he
           pays
           one
           pound
           Sterling
           to
           receive
           but
           30
           Skillings
           in
           Holland
           ,
           he
           pays
           ⅙
           more
           than
           the
           Par
           ,
           and
           so
           pays
           ⅙
           more
           Silver
           for
           the
           Exchange
           ,
           let
           the
           Sum
           be
           what
           it
           will.
           
        
         
           The
           reason
           of
           
             High
             Exchange
          
           ,
           is
           the
           buying
           much
           Commodities
           in
           any
           Foreign
           Country
           ,
           beyond
           the
           value
           of
           what
           that
           Country
           takes
           of
           ours
           .
           This
           makes
           English
           Men
           have
           need
           of
           great
           Sums
           there
           ,
           and
           this
           raises
           the
           Exchange
           or
           Price
           of
           Bills
           .
           For
           what
           grows
           more
           into
           demand
           ,
           increases
           presently
           in
           price
           .
        
         
           Returning
           Money
           by
           Exchange
           into
           Foreign
           parts
           ,
           keeps
           not
           one
           Farthing
           from
           
           going
           out
           :
           It
           only
           prevents
           the
           more
           troublesome
           and
           hazardous
           way
           of
           sending
           Money
           in
           specie
           forwards
           and
           backwards
           .
           
             Bills
             of
             Exchange
          
           more
           commodiously
           ,
           by
           Scrips
           of
           Paper
           ,
           even
           the
           Accounts
           between
           particular
           Debtors
           and
           Creditors
           in
           different
           Countries
           ,
           as
           far
           as
           the
           Commerce
           between
           those
           two
           places
           is
           equivalent
           :
           But
           where
           the
           over-ballance
           ,
           on
           either
           side
           ,
           demands
           payment
           ,
           there
           
             Bills
             of
             Exchange
          
           can
           do
           nothing
           ;
           But
           Bullion
           ,
           or
           money
           in
           specie
           must
           be
           sent
           .
           For
           in
           a
           Country
           where
           we
           owe
           Money
           ,
           and
           have
           no
           Debts
           owing
           to
           us
           ,
           Bills
           will
           not
           find
           Credit
           ;
           but
           for
           a
           short
           time
           ,
           till
           Money
           can
           be
           sent
           to
           reimburse
           those
           that
           paid
           them
           ;
           unless
           we
           can
           think
           Men
           beyond
           Sea
           will
           part
           with
           their
           Money
           for
           nothing
           .
           If
           the
           Traders
           of
           England
           owe
           their
           Correspondents
           of
           Holland
           100.000
           l.
           their
           Accounts
           with
           all
           the
           rest
           of
           the
           World
           standing
           equal
           ,
           and
           remaining
           so
           ,
           one
           Farthing
           of
           this
           100.000
           l.
           cannot
           be
           paid
           by
           
             Bills
             of
             Exchange
          
           .
           For
           example
           ,
           I
           owe
           1000
           l.
           of
           it
           ;
           And
           to
           pay
           that
           ,
           buy
           a
           Bill
           of
           N.
           here
           ,
           drawn
           on
           
             Iohn
             de
             Wit
          
           of
           Amsterdam
           ,
           to
           pay
           
             P.
             van
             Lore
          
           my
           Correspondent
           there
           .
           The
           Money
           is
           paid
           accordingly
           ,
           and
           thereby
           I
           am
           out
           of
           
             Van
             Lores
          
           Debt
           ;
           but
           one
           Farthing
           of
           the
           Debt
           of
           England
           to
           Holland
           is
           not
           thereby
           paid
           ;
           for
           N.
           of
           whom
           I
           bought
           the
           
             Bill
             
             of
             Exchange
          
           ,
           is
           now
           as
           much
           indebted
           to
           
             Iohn
             de
             Wit
          
           ,
           as
           I
           was
           before
           to
           
             P.
             van
             Lore
          
           .
           Particular
           Debtors
           and
           Creditors
           are
           only
           changed
           by
           
             Bills
             of
             Exchange
          
           ;
           but
           the
           Debt
           owing
           from
           one
           Country
           to
           the
           other
           ,
           cannot
           be
           paid
           without
           real
           Effects
           sent
           thither
           to
           that
           value
           ,
           either
           in
           Commodities
           ,
           or
           Money
           .
           Where
           the
           ballance
           of
           Trade
           barely
           pays
           for
           Commodities
           with
           Commodities
           ,
           there
           Money
           must
           be
           sent
           ,
           or
           else
           the
           Debt
           cannot
           be
           paid
           .
        
         
           I
           have
           spoke
           of
           Silver
           Coin
           alone
           ,
           because
           that
           makes
           the
           Money
           of
           Account
           ,
           and
           measure
           of
           Trade
           ,
           all
           through
           the
           World.
           For
           all
           Contracts
           are
           ,
           I
           think
           ,
           every
           where
           made
           ,
           and
           Accounts
           kept
           in
           Silver
           Coin.
           I
           am
           sure
           they
           are
           so
           in
           England
           ,
           and
           the
           Neighbouring
           Countries
           .
        
         
           Silver
           therefore
           ,
           and
           Silver
           alone
           ,
           is
           the
           Measure
           of
           Commerce
           .
           Two
           Metals
           ,
           as
           Gold
           and
           Silver
           ,
           cannot
           be
           the
           Measure
           of
           Commerce
           both
           together
           ,
           in
           any
           Country
           :
           Because
           the
           Measure
           of
           Commerce
           must
           be
           perpetually
           the
           same
           ,
           invariable
           ,
           and
           keeping
           the
           same
           proportion
           of
           value
           in
           all
           its
           parts
           .
           But
           so
           only
           one
           Metal
           does
           ,
           or
           can
           do
           to
           it self
           :
           So
           Silver
           is
           to
           Silver
           ,
           and
           Gold
           to
           Gold.
           An
           Ounce
           of
           Silver
           is
           always
           of
           equal
           value
           to
           an
           Ounce
           of
           Silver
           ,
           and
           an
           Ounce
           of
           Gold
           to
           an
           Ounce
           of
           Gold
           ;
           and
           two
           Ounces
           of
           the
           one
           ,
           or
           the
           other
           ,
           
           of
           double
           the
           value
           to
           an
           Ounce
           of
           the
           same
           .
           But
           Gold
           and
           Silver
           change
           their
           value
           one
           to
           another
           :
           For
           supposing
           them
           to
           be
           in
           value
           as
           sixteen
           to
           one
           now
           ;
           perhaps
           the
           next
           Month
           they
           may
           be
           as
           fifteen
           and
           three
           quarters
           ,
           or
           15
           and
           ⅞
           to
           one
           .
           And
           one
           may
           as
           well
           make
           a
           measure
           ,
           
             v.
             g.
          
           a
           Yard
           ,
           whose
           parts
           lengthen
           and
           shrink
           ,
           as
           a
           Measure
           of
           Trade
           of
           Materials
           ,
           that
           have
           not
           always
           a
           setled
           unvariable
           value
           to
           one
           another
           .
        
         
           
             One
             Metal
          
           therefore
           alone
           can
           be
           the
           Money
           of
           Account
           and
           Contract
           ,
           and
           the
           Measure
           of
           Commerce
           in
           any
           Country
           .
           The
           fittest
           for
           this
           use
           ,
           of
           all
           other
           ,
           is
           Silver
           ,
           for
           many
           reasons
           ,
           which
           need
           not
           here
           be
           mention'd
           .
           It
           is
           enough
           that
           the
           World
           has
           agreed
           in
           it
           ,
           and
           made
           it
           their
           
             common
             Money
          
           ;
           and
           as
           the
           Indians
           rightly
           call
           it
           ,
           Measure
           .
           All
           other
           Metals
           ,
           Gold
           ,
           as
           well
           as
           Lead
           ,
           are
           but
           Commodities
           .
        
         
           Commodities
           are
           Moveables
           ,
           valuable
           by
           Money
           ,
           the
           common
           measure
           .
        
         
           Gold
           ,
           though
           not
           the
           Money
           of
           the
           World
           ,
           and
           the
           Measure
           of
           Commerce
           ,
           nor
           fit
           to
           be
           so
           ,
           yet
           may
           ,
           and
           ought
           to
           be
           coined
           ,
           to
           ascertain
           its
           Weight
           and
           Fineness
           ;
           And
           such
           Coin
           may
           safely
           have
           a
           Price
           as
           well
           as
           Stamp
           set
           upon
           it
           by
           publick
           Authority
           ;
           so
           the
           value
           set
           be
           under
           the
           Market
           price
           .
           For
           then
           such
           pieces
           
           Coin'd
           ,
           will
           be
           a
           Commodity
           as
           passable
           as
           Silver
           Money
           ,
           very
           little
           varying
           in
           their
           price
           :
           As
           Guineas
           which
           were
           Coin'd
           at
           the
           value
           of
           20
           s.
           but
           passed
           usually
           for
           between
           21
           or
           22
           shillings
           ,
           according
           to
           the
           current
           rate
           ;
           But
           not
           having
           so
           high
           a
           value
           put
           upon
           them
           by
           the
           Law
           ,
           no
           body
           could
           be
           forced
           to
           take
           them
           to
           their
           loss
           at
           21
           s.
           6
           d.
           if
           the
           price
           of
           Gold
           should
           happen
           at
           any
           time
           to
           be
           cheaper
           .
        
         
           From
           what
           has
           been
           said
           ,
           I
           think
           it
           appears
           :
           
             
               1.
               
               That
               Silver
               is
               that
               which
               mankind
               have
               agreed
               on
               to
               take
               ,
               and
               give
               in
               Exchange
               for
               all
               other
               Commodities
               ,
               as
               an
               Equivalent
               .
            
             
               2.
               
               That
               't
               is
               by
               the
               quantity
               of
               Silver
               they
               give
               or
               take
               ,
               or
               contract
               for
               ,
               that
               they
               estimate
               the
               value
               of
               other
               things
               ,
               and
               satisfie
               for
               them
               ;
               and
               thus
               by
               its
               quantity
               Silver
               becomes
               the
               Measure
               of
               Commerce
               .
            
             
               3.
               
               Hence
               it
               necessarily
               follows
               ,
               that
               a
               greater
               quantity
               of
               Silver
               has
               a
               greater
               value
               ;
               a
               less
               quantity
               of
               Silver
               has
               a
               less
               value
               ;
               and
               an
               equal
               quantity
               an
               equal
               value
               .
            
             
               4.
               
               That
               Money
               differs
               from
               uncoin'd
               Silver
               only
               in
               this
               ,
               that
               the
               quantity
               of
               Silver
               in
               each
               piece
               of
               Money
               ,
               is
               ascertain'd
               by
               the
               Stamp
               it
               bears
               ;
               which
               is
               set
               
               there
               to
               be
               a
               publick
               Voucher
               of
               its
               weight
               and
               fineness
               .
            
             
               5.
               
               That
               Gold
               is
               Treasure
               as
               well
               as
               Silver
               ,
               because
               it
               decays
               not
               in
               keeping
               ,
               and
               never
               sinks
               much
               in
               its
               value
               .
            
             
               6.
               
               That
               Gold
               is
               fit
               to
               be
               Coin'd
               as
               well
               as
               Silver
               ,
               to
               ascertain
               its
               quantity
               to
               those
               who
               have
               a
               mind
               to
               Traffick
               in
               it
               ;
               but
               not
               fit
               to
               be
               joyn'd
               with
               Silver
               ,
               as
               a
               Measure
               of
               Commerce
               .
            
             
               7.
               
               That
               Iewels
               too
               are
               Treasure
               ,
               because
               they
               keep
               without
               decay
               ;
               and
               have
               constantly
               a
               great
               value
               ,
               in
               proportion
               to
               their
               Bulk
               :
               But
               cannot
               be
               used
               for
               Money
               ,
               because
               their
               value
               is
               not
               measur'd
               by
               their
               quantity
               ;
               nor
               can
               they
               ,
               as
               Gold
               and
               Silver
               ,
               be
               divided
               ,
               and
               keep
               their
               value
               .
            
             
               8.
               
               The
               other
               Metals
               are
               not
               Treasure
               ,
               because
               they
               decay
               in
               keeping
               ,
               and
               because
               of
               their
               plenty
               ;
               which
               makes
               their
               value
               little
               ,
               in
               a
               great
               bulk
               ;
               and
               so
               unfit
               for
               Money
               ,
               Commerce
               ,
               and
               Carriage
               .
            
             
               9.
               
               That
               the
               only
               way
               to
               bring
               Treasure
               into
               England
               ,
               is
               the
               well-ordering
               our
               Trade
               .
            
             
               10.
               
               That
               the
               only
               way
               to
               bring
               
                 Silver
                 and
                 Gold
              
               to
               the
               Mint
               ,
               for
               the
               increase
               of
               our
               Stock
               of
               Money
               and
               Treasure
               ,
               which
               shall
               stay
               here
               ,
               is
               an
               over-ballance
               of
               our
               whole
               Trade
               .
               All
               other
               ways
               to
               increase
               our
               Money
               and
               Riches
               ,
               are
               but
               Projects
               that
               will
               fail
               us
               .
            
          
        
         
         
           These
           things
           premised
           ,
           I
           shall
           now
           proceed
           to
           shew
           wherein
           I
           differ
           from
           Mr.
           Lowndes
           ,
           and
           upon
           what
           grounds
           I
           do
           so
           .
        
         
           Mr.
           Lowndes
           proposes
           ,
           that
           our
           Money
           should
           be
           raised
           (
           as
           it
           is
           called
           )
           one
           fifth
           :
           that
           is
           ,
           That
           all
           our
           present
           denominations
           of
           Money
           ,
           as
           
             Penny
             ,
             Shilling
             ,
             Half-crown
             ,
             Crown
             ,
          
           &c.
           should
           each
           have
           ⅕
           less
           Silver
           in
           it
           ,
           or
           be
           answered
           with
           Coin
           of
           ⅕
           less
           value
           .
           How
           he
           proposes
           to
           have
           it
           done
           I
           shall
           consider
           hereafter
           .
           I
           shall
           at
           present
           only
           examin
           the
           Reasons
           he
           gives
           for
           it
           .
        
         
           His
           first
           reason
           ,
           p.
           68.
           he
           gives
           us
           in
           these
           words
           ,
           
             The
             value
             of
             the
             Silver
             in
             the
             Coin
             ought
             to
             be
             raised
             to
             the
             foot
             of
             Six
             Shillings
             three
             Pence
             in
             every
             Crown
             ;
             because
             the
             price
             of
             Standard
             Silver
             in
             Bullion
             is
             risen
             to
             Six
             Shillings
             five
             pence
             an
             Ounce
             .
          
        
         
           This
           reason
           seems
           to
           me
           to
           labour
           under
           several
           great
           mistakes
           ,
           as
        
         
           1.
           
           That
           Standard
           Silver
           can
           rise
           in
           respect
           of
           it self
           .
        
         
           2.
           
           That
           Standard
           Bullion
           is
           now
           ,
           or
           ever
           was
           worth
           ,
           or
           sold
           to
           the
           Traders
           in
           it
           for
           6
           s.
           5
           d.
           the
           Ounce
           ,
           of
           lawful
           Money
           of
           England
           .
           For
           if
           that
           matter
           of
           fact
           holds
           not
           to
           be
           so
           ,
           that
           an
           Ounce
           of
           Sterling
           Bullion
           is
           worth
           6
           s.
           5
           d.
           of
           our
           mill'd
           weighty
           Money
           ,
           this
           reason
           ceases
           ;
           And
           
           our
           weighty
           Crown
           pieces
           ought
           not
           to
           be
           raised
           to
           6
           s.
           3
           d
           ;
           because
           our
           light
           clip'd
           Money
           will
           not
           purchase
           an
           Ounce
           of
           Standard
           Bullion
           ,
           under
           the
           rate
           of
           6
           s.
           5
           d.
           of
           that
           light
           Money
           .
           And
           let
           me
           add
           here
           ,
           nor
           for
           that
           rate
           neither
           .
           If
           therefore
           the
           Author
           means
           here
           ,
           that
           an
           Ounce
           of
           Standard
           Silver
           is
           risen
           to
           6
           s.
           5
           d.
           of
           our
           clip'd
           Money
           ,
           I
           grant
           it
           him
           ,
           and
           higher
           too
           .
           But
           then
           that
           has
           nothing
           to
           do
           with
           the
           raising
           our
           Lawful
           Coin
           ,
           which
           remains
           unclip'd
           ;
           unless
           he
           will
           say
           too
           ,
           that
           Standard
           Bullion
           is
           so
           risen
           ,
           as
           to
           be
           worth
           ,
           and
           actually
           to
           sell
           for
           6
           s.
           5
           d.
           the
           Ounce
           of
           our
           weighty
           mill'd
           Money
           .
           This
           I
           not
           only
           deny
           ,
           but
           farther
           add
           ,
           that
           it
           is
           impossible
           to
           be
           so
           .
           For
           six
           shillings
           and
           five
           pence
           of
           mill'd
           Money
           ,
           weighs
           an
           Ounce
           and
           a
           Quarter
           near
           .
           Can
           it
           therefore
           be
           possible
           ,
           that
           one
           Ounce
           of
           any
           Commodity
           ,
           should
           be
           worth
           an
           Ounce
           and
           Quarter
           of
           the
           self-same
           Commodity
           ,
           and
           of
           exactly
           the
           same
           goodness
           ?
           For
           so
           is
           Standard
           Silver
           to
           Standard
           Silver
           .
           Indeed
           one
           has
           a
           mark
           upon
           it
           ,
           which
           the
           other
           has
           not
           :
           But
           it
           is
           a
           mark
           that
           makes
           it
           rather
           more
           ,
           than
           less
           valuable
           :
           Or
           if
           the
           mark
           ,
           by
           hindring
           its
           Exportation
           ,
           makes
           it
           less
           valuable
           for
           that
           purpose
           ,
           the
           Melting-pot
           can
           easily
           take
           it
           off
           .
        
         
         
           The
           complaint
           made
           of
           melting
           down
           our
           weighty
           Money
           ,
           answers
           this
           reason
           evidently
           .
           For
           can
           it
           be
           suppos'd
           ,
           that
           a
           Goldsmith
           will
           give
           1
           ¼
           Ounce
           of
           Coin'd
           Silver
           ,
           for
           One
           Ounce
           of
           Bullion
           ;
           when
           by
           putting
           it
           into
           his
           Melting-pot
           ,
           he
           can
           for
           less
           than
           a
           Penny
           charge
           make
           it
           Bullion
           ?
           (
           For
           't
           is
           always
           to
           be
           remembred
           ,
           what
           I
           think
           is
           made
           clear
           ,
           that
           the
           value
           of
           Silver
           ,
           considered
           as
           it
           is
           Money
           ,
           and
           the
           measure
           of
           Commerce
           ,
           is
           nothing
           but
           its
           quantity
           .
           )
           And
           thus
           a
           mill'd
           Shilling
           ,
           which
           has
           double
           the
           weight
           of
           Silver
           in
           it
           to
           a
           current
           Shilling
           ,
           whereof
           half
           the
           Silver
           is
           clip'd
           away
           ,
           has
           double
           the
           value
           .
           And
           to
           shew
           that
           this
           is
           so
           ,
           I
           will
           undertake
           ,
           that
           any
           Merchant
           ,
           who
           has
           Bullion
           to
           sell
           ,
           shall
           sell
           it
           for
           a
           great
           deal
           less
           number
           of
           Shillings
           in
           tale
           ,
           to
           any
           one
           ,
           who
           will
           contract
           to
           pay
           him
           in
           mill'd
           Money
           ,
           than
           if
           he
           be
           paid
           in
           the
           current
           clip'd
           Money
           .
        
         
           Those
           who
           say
           Bullion
           is
           Risen
           ,
           I
           desire
           to
           tell
           me
           ;
           What
           they
           mean
           by
           Risen
           ?
           Any
           Commodity
           ,
           I
           think
           ,
           is
           properly
           said
           to
           be
           Risen
           ,
           when
           the
           same
           quantity
           will
           exchange
           for
           a
           greater
           quantity
           of
           another
           thing
           ;
           but
           more
           particularly
           of
           that
           thing
           which
           is
           the
           measure
           of
           Commerce
           in
           the
           Country
           .
           And
           thus
           Corn
           is
           said
           to
           be
           Risen
           amongst
           the
           English
           in
           Virginia
           ,
           when
           a
           Bushel
           of
           it
           will
           
           sell
           ,
           or
           exchange
           for
           more
           pounds
           of
           Tobacco
           ;
           Amongst
           the
           Indians
           ,
           when
           it
           will
           sell
           for
           more
           yards
           of
           Wampompeal
           ,
           which
           ●s
           their
           Money
           ;
           and
           amongst
           the
           
           English
           ●here
           ,
           when
           it
           will
           exchange
           for
           a
           greater
           quantity
           of
           Silver
           ,
           than
           it
           would
           before
           .
           Rising
           and
           falling
           of
           Commodities
           is
           always
           between
           several
           Commodities
           of
           distinct
           worths
           .
           But
           no
           body
           can
           say
           that
           Tobacco
           (
           of
           the
           same
           goodness
           )
           is
           risen
           in
           respect
           of
           it self
           .
           One
           Pound
           of
           the
           same
           goodness
           will
           never
           exchange
           for
           a
           Pound
           and
           a
           Quarter
           of
           the
           same
           goodness
           .
           And
           so
           it
           is
           in
           Silver
           :
           An
           Ounce
           of
           Silver
           will
           always
           be
           of
           equal
           value
           to
           an
           Ounce
           of
           Silver
           ;
           nor
           can
           it
           ever
           rise
           or
           fall
           in
           respect
           of
           it self
           :
           An
           Ounce
           of
           Standard
           Silver
           can
           never
           be
           worth
           1
           ¼
           Ounce
           of
           Standard
           Silver
           ;
           nor
           one
           Ounce
           of
           uncoin'd
           Silver
           ,
           exchange
           for
           1
           ¼
           Ounce
           of
           Coin'd
           Silver
           :
           The
           stamp
           cannot
           so
           much
           debase
           its
           value
           .
           Indeed
           the
           stamp
           hindring
           its
           free
           exportation
           ,
           may
           make
           the
           Goldsmith
           (
           who
           profits
           by
           the
           return
           of
           Money
           )
           give
           1
           /
           120
           ,
           or
           1
           /
           60
           or
           perhaps
           sometimes
           1
           /
           30
           more
           (
           that
           is
           5
           s.
           2
           ½
           d.
           5
           s.
           3
           d.
           or
           5
           s.
           4
           d.
           the
           Ounce
           )
           of
           Coin'd
           Silver
           for
           uncoin'd
           ,
           when
           there
           is
           need
           of
           sending
           Silver
           beyond
           Seas
           ;
           as
           there
           always
           is
           when
           the
           ballance
           of
           Trade
           will
           not
           supply
           our
           wants
           ,
           and
           pay
           our
           debts
           there
           .
           
           But
           much
           beyond
           this
           ,
           the
           Goldsmith
           wi●
           never
           give
           for
           Bullion
           ;
           since
           he
           can
           make
           it
           out
           of
           Coin'd
           Money
           at
           a
           cheaper
           rate
           .
        
         
           'T
           is
           said
           Bullion
           is
           risen
           to
           6
           s.
           5
           d.
           the
           Ounce
           ,
           
             i.
             e.
          
           that
           an
           Ounce
           of
           uncoin'd
           Silver
           will
           exchange
           for
           1
           ¼
           Ounce
           o●
           Coin'd
           Silver
           .
           If
           any
           one
           can
           believe
           this
           I
           will
           put
           this
           short
           Case
           to
           him
           .
           He
           ha●
           of
           Bullion
           or
           Standard
           uncoin'd
           Silver
           two
           round
           plates
           ,
           each
           of
           exact
           size
           and
           weight
           of
           a
           Crown
           piece
           :
           He
           has
           besides
           of
           the
           same
           Bullion
           ,
           a
           round
           plate
           of
           the
           weight
           and
           size
           of
           a
           Shilling
           ,
           and
           another
           yet
           less
           ,
           of
           the
           exact
           weight
           and
           size
           of
           ●
           Three-pence
           .
           The
           two
           great
           Plates
           being
           of
           equal
           weight
           ,
           and
           fineness
           ,
           I
           suppose
           he
           will
           allow
           to
           be
           of
           equal
           value
           ,
           and
           that
           the
           two
           less
           ,
           joyn'd
           to
           either
           of
           them
           make
           it
           ⅕
           more
           worth
           than
           the
           other
           is
           by
           it self
           ,
           they
           having
           all
           three
           together
           ⅕
           more
           Silver
           in
           them
           .
           Let
           us
           suppose
           then
           ,
           one
           of
           the
           greater
           ,
           and
           the
           two
           less
           plates
           to
           have
           received
           the
           next
           moment
           (
           by
           Miracle
           ,
           or
           by
           the
           Mill
           ,
           it
           matters
           not
           how
           )
           the
           mark
           or
           stamp
           of
           our
           Crown
           ,
           our
           Shilling
           ,
           and
           our
           Three-pence
           :
           Can
           any
           body
           say
           ,
           that
           now
           they
           have
           got
           the
           stamp
           of
           our
           Mint
           upon
           them
           ,
           they
           are
           so
           fallen
           in
           value
           ,
           or
           the
           other
           unstamp'd
           piece
           so
           Risen
           ,
           that
           that
           unstamp'd
           piece
           which
           a
           moment
           before
           was
           worth
           only
           one
           of
           
           the
           other
           pieces
           ,
           is
           now
           worth
           them
           all
           three
           ?
           Which
           is
           to
           say
           ,
           that
           an
           Ounce
           of
           uncoin'd
           Silver
           is
           worth
           an
           Ounce
           and
           a
           Quarter
           of
           Coin'd
           .
           This
           is
           what
           men
           would
           persuade
           us
           ,
           when
           they
           say
           ,
           that
           Bul●ion
           is
           raised
           to
           6
           s.
           5
           d.
           [
           of
           lawful
           Money
           ]
           the
           Ounce
           ,
           which
           I
           say
           is
           utterly
           impossible
           .
           Let
           us
           consider
           this
           a
           little
           farther
           in
           an
           other
           instance
           .
           The
           present
           Mill'd
           Crown
           piece
           ,
           say
           they
           ,
           will
           not
           exchange
           for
           an
           Once
           of
           Bullion
           ,
           without
           the
           addition
           of
           a
           Shilling
           and
           a
           Three-pence
           of
           weighty
           Coin
           added
           to
           it
           .
           Coin
           but
           that
           Crown
           piece
           into
           6
           s.
           and
           3
           d.
           and
           then
           they
           say
           it
           will
           buy
           an
           Ounce
           of
           Bullion
           ,
           or
           else
           they
           give
           up
           their
           reason
           and
           measure
           of
           raising
           the
           Money
           .
           Do
           that
           which
           is
           allow'd
           to
           be
           equivalent
           to
           Coining
           of
           a
           present
           Mill'd
           Crown
           piece
           ●nto
           6
           s.
           3
           d.
           (
           viz.
           )
           call
           it
           75
           Pence
           ,
           and
           then
           also
           it
           must
           by
           this
           Rule
           of
           
           raising
           ●ny
           an
           Ounce
           of
           Bullion
           .
           If
           this
           be
           so
           ,
           the
           self-same
           mill'd
           Crown
           peice
           will
           and
           will
           not
           exchange
           for
           an
           Ounce
           of
           Bullion
           .
           Call
           ●t
           60
           pence
           ,
           and
           it
           will
           not
           :
           The
           very
           next
           moment
           call
           it
           75
           pence
           ,
           and
           it
           will.
           I
           am
           afraid
           no
           body
           can
           think
           change
           of
           denomination
           has
           such
           a
           power
           .
        
         
           Mr.
           Lowndes
           supports
           
             this
             his
          
           first
           reason
           with
           these
           words
           ,
           p.
           68.
           
           
             This
             reason
             ,
             which
             I
             humbly
             conceive
             will
             appear
             irrefragable
             ,
             
             is
             grounded
             upon
             a
             Truth
             so
             Apparent
             that
             it
             may
             well
             be
             compared
             to
             an
             Axiom
             ,
             even
             in
             Mathematical
             reasoning
             ;
             to
             wit
             ,
             th●
             Whensoever
             the
             intrinsick
             value
             of
             Silver
             in
             the
             Coin
             ,
             hath
             been
             ,
             or
             shall
             be
             less
             than
             the
             price
             of
             Silver
             in
             Bullion
             ,
             the
             Coin
             hath
             and
             will
             be
             melted
             down
             .
          
        
         
           This
           I
           think
           ,
           though
           it
           be
           allowed
           Mr.
           Lowndes
           for
           as
           
             Apparent
             a
             Truth
          
           ,
           and
           as
           certain
           a
           Maxim
           as
           he
           could
           wish
           ,
           yet
           serve●
           not
           at
           all
           to
           his
           purpose
           of
           lessening
           th●
           Coin.
           For
           when
           the
           Coin
           ,
           is
           as
           it
           should
           be
           ,
           according
           to
           the
           Standard
           (
           let
           th●
           Standard
           be
           what
           it
           will
           )
           weighty
           an●
           unclip'd
           ,
           it
           is
           impossible
           that
           the
           value
           o●
           Coin'd
           Silver
           should
           be
           less
           than
           the
           valu●
           or
           price
           of
           Uncoin'd
           ;
           Because
           ,
           as
           I
           hav●
           shewn
           ,
           the
           value
           and
           quantity
           of
           Silve●
           are
           the
           same
           :
           And
           where
           the
           quantitie●
           are
           equal
           ,
           the
           values
           are
           equal
           ;
           excepting
           only
           the
           odds
           that
           may
           be
           between
           Bullio●
           that
           may
           be
           freely
           exported
           ,
           and
           Coin'd
           Silver
           that
           may
           not
           ;
           The
           odds
           whereo●
           scarce
           ever
           amounts
           to
           above
           2
           
             d.
             per
          
           Ounce
           and
           rarely
           to
           above
           a
           penny
           or
           an
           half-penny
           And
           this
           odds
           (
           whatever
           it
           be
           )
           will
           equally
           belong
           to
           his
           raised
           mill'd
           Money
           which
           cannot
           be
           exported
           ,
           as
           it
           will
           to
           our
           present
           mill'd
           Money
           ,
           which
           can
           not
           be
           Exported
           ;
           As
           I
           shall
           have
           occasion
           to
           shew
           more
           particularly
           here
           
           after
           .
           All
           this
           disorder
           ,
           and
           a
           thousand
           others
           ,
           comes
           from
           light
           and
           unlawful
           Money
           being
           current
           .
           For
           then
           it
           is
           no
           wonder
           that
           Bullion
           should
           be
           kept
           up
           to
           the
           value
           of
           your
           clip'd
           Money
           ;
           that
           is
           ,
           that
           Bullion
           should
           not
           be
           sold
           by
           the
           Ounce
           for
           less
           than
           6
           s.
           5
           d.
           when
           that
           6
           s.
           5
           d.
           clip'd
           Money
           paid
           for
           it
           ,
           does
           not
           Weigh
           above
           an
           Ounce
           .
           This
           instance
           therefore
           of
           the
           present
           price
           of
           Bullion
           ,
           proves
           nothing
           but
           that
           the
           quantity
           of
           Silver
           in
           Money
           governs
           the
           value
           of
           it
           ,
           and
           not
           the
           denomination
           ;
           as
           appears
           when
           clip'd
           Money
           is
           brought
           to
           buy
           Bullion
           .
           This
           is
           a
           fair
           Tryal
           :
           Silver
           is
           set
           against
           Silver
           ,
           and
           by
           that
           is
           seen
           whether
           clip'd
           Money
           be
           of
           the
           same
           value
           with
           weighty
           of
           the
           same
           denomination
           ,
           or
           whether
           it
           be
           not
           the
           quanquantity
           of
           Silver
           in
           it
           that
           regulates
           its
           value
           .
        
         
           I
           cannot
           but
           wonder
           that
           Mr.
           Lowndes
           ,
           a
           Man
           so
           well
           skill'd
           in
           the
           Law
           ,
           especially
           of
           the
           Mint
           ,
           the
           Exchequer
           ,
           and
           of
           our
           Money
           ,
           should
           all
           along
           in
           this
           Argument
           speak
           of
           clip'd
           Money
           ,
           as
           if
           it
           were
           the
           lawful
           Money
           of
           England
           ;
           and
           should
           propose
           by
           that
           (
           which
           is
           in
           effect
           by
           the
           Clippers
           Sheers
           )
           to
           regulate
           a
           new
           sort
           of
           Coin
           to
           be
           introduced
           into
           England
           .
           And
           if
           he
           will
           stand
           to
           that
           measure
           ,
           and
           lessen
           the
           new
           Coin'd
           to
           the
           rate
           of
           Bullion
           sold
           
           in
           exchange
           for
           present
           current
           clip'd
           Money
           ,
           to
           prevent
           its
           being
           melted
           down
           ;
           he
           must
           make
           it
           yet
           much
           lighter
           than
           he
           proposes
           ,
           and
           the
           raising
           it
           ,
           or
           to
           give
           it
           its
           due
           name
           the
           lessening
           of
           it
           ⅕
           will
           not
           serve
           the
           turn
           :
           For
           I
           will
           be
           bold
           to
           say
           ,
           that
           Bullion
           now
           in
           England
           is
           no
           where
           to
           be
           bought
           by
           the
           Ounce
           for
           6
           s.
           5
           d.
           of
           our
           present
           current
           clip'd
           Money
           .
           So
           that
           if
           his
           Rule
           be
           true
           ,
           and
           nothing
           can
           save
           the
           weighty
           Coin
           from
           melting
           down
           ,
           but
           reducing
           it
           to
           the
           weight
           that
           clip'd
           Money
           is
           brought
           to
           ,
           he
           must
           lessen
           the
           Money
           in
           his
           new
           Coin
           much
           more
           than
           ⅕
           ;
           for
           an
           Ounce
           of
           Standard
           Bullion
           will
           always
           be
           worth
           an
           Ounce
           of
           clip'd
           Money
           ,
           whether
           that
           in
           tale
           amount
           to
           6
           s.
           5
           d.
           6
           s.
           6
           d.
           Ten
           Shillings
           ,
           or
           any
           other
           number
           of
           Shillings
           or
           Pence
           of
           the
           nick-named
           clip'd
           Money
           .
           For
           a
           piece
           of
           Silver
           that
           was
           Coin'd
           for
           a
           Shilling
           ,
           but
           has
           half
           the
           Silver
           clip'd
           off
           ,
           in
           the
           Law
           and
           in
           propriety
           of
           speech
           is
           no
           more
           a
           Shilling
           ,
           Than
           a
           piece
           of
           Wood
           ,
           which
           was
           once
           a
           sealed
           Yard
           ,
           is
           still
           a
           Yard
           when
           one
           half
           of
           it
           is
           broke
           off
           .
        
         
           Let
           us
           consider
           this
           Maxim
           a
           little
           further
           ;
           which
           out
           of
           the
           language
           of
           the
           Mint
           in
           plain
           English
           ,
           I
           think
           ,
           amounts
           to
           thus
           much
           ,
           viz.
           That
           
             when
             an
             Ounce
             of
             Standard
             Bullion
             costs
             a
             greater
             number
             of
             Pence
             in
             tale
             ,
             than
             an
             Ounce
             of
             that
             Bullion
             
             can
             be
             Coin'd
             into
             by
             the
             Standard
             of
             the
             Mint
             ,
             the
             Coin
             will
             be
             melted
             down
             .
          
           I
           grant
           it
           ,
           if
           Bullion
           should
           rise
           to
           15
           Pence
           the
           Ounce
           above
           5
           s.
           2
           d.
           as
           is
           now
           pretended
           ;
           which
           is
           to
           say
           ,
           that
           an
           Ounce
           of
           Bullion
           cannot
           be
           bought
           for
           less
           than
           an
           Ounce
           and
           a
           quarter
           of
           the
           like
           Silver
           Coin'd
           .
           But
           that
           ,
           as
           I
           have
           shew'd
           ,
           is
           impossible
           to
           be
           :
           And
           every
           one
           would
           be
           convinced
           of
           the
           contrary
           ,
           if
           we
           had
           none
           now
           but
           lawful
           Money
           current
           .
           But
           't
           is
           no
           wonder
           if
           the
           price
           and
           value
           of
           things
           be
           confounded
           and
           uncertain
           ,
           when
           the
           Measure
           it self
           is
           lost
           .
           For
           we
           have
           now
           no
           lawful
           Silver
           Money
           current
           among
           us
           :
           And
           therefore
           cannot
           talk
           nor
           judge
           right
           ,
           by
           our
           present
           uncertain
           clip'd
           Money
           ,
           of
           the
           value
           and
           price
           of
           things
           ,
           in
           reference
           to
           our
           lawful
           regular
           Coin
           ,
           adjusted
           and
           kept
           to
           the
           unvarying
           Standard
           of
           the
           Mint
           .
           The
           price
           of
           Silver
           in
           Bullion
           above
           the
           value
           of
           Silver
           in
           Coin
           ,
           when
           Clipping
           has
           not
           defac'd
           our
           current
           Cash
           (
           for
           then
           the
           odds
           is
           very
           rarely
           above
           a
           penny
           or
           two
           pence
           the
           Ounce
           )
           is
           so
           far
           from
           being
           a
           cause
           of
           melting
           down
           our
           Coin
           ,
           that
           this
           price
           given
           above
           the
           value
           of
           the
           Silver
           in
           our
           Coin
           ,
           is
           given
           only
           to
           preserve
           our
           Coin
           from
           being
           melted
           down
           :
           For
           no
           body
           buys
           Bullion
           at
           above
           5
           s.
           2
           d.
           the
           Ounce
           ,
           (
           which
           is
           just
           the
           value
           )
           for
           any
           
           other
           reason
           ,
           but
           to
           avoid
           the
           crime
           and
           hazard
           of
           melting
           down
           our
           Coin.
           
        
         
           I
           think
           it
           will
           be
           agreed
           on
           all
           hands
           ,
           that
           no
           body
           will
           melt
           down
           our
           Money
           ,
           but
           for
           profit
           .
           Now
           profit
           can
           be
           made
           by
           melting
           down
           our
           Money
           ,
           but
           only
           in
           two
           cases
           .
        
         
           First
           ,
           When
           the
           current
           Pieces
           of
           the
           same
           denomination
           are
           unequal
           ,
           and
           of
           different
           Weights
           ;
           some
           heavier
           ,
           some
           lighter
           :
           For
           then
           the
           Traders
           in
           Money
           ,
           cull
           out
           the
           heavier
           ,
           and
           melt
           them
           down
           with
           profit
           .
           This
           is
           the
           ordinary
           fault
           of
           Coining
           by
           the
           Hammer
           ;
           wherein
           it
           usually
           sufficed
           ,
           That
           a
           Bar
           of
           Silver
           was
           cut
           into
           as
           many
           Half-crowns
           ,
           or
           Shillings
           ,
           as
           answer'd
           its
           due
           weight
           ;
           without
           being
           very
           exact
           in
           making
           each
           particular
           piece
           of
           its
           due
           weight
           ;
           whereby
           some
           pieces
           came
           to
           be
           heavier
           ,
           and
           some
           lighter
           ,
           than
           by
           the
           Standard
           they
           should
           ;
           and
           then
           the
           heavier
           pieces
           were
           cull'd
           out
           ,
           and
           there
           was
           profit
           to
           be
           made
           (
           as
           one
           easily
           perceives
           )
           in
           melting
           them
           down
           .
           But
           this
           cause
           of
           melting
           down
           our
           Money
           is
           easily
           prevented
           ,
           by
           the
           exacter
           way
           of
           Coining
           by
           the
           Mill
           ,
           in
           which
           each
           single
           piece
           is
           brought
           to
           its
           just
           weight
           .
           This
           inequality
           of
           pieces
           of
           the
           same
           denomination
           ,
           is
           to
           be
           found
           in
           our
           Money
           ,
           more
           than
           ever
           ,
           since
           Clipping
           has
           been
           in
           fashion
           ;
           
           and
           therefore
           't
           is
           no
           wonder
           ,
           that
           in
           this
           irregular
           State
           of
           our
           Money
           ,
           one
           complaint
           is
           ,
           that
           the
           heavy
           Money
           is
           melted
           down
           .
           But
           this
           also
           the
           making
           clip'd
           Money
           go
           at
           present
           for
           its
           Weight
           ,
           (
           which
           is
           a
           suddain
           reducing
           it
           to
           the
           Standard
           )
           and
           then
           ,
           by
           degrees
           ,
           recoining
           it
           into
           mill'd
           Money
           (
           which
           is
           the
           ultimate
           and
           more
           compleat
           reducing
           it
           to
           the
           Standard
           )
           perfectly
           cures
           .
        
         
           The
           other
           case
           wherein
           our
           Money
           comes
           to
           be
           melted
           down
           ,
           is
           a
           losing
           Trade
           ,
           or
           which
           is
           the
           same
           thing
           in
           other
           words
           ,
           an
           over-great
           Consumption
           of
           Foreign
           Commodities
           .
           Whenever
           the
           over-ballance
           of
           Foreign
           Trade
           makes
           it
           difficult
           for
           our
           Merchants
           to
           get
           Bills
           of
           Exchange
           ,
           the
           Exchange
           presently
           rises
           ,
           and
           the
           Returns
           of
           Money
           raise
           them
           in
           proportion
           to
           the
           want
           of
           money
           English
           men
           have
           in
           any
           parts
           beyond
           Seas
           .
           They
           who
           thus
           furnish
           them
           with
           Bills
           ,
           not
           being
           able
           to
           satisfie
           their
           Correspondents
           on
           whom
           those
           Bills
           are
           drawn
           ,
           with
           the
           product
           of
           our
           Commodities
           there
           ,
           must
           send
           Silver
           from
           hence
           to
           reimburse
           them
           ,
           and
           repay
           the
           money
           they
           have
           drawn
           out
           of
           their
           hands
           .
           Whilst
           Bullion
           may
           be
           had
           for
           a
           small
           price
           more
           than
           the
           weight
           of
           our
           current
           Cash
           ,
           these
           Exchangers
           generally
           choose
           rather
           to
           buy
           Bullion
           ,
           than
           run
           the
           
           risque
           of
           melting
           down
           our
           Coin
           ,
           which
           is
           Criminal
           by
           the
           Law.
           And
           thus
           the
           matter
           for
           the
           most
           part
           went
           ,
           whilst
           mill'd
           and
           clipt
           Money
           passed
           promiscuously
           in
           payment
           :
           For
           so
           long
           a
           clipt
           Half-crown
           was
           as
           good
           here
           as
           a
           mill'd
           one
           ,
           since
           one
           passed
           ,
           and
           could
           be
           had
           as
           freely
           as
           the
           other
           .
           But
           as
           soon
           as
           there
           began
           to
           be
           a
           distinction
           between
           clipt
           and
           unclipt
           Money
           ,
           and
           weighty
           Money
           could
           no
           longer
           be
           had
           for
           the
           light
           ,
           Bullion
           (
           as
           was
           natural
           )
           rose
           ;
           And
           it
           would
           fall
           again
           to
           morrow
           to
           the
           price
           it
           was
           at
           before
           ,
           if
           there
           were
           none
           but
           weighty
           Money
           to
           pay
           for
           it
           .
           In
           short
           ,
           whenever
           the
           whole
           of
           our
           Foreign
           Trade
           and
           Consumption
           exceeds
           our
           Exportation
           of
           Commodities
           ,
           our
           Money
           must
           go
           to
           pay
           our
           Debts
           so
           contracted
           ,
           whether
           melted
           ,
           or
           not
           melted
           down
           .
           If
           the
           Law
           makes
           the
           Exportation
           of
           our
           Coin
           Penal
           ,
           it
           will
           be
           melted
           down
           ;
           if
           it
           leaves
           the
           Exportation
           of
           our
           Coin
           free
           ,
           as
           in
           Holland
           ,
           it
           will
           be
           carried
           out
           in
           specie
           .
           One
           way
           or
           other
           go
           it
           must
           ,
           as
           we
           see
           in
           Spain
           ;
           but
           whether
           melted
           down
           ,
           or
           unmelted
           down
           ,
           it
           matters
           little
           :
           Our
           Coin
           and
           Treasure
           will
           be
           both
           ways
           equally
           diminished
           ,
           and
           can
           be
           restor'd
           only
           by
           an
           over-ballance
           of
           our
           whole
           Exportation
           ,
           to
           our
           whole
           Importation
           of
           consumable
           Commodities
           .
           Laws
           made
           
           against
           Exportation
           of
           Money
           or
           Bullion
           ,
           will
           be
           all
           in
           vain
           .
           Restraint
           ,
           or
           Liberty
           in
           that
           matter
           ,
           makes
           no
           Country
           Rich
           or
           Poor
           :
           As
           we
           see
           in
           Holland
           ;
           which
           had
           plenty
           of
           Money
           under
           the
           free
           liberty
           of
           its
           Exportation
           ;
           and
           Spain
           ,
           in
           great
           want
           of
           Money
           under
           the
           severest
           penalties
           against
           carrying
           of
           it
           out
           .
           But
           the
           Coining
           ,
           or
           not
           Coining
           our
           Money
           ,
           on
           the
           same
           foot
           it
           was
           before
           ,
           or
           in
           bigger
           or
           less
           pieces
           ,
           and
           under
           whatsoever
           denominations
           you
           please
           ,
           contributes
           nothing
           to
           ,
           or
           against
           its
           melting
           down
           or
           Exportation
           ,
           so
           our
           Money
           be
           all
           kept
           each
           species
           in
           its
           full
           weight
           of
           Silver
           ,
           according
           to
           the
           Standard
           :
           For
           if
           some
           be
           heavier
           ,
           and
           some
           lighter
           allow'd
           to
           be
           current
           ,
           so
           ,
           under
           the
           same
           denomination
           the
           heavier
           will
           be
           melted
           down
           ,
           where
           the
           temptation
           of
           profit
           is
           considerable
           ,
           which
           in
           well
           regulated
           Coin
           kept
           to
           the
           Standard
           ,
           cannot
           be
           .
           But
           this
           melting
           down
           carries
           not
           away
           one
           Grain
           of
           our
           Treasure
           out
           of
           England
           .
           The
           coming
           and
           going
           of
           that
           depends
           wholly
           upon
           the
           Ballance
           of
           our
           Trade
           ;
           and
           therefore
           it
           is
           a
           wrong
           Conclusion
           which
           we
           find
           ,
           p.
           71.
           
           
             That
             continuing
             either
             old
             or
             new
             Coins
             on
             the
             present
             foot
             ,
             will
             be
             nothing
             else
             but
             furnishing
             a
             Species
             to
             melt
             down
             at
             an
             extravagant
             profit
             ,
             and
             will
             encourage
             a
             violent
             Exportation
             of
             our
             Silver
             
             for
             sake
             of
             the
             gain
             only
             ,
             till
             we
             shall
             have
             little
             or
             none
             left
             .
          
           For
           example
           ;
           Let
           us
           suppose
           all
           our
           light
           Money
           new
           Coin'd
           ,
           upon
           the
           foot
           that
           this
           Gentleman
           would
           have
           it
           ,
           and
           all
           our
           old
           mill'd
           Crowns
           going
           for
           75
           pence
           ,
           as
           he
           proposes
           ,
           and
           the
           rest
           of
           the
           old
           mill'd
           Money
           proportionably
           ,
           I
           desire
           it
           to
           be
           shewed
           how
           this
           would
           hinder
           the
           Exportation
           of
           one
           Ounce
           of
           Silver
           ,
           whilst
           our
           Affairs
           are
           in
           the
           present
           posture
           .
           Again
           ,
           on
           the
           other
           side
           ,
           supposing
           all
           our
           Money
           were
           now
           mill'd
           Coin
           upon
           the
           present
           foot
           ,
           and
           our
           Ballance
           of
           Trade
           changing
           our
           Exportation
           of
           Commodities
           were
           a
           Million
           more
           than
           our
           Importation
           ,
           and
           like
           to
           continue
           so
           yearly
           ,
           whereof
           one
           was
           to
           Holland
           ,
           and
           the
           other
           to
           Flanders
           ,
           there
           being
           an
           equal
           Ballance
           between
           England
           ,
           and
           all
           other
           parts
           of
           the
           World
           we
           Trade
           to
           ,
           I
           ask
           ,
           what
           possible
           gain
           could
           any
           English
           Man
           make
           ,
           by
           melting
           down
           and
           carrying
           out
           our
           Money
           to
           Holland
           and
           Flanders
           ,
           when
           a
           Million
           was
           to
           come
           thence
           hither
           ,
           and
           English
           Men
           had
           more
           there
           already
           than
           they
           knew
           how
           to
           use
           there
           ,
           and
           could
           not
           get
           home
           without
           paying
           dear
           there
           for
           Bills
           of
           Exchange
           ?
           If
           that
           were
           the
           case
           of
           our
           Trade
           ,
           the
           Exchange
           would
           presently
           fall
           here
           ,
           and
           rise
           there
           beyond
           the
           Par
           of
           their
           Money
           
           to
           ours
           ,
           
             i.
             e.
          
           An
           English
           Merchant
           must
           give
           in
           Holland
           more
           Silver
           for
           the
           Bills
           he
           bought
           there
           ,
           than
           he
           should
           receive
           upon
           those
           Bills
           here
           ,
           if
           the
           two
           Sums
           were
           weigh'd
           one
           against
           the
           other
           ,
           or
           run
           the
           risque
           of
           bringing
           it
           home
           in
           specie
           :
           And
           what
           then
           could
           any
           English
           man
           get
           by
           Exporting
           of
           our
           Money
           or
           Silver
           thither
           ?
        
         
           These
           are
           the
           only
           two
           Cases
           ,
           wherein
           our
           Coin
           can
           be
           melted
           down
           with
           profit
           ;
           and
           I
           challenge
           any
           one
           living
           to
           shew
           me
           any
           other
           .
           The
           one
           of
           them
           is
           removed
           only
           by
           a
           regular
           just
           Coin
           kept
           equal
           to
           the
           Standard
           ;
           be
           that
           what
           it
           will
           ,
           it
           matters
           not
           ,
           as
           to
           the
           point
           of
           melting
           down
           of
           the
           Money
           .
           The
           other
           is
           to
           be
           removed
           only
           by
           the
           Ballance
           of
           our
           Trade
           kept
           from
           running
           us
           behind-hand
           ,
           and
           contracting
           Debts
           in
           Foreign
           Countries
           by
           an
           over-consumption
           of
           their
           Commodities
           .
        
         
           To
           those
           who
           say
           that
           the
           Exportation
           of
           our
           Money
           ,
           whether
           melted
           down
           ,
           or
           not
           melted
           down
           ,
           depends
           wholly
           upon
           our
           Consumption
           of
           Foreign
           Commodities
           ,
           and
           not
           at
           all
           upon
           the
           Sizes
           of
           the
           several
           Species
           of
           our
           Money
           ,
           which
           will
           be
           equally
           Exported
           ,
           or
           not
           Exported
           ,
           whether
           Coin'd
           upon
           the
           old
           ,
           or
           the
           proposed
           new
           Foot
           :
           Mr.
           Lowndes
           replies
           ,
           p.
           72.
           
        
         
         
           First
           ,
           That
           
             the
             necessity
             of
             Foreign
             expence
          
           and
           Exportation
           
             to
             answer
             the
             Ballance
             of
             Trade
             ,
             may
             be
             diminished
             ,
             but
             cannot
             in
             any
             sense
             be
             augmented
             by
             raising
             the
             Value
             of
             our
             Money
             .
          
        
         
           I
           beg
           his
           pardon
           ,
           if
           I
           cannot
           assent
           to
           this
           .
           Because
           the
           necessity
           of
           our
           Exportation
           of
           Money
           depending
           wholly
           upon
           the
           Debts
           which
           we
           contract
           in
           Foreign
           Parts
           ,
           beyond
           what
           our
           Commodities
           Exported
           can
           pay
           ;
           the
           Coining
           our
           Money
           in
           bigger
           or
           less
           pieces
           under
           the
           same
           or
           different
           denominations
           ,
           or
           on
           the
           present
           or
           proposed
           Foot
           ,
           in
           itself
           neither
           increasing
           those
           Debts
           ,
           nor
           the
           Expences
           that
           make
           them
           ,
           can
           neither
           augment
           nor
           diminish
           the
           Exportation
           of
           our
           Money
           .
        
         
           2.
           
           He
           replies
           P.
           72.
           
           That
           Melters
           of
           the
           Coin
           
             will
             have
             less
             profit
             by
             Fourteen
             pence
             half-penny
             in
             the
             Crown
          
           when
           the
           Money
           is
           Coined
           upon
           the
           new
           Foot.
           
        
         
           To
           this
           I
           take
           liberty
           to
           say
           ,
           that
           there
           will
           not
           be
           a
           farthing
           more
           profit
           in
           melting
           down
           the
           Money
           ,
           if
           it
           were
           all
           new
           milled
           Money
           upon
           the
           present
           Foot
           ,
           than
           if
           it
           were
           all
           new
           Coin'd
           ,
           as
           is
           proposed
           ⅕
           lighter
           .
           For
           whence
           should
           the
           profit
           arise
           more
           in
           the
           one
           ,
           than
           the
           other
           ?
           But
           Mr.
           Lowndes
           goes
           upon
           this
           supposition
           ;
           That
           Standard
           Bullion
           is
           now
           worth
           six
           Shillings
           and
           five
           Pence
           an
           Ounce
           ,
           of
           mill'd
           Money
           ,
           
           and
           would
           continue
           to
           sell
           for
           six
           Shillings
           five
           Pence
           the
           Ounce
           ,
           if
           our
           Money
           were
           all
           weighty
           mill'd
           Money
           :
           Both
           which
           I
           take
           to
           be
           mistakes
           ,
           and
           think
           I
           have
           proved
           them
           to
           be
           so
           .
        
         
           3.
           
           He
           says
           ,
           
             'T
             is
             hoped
             that
             the
             Exchange
             to
          
           Holland
           
             may
             be
             kept
             at
             a
             stand
             ,
             or
             at
             least
             from
             falling
             much
             lower
             .
          
           I
           hope
           so
           too
           .
           But
           how
           that
           concerns
           this
           Argument
           ,
           or
           the
           Coining
           of
           the
           Money
           upon
           a
           new
           Foot
           ,
           I
           do
           not
           see
           .
        
         
           4.
           
           He
           says
           ,
           P.
           73.
           
           
             There
             is
             a
             great
             difference
             with
             regard
             to
             the
             service
             and
             disservice
             of
             the
             Publick
             ,
             between
             carrying
             out
             Bullion
             or
             Coin
             ,
             for
             necessary
             uses
             ,
             or
             for
             prohibited
             Commodities
             .
          
           The
           gain
           to
           the
           Exporters
           ,
           which
           is
           that
           which
           makes
           them
           melt
           it
           down
           and
           Export
           it
           ,
           is
           the
           same
           in
           both
           Cases
           .
           And
           the
           necessity
           of
           Exporting
           it
           is
           the
           same
           ,
           For
           't
           is
           to
           pay
           Debts
           ,
           which
           there
           is
           an
           equal
           necessity
           of
           paying
           ,
           when
           once
           contracted
           ,
           though
           for
           useful
           things
           .
           They
           are
           the
           Goldsmiths
           and
           Dealers
           in
           Silver
           that
           usually
           Export
           what
           Silver
           is
           sent
           beyond
           Sea
           ,
           to
           pay
           the
           Debts
           they
           have
           contracted
           by
           their
           Bills
           of
           Exchange
           .
           But
           those
           Dealers
           in
           Exchange
           seldom
           know
           ,
           or
           consider
           ,
           how
           they
           to
           whom
           they
           give
           their
           Bills
           ,
           have
           or
           will
           employ
           the
           Money
           they
           receive
           upon
           those
           Bills
           .
           Prohibited
           Commodities
           ,
           't
           is
           true
           ,
           should
           be
           kept
           out
           ,
           
           and
           useless
           ones
           Impoverish
           us
           by
           being
           brought
           in
           ;
           but
           that
           is
           the
           fault
           of
           our
           Importation
           ,
           and
           there
           the
           mischief
           should
           be
           cured
           by
           Laws
           ,
           and
           our
           way
           of
           Living
           .
           For
           the
           Exportation
           of
           our
           Treasure
           is
           not
           the
           cause
           of
           their
           Importation
           ,
           but
           the
           consequence
           .
           Vanity
           and
           Luxury
           spends
           them
           ,
           that
           gives
           them
           vent
           here
           ,
           that
           vent
           causes
           their
           Importation
           ,
           and
           when
           our
           Merchants
           have
           brought
           them
           ,
           if
           our
           Commodities
           will
           not
           be
           enough
           ,
           our
           Money
           must
           go
           to
           pay
           for
           them
           .
           But
           what
           this
           Paragraph
           has
           in
           it
           against
           continuing
           our
           Coin
           upon
           the
           present
           Foot
           ,
           or
           for
           making
           our
           Coin
           lighter
           ,
           I
           confess
           here
           again
           ,
           I
           do
           not
           see
           .
        
         
           'T
           is
           true
           what
           Mr.
           Lowndes
           observes
           here
           ,
           the
           Importation
           of
           Gold
           ,
           of
           the
           going
           of
           Guineas
           at
           30
           s.
           has
           been
           a
           great
           prejudice
           and
           loss
           to
           the
           Kingdom
           .
           But
           that
           has
           been
           wholly
           owing
           to
           our
           clip'd
           Money
           ,
           and
           not
           at
           all
           to
           our
           Money
           being
           Coin'd
           at
           five
           Shillings
           two
           Pence
           the
           Ounce
           ;
           nor
           is
           the
           Coining
           our
           Money
           lighter
           ,
           the
           cure
           of
           it
           .
           The
           only
           remedy
           for
           that
           mischief
           ,
           as
           well
           as
           a
           great
           many
           others
           ,
           is
           the
           putting
           an
           end
           to
           the
           passing
           of
           clip'd
           Money
           by
           tale
           ,
           as
           if
           it
           were
           lawful
           Coin.
           
        
         
           5.
           
           His
           fifth
           Head
           P.
           74.
           is
           to
           answer
           those
           ,
           who
           hold
           ,
           that
           by
           the
           lessening
           our
           
           Money
           one
           fifth
           ,
           all
           People
           who
           are
           to
           receive
           Money
           upon
           Contracts
           already
           made
           ,
           will
           be
           defrauded
           of
           20
           
             Per.
             Cent.
          
           of
           their
           due
           :
           And
           thus
           all
           men
           will
           lose
           one
           fifth
           of
           their
           settled
           Revenues
           ,
           and
           all
           men
           that
           have
           lent
           Money
           ⅕
           of
           their
           Principal
           and
           Use.
           To
           remove
           this
           Objection
           ,
           Mr.
           Lowndes
           says
           ,
           that
           Silver
           in
           England
           is
           grown
           scarce
           ,
           and
           consequently
           dearer
           ,
           and
           so
           is
           of
           higher
           price
           .
           Let
           us
           grant
           for
           the
           present
           ,
           it
           is
           of
           higher
           price
           (
           which
           how
           he
           makes
           out
           I
           shall
           examine
           by
           and
           by
           .
           )
           This
           ,
           if
           it
           were
           so
           ,
           ought
           not
           to
           annul
           any
           mans
           Bargain
           ,
           nor
           make
           him
           receive
           less
           in
           quantity
           than
           he
           lent
           .
           He
           was
           to
           receive
           again
           the
           same
           Sum
           ,
           and
           the
           Publick
           Authority
           was
           Guarantee
           that
           the
           same
           Sum
           should
           have
           the
           same
           quantity
           of
           Silver
           under
           the
           same
           denomination
           :
           And
           the
           reason
           is
           plain
           ,
           why
           in
           justice
           he
           ought
           to
           have
           the
           same
           quantity
           of
           Silver
           again
           ,
           notwithstanding
           any
           pretended
           rise
           of
           its
           value
           .
           For
           if
           Silver
           had
           grown
           more
           plentiful
           ,
           and
           by
           consequence
           by
           our
           Authors
           rule
           cheaper
           ,
           his
           Debtor
           would
           not
           have
           been
           compell'd
           by
           the
           Publick
           Authority
           to
           have
           paid
           him
           in
           consideration
           of
           its
           cheapness
           ,
           a
           greater
           quantity
           of
           Silver
           than
           they
           Contracted
           for
           .
           Cacao
           Nuts
           were
           the
           Money
           of
           a
           part
           of
           America
           ,
           when
           we
           first
           came
           thither
           .
           Suppose
           then
           
           you
           had
           lent
           me
           last
           Year
           300
           ,
           or
           fifteen-score
           Cacao
           Nuts
           ,
           to
           be
           repaid
           this
           year
           :
           Would
           you
           be
           satisfied
           and
           think
           your self
           paid
           your
           due
           ,
           if
           I
           should
           tell
           you
           ,
           Cacao
           Nuts
           were
           scarce
           this
           year
           ,
           and
           that
           fourscore
           were
           of
           as
           much
           value
           this
           year
           as
           an
           hundred
           the
           last
           ;
           and
           that
           therefore
           you
           were
           well
           and
           fully
           paid
           if
           I
           restored
           to
           you
           only
           1200
           for
           the
           1500
           I
           borrowed
           ?
           Would
           you
           not
           think
           your self
           defrauded
           of
           ⅕
           of
           your
           Right
           ,
           by
           such
           a
           payment
           ?
           nor
           would
           it
           make
           any
           amends
           for
           this
           to
           justice
           ,
           or
           reparation
           to
           you
           ,
           that
           the
           Publick
           had
           (
           after
           your
           contract
           ,
           which
           was
           made
           for
           fifteen
           Score
           )
           altered
           the
           denomination
           of
           Score
           ,
           and
           applyed
           it
           to
           sixteen
           instead
           of
           twenty
           .
           Examine
           it
           ,
           and
           you
           will
           find
           this
           just
           the
           Case
           ,
           and
           the
           loss
           proportionable
           in
           them
           both
           :
           That
           is
           ,
           a
           real
           loss
           of
           20
           
             Per.
             Cent.
          
           And
           therefore
           a
           man
           has
           Right
           done
           him
           ,
           if
           he
           receive
           ⅕
           less
           Silver
           than
           his
           Contract
           .
           As
           to
           Mr.
           
           Lowndes's
           proofs
           ,
           that
           Silver
           is
           now
           ⅕
           more
           value
           than
           it
           was
           ,
           I
           fear
           none
           of
           them
           will
           reach
           Mr.
           
           Lowndes's
           point
           .
           He
           says
           P.
           77
           
             By
             daily
             experience
             ,
             nineteen
             penny
             weight
             ,
             and
             three
             tenths
             of
             a
             penny
             weight
             of
             Sterling
             Silver
             ,
             which
             is
             just
             the
             weight
             of
             a
             Crown
             piece
             ,
             will
             purchase
             more
             Coin'd
             Money
             than
             five
             unclip'd
             Shillings
             .
          
           I
           wish
           he
           had
           told
           us
           where
           this
           
             daily
             experience
          
           ,
           he
           speaks
           of
           ,
           is
           to
           be
           
           found
           :
           For
           I
           dare
           say
           no
           body
           hath
           seen
           a
           Sum
           of
           
             unclip'd
             Shillings
          
           paid
           for
           Bullion
           any
           where
           this
           twelve
           months
           ,
           to
           go
           no
           further
           back
           .
        
         
           In
           the
           next
           place
           ,
           I
           wish
           he
           had
           told
           us
           how
           much
           more
           than
           five
           lawful
           mill'd
           Shillings
           ,
           Bullion
           of
           the
           weight
           of
           a
           Crown
           piece
           will
           purchase
           .
           If
           he
           had
           said
           it
           would
           purchase
           six
           Shillings
           and
           three
           pence
           weighty
           Money
           ,
           he
           had
           proved
           the
           matter
           in
           question
           .
           And
           whoever
           has
           the
           weight
           of
           a
           Crown
           in
           Silver
           paid
           him
           in
           Mr.
           
           Lowndes's
           new
           Coin
           ,
           instead
           of
           six
           Shillings
           and
           three
           Pence
           of
           our
           present
           Money
           ,
           has
           no
           injury
           done
           him
           ,
           if
           it
           will
           certainly
           purchase
           him
           six
           Shillings
           and
           three
           Pence
           all
           unclip'd
           of
           our
           present
           Money
           .
           But
           every
           one
           at
           first
           sight
           perceives
           this
           to
           be
           impossible
           ,
           as
           I
           have
           already
           proved
           it
           .
           And
           I
           have
           in
           this
           the
           concurrence
           of
           Mr.
           
           Lowndes's
           new
           Scheme
           ,
           to
           prove
           it
           to
           be
           so
           .
           For
           P.
           62
           he
           proposes
           that
           his
           
             Silver
             Vnite
          
           having
           the
           weight
           and
           fineness
           of
           a
           present
           unclip'd
           Crown
           piece
           ,
           should
           go
           for
           75
           pence
           ;
           and
           that
           the
           present
           Shilling
           should
           go
           for
           15
           pence
           ;
           by
           which
           establishment
           there
           will
           be
           75
           pence
           in
           his
           Vnite
           ,
           and
           93
           pence
           three
           farthings
           in
           six
           Shillings
           three
           pence
           ,
           weighty
           Money
           of
           the
           present
           Coin
           ;
           which
           is
           an
           undeniable
           confession
           ,
           that
           it
           is
           as
           impossible
           for
           his
           
             Silver
             Vnite
          
           ,
           (
           having
           
           no
           more
           Silver
           in
           it
           than
           a
           present
           unclip'd
           Crown
           ,
           to
           be
           worth
           ,
           and
           so
           to
           purchase
           six
           unclip'd
           Shillings
           and
           three
           pence
           of
           our
           present
           Money
           ,
           as
           it
           is
           for
           75
           pence
           to
           be
           worth
           93
           of
           the
           same
           pence
           ,
           or
           75
           to
           be
           equal
           to
           93.
           
        
         
           If
           he
           means
           by
           more
           ,
           that
           his
           Sterling
           Silver
           of
           the
           weight
           of
           a
           Crown
           piece
           will
           purchase
           a
           penny
           ,
           or
           two
           pence
           more
           than
           five
           unclip'd
           Shillings
           ,
           which
           is
           the
           most
           ,
           and
           which
           is
           but
           accidental
           too
           ;
           what
           is
           this
           rise
           of
           its
           value
           to
           15
           pence
           ,
           and
           what
           amends
           will
           one
           1
           /
           60
           a
           little
           more
           or
           less
           ,
           rise
           in
           value
           ,
           make
           for
           ⅕
           diminished
           in
           weight
           and
           lost
           in
           the
           quantity
           ?
           which
           is
           all
           one
           as
           to
           say
           ,
           that
           a
           penny
           ,
           or
           thereabouts
           ,
           shall
           make
           amends
           for
           fifteen
           pence
           taken
           away
           .
        
         
           Another
           way
           to
           recommend
           his
           New
           Coin
           to
           those
           who
           shall
           receive
           it
           instead
           of
           the
           present
           weightier
           Coin
           ,
           he
           tells
           him
           ,
           p.
           77.
           it
           will
           pay
           as
           much
           debt
           and
           purchase
           as
           much
           Commodities
           as
           our
           present
           Money
           ,
           which
           is
           ⅕
           heavier
           .
           What
           he
           says
           of
           debts
           is
           true
           ;
           but
           yet
           I
           would
           have
           it
           well
           considered
           by
           our
           English
           Gentlemen
           ,
           that
           though
           Creditors
           will
           lose
           ⅕
           of
           their
           Principal
           and
           Use
           ,
           and
           Landlords
           will
           lose
           ⅕
           of
           their
           Income
           ,
           yet
           the
           Debtors
           and
           Tenants
           will
           not
           get
           it
           .
           It
           will
           be
           asked
           ,
           Who
           then
           will
           get
           
           it
           ?
           These
           ,
           I
           say
           ,
           and
           those
           only
           who
           have
           great
           Sums
           of
           weighty
           Money
           (
           whereof
           one
           fees
           not
           a
           piece
           now
           in
           Payments
           )
           hoarded
           up
           by
           them
           ,
           will
           get
           by
           it
           .
           To
           those
           by
           the
           proposed
           change
           of
           our
           Money
           will
           be
           an
           increase
           of
           ⅕
           added
           to
           their
           Riches
           ,
           paid
           out
           of
           the
           Pockets
           of
           the
           rest
           of
           the
           Nation
           .
           For
           what
           these
           men
           received
           for
           Four
           Shillings
           ,
           they
           will
           pay
           again
           for
           Five
           .
           This
           weighty
           Money
           hoarded
           up
           ,
           Mr.
           
             Lowndes
             ,
             p.
          
           105
           computes
           at
           One
           Million
           and
           Six
           hundred
           thousand
           Pounds
           ;
           so
           that
           by
           raising
           our
           Money
           one
           fifth
           ,
           there
           will
           Three
           hundred
           and
           twenty
           thousand
           Pounds
           be
           given
           to
           those
           who
           have
           hoarded
           up
           our
           weighty
           Money
           ;
           which
           hoarding
           up
           of
           Money
           is
           thought
           by
           many
           to
           have
           no
           other
           merit
           in
           it
           than
           the
           prejudicing
           our
           Trade
           and
           publick
           Affairs
           ,
           and
           increasing
           our
           necessities
           ,
           by
           keeping
           so
           great
           a
           part
           of
           our
           Money
           from
           coming
           abroad
           ,
           at
           a
           time
           when
           there
           was
           so
           great
           need
           of
           it
           .
           If
           the
           Sum
           of
           unclip'd
           Money
           in
           the
           Nation
           ,
           be
           as
           some
           suppose
           ,
           much
           greater
           ;
           then
           there
           will
           by
           this
           contrivance
           of
           the
           raising
           our
           Coin
           ,
           be
           given
           to
           these
           rich
           Hoarders
           ,
           much
           above
           the
           aforesaid
           Sum
           of
           Three
           hundred
           and
           twenty
           thousand
           Pounds
           of
           our
           present
           Money
           .
           No
           body
           else
           ,
           but
           these
           Hoarders
           ,
           can
           get
           a
           Farthing
           
           by
           this
           proposed
           change
           of
           our
           Coin
           ;
           unless
           men
           in
           debt
           have
           Plate
           by
           them
           ,
           which
           they
           will
           Coin
           to
           pay
           their
           Debts
           .
           Those
           too
           ,
           I
           must
           confess
           ,
           will
           get
           one
           fifth
           by
           all
           the
           Plate
           of
           their
           own
           ,
           which
           they
           shall
           Coin
           and
           pay
           Debts
           with
           ,
           valuing
           their
           Plate
           at
           Bullion
           :
           But
           if
           they
           shall
           consider
           the
           fashion
           of
           their
           Plate
           ,
           what
           that
           cost
           when
           they
           bought
           it
           ,
           and
           the
           fashion
           that
           new
           Plate
           will
           cost
           them
           ,
           if
           they
           intend
           ever
           to
           have
           Plate
           again
           ,
           they
           will
           find
           this
           one
           fifth
           seeming
           present
           profit
           in
           Coining
           their
           Plate
           to
           pay
           their
           Debts
           ,
           amount
           to
           little
           or
           nothing
           at
           all
           .
           No
           body
           then
           but
           the
           Hoarders
           will
           get
           by
           this
           Twenty
           
             per
             Cent.
          
           And
           I
           challenge
           any
           one
           to
           shew
           how
           any
           body
           else
           (
           but
           that
           little
           in
           the
           case
           of
           Plate
           Coin'd
           to
           pay
           Debts
           )
           shall
           get
           a
           farthing
           by
           it
           .
           It
           seems
           to
           promise
           fairest
           to
           the
           Debtors
           ;
           but
           to
           them
           too
           it
           will
           amount
           to
           nothing
           .
           For
           he
           that
           takes
           up
           Money
           to
           pay
           his
           Debts
           ,
           will
           receive
           this
           new
           Money
           ,
           and
           pay
           it
           again
           at
           the
           same
           rate
           he
           received
           it
           ,
           just
           as
           he
           does
           now
           our
           present
           Coin
           ,
           without
           any
           profit
           at
           all
           .
           And
           though
           Commodities
           (
           as
           is
           natural
           )
           shall
           be
           raised
           in
           proportion
           to
           the
           lessening
           of
           the
           Money
           ,
           no
           body
           will
           get
           by
           that
           ,
           any
           more
           than
           they
           do
           now
           ,
           when
           all
           things
           are
           grown
           dearer
           .
           Only
           he
           that
           is
           bound
           up
           by
           contract
           to
           receive
           
           any
           Sum
           under
           such
           a
           denomination
           of
           Pounds
           ,
           Shillings
           and
           Pence
           ,
           will
           find
           his
           loss
           sensibly
           when
           he
           goes
           to
           buy
           Commodities
           ,
           and
           make
           new
           Bargains
           .
           The
           Markets
           and
           the
           Shops
           will
           soon
           convince
           him
           ,
           that
           his
           Money
           ,
           which
           is
           one
           fifth
           lighter
           ,
           is
           also
           one
           fifth
           worse
           ;
           when
           he
           must
           pay
           twenty
           
             Per.
             Cent.
          
           more
           for
           all
           the
           Commodities
           he
           buys
           with
           the
           Money
           of
           the
           new
           Foot
           ,
           than
           if
           he
           bought
           it
           with
           the
           present
           Coin.
           
        
         
           This
           Mr.
           Lowndes
           himself
           will
           not
           deny
           ,
           when
           he
           calls
           to
           mind
           what
           he
           himself
           ,
           speaking
           of
           the
           inconveniencies
           we
           suffer
           by
           our
           clip'd
           Money
           ,
           says
           ,
           P.
           115.
           
           
             Persons
             before
             they
             conclude
             in
             any
             bargains
             ,
             are
             necessitated
             first
             to
             settle
             the
             price
             or
             value
             of
             the
             very
             Money
             they
             are
             to
             receive
             for
             their
             Goods
             ;
             And
             if
             it
             be
             in
             clip'd
             or
             bad
             Money
             ,
             they
             set
             the
             price
             of
             their
             Goods
             accordingly
             :
             Which
             I
             think
             has
             been
             one
             great
             cause
             of
             raising
             the
             price
             ,
             not
             only
             of
             Merchandizes
             ,
             but
             even
             of
             Edibles
             ,
             and
             other
             necessaries
             for
             the
             Sustenance
             of
             the
             common
             People
             ,
             to
             their
             great
             Grievance
             .
          
           That
           every
           one
           who
           receives
           Money
           after
           the
           raising
           our
           Money
           ,
           on
           Contracts
           made
           before
           the
           change
           ,
           must
           lose
           twenty
           
             per
             Cent.
          
           in
           all
           he
           shall
           buy
           ,
           is
           Demonstration
           ,
           by
           Mr.
           
           Lowndes's
           own
           Scheme
           .
           Mr.
           Lowndes
           proposes
           that
           there
           should
           be
           Shillings
           Coin'd
           upon
           the
           new
           Foot
           ⅕
           lighter
           than
           our
           present
           
           Shillings
           ,
           which
           should
           go
           for
           12
           pence
           apiece
           ;
           and
           that
           the
           unclip'd
           Shillings
           of
           the
           present
           Coin
           should
           go
           for
           fifteen
           pence
           apiece
           ,
           and
           the
           Crown
           for
           seventy
           five
           pence
           .
           A
           man
           who
           has
           a
           Debt
           of
           an
           hundred
           Pounds
           owing
           him
           ,
           upon
           Bond
           or
           Lease
           ,
           receives
           it
           in
           these
           new
           Shillings
           ,
           instead
           of
           lawful
           Money
           of
           the
           present
           Standard
           :
           He
           goes
           to
           Market
           with
           twenty
           Shillings
           in
           one
           Pocket
           of
           this
           new
           Money
           ,
           which
           are
           valued
           at
           240
           pence
           ;
           and
           in
           the
           other
           Pocket
           with
           four
           mill'd
           Crown
           pieces
           ,
           (
           or
           20
           mill'd
           Shillings
           of
           the
           present
           Coin
           )
           which
           are
           valued
           at
           three
           hundred
           pence
           ,
           which
           is
           one
           fifth
           more
           :
           't
           is
           Demonstration
           then
           that
           he
           loses
           one
           fifth
           ,
           or
           20
           
             per
             Cent.
          
           in
           all
           that
           he
           buys
           ,
           by
           the
           receipt
           of
           this
           new
           Money
           ,
           for
           the
           present
           Coin
           ,
           which
           was
           his
           due
           ;
           unless
           those
           he
           deals
           with
           will
           take
           four
           for
           five
           pence
           ,
           or
           four
           shillings
           for
           five
           shillings
           .
           He
           buys
           ,
           for
           example
           ,
           a
           quart
           of
           Oyl
           for
           fifteen
           pence
           :
           If
           he
           pay
           for
           it
           with
           the
           old
           Money
           in
           one
           Pocket
           ,
           one
           Shilling
           will
           do
           it
           ;
           if
           with
           the
           new
           Money
           in
           the
           other
           ,
           he
           must
           add
           three
           pence
           to
           it
           ,
           or
           a
           quarter
           of
           another
           Shilling
           ;
           And
           so
           of
           all
           the
           rest
           that
           he
           pays
           for
           ,
           with
           either
           the
           old
           Money
           which
           he
           should
           have
           received
           his
           Debts
           in
           ,
           or
           with
           the
           new
           ,
           which
           he
           was
           forced
           to
           receive
           for
           it
           .
           Thus
           far
           it
           is
           Demonstration
           ,
           he
           loses
           Twenty
           
             per
             
             Cent.
          
           by
           receiving
           his
           Debt
           in
           a
           new
           Money
           thus
           raised
           ,
           when
           he
           uses
           it
           to
           buy
           any
           thing
           .
           But
           to
           make
           him
           amends
           ,
           Mr.
           Lowndes
           tells
           him
           ,
           Silver
           is
           now
           dearer
           ;
           and
           all
           things
           consequently
           will
           be
           bought
           cheaper
           twenty
           
             per
             Cent.
          
           I
           am
           sure
           there
           is
           no
           Demonstration
           of
           that
           ,
           nor
           appearance
           of
           it
           yet
           ;
           And
           if
           I
           may
           credit
           Housekeepers
           and
           substantial
           Tradesmen
           ,
           all
           sorts
           of
           Provisions
           and
           Commodities
           are
           lately
           risen
           excessively
           ;
           and
           notwithstanding
           the
           scarcity
           of
           Silver
           ,
           begin
           to
           come
           up
           to
           the
           true
           value
           of
           our
           clip'd
           Money
           ,
           every
           one
           selling
           their
           Commodities
           so
           as
           to
           make
           themselves
           amends
           in
           the
           number
           of
           light
           pieces
           for
           what
           they
           want
           in
           weight
           .
           A
           Creditor
           ought
           to
           think
           the
           new
           light
           Money
           equivalent
           to
           the
           present
           heavier
           ,
           because
           it
           will
           buy
           as
           much
           Commodities
           .
           But
           what
           if
           it
           should
           fail
           ,
           as
           't
           is
           ten
           to
           one
           but
           it
           will
           ,
           what
           security
           has
           he
           for
           it
           ?
           He
           is
           told
           so
           ,
           and
           he
           must
           be
           satisfied
           .
           The
           Salt
           ,
           Wine
           ,
           Oyl
           ,
           Silk
           ,
           Naval
           Stores
           ,
           and
           all
           Foreign
           Commodities
           ,
           will
           none
           of
           them
           be
           sold
           us
           by
           Foreigners
           for
           a
           less
           quantity
           of
           Silver
           than
           before
           ,
           because
           we
           have
           given
           the
           name
           of
           more
           Peace
           to
           it
           ,
           is
           I
           think
           Demonstration
           .
           All
           our
           Names
           (
           if
           they
           are
           any
           more
           to
           us
           )
           are
           to
           them
           but
           bare
           sounds
           ;
           And
           our
           Coin
           ,
           as
           theirs
           to
           us
           ,
           but
           meer
           Bullion
           ,
           
           valued
           only
           by
           its
           weight
           .
           And
           a
           Suede
           will
           no
           more
           sell
           you
           his
           Hemp
           and
           Pitch
           ,
           or
           a
           Spaniard
           his
           Oyl
           ,
           for
           less
           Silver
           ;
           because
           you
           tell
           him
           Silver
           is
           scarcer
           now
           in
           England
           ,
           and
           therefore
           risen
           in
           value
           one
           fifth
           ;
           than
           a
           Tradesman
           of
           London
           will
           sell
           his
           Commodity
           cheaper
           to
           the
           
             Isle
             of
             Man
          
           ,
           because
           they
           are
           grown
           poorer
           ,
           and
           Money
           is
           scarce
           there
           .
        
         
           All
           Foreign
           Commodities
           must
           be
           shut
           out
           of
           the
           number
           of
           those
           that
           will
           fall
           ,
           to
           comply
           with
           our
           raising
           our
           Money
           .
           Corn
           also
           ,
           't
           is
           evident
           ,
           does
           not
           rise
           or
           fall
           ,
           by
           the
           differences
           of
           more
           or
           less
           plenty
           of
           Money
           ,
           but
           by
           the
           plenty
           and
           scarcity
           that
           God
           gives
           .
           For
           our
           Money
           ,
           in
           appearance
           remaining
           the
           same
           ,
           the
           Price
           of
           Corn
           is
           double
           one
           year
           to
           what
           it
           was
           the
           precedent
           ;
           and
           therefore
           we
           must
           certainly
           make
           account
           ,
           that
           since
           the
           Money
           is
           one
           fifth
           lighter
           ,
           it
           will
           buy
           one
           fifth
           less
           Corn
           
             Communibus
             annis
          
           .
           And
           this
           being
           the
           great
           expence
           of
           the
           Poor
           ,
           that
           takes
           up
           almost
           all
           their
           Earnings
           ;
           if
           Corn
           be
           
             Communibus
             annis
          
           sold
           for
           one
           fifth
           more
           Money
           in
           Tale
           than
           before
           the
           change
           of
           our
           Money
           ,
           they
           too
           must
           have
           one
           fifth
           more
           in
           Tale
           of
           the
           new
           Money
           for
           their
           Wages
           ,
           than
           they
           have
           now
           ;
           and
           the
           Day-labourer
           must
           have
           ,
           not
           only
           twelve
           ,
           but
           fifteen
           pence
           of
           the
           new
           Money
           a
           day
           ,
           which
           
           is
           the
           present
           Shilling
           ,
           that
           he
           has
           now
           ,
           or
           else
           he
           cannot
           live
           .
           So
           that
           all
           Foreign
           Commodities
           ,
           with
           Corn
           and
           Labour
           ,
           keeping
           up
           their
           value
           to
           the
           quantity
           of
           Silver
           ,
           they
           sell
           for
           now
           ;
           and
           not
           complying
           in
           the
           fall
           of
           their
           real
           price
           with
           the
           nominal
           raising
           of
           our
           Money
           ;
           there
           is
           not
           much
           left
           wherein
           Landlords
           and
           Creditors
           are
           to
           expect
           the
           recompense
           of
           20
           
             per
             Cent.
          
           abatement
           of
           price
           in
           Commodities
           to
           make
           up
           their
           loss
           in
           the
           lightness
           of
           our
           Money
           they
           are
           paid
           their
           Rents
           and
           Debts
           in
           .
           'T
           would
           be
           easie
           to
           shew
           the
           same
           thing
           concerning
           our
           other
           native
           Commodities
           ,
           and
           make
           it
           clear
           ,
           that
           we
           have
           no
           reason
           to
           expect
           they
           should
           abate
           of
           their
           present
           price
           ,
           any
           more
           than
           Corn
           and
           Labour
           .
           But
           this
           is
           enough
           ,
           and
           any
           one
           ,
           who
           has
           a
           mind
           to
           it
           ,
           may
           trace
           the
           rest
           at
           his
           leisure
           .
        
         
           And
           thus
           I
           fear
           the
           hopes
           of
           cheaper
           Penny-worths
           ,
           which
           might
           beguile
           some
           Men
           into
           a
           belief
           ,
           that
           Landlords
           and
           Creditors
           would
           receive
           no
           less
           by
           the
           proposed
           new
           Money
           ,
           is
           quite
           vanished
           .
           But
           if
           the
           promise
           of
           better
           Penny-worths
           and
           a
           fall
           of
           all
           Commodities
           Twenty
           
             per
             Cent.
          
           should
           hold
           true
           ,
           this
           would
           not
           at
           all
           relieve
           Creditors
           and
           Landlords
           ,
           and
           set
           them
           on
           equal
           terms
           with
           their
           Neighbours
           :
           Because
           the
           cheap
           Penny-worths
           
           will
           not
           be
           for
           them
           alone
           ;
           but
           every
           body
           else
           ,
           as
           well
           as
           they
           ,
           will
           share
           in
           that
           advantage
           ;
           so
           that
           their
           Silver
           being
           diminished
           one
           fifth
           in
           their
           Rents
           and
           Debts
           ,
           which
           are
           paid
           them
           ,
           they
           would
           still
           be
           Twenty
           
             per
             Cent.
          
           greater
           losers
           than
           their
           unhoarding
           Neighbours
           ,
           and
           Forty
           
             per
             Cent.
          
           greater
           losers
           than
           the
           Hoar●ers
           of
           Money
           ;
           Who
           will
           certainly
           get
           Twenty
           
             per
             Cent.
          
           in
           the
           Money
           ,
           whatever
           happens
           in
           the
           price
           of
           things
           ;
           And
           Twenty
           
             per
             Cent.
          
           more
           in
           the
           cheapness
           of
           Commodities
           ,
           if
           that
           promised
           recompence
           be
           made
           good
           to
           Creditors
           and
           Landlords
           .
           For
           the
           Hoarders
           of
           Money
           (
           if
           the
           price
           of
           things
           falls
           )
           will
           buy
           as
           cheap
           as
           they
           .
           So
           that
           what
           ever
           is
           said
           of
           the
           cheapness
           of
           Commodities
           ,
           't
           is
           Demonstration
           ,
           )
           whether
           that
           proves
           true
           or
           no
           )
           That
           Creditors
           ,
           and
           Landlords
           ,
           and
           all
           those
           who
           are
           to
           receive
           Money
           upon
           Bargains
           made
           before
           the
           proposed
           change
           of
           our
           Coin
           ,
           will
           unavoidably
           lose
           Twenty
           
             per
             Cent.
          
           
        
         
           One
           thing
           Mr.
           Lowndes
           says
           in
           this
           Paragraph
           very
           remarkable
           ,
           which
           I
           think
           decides
           the
           Question
           .
           His
           words
           p.
           78.
           are
           these
           ,
           
             That
             if
             the
             value
             of
             the
             Silver
             in
             the
             Coins
             (
             by
             an
             extrinsick
             denomination
             )
             be
             raised
             above
             the
             value
             or
             market
             price
             of
             the
             same
             Silver
             reduc'd
             to
             Bullion
             ,
             the
             Subject
             would
             be
             proportionably
             injured
             and
             defrauded
             ,
             
             as
             they
             were
             formerly
             in
             the
             case
             of
             base
             Moneys
             coin'd
             by
             publique
             Authority
             .
          
           It
           remains
           therefore
           only
           to
           shew
           ,
           that
           the
           Market-price
           of
           Standard
           Bullion
           is
           not
           one
           fifth
           above
           our
           Coin
           that
           is
           to
           be
           raised
           ,
           and
           then
           we
           have
           Mr.
           Lowndes
           of
           our
           side
           too
           against
           its
           raising
           .
           I
           think
           it
           is
           abundantly
           proved
           already
           ,
           that
           Standard
           Bullion
           neither
           is
           ,
           nor
           can
           be
           worth
           one
           fifth
           more
           than
           our
           Lawful
           weighty
           Money
           :
           And
           if
           it
           be
           not
           ,
           by
           Mr.
           
           Lowndes's
           confession
           ,
           there
           is
           no
           need
           of
           raising
           our
           present
           legal
           mill'd
           Money
           to
           that
           degree
           ;
           and
           't
           is
           only
           our
           clip'd
           Money
           that
           wants
           amendment
           :
           And
           when
           that
           is
           recoin'd
           and
           reduced
           all
           to
           mill'd
           and
           lawful
           Money
           ,
           that
           then
           too
           will
           have
           no
           need
           of
           raising
           .
           This
           I
           shall
           now
           prove
           out
           of
           Mr.
           
           Lowndes's
           own
           words
           here
           .
        
         
           Mr.
           Lowndes
           in
           the
           forecited
           words
           compares
           
             the
             value
             of
             Silver
             in
             our
             Coin
             ,
          
           to
           the
           
             value
             of
             the
             same
             Silver
             reduc'd
             to
             Bullion
          
           ;
           which
           he
           supposing
           to
           be
           as
           four
           to
           five
           ,
           makes
           that
           the
           measure
           of
           the
           raising
           our
           Money
           .
           If
           this
           be
           the
           difference
           of
           Value
           between
           Silver
           in
           Bullion
           ,
           and
           Silver
           in
           Coin
           ;
           And
           it
           be
           true
           ,
           that
           four
           Ounces
           of
           Standard
           Bullion
           be
           worth
           five
           Ounces
           of
           the
           same
           Silver
           Coin'd
           ;
           Or
           ,
           which
           is
           the
           same
           thing
           ,
           that
           Bullion
           will
           sell
           by
           the
           Ounce
           for
           Six
           Shillings
           and
           five
           Pence
           unclip'd
           
           Money
           ;
           I
           will
           take
           the
           boldness
           to
           advise
           His
           Majesty
           to
           buy
           ,
           or
           to
           borrow
           any
           where
           so
           much
           Bullion
           ,
           or
           rather
           than
           be
           without
           it
           ,
           melt
           down
           so
           much
           Plate
           ,
           as
           is
           equal
           in
           weight
           to
           twelve
           hundred
           pounds
           Sterling
           of
           our
           present
           mill'd
           Money
           .
           This
           let
           him
           sell
           for
           mill'd
           Money
           ;
           And
           according
           to
           our
           Authors
           Rule
           ,
           it
           will
           yield
           fifteen
           hundred
           pounds
           .
           Let
           that
           fifteen
           hundred
           pounds
           be
           reduc'd
           into
           Bullion
           ,
           and
           sold
           again
           ,
           and
           it
           will
           produce
           eighteen
           hundred
           and
           Sixty
           Pounds
           :
           Which
           1860
           l.
           of
           weighty
           Money
           being
           reduced
           to
           Bullion
           ,
           will
           still
           produce
           one
           fifth
           more
           in
           weight
           of
           Silver
           ,
           being
           sold
           for
           weighty
           Money
           .
           And
           thus
           His
           Majesty
           may
           get
           at
           least
           Three
           hundred
           and
           twenty
           thousand
           Pounds
           by
           selling
           of
           Bullion
           for
           weighty
           Money
           ,
           and
           melting
           that
           down
           into
           Bullion
           ,
           as
           fast
           as
           he
           receives
           it
           ;
           till
           he
           has
           brought
           into
           his
           hands
           the
           Million
           and
           Six
           hundred
           thousand
           Pounds
           ,
           which
           Mr.
           Lowndes
           computes
           there
           is
           of
           weighty
           Money
           left
           in
           England
           .
        
         
           I
           doubt
           not
           but
           every
           one
           who
           reads
           it
           ,
           will
           think
           this
           a
           very
           ridiculous
           Proposition
           .
           But
           he
           must
           think
           it
           ridiculous
           for
           no
           other
           reason
           ,
           but
           because
           he
           sees
           't
           is
           impossible
           ,
           that
           Bullion
           should
           sell
           for
           one
           fifth
           above
           its
           weight
           of
           the
           same
           Silver
           
           Coin'd
           ;
           That
           is
           ,
           than
           an
           Ounce
           of
           Standard
           Silver
           should
           sell
           for
           six
           shillings
           five
           pence
           of
           our
           present
           weighty
           Money
           .
           For
           if
           it
           will
           ,
           't
           is
           no
           ridiculous
           thing
           that
           the
           King
           should
           melt
           down
           ,
           and
           make
           that
           profit
           of
           his
           Money
           .
        
         
           If
           our
           Author's
           Rule
           ,
           (
           p.
           78
           ,
           where
           he
           says
           ,
           
             That
             the
             only
             just
             and
             reasonable
             Foot
             upon
             which
             the
             Coins
             should
             be
             current
             ,
             is
             the
             very
             price
             of
             the
             Silver
             thereof
             ,
             in
             case
             it
             be
             molten
             in
             the
             same
             place
             where
             Coins
             are
             made
             current
          
           )
           be
           to
           be
           observed
           ;
           Our
           Money
           is
           to
           be
           raised
           but
           an
           half
           penny
           in
           five
           shillings
           ;
           for
           that
           was
           the
           ordinary
           odds
           in
           the
           price
           between
           Bullion
           and
           Coin'd
           Silver
           ,
           before
           Clipping
           had
           deprived
           us
           ,
           in
           Commerce
           ,
           of
           all
           our
           mill'd
           and
           weighty
           Money
           .
           And
           Silver
           in
           Standard
           Bullion
           would
           not
           be
           in
           value
           one
           jot
           above
           the
           same
           Silver
           in
           Coin
           ,
           if
           clip'd
           Money
           were
           not
           current
           by
           Tale
           ,
           and
           Coin'd
           Silver
           (
           as
           
             Mr.
             Lowndes
          
           proposes
           ,
           p.
           73
           )
           as
           well
           as
           Bullion
           ,
           had
           the
           liberty
           of
           Exportation
           .
           For
           when
           we
           have
           no
           clip'd
           Money
           ,
           but
           all
           our
           current
           Coin
           is
           weight
           ,
           according
           to
           the
           Standard
           ,
           all
           the
           odds
           of
           value
           that
           Silver
           in
           Bullion
           has
           to
           Silver
           in
           Coin
           ,
           is
           only
           owing
           to
           the
           Prohibition
           of
           its
           Exportation
           in
           Money
           ;
           And
           never
           rises
           ,
           nor
           can
           rise
           ,
           above
           what
           the
           Goldsmith
           shall
           estimate
           the
           risque
           and
           trouble
           of
           
           melting
           it
           down
           ;
           which
           is
           so
           little
           ,
           that
           the
           Importers
           of
           Silver
           could
           never
           raise
           it
           to
           above
           an
           half
           penny
           an
           Ounce
           ,
           but
           at
           such
           times
           as
           the
           East-India
           Company
           ,
           or
           some
           Foreign
           Sale
           ,
           calling
           for
           a
           great
           quantity
           of
           Silver
           at
           a
           time
           ,
           made
           the
           Goldsmith
           scramble
           for
           it
           ;
           and
           so
           the
           Importers
           of
           Bullion
           raise
           its
           price
           upon
           them
           ,
           according
           to
           the
           present
           need
           of
           great
           quantities
           of
           Silver
           ,
           which
           every
           Goldsmith
           (
           eager
           to
           ingross
           to
           himself
           as
           much
           as
           he
           could
           )
           was
           content
           to
           pay
           high
           for
           ,
           rather
           than
           go
           without
           :
           His
           present
           gains
           from
           those
           whom
           he
           furnish'd
           ,
           and
           whom
           otherwise
           he
           could
           not
           furnish
           ,
           making
           him
           amends
           .
        
         
           The
           natural
           value
           then
           between
           Silver
           in
           Bullion
           ,
           and
           in
           Coin
           ,
           is
           (
           I
           say
           )
           every
           where
           equal
           ;
           bating
           the
           charge
           of
           Coinage
           ,
           which
           gives
           the
           advantage
           to
           the
           side
           of
           the
           Coin.
           The
           ordinary
           odds
           here
           in
           England
           ,
           between
           Silver
           in
           Bullion
           ,
           and
           the
           same
           in
           our
           Coin
           ,
           is
           by
           reason
           that
           the
           Stamp
           hinders
           its
           free
           Exportation
           about
           an
           half
           penny
           in
           the
           Crown
           .
           The
           accidental
           difference
           ,
           by
           reason
           of
           suddain
           occasions
           ,
           is
           sometimes
           (
           but
           rarely
           )
           two
           pence
           in
           five
           shillings
           ,
           or
           somewhat
           more
           in
           great
           urgencies
           .
           And
           since
           the
           ordinary
           rate
           of
           things
           is
           to
           be
           taken
           as
           the
           measure
           of
           their
           price
           ,
           and
           
             Mr.
             Lowndes
          
           
           tells
           us
           ,
           p.
           78.
           
           That
           
             if
             the
             value
             of
             the
             Silver
             in
             the
             Coins
             should
             be
             raised
             above
             the
             value
             ,
             or
             Market
             Price
             ,
             of
             the
             same
             Silver
             reduced
             to
             Bullion
             ,
             the
             Subject
             would
             be
             proportionably
             injured
             and
             defrauded
          
           ;
           I
           leave
           him
           to
           make
           the
           Inference
           ,
           what
           will
           be
           the
           consequence
           in
           England
           ,
           if
           our
           Coin
           be
           raised
           here
           one
           fifth
           ,
           or
           twenty
           
             per
             Cent.
          
           
        
         
           
             Mr.
             Lowndes
          
           says
           farther
           ,
           p.
           80.
           
           That
           
             Silver
             has
             a
             price
          
           .
           I
           answer
           ;
           Silver
           to
           Silver
           can
           have
           no
           other
           price
           ,
           but
           quantity
           for
           quantity
           .
           If
           there
           be
           any
           other
           difference
           in
           value
           ,
           it
           is
           or
           can
           be
           nothing
           but
           one
           of
           these
           two
           :
           First
           ,
           either
           the
           value
           of
           the
           labour
           imploy'd
           about
           one
           parcel
           of
           Silver
           more
           than
           another
           ,
           makes
           a
           difference
           in
           their
           price
           ;
           and
           thus
           fashion'd
           Plate
           sells
           for
           more
           than
           its
           weight
           of
           the
           same
           Silver
           ;
           and
           in
           Countries
           where
           the
           Owners
           pay
           for
           the
           Coinage
           ,
           Silver
           in
           Coin
           is
           more
           worth
           than
           its
           weight
           in
           Bullion
           ;
           but
           here
           ,
           where
           the
           Publick
           pays
           the
           Coinage
           ,
           they
           are
           of
           very
           near
           equal
           value
           ,
           when
           there
           is
           no
           need
           of
           Exportation
           :
           For
           then
           there
           is
           no
           more
           odds
           than
           the
           trouble
           of
           carrying
           the
           Bullion
           to
           the
           Mint
           ,
           and
           fetching
           again
           ,
           is
           worth
           ;
           Or
           the
           charge
           of
           refining
           so
           much
           of
           it
           ,
           as
           will
           bring
           it
           to
           Standard
           ,
           if
           it
           be
           worse
           than
           Standard
           .
        
         
         
           Or
           Secondly
           ,
           some
           Priviledge
           belonging
           to
           one
           parcel
           of
           Silver
           which
           is
           denied
           to
           another
           ,
           viz.
           Here
           in
           England
           a
           liberty
           of
           Exportation
           allowed
           to
           Silver
           in
           Bullion
           ,
           deny'd
           to
           Silver
           Stamp'd
           .
           This
           ,
           when
           there
           is
           need
           of
           Exportation
           of
           Silver
           ,
           gives
           some
           small
           advantage
           of
           value
           to
           uncoin'd
           Silver
           here
           ,
           above
           Coin'd
           ;
           but
           that
           is
           ordinarily
           very
           inconsiderable
           ;
           and
           can
           never
           reach
           to
           one
           fifth
           ,
           nor
           half
           one
           fifth
           ,
           as
           has
           been
           already
           shewn
           .
           And
           this
           I
           think
           will
           answer
           all
           that
           is
           said
           about
           the
           price
           of
           Silver
           in
           that
           place
           .
        
         
           'T
           is
           true
           what
           
             Mr.
             Lowndes
          
           says
           in
           the
           next
           words
           ,
           p.
           81.
           
           
             That
             five
             shillings
             coin'd
             upon
             the
             Fo●t
             propos'd
             ,
             will
             actually
             contain
             more
             real
             and
             intrinsick
             value
             of
             Silver
             by
             a
             great
             deal
             ,
             than
             is
             in
             the
             current
             Money
             now
             commonly
             applied
             to
             the
             payment
             of
             the
             said
             Rents
             ,
             Revenues
             and
             Debts
             .
          
           But
           will
           he
           hence
           conclude
           ,
           because
           there
           is
           now
           lost
           in
           those
           Rents
           ,
           Revenues
           and
           Debts
           ,
           
             a
             great
             deal
          
           more
           than
           twenty
           
             per
             Cent.
          
           under
           the
           present
           irregularity
           of
           our
           Coin
           ,
           and
           the
           Robbery
           in
           clip'd
           Money
           ,
           without
           any
           the
           least
           neglect
           or
           miscarriage
           in
           the
           Owner
           that
           intitled
           him
           to
           that
           loss
           ,
           that
           therefore
           it
           is
           just
           that
           the
           loss
           of
           Twenty
           
             per
             Cent.
          
           be
           establish'd
           on
           him
           by
           Law
           for
           the
           future
           ,
           in
           the
           reforming
           of
           our
           Coin
           ?
        
         
         
           Mr.
           Lowndes's
           second
           reason
           for
           lessening
           our
           Coin
           we
           have
           p.
           82.
           in
           these
           words
           ,
           
             The
             value
             of
             the
             Silver
             in
             the
             Coin
             ought
             to
             be
             raised
             ,
             to
             encourage
             the
             bringing
             of
             Bullion
             to
             the
             Mint
             to
             be
             Coin'd
             .
          
           This
           raising
           of
           Money
           is
           ,
           in
           effect
           ,
           as
           has
           been
           seen
           ,
           nothing
           but
           giving
           a
           denomination
           of
           more
           pence
           to
           the
           same
           quantity
           of
           Silver
           ,
           viz.
           That
           the
           same
           quantity
           of
           Silver
           shall
           hereafter
           be
           called
           seventy
           five
           pence
           ,
           which
           is
           now
           call'd
           but
           sixty
           pence
           .
           For
           that
           is
           all
           is
           done
           :
           As
           is
           manifest
           ,
           when
           a
           Crown
           piece
           which
           now
           goes
           but
           for
           sixty
           pence
           ,
           shall
           be
           made
           to
           go
           for
           seventy
           five
           pence
           ;
           for
           't
           is
           plain
           ,
           it
           contains
           nothing
           of
           Silver
           ,
           or
           worth
           in
           it
           ,
           more
           than
           it
           did
           before
           .
           Let
           us
           suppose
           ,
           that
           all
           our
           Silver
           Coin
           now
           in
           England
           were
           Six
           pences
           ,
           Shillings
           ,
           Half-crowns
           and
           Crowns
           ,
           all
           milled
           Money
           ,
           full
           weight
           according
           to
           the
           present
           Standard
           ;
           And
           that
           it
           should
           be
           order'd
           ,
           that
           for
           the
           future
           ,
           the
           Crown
           piece
           instead
           of
           going
           for
           sixty
           pence
           ,
           should
           go
           for
           seventy
           five
           pence
           ,
           and
           so
           proportionably
           of
           all
           the
           other
           pieces
           ;
           I
           ask
           then
           ,
           how
           such
           a
           change
           of
           denomination
           shall
           bring
           Bullion
           to
           the
           Mint
           to
           be
           Coin'd
           ,
           and
           from
           whence
           ?
           I
           suppose
           this
           change
           of
           names
           ,
           or
           ascribing
           to
           it
           more
           imaginary
           parts
           of
           any
           denomination
           ,
           has
           no
           Charms
           in
           it
           to
           bring
           Bullion
           to
           the
           Mint
           to
           be
           
           Coin'd
           :
           For
           whether
           you
           call
           the
           piece
           Coin'd
           twelve
           pence
           ,
           or
           fifteen
           pence
           ,
           sixty
           or
           seventy
           five
           ,
           a
           Crown
           or
           a
           Scepter
           ,
           it
           will
           buy
           no
           more
           Silk
           ,
           Salt
           or
           Bread
           than
           it
           would
           before
           .
           That
           therefore
           cannot
           tempt
           people
           to
           bring
           it
           to
           the
           Mint
           .
           And
           if
           it
           will
           pay
           more
           Debt
           ,
           that
           is
           perfect
           defrauding
           ,
           and
           ought
           not
           to
           be
           permitted
           .
           Next
           ,
           I
           ask
           ,
           from
           whence
           shall
           this
           raising
           fetch
           it
           ?
           For
           Bullion
           cannot
           be
           brought
           hither
           to
           stay
           here
           ,
           whilst
           the
           Ballance
           of
           our
           Trade
           requires
           all
           the
           Bullion
           we
           bring
           in
           ,
           to
           be
           Exported
           again
           ,
           and
           more
           Silver
           out
           of
           our
           former
           Stock
           with
           it
           ,
           to
           answer
           our
           exigences
           beyond
           Seas
           .
           And
           whilst
           it
           is
           so
           ,
           the
           Goldsmiths
           and
           Returners
           of
           Money
           will
           give
           more
           for
           Bullion
           to
           Export
           ,
           than
           the
           Mint
           can
           give
           for
           it
           to
           Coin
           ;
           and
           so
           none
           of
           that
           will
           come
           to
           the
           Mint
           .
           But
           says
           our
           Author
           ,
           p.
           83.
           
           
             An
             Half-penny
             an
             Ounce
             profit
             ,
             which
             will
             be
             in
             the
             propos'd
             Coin
             ,
             above
             the
             present
             price
             of
             Sterling
             Bullion
             ,
             will
             be
             an
             encouragement
             to
             those
             who
             have
             English
             Plate
             ,
             to
             bring
             it
             in
             to
             be
             Coin'd
             .
          
           I
           doubt
           whether
           there
           will
           be
           any
           such
           profit
           ;
           for
           I
           imagine
           that
           Standard
           Bullion
           cannot
           now
           be
           bought
           per
           Ounce
           for
           six
           shillings
           and
           five
           pence
           of
           our
           clip'd
           running
           Cash
           ,
           which
           is
           the
           Measure
           whereby
           
             Mr.
             Lowndes
          
           determines
           of
           the
           price
           of
           Sterling
           Silver
           .
           
           But
           taking
           this
           Half-penny
           an
           Ounce
           profit
           for
           granted
           ,
           it
           will
           not
           bring
           to
           the
           Mint
           any
           Plate
           ,
           whose
           Fashion
           is
           valued
           by
           the
           Owner
           at
           an
           Half-penny
           per
           Ounce
           ;
           and
           how
           much
           then
           it
           is
           like
           to
           bring
           to
           the
           Mint
           ,
           is
           easie
           to
           guess
           .
        
         
           The
           true
           and
           only
           good
           reason
           that
           brings
           Bullion
           to
           the
           Mint
           to
           be
           Coin'd
           ,
           is
           the
           same
           that
           brings
           it
           to
           England
           to
           stay
           there
           ,
           viz.
           The
           gain
           we
           make
           by
           an
           over-ballance
           of
           Trade
           .
           When
           our
           Merchants
           carry
           Commodities
           abroad
           ,
           to
           a
           greater
           value
           than
           those
           they
           bring
           home
           ,
           the
           overplus
           comes
           to
           them
           in
           Foreign
           Coin
           or
           Bullion
           ,
           which
           will
           stay
           here
           ,
           when
           we
           gain
           by
           the
           Ballance
           of
           our
           whole
           Trade
           .
           For
           then
           we
           can
           have
           no
           Debts
           beyond
           Sea
           to
           be
           paid
           with
           it
           :
           In
           this
           thriving
           posture
           of
           our
           Trade
           ,
           those
           to
           whose
           share
           this
           Bullion
           falls
           ,
           not
           having
           any
           use
           of
           it
           whilst
           it
           is
           in
           Bullion
           ,
           choose
           to
           carry
           it
           to
           the
           Mint
           to
           have
           it
           Coin'd
           there
           ,
           whereby
           it
           is
           of
           more
           use
           to
           them
           for
           ,
           all
           the
           business
           of
           Silver
           in
           Trade
           ,
           or
           purchasing
           Land
           ;
           the
           Mint
           having
           ascertained
           the
           weight
           and
           fineness
           of
           it
           :
           So
           that
           on
           any
           occasion
           ,
           every
           one
           is
           ready
           to
           take
           it
           at
           its
           known
           value
           ,
           without
           any
           ●●●●ple
           ;
           a
           convenience
           that
           is
           wanting
           in
           Bullion
           .
           But
           when
           our
           Trade
           runs
           on
           the
           other
           side
           ,
           and
           our
           exported
           Commodities
           will
           not
           pay
           for
           
           those
           Foreign
           ones
           we
           consume
           ,
           our
           Treasure
           must
           go
           ;
           and
           then
           it
           is
           in
           vain
           to
           bestow
           the
           labour
           of
           Coining
           on
           Bullion
           that
           must
           be
           Exported
           again
           .
           To
           what
           purpose
           is
           it
           to
           make
           it
           pass
           through
           our
           Mint
           ,
           when
           it
           will
           away
           ?
           The
           less
           pains
           and
           charge
           it
           costs
           us
           ,
           the
           better
           .
        
         
           His
           third
           reason
           P.
           83
           is
           ,
           that
           this
           raising
           our
           Coin
           by
           making
           it
           
             more
             in
             tale
             ,
             will
             make
             it
             more
             commensurate
             to
             the
             general
             need
             thereof
             ,
          
           and
           thereby
           hinder
           the
           increase
           of
           
             hazardous
             Paper-credit
          
           ,
           and
           the
           inconveniency
           of
           Bartering
           .
        
         
           Just
           as
           the
           Boy
           cut
           his
           Leather
           into
           five
           Quarters
           (
           as
           he
           call'd
           them
           )
           to
           cover
           his
           Ball
           ,
           when
           cut
           into
           four
           Quarters
           it
           fell
           short
           :
           But
           after
           all
           his
           pains
           ,
           as
           much
           of
           his
           Ball
           lay
           bare
           as
           before
           .
           If
           the
           quantity
           of
           Coin'd
           Silver
           employ'd
           in
           England
           falls
           short
           ,
           the
           arbitrary
           denomination
           of
           a
           greater
           number
           of
           Pence
           given
           to
           it
           ,
           or
           which
           is
           all
           one
           ,
           to
           the
           several
           Coin'd
           pieces
           of
           it
           ,
           will
           make
           it
           commensurate
           to
           the
           size
           of
           our
           Trade
           ,
           or
           the
           greatness
           of
           our
           occasions
           .
           This
           is
           as
           certain
           ,
           as
           that
           if
           the
           quantity
           of
           a
           Board
           which
           is
           to
           stop
           a
           Leak
           of
           a
           Ship
           fifteen
           Inches
           square
           ,
           be
           but
           twelve
           Inches
           square
           ,
           it
           will
           not
           be
           made
           to
           do
           it
           ,
           by
           being
           measured
           by
           a
           Foot
           that
           is
           divided
           into
           fifteen
           Inches
           instead
           of
           twelve
           ,
           and
           so
           having
           a
           larger
           tale
           or
           number
           
           of
           Inches
           in
           denomination
           given
           to
           it
           .
        
         
           This
           indeed
           would
           be
           a
           convincing
           Reason
           ,
           if
           sounds
           would
           give
           weight
           to
           Silver
           ,
           and
           the
           noise
           of
           a
           greater
           number
           of
           pence
           (
           less
           in
           quantity
           proportionably
           as
           they
           are
           more
           in
           number
           )
           were
           a
           
             large
             supply
             of
             Money
          
           ,
           which
           our
           Author
           P.
           84
           says
           our
           occasions
           require
           ,
           and
           which
           he
           by
           
             an
             increase
             of
             the
             tale
          
           of
           pence
           hopes
           to
           provide
           .
           But
           that
           Mistake
           is
           very
           visible
           ,
           and
           shall
           be
           further
           shewn
           in
           the
           business
           of
           Bartering
           .
        
         
           The
           necessity
           of
           Trust
           and
           Bartering
           is
           one
           of
           the
           many
           inconveniencies
           springing
           from
           the
           want
           of
           Money
           .
           This
           inconvenience
           ,
           the
           multiplying
           arbitrary
           denominations
           ,
           will
           no
           more
           supply
           ,
           nor
           any
           ways
           make
           our
           scarcity
           of
           Coin
           commensurate
           to
           the
           need
           there
           is
           of
           it
           ,
           than
           if
           the
           Cloth
           which
           was
           provided
           for
           clothing
           the
           Army
           ,
           falling
           short
           ,
           one
           should
           hope
           to
           make
           it
           commensurate
           to
           that
           need
           there
           is
           of
           it
           ,
           by
           measuring
           it
           by
           a
           Yard
           one
           fifth
           shorter
           than
           the
           Standards
           or
           changing
           the
           Standard
           of
           the
           Yard
           ,
           and
           so
           getting
           the
           full
           denomination
           of
           Yards
           ,
           necessary
           according
           to
           the
           present
           measure
           .
           For
           this
           is
           all
           will
           be
           done
           by
           raising
           our
           Coin
           ,
           as
           is
           proposed
           .
           All
           it
           amounts
           to
           ,
           is
           no
           more
           but
           this
           ,
           viz.
           That
           each
           piece
           ,
           and
           consequently
           our
           whole
           Stock
           of
           Money
           ,
           should
           be
           measured
           
           and
           denominated
           by
           a
           penny
           one
           fifth
           less
           than
           the
           Standard
           .
        
         
           Where
           there
           is
           not
           Coin'd
           Silver
           in
           proportion
           to
           the
           value
           of
           the
           Commodities
           that
           daily
           change
           Owners
           in
           Trade
           ,
           there
           is
           a
           necessity
           of
           Trust
           ,
           or
           Bartering
           ;
           
             i.
             e.
          
           changing
           Commodities
           for
           Commodities
           ,
           without
           the
           intervention
           of
           Money
           .
           For
           Example
           ,
           let
           us
           suppose
           in
           Bermudos
           but
           an
           hunderd
           pounds
           in
           ready
           Money
           ;
           but
           that
           there
           is
           every
           day
           there
           a
           transferring
           of
           Commodities
           from
           one
           Owner
           to
           anther
           ,
           to
           the
           value
           of
           double
           as
           much
           .
           When
           the
           Money
           is
           all
           got
           into
           hands
           that
           have
           already
           bought
           all
           that
           they
           have
           need
           of
           for
           that
           day
           ,
           whoever
           has
           need
           of
           any
           thing
           else
           that
           day
           ,
           must
           either
           go
           on
           tick
           ,
           or
           barter
           for
           it
           ;
           
             i.
             e.
          
           give
           the
           Commodities
           he
           can
           best
           spare
           ,
           for
           the
           Commodities
           he
           wants
           ,
           
             v.
             g.
          
           Sugar
           for
           Bread
           ,
           &c.
           
           Now
           't
           is
           evident
           here
           ,
           that
           changing
           the
           Denomination
           of
           the
           Coin
           they
           already
           have
           in
           Bermudos
           ,
           or
           Coining
           it
           over
           again
           under
           new
           Denominations
           ,
           will
           not
           contribute
           in
           the
           least
           towards
           the
           removing
           this
           necessity
           of
           Trust
           or
           Bartering
           .
           For
           the
           whole
           Silver
           they
           have
           in
           Coin
           ,
           being
           but
           four
           hundred
           Ounces
           ;
           and
           the
           exchange
           of
           the
           value
           of
           Commodities
           made
           in
           a
           distance
           of
           time
           ,
           wherein
           this
           Money
           is
           paid
           ,
           not
           above
           once
           ,
           being
           to
           the
           value
           of
           eight
           
           hundred
           Ounces
           of
           Silver
           ;
           't
           is
           plain
           that
           one
           half
           of
           the
           Commodities
           that
           shift
           hands
           ,
           must
           of
           necessity
           be
           taken
           upon
           credit
           ,
           or
           exchanged
           by
           Barter
           ;
           those
           who
           want
           them
           having
           not
           Money
           to
           pay
           for
           them
           .
           Nor
           can
           any
           alteration
           of
           the
           Coin
           ,
           of
           Denomination
           of
           these
           four
           hundred
           Ounces
           of
           Silver
           help
           this
           :
           Because
           the
           value
           of
           the
           Silver
           ,
           in
           respect
           of
           other
           Commodities
           ,
           will
           not
           thereby
           be
           at
           all
           increased
           ;
           And
           the
           Commodities
           changed
           ,
           being
           (
           as
           in
           the
           case
           )
           double
           in
           value
           to
           the
           four
           hundred
           Ounces
           of
           Coin'd
           Silver
           to
           be
           laid
           out
           in
           them
           ;
           nothing
           can
           supply
           this
           want
           but
           a
           double
           quantity
           ,
           
             i.
             e.
          
           eight
           hundred
           Ounces
           of
           Coin'd
           Silver
           ;
           how
           denominated
           it
           matters
           not
           ,
           so
           there
           be
           a
           fit
           proportion
           of
           small
           pieces
           to
           supply
           small
           payments
           .
        
         
           Suppose
           the
           Commodities
           passing
           every
           day
           in
           England
           ,
           in
           Markets
           and
           Fairs
           ,
           between
           strangers
           ,
           or
           such
           as
           trust
           not
           one
           another
           ,
           were
           to
           the
           value
           of
           a
           Million
           of
           Ounces
           of
           Silver
           ;
           and
           there
           was
           but
           half
           a
           Million
           of
           Coin'd
           Silver
           in
           the
           hands
           of
           those
           who
           wanted
           those
           Commoditie
           ;
           't
           is
           Demonstration
           they
           must
           truck
           for
           them
           ,
           or
           go
           without
           them
           .
           If
           then
           the
           Coin'd
           Silver
           of
           England
           ,
           be
           not
           sufficient
           to
           answer
           the
           value
           of
           Commodities
           moving
           in
           Trade
           amongst
           us
           ,
           Credit
           or
           Barter
           
           must
           do
           it
           .
           Where
           the
           Credit
           and
           Money
           fail
           ,
           Barter
           alone
           must
           do
           it
           :
           Which
           being
           introduced
           by
           the
           want
           of
           a
           greater
           plenty
           of
           Coin'd
           Silver
           ,
           nothing
           but
           a
           greater
           plenty
           of
           Coin'd
           Silver
           can
           remove
           it
           .
           The
           increase
           of
           Denomination
           does
           ,
           or
           can
           do
           nothing
           in
           the
           case
           :
           For
           't
           is
           Silver
           by
           its
           quantity
           ,
           and
           not
           Denomination
           ,
           that
           is
           the
           price
           of
           things
           ,
           and
           measure
           of
           Commerce
           ;
           and
           't
           is
           the
           weight
           of
           Silver
           in
           it
           ,
           and
           not
           the
           name
           of
           the
           piece
           that
           men
           estimate
           Commodities
           by
           ,
           and
           exchange
           them
           for
           .
        
         
           If
           this
           be
           not
           so
           ,
           when
           the
           necessity
           of
           our
           affairs
           abroad
           ,
           or
           ill
           husbandry
           at
           home
           ,
           has
           carried
           away
           half
           our
           Treasure
           ,
           and
           a
           moiety
           of
           our
           Money
           is
           gone
           out
           of
           England
           ;
           't
           is
           but
           to
           issue
           a
           Proclamation
           ,
           that
           a
           Penny
           shall
           go
           for
           Two-pence
           ,
           Six-pence
           for
           a
           Shilling
           ,
           half
           a
           Crown
           for
           a
           crown
           ,
           &c.
           and
           immediately
           without
           any
           more
           ado
           we
           are
           as
           rich
           as
           before
           .
           And
           when
           half
           the
           remainder
           is
           gone
           ,
           't
           is
           but
           doing
           the
           same
           thing
           again
           ,
           and
           raising
           the
           Denomination
           anew
           ,
           and
           we
           are
           where
           we
           were
           ,
           and
           so
           on
           :
           Where
           by
           supposing
           the
           denomination
           raised
           15
           /
           16
           ,
           every
           man
           will
           be
           as
           rich
           with
           an
           Ounce
           of
           Silver
           in
           his
           Purse
           as
           he
           was
           before
           when
           he
           had
           sixteen
           Ounces
           there
           ;
           and
           in
           as
           great
           plenty
           of
           Money
           ,
           able
           to
           carry
           on
           his
           Trade
           ,
           without
           
           bartering
           ;
           his
           Silver
           ,
           by
           this
           short
           way
           of
           raising
           ,
           being
           chang'd
           into
           the
           value
           of
           Gold
           :
           For
           when
           Silver
           will
           buy
           sixteen
           times
           as
           much
           Wine
           ,
           Oyl
           ,
           and
           Bread
           ,
           &c
           :
           to
           day
           ,
           as
           it
           would
           yesterday
           (
           all
           other
           things
           remaining
           the
           same
           but
           the
           Denomination
           )
           it
           hath
           the
           real
           worth
           of
           Gold.
           
        
         
           This
           I
           guess
           every
           body
           sees
           cannot
           be
           so
           .
           And
           yet
           this
           must
           be
           so
           ,
           if
           it
           be
           true
           ,
           that
           raising
           the
           Denomination
           one
           fifth
           can
           supply
           the
           want
           ,
           or
           one
           jot
           raise
           the
           value
           of
           Silver
           in
           respect
           of
           other
           Commodities
           ;
           
             i.
             e.
          
           make
           a
           less
           quantity
           of
           it
           to
           day
           ,
           but
           a
           greater
           quantity
           of
           Corn
           ,
           Oyl
           and
           Cloth
           ,
           and
           all
           other
           Commodities
           ,
           than
           it
           would
           yesterday
           ,
           and
           thereby
           remove
           the
           necessity
           of
           bartering
           .
           For
           if
           raising
           the
           Denomination
           can
           thus
           raise
           the
           value
           of
           Coin
           in
           exchange
           for
           other
           Commodities
           one
           fifth
           ,
           by
           the
           same
           reason
           it
           can
           raise
           it
           two
           fifths
           ,
           and
           afterwards
           three
           fifths
           ,
           and
           again
           ,
           if
           need
           be
           ,
           four
           fifths
           ,
           and
           as
           much
           further
           as
           you
           please
           .
           So
           that
           by
           this
           admirable
           contrivance
           of
           raising
           our
           Coin
           ,
           we
           shall
           be
           as
           rich
           and
           as
           well
           able
           to
           support
           the
           charge
           of
           the
           Government
           ,
           and
           carry
           on
           our
           Trade
           without
           bartering
           or
           any
           other
           inconvenience
           for
           want
           of
           Money
           ,
           with
           sixty
           thousand
           Ounces
           of
           Coin'd
           Silver
           in
           England
           ,
           as
           if
           we
           had
           six
           
           or
           sixty
           Millions
           .
           If
           this
           be
           not
           so
           ,
           I
           desire
           any
           one
           to
           shew
           me
           ,
           why
           the
           same
           way
           of
           raising
           the
           denomination
           which
           can
           raise
           the
           value
           of
           Money
           in
           respect
           of
           other
           Commodities
           ,
           one
           fifth
           ,
           cannot
           when
           you
           please
           raise
           it
           another
           fifth
           ,
           and
           so
           on
           ?
           I
           beg
           to
           be
           told
           where
           it
           must
           stop
           ,
           and
           why
           at
           such
           a
           degree
           without
           being
           able
           to
           go
           farther
           .
        
         
           It
           must
           be
           taken
           notice
           of
           ,
           that
           the
           raising
           I
           speak
           of
           here
           ,
           is
           the
           raising
           of
           the
           value
           of
           our
           Coin
           in
           respect
           of
           other
           Commodities
           (
           as
           I
           call
           it
           all
           along
           )
           in
           contradistinction
           to
           raising
           the
           Denomination
           .
           The
           confounding
           of
           these
           in
           discourses
           concerning
           Money
           ,
           is
           one
           great
           cause
           ,
           I
           suspect
           ,
           that
           this
           matter
           is
           so
           little
           understood
           ,
           and
           so
           often
           talked
           of
           with
           so
           little
           Information
           of
           the
           hearers
           .
        
         
           A
           Penny
           is
           a
           denomination
           no
           more
           belonging
           to
           eight
           than
           to
           eighty
           ,
           or
           to
           one
           single
           grain
           of
           Silver
           :
           And
           so
           it
           is
           not
           necessary
           that
           there
           should
           be
           sixty
           such
           Pence
           ,
           no
           more
           nor
           less
           ,
           in
           an
           Ounce
           of
           Silver
           
             i.
             e.
          
           twelve
           in
           a
           piece
           call'd
           a
           Shilling
           ,
           and
           sixty
           in
           a
           piece
           call'd
           a
           Crown
           ;
           such
           like
           divisions
           being
           only
           extrinsical
           denominations
           ,
           are
           every
           where
           perfectly
           arbitrary
           ,
           For
           here
           in
           England
           there
           might
           as
           well
           have
           been
           twelve
           Shillings
           in
           a
           Penny
           ,
           as
           twelve
           Pence
           in
           a
           Shilling
           ,
           
             i.
             e.
          
           the
           
           denomination
           of
           the
           less
           piece
           might
           have
           been
           a
           Shilling
           ,
           and
           of
           the
           bigger
           a
           penny
           .
           Again
           ,
           the
           Shilling
           might
           have
           been
           Coin'd
           ten
           times
           as
           big
           as
           the
           Penny
           ,
           and
           the
           Crown
           ten
           times
           as
           big
           as
           the
           Shilling
           ;
           whereby
           the
           Shilling
           would
           have
           had
           but
           ten
           Pence
           in
           it
           ,
           and
           the
           Crown
           an
           hundred
           .
           But
           this
           ,
           however
           order'd
           ,
           alters
           not
           one
           jot
           the
           value
           of
           the
           Ounce
           of
           Silver
           in
           respect
           of
           other
           things
           ,
           any
           more
           than
           it
           does
           its
           weight
           .
           This
           raising
           being
           but
           giving
           of
           names
           at
           pleasure
           to
           aliquot
           parts
           of
           any
           piece
           ,
           viz.
           that
           now
           the
           sixtieth
           part
           of
           an
           Ounce
           of
           Silver
           shall
           be
           call'd
           a
           Penny
           ,
           and
           to
           morrow
           that
           the
           seventy
           fifth
           part
           of
           an
           Ounce
           of
           Silver
           shall
           be
           call'd
           a
           Penny
           ,
           may
           be
           done
           with
           what
           increase
           you
           please
           :
           And
           thus
           it
           may
           be
           order'd
           by
           a
           Proclamation
           ,
           that
           a
           Shilling
           shall
           go
           for
           twenty
           four
           pence
           ,
           an
           half-Crown
           for
           sixty
           instead
           of
           thirty
           pence
           ,
           and
           so
           of
           the
           rest
           .
           But
           that
           an
           half-Crown
           shall
           be
           worth
           ,
           or
           contain
           ,
           sixty
           such
           Pence
           as
           the
           Pence
           were
           before
           this
           change
           of
           denomination
           was
           made
           ,
           that
           no
           power
           on
           Earth
           can
           do
           :
           Nor
           can
           any
           Power
           (
           but
           that
           which
           can
           make
           the
           plenty
           or
           scarcity
           of
           Commodities
           )
           raise
           the
           value
           of
           our
           Money
           thus
           double
           in
           respect
           of
           other
           Commodities
           ,
           and
           make
           that
           the
           same
           piece
           ,
           or
           quantity
           of
           Silver
           ,
           under
           a
           double
           denomination
           ,
           shall
           purchase
           
           double
           the
           quantity
           of
           Pepper
           ,
           Wine
           or
           Lead
           ,
           an
           instant
           after
           such
           Proclamation
           ,
           to
           what
           it
           would
           do
           an
           instant
           before
           .
           If
           this
           could
           be
           ,
           we
           might
           ,
           as
           every
           one
           sees
           ,
           raise
           Silver
           to
           the
           value
           of
           Gold
           ,
           and
           make
           our Selves
           as
           Rich
           as
           we
           pleased
           .
           But
           't
           is
           but
           going
           to
           Market
           with
           an
           Ounce
           of
           Silver
           of
           one
           hundred
           and
           twenty
           pence
           ,
           to
           be
           convinc'd
           that
           it
           will
           purchase
           no
           more
           than
           an
           Ounce
           of
           Silver
           of
           sixty
           pence
           .
           And
           the
           ringing
           of
           the
           piece
           will
           as
           soon
           purchase
           more
           Commodities
           as
           its
           change
           of
           denomination
           ,
           and
           the
           multipli'd
           name
           of
           pence
           ,
           when
           it
           is
           call'd
           six
           score
           instead
           of
           sixty
           .
        
         
           'T
           is
           propos'd
           ,
           that
           the
           twelve
           pence
           should
           be
           raised
           to
           fifteen
           pence
           ,
           and
           the
           Crown
           to
           seventy
           five
           pence
           ,
           and
           so
           proportionably
           of
           the
           rest
           :
           But
           yet
           that
           the
           Pound
           Sterling
           should
           not
           be
           raised
           .
           If
           there
           be
           any
           advantage
           in
           raising
           ,
           why
           should
           not
           that
           be
           raised
           too
           ?
           And
           as
           the
           Crown
           piece
           is
           raised
           from
           sixty
           ,
           to
           seventy
           five
           pence
           ,
           why
           should
           not
           the
           Pound
           Sterling
           be
           raised
           in
           the
           same
           proportion
           ,
           from
           Two
           hundred
           and
           forty
           pence
           ,
           to
           Three
           hundred
           pence
           ?
        
         
           Farther
           ,
           If
           this
           raising
           our
           Coin
           can
           so
           stretch
           our
           Money
           and
           enlarge
           our
           pared
           remainder
           of
           it
           ,
           as
           
             to
             make
             it
             more
             commensurate
             to
             the
             general
             need
             thereof
             ,
             for
             carrying
             
             on
             the
             common
             Traffick
             and
             Commerce
             of
             the
             Nation
             ,
             and
             to
             answer
             occasions
             requiring
             a
             larger
             Supply
             of
             Money
             ,
          
           as
           Mr.
           Lowndes
           tells
           us
           in
           his
           third
           Reason
           P.
           83
           Why
           are
           we
           so
           nigardly
           to
           our selves
           in
           this
           time
           of
           occasion
           ,
           as
           to
           stop
           at
           one
           fifth
           ?
           Why
           do
           we
           not
           raise
           it
           one
           full
           Moiety
           ,
           and
           thereby
           double
           our
           Money
           ?
           If
           Mr.
           
           Lowndes's
           Rule
           P.
           78
           
             That
             if
             the
             value
             of
             the
             Silver
             in
             the
             Coin
             ,
             should
             be
             raised
             above
             the
             Market
             price
             of
             the
             same
             Silver
             reduc'd
             to
             Bullion
             ;
             the
             Subject
             would
             be
             proportionably
             injur'd
             and
             defrauded
             ,
          
           must
           keep
           us
           from
           this
           advantages
           and
           the
           publick
           care
           of
           Justice
           stop
           the
           raising
           of
           the
           Money
           at
           one
           fifth
           ,
           because
           if
           our
           Money
           be
           raised
           beyond
           the
           Market-price
           of
           Bullion
           ,
           it
           will
           be
           so
           much
           
             defrauding
             of
             the
             Subject
          
           :
           I
           then
           say
           it
           must
           not
           be
           raised
           one
           fifth
           ,
           nor
           half
           one
           fifth
           ,
           that
           is
           ,
           it
           must
           not
           be
           raised
           
             fifteen
             pence
          
           in
           the
           Crown
           ;
           no
           nor
           
             five
             pence
          
           .
           For
           I
           deny
           that
           the
           Market-price
           of
           Standard
           Bullion
           ever
           was
           ,
           or
           ever
           can
           be
           
             five
             Shillings
             seven
             Pence
          
           of
           lawful
           weighty
           Money
           the
           Ounce
           :
           So
           that
           if
           our
           present
           mill'd
           Money
           be
           raised
           one
           fifth
           ,
           the
           Subjects
           will
           by
           Mr.
           
           Lowndes's
           Rule
           ,
           be
           defrauded
           sixteen
           
             per
             Cent.
          
           nay
           ,
           above
           eighteen
           
             per
             Cent.
          
           For
           the
           Market-Price
           of
           Standard
           Bullion
           being
           ordinarily
           under
           five
           Shillings
           four
           Pence
           the
           Ounce
           ,
           when
           sold
           for
           weighty
           Money
           (
           which
           is
           but
           
           one
           thirtieth
           )
           whatever
           our
           present
           mill'd
           Money
           is
           raised
           above
           one
           thirtieth
           ,
           it
           is
           by
           Mr.
           
           Lowndes's
           Rule
           so
           much
           
             defrauding
             the
             Subject
          
           .
           For
           the
           Market-price
           of
           any
           thing
           ,
           and
           so
           of
           Bullion
           ,
           is
           to
           be
           taken
           from
           its
           ordinary
           rate
           all
           the
           Year
           round
           ;
           and
           not
           from
           the
           extraordinary
           rise
           of
           two
           or
           three
           Market-days
           in
           a
           Year
           .
           And
           that
           the
           Market-price
           of
           Standard
           Silver
           was
           not
           found
           ,
           nor
           pretended
           to
           be
           above
           
             five
             Shillings
             and
             four
             Pence
          
           the
           Ounce
           ,
           before
           cliping
           had
           left
           none
           but
           light
           running
           Cash
           to
           pay
           for
           Bullion
           ,
           or
           any
           thing
           else
           ,
           is
           evident
           from
           a
           Paper
           then
           publish'd
           ,
           which
           I
           took
           the
           liberty
           to
           examine
           in
           my
           
             Consideration
             of
             the
             consequences
             of
             raising
             the
             value
             of
             Money
             ,
             &c.
          
           Printed
           1692.
           
           The
           Author
           of
           that
           Paper
           ,
           't
           is
           manifest
           ,
           was
           not
           ignorant
           of
           the
           price
           of
           Silver
           ,
           nor
           had
           a
           design
           to
           lessen
           its
           rate
           ,
           set
           down
           the
           highest
           price
           it
           then
           bore
           .
        
         
           If
           then
           ,
           Mr.
           
           Lowndes's
           Rule
           of
           Justice
           ,
           and
           care
           of
           the
           Subject
           ,
           be
           to
           regulate
           the
           rise
           of
           our
           mill'd
           Money
           ,
           it
           must
           not
           be
           raised
           above
           one
           thirtieth
           part
           .
           If
           the
           advantages
           he
           promises
           ,
           of
           making
           our
           Money
           ,
           by
           raising
           it
           one
           fifth
           ,
           
             more
             commensurate
             to
             the
             general
             need
             thereof
             ,
          
           be
           to
           be
           laid
           hold
           on
           ,
           't
           is
           reasonable
           to
           further
           ,
           and
           
             make
             it
             yet
             more
             commensurate
             to
             the
             general
             need
             there
             is
             of
             it
             .
          
           Which
           ever
           of
           the
           two
           Mr.
           
           Lowndes
           will
           prefer
           ,
           either
           reason
           of
           State
           ,
           or
           rule
           of
           Justice
           ,
           one
           fifth
           must
           not
           be
           his
           measure
           of
           raising
           our
           present
           mill'd
           Money
           .
           If
           the
           advantage
           of
           making
           our
           Money
           more
           proportionate
           to
           our
           Trade
           ,
           and
           other
           necessities
           ,
           be
           to
           govern
           its
           proposed
           raising
           ,
           every
           one
           will
           cry
           out
           to
           Mr.
           Lowndes
           ,
           If
           your
           way
           will
           do
           what
           you
           say
           ,
           the
           raising
           it
           one
           half
           will
           be
           much
           better
           than
           one
           fifth
           ,
           and
           therefore
           pray
           let
           an
           Half-crown
           be
           raised
           to
           a
           Crown
           ,
           and
           a
           Six-pence
           to
           a
           Shilling
           .
           If
           Equity
           ,
           and
           the
           consideration
           of
           the
           Subjects
           Property
           ought
           to
           govern
           in
           the
           case
           ,
           you
           must
           not
           raise
           our
           mill'd
           Crown
           to
           above
           Five
           Shillings
           and
           Four
           Pence
           .
        
         
           If
           it
           here
           be
           said
           to
           me
           ,
           that
           I
           do
           then
           allow
           that
           our
           Money
           may
           be
           raised
           one
           thirtieth
           ,
           
             i.
             e.
          
           that
           the
           Crown
           piece
           should
           be
           raised
           to
           Five
           Shillings
           and
           two
           Pence
           ,
           and
           so
           proportionably
           of
           the
           other
           species
           of
           our
           Coin
           ;
           I
           answer
           ,
           he
           that
           infers
           so
           ,
           makes
           his
           Inference
           a
           little
           too
           quick
           .
        
         
           But
           let
           us
           for
           once
           allow
           the
           ordinary
           price
           of
           Standard
           Silver
           to
           be
           Five
           Shillings
           Four
           Pence
           the
           Ounce
           ,
           to
           be
           paid
           for
           in
           weighty
           Coin
           (
           for
           that
           must
           always
           be
           remembred
           ,
           when
           we
           talk
           of
           the
           rate
           of
           Bullion
           )
           and
           that
           the
           rate
           of
           Bullion
           is
           the
           just
           measure
           of
           raising
           our
           Money
           .
           This
           
           I
           say
           is
           no
           reason
           for
           the
           raising
           our
           mill'd
           Crown
           now
           to
           Five
           Shillings
           Four
           Pence
           ,
           and
           recoining
           all
           our
           clip'd
           Money
           upon
           that
           Foot
           ;
           unless
           we
           intend
           ,
           as
           soon
           as
           that
           is
           done
           ,
           to
           new
           raise
           ,
           and
           Coin
           it
           again
           .
           For
           whilst
           our
           Trade
           and
           Affairs
           abroad
           require
           the
           exportation
           of
           Silver
           ,
           and
           the
           exportation
           of
           our
           Coin'd
           Silver
           is
           prohibited
           ,
           and
           made
           penal
           by
           our
           Law
           ,
           Standard
           Bullion
           will
           always
           be
           sold
           here
           for
           a
           little
           more
           than
           its
           weight
           of
           Coin'd
           Silver
           .
           So
           that
           if
           we
           shall
           indeavour
           to
           equal
           our
           weighty
           Coin'd
           Silver
           to
           Standard
           Bullion
           ,
           by
           raising
           it
           ,
           whilst
           there
           is
           a
           necessity
           of
           the
           exportation
           of
           Silver
           ,
           we
           shall
           do
           no
           otherwise
           than
           a
           Child
           ,
           who
           runs
           to
           overtake
           and
           get
           up
           to
           the
           top
           of
           his
           shadow
           ,
           which
           still
           advances
           at
           the
           same
           rate
           that
           he
           does
           .
           The
           priviledg
           that
           Bullion
           has
           ,
           to
           be
           exported
           freely
           ,
           will
           give
           it
           a
           little
           advance
           in
           price
           above
           our
           Coin
           ,
           let
           the
           Denomination
           of
           that
           be
           raised
           or
           fallen
           as
           you
           please
           ,
           whilst
           there
           is
           need
           of
           its
           Exportation
           ,
           and
           the
           Exportation
           of
           our
           Coin
           is
           prohibited
           by
           Law.
           But
           this
           advance
           will
           be
           but
           little
           ,
           and
           will
           always
           keep
           within
           the
           bounds
           which
           the
           risque
           and
           trouble
           of
           melting
           down
           our
           Coin
           shall
           set
           to
           it
           in
           the
           estimate
           of
           the
           Exporter
           .
           He
           that
           will
           rather
           venture
           to
           throw
           an
           Hundred
           Pound
           
           into
           his
           Melting-pot
           ,
           when
           no
           body
           sees
           him
           ,
           and
           reduce
           it
           to
           Bullion
           ,
           than
           give
           an
           Hundred
           and
           Five
           Pounds
           for
           the
           same
           weight
           of
           the
           like
           Bullion
           ,
           will
           never
           give
           Five
           Shillings
           and
           Five
           Pence
           of
           mill'd
           Money
           for
           an
           Ounce
           of
           Standard
           Bullion
           ;
           nor
           buy
           at
           that
           price
           ,
           what
           he
           can
           have
           near
           Five
           
             per
             Cent.
          
           cheaper
           ,
           without
           any
           risque
           ,
           if
           he
           will
           not
           accuse
           himself
           .
           And
           I
           think
           it
           may
           be
           concluded
           ,
           that
           very
           few
           ,
           who
           have
           Furnaces
           ,
           and
           other
           conveniencies
           ready
           for
           melting
           Silver
           ,
           will
           give
           One
           
             per
             Cent.
          
           for
           Standard
           Bullion
           ,
           which
           is
           under
           Five
           Shillings
           and
           Three
           Pence
           per
           Ounce
           ,
           who
           can
           only
           for
           the
           trouble
           of
           melting
           it
           ,
           reduce
           our
           Coin
           to
           as
           good
           Bullion
           .
        
         
           The
           odds
           of
           the
           price
           in
           Bullion
           to
           Coin
           on
           this
           account
           (
           which
           is
           the
           only
           one
           ,
           where
           the
           Coin
           is
           kept
           to
           the
           Standard
           )
           can
           never
           be
           a
           reason
           for
           raising
           our
           Coin
           to
           preserve
           it
           from
           melting
           down
           :
           Because
           this
           price
           above
           its
           weight
           is
           given
           for
           Bullion
           ,
           only
           to
           avoid
           melting
           down
           our
           Coin
           ;
           and
           so
           this
           difference
           of
           price
           between
           Standard
           Bullion
           and
           our
           Coin
           ,
           can
           be
           no
           cause
           of
           its
           melting
           down
           .
        
         
           These
           three
           Reasons
           which
           I
           have
           examin'd
           ,
           contain
           the
           great
           advantages
           ,
           which
           our
           Author
           supposes
           the
           propos'd
           raising
           of
           our
           Coin
           will
           produce
           .
           And
           therefore
           
           I
           have
           dwelt
           longer
           upon
           them
           .
           His
           remaining
           six
           Reasons
           being
           of
           less
           moment
           ,
           and
           offering
           most
           of
           them
           ,
           but
           some
           circumstantial
           conveniencies
           ,
           as
           to
           the
           computation
           of
           our
           Money
           ,
           &c.
           
           I
           shall
           more
           briefly
           pass
           over
           .
           Only
           before
           I
           proceed
           to
           them
           ,
           I
           shall
           here
           set
           down
           the
           different
           value
           of
           our
           Money
           ,
           collected
           from
           our
           Authors
           History
           of
           the
           several
           changes
           of
           our
           Coin
           ,
           since
           Edward
           the
           First
           's
           Reign
           ,
           quite
           down
           to
           this
           present
           time
           .
           A
           curious
           History
           indeed
           ,
           for
           which
           I
           think
           my self
           and
           the
           World
           indebted
           to
           Mr.
           
           Lowndes's
           great
           Learning
           in
           this
           sort
           of
           knowledg
           ,
           and
           his
           great
           exactness
           in
           relating
           the
           particulars
           .
           I
           shall
           remark
           only
           the
           quantity
           of
           Silver
           was
           in
           a
           Shilling
           in
           each
           of
           those
           Changes
           ;
           that
           so
           the
           Reader
           may
           at
           first
           sight
           ,
           without
           farther
           trouble
           ,
           compare
           the
           lessening
           ,
           or
           increase
           of
           the
           quantity
           of
           Silver
           upon
           every
           change
           .
           For
           in
           propriety
           of
           speech
           ,
           the
           adding
           to
           the
           quantity
           of
           Silver
           in
           our
           Coin
           ,
           is
           the
           true
           raising
           of
           its
           value
           ;
           and
           the
           diminishing
           the
           quantity
           of
           Silver
           in
           it
           ,
           is
           the
           sinking
           of
           its
           value
           ;
           however
           they
           come
           to
           be
           transpos'd
           and
           used
           in
           the
           quite
           contrary
           sense
           .
        
         
           If
           my
           Calculations
           ,
           from
           the
           Weight
           and
           Fineness
           I
           find
           set
           down
           in
           Mr.
           
           Lowndes's
           Extract
           out
           of
           the
           Indentures
           of
           the
           Mint
           ,
           
           have
           not
           misled
           me
           ,
           the
           quantity
           of
           Silver
           to
           a
           Grain
           ,
           which
           was
           in
           a
           Shilling
           in
           every
           Change
           of
           our
           Money
           ,
           is
           set
           down
           in
           the
           following
           Table
           .
        
         
           One
           Shilling
           contain'd
           of
           Fine
           Silver
           
             
               
                  
              
               
                  
              
               
                  
              
               
                 Grains
                 .
              
            
             
               
                 28
              
               
                 Edw.
                 
              
               
                 1
              
               
                 264
              
            
             
               
                 18
              
               
                 Edw.
                 
              
               
                 3
              
               
                 236
              
            
             
               
                 27
              
               
                 Edw.
                 
              
               
                 3
              
               
                 213
              
            
             
               
                 9
              
               
                 Hen.
                 
              
               
                 5
              
               
                 176
              
            
             
               
                 1
              
               
                 Hen.
                 
              
               
                 6
              
               
                 142
              
            
             
               
                 4
              
               
                 Hen.
                 
              
               
                 6
              
               
                 176
              
            
             
               
                 49
              
               
                 Hen.
                 
              
               
                 6
              
               
                 142
              
            
             
               
                 1
              
               
                 Hen.
                 
              
               
                 8
              
               
                 118
              
            
             
               
                 34
              
               
                 Hen.
                 
              
               
                 8
              
               
                 100
              
            
             
               
                 36
              
               
                 Hen.
                 
              
               
                 8
              
               
                 60
              
            
             
               
                 37
              
               
                 Hen.
                 
              
               
                 8
              
               
                 40
              
            
             
               
                 3
              
               
                 Edw.
                 
              
               
                 6
              
               
                 40
              
            
             
               
                 5
              
               
                 Edw.
                 
              
               
                 6
              
               
                 20
              
            
             
               
                 6
              
               
                 Edw.
                 
              
               
                 6
              
               
                 88
              
            
             
               
                 2
              
               
                 Eliz.
                 
              
               
                  
              
               
                 89
              
            
             
               
                 43
              
               
                 Eliz.
                 
              
               
                  
              
               
                 86
              
            
          
        
         
           And
           so
           it
           has
           remain'd
           from
           the
           43
           of
           Elizabeth
           to
           this
           day
           .
        
         
           Mr.
           
           Lowndes's
           69
        
         
           
             Mr.
             Lowndes
          
           having
           given
           us
           the
           Fineness
           of
           the
           Standard
           Silver
           in
           every
           Reign
           ,
           
           and
           the
           number
           of
           pieces
           it
           was
           Coin'd
           into
           ,
           closes
           this
           History
           with
           words
           to
           this
           purpose
           ,
           p.
           56.
           
           
             By
             this
             deduction
             it
             doth
             evidently
             appear
             ,
             that
             it
             hath
             been
             a
             Policy
             constantly
             practised
             in
             the
             Mints
             of
          
           England
           ,
           
             to
             raise
             the
             value
             of
             the
             Coin
             in
             its
             extrinsick
             Denomination
             from
             time
             to
             time
             ,
             as
             any
             exigence
             or
             occasion
             required
             ,
             and
             more
             especially
             to
             encourage
             the
             bringing
             of
             Bullion
             into
             the
             Realm
             to
             be
             Coin'd
             .
          
           This
           indeed
           ,
           is
           roundly
           to
           conclude
           for
           his
           Hypothesis
           .
           But
           I
           could
           wish
           ,
           that
           from
           the
           Histories
           of
           those
           Times
           ,
           wherein
           the
           several
           changes
           were
           made
           ,
           he
           had
           shew'd
           us
           the
           Exigences
           and
           Occasions
           that
           produced
           the
           raising
           of
           the
           Coin
           ,
           and
           what
           effects
           it
           had
           .
        
         
           If
           I
           mistake
           not
           ,
           Henry
           the
           8
           ths
           several
           raisings
           of
           our
           Coin
           ,
           brought
           little
           increase
           of
           Silver
           into
           England
           .
           As
           the
           several
           Species
           of
           our
           Coin
           lessen'd
           in
           their
           respective
           quantities
           of
           Silver
           ;
           so
           the
           Treasure
           of
           the
           Realm
           decreased
           too
           :
           And
           he
           that
           found
           the
           Kingdom
           rich
           ,
           did
           not
           ,
           as
           I
           remember
           ,
           by
           all
           his
           raisings
           our
           Coin
           ,
           leave
           it
           so
           .
        
         
           Another
           thing
           ,
           (
           that
           from
           this
           History
           )
           makes
           me
           suspect
           that
           the
           raising
           the
           Denomination
           was
           never
           found
           effectively
           to
           draw
           Silver
           into
           England
           ,
           is
           the
           lowering
           the
           Denomination
           ,
           or
           adding
           more
           Silver
           to
           the
           several
           Species
           of
           our
           Coin
           ,
           as
           in
           
           Hen.
           VI's
           time
           ,
           the
           Shilling
           was
           increased
           from
           One
           Hundred
           Forty
           Two
           Grains
           of
           Silver
           ,
           to
           One
           Hundred
           Seventy
           Six
           .
           And
           in
           the
           6
           th
           of
           Edw.
           VI
           ,
           in
           whose
           time
           raising
           the
           Denomination
           seems
           to
           have
           been
           tried
           to
           the
           utmost
           ,
           when
           a
           Shilling
           was
           brought
           to
           Twenty
           Grains
           of
           Silver
           .
           And
           the
           great
           alteration
           that
           was
           then
           quickly
           made
           on
           the
           other
           hand
           ,
           from
           Twenty
           to
           Eighty
           Grains
           at
           one
           leap
           ,
           seems
           to
           shew
           that
           this
           lessening
           the
           Silver
           in
           our
           Coin
           ,
           had
           proved
           highly
           prejudicial
           :
           For
           this
           is
           a
           greater
           change
           in
           sinking
           of
           the
           Denomination
           in
           proportion
           ,
           than
           ever
           was
           made
           at
           once
           in
           raising
           it
           ;
           A
           Shilling
           being
           made
           four
           Times
           weightier
           in
           Silver
           in
           the
           6
           th
           ,
           than
           it
           was
           in
           the
           5
           th
           year
           of
           Edw.
           VI.
           his
           Reign
           .
        
         
           Kingdoms
           are
           seldom
           found
           weary
           of
           the
           Riches
           they
           have
           ,
           or
           averse
           to
           the
           increase
           of
           their
           Treasure
           .
           If
           therefore
           the
           raising
           the
           Denomination
           did
           in
           reality
           bring
           Silver
           into
           the
           Realm
           ,
           it
           cannot
           be
           thought
           that
           they
           would
           at
           any
           time
           sink
           the
           Denomination
           ,
           which
           by
           the
           Rule
           of
           contraries
           should
           be
           at
           least
           suspected
           to
           drive
           ,
           or
           keep
           it
           out
           .
        
         
           Since
           therefore
           we
           are
           not
           from
           matter
           of
           Fact
           informed
           ,
           what
           were
           the
           true
           Motives
           that
           caused
           those
           several
           changes
           in
           the
           Coin
           ;
           May
           we
           not
           with
           Reason
           suspect
           ,
           
           that
           they
           were
           owing
           to
           that
           Policy
           of
           the
           Mint
           ,
           set
           down
           by
           our
           Author
           ,
           p.
           83.
           in
           these
           words
           ,
           that
           the
           
             proposed
             advance
             is
             agreeable
             to
             the
             Policy
             that
             in
             past
             Ages
             hath
             been
             practised
             ,
             not
             only
             in
             our
             Mint
             ,
             but
             in
             the
             Mints
             of
             all
             Politick
             Governments
             ;
             namely
             ,
             to
             raise
             the
             value
             of
             Silver
             in
             the
             Coin
             to
             promote
             the
             work
             of
             the
             Mint
          
           ?
           As
           I
           remember
           ,
           suitable
           to
           this
           
             Policy
             of
             the
             Mint
          
           ,
           there
           was
           ,
           some
           two
           years
           since
           ,
           a
           complaint
           of
           a
           worthy
           Gentleman
           ,
           not
           ignorant
           of
           it
           ,
           that
           the
           Mill
           in
           the
           Mint
           stood
           still
           ;
           And
           therefore
           there
           was
           a
           Proposal
           offer'd
           for
           bringing
           Grist
           to
           the
           Mill.
           
        
         
           The
           business
           of
           Money
           ,
           as
           in
           all
           Times
           ,
           even
           in
           this
           our
           quick-sighted
           Age
           ,
           hath
           been
           thought
           a
           Mystery
           :
           Those
           imploy'd
           in
           the
           Mint
           must
           ,
           by
           their
           places
           ,
           be
           supposed
           to
           penetrate
           deepest
           into
           it
           .
           'T
           is
           no
           impossible
           thing
           then
           to
           imagine
           ,
           that
           it
           was
           not
           hard
           ,
           in
           the
           Ignorance
           of
           past
           Ages
           ,
           when
           Money
           was
           little
           ,
           and
           Skill
           in
           the
           Turns
           of
           Trade
           less
           ,
           for
           those
           versed
           in
           the
           Business
           and
           Policy
           of
           the
           Mint
           ,
           to
           perswade
           a
           Prince
           ,
           especially
           if
           Money
           were
           scarce
           ,
           that
           the
           Fault
           was
           in
           the
           Standard
           of
           the
           Mint
           ,
           and
           that
           the
           way
           to
           increase
           the
           Plenty
           of
           Money
           ,
           was
           to
           raise
           (
           a
           well
           sounding
           Word
           )
           the
           Value
           of
           the
           Coin.
           This
           could
           not
           but
           be
           
           willingly
           enough
           hearkened
           to
           ;
           when
           ,
           besides
           the
           Hopes
           of
           drawing
           an
           Increase
           of
           Silver
           into
           the
           Realm
           ,
           it
           brought
           present
           Gain
           by
           the
           Part
           which
           the
           King
           got
           of
           the
           Money
           ,
           which
           was
           hereupon
           all
           coined
           anew
           ,
           and
           the
           Mint
           Officers
           lost
           nothing
           ,
           
             since
             it
             promoted
             the
             Work
             of
             the
             Mint
             .
          
        
         
           This
           Opinion
           Mr.
           Lowndes
           himself
           gives
           sufficient
           ground
           for
           in
           his
           Book
           ,
           particularly
           p.
           29.
           where
           we
           read
           these
           Words
           ,
           
             Although
             the
             former
             Debasements
             of
             the
             Coins
             by
             publick
             Authority
             ,
             especially
             those
             in
             the
             Reign
             of
             King
          
           Henry
           
             VIII
             .
             and
             King
          
           Edward
           
             VI.
             might
             be
             projected
             for
             the
             Profit
             of
             the
             Crown
             ,
             and
             the
             Projectors
             might
             measure
             that
             Profit
             by
             the
             excessive
             Quantities
             of
             Allay
             that
             were
             mixed
             with
             the
             Silver
             and
             the
             Gold
          
           (
           and
           let
           me
           add
           ,
           or
           by
           the
           Quantity
           of
           Silver
           lessened
           in
           each
           Species
           ,
           which
           is
           the
           same
           thing
           )
           
             And
             though
             this
             was
             enterprized
             by
             a
             Prince
             ,
             who
             could
             stretch
             his
             Prerogative
             very
             far
             upon
             his
             People
             ;
             and
             was
             done
             in
             Times
             when
             the
             Nation
             had
             very
             little
             Commerce
             ,
             Inland
             or
             Foreign
             ,
             to
             be
             injur'd
             and
             prejudiced
             thereby
             ;
             yet
             Experience
             presently
             shewed
             ,
             that
             the
             Projectors
             were
             mistaken
             ,
             and
             that
             it
             was
             absolutely
             necessary
             to
             have
             the
             base
             Money
             reformed
             .
          
           This
           at
           least
           they
           were
           not
           mistaken
           in
           ,
           that
           they
           brought
           Work
           to
           the
           Mint
           ,
           and
           a
           Part
           of
           the
           Money
           coined
           to
           
           the
           Crown
           for
           Seigniorage
           ;
           in
           both
           which
           there
           was
           Profit
           .
           Mr.
           Lowndes
           tells
           us
           ,
           p.
           44.
           that
           Henry
           VIII
           .
           had
           to
           the
           Value
           of
           fifty
           Shillings
           for
           every
           Pound
           Weight
           of
           Gold
           coined
           :
           I
           have
           met
           with
           it
           somewhere
           ,
           that
           formerly
           the
           King
           might
           take
           what
           he
           pleased
           for
           Coinage
           .
           I
           know
           not
           too
           but
           the
           flattering
           Name
           of
           raising
           Money
           might
           prevail
           then
           as
           it
           does
           now
           ;
           and
           impose
           so
           far
           on
           them
           ,
           as
           to
           make
           them
           think
           the
           
             raising
             ,
             i.
             e.
          
           diminishing
           the
           Silver
           in
           their
           Coin
           ,
           would
           bring
           it
           into
           the
           Realm
           ,
           or
           stay
           it
           here
           when
           they
           found
           it
           going
           out
           .
           For
           if
           we
           may
           guess
           at
           the
           other
           ,
           by
           Henry
           VIII's
           raising
           ,
           it
           was
           probably
           when
           ,
           by
           reason
           of
           Expence
           in
           foreign
           Wars
           ,
           or
           ill
           managed
           Trade
           ,
           they
           found
           Money
           begin
           to
           grow
           scarce
           .
        
         
           The
           having
           the
           Species
           of
           our
           Coin
           one
           fifth
           bigger
           ,
           or
           one
           fifth
           less
           than
           they
           are
           at
           present
           ,
           would
           be
           neither
           good
           nor
           harm
           to
           England
           ,
           if
           they
           had
           always
           been
           so
           .
           Our
           Standard
           has
           continued
           in
           weight
           and
           fineness
           just
           as
           it
           is
           now
           ,
           for
           very
           near
           this
           hundred
           Years
           last
           past
           :
           And
           those
           who
           think
           the
           Denomination
           and
           Size
           of
           our
           Money
           have
           any
           Influence
           on
           the
           State
           of
           our
           Wealth
           ,
           have
           no
           reason
           to
           change
           the
           present
           Standard
           of
           our
           Coin
           ;
           since
           under
           that
           we
           have
           had
           a
           greater
           increase
           ,
           and
           longer
           Continuance
           
           of
           Plenty
           of
           Money
           ,
           than
           perhaps
           any
           other
           Country
           can
           shew
           ;
           I
           see
           no
           reason
           to
           think
           ,
           that
           a
           little
           bigger
           or
           less
           Size
           of
           the
           pieces
           coined
           ,
           is
           of
           any
           moment
           one
           was
           or
           t'other
           .
           The
           Species
           of
           Money
           in
           any
           Country
           ,
           of
           whatsoever
           Sizes
           ,
           fit
           for
           coining
           ,
           if
           their
           Proportions
           to
           one
           another
           be
           suited
           to
           Arithmetick
           and
           Calculations
           ,
           in
           whole
           Numbers
           ,
           and
           the
           Ways
           of
           Account
           in
           that
           Country
           adapted
           to
           small
           Payments
           ,
           and
           carefully
           kept
           to
           their
           just
           Weight
           and
           Fineness
           ,
           can
           have
           no
           Harm
           in
           them
           .
           The
           Harm
           comes
           by
           the
           change
           ,
           which
           unreasonably
           and
           unjustly
           gives
           away
           and
           transfers
           Men's
           Properties
           ,
           disorders
           Trade
           ,
           puzzels
           Accounts
           ,
           and
           needs
           a
           new
           Arithmetick
           to
           cast
           up
           Reckonings
           ,
           and
           keep
           Accounts
           in
           ;
           besides
           a
           thousand
           other
           Inconveniencies
           ;
           not
           to
           mention
           the
           Charge
           of
           recoining
           the
           Money
           .
           For
           this
           may
           be
           depended
           on
           ,
           that
           if
           our
           Money
           be
           raised
           ,
           as
           is
           proposed
           ,
           it
           will
           inforce
           the
           recoining
           of
           all
           our
           Money
           ,
           both
           old
           and
           new
           (
           except
           the
           new
           Shillings
           )
           to
           avoid
           the
           terrible
           Difficulty
           and
           Confusion
           there
           will
           be
           in
           keeping
           Accounts
           in
           Pounds
           ,
           Shillings
           ,
           and
           Pence
           (
           as
           they
           must
           be
           )
           when
           the
           Species
           of
           our
           Money
           are
           so
           ordered
           ,
           as
           not
           to
           answer
           those
           Denominations
           in
           round
           Numbers
           .
        
         
         
           This
           Consideration
           leads
           me
           to
           Mr.
           
             Lowndes
             fifth
          
           and
           sixth
           Reasons
           ,
           p.
           85.
           wherein
           he
           recommends
           the
           raising
           our
           Money
           in
           the
           Proportion
           proposed
           ,
           for
           its
           Convenience
           ,
           to
           our
           accounting
           by
           
             Pounds
             ,
             Shillings
          
           ,
           and
           Pence
           .
           And
           for
           obviating
           
             Perplexity
             among
             the
             common
             People
          
           ,
           he
           proposes
           the
           present
           weigthy
           Crown
           to
           go
           at
           six
           Shillings
           three
           Pence
           ;
           and
           the
           new
           Scepter
           or
           Vnite
           to
           be
           coined
           of
           the
           same
           Weight
           ,
           to
           go
           at
           the
           same
           rate
           ;
           and
           
             Half-crowns
             ,
             Half-scepters
          
           ,
           or
           Half-unites
           ,
           of
           the
           Weight
           of
           the
           present
           Half-erown
           ,
           to
           go
           for
           
             two
             Shillings
             seven
             Pence
             Half-penny
          
           :
           By
           no
           Number
           of
           which
           Pieces
           can
           there
           be
           made
           an
           even
           
             Pound
             Sterling
          
           ,
           or
           any
           Number
           of
           even
           Shillings
           under
           a
           Pound
           ;
           but
           they
           always
           fall
           into
           Fractions
           of
           Pounds
           and
           Shillings
           ,
           as
           may
           be
           seen
           by
           this
           following
           Table
           .
        
         
           
             
               
                  
              
               
                  
              
               
                 l.
                 
              
               
                 s.
                 
              
               
                 d.
                 
              
            
             
               
                 1
              
               
                 
                   Crown
                   or
                   Scepter
                   piece
                
              
               
                  
              
               
                 6
              
               
                 3
              
            
             
               
                 2
              
               
                 
                   Crown
                   pieces
                
              
               
                  
              
               
                 12
              
               
                 6
              
            
             
               
                 3
              
               
                 
                   Crown
                   pieces
                
              
               
                  
              
               
                 18
              
               
                 9
              
            
             
               
                 4
              
               
                 
                   Crown
                   pieces
                
              
               
                 1
              
               
                 5
              
               
                  
              
            
             
               
                 1
              
               
                 
                   Half-crown
                   piece
                
              
               
                  
              
               
                 2
              
               
                 7
                 ½
              
            
             
               
                 3
              
               
                 
                   Half-crown
                   pieces
                
              
               
                  
              
               
                 8
              
               
                 10
                 ½
              
            
             
               
                 5
              
               
                 
                   Half-crown
                   pieces
                
              
               
                  
              
               
                 15
              
               
                 1
                 ½
              
            
             
               
                 7
              
               
                 Half-crowns
                 .
              
               
                 1
              
               
                 1
              
               
                 4
                 ½
              
            
          
        
         
         
           The
           present
           Shilling
           ,
           and
           new
           Testoon
           going
           for
           15.
           
           Pence
           ,
           no
           Number
           of
           them
           make
           any
           Number
           of
           even
           Shillings
           ,
           but
           
             five
             Shillings
             ,
             ten
             Shillings
             ,
             fifteen
             Shillings
             ,
          
           and
           
             twenty
             Shillings
          
           ;
           but
           in
           all
           the
           rest
           ,
           they
           always
           fall
           into
           Fractions
           .
        
         
           The
           like
           may
           be
           said
           of
           the
           present
           Six-pences
           ,
           and
           future
           half
           Testoons
           going
           for
           
             Seven
             Pence
             Half-penny
          
           ;
           the
           quarter
           Testoons
           ,
           which
           are
           to
           go
           for
           
             three
             pence
             three
             farthings
          
           ;
           and
           the
           Gross
           and
           Groats
           ,
           which
           are
           to
           go
           for
           
             five
             pence
          
           ;
           the
           half
           Gross
           or
           Groat
           ,
           which
           is
           to
           go
           for
           
             two
             pence
             half
             penny
          
           ;
           and
           the
           Prime
           ,
           which
           is
           to
           go
           for
           a
           
             penny
             farthing
          
           :
           Out
           of
           any
           Tale
           of
           each
           of
           which
           Species
           there
           can
           no
           just
           Number
           of
           Shillings
           be
           made
           ,
           as
           I
           think
           ,
           but
           
             five
             Shillings
             ,
             ten
             Shillings
             ,
             fifteen
             Shillings
             ,
          
           and
           
             twenty
             Shillings
          
           ;
           but
           they
           always
           fall
           into
           Fractions
           .
           The
           new
           intended
           Shilling
           alone
           seems
           to
           be
           suited
           to
           our
           accounting
           in
           
             Pounds
             ,
             Shillings
          
           ,
           and
           Pence
           .
           The
           great
           pieces
           ,
           as
           Scepters
           ,
           and
           
             Half
             Scepters
          
           ,
           which
           are
           made
           to
           serve
           for
           the
           Payment
           of
           greater
           Sums
           ,
           and
           are
           for
           Dispatch
           in
           Tale
           ,
           will
           not
           in
           Tale
           fall
           into
           even
           Pounds
           .
           And
           I
           fear
           it
           will
           puzzle
           a
           better
           Arithmetician
           ,
           than
           most
           Country
           Men
           are
           ,
           to
           tell
           ,
           without
           Pen
           and
           Ink
           ,
           how
           many
           of
           the
           lesser
           pieces
           (
           except
           the
           Shillings
           )
           however
           combined
           ,
           will
           make
           just
           sixteen
           or
           seventeen
           
           Shillings
           .
           And
           I
           imagin
           there
           is
           not
           one
           Country
           Man
           of
           three
           ,
           but
           may
           have
           it
           for
           his
           Pains
           ,
           if
           he
           can
           tell
           an
           Hundred
           Pound
           made
           up
           of
           a
           promiscuous
           Mixture
           of
           the
           Species
           of
           this
           new
           raised
           Money
           (
           excluding
           the
           Shillings
           )
           in
           a
           days
           time
           .
           And
           that
           which
           will
           help
           to
           confound
           him
           ,
           and
           every
           body
           else
           ,
           will
           be
           the
           
             old
             Crowns
             ,
             Half-crowns
             ,
             Shillings
             ,
          
           and
           Sixpences
           current
           for
           new
           Numbers
           of
           Pence
           .
           So
           that
           I
           take
           it
           for
           granted
           ,
           that
           if
           our
           Coin
           be
           raised
           ,
           as
           is
           proposed
           ,
           not
           only
           all
           our
           clipp'd
           ,
           but
           all
           our
           weighty
           and
           mill'd
           Money
           must
           of
           necessity
           be
           recoined
           too
           ;
           if
           you
           would
           no
           have
           Trade
           disturb'd
           ,
           and
           People
           more
           diseased
           with
           new
           Money
           ,
           which
           they
           cannot
           tell
           ,
           nor
           keep
           Accounts
           in
           ,
           than
           with
           light
           and
           clipp'd
           Money
           ,
           which
           they
           are
           cheated
           with
           .
           And
           what
           a
           Charge
           the
           new
           coining
           of
           all
           our
           Money
           will
           be
           to
           the
           Nation
           ,
           I
           have
           computed
           in
           another
           place
           .
           *
           That
           I
           think
           is
           of
           some
           Consideration
           in
           our
           present
           Circumstances
           ,
           though
           the
           Confusion
           that
           this
           new
           raised
           Money
           ,
           I
           fear
           ,
           is
           like
           to
           introduce
           ;
           and
           the
           want
           of
           Money
           ,
           and
           stop
           of
           Trade
           ,
           when
           the
           clipp'd
           is
           called
           in
           ,
           and
           the
           weighty
           is
           to
           be
           recoin'd
           ;
           be
           of
           much
           greater
           .
        
         
         
           His
           
             fourth
             ,
             Eighth
          
           ,
           and
           Ninth
           Reasons
           ,
           p.
           84.
           and
           86.
           are
           taken
           from
           the
           saving
           our
           present
           mill'd
           Money
           from
           being
           cut
           and
           recoin'd
           .
           The
           End
           I
           confess
           to
           be
           good
           :
           'T
           is
           very
           reasonable
           ,
           that
           so
           much
           excellent
           Coin
           ,
           as
           good
           as
           ever
           was
           in
           the
           World
           ,
           should
           not
           be
           destroyed
           .
           But
           there
           is
           ,
           I
           think
           ,
           a
           surer
           and
           easier
           way
           to
           preserve
           it
           ,
           than
           what
           Mr.
           Lowndes
           proposes
           .
           'T
           is
           past
           doubt
           ,
           it
           will
           be
           in
           no
           danger
           of
           recoining
           ,
           if
           our
           Money
           be
           kept
           upon
           the
           present
           Foot
           :
           But
           if
           it
           be
           raised
           ,
           as
           Mr.
           Lowndes
           proposes
           ,
           all
           the
           present
           mill'd
           Money
           will
           be
           in
           danger
           ,
           and
           the
           Difficulty
           of
           counting
           it
           upon
           the
           new
           proposed
           Foot
           will
           inforce
           it
           to
           be
           recoin'd
           into
           new
           pieces
           of
           Crowns
           ,
           Half-crowns
           ,
           Shillings
           ,
           and
           Six-pences
           ,
           that
           may
           pass
           for
           the
           same
           Number
           of
           Pence
           the
           present
           do
           ,
           viz.
           60.30.12
           .
           and
           6.
           as
           I
           have
           above
           shewn
           .
           He
           says
           in
           his
           fourth
           Reason
           ,
           that
           
             if
             pieces
             ,
             having
             the
             same
             Bigness
             ,
             should
             have
             different
             Values
             ,
             it
             might
             be
             difficult
             for
             the
             common
             People
             (
             especially
             those
             not
             skill'd
             in
             Arithmetick
             )
             to
             compute
             how
             many
             of
             one
             kind
             will
             be
             equal
             to
             he
             Summ
             of
             another
             .
          
           Such
           Difficulties
           and
           Confusion
           ,
           in
           counting
           Money
           ,
           I
           agree
           with
           him
           ,
           ought
           carefully
           to
           be
           avoided
           .
           And
           therefore
           ,
           
             since
             if
             pieces
             having
             the
             same
             Bigness
          
           and
           Stamp
           ,
           which
           the
           People
           are
           acquainted
           
           with
           ,
           shall
           have
           new
           Values
           different
           from
           those
           which
           People
           are
           accustomed
           to
           ;
           and
           these
           new
           Values
           shall
           in
           Numbers
           of
           Pence
           not
           answer
           our
           way
           of
           accounting
           by
           Pounds
           and
           
             Shillings
             ;
             it
             will
             be
             difficult
             for
             the
             common
             People
             (
             especially
             those
             not
             skill'd
             in
             Arithmetick
             )
             to
             compute
             how
             many
             of
             any
             one
             kind
             will
             make
             any
             Summ
             they
             are
             to
             pay
             or
             receive
          
           ;
           Especially
           when
           the
           Numbers
           of
           any
           one
           kind
           of
           pieces
           will
           be
           brought
           into
           so
           few
           even
           Summs
           of
           Pounds
           and
           Shilings
           .
           And
           thus
           Mr.
           
           Lowdes's
           Argument
           here
           turns
           upon
           himself
           ,
           and
           is
           against
           raising
           our
           Coin
           ,
           to
           the
           Value
           proposed
           by
           him
           ,
           from
           the
           Confusion
           it
           will
           produce
           .
        
         
           His
           8
           th
           .
           Reason
           ,
           p.
           86.
           we
           have
           in
           these
           Words
           ;
           
             It
             is
             difficult
             to
             conceive
             how
             any
             Design
             of
             amending
             the
             clipp'd
             Money
             ,
             can
             be
             compassed
             without
             raising
             the
             Value
             of
             the
             Silver
             remaining
             in
             them
             ,
             because
             of
             the
             great
             Deficiency
             of
             the
             Silver
             clipped
             away
             (
             which
             upon
             recoining
             )
             must
             necessarily
             be
             defraid
             and
             born
             one
             way
             or
             other
             .
          
        
         
           'T
           is
           no
           
             Difficulty
             to
             conceive
          
           ,
           that
           clipp'd
           Money
           ,
           being
           not
           lawful
           Money
           ,
           should
           be
           prohibited
           to
           pass
           for
           more
           than
           its
           Weight
           .
           Next
           ,
           it
           is
           
             no
             Difficulty
             to
             conceive
          
           ,
           that
           clipp'd
           Money
           ,
           passing
           for
           no
           more
           than
           its
           Weight
           ,
           and
           so
           being
           in
           the
           state
           of
           Standard
           Bullion
           ,
           which
           cannot
           be
           
           exported
           ,
           should
           be
           brought
           to
           the
           Mint
           ,
           and
           there
           exchang'd
           for
           weighty
           Money
           .
           By
           this
           way
           ,
           
             it
             is
             no
             Difficulty
             to
             conceive
             how
             the
             amending
             the
             clipp'd
             Money
             may
             be
             compassed
             ,
             because
             this
             way
             the
             Deficiency
             of
             the
             Silver
             clipp'd
             away
             ,
             will
             certainly
             be
             defraid
             and
             born
             one
             way
             or
             other
             .
          
        
         
           And
           thus
           I
           have
           gone
           over
           all
           Mr.
           
           Lowndes's
           Reasons
           for
           raising
           our
           Coin
           :
           wherein
           ,
           though
           I
           seem
           to
           differ
           from
           him
           ,
           yet
           I
           flatter
           my self
           ,
           it
           is
           not
           altogether
           so
           much
           as
           at
           first
           sight
           may
           appear
           ;
           since
           by
           what
           I
           find
           in
           another
           Part
           of
           his
           Book
           ,
           I
           have
           reason
           to
           judge
           he
           is
           a
           great
           deal
           of
           my
           Mind
           .
           For
           he
           has
           five
           very
           good
           Arguments
           for
           
             continuing
             the
             present
             Standard
             of
             Fineness
             ,
          
           each
           of
           which
           is
           as
           strong
           for
           continuing
           also
           
             the
             present
             Standard
             of
             Weight
             ;
             i.
             e.
          
           continuing
           a
           Penny
           of
           the
           same
           Weight
           of
           Standard
           Silver
           ,
           which
           at
           present
           it
           has
           .
           He
           that
           has
           a
           mind
           to
           be
           satisfied
           of
           this
           ,
           may
           read
           Mr.
           
           Lowndes's
           first
           five
           Reasons
           for
           continuing
           the
           
             present
             Standard
             of
             Fineness
          
           ,
           which
           he
           will
           find
           in
           his
           29
           ,
           30
           ,
           31
           ,
           32
           pages
           of
           his
           Report
           .
           And
           when
           Mr.
           Lowndes
           himself
           has
           again
           considered
           what
           there
           is
           of
           Weight
           in
           them
           ,
           and
           how
           far
           it
           reaches
           ,
           he
           will
           at
           least
           not
           think
           it
           strange
           if
           they
           appear
           to
           me
           and
           others
           ,
           good
           Arguments
           against
           putting
           less
           Silver
           into
           our
           Coin
           of
           the
           
           same
           Denominations
           ,
           let
           that
           Diminution
           be
           made
           what
           way
           it
           will.
           
        
         
           What
           Mr.
           Lowndes
           says
           about
           Gold
           Coins
           ,
           p.
           88.
           &c.
           appears
           to
           me
           highly
           rational
           ,
           and
           I
           perfectly
           agree
           with
           him
           ;
           excepting
           only
           that
           I
           do
           not
           think
           Gold
           is
           in
           regard
           of
           Silver
           risen
           ⅕
           in
           England
           ;
           which
           I
           think
           may
           be
           thus
           made
           out
           .
           A
           Guinea
           weighing
           five
           Penny
           Weight
           and
           nine
           Grains
           ,
           or
           one
           hundred
           and
           twenty
           nine
           Grains
           ;
           and
           a
           Pound
           Sterling
           weighing
           one
           thousand
           eight
           hundred
           and
           sixty
           Grains
           ;
           A
           Guinea
           at
           twenty
           Shillings
           is
           as
           one
           hundred
           and
           twenty
           nine
           to
           one
           thousand
           eight
           hundred
           and
           sixty
           ;
           that
           is
           ,
           as
           one
           to
           fourteen
           and
           an
           half
           .
        
         
           A
           Guinea
           at
           two
           and
           twenty
           Shillings
           ,
           is
           as
           one
           hundred
           and
           twenty
           nine
           ,
           to
           two
           thousand
           forty
           two
           ,
           
             i.
             e.
          
           as
           one
           to
           sixteen
           .
        
         
           A
           Guinea
           at
           thirty
           Shillings
           ,
           is
           as
           one
           hundred
           twenty
           nine
           to
           two
           thousand
           seven
           hundred
           eighty
           four
           ,
           
             i.
             e.
          
           as
           one
           to
           twenty
           one
           and
           a
           half
           ,
           near
           .
        
         
           He
           therefore
           that
           receives
           twenty
           Shillings
           mill'd
           Money
           for
           a
           Guinea
           ,
           receives
           one
           thousand
           eight
           Hundred
           and
           sixty
           Grains
           Standard
           Silver
           ,
           for
           one
           hundred
           twenty
           nine
           Grains
           of
           Standard
           Gold
           ,
           
             i.
             e.
          
           fourteen
           and
           an
           half
           for
           one
           .
        
         
         
           He
           who
           receives
           two
           and
           twenty
           Shillings
           mill'd
           Money
           for
           a
           Guinea
           ,
           has
           two
           thousand
           forty
           two
           Grains
           Standard
           Silver
           ,
           for
           one
           hundred
           twenty
           nine
           Grains
           Standard
           Gold
           ,
           
             i.
             e
          
           ,
           sixteen
           for
           one
           .
        
         
           He
           who
           receives
           thirty
           Shillings
           mill'd
           Money
           for
           a
           Guinea
           ,
           has
           two
           thousand
           seven
           hundred
           eighty
           four
           Grains
           Standard
           Silver
           ,
           for
           one
           hundred
           twenty
           nine
           Grains
           of
           Gold
           ,
           
             i.
             e.
          
           twenty
           one
           and
           an
           half
           for
           one
           .
        
         
           But
           the
           current
           Cash
           being
           (
           upon
           Tryals
           made
           about
           Midsummer
           last
           )
           computed
           by
           Mr.
           
             Lowndes
             P.
          
           108.
           to
           want
           half
           its
           Standard
           weight
           ,
           and
           not
           being
           mended
           since
           ,
           it
           is
           evident
           he
           who
           receives
           thirty
           Shillings
           of
           our
           present
           clip'd
           Money
           ,
           for
           a
           Guinea
           ,
           has
           but
           One
           thousand
           three
           hundred
           ninety
           two
           Grains
           of
           Standard
           Silver
           ,
           for
           One
           hundred
           twenty
           nine
           Grains
           of
           Gold
           ,
           
             i.
             e.
          
           has
           but
           ten
           and
           three
           quarters
           of
           Silver
           for
           one
           of
           Gold.
           
        
         
           I
           have
           left
           out
           the
           utmost
           precisions
           of
           fractions
           in
           these
           computations
           ,
           as
           not
           necessary
           in
           the
           present
           Case
           ,
           these
           whole
           Numbers
           shewing
           well
           enough
           the
           difference
           of
           the
           value
           of
           Guineas
           at
           those
           several
           Rates
           .
        
         
           If
           it
           be
           true
           what
           I
           here
           assert
           ,
           viz.
           That
           he
           who
           receives
           30
           Shillings
           in
           our
           Current
           
           clip'd
           Money
           for
           a
           Guinea
           ,
           receives
           not
           eleven
           Grains
           of
           Silver
           for
           one
           of
           Gold
           ;
           wheras
           the
           value
           of
           Gold
           to
           Silver
           in
           all
           our
           Neighbouring
           Countries
           is
           about
           fifteen
           to
           one
           ,
           which
           is
           about
           a
           third
           part
           more
           ;
           It
           will
           probably
           be
           demanded
           ,
           how
           comes
           it
           to
           pass
           that
           Foreigners
           ,
           or
           others
           ,
           import
           Gold
           ;
           when
           they
           do
           not
           receive
           as
           much
           Silver
           for
           it
           here
           ,
           as
           they
           may
           have
           in
           all
           other
           Countries
           ?
           The
           reason
           whereof
           is
           visibly
           this
           ,
           that
           they
           exchange
           it
           not
           here
           for
           Silver
           ,
           but
           for
           our
           Commodities
           ;
           And
           our
           Bargains
           for
           Commodities
           as
           well
           as
           all
           other
           Contracts
           being
           made
           in
           Pounds
           Shillings
           and
           Pence
           ,
           our
           clip'd
           Money
           retains
           amongst
           the
           People
           (
           who
           know
           not
           how
           to
           count
           but
           by
           Current
           Money
           )
           a
           part
           of
           its
           legal
           value
           ,
           whilst
           it
           passes
           for
           the
           satisfaction
           of
           legal
           Contracts
           ,
           as
           if
           it
           were
           Lawful
           Money
           .
           As
           long
           as
           the
           King
           receives
           it
           for
           his
           Taxes
           ,
           and
           the
           Landlord
           for
           his
           Rent
           ,
           't
           is
           no
           wonder
           the
           Farmer
           and
           Tenent
           should
           receive
           it
           for
           his
           Commodities
           .
           And
           this
           perhaps
           would
           do
           well
           enough
           ,
           if
           our
           Money
           and
           Trade
           were
           to
           Circulate
           only
           amongst
           our Selves
           ,
           and
           we
           had
           no
           Commerce
           with
           the
           rest
           of
           the
           World
           ,
           and
           needed
           it
           not
           .
           But
           here
           lies
           the
           loss
           ,
           when
           Foreigners
           shall
           bring
           over
           Gold
           hither
           ,
           and
           with
           that
           pay
           for
           our
           Commodities
           at
           the
           rate
           of
           Thirty
           Shillings
           
           the
           Guinea
           ,
           when
           the
           same
           quantity
           of
           Gold
           that
           is
           in
           a
           Guinea
           is
           not
           beyond
           Sea
           worth
           more
           Silver
           than
           is
           in
           twenty
           ,
           or
           one
           and
           twenty
           and
           six
           Pence
           of
           our
           mill'd
           and
           lawful
           Money
           :
           By
           which
           way
           of
           paying
           for
           our
           Commodities
           England
           loses
           near
           one
           third
           of
           the
           value
           of
           all
           the
           Commodities
           it
           thus
           sells
           .
           And
           't
           is
           all
           one
           as
           if
           Foreigners
           paid
           for
           them
           in
           Money
           Coin'd
           and
           clip'd
           beyond
           Sea
           ,
           wherein
           was
           one
           third
           less
           Silver
           than
           there
           ought
           to
           be
           .
           And
           thus
           we
           lose
           near
           one
           third
           in
           all
           our
           Exportation
           ,
           whilst
           Foreign
           Gold
           Imported
           is
           received
           in
           Payment
           for
           Thirty
           Shillings
           a
           Guinea
           .
           To
           make
           this
           appear
           ,
           we
           need
           but
           trace
           this
           way
           of
           Commerce
           a
           little
           ,
           and
           there
           can
           be
           no
           doubt
           of
           the
           loss
           we
           suffer
           by
           it
           .
        
         
           Let
           us
           suppose
           ,
           for
           Example
           ,
           a
           Bale
           of
           Holland
           Linnen
           worth
           there
           ,
           one
           hundred
           &
           eighty
           Ounces
           of
           our
           Standard
           Silver
           ;
           And
           a
           Bale
           of
           Serge
           here
           worth
           also
           the
           same
           weight
           of
           One
           hundred
           eighty
           Ounces
           of
           the
           same
           Standard
           Silver
           :
           'T
           is
           evident
           ,
           these
           two
           Bales
           are
           exactly
           of
           the
           same
           value
           .
           Mr.
           Lowndes
           tells
           us
           P.
           88
           That
           
             at
             this
             time
             the
             Gold
             that
             is
             in
             a
             Guinea
             (
             if
             it
             were
             carried
             to
          
           Spain
           ,
           Italy
           ,
           Barbary
           
             and
             some
             other
             places
             ,
             )
             would
             not
             purchase
             so
             much
             Silver
             there
             ,
             as
             is
             equal
             to
             the
             Standard
             of
             twenty
             of
             our
             Shillings
             ,
             i.
             e.
          
           would
           be
           in
           value
           
           there
           to
           Silver
           scarce
           as
           one
           to
           fourteen
           and
           an
           half
           :
           And
           I
           think
           ,
           I
           may
           say
           ,
           that
           Gold
           in
           Holland
           is
           ,
           or
           lately
           was
           ,
           as
           one
           to
           fifteen
           ,
           or
           not
           much
           above
           .
           Taking
           then
           Standard
           Gold
           in
           Holland
           to
           be
           in
           proportion
           to
           Standard
           Silver
           ,
           as
           one
           to
           about
           fifteen
           ,
           or
           a
           little
           more
           ;
           Twelve
           Ounces
           of
           our
           Standard
           Gold
           ,
           or
           as
           much
           Gold
           as
           is
           in
           Forty-four
           Guineas
           and
           a
           half
           ,
           must
           be
           given
           for
           that
           Bale
           of
           Holland-Linnen
           ,
           if
           any
           one
           will
           pay
           for
           it
           there
           in
           Gold
           :
           But
           if
           he
           buys
           that
           Bale
           of
           Serge
           here
           for
           One
           hundred
           and
           eighty
           Ounces
           of
           Silver
           ,
           which
           is
           Forty
           eight
           Pounds
           Sterling
           ,
           if
           he
           pays
           for
           it
           in
           Gold
           at
           Thirty
           Shillings
           the
           Guinea
           ,
           two
           and
           Thirty
           Guineas
           will
           pay
           for
           it
           .
           So
           that
           in
           all
           the
           Goods
           that
           we
           sell
           beyond
           Seas
           for
           Gold
           Imported
           ,
           and
           Coin'd
           into
           Guineas
           ,
           unless
           the
           Owners
           raise
           them
           ⅓
           above
           what
           they
           would
           Sell
           them
           for
           in
           mill'd
           Money
           ,
           we
           lose
           twelve
           in
           Forty
           four
           and
           an
           half
           ,
           which
           is
           very
           near
           one
           third
           .
        
         
           This
           loss
           is
           wholly
           owing
           to
           the
           permitting
           clip'd
           Money
           in
           Payment
           .
           And
           this
           loss
           we
           must
           unavoidably
           suffer
           whilst
           clip'd
           Money
           is
           Current
           amongst
           us
           .
           And
           this
           robbing
           of
           England
           of
           near
           one
           third
           of
           the
           value
           of
           the
           Commodities
           we
           Sell
           out
           ,
           will
           continue
           whilst
           People
           had
           rather
           receive
           Guineas
           at
           Thirty
           Shillings
           ,
           
           than
           Silver
           Coin
           (
           no
           other
           being
           to
           be
           had
           )
           that
           is
           not
           worth
           half
           what
           they
           take
           it
           for
           .
           And
           yet
           this
           clip'd
           Money
           ,
           as
           bad
           as
           it
           is
           ,
           and
           however
           unwilling
           People
           are
           to
           be
           charged
           with
           it
           ,
           will
           always
           have
           Credit
           enough
           to
           pass
           ,
           whilst
           the
           Goldsmiths
           and
           Bankers
           receive
           it
           ;
           and
           they
           will
           always
           receive
           it
           ,
           whilst
           they
           can
           pass
           it
           over
           again
           to
           the
           King
           with
           advantage
           ,
           and
           can
           have
           hopes
           to
           prevail
           ,
           that
           at
           last
           when
           it
           can
           be
           born
           no
           longer
           ,
           but
           must
           be
           call'd
           in
           ,
           no
           part
           of
           the
           loss
           of
           light
           Money
           ,
           which
           shall
           be
           found
           in
           their
           hands
           shall
           fall
           upon
           them
           ,
           though
           they
           have
           for
           many
           Years
           dealt
           in
           it
           ,
           and
           by
           reason
           of
           its
           being
           clip'd
           have
           had
           all
           the
           running
           Cash
           of
           the
           Kingdom
           in
           their
           hands
           ,
           and
           made
           profit
           of
           it
           .
           I
           say
           ,
           clip'd
           Money
           ,
           however
           had
           it
           be
           ,
           will
           always
           pass
           whilst
           the
           King's
           Receivers
           ,
           the
           Bankers
           of
           any
           kind
           ,
           and
           at
           last
           the
           Exchequer
           takes
           it
           .
           For
           who
           will
           not
           receive
           clip'd
           Money
           ,
           rather
           than
           have
           none
           for
           his
           necessary
           occasions
           ,
           whilst
           he
           sees
           the
           great
           Receipt
           of
           the
           Exchequer
           admits
           it
           ,
           and
           the
           Bank
           and
           Goldsmiths
           will
           take
           it
           of
           him
           ,
           and
           give
           him
           Credit
           for
           it
           ,
           so
           that
           he
           needs
           keep
           no
           more
           of
           it
           by
           him
           than
           he
           pleases
           .
           In
           this
           State
           ,
           whilst
           the
           Exchequer
           receives
           clip'd
           Money
           ,
           I
           do
           not
           see
           how
           it
           can
           be
           stop'd
           from
           passing
           .
           A
           clip'd
           Half-Crown
           that
           
           goes
           at
           the
           Exchequer
           ,
           will
           not
           be
           refused
           by
           any
           one
           who
           has
           hopes
           by
           his
           own
           or
           others
           hands
           to
           convey
           it
           thither
           ,
           and
           who
           ,
           unless
           he
           take
           it
           ,
           cannot
           Trade
           ,
           or
           shall
           not
           be
           paid
           .
           Whilst
           therefore
           the
           Exchequer
           is
           open
           to
           clip'd
           Money
           ,
           it
           will
           pass
           ,
           and
           whilst
           clip'd
           Money
           passes
           ,
           Clippers
           will
           certainly
           be
           at
           Work
           ;
           and
           what
           a
           gap
           this
           leaves
           to
           Foreigners
           ,
           if
           they
           will
           make
           use
           of
           it
           to
           pour
           in
           clip'd
           Money
           upon
           us
           (
           as
           its
           Neighbours
           did
           into
           Portugal
           )
           as
           long
           as
           we
           have
           either
           Goods
           or
           weighty
           Money
           left
           to
           be
           carri'd
           away
           at
           fifty
           
             per
             Cent.
          
           or
           greater
           profit
           ,
           its
           easie
           to
           see
           .
        
         
           I
           will
           suppose
           the
           King
           receives
           clip'd
           Money
           in
           the
           Exchequer
           ,
           and
           at
           half
           or
           three
           quarters
           loss
           Coins
           it
           into
           mill'd
           Money
           .
           For
           if
           he
           receives
           all
           ,
           how
           much
           soever
           clip'd
           ,
           I
           suppose
           the
           Clippers
           Sheers
           are
           not
           so
           squemish
           as
           not
           to
           pare
           away
           above
           half
           .
           'T
           will
           be
           a
           wonderful
           conscienciousness
           in
           them
           ,
           no
           where
           ,
           that
           I
           know
           ,
           to
           be
           parallell'd
           ,
           if
           they
           will
           content
           themselves
           with
           less
           profit
           than
           they
           can
           make
           ,
           and
           will
           leave
           seven
           Penny
           worth
           of
           Silver
           in
           an
           Half-Crown
           ,
           if
           six
           Penny
           worth
           and
           the
           Stamp
           be
           enough
           to
           make
           it
           pass
           for
           Half
           a
           Crown
           .
           When
           his
           Majesty
           hath
           Coin'd
           this
           into
           mill'd
           Money
           of
           Standard
           weight
           ,
           and
           paid
           it
           out
           again
           to
           the
           Bankers
           ,
           Goldsmiths
           or
           others
           ,
           what
           shall
           
           then
           become
           of
           it
           ?
           Either
           they
           will
           lay
           it
           up
           to
           get
           rid
           of
           their
           clip'd
           Money
           ,
           for
           no
           Body
           will
           part
           with
           heavy
           Money
           ,
           whilst
           he
           has
           any
           light
           ;
           nor
           will
           any
           heavy
           Money
           come
           abroad
           whilst
           there
           is
           light
           left
           ;
           for
           whoever
           has
           clip'd
           Money
           by
           him
           ,
           will
           sell
           good
           Bargains
           ,
           or
           borrow
           at
           any
           Rate
           of
           those
           who
           are
           willing
           to
           part
           with
           any
           weighty
           ,
           to
           keep
           that
           by
           him
           ,
           rather
           than
           the
           clip'd
           Money
           he
           has
           in
           his
           hands
           .
           So
           that
           as
           far
           as
           this
           reaches
           ,
           no
           mill'd
           Money
           ,
           how
           much
           soever
           be
           Coin'd
           will
           appear
           abroad
           or
           if
           it
           does
           ,
           will
           it
           long
           scape
           the
           Coiners
           and
           Clippers
           hands
           ,
           who
           will
           be
           at
           work
           presently
           upon
           it
           to
           furnish
           the
           Exchequer
           with
           more
           clip'd
           Money
           at
           fifty
           ,
           sixty
           ,
           seventy
           ,
           or
           I
           know
           not
           what
           advantage
           .
           Though
           this
           be
           enough
           to
           cut
           off
           the
           hopes
           of
           mill'd
           Money
           appearing
           in
           payments
           whilst
           any
           clip'd
           is
           current
           .
           Yet
           to
           this
           we
           may
           add
           ,
           that
           Gold
           Imported
           at
           an
           over
           value
           will
           sweep
           it
           away
           as
           fast
           as
           it
           is
           Coin'd
           whilst
           clip'd
           Money
           keeps
           up
           the
           rate
           of
           Guineas
           above
           their
           former
           value
           .
           This
           will
           be
           the
           circulation
           of
           our
           Money
           ,
           whilst
           clip'd
           is
           permitted
           any
           way
           to
           be
           Current
           .
           And
           if
           store
           enough
           of
           clip'd
           Money
           from
           at
           home
           or
           abroad
           ,
           can
           be
           but
           provided
           (
           as
           't
           is
           more
           than
           probable
           it
           may
           now
           the
           Trade
           is
           so
           Universal
           ,
           and
           has
           been
           so
           long
           
           practised
           with
           great
           advantege
           ,
           and
           no
           great
           danger
           ,
           as
           appears
           by
           the
           few
           have
           suffer'd
           in
           regard
           of
           the
           great
           number
           't
           is
           evident
           are
           ingaged
           in
           the
           Trade
           ,
           and
           the
           vent
           of
           it
           here
           in
           England
           is
           so
           known
           and
           sure
           )
           I
           do
           not
           see
           how
           in
           a
           little
           while
           we
           shall
           have
           any
           Money
           or
           Goods
           at
           all
           left
           in
           England
           ,
           if
           Clipping
           be
           not
           immediately
           stop'd
           .
           And
           how
           Clipping
           can
           be
           stop'd
           ,
           but
           by
           an
           immediate
           positive
           total
           Prohibition
           ,
           whereby
           all
           clip'd
           Money
           shall
           be
           forbid
           to
           pass
           in
           any
           Payment
           whatsoever
           ,
           or
           to
           pass
           for
           more
           than
           its
           weight
           ,
           I
           would
           be
           glad
           to
           learn.
           Clipping
           is
           the
           great
           Leak
           ,
           which
           for
           some
           time
           past
           has
           contributed
           more
           to
           Sink
           us
           ,
           than
           all
           the
           Force
           of
           our
           Enemies
           could
           do
           .
           'T
           is
           like
           a
           Breach
           in
           the
           Sea-bank
           ,
           which
           widens
           every
           moment
           till
           it
           be
           stop'd
           .
           And
           my
           timerous
           Temper
           must
           be
           pardon'd
           if
           I
           am
           frighted
           with
           the
           thoughts
           of
           clip'd
           Money
           being
           Current
           one
           moment
           longer
           ,
           at
           any
           other
           value
           but
           of
           warrant'd
           Standard
           Bullion
           .
           And
           therefore
           there
           can
           be
           nothing
           more
           true
           and
           reasonable
           ,
           nor
           that
           deserves
           better
           to
           be
           consider'd
           ,
           than
           what
           Mr.
           Lowndes
           says
           in
           his
           Corollary
           P.
           90.
           
        
         
           Whoever
           desires
           to
           know
           the
           different
           ways
           of
           Coining
           Money
           by
           the
           Hammer
           and
           by
           the
           Mill
           ,
           may
           inform
           himself
           in
           the
           exact
           Account
           Mr.
           Lowndes
           has
           given
           of
           
           both
           ,
           under
           his
           second
           general
           Head
           :
           Where
           he
           may
           also
           see
           the
           probablest
           guess
           that
           has
           been
           made
           of
           the
           quantity
           of
           our
           clip'd
           Money
           ,
           and
           the
           Silver
           deficient
           in
           it
           ;
           and
           an
           Account
           of
           what
           Silver
           Money
           was
           Coin'd
           in
           the
           Reigns
           of
           Q.
           Elizabeth
           K.
           Iames
           1st
           .
           and
           Charles
           1st
           .
           more
           exact
           than
           is
           to
           be
           had
           any
           where
           else
           .
           There
           is
           only
           one
           thing
           which
           I
           shall
           mention
           ,
           since
           Mr.
           Lowndes
           does
           it
           here
           again
           under
           this
           Head
           P.
           100.
           and
           that
           is
           ,
           melting
           down
           our
           Coin
           ;
           concerning
           which
           I
           shall
           venture
           humbly
           to
           propose
           these
           following
           Questions
           .
        
         
           
             1.
             
             Whether
             Bullion
             be
             any
             thing
             but
             Silver
             ,
             whose
             Workmanship
             has
             no
             value
             ?
          
           
             2.
             
             Whether
             that
             Workmanship
             ,
             which
             can
             be
             had
             for
             nothing
             ,
             has
             ,
             or
             can
             have
             any
             value
             ?
          
           
             3.
             
             Whether
             ,
             whilst
             the
             Money
             in
             our
             Mint
             is
             Coin'd
             for
             the
             Owners
             ,
             without
             any
             cost
             to
             them
             ,
             our
             Coin
             can
             ever
             have
             any
             value
             above
             Standard
             Bullion
             ?
          
           
             4.
             
             Whether
             ,
             whilst
             our
             Coin
             is
             not
             of
             value
             above
             Standard
             Bullion
             ,
             Goldsmiths
             and
             others
             ,
             who
             have
             need
             of
             Standard
             Silver
             ,
             will
             not
             rather
             take
             what
             is
             by
             the
             Free
             labour
             of
             the
             Mint
             ready
             essaid
             and
             adjusted
             to
             their
             use
             ,
             and
             melt
             that
             down
             ,
             rather
             than
             be
             at
             the
             trouble
             of
             melting
             mixing
             and
             essaying
             of
             Silver
             for
             the
             uses
             they
             have
             ?
          
           
             
             5.
             
             Whether
             the
             only
             cure
             for
             this
             wanton
             ,
             though
             criminal
             melting
             down
             our
             Coin
             ,
             be
             not
             ,
             that
             the
             Owners
             should
             pay
             one
             Moiety
             of
             the
             Sixteen-pence
             Half-penny
             ,
             which
             is
             paid
             per
             Pound
             Troy
             for
             Coinage
             of
             Silver
             ,
             which
             the
             King
             now
             pays
             all
             ?
          
           
             6.
             
             Whether
             by
             this
             means
             Standard
             Silver
             in
             Coin
             will
             not
             be
             more
             worth
             than
             Standard
             Silver
             in
             Bullion
             ,
             and
             so
             be
             preserved
             from
             this
             wanton
             melting
             down
             ,
             as
             soon
             as
             an
             overballance
             of
             our
             Trade
             shall
             bring
             as
             Silver
             to
             stay
             here
             ?
             for
             till
             then
             it
             is
             in
             vain
             to
             think
             of
             preserving
             our
             Coin
             from
             melting
             down
             ,
             and
             therefore
             to
             no
             purpose
             till
             then
             to
             change
             that
             Law.
             
          
           
             7.
             
             Whether
             any
             Laws
             ,
             or
             any
             Penalties
             can
             keep
             our
             Coin
             from
             being
             carried
             out
             ,
             when
             Debts
             contracted
             beyond
             Seas
             call
             for
             it
             ?
          
           
             8.
             
             Whether
             it
             be
             any
             odds
             to
             England
             ,
             whether
             it
             be
             carried
             out
             ,
             melted
             down
             into
             Bullion
             ,
             or
             in
             Specie
             ?
          
           
             9.
             
             Whether
             ,
             whilst
             the
             Exigences
             of
             our
             occasions
             and
             Trade
             call
             for
             it
             abroad
             ,
             it
             will
             not
             always
             be
             melted
             down
             for
             the
             conveniency
             of
             Exportation
             ,
             so
             long
             as
             the
             Law
             prohibits
             its
             Exportation
             in
             Specie
             ?
          
           
             10.
             
             Whether
             Standard
             Silver
             in
             Coin
             and
             in
             Bullion
             ,
             will
             not
             immediately
             be
             of
             the
             same
             value
             as
             soon
             as
             the
             Prohibition
             of
             
             carrying
             out
             Money
             in
             Specie
             is
             taken
             off
             ?
          
           
             11.
             
             Whether
             an
             Ounce
             of
             Silver
             the
             more
             would
             be
             caried
             out
             in
             a
             Year
             ,
             if
             that
             Prohibition
             were
             taken
             off
             ?
          
           
             12.
             
             Whether
             Silver
             in
             our
             Coin
             will
             not
             always
             ,
             during
             the
             Prohibition
             of
             its
             Exportation
             ,
             be
             a
             little
             less
             worth
             than
             Silver
             in
             Bullion
             ,
             whilst
             the
             Consumption
             of
             Foreign
             Commodities
             beyond
             what
             ours
             pay
             for
             ,
             makes
             the
             Exportation
             of
             Silver
             necessary
             ?
             And
             so
             ,
             during
             such
             a
             state
             ,
             Raise
             your
             Money
             as
             much
             and
             as
             often
             as
             you
             will
             ,
             
               Silver
               in
               the
               Coin
               will
               never
               fetch
               as
               much
               as
               the
               Silver
               in
               Bullion
               ,
            
             as
             Mr.
             Lowndes
             expresses
             it
             ,
             p.
             110.
             
          
        
         
           As
           to
           the
           Inconveniencies
           and
           Damages
           we
           sustain
           by
           clip'd
           Money
           passing
           by
           Tale
           ,
           as
           if
           it
           were
           Lawful
           ,
           nothing
           can
           be
           more
           true
           ,
           more
           judicious
           ,
           nor
           more
           weighty
           ,
           than
           what
           Mr.
           Lowndes
           says
           under
           his
           third
           General
           Head
           ;
           wherein
           I
           perfectly
           agree
           with
           him
           ,
           excepting
           only
           where
           he
           builds
           any
           thing
           upon
           the
           proposed
           raising
           our
           Coin
           one
           fifth
           .
           And
           to
           what
           he
           says
           ,
           p.
           114
           ,
           concerning
           our
           being
           
             deprived
             of
             the
             use
             of
             our
             heavy
             Money
             ,
             by
             mens
             hoarding
             it
             ,
             in
             prospect
             that
             the
             Silver
             contained
             in
             those
             weghty
             pieces
             will
             turn
             more
             to
             their
             Profit
             ,
             than
             lending
             it
             at
             Interest
             ,
             Purchasing
             or
             Trading
             therewith
             .
          
           I
           crave
           leave
           to
           add
           ,
           That
           those
           Hoarders
           of
           Money
           ,
           a
           great
           many
           of
           them
           
           drive
           no
           less
           ,
           but
           rather
           a
           greater
           Trade
           by
           hoarding
           the
           weighty
           Money
           ,
           than
           if
           they
           let
           it
           go
           abroad
           .
           For
           ,
           by
           that
           means
           all
           the
           current
           Cash
           being
           light
           ,
           clip'd
           ,
           and
           hazardous
           Money
           ,
           't
           is
           all
           tumbled
           into
           their
           Hands
           ,
           which
           gives
           credit
           to
           their
           Bills
           ,
           and
           furnishes
           them
           to
           trade
           for
           as
           much
           as
           they
           please
           ,
           whilst
           every
           body
           else
           scarce
           Trades
           at
           all
           ,
           (
           but
           just
           as
           necessity
           forces
           )
           and
           is
           ready
           to
           stand
           still
           .
        
         
           Where
           he
           says
           p.
           114.
           
           
             'T
             is
             not
             likely
             the
             weighty
             Moneys
             will
             soon
             appear
             abroad
             without
             raising
             their
             value
             and
             recoining
             the
             clip'd
             Moneys
          
           :
           I
           should
           agree
           with
           him
           ,
           if
           it
           ran
           thus
           ;
           Without
           recoining
           the
           clip'd
           ,
           and
           in
           the
           mean
           time
           making
           it
           go
           for
           its
           weight
           .
           For
           that
           will
           ,
           I
           humbly
           conceive
           ,
           bring
           out
           the
           heavy
           Money
           ,
           without
           raising
           its
           value
           ,
           as
           effectually
           and
           sooner
           ;
           for
           it
           will
           do
           it
           immediately
           :
           His
           will
           take
           up
           some
           time
           .
           And
           I
           fear
           ,
           if
           clip'd
           Money
           be
           not
           stopt
           all
           at
           once
           ,
           and
           presently
           from
           passing
           any
           way
           in
           Tale
           ,
           the
           Damage
           it
           will
           bring
           will
           be
           irreparable
           .
        
         
           Mr.
           Lowndes
           
             's
             Fourth
             General
             Head
             is
             ,
             to
             propose
             the
             means
             that
             must
             be
             observed
             ,
             and
             the
             proper
             methods
             to
             be
             used
             in
             ,
             and
             for
             the
             Re
             establishment
             of
             the
             Silver
             Coins
             .
          
        
         
           The
           first
           is
           ,
           
             That
             the
             Work
             should
             be
             finished
             in
             as
             little
             time
             as
             may
             be
             ;
             not
             only
             to
             obviate
             a
             farther
             Damage
             by
             clipping
             in
             the
             interim
             ,
             but
             
             also
             that
             the
             needful
             advantages
             of
             the
             new
             Money
             may
             be
             the
             sooner
             obtained
             for
             the
             service
             of
             the
             Nation
             .
          
        
         
           These
           I
           agree
           with
           him
           ,
           are
           very
           good
           and
           necessary
           Ends
           ;
           but
           they
           are
           both
           to
           be
           attain'd
           ,
           I
           conceive
           ,
           much
           sooner
           by
           making
           clip'd
           Money
           go
           for
           its
           weight
           ,
           than
           by
           the
           Method
           Mr.
           Lowndes
           proposes
           .
           For
           this
           immediately
           puts
           an
           end
           to
           Clipping
           ,
           and
           
             obviates
             all
             further
             Damage
             thereby
          
           .
           Next
           ,
           it
           immediately
           brings
           out
           all
           the
           boarded
           weighty
           Money
           ,
           and
           so
           that
           advantage
           will
           be
           sooner
           obtain'd
           for
           the
           service
           of
           the
           Nation
           ,
           than
           it
           can
           any
           other
           way
           besides
           .
           Next
           it
           preserves
           the
           use
           of
           clip'd
           Money
           
             for
             the
             Service
             of
             the
             Nation
             in
             the
             interim
             ,
          
           till
           it
           can
           be
           Re-coin'd
           all
           at
           the
           Tower.
           
        
         
           His
           Second
           Proposition
           is
           ,
           
             That
             the
             loss
             ,
             or
             the
             greatest
             part
             of
             it
             ,
             ought
             to
             be
             born
             by
             the
             Publick
             ,
             and
             not
             by
             particulars
             ,
             who
             being
             very
             numerous
             will
             be
             prejudiced
             against
             a
             Reformation
             for
             the
             publick
             benefit
             ,
             if
             it
             be
             to
             be
             effected
             at
             the
             cost
             of
             particular
             Men.
             
          
        
         
           A
           Tax
           given
           to
           make
           good
           the
           defect
           of
           Silver
           in
           clip'd
           Money
           ,
           will
           be
           paid
           by
           particulars
           ,
           and
           so
           the
           loss
           will
           be
           born
           
             by
             particular
             men
          
           :
           And
           whether
           these
           particulars
           be
           not
           more
           numerous
           ,
           or
           at
           least
           a
           greater
           number
           of
           innocent
           men
           of
           them
           more
           sensibly
           burden'd
           that
           way
           ,
           than
           if
           it
           takes
           its
           chance
           in
           the
           hands
           of
           those
           
           men
           ,
           who
           have
           profited
           by
           the
           having
           it
           in
           their
           hands
           ,
           will
           be
           worth
           considering
           .
           And
           I
           wish
           it
           were
           well
           weigh'd
           ,
           which
           of
           the
           two
           ways
           the
           greater
           number
           of
           men
           would
           be
           most
           dangerously
           prejudic'd
           against
           this
           Reformation
           .
           But
           as
           Mr.
           Lowndes
           orders
           the
           matter
           ,
           every
           Body
           will
           I
           fear
           be
           
             prejudic'd
             against
             this
             Reformation
          
           ,
           when
           (
           as
           he
           divides
           it
           p.
           133
           ,
           134.
           )
           the
           Owners
           will
           bear
           near
           one
           half
           of
           the
           loss
           in
           the
           price
           of
           his
           clip'd
           Money
           ,
           and
           every
           Body
           else
           his
           part
           of
           the
           remainder
           in
           a
           Tax
           levied
           on
           them
           for
           it
           .
           I
           wish
           a
           remedy
           could
           be
           found
           without
           any
           Bodies
           loss
           .
           Most
           of
           those
           ways
           I
           have
           heard
           proposed
           to
           make
           Reparation
           to
           every
           
             particular
             man
          
           for
           the
           clip'd
           Money
           shall
           be
           found
           in
           his
           hands
           ,
           do
           so
           delay
           the
           remedy
           ,
           if
           not
           entail
           Clipping
           upon
           us
           ,
           that
           I
           fear
           such
           a
           care
           of
           particulars
           indangers
           the
           whole
           .
           And
           if
           that
           suffer
           ,
           it
           will
           go
           but
           ill
           with
           particulars
           .
           And
           therefore
           I
           think
           it
           will
           be
           the
           Rational
           desire
           of
           all
           particulars
           ,
           that
           the
           shortest
           and
           surest
           way
           ,
           not
           interfering
           with
           Law
           or
           Equity
           ,
           should
           be
           taken
           to
           put
           an
           effectual
           end
           ,
           to
           an
           Evil
           ,
           which
           every
           moment
           it
           continues
           works
           powerfully
           toward
           a
           general
           ruin
           .
        
         
           His
           Fourth
           Proposition
           is
           ,
           
             that
             no
             room
             must
             be
             left
             for
             Ielousie
          
           ;
           I
           acknowledg
           to
           be
           a
           good
           one
           ,
           if
           there
           can
           be
           a
           way
           found
           to
           attain
           it
           .
        
         
         
           I
           cannot
           but
           wonder
           to
           find
           these
           words
           P.
           124
           
             That
             no
             person
             whatsoever
             shall
             hereafter
             be
             oblig'd
             to
             accept
             in
             legal
             Payments
             any
             Money
             whatsoever
             ,
             that
             is
             already
             clip'd
             or
             may
             hereafter
             be
             clip'd
             or
             diminish'd
             ;
             and
             that
             no
             Person
             shall
             tender
             or
             receive
             any
             such
             Money
             in
             Payment
             ,
             under
             some
             small
             Penalty
             to
             be
             made
             easily
             recoverable
             ,
          
           &c.
           
        
         
           As
           if
           any
           man
           now
           were
           obliged
           to
           receive
           clip'd
           Money
           in
           legal
           Payment
           ,
           and
           there
           were
           not
           already
           a
           Law
           with
           severe
           Penalties
           against
           those
           who
           tendered
           clip'd
           Money
           in
           Payment
           ?
        
         
           'T
           is
           a
           doubt
           to
           me
           ,
           whether
           the
           Warden
           ,
           Master-worker
           ,
           &c.
           of
           the
           Mint
           at
           the
           Tower
           ,
           could
           find
           Fit
           and
           
             Skilful
             Persons
          
           enough
           to
           set
           nine
           other
           Mints
           at
           work
           in
           other
           parts
           of
           England
           in
           a
           quarter
           of
           a
           Year
           ,
           as
           Mr.
           Lowndes
           proposes
           P.
           127.
           
           Besides
           ,
           Mr.
           Lowndes
           tells
           us
           P.
           96
           that
           the
           
             Engines
             which
             put
             the
             Letters
             upon
             the
             Edges
             of
             the
             larger
             Silver
             Pieces
             ,
             and
             mark
             the
             Edges
             of
             the
             rest
             with
             a
             Graining
             ,
             are
             wrought
             secretly
             .
          
           And
           indeed
           this
           is
           so
           great
           a
           Guard
           against
           Counterfeiting
           as
           well
           as
           Clipping
           our
           Money
           ,
           that
           it
           deserves
           well
           to
           be
           kept
           a
           Secret
           ,
           as
           it
           has
           been
           hitherto
           .
           But
           how
           that
           can
           be
           ,
           if
           Money
           be
           to
           be
           Coin'd
           in
           nine
           other
           Mints
           ,
           set
           up
           in
           several
           Parts
           ,
           is
           hard
           to
           conceive
           .
           And
           lastly
           ,
           perhaps
           some
           may
           apprehend
           it
           may
           be
           of
           
           ill
           consequence
           to
           have
           so
           many
           men
           instructed
           and
           employ'd
           in
           the
           Art
           of
           Coining
           ,
           only
           for
           a
           short
           job
           ,
           and
           then
           turn'd
           loose
           again
           to
           shift
           for
           themselves
           by
           their
           own
           skill
           and
           industry
           ,
           as
           they
           can
           .
        
         
           The
           Provision
           made
           in
           his
           fourth
           Rule
           ,
           p.
           136.
           to
           prevent
           the
           Gain
           of
           
             subtile
             Dealers
          
           by
           
             culling
             out
             the
             heaviest
             of
             the
             clip'd
             pieces
             ,
          
           though
           it
           be
           the
           Product
           of
           great
           Sagacity
           and
           Foresight
           ,
           exactly
           calculated
           ,
           and
           as
           well
           contrived
           as
           in
           that
           case
           it
           can
           be
           ;
           yet
           I
           fear
           is
           too
           subtile
           for
           the
           Apprehension
           and
           Practice
           of
           Country
           Men
           ,
           who
           ,
           many
           of
           them
           ,
           with
           their
           little
           Quickness
           in
           such
           matters
           ,
           have
           also
           but
           small
           Summs
           of
           Money
           by
           them
           ,
           and
           so
           neither
           having
           Arithmetick
           ,
           nor
           Choice
           of
           clip'd
           Money
           to
           adjust
           it
           to
           the
           Weight
           there
           required
           ,
           will
           be
           hardly
           made
           to
           understand
           it
           .
           But
           I
           think
           the
           Clippers
           have
           ,
           or
           will
           take
           care
           that
           there
           will
           not
           be
           any
           great
           need
           of
           it
           .
        
         
           To
           conclude
           ,
           I
           confess
           my self
           not
           to
           see
           the
           least
           Reason
           why
           our
           present
           mill'd
           Money
           should
           be
           at
           all
           altered
           in
           Fineness
           ,
           Weight
           ,
           or
           Value
           .
           I
           look
           upon
           it
           to
           be
           the
           best
           and
           safest
           from
           counterfeiting
           ,
           adulterating
           ,
           or
           any
           ways
           being
           fraudently
           diminished
           ,
           of
           any
           that
           ever
           was
           coined
           .
           It
           is
           adjusted
           to
           our
           legal
           Payments
           ,
           Reckonings
           ,
           and
           Accounts
           ,
           to
           which
           our
           Money
           
           must
           be
           reduced
           :
           The
           raising
           its
           Denomination
           will
           neither
           add
           to
           its
           Worth
           ,
           nor
           make
           the
           Stock
           we
           have
           ,
           more
           proportionate
           to
           our
           Occasions
           ,
           nor
           bring
           one
           Grain
           of
           Silver
           the
           more
           into
           England
           ,
           or
           one
           Farthing
           Advantage
           to
           the
           publick
           :
           It
           will
           only
           serve
           to
           defraud
           the
           King
           ,
           and
           a
           great
           Number
           of
           his
           Subjects
           ,
           and
           perplex
           all
           ,
           and
           put
           the
           Kingdom
           to
           a
           needless
           Charge
           of
           recoining
           all
           ,
           both
           mill'd
           as
           well
           as
           clip'd
           Money
           .
        
         
           If
           I
           might
           take
           upon
           me
           to
           offer
           any
           thing
           new
           ,
           I
           would
           humbly
           propose
           ,
           that
           since
           Market
           and
           retail
           Trade
           requires
           less
           Divisions
           than
           
             six
             pences
          
           ,
           a
           sufficient
           Quantity
           of
           
             Four
             penny
             ,
             Four
             pence
             half
             penny
             ,
             and
             Five
             penny
             Pieces
          
           should
           be
           coined
           .
           These
           in
           change
           will
           answer
           all
           the
           Fractions
           between
           
             Six
             pence
          
           and
           a
           Farthing
           ,
           and
           thereby
           supply
           the
           Want
           of
           small
           Monies
           ,
           whereof
           I
           believe
           no
           body
           ever
           saw
           enough
           common
           to
           answer
           the
           Necessity
           of
           small
           Payments
           ;
           whether
           ,
           either
           because
           there
           was
           never
           a
           sufficient
           Quantity
           of
           such
           pieces
           coined
           ,
           or
           whether
           because
           of
           their
           Smallness
           they
           are
           apter
           to
           be
           lost
           out
           of
           any
           Hands
           ,
           or
           because
           they
           oftner
           falling
           into
           Childrens
           Hands
           ,
           they
           lose
           them
           ,
           or
           lay
           them
           up
           ;
           so
           it
           is
           ,
           there
           is
           always
           a
           visible
           Want
           of
           them
           ,
           to
           supply
           which
           without
           the
           Inconveniencies
           attending
           very
           
           small
           Coin
           ,
           the
           proposed
           pieces
           ,
           I
           humbly
           conceive
           ,
           will
           serve
           .
        
         
           If
           it
           be
           thought
           fit
           for
           this
           end
           to
           have
           
             Four
             pence
             ,
             Four
             pence
             half
             penny
             ,
             and
             Five
             penny
             pieces
          
           coined
           ,
           it
           will
           ,
           I
           suppose
           ,
           be
           convenient
           that
           they
           should
           be
           distinguished
           from
           
             six
             pences
          
           ,
           and
           from
           one
           another
           ,
           by
           a
           deep
           and
           very
           large
           plain
           Difference
           in
           the
           Stamp
           on
           both
           sides
           ,
           to
           prevent
           Mistakes
           ,
           and
           Loss
           of
           Time
           in
           telling
           of
           Money
           .
           The
           
             Four
             pence
             half
             penny
          
           ,
           has
           already
           the
           Harp
           for
           a
           known
           Distinction
           ,
           which
           may
           be
           fit
           to
           be
           continued
           :
           The
           
             Five
             pence
          
           may
           have
           the
           Feathers
           ,
           and
           the
           
             Four
             pence
          
           this
           Mark
           IV.
           of
           four
           on
           the
           Reverse
           ,
           and
           on
           the
           other
           side
           they
           may
           each
           have
           the
           King's
           Head
           with
           a
           Crown
           on
           it
           ,
           to
           shew
           on
           that
           side
           too
           ,
           that
           the
           Piece
           so
           coined
           is
           one
           of
           those
           under
           a
           Six
           pence
           ;
           and
           with
           that
           they
           may
           each
           on
           that
           side
           also
           have
           some
           Marks
           of
           Distinction
           one
           from
           another
           ,
           as
           the
           
             Five
             penny
             piece
          
           this
           Mark
           of
           V.
           the
           
             Four
             pence
             half
             penny
          
           a
           little
           Harp
           ,
           and
           the
           
             Four
             pence
          
           nothing
           .
        
         
           These
           ,
           or
           any
           other
           better
           Distinctions
           ,
           which
           his
           Majesty
           shall
           order
           ,
           will
           in
           Tale
           readily
           discover
           them
           ,
           if
           by
           chance
           any
           of
           them
           fall
           into
           larger
           Payments
           ,
           for
           which
           they
           are
           not
           designed
           .
        
         
           And
           thus
           I
           have
           ,
           with
           as
           much
           Brevity
           and
           Clearness
           as
           I
           could
           ,
           complied
           with
           
           what
           Mr.
           Lowndes
           professes
           to
           be
           the
           end
           of
           printing
           his
           Report
           in
           these
           Words
           ,
           
             viz.
             That
             any
             Persons
             who
             have
             considered
             an
             Affair
             of
             this
             nature
             ,
             may
             (
             if
             they
             please
             )
             communicate
             their
             Thoughts
             for
             rendring
             the
             Design
             here
             aimed
             at
             ,
             more
             perfect
             ,
             or
             more
             agreeable
             to
             the
             publick
             Service
             .
          
           It
           must
           be
           confessed
           that
           my
           Considerations
           have
           led
           me
           to
           Thoughts
           in
           some
           Parts
           of
           this
           Affair
           ,
           quite
           opposite
           to
           Mr.
           
           Lowndes's
           :
           But
           how
           far
           this
           has
           been
           from
           any
           Desire
           to
           oppose
           him
           ,
           or
           to
           have
           a
           Dispute
           with
           a
           Man
           ,
           no
           otherwise
           known
           to
           me
           but
           by
           his
           Civilities
           ,
           and
           whom
           I
           have
           a
           very
           great
           esteem
           for
           ,
           will
           appear
           by
           what
           I
           printed
           about
           
             raising
             the
             Value
             of
             Money
          
           ,
           above
           three
           Years
           since
           .
           All
           that
           I
           have
           said
           here
           in
           answer
           to
           him
           ,
           being
           nothing
           but
           the
           applying
           the
           Principles
           ,
           I
           then
           went
           on
           ,
           particularly
           now
           to
           Mr.
           
           Lowndes's
           Arguments
           ,
           as
           they
           came
           in
           my
           way
           ;
           that
           so
           thereby
           others
           might
           judge
           what
           will
           ,
           or
           will
           not
           be
           the
           Consequences
           of
           such
           a
           Change
           of
           our
           Coin
           ,
           as
           he
           proposes
           ,
           the
           only
           way
           ,
           I
           think
           ,
           of
           
             rendring
             his
             Design
             more
             agreeable
             to
             the
             publick
             Services
          
        
         
           FINIS
           .
        
      
    
     
       
         
         
           ERRATA
           .
        
         
           PAge
           2.
           l.
           23.
           
             same
             qualities
          
           .
           p.
           4.
           l.
           23.
           
             or
             Sellers
             '
          
           p.
           10.
           l.
           15.
           already
           .
           p.
           27.
           l.
           3.
           
           
             Wampompeak
             '
          
           p.
           28.
           l.
           10.
           
             the
             exact
          
           .
           p.
           32.
           l.
           4.
           
             for
             that
             raising
          
           .
           l.
           5.
           
             that
             lessening
          
           .
           p.
           31.
           ult
           .
           Coin.
           p.
           63.
           l.
           4.
           
             at
             above
          
           .
           l.
           23.
           
             for
             all
          
           .
           p.
           64.
           l.
           23.
           
             will
             not
          
           .
           p.
           57.
           l.
           13.
           
             or
             at
             most
             a
             peny
             in
             .
          
           p.
           58.
           l.
           3.
           
             above
             a
             peny
             an
          
           .
           l.
           25.
           
             about
             a
             peny
             in
          
           .
           p.
           65.
           l.
           6.
           larger
           .
           p.
           74.
           l.
           29.
           
             to
             raise
             it
             higher
             to
             make
             .
          
           p.
           77.
           l.
           7.
           
             have
             it
          
           .
        
         
      
       
         Notes, typically marginal, from the original text
         
           Notes for div A48882-e1630
           
             *
             Vid.
             short
             Observations
             on
             a
             Paper
             entituled
             ,
             
               For
               incouraging
               coining
            
             ,
             &c.
             p.
             8.
             
          
        
      
    
  

