







 
   
     
       
         Short observations on a printed paper, intituled, For encouraging the coining silver money in England, and after for keeping it here
         Locke, John, 1632-1704.
      
       
         
           1695
        
      
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             Short observations on a printed paper, intituled, For encouraging the coining silver money in England, and after for keeping it here
             Locke, John, 1632-1704.
          
           24 p.
           
             Printed for A. and J. Churchill ...,
             London :
             1695.
          
           
             Caption title.
             Advertisement: p. 24.
             Reproduction of original in Huntington Library.
          
        
      
    
     
       
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         eng
      
       
         
           Coinage -- England.
        
      
    
     
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           SHORT
           Observations
           ON
           A
           Printed
           PAPER
           ,
           Intituled
           ,
           
             For
             encouraging
             the
             Coining
             Silver
             Money
             in
          
           England
           ,
           
             and
             after
             for
             keeping
             it
             here
             .
          
        
         
           London
           ,
           Printed
           for
           A.
           and
           
             J.
             Churchill
          
           ,
           at
           the
           
             Black
             Swan
          
           in
           Pater-Noster-Row
           .
           1695.
           
        
      
    
     
       
         
           THE
           Author
           says
           ,
           
             Silver
             yielding
             the
             propos'd
          
           2
           d.
           or
           3
           d.
           
             more
             by
             the
             Ounce
             ,
             than
             it
             will
             do
             by
             being
             Coin'd
             into
             Money
             ,
             there
             will
             be
             none
             Coin'd
             into
             Money
             ;
             and
             matter
             of
             Fact
             shews
             there
             〈◊〉
             none
             .
          
        
         
           'T
           would
           be
           hard
           to
           know
           what
           he
           means
           ,
           when
           he
           says
           ,
           
             Silver
             yields
          
           2
           d.
           
           or
           ●…d
           .
           
             more
             by
             the
             Ounce
             ,
             than
             it
             will
             do
             by
             being
             Coin'd
             into
             Money
             :
          
           But
           that
           he
           tells
           us
           in
           
           plain
           words
           at
           the
           bottom
           of
           the
           Leaf
           ,
           that
           
             an
             Ounce
             of
             Silver
             uncoin'd
             ,
             is
             of
          
           2
           d.
           
             mor●
             value
             ,
             than
             after
             it
             is
             Coin'd
             it
             will
             be
          
           which
           I
           take
           the
           liberty
           to
           say
           ,
           is
           so
           far
           from
           being
           true
           ,
           that
           I
           affirm
           it
           is
           impossible
           to
           be
           so
           .
           For
           which
           I
           shall
           only
           give
           this
           short
           reason
           ,
           viz.
           Because
           the
           Stamp
           neither
           does
           nor
           can
           take
           away
           any
           of
           the
           intrinsic
           value
           of
           the
           Silver
           and
           therefore
           an
           Ounce
           of
           Coin'd
           standard
           Silver
           ,
           must
           necessarily
           be
           of
           equal
           value
           to
           an
           Ounce
           of
           uncoin'd
           standard
           Silver
           .
           For
           example
           ;
           suppose
           a
           Goldsmith
           has
           a
           round
           Plate
           of
           standard
           Silver
           just
           of
           the
           shape
           ,
           size
           and
           weight
           of
           a
           Coin'd
           Crown-piece
           ,
           which
           ,
           for
           brevity's
           sake
           ,
           we
           will
           suppose
           to
           be
           an
           Ounce
           this
           Ounce
           of
           standard
           Silver
           is
           certainly
           of
           equal
           value
           to
           any
           other
           Ounce
           of
           unwrought
           standard
           Silver
           in
           his
           shop
           ;
           away
           he
           goes
           with
           his
           round
           piece
           of
           Silver
           to
           the
           Tower
           ,
           and
           has
           there
           the
           Stamp
           set
           upon
           it
           ;
           when
           he
           brings
           this
           numerical
           piece
           back
           again
           to
           his
           shop
           Coin'd
           ,
           can
           any
           one
           imagine
           that
           it
           is
           now
           2
           d.
           less
           worth
           than
           it
           was
           when
           he
           carried
           it
           out
           smooth
           a
           quarter
           of
           a●
           hour
           before
           ,
           or
           that
           it
           is
           not
           still
           of
           equa●
           value
           to
           any
           other
           Ounce
           of
           unwrough●
           standard
           Silver
           in
           his
           shop
           ?
           He
           that
           can
           say
           't
           is
           2
           d.
           less
           worth
           than
           it
           was
           before
           
           it
           had
           the
           King's
           Image
           and
           Inscription
           on
           it
           ,
           may
           as
           well
           say
           ,
           that
           60
           grains
           of
           Silver
           brought
           from
           the
           Tower
           ,
           are
           worth
           but
           58
           grains
           of
           Silver
           in
           Lombard-street
           .
        
         
           But
           the
           Author
           very
           warily
           limits
           this
           ill
           effect
           of
           Coinage
           only
           to
           England
           ;
           why
           it
           is
           so
           in
           England
           ,
           and
           not
           every
           where
           ,
           would
           deserve
           a
           reason
           .
        
         
           But
           let
           us
           grant
           it
           to
           be
           true
           ,
           as
           our
           Author
           affirms
           ,
           that
           Coined
           Silver
           in
           England
           is
           1
           /
           30
           worse
           ,
           or
           of
           less
           value
           than
           uncoin'd
           ,
           the
           natural
           Consequence
           from
           this
           ,
           if
           it
           be
           true
           ,
           is
           ,
           that
           it
           is
           very
           unfit
           that
           the
           Mint
           should
           be
           employ'd
           in
           England
           ,
           where
           it
           debases
           the
           Silver
           1
           /
           30
           ;
           for
           if
           the
           Stamp
           lessens
           the
           value
           of
           our
           Silver
           this
           year
           ,
           it
           will
           also
           do
           so
           the
           next
           ,
           and
           so
           on
           to
           the
           end
           of
           the
           world
           ,
           it
           always
           working
           the
           same
           way
           .
           Nor
           will
           the
           altering
           the
           Denomination
           ,
           as
           is
           propos'd
           ,
           at
           all
           help
           it
           .
        
         
           But
           yet
           he
           thinks
           he
           has
           some
           proof
           for
           his
           Proposition
           ,
           because
           it
           is
           
             matter
             of
             Fact
          
           that
           there
           is
           
             no
             Money
             Coin'd
             at
             the
             Mint
             .
          
           This
           is
           the
           great
           Grievance
           ,
           ●nd
           is
           one
           indeed
           ,
           but
           for
           a
           different
           ●eason
           from
           what
           seems
           to
           inspire
           that
           ●aper
           .
        
         
           The
           matter
           in
           short
           is
           this
           ;
           
           England
           ●ending
           more
           consumable
           Commodities
           
           to
           Spain
           ,
           than
           it
           receives
           from
           thence
           .
           The
           Merchants
           who
           manage
           that
           Trade
           ,
           bring
           back
           the
           overplus
           in
           Bullion
           ,
           which
           at
           their
           return
           they
           sell
           as
           a
           Commodity
           .
           The
           Chapmen
           that
           give
           highest
           for
           this
           ,
           are
           ,
           as
           in
           all
           Cases
           of
           Buying
           and
           Selling
           ,
           those
           who
           can
           make
           most
           pro●…
           by
           it
           ,
           and
           those
           are
           the
           Returners
           of
           ou●…
           Money
           by
           Exchange
           into
           those
           Countries
           where
           our
           Debts
           any
           way
           contracted
           make
           a
           need
           of
           it
           ;
           for
           they
           getting
           6
           ,
           8
           ,
           10
           ,
           
             &c.
             per
             Cent.
          
           according
           to
           the
           want
           and
           demand
           of
           Money
           fro●…
           England
           there
           ,
           and
           according
           to
           th●…
           risque
           of
           the
           Sea
           ,
           buy
           up
           this
           Bullion
           〈◊〉
           soon
           as
           it
           comes
           in
           ,
           to
           send
           it
           to
           th●…
           Correspondents
           in
           those
           Parts
           ,
           to
           ma●…
           good
           their
           Credit
           for
           the
           Bills
           they
           ha●…
           drawn
           on
           them
           ,
           and
           so
           can
           give
           mo●…
           for
           it
           than
           the
           Mint
           rate
           ,
           
             i.
             e.
          
           more
           th●…
           an
           equal
           weight
           of
           Mill'd
           Money
           ,
           for
           〈◊〉
           equal
           weight
           of
           standard
           Bullion
           ,
           th●…
           being
           able
           to
           make
           more
           profit
           of
           it
           〈◊〉
           Returns
           .
        
         
           Suppose
           the
           balance
           of
           our
           Tr●…
           with
           Holland
           were
           in
           all
           other
           Com●…dities
           equal
           ,
           but
           that
           in
           the
           last
           East-I●…
           Sale
           we
           bought
           of
           them
           of
           East-I●…
           Commodities
           to
           the
           value
           of
           a
           Milli●…
           to
           be
           paid
           in
           a
           month
           ;
           within
           a
           mo●…
           a
           Million
           must
           be
           return'd
           into
           Holl●…
           
           this
           presently
           raises
           the
           Exchange
           ,
           and
           the
           Traders
           in
           Exchange
           sell
           their
           Bills
           at
           high
           rates
           ;
           but
           the
           balance
           of
           Trade
           being
           (
           as
           is
           suppos'd
           in
           the
           case
           )
           equal
           in
           all
           other
           Commodities
           ,
           this
           Million
           can
           no
           way
           be
           repaid
           to
           their
           Correspondents
           on
           whom
           those
           Bills
           were
           drawn
           ,
           but
           by
           sending
           them
           Money
           or
           Bullion
           to
           reimburse
           them
           .
        
         
           This
           is
           the
           true
           reason
           why
           the
           Bullion
           brought
           from
           Spain
           is
           not
           carried
           ●…o
           the
           Mint
           to
           be
           Coin'd
           ,
           but
           bought
           by
           Traders
           in
           Foreign
           Exchange
           ,
           and
           exported
           by
           them
           to
           supply
           the
           overplus
           of
           our
           Expences
           there
           ,
           which
           are
           not
           paid
           ●…or
           by
           our
           Commodities
           .
           Nor
           will
           the
           propos'd
           
             raising
             of
             our
             Money
          
           ,
           as
           't
           is
           call'd
           ,
           whether
           we
           Coin
           our
           Money
           for
           the
           ●…uture
           1
           /
           30
           ,
           or
           1
           /
           20
           ,
           or
           ½
           lighter
           than
           now
           〈◊〉
           is
           ,
           bring
           one
           Ounce
           more
           to
           the
           Mint
           ●…an
           now
           ,
           whil'st
           our
           Affairs
           in
           this
           respect
           remain
           in
           the
           same
           posture
           .
           And
           challenge
           the
           Author
           to
           shew
           that
           it
           ●…ill
           ,
           for
           saying
           is
           but
           saying
           ;
           Bullion
           ●…an
           never
           come
           to
           the
           Mint
           to
           be
           Coin'd
           ,
           whil'st
           the
           over-balance
           of
           Trade
           ●…nd
           Foreign
           Expences
           are
           so
           great
           ,
           that
           〈◊〉
           satisfy
           them
           ,
           not
           only
           the
           Bullion
           ●…our
           Trade
           in
           some
           parts
           now
           yearly
           ●…ings
           in
           ,
           but
           also
           some
           of
           your
           former●…
           Coin'd
           Money
           is
           requisite
           ,
           and
           must
           
           be
           sent
           out
           ;
           but
           when
           a
           change
           in
           th●…
           brings
           in
           and
           lodges
           Bullion
           here
           ,
           (
           fo●…
           now
           it
           seems
           it
           only
           passes
           throug●…
           England
           )
           the
           increase
           of
           Silver
           and
           Gold
           staying
           in
           England
           ,
           will
           again
           bring
           it
           t●…
           the
           Mint
           to
           be
           Coin'd
           .
        
         
           This
           makes
           it
           easily
           intelligible
           how
           i●…
           comes
           to
           pass
           ,
           that
           when
           now
           at
           th●…
           Mint
           they
           can
           give
           but
           5
           s.
           2
           d.
           p●…
           Ounce
           for
           Silver
           ,
           they
           can
           give
           5
           s.
           4
           〈◊〉
           the
           Ounce
           (
           in
           Lombard-street
           ,
           which
           〈◊〉
           what
           our
           Author
           means
           when
           he
           say●…
           
             Silver
             now
             is
             worth
             but
          
           5
           s.
           2
           d.
           
             the
             O●…
             at
             the
             Mint
             ,
             and
             is
             worth
          
           5
           s.
           4
           d.
           
             el●…
             where
             )
          
           .
           The
           reason
           whereof
           is
           plai●…
           viz.
           because
           the
           Mint
           giving
           weigh●…
           Money
           for
           Bullion
           ,
           can
           give
           so
           mu●…
           and
           no
           more
           for
           Silver
           than
           it
           is
           Coin'd
           at
           ,
           which
           is
           5
           s.
           2
           d.
           the
           Ounce
           ,
           〈◊〉
           Publick
           paying
           all
           the
           odds
           that
           is
           〈◊〉
           tween
           the
           coin'd
           and
           uncoin'd
           Silver
           which
           is
           the
           Manufacture
           of
           Coinag●…
           But
           the
           Banker
           or
           Returner
           of
           Mo●…
           having
           use
           of
           Silver
           beyond
           Sea
           ,
           wh●…
           he
           can
           make
           his
           profit
           of
           it
           by
           answ●…ing
           Bills
           of
           Exchange
           ,
           which
           he
           〈◊〉
           dear
           ,
           must
           either
           send
           our
           Money
           〈◊〉
           specie
           ,
           or
           melt
           down
           our
           Coin
           to
           tr●…
           sport
           ,
           or
           else
           with
           it
           buy
           Bullion
        
         
           The
           sending
           our
           Money
           in
           specie
           ,
           〈◊〉
           melting
           it
           down
           ,
           has
           some
           hazard
           ,
           a●…
           
           therefore
           if
           he
           could
           have
           Bullion
           for
           5
           s.
           2
           
             d.
             per
          
           Ounce
           ,
           or
           a
           little
           dearer
           ,
           't
           is
           like
           he
           would
           always
           rather
           chuse
           to
           ●…xchange
           Coin
           for
           Bullion
           ,
           with
           some
           little
           loss
           ,
           rather
           than
           run
           the
           risque
           of
           melting
           it
           down
           ,
           or
           Exportation
           .
        
         
           But
           this
           would
           scarce
           make
           him
           pay
           2
           d.
           in
           the
           Crown
           ,
           which
           is
           almost
           3½
           
             per
             Cent.
          
           if
           there
           were
           not
           something
           more
           in
           it
           ,
           than
           barely
           the
           risque
           of
           melting
           or
           Exportation
           ;
           and
           that
           is
           the
           lightness
           of
           the
           greatest
           part
           of
           our
           Currant
           Coin.
           For
           Example
           :
           N.
           has
           given
           Bills
           for
           30000
           
             l.
             sterling
          
           in
           Flanders
           ,
           and
           so
           has
           need
           of
           10000
           weight
           of
           Silver
           to
           be
           transported
           thither
           ;
           he
           has
           ●…0000
           
             l.
             sterling
          
           by
           him
           in
           ready
           money
           ,
           whereof
           5000
           l.
           is
           weighty
           Mill'd
           Money
           ,
           what
           shall
           hinder
           him
           then
           from
           throwing
           ●…hat
           into
           his
           Melting-Pot
           ,
           and
           so
           reducing
           〈◊〉
           to
           Bullion
           ,
           to
           be
           transported
           ?
           But
           what
           ●…hall
           he
           do
           for
           the
           other
           25000
           l.
           which
           ●…ho
           he
           has
           by
           him
           ,
           is
           yet
           in
           clipp'd
           and
           ●…ght
           Money
           ,
           that
           is
           at
           least
           20
           
             per
             Cent.
          
           ●…ghter
           than
           the
           standard
           ?
           If
           he
           transports
           〈◊〉
           melts
           down
           this
           ,
           there
           is
           so
           much
           clear
           ●…ofs
           to
           him
           ;
           it
           is
           therefore
           more
           advan●…age
           to
           him
           to
           buy
           Bullion
           at
           5
           s.
           4
           d.
           the
           Ounce
           with
           that
           light
           Money
           ,
           than
           to
           ●…ansport
           or
           melt
           it
           down
           ;
           wherein
           tho
           ●…e
           Seller
           of
           the
           Bullion
           has
           less
           weight
           in
           
           Silver
           than
           he
           parts
           with
           ,
           yet
           he
           finds
           his
           Accompt
           as
           much
           as
           if
           he
           received
           it
           in
           weighty
           Coin
           ,
           whil'st
           a
           clipp'd
           Crown-piece
           or
           Shilling
           passes
           as
           well
           in
           payment
           for
           any
           Commodity
           here
           in
           England
           as
           a
           Mill'd
           one
           .
           Thus
           our
           Mint
           is
           kep●…
           from
           Coining
           .
        
         
           But
           this
           Paper
           ,
           
             For
             encouraging
             the
             Coining
          
           ,
           &c.
           would
           fain
           have
           the
           Mill
           a●…
           work
           ,
           though
           there
           be
           no
           Grist
           to
           be
           had
           ,
           unless
           you
           will
           grind
           over
           agai●…
           what
           is
           ground
           already
           ,
           and
           pay
           To●…
           for
           it
           a
           second
           time
           ;
           a
           Proposition
           fit
           only
           for
           the
           Miller
           himself
           to
           make
           ;
           s●…
           the
           meanest
           Housewife
           in
           the
           Count●…
           would
           laugh
           at
           it
           as
           soon
           as
           propos'●…
           However
           the
           Author
           pleases
           himself
           ,
           an●…
           thinks
           he
           has
           a
           good
           Argument
           to
           ma●…
           it
           pass
           ,
           viz.
           because
           the
           Toll
           to
           be
           pai●…
           for
           it
           will
           not
           amount
           to
           330000
           l.
           as●…
           said
           in
           a
           late
           Treatise
           about
           the
           
             rais●…
             the
             value
             of
             Money
          
           ,
           (
           p.
           170.
           )
           for
           ,
           say●…
           he
           ,
           that
           Writer
           is
           mistaken
           ,
           in
           sayi●…
           that
           3
           
             s.
             and
          
           6
           
             d.
             is
             allowed
             at
             the
             Mint
             f●…
             the
             Coinage
             of
             every
             pound
             Troy
             ,
          
           where
           
             there
             is
             but
          
           16d½
           
             there
             allowed
             for
             the
             sa●…
          
           which
           16d½
           being
           above
           ⅓
           of
           3
           s.
           6
           d.
           〈◊〉
           follows
           by
           his
           own
           Computation
           ,
           th●…
           the
           new
           Coining
           our
           Money
           will
           cost
           th●…
           Nation
           above
           110000
           l.
           a
           small
           Sum
           i●…
           this
           our
           plenty
           of
           Riches
           ,
           to
           be
           laid
           o●…
           
           for
           the
           purchasing
           these
           following
           Inconveniencies
           without
           any
           the
           least
           advantage
           .
        
         
           1.
           
           A
           loss
           to
           the
           King
           of
           1
           /
           50
           (
           if
           you
           Coin
           your
           Money
           2
           
             d.
             per
          
           Crown
           ,
           1
           /
           20
           if
           you
           Coin
           your
           Money
           3
           
             d.
             per
          
           Crown
           lighter
           )
           of
           all
           his
           standing
           Revenue
           .
        
         
           2.
           
           A
           like
           loss
           of
           1
           /
           20
           or
           1
           /
           30
           in
           all
           Rents
           that
           are
           setled
           ,
           for
           these
           have
           ,
           during
           the
           term
           ,
           the
           nature
           of
           Rent-seck
           :
           But
           5
           
             per
             Cent.
          
           loss
           in
           a
           man's
           Income
           he
           thinks
           so
           little
           ,
           
             it
             will
             not
             be
             perceived
          
           .
        
         
           3.
           
           
             Trouble
             to
             Merchants
             in
             their
             Trade
             .
          
           These
           Inconveniencies
           he
           is
           forced
           to
           allow
           .
           He
           might
           have
           said
           disorder
           to
           all
           People
           in
           their
           Trade
           ,
           though
           he
           says
           it
           will
           be
           but
           a
           
             little
             trouble
             to
             Merchants
          
           ,
           and
           without
           any
           
             real
             damage
             to
             Trade
          
           .
           The
           Author
           would
           have
           done
           well
           to
           have
           made
           out
           this
           and
           a
           great
           many
           other
           Assertions
           in
           that
           Paper
           ;
           but
           saying
           is
           much
           easier
           ,
           if
           that
           may
           pass
           for
           Proof
           .
        
         
           Indeed
           he
           has
           ,
           by
           a
           short
           way
           ,
           answer'd
           the
           Book
           abovementioned
           ,
           in
           the
           conclusion
           of
           his
           Paper
           ,
           in
           these
           words
           :
           
             And
             he
             that
             so
             grosly
             mistakes
             in
             so
             materials
             Points
             of
             what
             he
             would
             assert
             ,
             't
             is
             plain
             is
             not
             free
             from
             mistakes
             .
          
           It
           does
           not
           appear
           that
           he
           who
           published
           that
           Book
           ,
           ever
           thought
           himself
           free
           from
           mistakes
           ;
           
           but
           he
           that
           mistakes
           in
           two
           material
           Points
           ,
           may
           be
           in
           the
           right
           in
           two
           others
           ,
           and
           those
           will
           still
           need
           an
           Answer
           .
           But
           one
           of
           these
           material
           Points
           will
           ,
           I
           think
           ,
           by
           what
           is
           already
           said
           ,
           appear
           not
           to
           be
           a
           mistake
           ;
           and
           for
           any
           thing
           the
           Author
           of
           the
           Paper
           has
           said
           ,
           or
           can
           say
           ,
           it
           will
           always
           be
           true
           ,
           that
           an
           Ounce
           of
           Silver
           Coin'd
           or
           not
           Coin'd
           ,
           is
           ,
           and
           eternally
           will
           be
           of
           equal
           value
           to
           any
           other
           Ounce
           of
           Silver
           .
           As
           to
           the
           other
           mistake
           ,
           concerning
           the
           rate
           of
           Coinage
           ,
           't
           is
           like
           he
           had
           his
           information
           from
           some
           disinteressed
           person
           whom
           he
           thought
           worthy
           of
           credit
           ,
           and
           whether
           it
           be
           3
           s.
           6
           d.
           as
           he
           was
           told
           ,
           or
           only
           16d½
           per
           pound
           Troy
           ,
           as
           the
           Paper
           says
           ,
           whether
           the
           Reader
           will
           believe
           the
           one
           or
           the
           other
           ,
           or
           think
           it
           worth
           his
           more
           exact
           enquiry
           ,
           this
           is
           certain
           ,
           the
           Kingdom
           ought
           not
           to
           be
           at
           that
           or
           any
           other
           Charge
           where
           there
           is
           no
           advantage
           ,
           as
           there
           will
           be
           none
           in
           this
           propos'd
           Coinage
           ,
           but
           quite
           the
           contrary
           .
        
         
           In
           his
           Answer
           to
        
         
           Object
           .
           1.
           
           He
           says
           from
           Edw.
           III.
           
             Silver
             has
             from
             time
             to
             time
             (
             as
             it
             grew
             in
             esteem
             )
             been
             by
             degrees
             raised
             in
             all
             Mints
             .
          
           If
           an
           Ounce
           of
           Silver
           now
           not
           exchanging
           or
           paying
           for
           what
           1
           /
           10
           of
           an
           Ounce
           would
           have
           purchased
           in
           Edw.
           III's
           time
           ,
           and
           
           so
           being
           ten
           time
           less
           worth
           now
           than
           it
           was
           then
           ,
           be
           
             growing
             in
             esteem
          
           ,
           this
           Author
           is
           in
           the
           right
           ,
           else
           Silver
           has
           not
           since
           Edw.
           III's
           .
           Reign
           ,
           
             from
             time
             to
             time
             grown
             in
             esteem
             .
          
           Be
           that
           as
           it
           will
           ,
           he
           assigns
           a
           wrong
           Cause
           
             of
             raising
             of
             Silver
          
           ,
           as
           he
           calls
           it
           in
           our
           Mint
           .
           For
           if
           
             growing
             thus
             in
             request
             ,
             i.
             e.
          
           by
           lessening
           its
           value
           ,
           had
           been
           the
           reason
           of
           altering
           our
           Money
           ,
           this
           change
           of
           Coin
           ,
           or
           raising
           the
           denomination
           of
           Silver
           in
           ours
           and
           other
           Mints
           ,
           ought
           to
           have
           been
           greater
           by
           much
           since
           Henry
           VII's
           .
           time
           ,
           than
           it
           was
           between
           that
           and
           Edw.
           III's
           .
           because
           the
           great
           change
           of
           the
           value
           of
           Silver
           has
           been
           made
           ,
           by
           the
           plenty
           of
           it
           pour'd
           into
           this
           part
           of
           the
           World
           from
           the
           West-Indies
           ,
           not
           discover'd
           till
           Henry
           VII's
           .
           Reign
           .
           So
           that
           I
           think
           I
           may
           say
           that
           the
           value
           of
           Silver
           from
           Edw.
           III.
           to
           Henry
           VII
           .
           changed
           not
           1
           /
           10
           ,
           but
           from
           Henry
           VII
           .
           till
           now
           it
           chang'd
           above
           7
           /
           10
           ,
           and
           yet
           Money
           having
           been
           raised
           in
           our
           Mint
           ⅔
           since
           Edw.
           III's
           .
           time
           ,
           the
           far
           greater
           part
           of
           the
           raising
           of
           it
           was
           before
           Henry
           VII's
           .
           time
           ,
           and
           a
           very
           small
           part
           of
           it
           since
           ;
           so
           that
           the
           cause
           insinuated
           by
           our
           Author
           ,
           't
           is
           evident
           ,
           was
           not
           the
           cause
           of
           lessening
           our
           Coin
           so
           often
           ,
           whatever
           was
           it
           :
           and
           't
           is
           possible
           there
           wanted
           not
           men
           of
           Projects
           
           in
           those
           days
           ,
           who
           for
           private
           ends
           ,
           by
           wrong
           Suggestions
           ,
           and
           false
           Reasonings
           ,
           cover'd
           with
           mysterious
           terms
           ,
           led
           those
           into
           mistakes
           ,
           who
           had
           not
           the
           time
           and
           will
           nicely
           to
           examine
           ,
           tho
           a
           Crown
           piece
           three
           times
           as
           big
           as
           one
           of
           ours
           now
           might
           ,
           for
           its
           size
           alone
           ,
           deserve
           to
           be
           reformed
           .
        
         
           To
           Object
           .
           2.
           
           He
           says
           ,
           
             The
             raising
             the
             Denomination
             of
             Money
             in
          
           Spain
           and
           Portugal
           ,
           
             was
             making
             it
             go
             for
             more
             when
             Coin'd
             ,
             than
             its
             true
             value
             .
          
        
         
           This
           ,
           I
           say
           ,
           is
           impossible
           ,
           and
           desire
           the
           Author
           to
           prove
           it
           .
           It
           did
           in
           Spain
           and
           Portugal
           ,
           just
           what
           it
           will
           do
           here
           and
           everywhere
           ,
           it
           made
           not
           the
           Silver
           Coin'd
           go
           for
           more
           than
           its
           value
           in
           all
           things
           to
           be
           bought
           ,
           but
           just
           so
           much
           as
           the
           Denomination
           was
           raised
           ,
           just
           so
           much
           less
           of
           Commodity
           had
           the
           Buyer
           in
           exchange
           for
           it
           :
           As
           it
           would
           be
           here
           ,
           if
           you
           should
           Coin
           Six-pences
           into
           Shillings
           ,
           if
           any
           one
           went
           to
           Market
           with
           this
           new
           Money
           ,
           he
           would
           find
           that
           whereas
           he
           had
           a
           Bushel
           of
           Wheat
           last
           Week
           for
           Eight
           Shillings
           of
           the
           former
           Coin
           ,
           he
           would
           have
           now
           but
           half
           a
           Bushel
           for
           Eight
           of
           the
           new
           Shillings
           ,
           when
           the
           same
           Denomination
           had
           but
           half
           the
           quantity
           of
           Silver
           .
           Indeed
           those
           
           who
           were
           to
           receive
           Money
           upon
           former
           Contracts
           ,
           would
           be
           defrauded
           of
           half
           their
           due
           ,
           receiving
           in
           their
           full
           tale
           of
           any
           Denomination
           contracted
           for
           ,
           but
           half
           the
           Silver
           they
           should
           have
           ;
           the
           Cheat
           whereof
           they
           would
           find
           ,
           when
           they
           went
           to
           Market
           with
           their
           new
           Money
           .
           For
           this
           I
           have
           above
           proved
           ,
           that
           one
           Ounce
           of
           Silver
           is
           ,
           and
           eternally
           will
           be
           equal
           in
           value
           to
           another
           Ounce
           of
           Silver
           ;
           and
           all
           that
           can
           possibly
           put
           a
           difference
           between
           them
           ,
           is
           only
           the
           different
           value
           of
           the
           workmanship
           bestow'd
           on
           one
           more
           than
           another
           ,
           which
           in
           Coinage
           our
           Author
           tells
           us
           in
           this
           Paper
           is
           but
           16½d
           .
           per
           pound
           Troy.
           I
           demand
           therefore
           of
           our
           Author
           ,
           to
           shew
           that
           any
           sort
           of
           Coinage
           ,
           or
           ,
           as
           he
           calls
           it
           ,
           raising
           of
           Money
           ,
           can
           raise
           the
           value
           of
           Coin'd
           Silver
           ,
           or
           make
           it
           go
           for
           more
           than
           uncoin'd
           ,
           bating
           the
           charge
           of
           Coinage
           ,
           unless
           it
           be
           to
           those
           who
           being
           to
           receive
           Money
           upon
           former
           Contracts
           ,
           will
           ,
           by
           receiving
           the
           tale
           agreed
           for
           ,
           receive
           less
           than
           they
           should
           of
           Silver
           ,
           and
           so
           be
           defrauded
           of
           what
           they
           really
           contracted
           for
           .
        
         
           What
           effect
           such
           a
           raising
           of
           their
           Money
           had
           in
           one
           Particular
           ,
           I
           will
           tell
           our
           Author
           .
           In
           Portugal
           they
           count
           their
           Money
           by
           Reys
           ,
           a
           very
           small
           ,
           or
           
           rather
           imaginary
           Coin
           ,
           just
           as
           if
           we
           here
           should
           count
           all
           our
           Sums
           by
           Farthings
           .
           It
           pleased
           the
           Government
           ,
           possibly
           ,
           being
           told
           that
           it
           would
           raise
           the
           value
           of
           their
           Money
           to
           raise
           in
           Denomination
           the
           several
           species
           ,
           and
           make
           them
           go
           for
           a
           greater
           (
           let
           us
           suppose
           double
           the
           )
           number
           of
           Reys
           than
           formerly
           .
           What
           was
           the
           Consequence
           ?
           It
           not
           only
           confounded
           the
           Property
           of
           the
           Subject
           ,
           and
           disturbed
           Affairs
           to
           no
           purpose
           ;
           but
           Treaties
           of
           Commerce
           having
           setled
           the
           Rates
           of
           the
           Customs
           ,
           as
           so
           many
           Reys
           on
           the
           several
           Commodities
           ,
           the
           King
           immediately
           lost
           in
           value
           half
           his
           Customs
           .
           The
           same
           that
           in
           proportion
           will
           happen
           in
           the
           setled
           Revenue
           of
           the
           Crown
           here
           upon
           the
           proposed
           change
           .
        
         
           For
           tho'
           our
           Author
           in
           these
           words
           ,
           
             Whereas
             all
             now
             desir'd
             by
             this
             Act
             is
             ,
             to
             keep
             Silver
             when
             Coin'd
             of
             the
             same
             value
             it
             was
             before
             ,
          
           would
           insinuate
           ,
           that
           this
           raising
           the
           Denomination
           ,
           or
           lessening
           our
           Coin
           ,
           as
           is
           propos'd
           ,
           will
           do
           no
           such
           thing
           ;
           yet
           't
           is
           demonstration
           ,
           that
           when
           our
           Coin
           is
           lessen'd
           3
           d.
           in
           5
           s.
           the
           King
           will
           receive
           5
           
             per
             Cent.
          
           less
           in
           value
           in
           his
           Customs
           ,
           Excise
           ,
           and
           all
           his
           setled
           Revenue
           ,
           and
           so
           proportionably
           ,
           as
           the
           quantity
           of
           Silver
           in
           every
           species
           of
           our
           Coin
           shall
           be
           made
           less
           than
           now
           it
           is
           
           Coin'd
           in
           those
           of
           the
           same
           Denomination
           .
        
         
           But
           whatever
           our
           Author
           means
           by
           
             making
             Money
             go
             for
             more
             when
             Coin'd
             than
             its
             true
             value
             ,
             or
             by
             keeping
             Silver
             when
             Coin'd
             of
             the
             same
             value
             it
             was
             before
          
           ;
           This
           is
           evident
           ,
           that
           raising
           their
           Money
           thus
           by
           Coining
           it
           with
           less
           Silver
           in
           it
           than
           it
           had
           before
           ,
           had
           not
           the
           effect
           in
           Portugal
           and
           Spain
           ,
           which
           our
           Author
           proposes
           from
           it
           here
           :
           For
           it
           has
           not
           brought
           one
           Penny
           more
           to
           the
           Mint
           there
           ,
           nor
           kept
           their
           Money
           or
           Silver
           from
           Exportation
           since
           ,
           tho'
           forfeiture
           and
           death
           be
           the
           Penalties
           join'd
           in
           aid
           to
           this
           trick
           of
           raising
           to
           keep
           it
           in
           .
        
         
           But
           our
           Author
           tells
           us
           in
           Answer
           to
           Object
           .
           4.
           
           This
           
             will
             scarce
             ever
             at
             all
             be
             perceived
             .
          
           If
           of
           100
           Guinea's
           a
           man
           has
           in
           his
           Pocket
           ,
           5
           should
           be
           picked
           out
           so
           as
           he
           should
           not
           perceive
           it
           ,
           the
           fraud
           and
           the
           loss
           would
           not
           be
           one
           jot
           the
           less
           ;
           and
           tho'
           he
           perceived
           it
           not
           when
           or
           how
           it
           was
           done
           ,
           yet
           he
           will
           find
           it
           in
           his
           Accompts
           ,
           and
           the
           going
           so
           much
           back
           in
           his
           Estate
           at
           the
           end
           of
           the
           year
           .
        
         
           To
           the
           3d
           Objection
           he
           says
           ,
           The
           raising
           your
           Coin
           
             (
             it
             may
             be
             )
             may
             raise
             the
             price
             of
             Bullion
             here
             in
          
           England
           .
           An
           Ounce
           of
           Silver
           will
           always
           be
           equal
           in
           
           value
           to
           an
           Ounce
           of
           Silver
           everywhere
           ,
           bating
           the
           workmanship
           .
           I
           say
           it
           is
           impossible
           to
           be
           otherwise
           ,
           and
           require
           our
           Author
           to
           shew
           it
           possible
           in
           England
           ,
           or
           any
           where
           ,
           or
           else
           hereafter
           to
           spare
           his
           
             may
             be
             's
          
           .
           To
           avoid
           Fallacies
           ,
           I
           desire
           to
           be
           understood
           ,
           when
           I
           use
           the
           word
           Silver
           alone
           ,
           to
           mean
           nothing
           but
           Silver
           ,
           and
           do
           lay
           aside
           the
           consideration
           of
           baser
           Metals
           that
           may
           be
           mixed
           with
           it
           :
           For
           I
           do
           not
           say
           that
           an
           Ounce
           of
           standard
           Silver
           that
           has
           almost
           1
           /
           12
           of
           Copper
           in
           it
           ,
           is
           of
           equal
           value
           with
           an
           Ounce
           of
           fine
           Silver
           that
           has
           no
           alloy
           at
           all
           ,
           but
           that
           any
           two
           Ounces
           of
           equally
           alloid
           Silver
           ,
           will
           always
           be
           of
           equal
           value
           ;
           the
           Silver
           being
           the
           measure
           of
           Commerce
           ,
           't
           is
           the
           quantity
           of
           Silver
           that
           is
           in
           every
           piece
           he
           receives
           ,
           and
           not
           the
           Denomination
           of
           it
           which
           the
           Merchant
           looks
           after
           ,
           and
           values
           it
           by
           .
        
         
           But
           this
           raising
           of
           the
           Denomination
           our
           Author
           would
           have
           pass
           ,
           because
           't
           will
           be
           
             better
             for
             the
             Possessors
             of
             Bullion
             ,
          
           as
           he
           says
           Answ.
           3.
           
           But
           who
           are
           they
           who
           now
           in
           England
           are
           possess'd
           of
           so
           much
           Bullion
           ?
           Or
           what
           private
           men
           are
           there
           in
           England
           of
           that
           consideration
           ,
           that
           for
           their
           advantage
           all
           our
           Money
           should
           be
           new
           Coin'd
           ,
           and
           of
           a
           less
           weight
           ,
           with
           so
           great
           a
           charge
           to
           
           the
           Nation
           ,
           and
           loss
           to
           His
           Majesties
           Revenue
           ?
        
         
           He
           farther
           adds
           ,
           Answ.
           3.
           
           
             It
             doth
             not
             thence
             inevitably
             follow
             ,
             it
             will
             raise
             the
             price
             of
             Bullion
             beyond
             Sea.
             
          
        
         
           It
           will
           as
           inevitably
           follow
           ,
           as
           that
           19
           Ounces
           of
           Silver
           will
           never
           be
           equal
           in
           weight
           or
           worth
           to
           20
           Ounces
           of
           Silver
           :
           So
           much
           as
           you
           lessen
           your
           Coin
           ,
           so
           much
           more
           must
           you
           pay
           in
           tale
           as
           will
           make
           up
           the
           quantity
           of
           Silver
           the
           Merchant
           expects
           for
           his
           Commodity
           ,
           under
           what
           Denomination
           soever
           he
           receives
           it
           .
        
         
           The
           Clothier
           thus
           buying
           his
           Spanish
           Wooll
           ,
           Oil
           and
           Labour
           at
           5
           
             per
             Cent.
          
           more
           in
           Denomination
           ,
           sells
           his
           Woollen
           Manufacture
           proportionably
           dearer
           to
           the
           English
           Merchant
           ,
           who
           exporting
           it
           to
           Spain
           ,
           where
           their
           Money
           is
           not
           changed
           ,
           sells
           it
           at
           the
           usual
           Market
           rate
           ,
           and
           so
           brings
           home
           the
           same
           quantity
           of
           Bullion
           for
           it
           which
           he
           was
           wont
           ,
           which
           therefore
           he
           must
           sell
           to
           you
           at
           the
           same
           raised
           value
           your
           Money
           is
           at
           :
           And
           what
           then
           is
           gain'd
           by
           all
           this
           ?
           The
           Denomination
           is
           only
           chang'd
           to
           the
           prejudice
           of
           the
           Publick
           ,
           but
           as
           to
           all
           the
           great
           matters
           of
           your
           Trade
           ,
           the
           same
           quantity
           of
           Silver
           is
           paid
           for
           Commodities
           as
           before
           ,
           and
           they
           sold
           in
           
           their
           several
           Foreign
           Markets
           for
           the
           sa●…
           quantity
           of
           Silver
           .
           But
           whatever
           h●…
           pens
           in
           the
           rate
           of
           Foreign
           Bullion
           ,
           〈◊〉
           raising
           of
           the
           Denomination
           of
           〈◊〉
           Money
           ,
           will
           bring
           none
           of
           it
           to
           〈◊〉
           Mint
           to
           be
           Coin'd
           ;
           That
           depends
           on
           〈◊〉
           Balance
           of
           our
           Trade
           ,
           and
           not
           on
           〈◊〉
           sening
           our
           Coin
           under
           the
           same
           De●…
           mination
           :
           For
           whether
           the
           Pieces
           〈◊〉
           call
           Crowns
           be
           Coin'd
           16
           ,
           24
           ,
           or
           〈◊〉
           Grains
           lighter
           ,
           it
           will
           be
           all
           one
           as
           the
           value
           of
           Bullion
           ,
           or
           the
           bring●…
           more
           or
           less
           of
           it
           into
           England
           ,
           or
           to
           〈◊〉
           Mint
           .
        
         
           What
           he
           says
           in
           his
           Answer
           to
           〈◊〉
           ject
           .
           4.
           besides
           what
           we
           have
           already
           ●…ken
           notice
           of
           ,
           is
           partly
           against
           his
           〈◊〉
           and
           partly
           mistake
           .
        
         
           1.
           
           He
           says
           ,
           
             It
             may
             be
             some
             (
             as
             i●…
             now
             )
             Gain
             to
             those
             that
             will
             venture
             〈◊〉
             melt
             down
             the
             milled
             and
             heavy
             Money
             〈◊〉
             Coin'd
             .
          
           That
           men
           do
           venture
           to
           m●…
           down
           the
           mill'd
           and
           heavy
           Money
           ,
           evident
           ,
           from
           the
           small
           part
           of
           m●…
           Money
           is
           now
           to
           be
           found
           of
           that
           gr●…
           quantity
           of
           it
           that
           has
           been
           Coin'd
           ;
           a●…
           a
           farther
           evidence
           is
           this
           ,
           that
           mi●…
           Money
           will
           now
           yield
           4
           or
           5
           m●…
           
             per
             Cent.
          
           than
           the
           other
           ,
           which
           must
           to
           melt
           down
           ,
           and
           use
           as
           Bullion
           ,
           a●…
           not
           as
           Money
           ,
           in
           ordinary
           payme●…
           
           The
           reason
           whereof
           is
           ,
           the
           shameful
           and
           ●…orrible
           debasing
           (
           or
           as
           our
           Author
           ●…ould
           have
           it
           raising
           )
           our
           unmilled
           Mo●…ey
           by
           Clipping
           .
        
         
           For
           the
           odds
           betwixt
           Mill'd
           and
           un●…ill'd
           Money
           being
           now
           ,
           modestly
           speak●…g
           ,
           above
           20
           
             per
             Cent
          
           :
           and
           Bullion
           ,
           for
           ●…easons
           elsewhere
           given
           ,
           being
           not
           to
           be
           ●…d
           ,
           Refiners
           ,
           and
           such
           who
           have
           need
           of
           ●…lver
           ,
           find
           it
           the
           cheapest
           way
           to
           buy
           ●…ill'd
           Money
           for
           Clipp'd
           ,
           at
           4
           ,
           5
           ,
           or
           more
           
             per
             Cent.
          
           loss
           .
        
         
           I
           ask
           therefore
           this
           Gentleman
           ,
           What
           ●…all
           become
           of
           all
           our
           present
           mill'd
           and
           ●…eavy
           Money
           ,
           upon
           the
           passing
           of
           his
           ●…ct
           ?
           To
           which
           his
           Paper
           almost
           con●…sses
           what
           I
           will
           venture
           to
           answer
           for
           ●…m
           ,
           viz.
           That
           as
           soon
           as
           such
           a
           Law
           is
           ●…ssed
           ,
           the
           mill'd
           and
           heavy
           Money
           will
           〈◊〉
           be
           melted
           down
           ;
           for
           it
           being
           5
           
             per
             ●…nt
          
           .
           heavier
           ,
           
             i.
             e.
          
           more
           worth
           than
           what
           to
           be
           Coin'd
           in
           the
           Mint
           ,
           no
           body
           ●…ll
           carry
           it
           thither
           to
           receive
           5
           
             per
             Cent.
          
           ●…s
           for
           it
           ,
           but
           sell
           it
           to
           such
           as
           will
           give
           ●…or
           4½
           
             per
             Cent.
          
           more
           for
           it
           ,
           and
           at
           that
           ●…e
           melt
           it
           down
           with
           advantage
           :
           For
           Lombard-street
           is
           too
           quick-sighted
           to
           give
           〈◊〉
           Ounces
           of
           Silver
           for
           57
           Ounces
           of
           ●…ver
           ,
           when
           bare
           throwing
           it
           into
           the
           ●…elting
           Pot
           ,
           will
           make
           it
           change
           for
           its
           ●…ual
           weight
           ;
           so
           that
           by
           this
           Law
           5
           
             per
             
             Cent.
          
           Gain
           on
           all
           our
           Mill'd
           Money
           ,
           will
           be
           given
           to
           be
           shared
           between
           the
           Possessor
           and
           Melter
           of
           our
           Mill'd
           Money
           ,
           out
           of
           the
           honest
           Creditor
           and
           Landlord's
           Pocket
           ,
           who
           had
           the
           guaranty
           of
           the
           Law
           ,
           that
           under
           such
           a
           tale
           of
           pieces
           of
           such
           a
           Denomination
           as
           he
           let
           his
           Land
           for
           ,
           he
           should
           have
           to
           such
           a
           value
           ,
           
             i.
             e.
          
           such
           a
           weight
           in
           Silver
           .
           Now
           I
           ask
           whether
           it
           be
           not
           a
           direct
           and
           unanswerable
           Reason
           against
           this
           Bill
           ,
           that
           he
           confesses
           that
           it
           will
           be
           
             a
             Gain
             to
             those
             who
             will
             melt
             down
             the
             Mill'd
             and
             heavy
             Money
          
           with
           so
           much
           loss
           to
           the
           Publick
           and
           not
           ,
           as
           he
           says
           ,
           
             with
             very
             small
             loss
             to
             those
             that
             shall
             be
             paid
             in
             the
             new
             ,
          
           unless
           he
           calls
           5
           
             per
             Cent.
             very
             small
             loss
          
           ,
           for
           just
           so
           much
           is
           it
           to
           receive
           but
           5●…
           Grains
           or
           Ounces
           of
           Silver
           for
           60
           ,
           which
           is
           the
           proportion
           in
           making
           your
           Crown
           3
           d.
           lighter
           .
           This
           is
           certain
           ,
           no
           body
           will
           pay
           away
           Mill'd
           or
           weighty
           Money
           for
           Debts
           or
           Commodities
           ,
           when
           it
           wi●●
           yield
           him
           4
           or
           5
           
             per
             Cent.
          
           more
           ;
           so
           that
           which
           is
           now
           left
           of
           weighty
           Money
           being
           scatter'd
           up
           and
           down
           the
           Kingdom
           into
           private
           hands
           ,
           which
           cann●●
           tell
           how
           to
           melt
           it
           down
           ,
           will
           be
           kep●
           up
           and
           lost
           to
           our
           Trade
           .
           And
           as
           to
           your
           Clipp'd
           and
           light
           Money
           ,
           will
           yo●
           make
           a
           new
           Act
           for
           Coinage
           ,
           withou●
           
           taking
           any
           care
           for
           that
           ?
           The
           making
           a
           new
           standard
           for
           your
           Money
           ,
           cannot
           do
           less
           than
           make
           all
           Money
           which
           is
           lighter
           than
           that
           standard
           unpassable
           ,
           and
           thus
           the
           Mill'd
           and
           heavy
           Money
           not
           coming
           into
           payment
           ,
           and
           the
           light
           and
           Clipp'd
           not
           being
           lawful
           Money
           ,
           according
           to
           the
           new
           standard
           ,
           there
           must
           needs
           be
           a
           sudden
           stop
           of
           Trade
           ,
           and
           ,
           't
           is
           to
           be
           fear'd
           ,
           a
           general
           confusion
           of
           Affairs
           ,
           though
           our
           Author
           says
           ,
           
             it
             will
             not
             any
             ways
             interrupt
             Trade
             .
          
        
         
           2.
           
           The
           latter
           part
           of
           this
           Section
           about
           raising
           the
           value
           of
           Land
           ,
           I
           take
           the
           liberty
           to
           say
           is
           a
           mistake
           ;
           which
           though
           a
           sufficient
           Reply
           to
           an
           Assertion
           without
           Proof
           ,
           yet
           I
           shall
           not
           so
           far
           imitate
           this
           Author
           ,
           as
           barely
           to
           say
           things
           :
           And
           therefore
           I
           shall
           add
           this
           Reason
           for
           what
           I
           say
           ,
           viz.
           because
           nothing
           can
           truly
           raise
           the
           value
           ,
           
             i.
             e.
          
           the
           Rent
           of
           Land
           ,
           but
           the
           increase
           of
           your
           Money
           ;
           but
           because
           
             raising
             the
             value
             of
             Land
          
           is
           a
           Phrase
           which
           ,
           by
           its
           uncertain
           sense
           ,
           may
           deceive
           others
           ,
           we
           may
           reckon
           up
           these
           several
           meanings
           of
           it
           .
        
         
           1.
           
           The
           value
           of
           Land
           is
           raised
           ,
           when
           its
           intrinsick
           worth
           is
           increased
           ,
           
             i.
             e.
          
           when
           it
           is
           fitted
           to
           bring
           forth
           a
           greater
           quantity
           of
           any
           valuable
           Product
           .
           And
           thus
           the
           value
           of
           Land
           is
           raised
           only
           by
           good
           Husbandry
           .
        
         
         
           2.
           
           The
           value
           of
           Land
           is
           raised
           ,
           when
           remaining
           of
           the
           same
           Fertiliy
           ,
           it
           comes
           to
           yield
           more
           Rent
           ,
           and
           thus
           its
           value
           is
           raised
           only
           by
           a
           greater
           plenty
           of
           Money
           and
           Treasure
           .
        
         
           3.
           
           Or
           it
           may
           be
           raised
           in
           our
           Author's
           way
           ,
           which
           is
           ,
           by
           raising
           the
           Rent
           in
           tale
           of
           pieces
           ,
           but
           not
           in
           the
           quantity
           of
           Silver
           received
           for
           it
           ,
           which
           ,
           in
           truth
           ,
           is
           no
           raising
           of
           it
           at
           all
           ,
           no
           more
           than
           it
           could
           be
           accounted
           the
           raising
           of
           a
           man's
           Rent
           ,
           if
           he
           let
           his
           Land
           this
           year
           for
           40
           Sixpences
           ,
           which
           last
           year
           he
           let
           for
           20
           s.
           Nor
           would
           it
           alter
           the
           Case
           ,
           if
           he
           should
           call
           those
           40
           Sixpences
           40
           s.
           for
           having
           but
           half
           the
           Silver
           of
           40
           s.
           in
           them
           ,
           they
           would
           be
           but
           of
           half
           the
           value
           ,
           however
           their
           Denomination
           were
           changed
           .
        
         
           In
           his
           Answer
           to
           the
           5th
           Objection
           ,
           there
           is
           this
           dangerous
           Insinuation
           ,
           That
           Coin
           in
           any
           Country
           where
           it
           is
           Coin'd
           
             goes
             not
             by
             weight
          
           ,
           i.
           e.
           has
           its
           value
           from
           the
           stamp
           and
           denomination
           ,
           and
           not
           the
           quantity
           of
           Silver
           in
           it
           .
           Indeed
           in
           Contracts
           already
           made
           ,
           if
           your
           species
           be
           by
           Law
           Coin'd
           a
           fifth
           part
           lighter
           ,
           under
           the
           same
           denomination
           the
           Creditor
           must
           take
           100
           such
           light
           Shillings
           ,
           or
           20
           such
           light
           Crown-pieces
           for
           5
           l.
           if
           the
           Law
           calls
           them
           so
           ,
           but
           he
           loses
           ⅕
           in
           the
           intrinsick
           value
           of
           his
           Debt
           .
           But
           in
           Bargains
           
           to
           be
           made
           ,
           and
           things
           to
           be
           purchased
           ,
           Money
           has
           and
           will
           always
           have
           its
           value
           from
           the
           quantity
           of
           Silver
           in
           it
           ,
           and
           not
           from
           the
           stamp
           and
           denomination
           ,
           as
           has
           been
           already
           proved
           ,
           and
           will
           some
           time
           or
           other
           be
           evidenced
           with
           a
           witness
           in
           the
           Clipp'd
           Money
           .
           And
           if
           it
           were
           not
           so
           ,
           that
           the
           value
           of
           Money
           were
           not
           according
           to
           the
           quantity
           of
           Silver
           in
           it
           ,
           
             i.
             e.
          
           that
           it
           goes
           by
           weight
           ,
           I
           see
           no
           reason
           why
           Clipping
           should
           be
           so
           severely
           punished
           .
        
         
           As
           to
           Foreigners
           he
           is
           forced
           to
           confess
           ,
           that
           't
           is
           all
           one
           what
           our
           Money
           is
           ,
           greater
           or
           less
           ,
           who
           regard
           only
           the
           quantity
           of
           Silver
           they
           sell
           their
           Goods
           for
           ,
           How
           then
           can
           the
           lessening
           our
           Money
           bring
           more
           plenty
           of
           Bullion
           into
           England
           ,
           or
           to
           the
           Mint
           ?
        
         
           But
           he
           says
           ,
           
             The
             Owners
             and
             Importers
             of
             Silver
             ,
             will
             find
             a
             good
             Market
             at
             the
             Mint
             ,
          
           &c.
           
           But
           always
           a
           better
           in
           Lombard-street
           ,
           and
           not
           a
           Grain
           of
           it
           will
           come
           to
           the
           Mint
           ,
           as
           long
           as
           by
           an
           under-balance
           of
           Trade
           ,
           or
           other
           Foreign
           Expences
           ,
           we
           contract
           Debts
           beyond
           Sea
           ,
           which
           require
           the
           remitting
           of
           greater
           Sums
           thither
           than
           are
           imported
           in
           Bullion
           .
           
             If
             for
             above
             Forty
             Years
             after
             Silver
             was
             raised
             in
             the
          
           43
           of
           Eliz.
           from
           5
           s.
           to
           5
           s.
           2
           d.
           
             the
             
             Ounce
             ,
             uncoin'd
             Silver
             was
             not
             worth
             above
             〈◊〉
             per
             Ounce
          
           ;
           the
           cause
           was
           not
           that
           raisi●…
           ver
           in
           the
           Mint
           ,
           but
           an
           over-balance
           〈◊〉
           which
           bringing
           in
           an
           increase
           of
           Silver
           〈◊〉
           which
           men
           having
           no
           occasion
           abroad
           ,
           〈◊〉
           to
           the
           Mint
           to
           be
           Coin'd
           ,
           rather
           than
           〈◊〉
           dead
           by
           them
           in
           Bullion
           ;
           and
           when
           ev●…
           the
           Case
           again
           in
           England
           ,
           it
           will
           occas●…
           again
           ,
           and
           not
           till
           then
           .
           
             No
             Money
             was
             in
             〈◊〉
             Exported
             ,
          
           says
           he
           ,
           no
           nor
           Bullion
           neither
           ,
           s●…
           should
           ,
           or
           how
           could
           it
           ,
           when
           our
           Exp●…
           chandize
           paid
           for
           all
           the
           Commodities
           〈◊〉
           home
           ,
           with
           an
           overplus
           of
           Silver
           and
           G●…
           staying
           here
           set
           the
           Mint
           on
           work
           .
           Bu●…
           sing
           this
           Bill
           ,
           will
           not
           hinder
           the
           Exp●…
           one
           Ounce
           either
           of
           Bullion
           or
           Mo●…
           must
           go
           if
           you
           contract
           Debts
           beyond
           〈◊〉
           how
           it
           s
           having
           been
           
             once
             melted
             in
             England
          
           is
           another
           thing
           propos'd
           in
           this
           Bill
           ,
           〈◊〉
           its
           Exportation
           ,
           is
           hard
           to
           conceive
           ,
           〈◊〉
           Coining
           has
           not
           been
           able
           to
           do
           it
           ,
           a●…
           strable
           ,
           if
           it
           be
           examined
           ,
           what
           vast
           Su●…
           Money
           have
           been
           Coined
           in
           the
           two
           〈◊〉
           and
           how
           little
           of
           it
           is
           now
           left
           .
           Beside●…
           Exportation
           of
           Bullion
           should
           be
           broug●…
           any
           greater
           difficulty
           than
           of
           any
           othe●…
           dity
           ,
           it
           is
           to
           be
           considered
           wherher
           〈◊〉
           ment
           of
           that
           Trade
           which
           is
           in
           skilful
           〈◊〉
           not
           thereupon
           be
           so
           ordered
           ,
           as
           to
           divert●…
           coming
           to
           England
           for
           the
           future
           ,
           and
           〈◊〉
           be
           sent
           from
           Spain
           ,
           directly
           to
           those
           pl●…
           they
           know
           English
           Debts
           will
           make
           it
           〈◊〉
           Accompt
           ,
           to
           answer
           Bills
           of
           Exchange
           ●…ther
           .
        
         
           FINIS
           .
        
      
    
     
       
         
           ADVERTISEMENT
           .
        
         
           SOme
           Considerations
           of
           the
           Consequ●…
           Lowering
           of
           Interest
           ,
           and
           Raising
           the
           Money
           .
           In
           a
           Letter
           to
           a
           Member
           of
           P●…
           Sold
           by
           Awnsham
           and
           
             John
             Churchill
          
           .
        
      
    
  

