Some few considerations, supposed useful, concerning the vote of the House of Commons, Friday the 24, February, upon the bill for the hindring the exportation of gold and silver, and the melting down of the coin of this realm humbly proposed by Dr. Hugh Chamberlain, to the wisdom of the Honourable House of Commons. Chamberlen, Hugh. 1693 Approx. 7 KB of XML-encoded text transcribed from 1 1-bit group-IV TIFF page image. Text Creation Partnership, Ann Arbor, MI ; Oxford (UK) : 2009-03 (EEBO-TCP Phase 1). A31635 Wing C1891 ESTC R18744 12112339 ocm 12112339 54230 This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Early English Books Online Text Creation Partnership. This Phase I text is available for reuse, according to the terms of Creative Commons 0 1.0 Universal . The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission. Early English books online. (EEBO-TCP ; phase 1, no. A31635) Transcribed from: (Early English Books Online ; image set 54230) Images scanned from microfilm: (Early English books, 1641-1700 ; 58:19) Some few considerations, supposed useful, concerning the vote of the House of Commons, Friday the 24, February, upon the bill for the hindring the exportation of gold and silver, and the melting down of the coin of this realm humbly proposed by Dr. Hugh Chamberlain, to the wisdom of the Honourable House of Commons. Chamberlen, Hugh. England and Wales. Parliament. House of Commons. 1 sheet ([1] p.) [s.n.], London : 1693. Created by converting TCP files to TEI P5 using tcp2tei.xsl, TEI @ Oxford. Re-processed by University of Nebraska-Lincoln and Northwestern, with changes to facilitate morpho-syntactic tagging. Gap elements of known extent have been transformed into placeholder characters or elements to simplify the filling in of gaps by user contributors. 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Copies of the texts have been issued variously as SGML (TCP schema; ASCII text with mnemonic sdata character entities); displayable XML (TCP schema; characters represented either as UTF-8 Unicode or text strings within braces); or lossless XML (TEI P5, characters represented either as UTF-8 Unicode or TEI g elements). Keying and markup guidelines are available at the Text Creation Partnership web site . eng Gold. Silver. Currency question -- Great Britain. Broadsides -- England -- 17th century. 2008-03 TCP Assigned for keying and markup 2008-05 SPi Global Keyed and coded from ProQuest page images 2008-06 John Pas Sampled and proofread 2008-06 John Pas Text and markup reviewed and edited 2008-09 pfs Batch review (QC) and XML conversion Some few Considerations , supposed Vseful ; Concerning the vote of the House of Commons , Friday the 24. February upon the Bill , For the Hindring the Exportation of Gold and Silver , and the Melting down of the Coin of this Realm , humbly Proposed by Dr. Hugh Chamberlain , to the Wisdom of the Honourable House of Commons . 1. Gold and Silver , as all other Commodities , whether Foreign or Domestick , must be consider'd with respect to their real natural Value , and the Market-price , which are both very variable , and not to be governed by Laws . 2. The real natural Value of all Commodities , is the Expence of labour , Charge and Hazard , in raising and bringing the same to a Market , and this Varies it accordingly , for Gold doth not cost so much in Peru and Guiny , as it doth in London , Paris , or Amsterdam . The Market-price varies according to the Multitude or Paucity of Chapmen , and the plenty or scarcity of the Commodities . First , The multitude or paucity of Chapmen , are commonly governed by their several Necessities and Pleasures in the use of the Commodities : Thus we see , where Gold is not the measure of Trade , as in some parts of the East and West - Indies , and in Africk , Iron is much more valuable , because they have much occasion for the one , and little or no use for the other ; neither for Vessels , Ornaments , or Mony. So likewise tho Gold should cost you 3 l. per Ounce , if you can find but few Chapmen , you must sell it for 40 s. if you can get no more , and your Necessities compel you to sell : and if it should cost you but 40 s. per Ounce , if you have multitude of Merchants , you may sell it for 3 l. 10 s. more or less , for 't is not what Charge it stands you in , but the greater or lesser number that hath occasion for it . Secondly , The plenty and scarcity of Commodity varies the Price , tho much above the natural Value , or below it . Thus a piece of Bread in a Siege of a Penny natural Value is oft sold for 5 s. and on the contrary , a Diamond formerly sold for 10 l. when scarce , hath by clogging the Market yielded but 5 l. tho possibly less than the Charge expended , which is the natural Value . 4. Nothing can possibly bring Gold or Silver , being of Foreign Growth into England , but the Exportation of Commodities of our own Growth or Manufacture ; or what our Natives can return from Foreign Service for their Labour , or what Foreign Travellers spend here to see the Country . 5. Nothing can possibly carry our Gold and Silver out of England , but the consuming more For●●gn Commodities at prime cost , then we get in Value for the Sale of our exported Merchandize , or what Foreign Merchants , and Mechanicks by their labour and Thrist can save he●● to return to their own Country ; Or what our Nobility and Gentry spend abroad in thei● Travels , or what our Ambassadors , Foreign Ministers , or our Armies in Foreign Countries or Mercinary Allies draw out of the Nation . So that 't is neither changing the denomination of our Coin higher or lower , above or under ●he ●●●ural Value and Market-price of the material , which quantity and use will regulate , can ●ither gain , keep , or drive away our Gold and Silver , but only the abovementioned balanc● of Trade , over or under which like Necessity will over-rule all Laws . 7. That which makes the variety of Value here at home , betwixt Gold , Silver and Bullion , is the disproportion among themselves , according as , they exceed the settled proportion by the Standard , in Use or Quantity . For Example , When there is more use for Gold , or less ●uantity in proportion than for Silver , Gold shall be dear , and exceed the Standard in the Market-price , tho the natural Value continues the same . And when there is more use for Silver , or less quantity in proportion than for Gold , Silver shall be dear , and exceed the Standard in the Market-price , tho the natural Value were the same . And when there is more use for Plate than for Mony , Plate shall be Dearest and exceed the Standard in Value , and Coining shall not only stand still , but very oft the Coin shall be melted down : For , if the qantity of Gold exceeds in proportion the Silver , Gold shall be Cheap : If Silver exceeds Gold , Silver shall be Cheap : If Mony exceeds Plate , Mony shall be Cheap , If Plate exceeds Mony , Plate shall be Cheap . And tho Mony still retains the same Denomination , it doth not always the same Value , being also over-ruled by the plenty or scarcity of other Commodities , for a Crown is not of the same Value When it will purchase but half a Bushel of Wheat , as when it can a whole one , there being then either less Corn , or more need of it , or more Chapmen that come with more Mony ; but this Variety is no prejudice to the Nation , in respect of the quantity of Gold and Silver , that being always the same ; for when we have more Mony , we have so much the less in Plate , and if more in Plate , we have the less in Mony : But notwithstanding , it is a very great damage to Trade , because Mony is living Riches , Plate but dead ; the one being capable of turning and improving Trade , but Plate is not . The Nobility's hoarding and carrying of Gold in their Pockets and the great Gaming with Gold , will raise the price above Silver , tho the proportion remains the same . From the Premisses may be concluded , that raising the value of our Mony , cannot keep it , but will give our Merchants some trouble to adjust the Parr in their Exchange and Trade abroad : Nor lowering it cannot drive it away , without bringing as much or more in the room ; but if we take no care to exceed in Exportations , all we can do , will never keep our Mony ; and if we do exceed in Exportations , all Foreigners can do , can never draw is away . Exportations must be sufficient to answer the Charges that foreign Payments , of Allies , Armies , Ambassadors , English Travellers , and returning strange Dealers , requires as well as importing Foreign Commodities , or we must still Decline . Which regulation of Trade 't is humbly conceived , may well deserve the serious Care of this Honourable House . This Duty I thought I ow'd my Country , and hope 't will give no Offence if I have been mistaken , I 'le thank any that will rectifie me . LONDON , Printed in the Year 1691.