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         Temple, Richard, Sir, 1634-1697.
      
       
         
           1696
        
      
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             Some short remarks upon Mr. Lock's book in answer to Mr. Lounds, and several other books and pamphlets concerning coin. By Sir Richard Temple, knight of the bath, and baronet.
             Temple, Richard, Sir, 1634-1697.
          
           12 p.
           
             printed for Richard Baldwin, near the Oxford-Arms Inn in Warwick-Lane,
             London :
             1696.
          
           
             Reproduction of the original in the British Library.
          
        
      
    
     
       
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           Coinage -- England -- Early works to 1800.
        
      
    
     
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           Some
           Short
           REMARKS
           UPON
           Mr.
           
             Lock
             's
             Book
          
           ,
           IN
           ANSWER
           To
           Mr.
           LOUNDS
           ,
           And
           several
           other
           Books
           and
           Pamphlets
           concerning
           COIN
           .
        
         
           By
           Sir
           
             RICHARD
             TEMPLE
          
           ,
           Knight
           of
           the
           Bath
           ,
           and
           BARONET
           .
        
         
           LONDON
           :
           Printed
           for
           
             Richard
             Baldwin
          
           ,
           near
           the
           
             Oxford-Arms
             Inn
          
           in
           Warwick-Lane
           .
           1696.
           
        
      
    
     
       
         
         
         
           Some
           Short
           REMARKS
           UPON
           Mr.
           
             Lock
             's
             Book
          
           ,
           &c.
           
        
         
           ALthough
           Mr.
           Lock
           ,
           by
           all
           his
           Writings
           hath
           justly
           acquir'd
           the
           Character
           of
           a
           very
           Ingenious
           Person
           ;
           yet
           without
           detracting
           from
           his
           Merit
           in
           this
           late
           Discourse
           of
           his
           ,
           he
           hath
           fallen
           into
           the
           Error
           which
           often
           attends
           those
           who
           write
           upon
           Subjects
           of
           which
           they
           have
           no
           practical
           Knowledge
           or
           Experieoce
           ,
           to
           frame
           Notions
           ,
           and
           lay
           down
           Suppositions
           ,
           which
           are
           either
           False
           or
           Fallacious
           ,
           of
           which
           ,
           my
           present
           design
           is
           only
           to
           give
           a
           short
           Specimen
           ,
           having
           not
           the
           leisure
           as
           yet
           ,
           to
           persue
           so
           large
           a
           Discourse
           .
        
         
         
           First
           .
           That
           an
           Ounce
           of
           Silver
           is
           of
           equal
           value
           to
           an
           Ounce
           of
           Silver
           of
           the
           same
           Weight
           and
           Finess
           ,
           admits
           of
           no
           Dispute
           ;
           But
           ,
           that
           an
           Ounce
           of
           Silver
           will
           buy
           an
           Ounce
           of
           Silver
           of
           the
           like
           Fineness
           ,
           is
           an
           absurd
           Proposition
           ,
           since
           there
           is
           no
           occasion
           for
           any
           Barter
           or
           Exchange
           .
        
         
           Secondly
           .
           That
           the
           intrinsick
           value
           of
           Silver
           is
           the
           true
           Instrument
           and
           Measure
           of
           Commerce
           ,
           is
           partly
           True
           ,
           and
           partly
           False
           ;
           for
           the
           Mony
           of
           every
           Country
           ,
           and
           not
           the
           Ounce
           of
           Silver
           ,
           or
           the
           intrinsick
           value
           ,
           is
           the
           Instrument
           and
           Measure
           of
           Commerce
           there
           ,
           according
           to
           its
           Denomination
           ,
           and
           the
           Standard
           of
           the
           Coin
           of
           each
           Nation
           is
           very
           different
           ,
           and
           does
           often
           vary
           according
           to
           Time
           ,
           Place
           ,
           and
           Circumstances
           :
           Nor
           are
           the
           Commodities
           of
           any
           Country
           bought
           by
           Foreign
           Coin
           or
           Bullion
           ,
           of
           the
           Makers
           ,
           or
           first
           Venders
           ,
           but
           by
           the
           Coin
           of
           the
           Country
           ,
           and
           is
           therefore
           bought
           by
           Commodities
           ;
           they
           are
           first
           invested
           into
           the
           Mony
           of
           the
           Country
           ;
           or
           if
           by
           Foreign
           Coin
           or
           Bullion
           ,
           it
           must
           be
           
           also
           converted
           into
           the
           Coin
           of
           the
           Place
           ,
           before
           it
           can
           be
           useful
           for
           Barter
           ;
           and
           the
           Merchant
           or
           Goldsmith
           will
           gain
           something
           to
           reduce
           it
           to
           the
           Coin
           of
           the
           Country
           ,
           unless
           the
           Matter
           be
           transacted
           by
           Bills
           of
           Exchange
           ,
           in
           which
           they
           endeavour
           as
           much
           as
           may
           be
           to
           make
           a
           Par
           between
           the
           Mony
           of
           each
           Country
           ,
           according
           to
           the
           intrinsick
           Value
           ;
           and
           hence
           comes
           the
           necessity
           and
           use
           of
           Exchange
           .
           Nevertheless
           ,
           that
           intrinsick
           value
           is
           govern'd
           by
           the
           value
           of
           Bullion
           in
           each
           Country
           at
           that
           time
           ,
           which
           varies
           ,
           as
           other
           Commodities
           do
           ,
           and
           other
           Circumstances
           .
        
         
           Thirdly
           .
           Bullion
           is
           a
           Commodity
           ,
           and
           has
           no
           certain
           universal
           stated
           Price
           or
           Value
           ,
           agreed
           upon
           by
           Mankind
           ,
           as
           he
           supposes
           ,
           but
           varies
           in
           every
           Age
           and
           Nation
           ,
           according
           to
           the
           Scarcity
           ,
           Plenty
           ,
           or
           Use
           of
           it
           :
           Notwithstanding
           ,
           it
           must
           be
           allowed
           ,
           that
           the
           Silver
           coming
           wholly
           from
           the
           West-Indies
           ,
           the
           Price
           of
           it
           does
           govern
           the
           Value
           in
           all
           Europe
           ;
           nor
           does
           it
           vary
           so
           much
           as
           other
           Commodities
           do
           ,
           unless
           there
           be
           some
           extraordinary
           accident
           of
           interrupting
           the
           Trade
           to
           those
           
           Parts
           ,
           by
           reason
           of
           War
           ,
           &c.
           
           Or
           by
           the
           encrease
           of
           the
           demand
           of
           it
           in
           Europe
           ,
           or
           in
           some
           particular
           Nations
           thereof
           ,
           and
           therefore
           is
           the
           fittest
           to
           be
           the
           material
           for
           the
           Instrument
           and
           Measure
           of
           Commerce
           ,
           (
           viz.
           )
           Mony.
           
        
         
           Fourthly
           .
           Against
           his
           Assertion
           ,
           That
           advancing
           the
           Denomination
           ,
           or
           lessening
           the
           Weight
           or
           Fineness
           of
           our
           Coin
           ,
           would
           be
           a
           loss
           of
           so
           much
           to
           the
           Landed
           Men
           in
           their
           Rents
           ,
           and
           the
           Creditors
           in
           their
           Debts
           ;
           at
           least
           as
           to
           all
           Bargains
           already
           made
           .
           I
           offer
           to
           consideration
           ,
           That
           nothing
           is
           more
           evident
           ,
           than
           that
           such
           a
           Change
           can
           have
           no
           such
           effect
           or
           consequence
           upon
           any
           thing
           at
           Home
           ,
           but
           only
           Exchange
           and
           Commerce
           Abroad
           ;
           for
           proof
           whereof
           ,
           I
           shall
           appeal
           to
           the
           Historical
           part
           of
           Mr.
           Lounds
           his
           Book
           ,
           as
           to
           the
           frequent
           alteration
           of
           the
           Standard
           in
           Weight
           ,
           Fineness
           ,
           and
           Denomination
           here
           ,
           which
           is
           yet
           much
           more
           practised
           in
           other
           Neighbouring
           Nations
           ,
           as
           I
           could
           easily
           demonstrate
           ,
           the
           Standard
           of
           whose
           Coin
           is
           much
           below
           ours
           ,
           and
           who
           have
           also
           grert
           quantities
           of
           
           Coin
           of
           base
           Alloy
           currant
           among
           them
           ,
           which
           they
           have
           never
           thought
           fit
           to
           change
           ,
           even
           in
           the
           times
           of
           the
           greatest
           Wealth
           or
           Plenty
           among
           them
           ,
           for
           the
           ease
           of
           Commerce
           at
           Home
           ,
           and
           augmenting
           the
           species
           of
           Mony.
           
        
         
           Fifthly
           .
           In
           the
           next
           place
           ,
           it
           is
           as
           evident
           ,
           that
           whatever
           the
           value
           of
           the
           Coin
           be
           ,
           more
           or
           less
           ,
           it
           will
           have
           the
           same
           effect
           according
           to
           the
           Price
           currant
           of
           it
           ,
           as
           to
           our
           home
           Commerce
           ;
           for
           Instance
           ,
           If
           our
           Shilling
           be
           above
           the
           Standard
           of
           all
           other
           Nations
           ,
           and
           worth
           thirteen
           Pence
           abroad
           ,
           as
           it
           has
           been
           for
           many
           years
           ,
           yet
           without
           Melting
           or
           Exporting
           ,
           or
           by
           way
           of
           Exchange
           ,
           it
           will
           purchase
           no
           more
           than
           a
           Clip'd
           Shilling
           ,
           or
           twelve
           Pence
           in
           Half-pence
           or
           Farthings
           ;
           and
           while
           our
           Clipp'd
           Mony
           pass'd
           ,
           and
           no
           discountenance
           put
           upon
           it
           ,
           we
           found
           no
           such
           rise
           of
           Commodities
           ,
           or
           fall
           of
           our
           Rents
           ,
           or
           damage
           to
           the
           Subject
           in
           taking
           it
           :
           Nor
           has
           it
           the
           same
           influence
           now
           ,
           as
           to
           any
           Commodities
           that
           are
           not
           for
           Foreign
           Consumption
           ,
           since
           Corn
           ,
           Flesh
           ,
           &c.
           have
           risen
           or
           fallen
           according
           to
           the
           Scarcity
           ,
           Plenty
           ,
           or
           Vent
           ,
           and
           not
           according
           to
           the
           
           Value
           ,
           but
           denomination
           of
           Mony
           ,
           for
           these
           three
           Years
           last
           past
           ,
           before
           the
           Project
           of
           Re-coining
           our
           Mony
           was
           set
           on
           foot
           ,
           which
           possibly
           hath
           of
           late
           made
           some
           alteration
           in
           these
           Commodities
           also
           .
           This
           indeed
           must
           be
           allow'd
           ,
           that
           when
           the
           Standard
           of
           Coin
           was
           by
           publick
           Authority
           for
           perpetuity
           ,
           altered
           from
           twenty
           Pence
           to
           sixty
           two
           in
           point
           of
           Denomination
           ,
           but
           not
           in
           Weight
           or
           Fineness
           .
           Between
           the
           time
           of
           Edward
           III
           ,
           and
           Queen
           Elizabeth
           ,
           by
           degrees
           the
           price
           of
           Commodities
           and
           Rents
           ,
           did
           advance
           ;
           but
           the
           ounce
           of
           Silver
           being
           generally
           raised
           through
           all
           the
           World
           accordingly
           ,
           and
           rather
           more
           abroad
           ,
           by
           reason
           of
           the
           frequent
           Wars
           upon
           the
           Continent
           ;
           as
           also
           ,
           that
           of
           their
           being
           then
           the
           principal
           Seats
           of
           Trade
           and
           Manufacture
           ,
           which
           required
           greater
           supplies
           of
           Silver
           ;
           there
           was
           no
           loss
           as
           to
           the
           Old
           Rent
           .
        
         
           Sixthly
           .
           To
           keep
           up
           an
           old
           Standard
           under
           an
           old
           Denomination
           ,
           below
           the
           value
           of
           Bullion
           is
           the
           greatest
           Folly
           imaginable
           ,
           and
           what
           is
           not
           practised
           in
           any
           other
           Nation
           ,
           for
           which
           we
           
           have
           paid
           dear
           and
           yet
           are
           not
           grown
           wiser
           ;
           for
           it
           first
           carried
           away
           all
           our
           Gold
           ,
           which
           was
           very
           plentiful
           here
           ,
           in
           the
           time
           of
           King
           Charles
           the
           First
           ,
           then
           all
           our
           Old
           and
           Broad
           Mony
           ,
           and
           lastly
           ,
           all
           our
           Milled
           Mony
           ,
           which
           was
           as
           plentiful
           in
           King
           Charles
           the
           Second's
           time
           ;
           notwithstanding
           the
           Ballance
           of
           Trade
           was
           much
           on
           our
           side
           ,
           and
           has
           put
           an
           absolute
           stop
           to
           our
           Mint
           as
           to
           Silver
           for
           many
           Years
           past
           ,
           and
           brought
           such
           a
           want
           of
           the
           Species
           ,
           that
           our
           Mony
           was
           Clipt
           down
           to
           above
           half
           ,
           and
           yet
           not
           sufficient
           to
           keep
           out
           a
           vast
           quantity
           of
           false
           Mony
           to
           supply
           the
           Defect
           ;
           and
           whereas
           it
           has
           been
           alledged
           ,
           that
           the
           rise
           of
           Guineas
           to
           30
           s.
           has
           been
           by
           a
           Trick
           of
           the
           Goldsmiths
           ;
           their
           rise
           has
           been
           naturally
           necessary
           ,
           and
           would
           have
           produced
           no
           ill
           Effect
           ,
           could
           Foreign
           Guineas
           been
           kept
           out
           ,
           for
           at
           highest
           they
           were
           advanced
           not
           to
           a
           full
           Third
           ,
           and
           our
           other
           Coin
           by
           reason
           of
           its
           Clipping
           ,
           was
           not
           indeed
           worth
           a
           Moiety
           in
           its
           intrinsick
           Value
           ,
           and
           the
           Counterfeit
           part
           much
           less
           ,
           taken
           together
           .
        
         
         
           Lastly
           .
           Altho
           it
           were
           desirable
           ,
           were
           we
           in
           better
           Circumstances
           as
           to
           the
           ballance
           of
           our
           Trade
           ,
           that
           our
           Silver
           Mony
           should
           be
           kept
           up
           in
           weight
           and
           finess
           ,
           near
           the
           intrinsick
           value
           of
           Bullion
           ,
           or
           at
           least
           the
           Standard
           of
           our
           Neighbours
           Coin
           ;
           yet
           it
           ought
           always
           to
           below
           rather
           then
           above
           it
           ,
           to
           prevent
           the
           Exportation
           of
           Mony
           ,
           insteed
           of
           Commodities
           ,
           and
           to
           bring
           Bullion
           into
           the
           Mint
           ,
           especially
           since
           the
           plenty
           of
           the
           Species
           of
           Mony
           ,
           is
           the
           only
           thing
           that
           can
           advance
           Trade
           ,
           and
           the
           value
           of
           Lands
           ,
           But
           as
           our
           present
           Circumstances
           are
           ,
           there
           is
           an
           absolute
           Necessity
           that
           we
           raise
           the
           Denomination
           of
           our
           Silver
           ,
           both
           in
           respect
           of
           Gold
           ,
           and
           the
           over
           ballance
           of
           our
           Dealings
           abroad
           ;
           if
           you
           will
           have
           any
           Mony
           at
           home
           to
           support
           Commerce
           ;
           nor
           can
           such
           an
           Advance
           hurt
           us
           in
           the
           least
           ,
           since
           at
           worst
           a
           broad
           they
           will
           only
           take
           their
           measures
           according
           to
           the
           intrinsick
           value
           ,
           or
           rather
           the
           Standard
           of
           their
           own
           Coin
           ;
           and
           if
           they
           raise
           their
           Commodities
           proportionably
           ,
           it
           will
           bring
           us
           a
           double
           benefit
           to
           discourage
           the
           Consumption
           (
           whereof
           we
           are
           too
           prodigal
           )
           and
           
           Encourage
           the
           Advance
           and
           Consumption
           of
           our
           own
           Commodities
           ,
           and
           keep
           our
           Mony
           at
           home
           ,
           which
           will
           be
           the
           least
           thing
           carried
           out
           ,
           when
           it
           will
           pass
           for
           more
           here
           than
           there
           .
        
         
           As
           for
           Guineas
           ,
           the
           fall
           of
           them
           was
           not
           only
           unnecessary
           ,
           but
           highly
           prejudicial
           to
           the
           Kingdom
           ;
           first
           ,
           because
           Guineas
           has
           bought
           up
           all
           the
           Silver
           Mony
           that
           was
           left
           in
           the
           Country
           ,
           and
           consequently
           left
           us
           no
           other
           Coin
           to
           carry
           on
           Trade
           and
           Subsistance
           ;
           and
           after
           the
           raising
           of
           Seven
           Millions
           ,
           will
           be
           a
           Tax
           of
           Eight
           Shillings
           and
           Six-pence
           upon
           the
           Subjects
           ,
           and
           the
           plenty
           of
           Silver
           Mony
           is
           the
           only
           thing
           that
           will
           reduce
           them
           Gradually
           .
        
         
           To
           conclude
           ,
           as
           to
           our
           Forigne
           Commerce
           ,
           the
           price
           of
           our
           Commodities
           were
           raised
           accordingly
           ,
           and
           therefore
           could
           not
           hurt
           us
           ;
           now
           if
           Guineas
           fall
           ,
           all
           Commodities
           must
           fall
           ,
           and
           the
           want
           of
           fixing
           them
           at
           a
           certain
           price
           will
           cause
           a
           mighty
           loss
           ,
           and
           interruption
           in
           our
           Traffick
           ,
           and
           this
           is
           certain
           that
           nothing
           but
           
           care
           of
           our
           Trade
           at
           home
           ,
           and
           lessening
           the
           Expence
           of
           our
           Army
           abroad
           ,
           by
           having
           a
           free
           Port
           ,
           altering
           the
           Quota's
           of
           our
           Allies
           ,
           or
           Capitulating
           with
           the
           Dutch
           for
           the
           payment
           of
           the
           Subsistance
           of
           our
           Forces
           in
           Flanders
           ,
           can
           possibly
           enable
           us
           to
           carry
           on
           our
           War
           ,
           Trade
           ,
           and
           home
           Commerce
           .
        
         
           FINIS
           .
        
         
      
    
     
  

