







 
   
     
       
         A discourse of the general notions of money, trade & exchanges, as they stand in relation to each other attempted by way of aphorism : with a letter to a minister of state, further explaining the aphorisms, and applying them to the present circumstances of this nation : wherein also some thoughts are suggested for the remedying the abuses of our money / by a merchant.
         Clement, Simon.
      
       
         
           1695
        
      
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         A33408
         Wing C4638
         ESTC R38746
         17962632
         ocm 17962632
         106790
         
           
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             A discourse of the general notions of money, trade & exchanges, as they stand in relation to each other attempted by way of aphorism : with a letter to a minister of state, further explaining the aphorisms, and applying them to the present circumstances of this nation : wherein also some thoughts are suggested for the remedying the abuses of our money / by a merchant.
             Clement, Simon.
          
           38, [1] p.
           
             [s.n.],
             London printed :
             1695.
          
           
             "A merchant" is Simon Clement--cf. LCNA.
             Reproduction of original in the Bodleian Library.
          
        
      
    
     
       
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         eng
      
       
         
           Currency question -- England.
           Money.
        
      
    
     
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           A
           DISCOURSE
           OF
           THE
           
             General
             Notions
          
           OF
           Money
           ,
           Trade
           ,
           &
           Exchanges
           ,
           AS
           They
           stand
           in
           Relation
           each
           to
           other
           .
        
         
           Attempted
           by
           way
           of
           APHORISM
           :
           With
           a
           Letter
           to
           a
           Minister
           of
           State
           ,
           further
           Explaining
           the
           Aphorisms
           ,
           and
           Applying
           them
           to
           the
           present
           Circumstances
           of
           this
           Nation
           .
        
         
           Wherein
           also
           some
           Thoughts
           are
           Suggested
           for
           the
           Remedying
           the
           Abuses
           of
           our
           MONEY
           .
        
         
           
             By
             a
             Merchant
          
           .
        
         
           LONDON
           ,
           Printed
           in
           the
           Year
           ,
           1695.
           
        
      
    
     
       
         
         
         
           A
           DISCOURSE
           of
           the
           General
           Notions
           of
           
             Money
             ,
             Trade
          
           and
           Exchanges
           ,
           as
           they
           Stand
           in
           Relation
           each
           to
           other
           ,
           &c.
           
        
         
           
             CHAP.
             I.
             
          
           
             Of
             the
             Introduction
             of
             Commerce
             and
             Money
             .
          
           
             1.
             
             'T
             IS
             not
             to
             be
             Doubted
             ,
             but
             that
             the
             first
             Ages
             were
             altogether
             unacquainted
             with
             Trade
             and
             Commerce
             .
          
           
             2.
             
             For
             being
             content
             with
             the
             simple
             Productions
             of
             Nature
             ,
             every
             one
             Furnished
             themselves
             therewith
             by
             the
             Labour
             and
             Industry
             of
             their
             own
             particular
             Families
             .
          
           
             3.
             
             But
             when
             the
             World
             became
             more
             Populous
             ,
             divers
             Persons
             addicted
             themselves
             to
             more
             peculiar
             Managements
             ,
             either
             from
             the
             Propensity
             of
             their
             Genius
             ,
             or
             the
             Conveniency
             and
             Aptitude
             of
             those
             Habitations
             that
             fell
             to
             their
             Lot
             ;
             some
             Employing
             themselves
             chiefly
             in
             the
             Breeding
             of
             Cattel
             ,
             others
             of
             Corn
             ,
             some
             acquired
             Skill
             in
             Architecture
             or
             Building
             of
             Houses
             ,
             others
             Applied
             themselves
             to
             the
             Making
             of
             Utensils
             and
             other
             needful
             Conveniencies
             .
          
           
             4.
             
             And
             thus
             People
             found
             a
             greater
             Convenience
             in
             making
             use
             of
             each
             others
             Assistance
             ,
             and
             that
             they
             were
             better
             Suppli'd
             thereby
             ,
             than
             when
             they
             were
             forc'd
             to
             divert
             themselves
             from
             their
             own
             more
             peculiar
             Employments
             ,
             
             to
             Attempt
             those
             things
             for
             which
             they
             were
             not
             so
             well
             qualified
             .
          
           
             5.
             
             By
             this
             Means
             then
             was
             Commerce
             begun
             .
          
           
             6
             Yet
             in
             the
             Beginning
             't
             was
             Manag'd
             no
             otherwise
             than
             by
             Exchanging
             Commodities
             for
             Commodities
             .
          
           
             7.
             
             But
             this
             Method
             became
             very
             difficult
             ,
             when
             People
             could
             not
             readily
             find
             mutual
             Demands
             for
             those
             things
             they
             had
             to
             Exchange
             .
          
           
             8.
             
             Some
             things
             ,
             either
             by
             Reason
             of
             their
             being
             more
             Rare
             of
             Production
             ,
             or
             Requiring
             more
             Art
             or
             Labour
             to
             acquire
             them
             ,
             came
             to
             obtain
             a
             greater
             Value
             or
             Esteem
             among
             Men.
             
          
           
             9.
             
             Of
             these
             't
             is
             probable
             that
             Metals
             gain'd
             the
             first
             Estimation
             ,
             because
             of
             their
             Hardness
             ,
             and
             the
             many
             Uses
             they
             were
             Applicable
             to
             :
             And
             among
             those
             ,
             Gold
             and
             Silver
             came
             to
             be
             most
             Valued
             ,
             as
             much
             Excelling
             the
             others
             in
             the
             Perfection
             of
             their
             natural
             Fineness
             and
             Duration
             ,
             and
             being
             more
             Rare
             to
             be
             found
             .
          
           
             10.
             
             A
             small
             Bulk
             or
             Weight
             of
             these
             Finest
             Metals
             ,
             being
             Esteemed
             of
             great
             Value
             ,
             they
             were
             therefore
             made
             Choice
             of
             as
             the
             fittest
             Medium
             for
             the
             Exchange
             or
             Purchasing
             of
             all
             other
             Commodities
             .
          
           
             11.
             
             But
             as
             these
             were
             subject
             to
             be
             Adulterated
             by
             the
             Mixture
             of
             Baser
             Metals
             ,
             certain
             Standards
             were
             Agreed
             upon
             to
             Adjust
             the
             Fineness
             ;
             and
             the
             Value
             thereof
             was
             Computed
             by
             Weight
             .
          
           
             12.
             
             Yet
             that
             the
             same
             might
             become
             Currant
             ,
             and
             the
             trouble
             of
             proving
             every
             Piece
             be
             avoided
             ,
             't
             was
             found
             needful
             ,
             that
             every
             Prince
             or
             State
             should
             affix
             a
             Mark
             or
             Stamp
             on
             such
             Pieces
             as
             were
             Currant
             in
             that
             Countrey
             ;
             thereby
             giving
             Publick
             Credit
             to
             the
             Truth
             thereof
             :
             And
             this
             obtained
             the
             Name
             of
             Money
             or
             Coin.
             
          
        
         
           
           
             CHAP
             II.
             
          
           
             Of
             the
             Progress
             and
             Various
             Methods
             of
             Trade
             .
          
           
             13.
             
             MOney
             then
             becoming
             the
             Means
             whereby
             all
             things
             necessary
             for
             Human
             Life
             might
             be
             Purchased
             ,
          
           
             14.
             
             People
             exerted
             their
             utmost
             Industry
             for
             Procuring
             the
             same
             ,
             esteeming
             it
             their
             chiefest
             Treasure
             .
          
           
             15.
             
             But
             the
             Almighty
             Creator
             had
             so
             disposed
             the
             World
             ,
             that
             as
             particular
             Persons
             ,
             so
             also
             did
             different
             Nations
             ,
             stand
             in
             need
             of
             the
             various
             Productions
             of
             each
             other
             .
          
           
             16.
             
             And
             this
             made
             way
             for
             Trade
             and
             Merchandize
             ,
             by
             the
             Carrying
             and
             Vending
             the
             Commodities
             of
             one
             Countrey
             into
             another
             ;
             which
             also
             occasioned
             the
             more
             frequent
             Use
             of
             Money
             .
          
           
             17.
             
             Yet
             did
             Trade
             admit
             of
             very
             different
             Kinds
             of
             Management
             ,
             according
             to
             the
             different
             Occasions
             of
             divers
             Countries
             .
          
           
             18.
             
             Sometimes
             the
             Merchant
             carried
             his
             Goods
             to
             another
             Countrey
             ,
             and
             brought
             home
             the
             whole
             Produce
             in
             other
             Commodities
             of
             that
             Countrey
             which
             were
             required
             in
             his
             own
             ;
             sometimes
             he
             brought
             part
             Goods
             and
             part
             Money
             ;
             and
             to
             some
             Places
             he
             was
             forc'd
             to
             carry
             the
             greatest
             Value
             in
             Money
             for
             the
             Purchasing
             such
             Goods
             as
             were
             wanted
             in
             his
             own
             Countrey
             .
          
           
             19.
             
             Either
             of
             these
             Trades
             might
             be
             equally
             profitable
             to
             the
             Merchant
             ;
             but
             that
             Trade
             brings
             most
             Profit
             to
             his
             Countrey
             ,
             when
             he
             returns
             with
             most
             Money
             .
          
           
             20.
             
             Yet
             it
             may
             not
             be
             disadvantagious
             to
             a
             Nation
             ,
             to
             send
             out
             its
             Money
             for
             the
             Purchasing
             some
             Profitable
             Commodities
             ;
             if
             so
             be
             the
             Money
             they
             draw
             in
             by
             their
             
             Trade
             with
             other
             Countries
             ,
             doth
             in
             the
             whole
             surmount
             the
             Value
             they
             shall
             so
             send
             out
             .
          
           
             21.
             
             For
             by
             this
             means
             their
             People
             ,
             Beasts
             of
             Burden
             ,
             and
             Ships
             (
             where
             they
             have
             them
             )
             come
             to
             be
             employ'd
             ,
             and
             the
             greater
             Circulation
             of
             Riches
             is
             made
             among
             them
             .
          
           
             22.
             
             Nay
             even
             Superfluities
             may
             be
             admitted
             ,
             where
             they
             have
             no
             worse
             a
             Consequence
             upon
             the
             Publick
             ,
             than
             the
             drawing
             Money
             from
             those
             that
             most
             abound
             in
             Wealth
             ,
             and
             causing
             it
             to
             Circulate
             among
             the
             Needier
             sort
             who
             depend
             upon
             Trade
             .
          
           
             23.
             
             Likewise
             when
             a
             Trading
             Nation
             doth
             by
             such
             Means
             procure
             Commodities
             ,
             to
             Export
             them
             to
             other
             People
             ,
             who
             are
             less
             Industrious
             in
             serving
             themselves
             ;
             such
             a
             Trade
             is
             to
             their
             Advantage
             ,
             for
             as
             much
             as
             it
             returns
             at
             last
             with
             a
             Surplus
             of
             Money
             .
          
           
             24.
             
             From
             hence
             't
             is
             Evident
             ,
             that
             the
             Profit
             of
             a
             Trading
             People
             ,
             is
             not
             to
             be
             Computed
             from
             their
             Negotiations
             with
             any
             particular
             Countrey
             ,
             whether
             it
             be
             by
             Money
             or
             Goods
             ,
             but
             from
             the
             Ballance
             of
             their
             Trade
             in
             General
             .
          
        
         
           
             CHAP.
             III.
             
          
           
             Of
             the
             different
             Computations
             of
             Money
             in
             distinct
             Governments
             .
          
           
             25.
             
             AS
             we
             have
             already
             Noted
             ,
             that
             Money
             is
             become
             the
             Medium
             of
             all
             Commerce
             ,
             we
             are
             yet
             to
             Consider
             that
             different
             Nations
             have
             very
             different
             Computations
             of
             the
             Value
             even
             of
             this
             Medium
             .
          
           
             26.
             
             For
             distinct
             Governments
             made
             the
             Allay
             of
             their
             Metals
             Finer
             or
             Courser
             ,
             and
             gave
             their
             Coins
             such
             Denominations
             ,
             and
             as
             many
             different
             Species
             ,
             as
             they
             thought
             necessary
             to
             themselves
             ,
             without
             regard
             to
             the
             different
             Usage
             of
             their
             Neighbours
             .
          
           
           
             27.
             
             Therefore
             People
             do
             not
             currantly
             Receive
             or
             Esteem
             Foreign
             Coins
             according
             to
             the
             Value
             or
             Computation
             that
             Foreigners
             put
             upon
             them
             ;
             but
             according
             to
             the
             Weight
             that
             the
             Silver
             and
             Gold
             will
             yield
             ,
             reduced
             to
             the
             Standard
             of
             their
             own
             Countrey
             .
          
           
             28.
             
             Moreover
             ,
             Silver
             and
             Gold
             themselves
             (
             which
             we
             may
             call
             by
             the
             general
             name
             of
             Bullion
             )
             are
             to
             be
             considered
             but
             as
             a
             Finer
             sort
             of
             Commodities
             ;
             and
             as
             such
             ,
             are
             capable
             of
             Rising
             and
             Falling
             in
             Price
             ,
             and
             may
             be
             said
             to
             be
             of
             more
             or
             less
             Value
             in
             divers
             places
             ,
             according
             to
             their
             Plenty
             or
             Scarcity
             .
          
           
             29.
             
             Bullion
             then
             may
             there
             be
             reckon'd
             to
             be
             of
             the
             Higher
             Value
             ,
             where
             the
             Smaller
             Weight
             will
             purchase
             the
             Greater
             Quantity
             of
             the
             Product
             or
             Manufacture
             of
             the
             Countrey
             .
          
           
             30.
             
             And
             according
             to
             this
             Rule
             ,
             the
             Riches
             or
             Poverty
             of
             a
             Countrey
             is
             to
             be
             Computed
             ;
             even
             as
             the
             Riches
             of
             a
             Private
             Man
             is
             to
             be
             reckon'd
             from
             the
             Weight
             of
             Bullion
             he
             can
             command
             .
          
           
             31.
             
             'T
             is
             therefore
             an
             Infallible
             Demonstration
             of
             the
             decay
             of
             Wealth
             in
             any
             Countrey
             ,
             where
             they
             are
             reduced
             to
             a
             necessity
             of
             abating
             the
             Standard
             of
             their
             Coins
             ,
             or
             causing
             it
             to
             pass
             above
             its
             wonted
             Value
             ;
             because
             he
             that
             parts
             with
             his
             Commodities
             ,
             becomes
             then
             Possessor
             of
             a
             less
             Weight
             of
             Bullion
             in
             lieu
             thereof
             .
          
           
             32.
             
             Also
             when
             the
             Merchant
             Trades
             to
             such
             Countries
             from
             whence
             he
             must
             make
             his
             Returns
             in
             Bullion
             ,
             he
             doth
             not
             only
             regard
             the
             Weight
             thereof
             ,
             but
             hath
             also
             consideration
             to
             the
             Hazard
             ,
             Time
             ,
             and
             Charge
             of
             Transporting
             it
             into
             his
             own
             Countrey
             .
          
           
             33.
             
             And
             this
             Charge
             is
             sometimes
             more
             ,
             sometimes
             less
             ,
             and
             according
             to
             the
             more
             or
             less
             difficulty
             of
             Transportation
             or
             Carriage
             ,
             occasioned
             by
             War
             or
             any
             other
             Contingencies
             .
          
           
           
             34.
             
             Wherefore
             there
             can
             be
             no
             constant
             Standard
             or
             Adjustment
             made
             ,
             to
             Reduce
             the
             Computations
             of
             Foreign
             Coins
             to
             the
             exact
             Value
             of
             those
             of
             our
             own
             Countrey
             .
          
           
             35.
             
             Yet
             such
             Alterations
             upon
             these
             most
             Staple
             and
             Precious
             Commodities
             can
             never
             be
             great
             ,
             unless
             by
             some
             extraordinary
             Accidents
             ,
             which
             rarely
             happen
             .
          
           
             36.
             
             So
             that
             a
             very
             near
             Regulation
             is
             always
             made
             by
             the
             Exchanges
             :
             Of
             which
             we
             come
             next
             to
             Treat
             .
          
        
         
           
             CHAP.
             IV.
             
          
           
             Of
             the
             Introduction
             and
             Nature
             of
             Exchanges
             .
          
           
             37.
             
             IN
             taking
             Notice
             of
             the
             many
             different
             Managements
             of
             Trade
             ,
             we
             have
             before
             shewn
             ,
             That
             Trading
             People
             do
             from
             some
             places
             Import
             Bullion
             in
             Return
             of
             their
             Merchandise
             sent
             out
             ,
             and
             yet
             must
             send
             Bullion
             to
             other
             places
             ,
             for
             the
             purchasing
             of
             such
             Goods
             as
             they
             have
             need
             to
             Import
             from
             thence
             .
          
           
             38.
             
             Those
             Countries
             also
             that
             take
             Bullion
             from
             some
             places
             ,
             because
             they
             have
             no
             Occasion
             for
             the
             Commodities
             that
             they
             produce
             ,
             must
             yet
             send
             Bullion
             to
             other
             places
             ,
             to
             procure
             what
             themselves
             need
             ,
             and
             have
             not
             other
             Commodities
             to
             purchase
             .
          
           
             39.
             
             Some
             Merchants
             also
             that
             Trade
             to
             the
             same
             places
             ,
             apply
             themselves
             only
             to
             the
             Importing
             of
             Commodities
             purchas'd
             with
             their
             Money
             ;
             whereas
             others
             ,
             on
             the
             contrary
             ,
             Trade
             only
             by
             sending
             of
             their
             Goods
             to
             the
             Market
             ,
             and
             making
             their
             Returns
             by
             Money
             .
          
           
             40.
             
             To
             avoid
             then
             the
             Charge
             ,
             Trouble
             and
             Hazard
             in
             Carrying
             Money
             in
             Specie
             to
             and
             again
             for
             the
             Supplying
             all
             these
             differing
             Occasions
             ,
             the
             Method
             of
             Drawing
             and
             Remitting
             Money
             by
             Bills
             of
             Exchange
             was
             found
             out
             .
          
           
           
             41.
             
             For
             hereby
             People
             were
             mutually
             serv'd
             ,
             the
             one
             delivering
             his
             Money
             to
             the
             Person
             who
             wanted
             it
             at
             home
             ,
             to
             receive
             the
             Value
             where
             his
             Occasions
             required
             it
             abroad
             .
          
           
             42.
             
             But
             in
             this
             also
             it
             was
             difficult
             for
             particular
             Persons
             to
             find
             out
             each
             others
             Conveniencies
             .
          
           
             43.
             
             Therefore
             some
             Merchants
             applied
             themselves
             to
             study
             the
             Advantages
             of
             different
             Exchanges
             ,
             and
             made
             it
             their
             Trade
             to
             furnish
             all
             People
             according
             to
             their
             Demands
             .
          
           
             44.
             
             But
             whensoever
             the
             Demands
             for
             Bills
             to
             any
             place
             is
             greater
             ,
             than
             that
             these
             Exchangers
             can
             find
             other
             Remittances
             to
             imburse
             their
             Correspondents
             ,
             they
             are
             then
             necessitated
             to
             transport
             so
             much
             in
             Bullion
             as
             will
             make
             the
             Ballance
             .
          
           
             45.
             
             And
             here
             again
             it
             may
             be
             Noted
             ,
             That
             in
             this
             Case
             they
             are
             not
             to
             have
             regard
             to
             the
             Computations
             of
             their
             own
             Money
             ,
             but
             to
             the
             Value
             that
             the
             Foreign
             Nation
             puts
             upon
             the
             Weight
             .
          
           
             46.
             
             The
             Exchanger
             also
             takes
             such
             a
             Consideration
             from
             the
             Remitter
             ,
             as
             may
             not
             only
             pay
             his
             Charge
             and
             Hazard
             ,
             but
             also
             redound
             to
             his
             Profit
             .
          
           
             47.
             
             Yet
             this
             Praemio
             ,
             or
             Advance
             on
             the
             Exchanges
             cannot
             be
             great
             ,
             unless
             (
             as
             is
             aforesaid
             )
             upon
             some
             extraordinary
             Emergencies
             .
          
           
             48.
             
             Because
             People
             would
             then
             rather
             chuse
             to
             send
             their
             own
             Bullion
             to
             answer
             their
             particular
             Occasions
             .
          
        
         
           
           
             CHAP.
             V.
             
          
           
             Of
             the
             Rising
             and
             Falling
             of
             Exchanges
             and
             Bullion
             .
          
           
             49.
             
             AS
             we
             have
             before
             said
             ,
             That
             Bullion
             is
             capable
             of
             a
             small
             Rising
             and
             Falling
             in
             Price
             .
          
           
             50.
             
             Exchanges
             are
             also
             reciprocaly
             subject
             to
             the
             same
             Alteration
             ;
             the
             one
             being
             commonly
             influenced
             by
             the
             other
             .
          
           
             51.
             
             And
             in
             the
             Commerce
             of
             most
             Countries
             there
             are
             Times
             and
             Seasons
             when
             the
             Exchanges
             are
             subject
             to
             rise
             and
             fall
             .
          
           
             52.
             
             At
             such
             times
             when
             Ships
             usually
             come
             to
             carry
             off
             the
             Product
             of
             any
             Countrey
             ,
             the
             Exchanges
             are
             wont
             to
             Rise
             ;
             but
             when
             that
             Demand
             ceases
             ,
             the
             Exchanges
             generally
             Fall.
             
          
           
             53.
             
             These
             are
             the
             Occasions
             by
             which
             Bullion
             and
             Exchanges
             do
             ordinarily
             come
             to
             Rise
             and
             Fall
             ;
             but
             these
             Alterations
             ,
             as
             before
             Noted
             ,
             cannot
             be
             great
             .
          
           
             54.
             
             Yet
             there
             are
             some
             extraordinary
             Emergencies
             whereby
             the
             Exchanges
             ,
             and
             consequently
             Bullion
             ,
             may
             come
             to
             Advance
             much
             more
             considerably
             .
          
           
             55.
             
             As
             when
             any
             Nation
             shall
             become
             so
             profuse
             as
             to
             Expend
             more
             of
             the
             Product
             of
             other
             Commodities
             ,
             than
             the
             Value
             of
             the
             Commodities
             they
             send
             abroad
             .
          
           
             56.
             
             Or
             if
             being
             engaged
             in
             a
             Foreign
             War
             ,
             they
             shall
             be
             obliged
             to
             maintain
             an
             Army
             out
             of
             their
             own
             Countrey
             ,
             the
             Charge
             whereof
             shall
             come
             to
             exceed
             the
             whole
             Ballance
             of
             their
             Trade
             .
          
           
             57.
             
             In
             either
             of
             these
             Cases
             't
             is
             evident
             ,
             That
             what
             the
             Value
             which
             that
             Nation
             sends
             to
             Foreign
             Countries
             shall
             fall
             short
             of
             the
             Expence
             ,
             must
             unavoidably
             be
             sent
             out
             in
             Bullion
             .
          
           
           
             58.
             
             And
             as
             this
             will
             first
             cause
             the
             Exchanges
             to
             Rise
             extravagantly
             ,
             so
             the
             necessity
             of
             purchasing
             Bullion
             to
             Export
             for
             the
             satisfying
             the
             Over
             Ballance
             of
             their
             Trade
             ,
             will
             of
             Consequence
             cause
             an
             Advance
             upon
             the
             Price
             of
             Bullion
             .
          
           
             59.
             
             Neither
             can
             such
             a
             Nations
             Raising
             the
             Computation
             of
             their
             Coins
             ,
             or
             Abasing
             of
             their
             Allay
             ,
             prevent
             the
             sending
             out
             One
             Peny
             the
             less
             ;
             because
             there
             is
             no
             other
             Medium
             of
             paying
             the
             Over
             Ballance
             :
             And
             therefore
             the
             Exchange
             will
             infallibly
             Rise
             proportionable
             to
             the
             same
             Alteration
             they
             shall
             make
             in
             their
             Coins
             ;
             because
             (
             as
             is
             before
             Observed
             )
             Foreigners
             will
             only
             respect
             the
             Weight
             of
             the
             Bullion
             we
             bring
             them
             ,
             without
             having
             any
             regard
             to
             the
             Computations
             we
             put
             upon
             it
             .
          
           
             60.
             
             Such
             a
             Nation
             then
             must
             infallibly
             grow
             poor
             ,
             if
             this
             Expence
             continue
             long
             ;
             even
             as
             a
             Private
             Man
             will
             be
             Impoverished
             ,
             when
             he
             spends
             more
             than
             his
             Income
             ;
             though
             a
             Rich
             Man
             ,
             or
             Nation
             ,
             may
             hold
             it
             out
             longer
             than
             a
             Poorer
             .
          
        
         
           
             CHAP.
             VI.
             
          
           
             Of
             the
             Abuses
             of
             Money
             ,
             and
             the
             Remedies
             .
          
           
             61.
             
             THere
             is
             scarce
             any
             Nation
             that
             hath
             been
             free
             from
             the
             Practices
             of
             Ill
             Men
             to
             Corrupt
             and
             Abuse
             the
             Currant
             Coins
             .
          
           
             62.
             
             And
             this
             is
             done
             either
             by
             Counterfeiting
             the
             same
             in
             baser
             Metals
             ,
             or
             by
             Clipping
             or
             Diminishing
             the
             true
             Moneys
             .
          
           
             63.
             
             Either
             of
             these
             are
             made
             Capital
             Crimes
             in
             all
             Governments
             .
          
           
             64.
             
             To
             prevent
             the
             Counterfeiting
             ,
             the
             Government
             
             usually
             Employ
             the
             most
             curious
             Artists
             to
             make
             such
             Stamps
             as
             may
             not
             easily
             be
             imitated
             .
          
           
             65.
             
             So
             that
             for
             the
             most
             part
             ,
             this
             Abuse
             is
             discovered
             by
             those
             that
             are
             skilful
             in
             the
             Knowledge
             of
             Money
             .
          
           
             66.
             
             Yet
             there
             are
             some
             Counterfeits
             so
             neatly
             done
             ,
             that
             even
             the
             most
             skilful
             are
             sometimes
             deceived
             by
             them
             .
          
           
             67.
             
             To
             obviate
             which
             there
             is
             no
             means
             so
             certain
             as
             to
             try
             the
             Money
             by
             Weight
             ;
             for
             there
             is
             such
             a
             difference
             between
             the
             Weight
             of
             Metals
             as
             may
             Discriminate
             the
             Fraud
             .
          
           
             68.
             
             If
             any
             shall
             Attempt
             to
             make
             their
             Counterfeit
             Pieces
             of
             the
             due
             Weight
             ,
             they
             will
             so
             much
             differ
             in
             Breadth
             or
             Thickness
             ,
             as
             may
             make
             it
             discernable
             by
             the
             Eye
             :
             And
             People
             that
             want
             that
             Judgment
             ,
             may
             as
             well
             keep
             a
             Pair
             of
             small
             Calliper
             Compasses
             as
             a
             Pair
             of
             Scales
             ,
             a
             Trial
             by
             both
             which
             would
             infallibly
             discover
             all
             Frauds
             .
             And
             then
             the
             False
             Pieces
             might
             be
             ordered
             to
             be
             immediately
             broken
             ,
             and
             the
             Offerer
             questioned
             how
             he
             came
             by
             them
             .
          
           
             69.
             
             And
             this
             Method
             would
             not
             only
             destroy
             all
             the
             Bad
             Money
             as
             fast
             as
             it
             should
             be
             Discovered
             ;
             but
             also
             so
             soon
             hinder
             the
             Vent
             of
             it
             in
             Quantity
             ,
             that
             it
             must
             utterly
             discourage
             the
             Undertakers
             from
             Proceeding
             in
             a
             Business
             of
             that
             Hazard
             ,
             when
             they
             could
             make
             but
             small
             Earnings
             of
             it
             .
          
           
             70.
             
             The
             Clipping
             of
             the
             Coins
             can
             never
             be
             introduced
             ,
             but
             through
             the
             Neglect
             of
             the
             Government
             .
          
           
             71.
             
             Yet
             this
             Mischief
             hath
             proceeded
             so
             far
             in
             some
             Countries
             ,
             as
             to
             spoil
             a
             great
             Part
             of
             the
             Currant
             Coin.
             
          
           
             72.
             
             And
             though
             several
             Methods
             may
             be
             Attempted
             to
             prevent
             it
             ,
             yet
             none
             can
             ever
             prove
             Effectual
             ,
             but
             the
             Calling
             it
             all
             in
             ,
             and
             Causing
             it
             to
             be
             New
             Coin'd
             ,
             and
             the
             Loss
             made
             up
             to
             the
             Proprietors
             at
             the
             Publick
             Charge
             ,
             Prohibiting
             the
             Passing
             of
             any
             such
             for
             the
             future
             .
          
        
      
       
         
         
           A
           LETTER
           to
           a
           Minister
           of
           State
           ,
           further
           Explaining
           the
           foregoing
           Aphorisms
           ,
           and
           Applying
           them
           to
           the
           present
           Circumstances
           of
           this
           Nation
           .
        
         
           May
           it
           please
           your
           Honour
           ,
        
         
           OBserving
           the
           Remedies
           that
           have
           been
           Proposed
           for
           the
           Preventing
           the
           Carrying
           out
           the
           Bullion
           of
           this
           Kingdom
           ,
           and
           Reforming
           that
           intolerable
           Abuse
           of
           Clipping
           our
           Money
           ,
           to
           be
           different
           from
           my
           Apprehensions
           thereof
           ;
           and
           the
           Difficulty
           there
           is
           to
           convince
           People
           by
           Discourse
           ,
           That
           the
           Abasing
           of
           our
           Coin
           ,
           or
           Raising
           the
           Value
           of
           our
           Currant
           Money
           ,
           would
           prove
           no
           effectual
           Means
           for
           the
           Remedying
           of
           the
           former
           ,
           made
           me
           think
           of
           Digesting
           my
           Sentiments
           thereof
           into
           Writing
           ;
           thereby
           to
           give
           such
           Men
           who
           look
           no
           further
           than
           the
           out
           Side
           ,
           and
           search
           not
           into
           the
           Bottom
           of
           things
           ,
           a
           clearer
           Understanding
           of
           what
           Money
           is
           in
           its
           own
           Nature
           ,
           and
           how
           it
           is
           subject
           to
           Alter
           in
           its
           Value
           ,
           by
           the
           Various
           Influencies
           of
           Trade
           and
           Exchanges
           :
           But
           then
           I
           found
           it
           would
           be
           absolutely
           Necessary
           to
           give
           the
           General
           Notions
           of
           all
           these
           ,
           and
           to
           shew
           how
           they
           stood
           in
           Relation
           each
           to
           other
           .
        
         
           And
           this
           I
           have
           Attempted
           by
           way
           of
           Aphorism
           ,
           because
           I
           have
           thought
           that
           the
           most
           Concise
           Method
           of
           Arguing
           ;
           and
           which
           (
           if
           the
           Writer
           be
           not
           Mistaken
           in
           his
           Propositions
           )
           cannot
           fail
           of
           Leading
           People
           to
           the
           Truth
           ,
           without
           a
           Multitude
           of
           Words
           ,
           which
           in
           Discourses
           of
           this
           Nature
           especially
           ,
           doth
           more
           often
           Puzle
           the
           Cause
           than
           give
           a
           Clear
           Understanding
           of
           the
           Matter
           .
        
         
           Such
           then
           as
           I
           have
           been
           able
           to
           make
           them
           ,
           I
           take
           
           the
           Liberty
           humbly
           to
           Offer
           them
           to
           your
           Honours
           Perusal
           ,
           with
           a
           Resolution
           never
           to
           trouble
           the
           Publick
           with
           them
           ,
           unless
           they
           may
           seem
           so
           Valuable
           as
           to
           pass
           the
           Test
           of
           your
           Honours
           Judgment
           .
        
         
           ;
           Yet
           for
           as
           much
           I
           have
           been
           Necessitated
           to
           confine
           my self
           to
           Shortness
           ,
           and
           only
           carry
           on
           my
           Argument
           in
           General
           Terms
           ,
           I
           think
           it
           needful
           to
           add
           some
           few
           Remarks
           ,
           partly
           for
           Explanation
           ,
           and
           partly
           to
           Inlarge
           the
           Discourse
           with
           some
           necessary
           Additions
           Applicable
           to
           the
           present
           Circumstances
           of
           our
           Nation
           ,
           which
           the
           Brevity
           of
           the
           Aphorisms
           would
           not
           admit
           :
           With
           which
           I
           shall
           proceed
           in
           order
           .
        
         
           In
           the
           Second
           Chapter
           then
           I
           take
           Notice
           of
           the
           different
           Managements
           of
           Trade
           between
           Nation
           and
           Nation
           ,
           and
           conclude
           that
           the
           Profit
           of
           a
           Trading
           People
           is
           not
           to
           be
           Reckon'd
           from
           their
           Trade
           with
           any
           one
           Countrey
           ,
           but
           from
           the
           Ballance
           of
           their
           Trade
           in
           General
           .
        
         
           To
           Illustrate
           which
           Argument
           ,
           I
           will
           Instance
           in
           the
           Trade
           of
           this
           Nation
           with
           France
           in
           time
           of
           Peace
           ,
           from
           whence
           we
           brought
           a
           far
           greater
           Value
           of
           their
           Commodities
           than
           they
           Receiv'd
           of
           ours
           ;
           so
           that
           the
           Ballance
           of
           that
           Trade
           was
           in
           that
           respect
           Apparently
           to
           our
           Loss
           :
           Yet
           when
           it
           shall
           be
           Considered
           that
           we
           sent
           a
           greater
           Over
           Ballance
           of
           our
           Product
           to
           
             Spain
             ,
             Holland
          
           ,
           and
           Germany
           ,
           than
           we
           Required
           of
           their
           Productions
           ;
           it
           will
           appear
           ,
           that
           we
           had
           no
           need
           of
           sending
           out
           our
           Bullion
           ,
           but
           that
           we
           could
           Supply
           our
           Occasions
           in
           France
           ,
           by
           Remitting
           thither
           by
           Bills
           of
           Exchange
           ,
           the
           Over
           Ballance
           of
           Trade
           which
           we
           had
           with
           those
           Countries
           .
           And
           the
           Advantages
           we
           made
           to
           our selves
           by
           the
           French
           Trade
           was
           ,
           That
           it
           Employ'd
           our
           Navigation
           ,
           and
           caused
           the
           Money
           of
           such
           who
           Consumed
           those
           
           French
           Commodities
           to
           Circulate
           among
           Merchants
           ,
           and
           all
           Tradesmen
           that
           had
           a
           dependance
           upon
           that
           Business
           ,
           and
           to
           Contribute
           considerably
           to
           the
           Publick
           Revenues
           arising
           by
           the
           Customs
           ;
           neither
           may
           we
           expect
           to
           drive
           a
           Publick
           Trade
           in
           the
           World
           without
           some
           such
           seeming
           Disadvantages
           ,
           with
           more
           Reason
           ,
           than
           that
           a
           Private
           Man
           should
           Refuse
           to
           Buy
           of
           his
           Neighbour
           what
           his
           Necessity
           Requires
           ,
           and
           he
           cannot
           so
           conveniently
           procure
           from
           another
           ,
           because
           that
           Neighbour
           hath
           no
           Occasion
           to
           lay
           out
           any
           of
           his
           Money
           with
           him
           .
        
         
           Yet
           to
           Apply
           this
           last
           Instance
           to
           our
           Trade
           with
           France
           ,
           't
           is
           but
           Common
           Reason
           that
           we
           should
           rather
           chuse
           to
           reject
           theirs
           ,
           and
           use
           our selves
           to
           the
           Drinking
           of
           the
           Wines
           of
           Spain
           and
           Portugal
           ,
           since
           they
           take
           off
           much
           more
           of
           our
           Commodities
           than
           the
           French
           do
           ;
           and
           more
           especially
           ,
           since
           the
           last
           Prohibition
           with
           France
           hath
           shewn
           us
           ,
           that
           we
           might
           find
           out
           Wines
           in
           those
           Countries
           ,
           which
           are
           better
           in
           their
           own
           Nature
           ,
           and
           with
           use
           become
           even
           as
           pleasing
           as
           those
           of
           France
           .
           And
           it
           might
           be
           a
           Thought
           not
           unworthy
           the
           Consideration
           of
           our
           Government
           ,
           whether
           we
           may
           not
           Reasonably
           lay
           Four
           times
           the
           wonted
           Duty
           on
           French
           Wines
           ,
           when
           ever
           that
           Trade
           shall
           come
           to
           be
           Open
           ;
           to
           continue
           ,
           until
           that
           Prince
           shall
           Recall
           that
           extravagant
           Duty
           which
           before
           the
           War
           he
           laid
           upon
           our
           Manufactures
           ,
           amounting
           to
           little
           less
           than
           a
           Prohibition
           .
        
         
           What
           I
           Hinted
           in
           the
           Twenty
           third
           Aphorism
           of
           this
           Chapter
           ,
           may
           be
           well
           Instanced
           in
           our
           Trade
           to
           the
           Indies
           ,
           whether
           we
           sent
           considerable
           Quantities
           of
           Bullion
           ;
           for
           which
           many
           People
           were
           apt
           to
           Censure
           that
           Trade
           as
           wholly
           Prejudicial
           to
           the
           Nation
           :
           Yet
           if
           it
           shall
           appear
           ,
           that
           if
           that
           Business
           were
           well
           Managed
           ,
           
           we
           should
           be
           able
           to
           send
           so
           much
           of
           the
           Goods
           brought
           from
           thence
           to
           our
           Neighbour
           Markets
           ,
           as
           would
           return
           us
           more
           Money
           and
           Moneys
           Worth
           than
           what
           we
           first
           sent
           out
           for
           India
           ;
           they
           will
           then
           be
           fully
           Convinc'd
           that
           such
           Trades
           are
           not
           to
           be
           declin'd
           :
           And
           that
           we
           have
           so
           done
           ,
           is
           well
           known
           to
           those
           who
           understand
           Trade
           .
        
         
           From
           the
           Consideration
           of
           this
           Chapter
           also
           ,
           may
           well
           be
           Argued
           the
           Irrationality
           of
           any
           Peoples
           making
           severe
           Laws
           to
           Prohibit
           the
           Transportation
           of
           their
           Bullion
           :
           For
           the
           Experience
           of
           all
           the
           World
           shews
           ,
           That
           wheresoever
           the
           Advantages
           of
           Trade
           require
           it
           ,
           People
           do
           and
           will
           find
           ways
           enough
           for
           the
           Conveyance
           of
           a
           Commodity
           whose
           Bulk
           is
           so
           small
           .
           Neither
           can
           it
           be
           any
           Prejudice
           to
           an
           Industrious
           Trading
           Nation
           ,
           because
           the
           more
           Demand
           there
           is
           for
           its
           Exportation
           ,
           the
           higher
           the
           Price
           will
           be
           ,
           and
           that
           never
           fails
           to
           Encourage
           the
           Merchants
           ,
           whose
           Trade
           it
           suits
           with
           ,
           to
           Supply
           the
           Market
           with
           more
           .
        
         
           But
           if
           any
           one
           will
           take
           Occasion
           here
           to
           tell
           me
           ,
           that
           People
           under
           this
           Liberty
           ,
           may
           come
           to
           carry
           out
           more
           Bullion
           than
           they
           bring
           in
           ;
           I
           have
           shewn
           in
           the
           Fifth
           Chapter
           ,
           That
           any
           Nation
           that
           shall
           continue
           to
           do
           so
           ,
           must
           infallibly
           ruine
           themselves
           in
           time
           :
           But
           then
           I
           cannot
           call
           that
           an
           Industrious
           ,
           but
           an
           Improvident
           Nation
           .
        
         
           The
           Third
           Chapter
           is
           to
           Convince
           such
           of
           their
           Mistake
           ,
           who
           may
           think
           that
           Foreigners
           are
           Governed
           by
           the
           Computation
           or
           Value
           we
           put
           upon
           our
           Coins
           ;
           and
           that
           if
           we
           Raise
           its
           Worth
           amongst
           our selves
           ,
           they
           must
           be
           oblig'd
           to
           Esteem
           it
           at
           the
           same
           Rate
           ,
           or
           else
           cannot
           afford
           to
           carry
           it
           from
           us
           ;
           whereas
           I
           think
           nothing
           is
           more
           plain
           ,
           than
           that
           the
           Weight
           is
           the
           only
           True
           Standard
           of
           its
           Value
           ;
           and
           if
           we
           should
           make
           our
           
           Crowns
           to
           pass
           for
           Five
           Shillings
           and
           Six
           Pence
           ,
           the
           Exchange
           must
           Advance
           just
           Ten
           
             per
             Cent.
          
           more
           to
           answer
           it
           ;
           because
           (
           as
           it
           is
           shewn
           in
           the
           Fifth
           Chapter
           )
           if
           we
           have
           occasion
           to
           send
           out
           Bullion
           for
           the
           payment
           of
           our
           Bills
           ,
           we
           must
           send
           so
           much
           in
           Weight
           as
           will
           make
           up
           the
           Value
           which
           Foreigners
           expect
           from
           us
           ;
           and
           consequently
           not
           one
           Ounce
           the
           less
           will
           be
           sent
           out
           while
           our
           Occasions
           require
           it
           Abroad
           :
           And
           then
           the
           effect
           upon
           our selves
           will
           be
           ,
           That
           every
           Man
           will
           be
           really
           so
           much
           the
           Poorer
           ,
           as
           he
           shall
           become
           Possessour
           of
           so
           much
           the
           less
           Weight
           of
           Bullion
           for
           the
           Commodities
           he
           parts
           from
           :
           Which
           I
           take
           to
           be
           a
           general
           Declination
           of
           Riches
           in
           a
           Nation
           .
        
         
           The
           Fourth
           Chapter
           shews
           the
           Cause
           and
           Nature
           of
           Exchanges
           ;
           and
           that
           though
           some
           Men
           have
           skill
           to
           Manage
           that
           kind
           of
           business
           to
           a
           competent
           Advantage
           ,
           yet
           there
           can
           be
           no
           such
           Miracles
           wrought
           by
           it
           ,
           as
           an
           Ancient
           Writer
           hath
           imagined
           ;
           because
           it
           is
           wholly
           influenced
           by
           the
           Ballance
           of
           Trade
           between
           Nation
           and
           Nation
           ;
           and
           when
           that
           falls
           short
           ,
           it
           must
           be
           supplied
           by
           the
           sending
           of
           Bullion
           :
           For
           that
           there
           must
           always
           be
           a
           Value
           to
           answer
           the
           Draught
           ,
           or
           else
           the
           Credit
           will
           be
           broken
           :
           For
           the
           Drawing
           and
           Re-drawing
           without
           a
           Fund
           ,
           is
           only
           a
           Trick
           of
           necessitous
           Men
           ,
           and
           if
           continued
           will
           end
           in
           Loss
           and
           Ruine
           .
        
         
           The
           Fifth
           Treats
           of
           the
           Rising
           and
           Falling
           of
           Exchange
           and
           Bullion
           :
           And
           what
           I
           shall
           here
           take
           Notice
           of
           on
           that
           Head
           ,
           is
           the
           extraordinary
           Emergencies
           which
           cause
           a
           considerable
           Advance
           thereon
           ;
           and
           this
           can
           never
           happen
           ,
           but
           when
           a
           Nation
           hath
           occasion
           to
           send
           out
           more
           Bullion
           than
           it
           receives
           in
           from
           Abroad
           :
           And
           these
           may
           be
           reckon'd
           the
           Unnatural
           Affects
           of
           Trade
           ,
           and
           are
           like
           Convulsions
           in
           the
           Body
           ,
           the
           continuance
           
           whereof
           cannot
           but
           be
           Dangerous
           ;
           and
           the
           way
           to
           Remedy
           them
           ,
           is
           not
           to
           begin
           with
           the
           Effect
           (
           as
           I
           have
           before
           Observed
           ,
           in
           shewing
           the
           Deficiency
           of
           Prohibiting
           Exportation
           ,
           or
           Advancing
           the
           Value
           of
           the
           Coin
           ,
           &c
           )
           but
           to
           apply
           such
           means
           as
           may
           take
           away
           the
           Cause
           .
        
         
           How
           the
           Case
           is
           with
           us
           is
           no
           Mystery
           ,
           because
           't
           is
           Evident
           ,
           That
           the
           Charge
           of
           Maintaining
           our
           Army
           Abroad
           doth
           exceed
           the
           Ballance
           of
           our
           Trade
           ;
           yet
           the
           inevitable
           Necessity
           for
           that
           is
           such
           ,
           That
           no
           Man
           who
           loves
           his
           Countrey
           can
           grudge
           the
           Expence
           ,
           because
           we
           are
           thereby
           preserved
           from
           the
           Devastations
           ,
           Plunderings
           ,
           Sackings
           ,
           Burning
           ,
           and
           Slaughter
           ,
           which
           we
           must
           have
           been
           Subject
           to
           ,
           if
           the
           Seat
           of
           War
           had
           not
           been
           kept
           out
           of
           our
           own
           Countrey
           .
        
         
           And
           indeed
           nothing
           could
           have
           given
           so
           great
           an
           Evidence
           of
           the
           incredible
           Riches
           of
           this
           Nation
           ,
           as
           the
           being
           able
           to
           bear
           so
           great
           a
           real
           Expence
           (
           for
           I
           call
           not
           that
           so
           which
           Circulates
           amongst
           our selves
           )
           so
           many
           Years
           ,
           with
           so
           few
           Inconveniences
           as
           we
           have
           hitherto
           felt
           :
           So
           that
           we
           may
           yet
           think
           no
           worse
           of
           our selves
           ,
           than
           we
           would
           say
           of
           a
           Nobleman
           that
           might
           have
           Ten
           thousand
           Pounds
           
             per
             Annum
          
           ,
           and
           One
           hundred
           thousand
           Pounds
           in
           his
           Purse
           ,
           if
           he
           should
           be
           forc'd
           to
           Spend
           Fourty
           thousand
           Pounds
           of
           it
           in
           the
           Defence
           of
           his
           just
           Title
           to
           his
           Estate
           ,
           that
           he
           yet
           remains
           in
           a
           good
           Condition
           .
        
         
           However
           the
           Continuation
           of
           this
           Expence
           must
           in
           time
           prove
           more
           Injurious
           ;
           and
           therefore
           it
           cannot
           be
           amiss
           to
           think
           of
           some
           Expedients
           that
           might
           make
           the
           lengthening
           of
           the
           War
           less
           burdensom
           to
           us
           :
           To
           which
           I
           should
           freely
           offer
           my
           Mite
           ,
           but
           that
           I
           fear
           to
           go
           beyond
           my
           Line
           ;
           lest
           I
           might
           justly
           Incur
           the
           Censure
           due
           to
           such
           ,
           who
           being
           over
           confident
           of
           their
           own
           Notions
           ,
           
           Expose
           themselves
           ,
           by
           publishing
           their
           Thoughts
           ,
           before
           they
           have
           tried
           the
           Soundness
           of
           them
           ,
           by
           Conversing
           with
           other
           Men
           of
           better
           Judgments
           in
           those
           Matters
           than
           themselves
           .
        
         
           But
           as
           to
           the
           business
           of
           Carrying
           out
           our
           Bullion
           ,
           (
           excepting
           our
           present
           Occasion
           of
           Paying
           our
           Army
           Abroad
           )
           we
           of
           all
           Nations
           of
           Europe
           have
           least
           reason
           to
           be
           apprehensive
           of
           it
           ;
           because
           our
           own
           Native
           Commodities
           are
           so
           Valuable
           in
           most
           Foreign
           Markets
           ,
           that
           they
           turn
           to
           much
           more
           Profit
           than
           the
           Carrying
           of
           Money
           would
           .
        
         
           The
           last
           Chapter
           Discourses
           of
           the
           Abuses
           of
           Money
           ,
           and
           I
           think
           needs
           no
           Explanation
           till
           I
           come
           to
           the
           Sixty
           seventh
           and
           Sixty
           eighth
           Aphorism
           ;
           and
           I
           will
           only
           add
           to
           that
           ,
           That
           I
           think
           upon
           mature
           Consultation
           ,
           such
           a
           Scheme
           might
           be
           fram'd
           from
           that
           Foundation
           ,
           that
           might
           effectually
           answer
           the
           Design
           .
           For
           it
           is
           to
           be
           considered
           ,
           That
           upon
           the
           New
           Coining
           of
           the
           Money
           ,
           most
           Payments
           would
           be
           made
           in
           the
           Mill'd
           Crowns
           ,
           and
           Half-Crowns
           ,
           or
           in
           the
           Old
           Money
           of
           its
           true
           Weight
           ;
           and
           People
           would
           immediately
           learn
           to
           Try
           all
           their
           Money
           ,
           both
           by
           the
           Scales
           and
           the
           Calliper
           ,
           so
           that
           few
           Pieces
           would
           escape
           Three
           Hands
           ;
           for
           it
           would
           behove
           all
           People
           to
           be
           very
           Exact
           and
           Curious
           ,
           both
           to
           avoid
           the
           Loss
           and
           the
           Suspicion
           that
           the
           offering
           Bad
           Money
           would
           subject
           them
           to
           .
           And
           though
           this
           Method
           at
           the
           first
           may
           seem
           troublesom
           ,
           yet
           't
           is
           to
           be
           Considered
           that
           in
           paying
           Sums
           ,
           there
           would
           be
           no
           need
           to
           try
           many
           Pieces
           ,
           so
           that
           the
           trouble
           would
           indeed
           be
           less
           than
           now
           it
           is
           ;
           besides
           the
           Loss
           would
           be
           avoided
           ,
           and
           a
           little
           time
           would
           quite
           put
           a
           stop
           to
           it
           .
        
         
           And
           I
           will
           here
           take
           Occasion
           to
           suggest
           a
           Thought
           which
           I
           have
           had
           for
           the
           Putting
           a
           Speedy
           End
           to
           the
           
           Vexation
           ,
           Trouble
           and
           Loss
           that
           People
           Daily
           Endure
           by
           the
           Abominable
           Money
           which
           they
           are
           forc'd
           to
           Receive
           ;
           the
           Currant
           Cash
           of
           the
           Nation
           being
           in
           a
           manner
           quite
           Spoiled
           by
           Clipping
           ,
           or
           by
           the
           introducing
           a
           sort
           of
           Counterfeit
           Money
           ,
           even
           worse
           than
           that
           ,
           which
           daily
           increases
           upon
           us
           ,
           and
           will
           continue
           so
           to
           do
           as
           long
           as
           any
           Clipt
           Money
           shall
           be
           permitted
           to
           Pass
           .
        
         
           I
           would
           Propose
           then
           ,
           That
           the
           Government
           should
           Issue
           a
           Proclamation
           ,
           Declaring
           ,
           That
           for
           the
           putting
           a
           stop
           to
           the
           Abuses
           of
           the
           Money
           ,
           the
           Laws
           should
           be
           put
           in
           Execution
           against
           any
           Person
           that
           should
           presume
           to
           offer
           any
           Clipt
           Money
           after
           a
           certain
           prefixt
           Day
           .
        
         
           But
           that
           for
           the
           ease
           of
           the
           People
           ,
           Officers
           should
           be
           Appointed
           in
           the
           Tower
           of
           London
           ,
           for
           that
           City
           ,
           and
           Parts
           Adjacent
           ;
           and
           a
           convenient
           Place
           should
           be
           Appointed
           by
           the
           Magistrates
           in
           all
           the
           Cities
           and
           Market
           Towns
           through
           the
           rest
           of
           the
           Nation
           ,
           where
           the
           like
           Officers
           should
           Attend
           to
           Receive
           in
           all
           the
           Good
           Clipt
           Money
           that
           should
           be
           brought
           them
           ;
           and
           that
           they
           should
           Enter
           the
           Sum
           and
           Weight
           of
           every
           Mans
           Parcel
           in
           a
           Book
           ,
           and
           Seal
           the
           same
           up
           in
           Bags
           ,
           giving
           them
           as
           many
           Certificates
           as
           they
           please
           in
           Parchment
           ,
           to
           the
           Amount
           of
           the
           Sum
           they
           brought
           in
           .
        
         
           These
           Certificates
           ,
           with
           an
           Indorsement
           ,
           should
           be
           delivered
           from
           Man
           to
           Man
           in
           Payments
           :
           But
           if
           any
           one
           should
           doubt
           the
           verity
           thereof
           ,
           he
           might
           go
           to
           the
           Officer
           and
           Examine
           it
           .
        
         
           If
           any
           Man
           shall
           Refuse
           these
           Certificates
           ,
           and
           Demand
           to
           be
           Paid
           the
           Money
           in
           Specie
           ,
           the
           Debter
           should
           only
           be
           obliged
           to
           carry
           him
           to
           the
           Officer
           ,
           and
           calling
           for
           the
           Bag
           Certified
           ,
           count
           it
           over
           to
           him
           
           before
           the
           Officer
           ,
           and
           so
           discharge
           himself
           ;
           the
           Officer
           Sealing
           the
           Bag
           again
           ,
           as
           before
           .
        
         
           If
           any
           Persons
           should
           not
           like
           to
           have
           their
           Money
           kept
           in
           such
           Appointed
           Place
           ,
           they
           should
           have
           liberty
           to
           keep
           it
           themselves
           ,
           or
           lodge
           it
           where
           they
           please
           ,
           but
           not
           to
           open
           the
           Seal
           but
           in
           the
           presence
           of
           the
           Officer
           :
           Yet
           it
           is
           rather
           to
           be
           supposed
           that
           the
           Money
           would
           be
           in
           less
           danger
           of
           Thieves
           ,
           by
           being
           kept
           in
           a
           Strong
           Place
           ,
           secured
           by
           the
           Publick
           ,
           than
           if
           it
           were
           kept
           in
           Private
           Houses
           :
           Neither
           can
           the
           Sum
           be
           so
           large
           ,
           as
           to
           Encourage
           a
           great
           number
           to
           make
           any
           attempt
           upon
           it
           ;
           for
           there
           are
           above
           Eight
           hundred
           Market-Towns
           in
           the
           Nation
           ,
           which
           having
           One
           thousand
           Pounds
           one
           with
           the
           other
           ,
           would
           make
           Eight
           hundred
           thousand
           Pounds
           ;
           which
           perhaps
           may
           be
           double
           as
           much
           as
           will
           be
           found
           ,
           out
           of
           London
           ,
           and
           Three
           or
           Four
           of
           the
           other
           Cities
           ;
           and
           't
           is
           certain
           that
           the
           most
           will
           always
           be
           in
           the
           largest
           Towns
           ,
           and
           therefore
           most
           Secure
           .
        
         
           The
           trouble
           of
           this
           will
           be
           less
           than
           might
           at
           first
           be
           imagined
           ;
           for
           all
           people
           of
           business
           in
           the
           Countrey
           generally
           Meet
           at
           the
           Market
           ,
           where
           the
           Officers
           should
           give
           their
           attendance
           :
           So
           that
           this
           business
           would
           be
           dispatcht
           with
           as
           much
           ease
           as
           people
           could
           do
           it
           at
           home
           ,
           and
           with
           no
           hazard
           of
           losing
           by
           Bad
           Money
           .
           Neither
           would
           there
           be
           any
           injury
           offered
           to
           any
           Man
           ,
           for
           he
           that
           will
           keep
           his
           Money
           himself
           may
           ;
           he
           that
           is
           content
           to
           take
           the
           Endorsed
           Certificates
           ,
           cannot
           be
           unsecure
           ,
           because
           the
           Fund
           for
           them
           is
           unquestionable
           ,
           being
           no
           less
           than
           the
           very
           same
           Money
           ,
           which
           otherwise
           he
           should
           have
           received
           in
           Specie
           ;
           and
           he
           that
           desires
           to
           receive
           his
           Money
           by
           Tale
           ,
           as
           before
           ,
           may
           continue
           to
           do
           so
           ,
           only
           he
           must
           submit
           to
           the
           trouble
           of
           doing
           it
           before
           an
           Officer
           ,
           which
           no
           honest
           Man
           can
           think
           too
           much
           for
           the
           preventing
           such
           a
           Mischief
           .
        
         
         
           Also
           when
           there
           may
           be
           Occasion
           to
           carry
           Money
           from
           one
           Place
           to
           another
           ,
           the
           Person
           should
           have
           his
           Money
           Told
           over
           and
           Seal'd
           up
           a
           new
           ,
           his
           Old
           Certificate
           Cancell'd
           ,
           his
           Credit
           in
           the
           Book
           Discharg'd
           ,
           and
           another
           Certificate
           given
           ,
           mentioning
           to
           be
           carried
           to
           such
           a
           Place
           ;
           and
           the
           Officer
           ,
           Appointed
           for
           that
           Place
           ,
           should
           Receive
           it
           ,
           Enter
           it
           in
           his
           Book
           ,
           and
           Give
           him
           Certificates
           thereof
           as
           before
           :
           But
           to
           prevent
           Abuses
           ,
           any
           Person
           ,
           not
           well
           known
           ,
           should
           be
           Obliged
           to
           bring
           some
           Credible
           Person
           of
           the
           Place
           to
           Vouch
           for
           his
           Honesty
           .
        
         
           Some
           may
           Object
           ,
           That
           Money
           will
           be
           wanting
           to
           Supply
           the
           Running
           Cash
           ;
           but
           the
           Project
           it self
           Answers
           them
           ,
           if
           they
           Consider
           ,
           That
           all
           the
           Money
           continues
           to
           have
           the
           Effect
           of
           Running
           Cash
           ;
           for
           every
           one
           may
           take
           the
           Certificate
           as
           Low
           as
           he
           pleases
           ;
           and
           then
           the
           Circulation
           of
           a
           very
           little
           Broad
           Money
           ,
           will
           serve
           the
           Occasion
           of
           daily
           Expences
           ;
           of
           which
           there
           could
           be
           no
           want
           :
           For
           besides
           ,
           that
           most
           People
           will
           be
           able
           to
           Pick
           out
           some
           Broad
           Money
           out
           of
           the
           Parcels
           they
           have
           in
           their
           Custody
           ;
           those
           people
           who
           have
           been
           able
           to
           keep
           Money
           by
           them
           ,
           have
           made
           such
           sorry
           Money
           ,
           as
           they
           are
           forc'd
           to
           take
           ,
           serve
           for
           their
           Necessary
           Payments
           ,
           and
           laid
           up
           the
           best
           ;
           which
           they
           will
           not
           scruple
           to
           bring
           out
           ,
           when
           they
           shall
           be
           Assured
           that
           no
           more
           can
           be
           Clipt
           .
           And
           from
           this
           Reason
           it
           may
           well
           be
           supposed
           ,
           That
           the
           Quantity
           of
           Clipt
           Money
           will
           prove
           much
           less
           than
           is
           generally
           thought
           .
        
         
           Yet
           if
           the
           want
           of
           Changing
           Money
           ,
           as
           I
           may
           call
           it
           ,
           proves
           somewhat
           troublesom
           in
           some
           Places
           ,
           People
           might
           and
           would
           Invent
           Ways
           of
           helping
           themselves
           ;
           and
           this
           might
           be
           much
           better
           born
           for
           a
           while
           ,
           than
           
           the
           Continuation
           of
           so
           great
           a
           Loss
           ,
           which
           we
           see
           daily
           Growing
           upon
           us
           .
           As
           for
           the
           Poor
           ,
           the
           Overseers
           may
           be
           Oblig'd
           to
           Change
           what
           small
           Matter
           they
           have
           out
           of
           the
           Parish
           Stock
           .
        
         
           Also
           if
           this
           Method
           were
           put
           in
           Practice
           ,
           an
           exact
           Account
           would
           be
           taken
           of
           all
           the
           Clipt
           Money
           in
           the
           Kingdom
           against
           the
           next
           Sessions
           of
           Parliament
           ;
           which
           would
           much
           facilitate
           their
           Settling
           such
           a
           certain
           Tax
           upon
           the
           Publick
           ,
           as
           would
           make
           good
           the
           Loss
           ,
           and
           give
           every
           Man
           New
           Mill'd
           Weighty
           Money
           for
           the
           Clipt
           Money
           he
           had
           brought
           in
           ;
           likewise
           the
           present
           Counterfeit
           Money
           would
           be
           destroy'd
           ,
           because
           't
           is
           all
           Clipt
           .
        
         
           Neither
           need
           the
           Government
           be
           put
           to
           any
           Charge
           ,
           for
           't
           is
           Presum'd
           ,
           that
           no
           People
           who
           are
           Perplext
           with
           the
           Base
           Money
           ,
           which
           now
           they
           must
           take
           ,
           will
           bethink
           the
           giving
           Two
           Pence
           in
           the
           Pound
           to
           be
           eased
           of
           that
           Trouble
           and
           Loss
           ;
           which
           't
           is
           probable
           might
           Defray
           the
           whole
           Charge
           of
           this
           Management
           .
        
         
           I
           will
           add
           but
           one
           thing
           more
           ,
           and
           that
           is
           my
           Observation
           on
           the
           late
           Rise
           of
           Guineas
           amongst
           us
           ,
           and
           the
           Ill
           Consequence
           that
           attends
           it
           .
        
         
           The
           Reason
           that
           is
           pretended
           for
           this
           ,
           is
           the
           Badness
           of
           the
           Silver
           Money
           ;
           when
           as
           People
           should
           Consider
           ,
           That
           't
           is
           their
           own
           Fault
           if
           they
           Receive
           the
           Counterfeit
           Money
           ;
           and
           for
           the
           Clipt
           ,
           they
           may
           be
           sure
           to
           have
           it
           Exchang'd
           for
           Good
           Money
           without
           Loss
           ,
           when
           the
           Parliament
           can
           Settle
           it
           ;
           and
           then
           consequently
           (
           if
           not
           before
           )
           Guineas
           will
           fall
           again
           :
           But
           there
           will
           be
           no
           Reparation
           for
           the
           great
           Loss
           which
           such
           must
           suffer
           ,
           who
           shall
           have
           Quantities
           of
           them
           Remaining
           on
           their
           Hands
           .
        
         
           But
           some
           Argue
           ,
           That
           Gold
           is
           Risen
           Proportionably
           ,
           and
           therefore
           the
           Price
           of
           Guineas
           must
           keep
           up
           ;
           and
           that
           
           this
           doth
           not
           only
           keep
           our
           own
           Guineas
           at
           Home
           ,
           but
           also
           cause
           them
           to
           be
           brought
           over
           to
           us
           from
           Holland
           and
           other
           Places
           whither
           they
           were
           carried
           .
        
         
           But
           to
           Answer
           these
           ,
           Gold
           is
           only
           Risen
           amongst
           us
           ,
           because
           of
           the
           Rise
           of
           Guineas
           :
           And
           though
           this
           may
           make
           Gold
           to
           Advance
           also
           something
           in
           our
           Neighbour
           Countreys
           ,
           when
           they
           see
           us
           so
           Imprudent
           to
           take
           it
           from
           them
           at
           so
           high
           a
           Price
           ;
           yet
           their
           Advance
           is
           through
           our
           Demand
           ,
           and
           we
           shall
           find
           in
           the
           end
           that
           we
           may
           Buy
           Gold
           too
           Dear
           ;
           which
           our
           Neighbours
           of
           Holland
           have
           Wit
           enough
           to
           know
           ,
           and
           therefore
           they
           will
           Coin
           all
           the
           Gold
           of
           their
           own
           Countrey
           into
           Guineas
           for
           us
           ,
           if
           we
           will
           give
           them
           (
           as
           we
           lately
           did
           )
           Five
           Ounces
           of
           our
           Standard
           Silver
           for
           a
           Guinea
           ,
           which
           a
           little
           time
           before
           they
           would
           part
           with
           for
           Four
           Ounces
           :
           but
           as
           there
           is
           a
           Necessity
           for
           sending
           out
           Bullion
           for
           the
           Payment
           of
           our
           Army
           ,
           so
           if
           this
           also
           continues
           ,
           we
           may
           be
           sure
           to
           have
           but
           little
           Silver
           left
           in
           a
           short
           time
           ;
           and
           both
           our
           Silver
           and
           the
           Exchange
           to
           Holland
           is
           already
           Advanced
           ,
           yet
           more
           in
           our
           Disfavour
           by
           this
           Occasion
           .
           *
           Neither
           shall
           we
           be
           so
           Rich
           as
           those
           People
           imagine
           ,
           by
           having
           such
           High
           Prized
           Gold
           in
           the
           stead
           on
           't
           ;
           for
           those
           that
           Treasure
           it
           ,
           will
           find
           their
           Coffers
           lighter
           than
           they
           would
           have
           been
           at
           the
           Old
           Rate
           ,
           by
           near
           One
           Third
           ;
           and
           those
           that
           should
           send
           it
           to
           India
           (
           for
           we
           send
           little
           or
           none
           to
           any
           other
           Parts
           )
           would
           find
           that
           those
           People
           
           will
           give
           them
           no
           more
           of
           their
           Commodities
           for
           it
           ,
           than
           it
           would
           Purchase
           when
           it
           Cost
           them
           but
           Four
           Pounds
           per
           Ounce
           at
           Home
           ;
           and
           whether
           then
           it
           may
           not
           be
           more
           likely
           to
           Fall
           again
           to
           the
           Old
           Price
           ,
           than
           to
           keep
           up
           ,
           let
           all
           Prudent
           Men
           Judge
           .
           Moreover
           all
           that
           now
           have
           them
           ,
           know
           that
           they
           are
           Held
           up
           at
           a
           Strain'd
           Value
           ;
           and
           though
           they
           are
           forc'd
           to
           take
           them
           in
           Payment
           ,
           or
           be
           without
           their
           Money
           ,
           yet
           every
           Man
           is
           willing
           to
           be
           rid
           of
           them
           as
           soon
           as
           he
           can
           :
           So
           that
           when
           once
           they
           begin
           to
           fall
           ,
           all
           People
           will
           be
           for
           parting
           with
           them
           before
           they
           come
           Lower
           ,
           and
           so
           they
           will
           come
           to
           tumble
           down
           faster
           than
           at
           first
           they
           Rose
           .
           And
           all
           these
           Inconveniencies
           are
           brought
           upon
           us
           by
           certain
           Tricking
           Men
           amongst
           us
           ,
           that
           having
           the
           Command
           of
           large
           Cashes
           ,
           do
           contrive
           ,
           by
           such
           Means
           ,
           the
           Raising
           great
           Advantages
           to
           themselves
           by
           the
           greater
           Injury
           of
           the
           Publick
           ;
           and
           I
           am
           sorry
           to
           see
           that
           People
           are
           content
           so
           tamely
           to
           Submit
           thereto
           ,
           and
           do
           not
           represent
           these
           Mischievous
           Practices
           to
           the
           Government
           ,
           in
           order
           to
           stir
           them
           up
           to
           Apply
           some
           speedy
           Remedy
           .
        
         
           But
           before
           I
           have
           quite
           done
           ,
           I
           will
           Offer
           One
           Remark
           more
           ,
           to
           shew
           that
           notwithstanding
           what
           any
           particular
           Government
           may
           do
           amongst
           their
           own
           People
           ,
           it
           will
           yet
           be
           impossible
           to
           make
           a
           greater
           Advance
           on
           the
           Value
           of
           Silver
           and
           Gold
           through
           Europe
           ;
           because
           the
           great
           Supplies
           thereof
           ,
           which
           have
           been
           brought
           into
           these
           Parts
           of
           the
           World
           ,
           since
           the
           Discovery
           of
           those
           Rich
           Mines
           in
           America
           by
           the
           Spaniards
           ,
           have
           made
           it
           much
           more
           Plenty
           than
           it
           was
           in
           former
           Ages
           ;
           and
           while
           these
           Mines
           continue
           ,
           we
           may
           always
           expect
           a
           greater
           Increase
           ;
           by
           which
           
           Means
           its
           Value
           may
           come
           to
           be
           less
           ,
           but
           can
           never
           be
           more
           .
           *
        
         
           And
           let
           me
           add
           (
           though
           it
           be
           a
           Digression
           )
           That
           the
           Trading
           Nations
           do
           get
           the
           greatest
           Share
           of
           this
           ;
           which
           is
           the
           Cause
           why
           we
           see
           that
           the
           Potentates
           of
           those
           Trading
           Nations
           ,
           are
           become
           much
           more
           Powerful
           ,
           being
           able
           to
           Maintain
           far
           greater
           Forces
           than
           they
           could
           in
           the
           last
           Age
           :
           Whereas
           on
           the
           contrary
           ,
           we
           may
           Observe
           some
           other
           Great
           Governments
           ,
           who
           throught
           the
           Extravagant
           Expence
           of
           their
           own
           Treasure
           ,
           and
           for
           want
           of
           Trade
           ,
           and
           Industry
           to
           Acquire
           to
           themselves
           a
           Proportion
           of
           this
           General
           Increase
           of
           Riches
           ,
           are
           extreamly
           Declin'd
           in
           their
           Strength
           ,
           though
           perhaps
           their
           Territories
           may
           not
           be
           much
           less
           ,
           nor
           the
           People
           they
           Govern
           fewer
           than
           they
           were
           formerly
           .
        
         
           
             May
             it
             please
             your
             Honour
          
           ,
        
         
           My
           Thoughts
           on
           these
           things
           would
           Carry
           me
           much
           farther
           ;
           but
           when
           I
           Consider
           that
           I
           have
           already
           Toucht
           at
           divers
           Great
           and
           Weighty
           Matters
           with
           too
           Unskilful
           a
           Hand
           ,
           I
           think
           I
           have
           Adventured
           but
           too
           far
           at
           the
           first
           Attempt
           ,
           and
           therefore
           
           shall
           Close
           my
           Discourse
           with
           a
           Good
           Observation
           made
           by
           a
           late
           Ingenious
           Author
           ;
           That
           so
           Curious
           a
           Subject
           as
           Trade
           is
           ,
           would
           not
           have
           wanted
           many
           Excellent
           Discourses
           ,
           to
           shew
           the
           great
           Advantages
           it
           brings
           to
           a
           Nation
           ,
           and
           the
           Proper
           Methods
           to
           seek
           its
           Improvements
           ;
           but
           that
           Men
           of
           Learning
           are
           but
           little
           Acquainted
           with
           it
           ;
           and
           those
           that
           are
           in
           the
           Practice
           of
           it
           ,
           do
           ,
           for
           the
           most
           part
           ,
           either
           want
           Ability
           or
           Leisure
           from
           their
           Private
           Affairs
           to
           do
           their
           Countrey
           that
           Right
           .
           And
           though
           I
           have
           addicted
           my self
           to
           Search
           after
           the
           True
           Notions
           of
           these
           Matters
           ,
           beyond
           many
           other
           Merchants
           ,
           who
           have
           their
           Heads
           continually
           filled
           with
           Business
           ;
           yet
           I
           see
           my self
           so
           Defective
           in
           these
           Respects
           ,
           that
           I
           can
           rather
           Wish
           ,
           than
           ever
           Hope
           to
           be
           Master
           of
           those
           Accomplishments
           ,
           that
           might
           Render
           me
           Capable
           of
           Expressing
           my
           Thoughts
           with
           less
           Difficulty
           to
           my self
           ,
           and
           more
           Clearness
           to
           others
           ;
           And
           from
           this
           Reason
           it
           is
           ,
           that
           I
           can
           never
           Read
           over
           what
           I
           have
           Written
           ,
           without
           Mending
           some
           Faults
           ,
           or
           Espying
           others
           that
           I
           have
           not
           Skill
           enough
           to
           help
           :
           And
           I
           cannot
           but
           expect
           ,
           that
           all
           Men
           ,
           of
           your
           Honours
           Judgment
           ,
           must
           find
           yet
           a
           great
           many
           more
           ;
           for
           which
           I
           can
           make
           no
           better
           Apology
           than
           this
           ,
           by
           Acknowledging
           my
           own
           Imperfections
           ,
           and
           Begging
           your
           Honour
           only
           to
           have
           Regard
           to
           the
           Notions
           that
           I
           Aim
           at
           ;
           neither
           in
           those
           dare
           I
           to
           be
           too
           Confident
           of
           all
           that
           I
           have
           Offered
           ;
           but
           if
           your
           Honour
           shall
           think
           any
           of
           them
           to
           be
           Instructive
           ,
           I
           humbly
           pray
           you
           thereby
           to
           Esteem
           of
           the
           Good
           I
           Design'd
           to
           the
           Publick
           ,
           by
           doing
           what
           I
           was
           Able
           ,
           and
           Offering
           nothing
           but
           what
           according
           to
           my
           present
           
           Understanding
           seems
           Right
           :
           And
           I
           Promise
           your
           Honour
           ,
           That
           when
           ever
           I
           shall
           be
           Convinc'd
           to
           the
           contrary
           ,
           I
           shall
           not
           only
           be
           willing
           to
           Retract
           my
           Error
           ,
           but
           also
           to
           make
           Amends
           by
           doing
           better
           for
           the
           future
           ,
           if
           ever
           I
           shall
           be
           Capable
           ;
           and
           in
           the
           mean
           time
           I
           Crave
           Leave
           to
           Subscribe
           my self
           ,
        
         
           May
           it
           please
           your
           Honour
           ,
           
             Your
             Honours
             most
             Obedient
             Humble
             Servant
             .
          
        
      
    
     
       
         
         
           AN
           APPENDIX
           
             Offering
             some
             further
             Reasons
             against
             Raising
             the
             Value
             of
             our
             COIN
             .
          
        
         
           THE
           foregoing
           Papers
           were
           written
           last
           Summer
           ,
           in
           hopes
           that
           they
           might
           have
           been
           of
           Service
           ,
           in
           order
           to
           the
           putting
           some
           Stop
           to
           the
           daily
           Increasing
           Abuse
           of
           our
           Money
           ,
           and
           the
           Injury
           accruing
           to
           the
           Nation
           by
           the
           Extravagant
           Rise
           of
           Gold
           :
           But
           finding
           that
           the
           Government
           did
           not
           think
           fit
           to
           meddle
           in
           so
           Weighty
           a
           Matter
           out
           of
           Parliament
           ,
           the
           Publication
           was
           omitted
           till
           the
           Opening
           of
           the
           present
           Session
           .
        
         
           But
           since
           my
           having
           finisht
           the
           former
           part
           of
           this
           Discourse
           ,
           Mr.
           Lowndes
           ,
           Secretary
           to
           the
           Right
           Honourable
           the
           Lords
           of
           the
           Treasury
           ,
           and
           a
           Worthy
           Member
           of
           the
           present
           Honourable
           House
           of
           Commons
           ,
           did
           me
           the
           Honour
           to
           shew
           me
           a
           Tract
           of
           his
           upon
           the
           same
           Subject
           ;
           in
           which
           he
           hath
           given
           a
           very
           Exact
           Deduction
           of
           the
           various
           Alterations
           that
           have
           been
           made
           in
           the
           Coins
           of
           this
           Nation
           ,
           since
           the
           first
           Institution
           of
           our
           Mints
           ;
           shewing
           the
           Measures
           that
           have
           been
           taken
           from
           time
           to
           time
           for
           Regulating
           the
           Abuses
           of
           the
           Money
           ;
           and
           Proposing
           a
           Method
           for
           the
           Rectifying
           the
           present
           Defects
           thereof
           :
           The
           whole
           Discourse
           being
           most
           Ingeniously
           performed
           ,
           and
           furnisht
           with
           many
           Excellent
           Notions
           on
           that
           Subject
           ,
           worthy
           the
           Observation
           of
           all
           Curious
           Persons
           .
        
         
           Yet
           ,
           as
           he
           proposes
           that
           in
           Consideration
           of
           the
           present
           high
           Price
           of
           Bullion
           ,
           our
           Money
           ought
           to
           be
           made
           adequate
           thereto
           ,
           that
           thereby
           Encouragement
           may
           be
           given
           for
           People
           to
           bring
           in
           their
           Silver
           to
           the
           Mint
           ,
           and
           that
           there
           may
           be
           no
           Temptation
           hereafter
           for
           the
           Melting
           down
           or
           Exporting
           our
           Coin
           :
           having
           already
           given
           my
           Opinion
           so
           contrary
           thereto
           in
           the
           foregoing
           Discourse
           ,
           I
           cannot
           yet
           bring
           my
           Judgment
           to
           agree
           with
           him
           for
           the
           Raising
           
           of
           our
           Money
           to
           25
           
             per
             Cent.
          
           above
           its
           former
           Value
           :
           although
           I
           will
           confess
           ,
           That
           I
           think
           the
           System
           which
           he
           hath
           fram'd
           for
           the
           Effecting
           the
           Matter
           in
           that
           way
           ,
           to
           be
           the
           most
           compleat
           that
           can
           be
           ,
           if
           it
           shall
           be
           thought
           absolutely
           necessary
           for
           us
           to
           proceed
           upon
           the
           Foundation
           of
           Raising
           the
           Value
           of
           our
           Money
           .
        
         
           And
           although
           I
           am
           not
           willing
           to
           contravert
           this
           Point
           with
           a
           Person
           ,
           whose
           Abilities
           I
           esteem
           so
           much
           beyond
           my
           own
           ;
           yet
           forasmuh
           as
           I
           expect
           this
           Matter
           will
           become
           the
           Serious
           Debate
           of
           the
           Parliament
           ;
           and
           that
           I
           am
           very
           confident
           that
           that
           Worthy
           Gentleman
           will
           readily
           Acquiesce
           in
           whatsoever
           shall
           be
           thought
           most
           Expedient
           for
           the
           Publick
           Good
           ;
           I
           cannot
           think
           it
           will
           be
           any
           Offence
           to
           him
           ,
           if
           I
           here
           add
           some
           Reasons
           why
           I
           continue
           to
           Dissent
           from
           him
           in
           that
           Notion
           .
        
         
           First
           then
           ,
           I
           doubt
           it
           will
           not
           in
           the
           least
           measure
           prevent
           the
           Carrying
           out
           of
           our
           Bullion
           ,
           or
           Exporting
           our
           Coin
           ;
           because
           (
           as
           I
           have
           already
           shewn
           )
           if
           our
           Occasions
           shall
           continue
           to
           require
           more
           Money
           Abroad
           than
           doth
           arise
           from
           the
           Ballance
           of
           our
           Trade
           ,
           there
           can
           be
           no
           other
           way
           of
           Supplying
           it
           ,
           than
           by
           sending
           the
           Overplus
           in
           Bullion
           ;
           and
           this
           must
           be
           had
           in
           the
           full
           Quantity
           by
           Weight
           which
           shall
           be
           wanted
           :
           And
           therefore
           ,
           if
           we
           should
           advance
           the
           Value
           of
           our
           Money
           ,
           so
           as
           to
           make
           our
           present
           Crown
           pass
           amongst
           our selves
           for
           Seven
           shillings
           Six
           pence
           or
           more
           ,
           the
           Price
           of
           our
           Bullion
           would
           yet
           be
           somewhat
           higher
           .
           For
           I
           believe
           it
           may
           be
           admitted
           for
           a
           certain
           Rule
           ,
           That
           whensoever
           there
           is
           such
           a
           Demand
           ,
           the
           Price
           of
           Bullion
           will
           always
           advance
           something
           above
           our
           Coin'd
           Money
           ,
           because
           of
           the
           Penalty
           and
           Hazard
           that
           attends
           the
           Melting
           or
           Transporting
           the
           latter
           ;
           and
           yet
           notwithstanding
           that
           Hazard
           ,
           we
           see
           People
           are
           not
           to
           be
           deterr'd
           from
           it
           ,
           when
           a
           considerable
           Profit
           tempts
           them
           thereto
           ,
           by
           the
           Price
           of
           Bullion
           rising
           much
           above
           it
           ;
           so
           that
           it
           seems
           to
           me
           altogether
           as
           impossible
           to
           find
           out
           any
           Regulation
           that
           can
           keep
           our
           Silver
           ,
           either
           Coin'd
           or
           Uncoin'd
           ,
           at
           Home
           ,
           whensoever
           our
           Necessities
           Abroad
           demand
           a
           greater
           Value
           than
           the
           produce
           of
           all
           our
           Merchandize
           Exported
           can
           furnish
           ;
           as
           to
           take
           away
           the
           Effect
           ,
           while
           the
           Cause
           remains
           .
        
         
           Secondly
           ,
           I
           think
           that
           an
           Advance
           of
           Twenty
           five
           
             per
             Cent.
          
           upon
           our
           Money
           ,
           if
           it
           hath
           any
           Effect
           at
           all
           upon
           us
           ,
           must
           tend
           very
           much
           to
           the
           Impoverishment
           of
           the
           Nation
           ;
           to
           confirm
           which
           Opinion
           ,
           two
           Dilemma's
           will
           offer
           themselves
           ,
           and
           I
           know
           not
           how
           they
           can
           be
           avoided
           .
        
         
         
           For
           ,
           if
           the
           Species
           of
           our
           Coin
           be
           Rais'd
           to
           pass
           for
           one
           fourth
           part
           more
           than
           formerly
           ,
           either
           the
           Price
           of
           the
           Product
           of
           our
           Lands
           and
           Labour
           will
           rise
           in
           the
           same
           Proportion
           thereto
           ,
           or
           else
           they
           will
           be
           bought
           for
           one
           fourth
           part
           less
           than
           the
           due
           Weight
           of
           our
           present
           Coin.
           
        
         
           Now
           if
           it
           may
           be
           suppos'd
           that
           our
           Product
           will
           rise
           in
           the
           same
           Proportion
           ,
           then
           this
           Alteration
           will
           conduce
           nothing
           ,
           either
           to
           the
           Multiplying
           of
           the
           Currant
           Cash
           necessary
           for
           the
           Circulation
           of
           our
           Trade
           (
           because
           every
           Man
           will
           have
           need
           of
           the
           same
           Quantity
           of
           Silver
           and
           Gold
           in
           Weight
           as
           before
           )
           or
           to
           the
           giving
           any
           Encouragement
           for
           the
           bringing
           in
           of
           Silver
           from
           Abroad
           ,
           because
           it
           would
           really
           buy
           no
           more
           of
           our
           Goods
           to
           Transport
           than
           it
           did
           before
           :
           So
           that
           thus
           the
           Difference
           would
           be
           nothing
           more
           to
           us
           than
           in
           the
           Computation
           ,
           and
           will
           only
           appear
           in
           the
           Swelling
           of
           the
           Figures
           of
           our
           Accompts
           .
        
         
           But
           if
           this
           Alteration
           shall
           obtain
           ,
           to
           Cause
           the
           Product
           of
           our
           Lands
           and
           Labour
           to
           be
           sold
           for
           the
           same
           Computation
           of
           Pounds
           ,
           Shillings
           and
           Pence
           ,
           as
           now
           ,
           although
           the
           Coin
           will
           be
           one
           quarter
           part
           less
           in
           weight
           ;
           it
           must
           consequently
           have
           a
           very
           fatal
           Influence
           upon
           the
           Trade
           ,
           from
           whence
           we
           draw
           all
           our
           Wealth
           .
           For
           to
           instance
           in
           the
           Trade
           of
           Spain
           (
           because
           that
           is
           as
           the
           Fountain
           of
           Silver
           and
           Gold
           to
           all
           Europe
           )
           when
           the
           Merchant
           shall
           come
           to
           find
           that
           his
           Bullion
           Imported
           thence
           ,
           will
           purchase
           in
           England
           one
           quarter
           part
           of
           our
           Commodities
           more
           than
           formerly
           ,
           the
           Encouragement
           by
           this
           extravagant
           Profit
           will
           be
           so
           great
           ,
           That
           not
           only
           our
           own
           ,
           but
           foreign
           Merchants
           also
           ,
           will
           presently
           be
           at
           it
           ,
           and
           bring
           all
           their
           Bullion
           hither
           to
           lay
           out
           in
           our
           English
           Goods
           .
           And
           this
           will
           certainly
           be
           a
           Brave
           Trade
           ,
           and
           will
           seem
           to
           answer
           the
           end
           of
           drawing
           in
           Silver
           and
           Gold
           to
           us
           for
           a
           while
           :
           But
           what
           will
           follow
           ?
           Why
           ,
           in
           a
           few
           Months
           time
           ,
           the
           multitude
           of
           Seekers
           after
           this
           profitable
           Trade
           ,
           will
           have
           crouded
           the
           Spanish
           Markets
           with
           such
           gluts
           of
           our
           Goods
           ,
           that
           they
           'll
           presently
           find
           out
           the
           blind
           side
           ,
           and
           will
           infallibly
           take
           Occasion
           by
           the
           Over-plenty
           of
           Goods
           at
           Market
           ,
           to
           beat
           down
           the
           Prices
           ,
           even
           lower
           than
           the
           Twenty
           Five
           
             per
             Cent.
          
           which
           he
           hop'd
           he
           had
           gain'd
           by
           the
           Laying
           out
           his
           Money
           in
           England
           ;
           neither
           will
           they
           ever
           rife
           again
           higher
           than
           just
           to
           afford
           such
           a
           Profit
           ,
           
             pro
             rato
          
           ,
           to
           the
           Money
           ,
           which
           us'd
           to
           content
           the
           Merchant
           ,
           when
           he
           formerly
           kept
           jogging
           on
           in
           his
           Spanish
           Trade
           :
           So
           here
           our
           violent
           Start
           will
           last
           but
           a
           little
           while
           ,
           and
           ever
           after
           we
           must
           not
           expect
           ,
           that
           the
           Product
           of
           our
           Nation
           will
           afford
           us
           ,
           in
           Foreign
           
           Countries
           ,
           any
           more
           than
           three
           quarter
           parts
           of
           the
           value
           it
           yielded
           before
           this
           Alteration
           .
        
         
           But
           the
           Mischief
           will
           not
           end
           here
           ;
           for
           Foreigners
           will
           not
           be
           hereby
           perswaded
           to
           part
           with
           what
           we
           want
           of
           their
           Product
           ,
           for
           less
           weight
           of
           Bullion
           than
           they
           us'd
           to
           have
           before
           ;
           so
           that
           if
           we
           formerly
           could
           afford
           to
           consume
           amongst
           our selves
           ,
           above
           three
           quarter
           parts
           of
           the
           Produce
           of
           our
           Foreign
           Exports
           (
           which
           I
           doubt
           we
           did
           ,
           and
           yet
           were
           good
           Gainers
           by
           our
           Trade
           too
           )
           we
           shall
           then
           come
           to
           spend
           more
           than
           our
           Income
           ;
           which
           I
           am
           sure
           will
           be
           the
           way
           to
           impoverish
           us
           quickly
           ,
           unless
           we
           alter
           our
           Course
           of
           Living
           ,
           which
           a
           Nation
           that
           hath
           long
           been
           us'd
           to
           such
           Plenty
           ,
           is
           not
           apt
           to
           be
           brought
           to
           .
        
         
           Let
           us
           see
           then
           how
           this
           will
           operate
           amongst
           us
           at
           home
           :
           The
           Labourer
           and
           Manufacturer
           must
           come
           to
           take
           less
           weight
           of
           Silver
           for
           their
           Wages
           ,
           and
           yet
           must
           continue
           to
           pay
           the
           same
           weight
           as
           formerly
           ,
           for
           what
           Foreign
           Commodities
           they
           spend
           ;
           whereby
           they
           will
           be
           reduc'd
           to
           a
           necessity
           of
           faring
           harder
           ,
           and
           spending
           less
           in
           Provisions
           ,
           which
           must
           cause
           the
           Product
           ,
           and
           consequently
           the
           Rents
           of
           our
           Lands
           to
           fall
           in
           the
           same
           Proportion
           .
           The
           Gentleman
           then
           ,
           who
           lives
           upon
           the
           Rents
           of
           his
           Lands
           ,
           must
           expect
           they
           will
           fall
           one
           fourth
           part
           in
           their
           yearly
           Value
           ,
           and
           yet
           he
           must
           give
           at
           least
           Twenty
           five
           
             per
             Cent
          
           more
           for
           all
           the
           Foreign
           Commodities
           he
           spends
           ,
           which
           to
           Persons
           of
           that
           Rank
           ,
           may
           modestly
           be
           computed
           to
           affect
           them
           Ten
           
             per
             Cent.
          
           more
           ;
           so
           that
           hereby
           they
           will
           be
           reduc'd
           above
           one
           third
           part
           of
           their
           Subsistance
           .
        
         
           But
           what
           is
           yet
           worse
           ,
           there
           will
           be
           a
           stop
           put
           to
           the
           Increase
           of
           our
           Riches
           arising
           from
           Foreign
           Trade
           ,
           the
           only
           Source
           of
           National
           Wealth
           ;
           and
           that
           must
           reduce
           the
           Strength
           and
           Power
           of
           the
           Kingdom
           ,
           and
           make
           us
           unable
           to
           resist
           the
           Insults
           of
           such
           of
           our
           Neighbours
           ,
           who
           shall
           use
           more
           prudent
           Methods
           for
           the
           introducing
           Plenty
           of
           Gold
           and
           Silver
           among
           them
           :
           And
           indeed
           I
           cannot
           determine
           wherein
           the
           Happiness
           of
           a
           Nation
           ,
           Rich
           in
           that
           kind
           of
           Wealth
           consists
           ,
           above
           others
           ,
           which
           abound
           in
           plenty
           of
           all
           things
           necessary
           for
           human
           Life
           ,
           only
           in
           that
           the
           former
           are
           enabled
           to
           sustain
           the
           chargeable
           Provisions
           of
           War
           ,
           as
           it
           is
           now
           manag'd
           ,
           when
           as
           the
           latter
           must
           be
           enforc'd
           to
           submit
           to
           the
           Oppressions
           of
           others
           ,
           for
           want
           of
           such
           means
           to
           defend
           themselves
           ;
           there
           being
           nothing
           more
           plain
           ,
           than
           that
           according
           to
           the
           present
           Constitution
           of
           these
           Parts
           of
           the
           World
           ,
           he
           that
           hath
           the
           longest
           Purse
           ,
           will
           certainly
           have
           the
           longest
           Sword.
           
        
         
         
           But
           here
           will
           now
           arise
           another
           Dilemma
           ;
           for
           ,
           either
           this
           Alteration
           must
           continue
           amongst
           us
           ,
           or
           our
           Money
           will
           come
           to
           revert
           to
           its
           former
           Standard
           of
           Value
           .
           If
           the
           Alteration
           continues
           ,
           and
           have
           its
           effect
           ,
           I
           think
           the
           fatal
           consequences
           shewn
           in
           the
           foregoing
           Argument
           cannot
           be
           avoided
           :
           But
           if
           the
           Coin
           shall
           ,
           after
           such
           an
           Alteration
           ,
           return
           again
           to
           its
           old
           adjustment
           ,
           manifold
           injuries
           and
           inconveniencies
           must
           attend
           it
           ,
           of
           which
           ,
           I
           will
           offer
           a
           few
           Instances
           :
        
         
           If
           a
           Man
           hath
           lent
           Two
           thousand
           pounds
           upon
           Personal
           or
           Land
           Security
           ,
           the
           Debter
           shall
           upon
           this
           Regulation
           be
           able
           to
           pay
           off
           his
           Debt
           with
           such
           Money
           as
           will
           be
           really
           worth
           but
           One
           thousand
           six
           hundred
           Pounds
           ;
           and
           on
           the
           other
           hand
           ,
           if
           a
           Man
           borrow
           Two
           thousand
           Pounds
           of
           this
           Regulated
           Money
           ,
           and
           continue
           the
           Debt
           till
           the
           Money
           be
           again
           reform'd
           to
           its
           former
           Value
           ,
           it
           will
           cost
           him
           Five
           hundred
           pounds
           more
           than
           he
           at
           first
           receiv'd
           ,
           to
           pay
           off
           this
           Debt
           of
           Two
           thousand
           pounds
           .
           All
           Debts
           due
           from
           the
           Crown
           ,
           will
           be
           paid
           to
           the
           Lenders
           in
           one
           fourth
           part
           less
           Value
           than
           the
           Money
           Lent
           ;
           so
           likewise
           what
           Moneys
           the
           Crown
           may
           Borrow
           under
           the
           Regulation
           ,
           must
           be
           paid
           again
           after
           the
           Reformation
           thereof
           ,
           with
           the
           Addition
           of
           one
           fourth
           part
           Value
           more
           than
           Borrowed
           .
           All
           Tradesmen
           must
           on
           the
           Regulation
           ,
           receive
           but
           three
           fourth
           parts
           real
           Value
           for
           all
           the
           Debts
           they
           have
           trusted
           out
           ;
           but
           on
           the
           Reformation
           ,
           all
           People
           that
           owe
           Money
           to
           the
           Tradesmen
           ,
           must
           really
           pay
           one
           quarter
           part
           more
           than
           the
           Value
           of
           what
           they
           bought
           .
           Now
           as
           't
           is
           not
           to
           be
           thought
           but
           that
           this
           Loss
           and
           Gain
           will
           fall
           very
           unequally
           among
           the
           Mass
           of
           the
           People
           ,
           according
           as
           the
           Accidents
           of
           their
           Affairs
           may
           bring
           them
           under
           the
           Influence
           of
           it
           ;
           let
           us
           next
           Consider
           what
           Profit
           the
           Crafty
           Money'd
           Men
           may
           infallibly
           raise
           to
           themselves
           ,
           by
           taking
           the
           Natural
           Advantages
           of
           such
           Alterations
           of
           our
           Money
           .
           Suppose
           then
           a
           Banker
           ,
           worth
           Twenty
           thousand
           pounds
           of
           his
           own
           Estate
           ,
           had
           a
           Prospect
           of
           this
           Rise
           ,
           it
           will
           easily
           be
           allow'd
           ,
           that
           such
           an
           one
           by
           Drawing
           in
           all
           the
           Money
           he
           could
           into
           his
           Hands
           ,
           might
           certainly
           command
           Sixty
           thousand
           pounds
           ,
           by
           which
           Sum
           he
           will
           immediately
           upon
           the
           Propos'd
           Advance
           ,
           gain
           Fifteen
           thousand
           Pounds
           Profit
           ,
           and
           whensoever
           he
           shall
           be
           Apprehensive
           of
           a
           Reformation
           of
           the
           Money
           to
           its
           old
           Standard
           ,
           he
           may
           pay
           off
           his
           Debts
           in
           the
           Light
           Money
           ,
           and
           lay
           out
           his
           own
           Estate
           on
           good
           Securities
           or
           Purchase
           of
           Lands
           ,
           till
           it
           will
           bring
           him
           in
           the
           same
           Sum
           in
           Heavy
           Money
           ,
           and
           so
           Secure
           him
           in
           the
           aforesaid
           Profit
           .
           In
           like
           manner
           ,
           Foreigners
           may
           on
           
           the
           Prospect
           of
           so
           large
           a
           Profit
           (
           besides
           the
           Common
           Interest
           )
           bring
           Money
           into
           our
           Nation
           to
           let
           out
           on
           Valuable
           Securities
           ,
           while
           this
           Regulation
           continues
           ;
           but
           when
           the
           same
           is
           Reform'd
           ,
           will
           be
           paid
           again
           in
           Money
           worth
           Twenty
           five
           
             per
             Cent.
          
           more
           than
           what
           he
           Lent
           ;
           which
           will
           be
           so
           much
           clear
           loss
           to
           the
           Nation
           ,
           in
           as
           much
           as
           they
           Carry
           away
           from
           us
           both
           Principal
           and
           Profit
           .
           I
           shall
           only
           Note
           further
           ,
           That
           it
           will
           be
           in
           this
           as
           in
           the
           Case
           of
           Guineas
           ,
           that
           as
           some
           will
           seem
           to
           get
           ,
           and
           none
           to
           lose
           by
           it
           in
           the
           Beginning
           ,
           the
           People
           will
           admit
           it
           to
           be
           introduc'd
           without
           any
           uneasiness
           ;
           but
           when
           the
           Money
           shall
           come
           to
           be
           Reform'd
           again
           ,
           the
           Loss
           will
           affect
           them
           so
           generally
           ,
           that
           it
           may
           endanger
           the
           Raising
           of
           Mutinies
           and
           Disturbances
           among
           the
           People
           .
        
         
           Thirdly
           ,
           With
           Submission
           to
           better
           Judgments
           ,
           I
           humbly
           conceive
           that
           better
           and
           more
           effectual
           Methods
           may
           be
           provided
           ,
           for
           the
           bringing
           down
           the
           Price
           of
           Bullion
           ,
           and
           making
           it
           near
           Adequate
           to
           the
           Value
           of
           our
           Currant
           Coin
           ;
           which
           (
           as
           that
           Worthy
           Gentleman
           well
           Observes
           )
           will
           be
           the
           proper
           Means
           to
           prevent
           the
           Melting
           down
           of
           the
           one
           ,
           and
           hindring
           the
           Exportation
           of
           th'
           other
           .
           And
           that
           would
           be
           by
           bringing
           our
           Affairs
           into
           such
           a
           posture
           ,
           as
           that
           our
           Expences
           Abroad
           may
           be
           kept
           within
           the
           Compass
           of
           the
           Ballance
           of
           our
           Trade
           :
           For
           this
           ,
           and
           this
           only
           ,
           will
           be
           able
           to
           take
           away
           the
           Evil
           by
           the
           Cause
           ;
           and
           is
           of
           that
           Absolute
           Necessity
           ,
           that
           without
           it
           't
           will
           be
           impossible
           for
           us
           to
           Maintain
           an
           Army
           Abroad
           much
           longer
           ,
           without
           being
           Drain'd
           of
           all
           the
           Riches
           in
           the
           Kingdom
           .
           Which
           being
           a
           Matter
           of
           that
           great
           Consequence
           ,
           if
           I
           should
           ,
           (
           contrary
           to
           my
           Intent
           in
           the
           first
           Writing
           of
           these
           Papers
           )
           presume
           to
           Suggest
           my
           Thoughts
           of
           such
           Courses
           as
           may
           be
           requisite
           to
           be
           put
           in
           Practice
           in
           order
           to
           attain
           that
           End
           ;
           I
           hope
           I
           shall
           at
           least
           deserve
           Pardon
           ,
           if
           I
           may
           be
           mistaken
           in
           any
           of
           them
           ;
           since
           the
           deep
           Sense
           I
           have
           of
           the
           Injury
           daily
           accrewing
           to
           the
           Nation
           under
           the
           present
           Methods
           ,
           and
           my
           not
           having
           seen
           any
           thing
           of
           that
           Kind
           offer'd
           by
           Abler
           Hands
           ,
           is
           what
           prevails
           upon
           me
           thus
           to
           Expose
           my
           Humble
           Opinion
           to
           the
           Scrutiny
           of
           Stronger
           Judgments
           .
           What
           then
           occurs
           to
           me
           as
           fit
           Measures
           to
           be
           taken
           ,
           in
           order
           to
           bring
           our
           Expence
           within
           the
           Compass
           of
           the
           Ballance
           of
           our
           Trade
           ,
           I
           shall
           recommend
           in
           the
           following
           Particulars
           :
        
         
           1.
           
           By
           sending
           all
           Provisions
           necessary
           for
           the
           Sustenance
           of
           our
           Army
           Abroad
           ,
           as
           full
           and
           compleat
           as
           we
           provide
           for
           our
           Seamen
           on
           Board
           our
           Ships
           ;
           by
           which
           Means
           ,
           and
           by
           Lessening
           the
           
           Subsistence
           of
           the
           Officers
           to
           what
           should
           be
           but
           of
           absolute
           Necessity
           ,
           Reducing
           also
           all
           their
           unnecessary
           Equipages
           (
           which
           would
           be
           much
           to
           their
           Advantage
           )
           't
           is
           probable
           we
           might
           Sustain
           our
           Army
           for
           less
           than
           one
           half
           of
           the
           Money
           we
           now
           pay
           Abroad
           .
           If
           it
           should
           be
           Objected
           ,
           That
           all
           such
           Provisions
           may
           be
           had
           Cheaper
           there
           than
           we
           can
           send
           them
           from
           hence
           ;
           let
           it
           be
           considered
           ,
           That
           if
           we
           lost
           Twenty
           
             per
             Cent.
          
           in
           the
           Cost
           (
           which
           is
           not
           to
           be
           suppos'd
           )
           the
           Nation
           yet
           Gains
           Eighty
           
             per
             Cent.
          
           by
           keeping
           so
           much
           Money
           at
           Home
           :
           for
           whatsoever
           is
           sent
           out
           of
           the
           Kingdom
           ,
           is
           so
           much
           clear
           loss
           to
           it
           .
        
         
           2.
           
           It
           might
           be
           Reasonable
           ,
           That
           since
           the
           Maintaining
           so
           great
           an
           Army
           Abroad
           is
           very
           Injurious
           to
           us
           being
           an
           Island
           ,
           That
           our
           Confederates
           the
           Dutch
           might
           be
           prevail'd
           with
           to
           make
           some
           Commutation
           with
           us
           ,
           by
           their
           taking
           some
           Regiments
           off
           our
           Hands
           into
           their
           Pay
           ,
           and
           we
           to
           take
           upon
           us
           and
           Excuse
           them
           from
           as
           much
           or
           more
           Charge
           in
           the
           Sea-Service
           :
           all
           which
           would
           be
           so
           much
           sav'd
           to
           us
           ,
           whilst
           the
           Money
           Circulates
           amongst
           us
           at
           Home
           ,
           and
           no
           Injury
           to
           them
           ;
           because
           by
           a
           Treaty
           on
           this
           Foot
           ,
           we
           might
           afford
           ,
           even
           somewhat
           to
           lessen
           theirs
           ,
           and
           heighten
           our
           own
           Quota
           of
           the
           general
           Charge
           of
           the
           War.
           
        
         
           3.
           
           By
           Lessening
           our
           Expence
           of
           such
           Foreign
           Commodities
           which
           we
           can
           well
           be
           without
           ;
           which
           may
           be
           Effected
           by
           Prohibiting
           for
           a
           time
           the
           Importation
           of
           all
           sorts
           of
           Red
           Wines
           ,
           and
           all
           other
           sorts
           of
           Fruit
           and
           Wines
           ,
           except
           such
           as
           are
           of
           the
           Growth
           of
           Spain
           or
           the
           Rhine
           ;
           all
           sorts
           of
           Fine
           Linens
           ,
           and
           all
           other
           Linens
           ,
           except
           some
           few
           sorts
           to
           be
           particularly
           named
           ;
           all
           kinds
           of
           Silk
           Manufactured
           Abroad
           (
           except
           what
           comes
           from
           India
           )
           and
           making
           it
           Penal
           to
           Sell
           or
           Wear
           such
           ,
           or
           any
           sort
           of
           Foreign
           Lace
           *
           .
           For
           all
           these
           things
           ,
           conducing
           but
           to
           Luxury
           ,
           people
           may
           very
           well
           content
           themselves
           for
           a
           while
           without
           them
           ,
           when
           the
           Publick
           Weal
           of
           the
           Kingdom
           is
           so
           much
           at
           Stake
           ,
           especially
           since
           they
           will
           not
           be
           denied
           the
           Use
           of
           them
           but
           by
           degrees
           ;
           for
           it
           may
           be
           suppos'd
           that
           the
           Stock
           which
           will
           be
           in
           the
           Nation
           at
           the
           time
           of
           such
           Prohibition
           may
           last
           Two
           Years
           ;
           by
           which
           time
           't
           is
           possible
           we
           may
           be
           in
           a
           better
           Condition
           to
           Indulge
           them
           again
           .
           Moreover
           ,
           by
           this
           Means
           the
           Product
           and
           Manufactures
           of
           our
           own
           Countrey
           will
           be
           highly
           Encouraged
           ,
           and
           perhaps
           some
           of
           them
           be
           brought
           to
           that
           Perfection
           ,
           as
           that
           we
           may
           
           never
           more
           need
           Foreign
           of
           the
           same
           kind
           .
           If
           the
           Defect
           of
           the
           Revenue
           arising
           from
           the
           Customs
           should
           be
           Objected
           ,
           we
           shall
           be
           hereby
           Enabled
           the
           better
           to
           Supply
           that
           and
           more
           by
           other
           Taxes
           .
        
         
           4.
           
           By
           Reducing
           the
           price
           of
           Gold
           so
           ,
           as
           that
           People
           may
           not
           make
           Profit
           ,
           by
           sending
           out
           our
           Silver
           in
           Exchange
           for
           it
           .
        
         
           5.
           
           By
           Regulating
           our
           Money
           ,
           and
           bringing
           it
           to
           its
           just
           Standard
           ;
           by
           which
           Means
           the
           Exchanges
           between
           us
           and
           our
           Neighbours
           will
           be
           brought
           to
           be
           near
           equal
           :
           Because
           when
           the
           Money
           of
           any
           Countrey
           is
           of
           its
           True
           known
           Weight
           and
           Goodness
           ,
           it
           cannot
           fail
           to
           Obtain
           near
           the
           same
           Weight
           of
           the
           Money
           of
           any
           other
           Countrey
           alike
           Fine
           upon
           Exchange
           ,
           Allowance
           being
           only
           to
           be
           made
           for
           the
           Time
           ,
           Charge
           ,
           Hazard
           and
           Profit
           of
           the
           Exchanger
           ,
           which
           is
           called
           the
           Praemio
           ,
           and
           (
           as
           I
           have
           before
           shewn
           )
           can
           never
           be
           great
           between
           Neighbour
           Nations
           ;
           because
           People
           would
           then
           decline
           the
           Charge
           ,
           and
           Transport
           their
           own
           Money
           ,
           which
           common
           Sense
           tells
           every
           Man
           ,
           must
           needs
           be
           Valued
           at
           its
           own
           Weight
           in
           any
           Countrey
           .
           However
           ,
           to
           prevent
           Exchangers
           taking
           Advantage
           by
           the
           Demands
           of
           so
           great
           Sums
           ,
           the
           Government
           may
           enjoyn
           that
           all
           the
           Money
           they
           want
           Abroad
           ,
           may
           be
           sent
           in
           Coin
           (
           by
           which
           we
           could
           lose
           but
           the
           Coinage
           ,
           and
           that
           too
           is
           Earn'd
           by
           our
           own
           People
           )
           whenever
           they
           cannot
           get
           it
           Return'd
           by
           Exchange
           at
           a
           certain
           Moderate
           Rate
           to
           be
           set
           ;
           and
           this
           would
           Infallibly
           keep
           a
           Just
           Regulation
           upon
           the
           Prices
           of
           Bullion
           and
           Exchanges
           ,
           and
           Consequently
           bring
           more
           Silver
           to
           the
           Mint
           ,
           especially
           if
           some
           small
           Encouragement
           of
           Two
           or
           Three
           
             per
             Cent.
          
           were
           given
           by
           the
           Publick
           ,
           when
           we
           find
           Running
           Cash
           Scarce
           among
           us
           .
        
         
           6.
           
           By
           taking
           more
           Care
           in
           the
           Protection
           of
           our
           Trade
           than
           hitherto
           hath
           been
           ;
           for
           perhaps
           what
           we
           have
           Lost
           this
           Year
           by
           our
           East
           and
           West-India
           Ships
           ,
           would
           not
           have
           put
           us
           less
           than
           a
           Million
           Value
           into
           Foreign
           Parts
           ;
           and
           that
           would
           have
           sav'd
           us
           the
           sending
           out
           of
           the
           same
           Value
           in
           Silver
           ;
           which
           if
           it
           were
           duly
           Considered
           by
           our
           Government
           ,
           they
           might
           easily
           be
           perswaded
           ,
           That
           no
           part
           of
           the
           Publick
           Charge
           could
           be
           better
           employ'd
           for
           the
           Service
           of
           the
           Nation
           ,
           than
           in
           taking
           due
           Care
           of
           our
           Merchants
           Ships
           .
        
         
           By
           what
           I
           have
           said
           then
           ,
           I
           hope
           it
           will
           be
           evident
           to
           all
           Men
           that
           are
           Solicitous
           for
           the
           good
           of
           their
           Countrey
           ,
           That
           unless
           these
           or
           such
           like
           Methods
           are
           taken
           ,
           whereby
           we
           may
           be
           made
           able
           to
           Support
           our
           Foreign
           Expence
           ,
           without
           being
           Oblig'd
           to
           
           send
           out
           more
           Silver
           Yearly
           than
           we
           Receive
           in
           from
           the
           Product
           of
           our
           Trade
           with
           other
           Countreys
           ,
           the
           Scarcity
           of
           Bullion
           amongst
           us
           will
           become
           so
           great
           ,
           that
           we
           shall
           soon
           be
           put
           under
           an
           Incapacity
           of
           Maintaining
           the
           War.
           And
           ,
           I
           believe
           ,
           I
           may
           further
           presume
           to
           say
           ,
           That
           the
           Nation
           might
           be
           able
           Longer
           ,
           and
           with
           more
           Ease
           ,
           to
           bear
           Seven
           Millions
           
             per
             Annum
          
           in
           Taxes
           ,
           which
           should
           only
           be
           Expended
           ,
           and
           have
           their
           Circulation
           amongst
           our selves
           ,
           than
           to
           pay
           but
           one
           Million
           
             per
             Annum
          
           ,
           to
           be
           Exported
           in
           Silver
           while
           the
           Ballance
           of
           our
           Trade
           could
           bring
           us
           in
           none
           .
           But
           could
           we
           once
           Effect
           this
           great
           Thing
           ,
           of
           making
           the
           Product
           of
           our
           Foreign
           Trade
           Support
           our
           Foreign
           Expence
           ,
           the
           War
           would
           not
           make
           the
           Nation
           Poor
           though
           it
           should
           last
           these
           Seven
           Years
           :
           And
           I
           hope
           this
           short
           Essay
           hath
           given
           a
           Specimen
           ,
           how
           it
           may
           be
           possible
           for
           us
           to
           do
           so
           ,
           if
           we
           have
           Virtue
           enough
           to
           Retrench
           our
           Luxury
           ,
           and
           Manage
           our
           Affairs
           with
           Prudence
           and
           Integrity
           .
        
         
           And
           now
           ,
           though
           I
           have
           done
           with
           this
           Argument
           ,
           I
           cannot
           yet
           finish
           ,
           'till
           I
           have
           added
           a
           further
           thought
           touching
           the
           Reformation
           of
           the
           Money
           ,
           in
           which
           I
           heartily
           agree
           with
           that
           worthy
           Gentleman
           ,
           earnestly
           to
           recommend
           it
           as
           a
           Matter
           of
           Necessity
           ,
           to
           be
           done
           with
           as
           much
           Speed
           as
           Possible
           ;
           neither
           do
           I
           think
           ,
           there
           can
           be
           a
           better
           Method
           than
           what
           he
           hath
           proposed
           ,
           by
           Erecting
           Mints
           and
           Officers
           to
           Receive
           in
           ,
           and
           New-Coin
           the
           Money
           in
           divers
           parts
           of
           the
           Kingdom
           :
           Yet
           I
           will
           beg
           leave
           to
           offer
           as
           my
           humble
           Opinion
           ,
           That
           we
           need
           not
           at
           present
           be
           over
           Solicitous
           for
           the
           Coining
           more
           Silver
           than
           shall
           be
           Voluntarily
           brought
           in
           ;
           nor
           for
           the
           delivering
           to
           the
           Proprietors
           more
           New-Coin'd
           Money
           than
           the
           Weight
           of
           the
           Silver
           they
           bring
           ;
           and
           for
           the
           Remainder
           ,
           to
           give
           them
           Tickets
           Payable
           with
           Interest
           ,
           upon
           a
           certain
           Fond
           to
           be
           settled
           for
           that
           purpose
           ,
           till
           the
           Nation
           may
           better
           Spare
           Money
           to
           discharge
           the
           Principal
           ;
           which
           would
           certainly
           be
           more
           Currant
           than
           Money
           it self
           ,
           by
           the
           constant
           growing
           of
           the
           Interest
           .
        
         
           But
           I
           know
           the
           Doubt
           is
           ,
           That
           we
           shall
           not
           then
           have
           Money
           enough
           to
           Circulate
           in
           Trade
           :
           In
           Answer
           to
           which
           ,
           I
           would
           observe
           ,
           That
           Money
           may
           be
           considered
           to
           have
           a
           Threefold
           Use
           ,
           viz.
           for
           Treasure
           ,
           or
           Hoarding
           up
           ;
           for
           Supplying
           the
           Use
           of
           Trade
           in
           Gross
           Sums
           ;
           and
           for
           going
           to
           Market
           ,
           or
           small
           Expences
           .
           The
           Possessors
           of
           the
           first
           sort
           can
           never
           want
           Money
           ,
           and
           so
           they
           may
           be
           out
           of
           our
           Care.
           The
           Second
           is
           what
           requires
           the
           greatest
           Regard
           :
           And
           yet
           ,
           even
           now
           ,
           when
           Silver
           Money
           is
           
           the
           most
           scarce
           that
           ever
           was
           known
           in
           our
           time
           ,
           People
           do
           by
           means
           of
           the
           Plenty
           of
           Gold
           ,
           and
           the
           help
           of
           Goldsmiths
           and
           Bank-Notes
           ,
           for
           ought
           I
           can
           perceive
           ,
           make
           their
           Payments
           well
           enough
           :
           From
           whence
           I
           am
           inclin'd
           to
           think
           ,
           that
           when
           ,
           besides
           the
           present
           Banks
           ,
           the
           Land
           Banks
           also
           (
           which
           are
           now
           in
           a
           fair
           way
           of
           being
           Established
           )
           come
           to
           be
           opened
           ,
           they
           will
           Supply
           the
           place
           of
           Running
           Cash
           as
           Largely
           ,
           as
           ever
           it
           was
           in
           the
           Plentiest
           of
           Times
           ;
           for
           I
           cannot
           but
           think
           ,
           that
           Lands
           securely
           settled
           will
           be
           esteem'd
           so
           Certain
           and
           Valuable
           a
           Fond
           for
           a
           Bank
           ,
           that
           it
           must
           obtain
           as
           Solid
           a
           Credit
           ,
           as
           if
           the
           whole
           Value
           were
           Coin'd
           into
           Money
           ;
           and
           that
           it
           will
           become
           no
           less
           Serviceable
           in
           Trade
           .
           And
           when
           I
           further
           consider
           ,
           that
           our
           Clipt
           Money
           of
           the
           True
           Coin
           ,
           was
           Plenty
           enough
           before
           the
           rise
           of
           Guineas
           ,
           and
           the
           Introduction
           of
           the
           Counterfeit
           Money
           that
           is
           now
           so
           Common
           ,
           but
           soon
           after
           did
           for
           the
           most
           part
           vanish
           away
           ;
           I
           am
           ready
           to
           Conclude
           ,
           that
           upon
           the
           Apprehension
           of
           its
           being
           Called
           in
           ,
           and
           the
           Loss
           made
           up
           by
           the
           Government
           ,
           People
           chose
           to
           Lay
           it
           by
           ,
           and
           make
           the
           Guineas
           and
           False
           Money
           serve
           for
           their
           Running
           Cash
           ,
           as
           what
           they
           were
           willing
           to
           be
           rid
           of
           ,
           as
           soon
           as
           they
           could
           ,
           for
           fear
           of
           a
           Loss
           at
           last
           ;
           but
           in
           as
           much
           as
           the
           Clipt
           Money
           is
           not
           worth
           the
           Melting
           down
           ,
           I
           expect
           it
           will
           be
           brought
           out
           again
           in
           greater
           Plenty
           than
           People
           may
           imagine
           from
           the
           present
           Appearance
           of
           it
           ,
           when
           it
           shall
           be
           Called
           in
           to
           be
           Chang'd
           ;
           neither
           is
           it
           to
           be
           doubted
           ,
           but
           that
           considerable
           Quantities
           of
           the
           Old
           Unclipt
           Money
           will
           appear
           again
           ,
           when
           our
           Coin
           shall
           be
           Regulated
           :
           So
           that
           I
           am
           of
           the
           Judgment
           ,
           that
           by
           all
           these
           Means
           ,
           the
           Circulation
           of
           the
           Larger
           Payments
           will
           become
           much
           easier
           than
           now
           :
           And
           then
           for
           the
           Lesser
           Expences
           ,
           so
           small
           a
           Quantity
           will
           Supply
           that
           Occasion
           ,
           that
           it
           cannot
           be
           wanting
           .
        
         
           FINIS
           .
        
      
       
         
         
           POSTSCRIPT
           .
        
         
           UPon
           further
           Discourse
           with
           the
           forementioned
           worthy
           Gentleman
           ,
           he
           offer'd
           me
           a
           very
           weighty
           Objection
           against
           the
           New-Coining
           of
           our
           Money
           to
           the
           old
           Weight
           :
           For
           that
           the
           Nation
           is
           at
           this
           time
           very
           Largely
           Indebted
           to
           Foreigners
           ,
           as
           well
           for
           the
           great
           Quantities
           of
           Gold
           they
           have
           of
           late
           brought
           us
           ,
           as
           otherwise
           ;
           which
           because
           of
           the
           high
           Price
           of
           Bullion
           ,
           and
           the
           Exchange
           ,
           they
           have
           not
           yet
           been
           able
           to
           withdraw
           ;
           but
           will
           certainly
           carry
           it
           away
           in
           the
           New
           Moneys
           ,
           as
           soon
           as
           the
           same
           shall
           be
           made
           of
           its
           old
           Weight
           .
           To
           which
           I
           can
           give
           no
           better
           Answer
           ,
           than
           that
           I
           am
           sorry
           that
           we
           have
           been
           so
           Negligent
           in
           not
           Preventing
           the
           Cause
           ;
           for
           I
           doubt
           the
           Consequence
           is
           too
           Natural
           to
           be
           easily
           avoided
           :
           And
           therefore
           I
           must
           refer
           it
           to
           abler
           Heads
           than
           my
           own
           ,
           to
           Consider
           ,
           Whether
           we
           were
           not
           even
           better
           to
           Submit
           to
           bear
           that
           Loss
           ,
           than
           to
           draw
           upon
           our selves
           the
           Fatal
           Inconveniencies
           I
           have
           before
           mentioned
           .
        
         
           Yet
           I
           will
           add
           a
           sudden
           Thought
           ,
           Whether
           we
           might
           not
           upon
           this
           Occasion
           lay
           a
           Temporary
           Duty
           of
           Sixpence
           per
           Ounce
           upon
           all
           Bullion
           to
           be
           Transported
           ;
           admitting
           none
           to
           be
           entred
           Out
           ,
           but
           such
           of
           which
           due
           Proof
           was
           made
           of
           its
           Importation
           ;
           and
           not
           only
           Confiscating
           all
           that
           should
           be
           found
           Shipt
           without
           Entry
           ,
           but
           adding
           very
           severe
           Penalties
           upon
           all
           that
           shonld
           be
           Concern'd
           therein
           :
           And
           a
           little
           Diligence
           in
           the
           Execution
           of
           this
           ,
           might
           quickly
           Operate
           so
           far
           upon
           those
           wary
           People
           ,
           who
           are
           the
           Common
           Traders
           that
           way
           ,
           as
           that
           they
           might
           rather
           chuse
           to
           pay
           a
           Duty
           of
           Ten
           
             per
             Cent.
          
           than
           Run
           so
           great
           a
           Hazard
           without
           it
           .
        
         
         
      
       
         Notes, typically marginal, from the original text
         
           Notes for div A33408-e1090
           
             *
             I
             am
             not
             Ignorant
             that
             it
             's
             common
             among
             Merchants
             to
             call
             the
             Exchange
             to
             Holland
             Falling
             ,
             when
             the
             Dutch
             give
             fewer
             Schillings
             for
             our
             Pound
             ,
             and
             this
             indeed
             may
             well
             be
             Reckon'd
             Falling
             in
             their
             Favour
             ;
             but
             with
             respect
             to
             us
             ,
             if
             we
             could
             formerly
             Purchase
             Thirty
             five
             Schillings
             for
             our
             Twenty
             Shillings
             ,
             whereas
             we
             must
             now
             Pay
             Twenty
             five
             Shillings
             for
             the
             like
             Number
             of
             
               Dutch
               Schillings
            
             ,
             I
             am
             sure
             we
             may
             more
             Properly
             say
             't
             is
             Risen
             Twenty
             five
             
               per
               Cent.
            
             to
             us
             .
          
           
             *
             Since
             Writing
             the
             above
             ,
             I
             am
             Inform'd
             by
             very
             Worthy
             and
             Knowing
             Persons
             ,
             That
             within
             late
             Years
             ,
             very
             Rich
             Mines
             of
             Gold
             have
             been
             Open'd
             in
             the
             East-Indies
             ;
             so
             that
             we
             should
             not
             only
             have
             no
             need
             hereafter
             to
             send
             Gold
             thither
             ,
             but
             that
             Gold
             might
             be
             brought
             from
             thence
             Purchas'd
             with
             Silver
             ,
             to
             yield
             in
             Europe
             Sixty
             to
             Eighty
             
               per
               Cent.
            
             Profit
             ;
             from
             whence
             we
             may
             certainly
             expect
             ,
             That
             the
             Value
             of
             Gold
             must
             ,
             in
             some
             short
             time
             ,
             become
             of
             less
             Worth
             in
             Proportion
             to
             Silver
             than
             it
             hath
             been
             formerly
             .
          
        
         
           Notes for div A33408-e1960
           
             *
             I
             know
             this
             may
             be
             Thought
             Hard
             to
             some
             People
             ,
             whose
             Trades
             chiefly
             Depend
             upon
             such
             Commodities
             :
             But
             I
             think
             we
             ought
             to
             have
             more
             Regard
             to
             the
             Publick
             Good
             of
             our
             Countrey
             ,
             than
             to
             any
             such
             ,
             who
             will
             not
             be
             Content
             for
             its
             sake
             to
             Divert
             their
             Trades
             ,
             and
             Shift
             as
             well
             as
             they
             can
             for
             a
             Year
             or
             two
             .
          
        
      
    
  

