







 
   
     
       
         Some remarks on a report containing an essay for the amendment of the silver coins made to the right honourable the Lords Commissioners of His Majesties treasury / by Mr. William Lowndes ...
         Lowndes, William, 1652-1724.
      
       
         
           1695
        
      
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             Some remarks on a report containing an essay for the amendment of the silver coins made to the right honourable the Lords Commissioners of His Majesties treasury / by Mr. William Lowndes ...
             Lowndes, William, 1652-1724.
          
           [2], 24 p.
           
             Printed for W. Whitlock ...,
             London :
             1695.
          
           
             Reproduction of original in the University of Illinois (Urbana-Champaign Campus). Library.
          
        
      
    
     
       
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         eng
      
       
         
           Coinage -- England.
        
      
    
     
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           SOME
           REMARKS
           ON
           A
           REPORT
           Containing
           an
           ESSAY
           For
           the
           Amendment
           of
           the
           Silver
           Coins
           ,
           Made
           to
           the
           Right
           Honourable
           The
           LORDS
           COMMISSIONERS
           OF
           His
           Majesties
           Treasury
           ,
           BY
           Mr.
           
             William
             Lowndes
             ,
          
           Secretary
           to
           the
           said
           
             Lords
             Commissioners
             .
          
        
         
           
             LONDON
             ,
          
           Printed
           for
           
             W.
             Whitlock
             ,
          
           near
           
             Stationers-Hall
             ,
          
           1695.
           
        
      
    
     
       
         
         
         
           SOME
           REMARKS
           ,
           &c.
           
        
         
           THat
           the
           Clipping
           and
           Counterfeiting
           the
           Silver
           Coin
           of
           the
           Nation
           is
           a
           great
           and
           growing
           evil
           ,
           there
           is
           no
           doubt
           ;
           and
           seeing
           the
           
             Lords
             of
             the
             Treasury
          
           have
           been
           pleased
           to
           take
           into
           Consideration
           the
           Remedy
           thereof
           ;
           and
           in
           order
           to
           it
           have
           commanded
           Mr.
           
             Lowndes
          
           to
           make
           a
           Report
           of
           such
           Matters
           as
           concerned
           the
           same
           ;
           which
           being
           published
           ,
           with
           an
           Invitation
           (
           at
           the
           latter
           end
           )
           to
           others
           to
           communicate
           their
           thoughts
           ,
           I
           doubt
           not
           but
           what
           I
           shall
           offer
           will
           be
           well
           received
           both
           by
           their
           Lordships
           and
           the
           Author
           of
           the
           
             Report
             ,
          
           altho'
           I
           happen
           in
           some
           things
           to
           differ
           in
           my
           Sentiments
           from
           the
           said
           Author
           ,
           whose
           
             Report
          
           I
           am
           now
           about
           to
           consider
           ;
           and
           shall
           treat
           it
           not
           with
           heat
           ,
           as
           Persons
           commonly
           do
           who
           differ
           in
           Opinion
           ,
           but
           with
           that
           respect
           which
           I
           really
           think
           
           it
           deserves
           .
           The
           Author
           must
           be
           acknowledged
           to
           be
           a
           Person
           of
           great
           Ingenuity
           and
           Industry
           ,
           and
           in
           this
           elaborate
           Treatise
           of
           Coins
           now
           published
           ,
           hath
           given
           sufficient
           evidence
           of
           both
           ,
           and
           done
           great
           Service
           ;
           but
           as
           the
           Subject
           it self
           is
           (
           as
           the
           Author
           says
           )
           very
           difficult
           and
           curious
           ,
           it
           gives
           room
           and
           scope
           for
           a
           further
           discussion
           ;
           and
           in
           the
           doing
           thereof
           I
           shall
           give
           an
           account
           in
           what
           I
           agree
           with
           the
           Author
           ,
           and
           wherein
           I
           disagree
           ,
           give
           my
           Reasons
           for
           such
           disagreement
           ,
           and
           shall
           proceed
           as
           the
           matters
           lye
           in
           the
           
             Report
             .
          
        
         
           I
           am
           of
           the
           Authors
           Opinion
           as
           to
           the
           signification
           of
           the
           word
           
             Sterling
             ,
          
           and
           I
           make
           no
           doubt
           but
           the
           Historical
           Account
           which
           he
           gives
           of
           the
           proportions
           of
           fine
           Gold
           and
           fine
           Silver
           ,
           with
           the
           respective
           Allays
           observed
           from
           time
           to
           time
           ,
           
           is
           exactly
           true
           ,
           and
           of
           great
           use
           to
           be
           known
           .
        
         
           I
           am
           also
           of
           Opinion
           with
           the
           Author
           ,
           
           that
           the
           present
           Standard
           of
           fineness
           ought
           to
           be
           continued
           ,
           yet
           think
           that
           the
           Reasons
           he
           gives
           against
           the
           debasing
           of
           Money
           ,
           are
           of
           equal
           force
           against
           altering
           the
           denomination
           or
           extrinsick
           value
           of
           Money
           ,
           as
           he
           calls
           it
           ,
           which
           I
           shall
           discuss
           more
           at
           large
           by
           and
           by
           ,
           and
           in
           the
           mean
           time
           I
           must
           own
           ,
           that
           the
           great
           Pains
           the
           Author
           has
           taken
           in
           examining
           and
           
           setting
           down
           the
           several
           Alterations
           made
           in
           Money
           from
           time
           to
           time
           ,
           
           with
           respect
           to
           the
           Weight
           and
           Number
           of
           Pieces
           in
           a
           Pound
           Troy
           of
           Gold
           and
           Silver
           ,
           and
           the
           difference
           in
           the
           Allays
           ,
           deserves
           great
           Commendation
           ,
           and
           has
           laid
           a
           very
           good
           Foundation
           for
           the
           exact
           discussing
           of
           this
           Matter
           .
           The
           Observation
           the
           Author
           makes
           from
           the
           said
           Deduction
           of
           the
           Alterations
           made
           in
           the
           Coins
           ,
           is
           ,
           
             That
             such
             Alterations
             have
             been
             practised
             as
             any
             Exigence
             or
             Occasion
             has
             required
             ,
             and
             that
             no
             Inconvenience
             ,
             Disgrace
             or
             Mischief
             has
             ensued
             by
             the
             doing
             thereof
             ,
             but
             that
             all
             Projects
             for
             debasing
             Money
             are
             dangerous
             ,
             dishonourable
             ,
             and
             needless
          
           :
           And
           so
           comes
           to
           establish
           an
           Hypothesis
           ,
           
             That
             making
             the
             pieces
             less
             ,
             or
             ordaining
             the
             respective
             pieces
             (
             of
             the
             present
             weight
             )
             to
             be
             currant
             at
             a
             higher
             rate
             ,
             may
             equally
             raise
             the
             value
             of
             the
             Silver
             in
             our
             Coins
             :
          
           To
           which
           Hypothesis
           I
           exactly
           agree
           ,
           but
           the
           chief
           thing
           will
           want
           to
           be
           proved
           ,
           
             viz.
          
           That
           either
           the
           one
           or
           the
           other
           will
           raise
           the
           Value
           of
           the
           Silver
           in
           our
           Coins
           ,
           upon
           which
           the
           stress
           of
           the
           Question
           depends
           ;
           and
           I
           am
           of
           Opinion
           neither
           will
           ,
           for
           Reasons
           which
           will
           afterwards
           appear
           .
           Indeed
           taking
           it
           for
           granted
           ,
           that
           either
           would
           raise
           the
           Value
           of
           the
           Silver
           in
           the
           Coins
           ,
           
           the
           manner
           the
           Author
           proposes
           might
           do
           ,
           tho'
           it
           seems
           to
           me
           that
           the
           lessening
           the
           
           pieces
           one
           fifth
           part
           would
           be
           more
           natural
           and
           easie
           in
           accounts
           ,
           and
           better
           corespond
           with
           the
           present
           kinds
           of
           Money
           commonly
           used
           :
           But
           because
           I
           cannot
           grant
           it
           ,
           I
           come
           to
           examine
           the
           Author's
           Reasons
           for
           such
           an
           Alteration
           of
           the
           Denomination
           of
           our
           Coin
           :
           And
           the
           first
           is
           ,
           
           
             Because
             the
             Price
             of
             Silver
             is
             risen
             ,
             and
             that
             whensoever
             the
             extrinsick
             value
             of
             Silver
             in
             the
             Coin
             hath
             been
             or
             shall
             be
             less
             than
             the
             price
             of
             Silver
             in
             Bullion
             ,
             the
             Coin
             hath
             been
             and
             will
             be
             melted
             down
             .
          
           So
           that
           the
           Author
           conceives
           ,
           that
           giving
           a
           higher
           Denomination
           to
           a
           Crown
           Piece
           will
           prevent
           its
           being
           melted
           down
           :
           Wherein
           I
           must
           crave
           leave
           to
           differ
           from
           him
           in
           Opinion
           ,
           and
           shall
           endeavour
           to
           evince
           that
           the
           Value
           of
           pure
           Silver
           in
           the
           Coin
           is
           ,
           and
           always
           was
           ,
           and
           ever
           will
           be
           ,
           the
           same
           with
           the
           value
           of
           pure
           Silver
           in
           Bullion
           ,
           or
           very
           near
           .
           There
           often
           happens
           some
           small
           difference
           ,
           by
           the
           charge
           of
           Coining
           on
           one
           hand
           ,
           or
           by
           a
           present
           occasion
           for
           exportation
           of
           Bullion
           on
           the
           other
           hand
           ,
           which
           causes
           the
           Value
           of
           the
           one
           and
           the
           other
           to
           vary
           a
           small
           matter
           ,
           but
           never
           considerable
           ;
           for
           it
           is
           impossible
           that
           the
           same
           quantity
           of
           Silver
           uncoined
           can
           be
           less
           worth
           than
           the
           same
           quantity
           of
           Silver
           coined
           ,
           by
           more
           than
           the
           charge
           of
           Coinage
           and
           the
           interest
           of
           the
           Money
           
           whilest
           it
           is
           coining
           ,
           and
           the
           trouble
           of
           carrying
           and
           fetching
           ;
           neither
           can
           the
           same
           Quantity
           of
           Silver
           coined
           at
           any
           time
           ,
           be
           less
           worth
           then
           the
           same
           Quantity
           of
           Silver
           uncoined
           ,
           by
           more
           then
           the
           charge
           of
           melting
           down
           ,
           and
           a
           small
           matter
           for
           the
           Hazard
           ,
           which
           will
           always
           be
           thought
           small
           ,
           because
           it
           can
           be
           done
           privately
           ,
           without
           a
           possibility
           of
           being
           discover'd
           .
           But
           the
           Author
           will
           say
           ,
           how
           comes
           it
           to
           pass
           that
           Bullion
           now
           is
           worth
           6
           
             s.
          
           5
           
             d.
          
           an
           Ounce
           ,
           and
           an
           Ounce
           of
           Silver
           in
           coin
           goes
           but
           for
           5
           
             s.
          
           2
           
             d.
          
           or
           thereabouts
           ?
           if
           that
           were
           so
           ,
           I
           confess
           my
           Proposition
           would
           not
           hold
           ;
           but
           the
           case
           is
           thus
           :
           It
           is
           true
           ,
           our
           great
           Losses
           at
           Sea
           and
           Interruption
           of
           Trade
           this
           War
           ,
           and
           the
           payment
           of
           our
           Army
           abroad
           ,
           our
           Exportation
           has
           not
           been
           sufficient
           to
           supply
           ,
           and
           nothing
           can
           make
           that
           good
           but
           Money
           or
           Bullion
           ,
           this
           brought
           a
           necessity
           of
           our
           Exporting
           Bullion
           ;
           which
           by
           the
           great
           occasion
           there
           was
           for
           it
           ,
           advanced
           the
           price
           a
           small
           matter
           ,
           but
           not
           considerable
           ,
           whilest
           there
           was
           any
           Silver
           Coin
           passed
           ,
           that
           had
           in
           a
           Crown
           the
           value
           or
           weight
           of
           about
           an
           ounce
           of
           Silver
           ,
           as
           it
           ought
           to
           have
           ;
           but
           when
           all
           this
           sort
           of
           Money
           was
           gone
           or
           with-held
           ,
           and
           the
           remaining
           
             English
          
           Coin
           was
           clipt
           ,
           or
           counterfeited
           to
           that
           degree
           that
           the
           People
           could
           not
           distinguish
           the
           
           bad
           from
           the
           good
           ,
           and
           began
           to
           think
           they
           might
           come
           to
           a
           loss
           by
           it
           in
           time
           ,
           they
           undervalued
           it
           ,
           or
           rather
           the
           said
           Money
           in
           it self
           became
           less
           worth
           ,
           and
           the
           people
           chose
           rather
           to
           receive
           Gold
           ,
           and
           so
           by
           degrees
           as
           the
           Silver
           Coin
           was
           diminished
           and
           debased
           in
           it self
           ,
           so
           it
           fell
           in
           the
           Estimation
           of
           the
           People
           ,
           and
           in
           proportion
           Gold
           advanced
           ,
           and
           also
           Bullion
           ,
           (
           that
           is
           ,
           not
           in
           it self
           ,
           but
           in
           proportion
           to
           the
           bad
           money
           )
           not
           that
           Bullion
           became
           worth
           6
           
             s.
          
           5
           
             d.
          
           an
           Ounce
           ,
           or
           Gold
           30
           
             s.
          
           a
           Guinea
           ,
           in
           good
           Mony
           ,
           that
           is
           ,
           in
           weighty
           standard
           Money
           ,
           but
           in
           clipt
           and
           counterfeit
           Money
           ,
           whereof
           6
           
             s.
          
           5
           
             d.
          
           was
           not
           of
           the
           true
           ,
           nor
           esteemed
           value
           of
           5
           
             s.
          
           2
           
             d.
          
           and
           as
           we
           our selves
           grew
           sensible
           of
           the
           want
           of
           value
           in
           the
           Money
           that
           passed
           ,
           so
           did
           Forreigners
           likewise
           ,
           and
           the
           Forreign
           Exchanges
           soon
           altered
           accordingly
           ,
           so
           that
           it
           cannot
           properly
           be
           said
           that
           Bullion
           is
           advanced
           much
           ,
           or
           that
           Gold
           is
           advanced
           much
           ,
           or
           that
           Commodities
           are
           advanced
           much
           ,
           but
           that
           the
           Money
           that
           is
           exchanged
           for
           them
           is
           of
           much
           less
           value
           then
           it
           was
           ,
           and
           the
           new
           coining
           of
           our
           Money
           will
           not
           ,
           as
           I
           apprehend
           ,
           alter
           the
           value
           of
           Bullion
           ,
           Gold
           ,
           
             &c.
          
           but
           will
           bring
           Silver
           in
           coin
           to
           its
           due
           value
           .
           The
           Author
           before
           he
           concludes
           his
           first
           Reason
           ,
           mentions
           a
           Suggestion
           that
           
           has
           been
           made
           by
           some
           Men
           ,
           
             That
             raising
             the
             Value
             of
             our
             Coin
             ,
             or
             continuing
             it
             on
             the
             present
             foot
             ,
             will
             be
             the
             same
             thing
             .
          
           As
           to
           that
           I
           confess
           I
           am
           of
           the
           same
           Opinion
           ,
           but
           do
           not
           think
           that
           those
           Gentlemen
           mean
           thereby
           as
           the
           Author
           supposes
           ,
           
             That
             Silver
             in
             Bullion
             will
             always
             during
             this
             War
             be
             dearer
             than
             Silver
             in
             Coin
             ,
             because
             of
             the
             Necessity
             to
             Export
             it
             for
             the
             Forreign
             Expence
             of
             the
             War
             ,
             and
             to
             answer
             the
             ballance
             of
             Trade
             ,
             occasioned
             by
             the
             Interruption
             of
             our
             Navigation
             .
          
           But
           I
           take
           it
           that
           these
           Gentlemen
           mean
           ,
           (
           at
           least
           I
           do
           )
           that
           the
           raising
           the
           Value
           of
           the
           Coin
           in
           Denomination
           ,
           will
           not
           Answer
           any
           of
           the
           Purposes
           the
           Author
           intends
           ,
           and
           will
           only
           injure
           some
           Men
           to
           advantage
           some
           others
           ,
           whilst
           in
           the
           mean
           time
           no
           Benefit
           will
           accrue
           to
           the
           Kingdom
           in
           general
           ,
           or
           to
           the
           Crown
           in
           particular
           ,
           which
           I
           shall
           consider
           by
           and
           by
           ,
           and
           also
           examine
           the
           Reasons
           the
           Author
           offers
           in
           answer
           to
           the
           said
           Suggestion
           ,
           
           after
           I
           have
           gone
           through
           his
           general
           Reasons
           for
           raising
           the
           Value
           of
           the
           Coin
           in
           Denomination
           :
           Of
           which
           the
           second
           is
           ,
           
             That
             it
             will
             encourage
             the
             bringing
             of
             Bullion
             to
             the
             Mint
             to
             be
             Coined
          
           :
           
           Wherein
           I
           must
           also
           crave
           leave
           to
           differ
           ,
           for
           a
           Crown
           new
           Coined
           ,
           tho'
           called
           six
           Shillings
           and
           three
           Pence
           ,
           will
           have
           no
           
           more
           Silver
           ,
           or
           intrinsick
           Value
           in
           it
           than
           an
           old
           Crown
           not
           diminished
           ,
           and
           will
           exchange
           for
           no
           more
           of
           any
           other
           Commodity
           ,
           nor
           for
           more
           Bullion
           than
           now
           it
           will.
           If
           the
           Money
           be
           all
           New
           Coined
           ,
           and
           a
           Crown
           goes
           for
           5
           
             s.
          
           as
           now
           ,
           then
           will
           Bullion
           presently
           fall
           to
           about
           5
           
             s.
          
           2
           
             d.
          
           an
           Ounce
           ,
           as
           formerly
           ,
           and
           the
           Exchange
           for
           
             Holland
          
           rise
           to
           its
           former
           height
           ,
           or
           near
           it
           ;
           and
           if
           you
           call
           the
           Crown
           so
           New
           Coined
           6
           
             s.
          
           3
           
             d.
          
           Bullion
           will
           remain
           about
           the
           Price
           it
           does
           ,
           and
           the
           Exchange
           for
           
             Holland
          
           also
           :
           And
           if
           you
           give
           the
           New
           Coined
           Crown
           the
           Denomination
           of
           Ten
           Shillings
           ,
           Bullion
           will
           also
           immediately
           be
           worth
           about
           Ten
           Shillings
           an
           Ounce
           ,
           so
           that
           none
           will
           have
           any
           more
           advantage
           by
           having
           their
           Silver
           coined
           on
           that
           score
           than
           they
           have
           now
           ;
           or
           if
           that
           were
           likely
           to
           encrease
           the
           coining
           of
           Bullion
           ,
           why
           should
           not
           the
           Crown
           Piece
           rather
           be
           called
           Ten
           Shillings
           then
           six
           Shillings
           three
           Pence
           ?
           It
           can
           only
           be
           said
           ,
           the
           Loss
           of
           those
           that
           are
           to
           receive
           Money
           due
           will
           be
           the
           greater
           .
           But
           the
           same
           Argument
           holds
           against
           raising
           it
           to
           Six
           Shillings
           three
           Pence
           ,
           for
           wrong
           ought
           not
           to
           be
           done
           in
           any
           Proportion
           .
        
         
         
           The
           Author's
           third
           Reason
           for
           raising
           the
           Value
           of
           the
           Silver
           in
           the
           Coin
           (
           which
           is
           in
           Truth
           only
           raising
           the
           Denomination
           of
           it
           )
           is
           
             To
             increase
             the
             Species
             in
             tale
          
           ;
           
           but
           I
           think
           it
           will
           not
           do
           that
           neither
           ,
           unless
           it
           could
           be
           said
           ,
           that
           coining
           ten
           thousand
           Half-crowns
           did
           encrease
           the
           Species
           in
           tale
           more
           then
           coining
           five
           thousand
           Crowns
           ,
           which
           I
           suppose
           will
           not
           be
           thought
           ;
           and
           it
           seems
           the
           same
           thing
           to
           encrease
           the
           Coin
           in
           Denomination
           only
           ,
           let
           it
           be
           in
           what
           proportion
           it
           will
           ,
           and
           no
           otherwise
           then
           if
           the
           KING
           should
           appoint
           a
           Half-yard
           to
           be
           called
           a
           Yard
           ,
           would
           encrease
           the
           quantity
           of
           Cloth
           in
           the
           Nation
           that
           is
           to
           be
           measured
           thereby
           ;
           for
           indeed
           Money
           is
           only
           a
           Measure
           for
           all
           Commodities
           ,
           and
           the
           Standard
           thereof
           is
           settled
           ,
           by
           which
           People
           have
           governed
           themselves
           in
           their
           Contracts
           ,
           and
           the
           altering
           the
           Measure
           in
           any
           kind
           ,
           whether
           it
           be
           Money
           ,
           length
           ,
           or
           weight
           ,
           is
           (
           as
           has
           been
           said
           )
           a
           Wrong
           to
           those
           that
           are
           to
           receive
           ,
           a
           present
           tho'
           unjust
           Advantage
           to
           those
           that
           are
           to
           pay
           ,
           and
           no
           Benefit
           to
           the
           whole
           .
           But
           this
           I
           shall
           have
           occasion
           to
           speak
           more
           to
           .
        
         
           The
           fourth
           Reason
           saith
           ,
           
           
             That
             the
             old
             unclipt
             Monies
             ought
             to
             be
             raised
             in
             proportion
             .
          
           Now
           if
           
           it
           were
           fit
           to
           make
           such
           an
           Alteration
           in
           the
           Denomination
           of
           the
           New
           Coins
           ,
           it
           may
           be
           considered
           ,
           Whether
           it
           would
           not
           be
           more
           reasonable
           that
           the
           KING
           should
           have
           the
           Advantage
           by
           all
           the
           Old
           Monies
           ,
           rather
           then
           a
           few
           particular
           Persons
           ,
           who
           have
           pick'd
           out
           the
           weighty
           Monies
           and
           laid
           by
           ,
           in
           hopes
           of
           such
           an
           Advantage
           .
           As
           for
           instance
           ,
           a
           Banker
           who
           may
           have
           usually
           twenty
           Thousand
           Pounds
           ,
           or
           more
           ,
           in
           Cash
           ,
           and
           has
           in
           a
           little
           space
           it
           may
           be
           received
           and
           paid
           two
           Hundred
           Thousand
           Pounds
           ;
           suppose
           he
           has
           cull'd
           out
           and
           laid
           by
           but
           ten
           Thousand
           Pounds
           weighty
           Money
           ,
           upon
           the
           proposed
           Alteration
           he
           gets
           two
           Thousand
           Pounds
           ,
           and
           so
           will
           every
           one
           get
           in
           proportion
           who
           has
           weighty
           Money
           ,
           which
           he
           receives
           for
           others
           Accounts
           ,
           and
           not
           for
           his
           own
           :
           And
           it
           is
           an
           Infallible
           Rule
           ,
           that
           Wherever
           some
           get
           without
           a
           real
           Increase
           of
           the
           Stock
           ,
           others
           must
           lose
           ,
           as
           in
           this
           Case
           ,
           and
           the
           Cases
           of
           Stock-jobbing
           ,
           Wagering
           ,
           Lotteries
           ,
           
             &c.
             
          
        
         
           
           The
           Fifth
           ,
           Sixth
           and
           Seventh
           Reasons
           ,
           argues
           the
           Conveniency
           of
           raising
           the
           value
           of
           a
           Crown
           to
           6
           
             s.
          
           3
           
             d.
          
           and
           of
           old
           unclipt
           Money
           to
           the
           same
           value
           ,
           which
           being
           grounded
           on
           the
           Supposition
           that
           the
           proposed
           Alteration
           will
           
           yield
           Advantage
           ,
           and
           answer
           the
           Ends
           designed
           ,
           but
           containing
           no
           further
           Argument
           to
           prove
           it
           ,
           I
           pass
           over
           ,
           and
           shall
           only
           add
           ,
           that
           if
           it
           were
           granted
           ,
           please
           to
           consider
           ,
           Whether
           giving
           the
           New
           Crown
           the
           Denomination
           of
           Ten
           Shillings
           ,
           (
           as
           before
           hinted
           )
           would
           not
           better
           answer
           all
           the
           ends
           of
           Accompts
           ,
           Computations
           ,
           
             &c.
             
          
        
         
           The
           Eighth
           Reason
           is
           taken
           from
           
             the
             Difficulty
             of
             amending
             the
             Clipt
             Money
             ,
          
           
           
             without
             raising
             the
             value
             of
             the
             Silver
             ,
             because
             of
             the
             great
             deficiency
             of
             the
             Silver
             clipt
             away
             ,
             which
             upon
             recoining
             must
             necessarily
             be
             born
             one
             way
             or
             other
             .
          
           Now
           as
           to
           the
           Loss
           by
           the
           Clipt
           Money
           ,
           I
           take
           it
           that
           it
           is
           already
           lost
           ,
           and
           born
           by
           the
           Nation
           in
           general
           ,
           for
           that
           which
           is
           Clipt
           off
           ,
           is
           spent
           and
           gone
           ,
           and
           every
           Crown
           of
           the
           remainder
           is
           not
           worth
           above
           three
           Shillings
           and
           six
           Pence
           ,
           or
           thereabouts
           ,
           neither
           will
           it
           purchase
           more
           of
           other
           Commodities
           ,
           that
           is
           ,
           exchange
           for
           more
           :
           And
           therefore
           those
           who
           receive
           Rent
           and
           Monies
           upon
           former
           Contracts
           ,
           
             &c.
          
           do
           for
           the
           present
           bear
           a
           part
           of
           the
           Loss
           ,
           in
           as
           much
           as
           he
           that
           receives
           100
           
             l.
             per
             An.
          
           Rent
           ,
           cannot
           as
           abovesaid
           purchase
           more
           Commodities
           or
           Necessaries
           for
           the
           said
           100
           
             l.
          
           than
           he
           might
           have
           done
           before
           (
           and
           might
           do
           now
           )
           for
           70
           
             l.
          
           if
           the
           Silver
           Coin
           were
           unclipt
           
           and
           good
           ,
           so
           that
           he
           loses
           30
           
             l.
             per
             Ann.
          
           out
           of
           his
           100
           
             l.
          
           but
           it
           is
           not
           reasonable
           he
           should
           always
           do
           so
           .
           Now
           if
           the
           Money
           be
           New
           coined
           ,
           and
           the
           Crown
           called
           6
           
             s.
          
           3
           
             d.
          
           I
           take
           it
           clearly
           that
           every
           Man
           loses
           one
           fifth
           part
           of
           all
           his
           Rents
           reserved
           on
           Leases
           and
           other
           Contracts
           ,
           which
           does
           not
           seem
           reasonable
           and
           just
           .
           Then
           the
           Question
           will
           be
           ,
           Who
           shall
           bear
           the
           said
           Loss
           ?
           and
           my
           Answer
           to
           that
           must
           be
           ,
           that
           as
           I
           have
           said
           the
           whole
           (
           or
           near
           it
           )
           being
           lost
           to
           the
           Nation
           already
           ,
           I
           think
           the
           said
           loss
           ought
           to
           be
           distributed
           to
           every
           one
           in
           proportion
           ;
           that
           is
           ,
           that
           there
           should
           be
           an
           equal
           Tax
           laid
           to
           make
           good
           the
           whole
           ;
           which
           I
           believe
           considering
           the
           Vexation
           and
           Loss
           which
           People
           meet
           withall
           daily
           in
           the
           Money
           that
           passes
           ,
           would
           be
           very
           chearfully
           born
           by
           all
           ,
           over
           and
           above
           the
           other
           necessary
           Taxes
           ,
           which
           as
           yet
           the
           Nation
           is
           able
           to
           bear
           ,
           and
           I
           conceive
           it
           might
           not
           be
           very
           difficult
           to
           propose
           ,
           and
           I
           shall
           humbly
           make
           bold
           to
           offer
           my
           Thoughts
           ,
           if
           such
           a
           Resolution
           comes
           to
           be
           taken
           .
           If
           it
           could
           be
           shown
           ,
           that
           by
           raising
           the
           Denomination
           of
           the
           Coin
           any
           real
           gain
           would
           accrue
           to
           the
           Realm
           ,
           whereby
           to
           help
           to
           defray
           the
           Loss
           ,
           I
           think
           it
           were
           a
           good
           
           Expedient
           ;
           but
           that
           being
           otherwise
           ,
           in
           my
           humble
           Opinion
           I
           should
           think
           it
           hard
           ,
           that
           the
           whole
           ,
           or
           any
           part
           of
           it
           should
           be
           born
           so
           unequally
           as
           I
           apprehend
           it
           will
           be
           by
           the
           proposed
           means
           of
           raising
           the
           Coin.
           
        
         
           The
           Ninth
           Reason
           only
           intimates
           
             the
             Expediency
             of
             keeping
             the
             Coin
             to
             the
             old
             Standard
             in
             fineness
             ,
             and
             weight
             ,
             or
             bigness
          
           ;
           which
           depending
           on
           the
           former
           Supposition
           ,
           I
           pass
           ;
           only
           ,
           the
           Author
           suggesting
           that
           the
           said
           raised
           Values
           may
           be
           lowered
           again
           hereafter
           ,
           gives
           me
           Occasion
           to
           say
           that
           I
           apprehend
           there
           will
           be
           the
           same
           Injustice
           (
           to
           the
           Tenants
           and
           others
           that
           are
           to
           pay
           Money
           upon
           Contracts
           ,
           
             &c.
          
           )
           in
           lowering
           the
           Coins
           at
           any
           time
           ,
           as
           would
           be
           now
           to
           the
           Landlords
           and
           those
           that
           are
           to
           receive
           Money
           in
           raising
           them
           .
           As
           to
           the
           Gold
           ,
           the
           Author
           is
           of
           Opinion
           not
           to
           alter
           the
           Coins
           of
           that
           ;
           and
           that
           the
           Remedy
           to
           fix
           these
           Gold
           Coins
           upon
           a
           right
           Foot
           will
           be
           the
           re-establishment
           of
           the
           Silver
           Coins
           ,
           wherein
           I
           concurr
           with
           him
           .
        
         
           Before
           I
           leave
           the
           Author's
           Second
           Head
           ,
           I
           must
           according
           to
           my
           Promise
           consider
           his
           Answer
           to
           an
           Objection
           he
           starts
           ,
           as
           made
           by
           some
           ,
           
             That
             raising
             the
             Value
             of
             our
             Coin
             ,
             or
             continuing
             it
             on
             the
             present
             foot
             ,
             will
             be
             the
             same
             thing
             ;
             
             and
             then
             he
             takes
             their
             meaning
             to
             be
             ,
             that
             Silver
             in
             Bullion
             will
             always
             during
             this
             War
             be
             dearer
             than
             silver
             in
             Coin
             ,
             because
             of
             the
             necessity
             to
             export
             it
             for
             the
             forreign
             expence
             of
             the
             War
             ,
             and
             to
             answer
             the
             ballance
             of
             Trade
             .
          
           And
           tho'
           I
           suppose
           that
           is
           not
           their
           meaning
           (
           as
           I
           have
           before
           said
           )
           yet
           it
           will
           be
           fit
           to
           consider
           what
           the
           Author
           says
           in
           answer
           ,
           which
           is
           ,
           
             First
             ,
          
           that
           this
           Necessity
           may
           be
           diminished
           ,
           but
           it
           cannot
           in
           any
           sence
           be
           augmented
           by
           raising
           the
           value
           of
           our
           Coin.
           To
           which
           I
           reply
           ,
           if
           it
           be
           a
           doubtful
           thing
           ,
           I
           think
           there
           will
           not
           be
           found
           reason
           sufficient
           to
           introduce
           so
           great
           a
           Mischief
           ,
           where
           the
           matter
           is
           doubtful
           whether
           it
           will
           succeed
           or
           no.
           The
           Author
           ,
           
             Secondly
             ,
             On
             a
             supposition
             that
             Bullion
             in
             this
             case
             may
             advance
             further
             ,
          
           says
           ,
           
             That
             howover
             Offenders
             then
             will
             not
             have
             the
             same
             encouragement
             to
             melt
             down
             our
             Coin
             ,
             because
             their
             profit
             on
             every
             rais'd
             Crown
             must
             be
             less
             by
             fourteen
             pence
             half
             penny
             than
             it
             is
             at
             present
             upon
             a
             Crown
             running
             in
             payment
             for
             five
             shillings
             only
             .
          
           It
           is
           true
           ,
           if
           unclipt
           Crown-pieces
           went
           currant
           in
           payment
           as
           formerly
           ,
           and
           Bullion
           sold
           for
           6
           
             s.
          
           5
           
             d.
          
           there
           would
           be
           great
           gain
           in
           melting
           them
           down
           ,
           but
           as
           I
           have
           said
           ,
           as
           soon
           as
           ever
           Bullion
           rose
           in
           price
           any
           thing
           considerably
           ,
           it
           was
           occasion'd
           by
           the
           undervalue
           of
           the
           clipt
           Coin
           ,
           and
           forthwith
           some
           of
           
           the
           unclipt
           Coin
           was
           melted
           down
           ,
           which
           yielded
           some
           profit
           ,
           but
           not
           near
           the
           proportion
           of
           
             fourteen
             pence
             half
             penny
          
           in
           a
           Crown
           .
           Indeed
           those
           who
           have
           kept
           unclipt
           or
           mill'd
           Money
           till
           this
           time
           ,
           may
           make
           an
           advantage
           ,
           but
           it
           is
           no
           otherwise
           then
           they
           might
           do
           if
           they
           had
           kept
           any
           other
           Commodity
           ,
           which
           sells
           for
           more
           than
           it
           did
           ,
           by
           reason
           that
           the
           Money
           commuted
           for
           the
           same
           is
           of
           less
           value
           ;
           that
           is
           to
           say
           ,
           the
           measure
           is
           alter'd
           ,
           which
           shows
           by
           the
           way
           that
           common
           consent
           grounded
           upon
           reason
           and
           necessity
           in
           Trade
           and
           Dealing
           is
           of
           more
           force
           than
           Laws
           and
           Statutes
           ,
           either
           with
           respect
           to
           the
           value
           of
           Silver
           ,
           or
           interest
           of
           Money
           ,
           but
           that
           by
           the
           by
           .
           And
           to
           return
           ;
           you
           may
           now
           have
           the
           same
           quantity
           of
           Bullion
           for
           a
           five
           shilling
           piece
           unclipt
           ,
           as
           you
           shall
           have
           hereafter
           for
           the
           same
           quantity
           of
           Silver
           in
           Coin
           ,
           tho'
           you
           call
           it
           6
           
             s.
          
           3
           
             d.
          
           or
           10
           
             s.
          
           or
           by
           any
           other
           denomination
           ;
           and
           an
           Ounce
           of
           Bullion
           is
           not
           now
           worth
           6
           
             s.
          
           5
           
             d.
          
           good
           weighty
           standard
           Money
           ,
           but
           it
           is
           worth
           so
           much
           of
           the
           clipt
           bad
           Money
           which
           now
           goes
           about
           ;
           which
           bad
           Money
           ,
           as
           I
           have
           said
           ,
           is
           really
           fallen
           in
           its
           value
           ,
           and
           not
           Money
           of
           full
           weight
           or
           Bullion
           risen
           ,
           and
           those
           that
           shall
           melt
           down
           Money
           now
           ,
           cannot
           I
           think
           properly
           be
           said
           to
           
           get
           
             fourteen
             pence
             half-penny
          
           an
           Ounce
           by
           it
           ,
           because
           the
           good
           unclipt
           Money
           does
           only
           retain
           its
           former
           value
           ,
           and
           the
           clipt
           and
           bad
           Money
           is
           less
           worth
           than
           it
           was
           by
           at
           least
           30
           
             per
             Cent.
          
           and
           the
           case
           being
           so
           ,
           it
           cannot
           be
           supposed
           that
           any
           will
           pay
           good
           Money
           ,
           for
           the
           difference
           is
           not
           only
           by
           melting
           the
           Money
           into
           Bullion
           ,
           but
           by
           other
           Commutations
           ,
           or
           Exchanges
           ;
           you
           shall
           buy
           as
           much
           Cloath
           ,
           Wool
           ,
           or
           any
           thing
           else
           now
           for
           5
           
             s.
          
           of
           silver
           ,
           Coin
           that
           is
           weighty
           ,
           as
           you
           may
           for
           6
           
             s.
          
           3
           
             d.
          
           and
           more
           of
           the
           money
           that
           now
           goes
           currant
           ,
           and
           if
           there
           is
           little
           profit
           made
           now
           by
           melting
           down
           Money
           ,
           the
           difference
           can
           be
           but
           little
           when
           the
           Crown
           piece
           shall
           have
           a
           higher
           denomination
           .
           The
           Author's
           third
           Answer
           is
           ,
           
           
             That
             it
             is
             hoped
             the
             Exchange
             to
          
           Holland
           
             may
             by
             the
             success
             of
             some
             good
             designs
             now
             on
             foot
             be
             kept
             at
             a
             stand
             ,
             at
             least
             from
             falling
             much
             lower
             .
          
           To
           which
           I
           say
           ,
           if
           Guineas
           continue
           currant
           at
           30
           
             s.
          
           a
           piece
           ,
           the
           Exchange
           will
           continue
           about
           the
           rate
           it
           does
           ,
           except
           the
           common
           and
           ordinary
           variation
           ,
           which
           many
           sudden
           Drafts
           or
           Remittances
           occasion
           ;
           and
           if
           Guineas
           fall
           ,
           the
           Exchange
           will
           rise
           in
           proportion
           ,
           and
           if
           the
           Silver
           Coin
           is
           redressed
           ,
           Guineas
           will
           fall
           ,
           and
           there
           are
           no
           other
           designs
           whatsoever
           can
           effect
           any
           considerable
           alteration
           ,
           
           for
           
             English
          
           standard
           Silver
           and
           standard
           Gold
           will
           always
           be
           of
           the
           same
           value
           in
           
             Holland
             ,
          
           as
           the
           same
           standard
           Silver
           and
           Gold
           in
           
             England
             ,
          
           within
           2
           ,
           3
           ,
           4
           ,
           to
           6
           
             per
             Cent.
          
           or
           thereabouts
           ,
           and
           that
           difference
           happens
           according
           to
           present
           occasions
           ,
           and
           the
           charge
           of
           sending
           it
           from
           one
           place
           to
           another
           ,
           and
           the
           Exchange
           to
           
             Holland
          
           and
           other
           places
           will
           always
           govern
           accordingly
           .
           The
           Author
           says
           in
           the
           fourth
           place
           ,
           
           
             That
             there
             is
             a
             difference
             between
             exporting
             Bullion
             or
             Coin
             for
             the
             service
             of
             the
             Government
             ,
             or
             by
             Publick
             Authority
             ,
             and
             such
             an
             exportation
             as
             proceeds
             from
             the
             exorbitant
             profit
             of
             the
             Melters
             .
          
           But
           let
           the
           occasion
           be
           what
           it
           will
           ,
           either
           for
           the
           service
           of
           the
           Government
           ,
           that
           is
           ,
           for
           paying
           our
           Forces
           abroad
           ,
           
             &c.
          
           or
           for
           the
           paying
           what
           we
           owe
           by
           the
           over-ballance
           of
           Trade
           ,
           if
           we
           owe
           abroad
           more
           then
           our
           Exports
           in
           Commodities
           can
           supply
           ,
           Money
           or
           Bullion
           must
           go
           ,
           and
           go
           it
           will
           till
           People
           are
           grown
           poorer
           ,
           and
           then
           they
           will
           abate
           in
           their
           expence
           of
           Forreign
           Goods
           ,
           and
           so
           the
           tide
           will
           turn
           again
           ;
           but
           we
           ought
           to
           husband
           our
           Trade
           so
           ,
           as
           not
           to
           suffer
           that
           Poverty
           to
           come
           upon
           us
           ,
           which
           will
           have
           a
           bad
           effect
           to
           weaken
           our
           Hands
           ,
           and
           expose
           us
           to
           a
           more
           Powerful
           Enemy
           ;
           before
           the
           
             English
          
           Coin
           was
           so
           clipt
           and
           counterfeited
           
           as
           really
           to
           debase
           it
           in
           the
           Esteem
           and
           Value
           of
           the
           People
           ,
           and
           consequently
           of
           Forreigners
           ,
           there
           was
           little
           profit
           made
           by
           melting
           down
           our
           heavy
           Money
           ,
           as
           has
           been
           said
           ,
           (
           but
           in
           this
           case
           it
           is
           necessary
           to
           repeat
           some
           things
           )
           and
           Bullion
           advanced
           but
           little
           :
           But
           when
           the
           Money
           declined
           in
           its
           value
           in
           the
           common
           opinion
           ,
           then
           Bullion
           advanced
           ,
           and
           consequently
           Gold
           ,
           and
           so
           likewise
           have
           all
           other
           Commodities
           ,
           or
           rather
           they
           kept
           their
           old
           value
           ,
           and
           you
           must
           give
           more
           clipt
           shillings
           and
           half
           Crowns
           to
           make
           up
           the
           value
           of
           a
           Pound
           sterling
           then
           you
           did
           before
           ;
           and
           since
           that
           People
           have
           culled
           our
           their
           heavy
           monies
           ,
           and
           cannot
           so
           truly
           be
           said
           to
           have
           gained
           by
           melting
           them
           down
           ,
           (
           that
           is
           ,
           those
           who
           receive
           and
           pay
           money
           only
           for
           their
           own
           accounts
           )
           as
           to
           have
           held
           their
           own
           ,
           whilest
           they
           and
           others
           have
           lost
           by
           the
           clipt
           and
           bad
           money
           :
           For
           suppose
           a
           man
           has
           now
           reserved
           an
           hundred
           weighty
           Crowns
           ,
           he
           melts
           these
           down
           into
           Bullion
           ,
           which
           sells
           for
           6.
           
             s.
          
           5
           
             d.
          
           an
           
             Ounce
             ,
          
           this
           he
           receives
           in
           clipt
           and
           bad
           money
           ,
           and
           with
           this
           he
           can
           buy
           no
           more
           Necessaries
           then
           he
           could
           before
           with
           his
           hundred
           Crowns
           ;
           where
           then
           is
           the
           Gain
           ?
           It
           is
           true
           you
           will
           say
           ,
           if
           he
           ow'd
           money
           before
           on
           any
           Contract
           ,
           or
           for
           
           Rent
           ,
           he
           profits
           in
           the
           payment
           ,
           which
           is
           what
           I
           have
           said
           before
           ,
           that
           those
           who
           were
           to
           receive
           monies
           have
           sustain'd
           some
           present
           real
           loss
           ,
           which
           in
           case
           monies
           should
           be
           raised
           in
           their
           denomination
           they
           will
           continue
           to
           bear
           ,
           which
           seems
           not
           equal
           ;
           
           this
           the
           Author
           takes
           notice
           of
           in
           his
           fifth
           and
           last
           Answer
           ,
           wherein
           what
           he
           says
           concerning
           the
           ballance
           of
           Trade
           ,
           and
           the
           cause
           of
           the
           Exportation
           of
           Silver
           arising
           thence
           ,
           is
           very
           true
           in
           the
           main
           ,
           tho'
           by
           the
           way
           it
           is
           not
           that
           which
           occasions
           the
           great
           fall
           in
           the
           Exchange
           between
           
             Holland
          
           and
           here
           ,
           but
           the
           reason
           of
           that
           is
           the
           badness
           of
           our
           silver
           Coin.
           Now
           as
           to
           the
           loss
           which
           will
           happen
           in
           all
           Rents
           and
           Revenues
           ,
           publick
           and
           private
           ,
           
             &c.
             
          
           The
           Author
           says
           the
           value
           of
           silver
           is
           risen
           ,
           and
           so
           persons
           may
           purchase
           as
           much
           with
           a
           new
           Crown
           called
           6
           
             s.
          
           3
           
             d.
          
           as
           they
           can
           with
           6
           
             s.
          
           3
           
             d.
          
           of
           the
           clipt
           money
           that
           passes
           now
           :
           I
           agree
           they
           may
           do
           so
           ,
           but
           it
           is
           not
           that
           silver
           is
           risen
           so
           much
           ,
           but
           because
           our
           Coin
           is
           fallen
           in
           value
           ,
           or
           debased
           ,
           therefore
           silver
           seems
           to
           be
           risen
           ,
           when
           in
           truth
           it
           is
           not
           ,
           (
           I
           mean
           in
           any
           great
           degree
           )
           and
           the
           loss
           is
           ,
           that
           so
           much
           cannot
           be
           purchased
           now
           for
           6
           
             s.
          
           3
           
             d.
          
           as
           might
           have
           been
           before
           the
           debasing
           the
           money
           .
           The
           Price
           of
           silver
           is
           what
           it
           is
           worth
           in
           good
           weighty
           standard
           money
           ,
           
           not
           what
           is
           it
           worth
           in
           bad
           ,
           for
           silver
           is
           now
           worth
           in
           
             Holland
          
           not
           above
           5
           
             s.
          
           3
           
             d.
          
           an
           
             Ounce
             ,
          
           and
           therefore
           as
           is
           beforesaid
           ,
           the
           ballance
           of
           Trade
           is
           not
           the
           cause
           of
           the
           great
           fall
           of
           the
           
             Exchange
          
           for
           
             Holland
             ,
          
           but
           the
           debasing
           of
           our
           Coin
           ,
           and
           if
           (
           as
           I
           have
           often
           said
           )
           some
           loss
           has
           already
           happened
           to
           particular
           Persons
           ,
           I
           think
           it
           is
           fit
           a
           stop
           should
           be
           put
           to
           it
           ,
           and
           this
           cannot
           truly
           be
           done
           ,
           but
           by
           new
           coining
           the
           Money
           according
           to
           its
           old
           denomination
           and
           standard
           .
           And
           here
           it
           may
           be
           fit
           to
           say
           something
           particularly
           concerning
           the
           King's
           Revenue
           ;
           as
           the
           Money
           commonly
           currant
           is
           debased
           ,
           and
           thereupon
           the
           Exchange
           for
           
             Holland
          
           proportionably
           fallen
           ,
           the
           Crown
           loses
           about
           one
           fifth
           part
           of
           all
           the
           monies
           paid
           abroad
           to
           the
           Army
           ,
           and
           also
           of
           all
           monies
           expended
           here
           ,
           except
           Wages
           to
           Seamen
           and
           Sallaries
           ,
           
             &c.
          
           in
           the
           civil
           list
           ,
           for
           that
           all
           the
           Commodities
           both
           from
           abroad
           ,
           and
           those
           produced
           at
           home
           ,
           cost
           at
           least
           one
           fifth
           part
           more
           than
           they
           did
           ,
           and
           consequently
           five
           Millions
           now
           will
           go
           no
           further
           than
           four
           did
           before
           ,
           and
           the
           case
           will
           be
           the
           same
           if
           the
           Crown
           be
           new
           coined
           ,
           and
           called
           ,
           or
           raised
           to
           6
           
             s.
          
           3
           
             d.
          
           then
           ,
           whereas
           about
           five
           Millions
           a
           year
           has
           been
           thought
           necessary
           for
           the
           carrying
           on
           the
           War
           ,
           there
           must
           in
           such
           
           case
           be
           given
           six
           ,
           and
           the
           Land
           which
           was
           before
           charged
           4
           
             s.
          
           in
           the
           pound
           ,
           must
           be
           in
           proportion
           charged
           5
           
             s.
          
           in
           the
           pound
           now
           ,
           but
           then
           consider
           the
           condition
           of
           the
           Landlord
           ,
           in
           case
           of
           raising
           the
           Crown
           to
           6
           
             s.
          
           3
           
             d.
          
           he
           pays
           5
           
             s.
          
           out
           of
           20
           
             s.
          
           for
           4
           
             s.
          
           that
           he
           paid
           before
           ,
           and
           for
           20
           
             s.
          
           he
           received
           ,
           or
           was
           to
           receive
           before
           ,
           he
           receives
           now
           but
           16
           
             s.
          
           that
           is
           ,
           altho'
           what
           he
           receives
           be
           called
           20
           
             s.
          
           yet
           it
           serves
           him
           but
           to
           the
           same
           purpose
           that
           16
           
             s.
          
           did
           before
           .
        
         
           Having
           now
           done
           with
           these
           Reasons
           ,
           
           I
           pass
           to
           the
           Author's
           Corrollary
           ,
           wherein
           
             he
             Notes
             ,
             That
             the
             ballance
             of
             Trade
             is
             the
             Original
             Cause
             of
             the
             scarcity
             of
             silver
             in
          
           England
           ,
           
             and
             the
             loss
             by
             the
             forreign
             Exchange
          
           :
           The
           first
           is
           most
           certainly
           true
           ,
           and
           as
           the
           Author
           says
           ,
           whoever
           can
           propose
           a
           means
           to
           convert
           it
           to
           our
           advantage
           ,
           ought
           well
           to
           be
           heard
           :
           Indeed
           Necessity
           will
           enforce
           it
           er'e
           long
           .
           But
           the
           reason
           of
           the
           fall
           of
           the
           Exchange
           to
           
             Holland
             ,
          
           &c.
           (
           where
           we
           give
           the
           certain
           Summ
           ,
           and
           they
           in
           exchange
           the
           uncertain
           )
           or
           its
           rise
           to
           other
           places
           ,
           where
           we
           give
           the
           uncertain
           Sum
           and
           they
           the
           certain
           ,
           is
           not
           the
           scarcity
           of
           silver
           here
           ,
           for
           that
           would
           rather
           have
           just
           the
           contrary
           effect
           ,
           but
           the
           reason
           is
           the
           badness
           of
           our
           present
           currant
           Coin
           ,
           as
           has
           been
           before
           intimated
           ,
           
           which
           I
           own
           cannot
           be
           now
           remedy'd
           any
           other
           way
           but
           by
           new
           coining
           it
           .
        
         
           The
           Author's
           Second
           General
           Head
           concerns
           the
           present
           state
           and
           condition
           of
           the
           Gold
           and
           Silver
           Coins
           ,
           on
           which
           the
           Author
           discourses
           very
           ingeniously
           and
           rationally
           ,
           and
           I
           believe
           hits
           as
           near
           the
           truth
           of
           the
           Matter
           as
           any
           one
           can
           ,
           in
           facts
           that
           can
           only
           be
           estimated
           and
           guessed
           at
           .
        
         
           The
           Author
           under
           his
           third
           Head
           ,
           gives
           reasons
           for
           the
           new
           coining
           all
           the
           Money
           ,
           and
           the
           necessity
           of
           it
           ,
           wherein
           I
           perfectly
           agree
           with
           him
           ,
           without
           entering
           into
           a
           consideration
           of
           all
           the
           Reasons
           particularly
           ,
           only
           I
           shall
           add
           two
           which
           I
           think
           weighty
           ,
           the
           first
           is
           ,
           the
           Present
           and
           Continued
           Loss
           (
           till
           it
           is
           effected
           )
           to
           those
           who
           receive
           Rents
           and
           Money
           upon
           former
           Contracts
           ;
           the
           other
           is
           ,
           the
           loss
           to
           the
           Crown
           in
           the
           Money
           given
           for
           Aids
           ,
           which
           can
           in
           no
           sort
           be
           compensated
           by
           the
           gain
           upon
           the
           Money
           the
           Crown
           shall
           at
           such
           time
           happen
           to
           have
           in
           Cash
           .
        
         
           
           The
           Author
           in
           his
           fourth
           and
           fifth
           general
           Heads
           ,
           proposes
           the
           means
           and
           methods
           for
           re-establishment
           of
           the
           Silver
           Coins
           ,
           and
           supplying
           the
           Commerce
           ,
           and
           paying
           Taxes
           in
           the
           mean
           time
           ,
           which
           I
           think
           in
           the
           general
           are
           
           admirably
           well
           contrived
           ,
           and
           no
           doubt
           but
           the
           matter
           is
           practicable
           ,
           as
           he
           proposes
           it
           ;
           and
           if
           any
           difficulty
           should
           arise
           ,
           it
           may
           easily
           be
           obviated
           ,
           and
           therefore
           I
           will
           not
           enter
           into
           an
           Examination
           of
           the
           particulars
           ,
           but
           must
           acknowledge
           the
           Author
           has
           taken
           great
           Pains
           ,
           and
           shown
           great
           Judgment
           and
           Ingenuity
           in
           fixing
           the
           Method
           to
           render
           it
           practicable
           ;
           and
           I
           am
           sorry
           I
           am
           forced
           to
           disagree
           with
           him
           about
           altering
           the
           denomination
           of
           the
           Money
           when
           recoined
           .
           I
           must
           also
           declare
           my
           thoughts
           ,
           that
           it
           is
           not
           to
           the
           Advantage
           of
           the
           Kingdom
           to
           restrain
           the
           exportation
           of
           Bullion
           ,
           or
           indeed
           of
           Money
           it self
           ,
           to
           any
           certain
           Quantity
           ,
           but
           to
           let
           it
           be
           intirely
           free
           :
           Nor
           would
           I
           oblige
           Vintners
           ,
           Ale-house-keepers
           ,
           
             &c.
          
           to
           bring
           in
           their
           Plate
           to
           be
           coined
           ,
           the
           more
           Plate
           and
           Jewels
           in
           the
           Nation
           ,
           the
           better
           and
           the
           greater
           is
           its
           Stock
           and
           Riches
           ,
           and
           when
           those
           who
           have
           Plate
           or
           Jewels
           have
           occasion
           ,
           or
           are
           necessitated
           ,
           they
           will
           part
           with
           them
           without
           being
           compelled
           ,
           and
           till
           then
           there
           is
           no
           need
           of
           it
           .
           Many
           reasons
           might
           be
           given
           for
           these
           Positions
           ,
           but
           I
           do
           not
           think
           it
           material
           now
           .
        
         
           Before
           I
           conclude
           ,
           I
           must
           take
           Notice
           of
           one
           or
           two
           things
           more
           :
           The
           Author
           thinks
           justly
           ,
           that
           the
           debasing
           of
           the
           Coin
           ,
           that
           is
           ,
           
           the
           adding
           a
           greater
           Allay
           to
           the
           Silver
           ,
           is
           dangerous
           and
           dishonourable
           ,
           and
           the
           reason
           thereof
           must
           be
           ,
           because
           there
           is
           a
           less
           Quantity
           of
           Silver
           ordained
           to
           pass
           for
           the
           same
           value
           which
           before
           a
           greater
           Quantity
           did
           ,
           which
           being
           unjust
           to
           those
           who
           had
           Money
           owing
           ,
           was
           a
           breach
           of
           the
           Publick
           Faith
           ,
           and
           therefore
           dishonourable
           ,
           and
           by
           consequence
           dangerous
           .
        
         
           Further
           the
           Author
           owns
           ,
           as
           the
           truth
           is
           ,
           that
           only
           the
           security
           of
           the
           Trade
           ,
           and
           an
           over-ballance
           by
           that
           ,
           can
           encrease
           the
           stock
           of
           Silver
           and
           Bullion
           in
           the
           Nation
           ,
           wherefore
           it
           necessarily
           follows
           that
           whilest
           there
           is
           occasion
           to
           pay
           more
           abroad
           then
           we
           receive
           from
           thence
           ,
           Money
           and
           Bullion
           will
           be
           sent
           out
           :
           So
           that
           if
           the
           Money
           should
           be
           new
           coined
           ,
           and
           Trade
           not
           secured
           ,
           it
           would
           all
           presently
           go
           out
           of
           the
           Nation
           ,
           and
           calling
           a
           Crown
           by
           any
           other
           name
           ,
           whether
           it
           be
           6
           
             s.
          
           3
           
             d.
          
           10
           
             s.
          
           or
           20
           
             s.
          
           it
           would
           not
           at
           all
           contribute
           to
           the
           keeping
           either
           Coin
           or
           Bullion
           in
           the
           Kingdom
           ,
           because
           the
           Exchange
           would
           presently
           alter
           in
           proportion
           .
           I
           shall
           not
           add
           any
           further
           ,
           but
           humbly
           submit
           what
           I
           have
           offer'd
           to
           Consideration
           .
        
         
           FINIS
           .
        
      
    
     
       
         
         
           Advertisement
           .
        
         
           
             There
             is
             Newly
             Published
             ,
          
           SOme
           Thoughts
           concerning
           the
           Better
           Security
           of
           our
           Trade
           and
           Navigation
           ,
           and
           carrying
           on
           the
           War
           against
           
             France
          
           more
           effectually
           :
           Humbly
           offered
           to
           Consideration
           .
        
      
       
         Notes, typically marginal, from the original text
         
           Notes for div A60850-e100
           
             
               fol.
            
             19
             ,
             
               to
            
             27.
             
          
           
             29.
             
          
           
             
               fol.
            
             34
             ,
             
               to
            
             56.
             
          
           
             61.
             
          
           
             68.
             
          
           
             72
             
               to
            
             82.
             
          
           
             82.
             
          
           
             83.
             
          
           
             84.
             
          
           
             85.
             
          
           
             86.
             
          
           
             72.
             
          
           
             73.
             
          
           
             74.
             
          
           
             90.
             
          
           
             118.
             152.
             
          
        
      
    
  

