







 
   
     
       
         Sir William Petty his Quantulumcunque concerning money to the Lord Marquess of Halyfax, anno 1682.
         Quantulumcunque concerning money
         Petty, William, Sir, 1623-1687.
      
       
         
           1695
        
      
       Approx. 24 KB of XML-encoded text transcribed from 8 1-bit group-IV TIFF page images.
       
         Text Creation Partnership,
         Ann Arbor, MI ; Oxford (UK) :
         2003-11 (EEBO-TCP Phase 1).
         A54623
         Wing P1935
         ESTC R22441
         12363539
         ocm 12363539
         60336
         
           
            This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Early English Books Online Text Creation Partnership. This Phase I text is available for reuse, according to the terms of
             Creative Commons 0 1.0 Universal
            . The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission.
          
        
      
       
         Early English books online.
      
       
         (EEBO-TCP ; phase 1, no. A54623)
         Transcribed from: (Early English Books Online ; image set 60336)
         Images scanned from microfilm: (Early English books, 1641-1700 ; 220:27)
      
       
         
           
             Sir William Petty his Quantulumcunque concerning money to the Lord Marquess of Halyfax, anno 1682.
             Quantulumcunque concerning money
             Petty, William, Sir, 1623-1687.
          
           [2], 157-167 p.
           
             Printed for A. and J. Churchill ...,
             London :
             1695.
          
           
             Reproduction of original in University of Chicago Library.
          
        
      
    
     
       
         Created by converting TCP files to TEI P5 using tcp2tei.xsl, TEI @ Oxford.
         Re-processed by University of Nebraska-Lincoln and Northwestern, with changes to facilitate morpho-syntactic tagging. Gap elements of known extent have been transformed into placeholder characters or elements to simplify the filling in of gaps by user contributors.
      
       
         EEBO-TCP is a partnership between the Universities of Michigan and Oxford and the publisher ProQuest to create accurately transcribed and encoded texts based on the image sets published by ProQuest via their Early English Books Online (EEBO) database (http://eebo.chadwyck.com). The general aim of EEBO-TCP is to encode one copy (usually the first edition) of every monographic English-language title published between 1473 and 1700 available in EEBO.
         EEBO-TCP aimed to produce large quantities of textual data within the usual project restraints of time and funding, and therefore chose to create diplomatic transcriptions (as opposed to critical editions) with light-touch, mainly structural encoding based on the Text Encoding Initiative (http://www.tei-c.org).
         The EEBO-TCP project was divided into two phases. The 25,363 texts created during Phase 1 of the project have been released into the public domain as of 1 January 2015. Anyone can now take and use these texts for their own purposes, but we respectfully request that due credit and attribution is given to their original source.
         Users should be aware of the process of creating the TCP texts, and therefore of any assumptions that can be made about the data.
         Text selection was based on the New Cambridge Bibliography of English Literature (NCBEL). If an author (or for an anonymous work, the title) appears in NCBEL, then their works are eligible for inclusion. Selection was intended to range over a wide variety of subject areas, to reflect the true nature of the print record of the period. In general, first editions of a works in English were prioritized, although there are a number of works in other languages, notably Latin and Welsh, included and sometimes a second or later edition of a work was chosen if there was a compelling reason to do so.
         Image sets were sent to external keying companies for transcription and basic encoding. Quality assurance was then carried out by editorial teams in Oxford and Michigan. 5% (or 5 pages, whichever is the greater) of each text was proofread for accuracy and those which did not meet QA standards were returned to the keyers to be redone. After proofreading, the encoding was enhanced and/or corrected and characters marked as illegible were corrected where possible up to a limit of 100 instances per text. Any remaining illegibles were encoded as <gap>s. Understanding these processes should make clear that, while the overall quality of TCP data is very good, some errors will remain and some readable characters will be marked as illegible. Users should bear in mind that in all likelihood such instances will never have been looked at by a TCP editor.
         The texts were encoded and linked to page images in accordance with level 4 of the TEI in Libraries guidelines.
         Copies of the texts have been issued variously as SGML (TCP schema; ASCII text with mnemonic sdata character entities); displayable XML (TCP schema; characters represented either as UTF-8 Unicode or text strings within braces); or lossless XML (TEI P5, characters represented either as UTF-8 Unicode or TEI g elements).
         
          Keying and markup guidelines are available at the
           Text Creation Partnership web site
          .
        
      
       
         
         
      
    
     
       
         eng
      
       
         
           Money -- England.
           Foreign exchange -- England.
        
      
    
     
        2003-07 TCP
        Assigned for keying and markup
      
        2003-07 Apex CoVantage
        Keyed and coded from ProQuest page images
      
        2003-08 Mona Logarbo
        Sampled and proofread
      
        2003-08 Mona Logarbo
        Text and markup reviewed and edited
      
        2003-10 pfs
        Batch review (QC) and XML conversion
      
    
  
   
     
       
         
         
         
           SIR
           WILLIAM
           PETTY
           HIS
           Quantulumcunque
           CONCERNING
           MONEY
           .
        
         
           
             To
             the
             Lord
             Marquess
             of
             Halyfax
             ,
          
           ANNO
           1682.
           
        
         
           LONDON
           :
        
         
           Printed
           for
           A.
           and
           J.
           CHURCHILL
           ,
           at
           the
           Black
           Swan
           ,
           in
           Paternoster
           Row
           ,
           1695.
           
        
      
    
     
       
         
         
         
           Sir
           William
           Pettys
           
             Quantulumcunque
          
           concerning
           Money
           ,
           1682.
           
        
         
           To
           the
           Lord
           Marquess
           of
           
             Halyfax
             .
          
        
         
           SUPPOSE
           that
           
             20s
             .
          
           of
           new
           mill'd
           Money
           doth
           weigh
           4
           Ounces
           
             Troy
             ,
          
           according
           to
           Custom
           or
           Statute
           .
           Suppose
           that
           
             20s
             .
          
           of
           old
           
             Eliz.
          
           and
           
             James's
          
           Money
           ,
           which
           ought
           also
           to
           weigh
           4
           Ounces
           
             Troy
             ,
          
           doth
           weigh
           3
           Ounces
           
             Troy
             ;
          
           and
           very
           variously
           between
           3
           and
           4
           Ounces
           ,
           
             viz.
          
           none
           under
           3
           ,
           and
           none
           full
           4.
           
        
         
           Suppose
           that
           much
           of
           the
           new
           mill'd
           regular
           Money
           is
           carried
           into
           the
           
             East-Indies
             ,
          
           but
           none
           of
           the
           old
           light
           and
           unequal
           Money
           .
        
         
           
             QUESTIONS
             .
          
           
             
               Qu.
               1.
               
               
                 Whether
                 the
                 old
                 unequal
                 Money
                 ought
                 to
                 be
                 new
                 Coined
                 ,
                 and
                 brought
                 to
                 an
                 equality
                 ?
              
            
          
           
             
               
                 Answ.
              
               It
               ought
               :
               Because
               Money
               made
               of
               Gold
               and
               Silver
               is
               the
               best
               Rule
               of
               Commerce
               ,
               and
               must
               therefore
               be
               equal
               ,
               or
               else
               it
               is
               no
               Rule
               ;
               and
               consequently
               no
               Money
               ,
               and
               but
               bare
               Metal
               which
               was
               Money
               before
               it
               was
               worn
               and
               abused
               into
               Inequality
               .
            
          
           
             
               Qu.
               2.
               
               
                 At
                 whose
                 Charge
                 ?
              
            
          
           
             
               
                 Answ.
              
               At
               the
               States
               Charge
               ,
               as
               now
               it
               is
               :
               Because
               the
               Owner
               was
               no
               cause
               of
               its
               Inequality
               ,
               but
               the
               States
               neglect
               in
               (
               not
               )
               preventing
               and
               punishing
               such
               Abuses
               ,
               which
               are
               remedied
               by
               new
               Coinage
               .
            
          
           
             
             
               Qu.
               3.
               
               
                 Of
                 what
                 weight
                 and
                 fineness
                 ought
                 the
                 new
                 Shiling
                 to
                 be
                 ?
              
            
          
           
             
               
                 Answ.
              
               Of
               the
               same
               with
               the
               other
               present
               new
               Money
               ,
               and
               which
               the
               old
               was
               of
               ,
               when
               it
               was
               new
               :
               Because
               all
               must
               be
               like
               ,
               all
               according
               to
               the
               Statute
               ;
               and
               all
               fit
               to
               pay
               ancient
               Debts
               ,
               according
               to
               what
               was
               really
               lent
               .
            
          
           
             
               Qu.
               4.
               
               
                 Suppose
                 20s
                 .
                 of
                 old
                 Money
                 may
                 make
                 but
                 18s
                 .
                 of
                 new
                 ,
                 who
                 shall
                 bear
                 the
                 loss
                 of
                 the
                 two
                 shillings
                 ?
              
            
          
           
             
               
                 Answ.
              
               Not
               the
               States
               :
               Because
               men
               would
               clip
               their
               own
               Money
               :
               But
               the
               owner
               himself
               must
               bear
               the
               loss
               ,
               because
               he
               might
               have
               refused
               light
               and
               defective
               Money
               ,
               or
               put
               it
               away
               in
               time
               ;
               it
               being
               sufficient
               that
               he
               shall
               have
               new
               regular
               beautiful
               Money
               for
               his
               old
               unequal
               Money
               ,
               at
               the
               States
               Charge
               ,
               Ounce
               for
               Ounce
               weight
               .
               *
            
          
           
             
             
               Qu.
               5.
               
               
                 After
                 this
                 Reformation
                 of
                 Coin
                 ,
                 Will
                 more
                 Silver
                 be
                 carried
                 out
                 of
              
               England
               ,
               
                 suppose
                 into
                 the
              
               East-Indies
               ,
               
                 then
                 before
                 ;
                 and
                 to
                 the
                 Damage
                 of
              
               England
               ?
            
          
           
             
               
                 Answ.
              
               Somewhat
               more
               :
               But
               none
               to
               the
               Damage
               of
               
                 England
                 ,
                 Eo
                 Nomine
                 ;
              
               but
               rather
               to
               its
               Profit
               :
               Because
               the
               Merchant
               will
               be
               considered
               for
               the
               Manufacture
               of
               the
               new
               Money
               ;
               besides
               the
               Metal
               of
               it
               ,
               as
               he
               only
               was
               when
               he
               carried
               out
               
                 Spanish
              
               Reals
               .
            
          
           
             
               Qu.
               6.
               
               
                 Whereas
                 the
                 Merchant
                 carries
                 Scarlet
                 and
                 Silver
                 to
                 the
              
               Indies
               ,
               
                 will
                 he
                 not
                 now
                 carry
                 only
                 the
                 new
                 coined
                 Silver
                 ?
              
            
          
           
             
               
                 Answ.
              
               The
               Merchant
               will
               buy
               as
               much
               Scarlet
               as
               he
               can
               for
               100
               new
               Shillings
               ,
               and
               then
               consider
               whether
               he
               shall
               get
               more
               Silk
               in
               the
               
                 Indies
              
               for
               that
               Scarlet
               than
               for
               another
               100
               of
               the
               like
               Shillings
               :
               And
               ,
               according
               to
               this
               Conjecture
               ,
               he
               will
               carry
               Scarlet
               or
               Shillings
               
                 in
                 specie
                 ,
              
               or
               part
               one
               ,
               part
               the
               other
               ,
               if
               he
               be
               in
               doubt
               .
            
          
           
             
               Qu.
               7.
               
               
                 But
                 will
                 not
              
               England
               
                 be
                 impoverished
                 by
                 Merchants
                 carrying
                 out
                 the
                 said
              
               100
               
                 Shillings
                 ?
              
            
          
           
             
               
                 Answ.
              
               No
               ,
               if
               he
               brings
               home
               for
               them
               as
               much
               Silk
               as
               will
               yield
               above
               100
               Shillings
               (
               perhaps
               200
               Shillings
               )
               in
               
                 Spain
                 ,
              
               and
               then
               bring
               the
               same
               200
               into
               
                 England
                 :
              
               Or
               ,
               if
               he
               bring
               home
               as
               much
               Pepper
               as
               an
               
                 English
              
               man
               will
               
               give
               him
               200
               of
               the
               like
               Shillings
               for
               .
               So
               the
               Merchant
               and
               
                 England
              
               shall
               both
               Gain
               by
               Exporting
               the
               100
               Shillings
               .
            
          
           
             
               Qu.
               8.
               
               
                 But
                 if
                 the
                 new
                 Shilling
                 were
                 but
              
               ¾
               
                 ths
                 of
                 the
                 weight
                 as
                 formerly
                 ,
                 then
                 the
                 Merchant
                 would
                 not
                 meddle
                 with
                 them
                 at
                 all
                 ,
                 and
                 so
                 secure
                 this
                 fear
                 of
                 impoverishment
                 ?
              
            
          
           
             
               
                 Answ.
              
               The
               Merchant
               would
               Export
               then
               ,
               just
               as
               before
               ;
               Only
               he
               will
               give
               but
               ¾
               so
               much
               Pepper
               ,
               or
               other
               
                 Indian
              
               Goods
               ,
               for
               the
               new
               retrenched
               Shilling
               as
               he
               did
               for
               the
               old
               :
               And
               would
               accept
               in
               
                 India
              
               ¾
               as
               much
               Pepper
               as
               he
               formerly
               had
               for
               the
               old
               :
               And
               consequently
               there
               would
               be
               no
               difference
               ,
               but
               among
               a
               few
               such
               Fools
               as
               take
               Money
               by
               its
               name
               ,
               and
               not
               by
               its
               weight
               and
               fineness
               .
            
          
           
             
               Qu.
               9.
               
               
                 If
                 a
                 Shilling
                 was
                 by
                 new
                 Coinage
                 reduced
                 to
              
               ¾
               
                 of
                 its
                 present
                 weight
                 ,
                 should
                 we
                 not
                 thereby
                 have
              
               ⅓
               
                 more
                 of
                 Money
                 then
                 now
                 we
                 have
                 ,
                 and
                 consequently
                 be
                 so
                 much
                 the
                 richer
                 ?
              
            
          
           
             
               
                 Ans.
              
               You
               would
               indeed
               have
               ⅓
               part
               more
               of
               the
               new
               christned
               Shillings
               ;
               but
               not
               an
               Ounce
               more
               of
               Silver
               ,
               nor
               Money
               ;
               nor
               could
               you
               get
               an
               Ounce
               more
               of
               Forreign
               Commodities
               for
               all
               your
               new
               multiplied
               Money
               than
               before
               :
               Nor
               even
               of
               any
               Domestick
               Commodities
               ;
               but
               perhaps
               a
               little
               at
               first
               from
               the
               few
               Fools
               above
               mentioned
               .
               As
               for
               Instance
               ;
               Suppose
               you
               buy
               a
               Silver
               Vessel
               from
               a
               Goldsmith
               weighing
               20
               Ounces
               ,
               at
               
                 6s
                 .
                 per
              
               Ounce
               ,
               making
               6
               Pounds
               or
               24
               Ounces
               of
               Coined
               Silver
               ;
               now
               suppose
               that
               the
               said
               6
               Pounds
               were
               reduced
               from
               weighing
               24
               Ounces
               to
               weigh
               but
               18
               Ounces
               upon
               the
               new
               Coinage
               ;
               but
               be
               still
               called
               6
               Pound
               even
               by
               the
               King's
               Proclamation
               ;
               Can
               it
               be
               imagined
               that
               the
               Goldsmith
               will
               give
               his
               Vessel
               weighing
               20
               Ounces
               of
               wrought
               for
               18
               Ounces
               of
               unwrought
               Silver
               ?
               For
               the
               Workmanship
               of
               Money
               is
               of
               little
               value
               .
               Now
               the
               Absurdity
               is
               the
               same
               in
               all
               other
               Commodities
               ,
               though
               not
               so
               demonstrable
               
               as
               in
               a
               Commodity
               whose
               Materials
               are
               the
               same
               with
               Money
               .
            
          
           
             
               Qu.
               10.
               
               
                 Cannot
                 Authority
                 Command
                 that
                 men
                 should
                 give
                 as
                 much
                 Commodity
                 for
                 the
                 new
                 retrencht
                 Money
                 ,
                 as
                 for
                 the
                 old
                 which
                 weighed
              
               ⅓
               
                 part
                 more
                 ?
              
            
          
           
             
               
                 Answ.
              
               Then
               the
               effect
               of
               such
               Authority
               would
               also
               be
               to
               take
               away
               ⅓
               of
               all
               mens
               Goods
               ,
               which
               are
               Commodities
               beyond
               Seas
               ,
               and
               give
               the
               same
               to
               Forreigners
               ,
               who
               would
               have
               them
               for
               ¾
               of
               the
               usual
               quantity
               of
               Silver
               :
               And
               the
               same
               Authority
               would
               take
               away
               from
               the
               Creditor
               ⅓
               of
               the
               Money
               which
               was
               due
               before
               the
               Proclamation
               .
            
          
           
             
               Qu.
               11.
               
               
                 Whereas
                 you
                 suppose
                 retrenching
              
               ¼
               
                 in
                 the
                 new
                 Coinage
                 ;
                 Suppose
                 it
                 was
                 but
              
               1
               /
               10
               ,
               
                 how
                 would
                 the
                 matter
                 be
                 then
                 ?
              
            
          
           
             
               
                 Answ.
              
               Just
               the
               same
               :
               For
               
                 Magis
                 et
                 minus
                 non
                 mutant
                 speciem
                 :
              
               But
               it
               were
               better
               you
               supposed
               that
               one
               Shilling
               were
               to
               be
               taken
               for
               10
               or
               20
               ,
               then
               the
               Absurdity
               would
               be
               it self
               so
               visible
               ,
               as
               to
               need
               no
               such
               Demonstration
               ,
               as
               is
               needful
               in
               such
               small
               matters
               as
               Common
               Sense
               cannot
               discern
               :
               For
               if
               the
               wealth
               of
               the
               Nation
               could
               be
               
                 decupled
              
               by
               a
               Proclamation
               ,
               it
               were
               strange
               that
               such
               Proclamations
               have
               not
               long
               since
               been
               made
               by
               our
               Governours
               .
            
          
           
             
               Qu.
               12.
               
               
                 Will
                 not
                 some
                 men
                 ,
                 having
                 occasions
                 to
                 buy
                 Commodities
                 in
                 Forreign
                 Parts
                 ,
                 carry
                 out
                 all
                 Money
                 ,
                 and
                 so
                 not
                 vend
                 or
                 Export
                 our
                 own
                 Commodities
                 at
                 all
                 ?
              
            
          
           
             
               
                 Answ.
              
               If
               some
               
                 English
              
               Merchants
               should
               be
               so
               improvident
               ,
               yet
               the
               Forreign
               Merchants
               would
               buy
               up
               such
               
                 English
              
               Commodities
               as
               they
               wanted
               ,
               with
               Money
               brought
               into
               
                 England
              
               from
               their
               respective
               Countries
               ,
               or
               with
               such
               Commodities
               as
               
                 England
              
               likes
               better
               than
               Money
               .
               For
               the
               vending
               of
               
                 English
              
               Commodities
               doth
               not
               depend
               upon
               any
               other
               thing
               ,
               but
               the
               use
               and
               need
               which
               Forreigners
               have
               of
               them
               .
               But
               were
               it
               not
               a
               folly
               for
               an
               
                 English
              
               man
               not
               to
               carry
               Lead
               into
               
                 Turkey
                 :
              
               but
               go
               thither
               with
               Money
               ,
               in
               his
               Ballast
               ,
               and
               so
               loose
               the
               Freight
               
               of
               the
               Lead
               ,
               which
               he
               might
               sell
               there
               ;
               And
               that
               a
               Ship
               should
               come
               from
               
                 Turkey
              
               with
               Money
               ,
               in
               her
               Ballast
               also
               ,
               to
               fetch
               Lead
               from
               
                 England
              
               which
               might
               have
               been
               carried
               at
               first
               by
               the
               
                 English
              
               Ship
               ?
               No
               :
               The
               art
               of
               a
               Merchant
               is
               to
               consider
               all
               those
               Matters
               ,
               so
               as
               no
               Prince's
               Proclamation
               concerning
               the
               Weight
               and
               Denominations
               of
               Coins
               ,
               signifies
               any
               thing
               to
               Forreigners
               when
               they
               know
               it
               ,
               nor
               to
               his
               own
               Subjects
               
                 pro
                 futuro
                 ,
              
               what
               e're
               Disturbances
               it
               may
               make
               amongst
               them
               
                 pro
                 proeterito
                 .
              
               We
               say
               again
               :
               it
               were
               better
               for
               a
               Prince
               owing
               
                 20s
                 .
              
               to
               say
               he
               will
               pay
               but
               
                 15s
                 .
              
               than
               disguishing
               his
               own
               particular
               purpose
               ,
               to
               say
               that
               all
               Landlords
               shall
               henceforth
               take
               
                 15s
                 .
              
               Rent
               for
               
                 20s
                 .
              
               due
               to
               them
               by
               their
               Tenants
               Leases
               ;
               and
               that
               he
               who
               hath
               lent
               a
               
                 100l
                 .
              
               on
               the
               
                 Monday
                 ,
              
               (
               the
               Proclamation
               of
               Retrenchment
               coming
               out
               on
               
                 Tuesday
              
               )
               may
               be
               repaid
               on
               
                 Wednesday
              
               with
               ¾
               or
               
                 75l
                 .
              
               of
               the
               very
               Money
               he
               lent
               two
               days
               before
               .
            
          
           
             
               Qu.
               13.
               
               
                 Why
                 is
                 not
                 our
                 old
                 worn
                 unequal
                 Money
                 new
                 Coined
                 and
                 equallized
                 ?
              
            
          
           
             
               
                 Answ.
              
               There
               may
               be
               many
               weak
               Reasons
               for
               it
               ;
               But
               the
               only
               good
               one
               which
               I
               know
               ,
               is
               ,
               that
               bad
               and
               unequal
               Money
               may
               prevent
               hoarding
               ,
               whereas
               weighty
               ,
               fine
               and
               beautiful
               Money
               doth
               encourage
               it
               in
               some
               few
               timorous
               Persons
               ,
               but
               not
               in
               the
               Body
               of
               Trading
               Men.
               Upon
               the
               account
               of
               Beauty
               our
               
                 Britannia
              
               Half-pence
               were
               almost
               all
               horded
               as
               Medals
               till
               they
               grew
               common
               ;
               For
               if
               but
               100
               of
               those
               pieces
               had
               been
               Coined
               ,
               they
               would
               for
               their
               Work
               and
               Rarity
               have
               been
               worth
               above
               
                 5s
                 .
              
               each
               ,
               which
               for
               their
               Matter
               are
               not
               worth
               that
               Half-penny
               they
               pass
               for
               :
               For
               in
               them
               ,
               
                 Materiam
                 superabat
                 Opus
                 .
              
            
          
           
             
               Qu.
               14.
               
               
                 Why
                 hath
                 Money
                 been
                 raised
                 ,
                 or
                 retrencht
                 ,
                 or
                 imbased
                 by
                 many
                 wise
                 States
                 ,
                 and
                 so
                 often
                 ?
              
            
          
           
             
               
                 Answ.
              
               When
               any
               State
               doth
               these
               things
               ,
               they
               are
               like
               Bankrupt
               Merchants
               ,
               who
               Compound
               for
               their
               Debts
               by
               paying
               
                 16s
                 .
                 12s
                 ,
              
               or
               
                 10s
                 .
              
               in
               the
               pound
               ;
               Or
               forcing
               their
               Creditors
               to
               take
               off
               their
               Goods
               at
               much
               above
               the
               
               Market
               rates
               .
               And
               the
               same
               State
               might
               as
               well
               have
               paid
               but
               ¾
               of
               what
               they
               ow'd
               ,
               as
               to
               retrench
               their
               Money
               in
               General
               to
               ¾
               of
               the
               known
               weight
               and
               fineness
               .
               And
               these
               practices
               have
               been
               compassed
               by
               Bankers
               and
               Cashiers
               ,
               for
               oblique
               Considerations
               ,
               from
               the
               Favourites
               of
               such
               Princes
               and
               States
               .
            
          
           
             
               Qu.
               15.
               
               
                 It
                 is
                 then
                 the
                 Honour
                 of
              
               England
               
                 that
                 no
                 such
                 Tricks
                 have
                 been
                 practiced
                 ,
                 though
                 in
                 the
                 greatest
                 Streights
                 that
                 ever
                 that
                 State
                 hath
                 been
                 in
                 .
              
            
          
           
             
               
                 Answ.
              
               It
               hath
               been
               their
               Wisdom
               ,
               and
               consequently
               their
               Honour
               to
               keep
               up
               a
               Rule
               and
               Measure
               of
               Trade
               amongst
               themselves
               ,
               and
               with
               all
               Nations
               .
            
          
           
             
               Qu.
               16.
               
               
                 But
                 is
                 there
                 no
                 Case
                 wherein
                 Money
                 may
                 be
                 justly
                 and
                 honourably
                 raised
                 ?
              
            
          
           
             
               
                 Answ.
              
               Yes
               ,
               in
               order
               to
               Regulation
               and
               Equalizing
               of
               Species
               of
               Coins
               ;
               As
               when
               two
               Species
               of
               one
               Weight
               and
               Fineness
               are
               taken
               at
               different
               Rates
               ,
               then
               the
               one
               may
               be
               raised
               or
               the
               other
               depressed
               :
               But
               this
               must
               be
               rated
               by
               the
               Estimation
               of
               the
               whole
               World
               as
               near
               as
               it
               can
               be
               known
               ,
               and
               not
               by
               any
               private
               Nation
               ;
               and
               the
               like
               may
               be
               done
               between
               Gold
               and
               Silver
               .
            
          
           
             
               Qu.
               17.
               
               
                 What
                 do
                 you
                 think
                 of
                 the
                 rising
                 or
                 falling
                 of
                 the
                 Price
                 of
                 Lands
                 ,
                 from
                 this
                 following
                 Instance
                 ,
              
               viz.
               
                 A
                 piece
                 of
                 Land
                 was
                 sold
              
               60
               
                 Years
                 ago
                 for
              
               1000l
               .
               
                 that
                 is
                 for
                 a
              
               1000
               Jacobusses
               ;
               
                 and
                 the
                 same
                 Land
                 is
                 now
                 sold
                 for
                 1000l
                 .
                 or
              
               1000
               
                 Guineas
                 ,
                 and
                 the
              
               Guinea
               
                 is
                 but
              
               ⅚
               
                 the
                 weight
                 of
                 the
                 Jacobus
                 .
                 Is
                 the
                 Land
                 cheaper
                 now
                 than
              
               60
               
                 Years
                 ago
                 ?
              
            
          
           
             
               
                 Answ.
              
               It
               looks
               like
               a
               Demonstration
               that
               it
               is
               :
               Yet
               if
               Gold
               be
               not
               Money
               ,
               but
               a
               Commodity
               next
               like
               to
               Money
               ,
               and
               that
               Silver
               be
               only
               Money
               ;
               then
               we
               must
               see
               whether
               1000
               
                 Jacobusses
              
               would
               then
               purchase
               no
               more
               Silver
               than
               1000
               
                 Guineas
              
               will
               do
               now
               :
               For
               if
               so
               ,
               the
               Land
               was
               heretofore
               and
               now
               sold
               for
               the
               same
               Quantity
               of
               Money
               ,
               though
               not
               of
               Gold
               ;
               and
               is
               neither
               risen
               nor
               fallen
               by
               what
               hath
               been
               instanced
               .
            
          
           
             
             
               Qu.
               18.
               
               
                 What
                 is
                 the
                 difference
                 between
                 retrenching
                 or
                 raising
                 of
                 Money
                 ,
                 and
                 imbasing
                 the
                 Metal
                 of
                 the
                 same
                 ,
                 as
                 by
                 mixing
                 Copper
                 with
                 Silver
                 ?
              
            
          
           
             
               
                 Answ.
              
               The
               first
               is
               the
               better
               of
               the
               two
               ,
               if
               such
               Mixture
               be
               of
               no
               use
               in
               other
               things
               :
               For
               if
               
                 20s
                 .
              
               which
               contains
               4
               Ounces
               of
               Silver
               ,
               should
               be
               reduced
               to
               3
               Ounces
               of
               Silver
               ,
               it
               is
               better
               than
               to
               add
               one
               Ounce
               of
               Copper
               to
               the
               same
               ,
               in
               order
               to
               make
               4
               seeming
               Ounces
               as
               before
               :
               For
               if
               you
               come
               to
               want
               the
               said
               3
               Ounces
               of
               Silver
               mixt
               with
               Copper
               ,
               you
               must
               lose
               the
               Copper
               ,
               upon
               the
               Test
               ,
               and
               the
               Charge
               of
               Refining
               also
               ,
               which
               will
               amount
               to
               above
               4
               
                 per
                 Cent.
                 
              
            
          
           
             
               Qu.
               19.
               
               
                 What
                 do
                 you
                 object
                 against
                 small
                 Silver
                 Money
                 ;
                 as
                 against
                 Single
                 Pence
                 ,
                 Two
                 Pences
                 ,
                 &
                 c.
                 ?
              
            
          
           
             
               
                 Answ.
              
               That
               the
               Coinage
               of
               small
               Pieces
               would
               be
               very
               chargeable
               ,
               and
               the
               Pieces
               themselves
               apt
               to
               be
               lost
               ,
               and
               more
               liable
               to
               wearing
               ;
               for
               little
               of
               our
               old
               small
               Money
               is
               now
               to
               be
               seen
               ,
               and
               our
               Groats
               are
               worn
               away
               to
               Three
               half-pence
               (
               worth
               )
               in
               Metal
               .
            
          
           
             
               Qu.
               20.
               
               
                 What
                 do
                 you
                 say
                 of
                 Money
                 made
                 wholly
                 of
                 base
                 Metal
                 ,
                 such
                 as
                 Farthings
                 ,
                 &
                 c.
                 ?
              
            
          
           
             
               
                 Answ.
              
               That
               the
               want
               of
               Materials
               ought
               to
               be
               made
               up
               by
               the
               fineness
               of
               Coinage
               ,
               to
               very
               near
               the
               intrinsick
               Value
               ;
               or
               what
               is
               gained
               by
               the
               Want
               of
               either
               ,
               to
               be
               part
               of
               the
               King's
               Revenue
               .
            
          
           
             
               Qu.
               21.
               
               
                 Which
                 is
                 best
                 ,
                 Copper
                 or
                 Tin
                 ,
                 for
                 this
                 purpose
                 ?
              
            
          
           
             
               
                 Answ.
              
               Copper
               :
               Because
               it
               is
               capable
               of
               the
               most
               imitable
               and
               durable
               Coinage
               :
               though
               the
               Copper
               be
               Forreign
               ,
               and
               Tin
               a
               Native
               Commodity
               .
               For
               suppose
               Copper
               and
               Tin
               of
               the
               same
               Value
               in
               
                 England
                 ;
              
               yet
               if
               100
               Weight
               of
               Tin
               sent
               to
               
                 Turkey
              
               will
               fetch
               home
               as
               much
               Silk
               as
               will
               fetch
               above
               100
               of
               Copper
               from
               
                 Sweden
                 ,
              
               in
               such
               case
               the
               Difference
               between
               Native
               and
               Forreign
               is
               nothing
               .
            
          
           
             
               Qu.
               22.
               
               
                 This
                 Doctrine
                 may
                 extend
                 to
                 a
                 free
                 exportation
                 of
                 Money
                 and
                 Bullion
                 ,
                 which
                 is
                 against
                 our
                 Laws
                 :
                 Are
                 our
                 Laws
                 not
                 good
                 ?
              
            
          
           
             
             
               
                 Answ.
              
               Perhaps
               they
               are
               against
               the
               Laws
               of
               Nature
               ,
               and
               also
               impracticable
               :
               For
               we
               see
               that
               the
               Countries
               which
               abound
               with
               Money
               and
               all
               other
               Commodities
               ,
               have
               followed
               no
               such
               Laws
               :
               And
               contrarywise
               ,
               that
               the
               Countries
               which
               have
               forbid
               these
               Exportations
               under
               the
               highest
               Penalties
               ,
               are
               very
               destitute
               both
               of
               Money
               and
               Merchandize
               .
            
          
           
             
               Qu.
               23.
               
               
                 Is
                 not
                 a
                 Country
                 the
                 poorer
                 for
                 having
                 less
                 Money
                 ?
              
            
          
           
             
               
                 Answ.
              
               Not
               always
               :
               For
               as
               the
               most
               thriving
               Men
               keep
               little
               or
               no
               Money
               by
               them
               ,
               but
               turn
               and
               wind
               it
               into
               various
               Commodities
               to
               their
               great
               Profit
               ,
               so
               may
               the
               whole
               Nation
               also
               ;
               which
               is
               but
               many
               particular
               Men
               united
               .
            
          
           
             
               Qu.
               24.
               
               
                 May
                 a
                 Nation
                 ,
                 suppose
              
               England
               ,
               
                 have
                 too
                 much
                 Money
                 ?
              
            
          
           
             
               
                 Answ.
              
               Yes
               :
               As
               a
               particular
               Merchant
               may
               have
               too
               much
               Money
               ,
               I
               mean
               coined
               Money
               ,
               by
               him
               .
            
          
           
             
               Qu.
               25.
               
               
                 Is
                 there
                 any
                 way
                 to
                 know
                 how
                 much
                 Money
                 is
                 sufficient
                 for
                 any
                 Nation
                 ?
              
            
          
           
             
               
                 Answ.
              
               I
               think
               it
               may
               pretty
               well
               be
               guessed
               at
               ;
               
                 viz.
              
               I
               think
               that
               so
               much
               Money
               as
               will
               pay
               half
               a
               Years
               Rent
               for
               all
               the
               Lands
               of
               
                 England
                 ,
              
               and
               a
               Quarters
               Rent
               of
               the
               Houseing
               ,
               and
               a
               Weeks
               Expence
               of
               all
               the
               People
               ,
               and
               about
               a
               Quarter
               of
               the
               Value
               of
               all
               the
               exported
               Commodities
               ,
               is
               sufficient
               for
               that
               purpose
               .
               Now
               when
               the
               States
               will
               cause
               these
               things
               to
               be
               computed
               ,
               and
               the
               Quantity
               of
               their
               Coins
               to
               be
               known
               ,
               which
               the
               new
               Coining
               of
               their
               old
               Money
               will
               best
               do
               ,
               then
               it
               may
               also
               be
               known
               whether
               we
               have
               too
               much
               or
               too
               little
               Money
               .
            
          
           
             
               Qu.
               26.
               
               
                 What
                 Remedy
                 is
                 there
                 if
                 we
                 have
                 too
                 little
                 Money
                 ?
              
            
          
           
             
               
                 Answ.
              
               We
               must
               erect
               a
               Bank
               ,
               which
               well
               computed
               ,
               doth
               almost
               double
               the
               Effect
               of
               our
               coined
               Money
               :
               And
               we
               have
               in
               
                 England
              
               Materials
               for
               a
               Bank
               which
               shall
               furnish
               Stock
               enough
               to
               drive
               the
               Trade
               of
               the
               whole
               Commercial
               World.
               
            
          
           
             
             
               Qu.
               27.
               
               
                 What
                 if
                 we
                 have
                 too
                 much
                 Coin
                 ?
              
            
          
           
             
               
                 Answ.
              
               We
               may
               melt
               down
               the
               heaviest
               ,
               and
               turn
               it
               into
               the
               Splendor
               of
               Plate
               ,
               in
               Vessels
               or
               Utensils
               of
               Gold
               and
               Silver
               ;
               or
               send
               it
               out
               ,
               as
               a
               Commodity
               ,
               where
               the
               same
               is
               wanting
               or
               desired
               :
               or
               let
               it
               out
               at
               Interest
               ,
               where
               Interest
               is
               high
               .
            
          
           
             
               Qu.
               28.
               
               
                 What
                 is
                 Interest
                 or
                 Use-Money
                 ?
              
            
          
           
             
               
                 Answ.
              
               A
               Reward
               for
               forbearing
               the
               use
               of
               your
               own
               Money
               for
               a
               Term
               of
               Time
               agreed
               upon
               ,
               whatsoever
               need
               your self
               may
               have
               of
               it
               in
               the
               mean
               while
               .
            
          
           
             
               Qu.
               29.
               
               
                 What
                 is
                 Exchange
                 ?
              
            
          
           
             
               
                 Answ.
              
               Local
               Interest
               ,
               or
               a
               Reward
               given
               for
               having
               your
               Money
               at
               such
               a
               Place
               where
               you
               most
               need
               the
               use
               of
               it
               .
            
          
           
             
               Qu.
               30.
               
               
                 What
                 is
                 the
                 Trade
                 of
                 a
                 Banker
                 ?
              
            
          
           
             
               
                 Answ.
              
               Buying
               and
               selling
               of
               Interest
               and
               Exchange
               :
               Who
               is
               honest
               only
               upon
               the
               Penalty
               of
               losing
               a
               beneficial
               Trade
               ,
               founded
               upon
               a
               good
               Opinion
               of
               the
               World
               ,
               which
               is
               called
               Credit
               .
            
          
           
             
               Qu.
               31.
               
               
                 You
                 were
                 speaking
                 of
                 base
                 Money
                 and
                 Farthings
                 ,
                 which
                 are
                 generally
                 below
                 the
                 intrinsick
                 Value
                 ,
                 and
                 therefore
                 ought
                 not
                 to
                 be
                 permitted
                 to
                 increase
              
               ad
               infinitum
               .
               
                 Is
                 there
                 any
                 way
                 to
                 know
                 how
                 many
                 were
                 enough
                 ?
              
            
          
           
             
               
                 Answ.
              
               I
               think
               there
               is
               :
               
                 viz.
              
               Allowing
               about
               
                 12d
                 .
              
               in
               Farthings
               to
               every
               Family
               :
               So
               as
               if
               there
               be
               a
               Million
               of
               Families
               in
               
                 England
              
               (
               as
               I
               think
               there
               be
               )
               then
               about
               
                 50,000l
                 .
              
               in
               Farthings
               would
               suffice
               for
               Change
               ;
               and
               if
               such
               Farthings
               were
               but
               ⅕th
               below
               the
               intrinsick
               Value
               ,
               the
               Nation
               would
               pay
               but
               
                 10,000l
                 .
              
               for
               this
               Convenience
               :
               But
               if
               this
               way
               of
               Families
               be
               not
               Limitation
               enough
               ,
               you
               may
               help
               it
               by
               considering
               the
               smallest
               Piece
               of
               Silver
               Money
               current
               in
               the
               Nation
               ;
               which
               how
               much
               lesser
               it
               is
               ,
               by
               so
               much
               lesser
               may
               the
               Number
               of
               Farthings
               be
               :
               The
               use
               of
               Farthings
               being
               but
               to
               make
               up
               Payments
               in
               Silver
               ,
               and
               to
               adjust
               Accompts
               :
               To
               which
               end
               of
               adjusting
               Accompts
               let
               me
               add
               ,
               that
               if
               your
               old
               defective
               Farthings
               were
               cryed
               down
               to
               5
               a
               Penny
               ,
               you
               might
               keep
               
               all
               Accompts
               in
               a
               way
               of
               Decimal
               Arithmetick
               ,
               which
               hath
               been
               long
               desired
               for
               the
               case
               and
               certainty
               of
               Accompts
               .
            
          
           
             
               Qu.
               32.
               
               
                 What
                 do
                 you
                 think
                 of
                 our
                 Laws
                 for
                 limiting
                 Interest
                 ?
              
            
          
           
             
               
                 Answ.
              
               The
               same
               as
               of
               limiting
               the
               Exportation
               of
               Money
               ,
               and
               there
               may
               be
               as
               well
               Laws
               for
               limiting
               Exchange
               also
               :
               For
               Interest
               always
               carrieth
               with
               it
               an
               Ensurance
               
                 proemium
                 ,
              
               which
               is
               very
               casual
               ,
               besides
               that
               of
               Forbearance
               :
               For
               Instance
               ,
               in
               
                 Ireland
              
               there
               was
               a
               time
               when
               Land
               (
               the
               highest
               security
               )
               was
               sold
               for
               2
               Years
               Purchase
               :
               It
               was
               then
               naturally
               just
               to
               take
               20
               ,
               30
               ,
               or
               40
               
                 per
                 Cent.
              
               Interest
               ;
               whereas
               there
               the
               Law
               allows
               but
               10.
               
               And
               since
               that
               time
               ,
               Land
               being
               risen
               to
               12
               Years
               Purchase
               ,
               responsible
               Men
               will
               not
               give
               above
               8.
               
               And
               insolvent
               Men
               will
               offer
               
                 Cent.
                 per
                 Cent.
              
               notwithstanding
               the
               Law.
               Again
               ,
               suppose
               a
               Man
               hath
               
                 100l
                 .
              
               of
               Land
               worth
               20
               Years
               Purchase
               ,
               and
               another
               
                 100l
                 .
              
               in
               Houses
               ,
               worth
               12
               Years
               Purchase
               ,
               and
               an
               other
               
                 100l
                 .
              
               in
               Shipping
               worth
               2
               Years
               Purchase
               ;
               and
               another
               in
               Horses
               ,
               worth
               6
               Months
               Purchase
               ;
               Is
               it
               not
               manifest
               he
               must
               have
               a
               greater
               Yearly
               
                 proemium
              
               for
               lending
               his
               House
               than
               his
               Land
               ,
               his
               Ship
               than
               his
               House
               ,
               and
               his
               Horse
               than
               his
               Ship
               ?
               For
               if
               his
               Horse
               be
               worth
               
                 100l
                 .
              
               he
               cannot
               hire
               him
               out
               for
               less
               than
               
                 10s
                 .
                 per
                 diem
                 ,
              
               whereas
               the
               Land
               will
               not
               yield
               a
               Groat
               for
               the
               same
               time
               ;
               and
               these
               Hires
               are
               the
               same
               with
               Interest
               .
            
          
           
             FINIS
             .
          
        
         
         
      
    
     
       
         Notes, typically marginal, from the original text
         
           Notes for div A54623-e80
           
             *
             
               This
               is
               a
               controverted
               question
               ,
               but
               on
               the
               whole
               we
               have
               no
               difficulty
               in
               dissenting
               from
               the
               opinion
               of
               Petty
               .
               Coins
               are
               to
               be
               regarded
               rather
               as
               the
               property
               of
               the
               public
               than
               of
               individuals
               .
               They
               pass
               freely
               from
               hand
               to
               hand
               among
               all
               classes
               ;
               and
               their
               weight
               is
               diminished
               by
               the
               wear
               they
               undergo
               ,
               and
               sometimes
               also
               (
               as
               was
               especially
               the
               case
               in
               1690
               )
               by
               the
               fraudulent
               practices
               of
               clippers
               and
               others
               .
               But
               it
               would
               be
               most
               unjust
               to
               make
               the
               present
               holders
               of
               Coins
               responsible
               for
               their
               wear
               during
               the
               previous
               twenty
               or
               thirty
               years
               ,
               or
               for
               the
               depredations
               practised
               upon
               them
               in
               the
               teeth
               of
               the
               law
               by
               knaves
               and
               swindlers
               .
               These
               are
               losses
               which
               the
               Coins
               have
               incurred
               in
               the
               public
               service
               ,
               and
               they
               should
               consequently
               be
               borne
               by
               the
               public
               .
            
             
               It
               is
               true
               that
               in
               carrying
               out
               this
               principle
               considerable
               difficulties
               have
               sometimes
               had
               to
               be
               encountered
               .
               Previously
               to
               the
               great
               recoinage
               of
               1696-99
               ,
               the
               practice
               of
               clipping
               the
               Coin
               was
               carried
               to
               a
               great
               height
               .
               And
               it
               was
               contended
               that
               if
               a
               Proclamation
               were
               issued
               ,
               calling
               in
               the
               Coins
               in
               circulation
               by
               a
               certain
               day
               that
               they
               might
               be
               exchanged
               for
               new
               Coins
               of
               full
               weight
               ,
               a
               corresponding
               premium
               would
               be
               offered
               to
               the
               clippers
               to
               redouble
               their
               activity
               in
               the
               interval
               .
               And
               as
               this
               was
               the
               course
               adopted
               on
               the
               occasion
               referred
               to
               ,
               the
               anticipated
               result
               was
               realized
               to
               the
               fullest
               extent
               .
               It
               is
               believed
               ,
               indeed
               ,
               that
               the
               Coins
               lost
               as
               much
               by
               clipping
               between
               the
               period
               when
               it
               was
               announced
               that
               they
               would
               be
               called
               in
               and
               exchanged
               for
               new
               Coins
               ,
               and
               their
               exchange
               for
               the
               same
               ,
               as
               they
               had
               done
               in
               the
               course
               of
               the
               preceding
               ten
               or
               twelve
               years
               .
               (
               Leake's
               English
               Money
               ,
               2nd
               ed.
               p.
               391
               ,
               &c.
               )
            
             
               But
               it
               is
               very
               improbable
               that
               a
               loss
               of
               this
               sort
               will
               have
               to
               be
               again
               made
               up
               ,
               inasmuch
               as
               milled
               Coins
               ,
               which
               are
               now
               exclusively
               in
               use
               ,
               are
               little
               susceptible
               of
               being
               clipped
               .
               And
               it
               may
               further
               be
               observed
               ,
               that
               the
               loss
               experienced
               in
               1696-99
               ,
               from
               the
               circumstances
               already
               mentioned
               ,
               might
               have
               been
               in
               great
               measure
               obviated
               had
               Government
               taken
               upon
               itself
               the
               responsibility
               of
               the
               Coinage
               ,
               and
               quietly
               prepared
               a
               supply
               of
               Coins
               at
               the
               Mint
               sufficient
               to
               enable
               them
               at
               once
               to
               call
               down
               those
               in
               circulation
               .
            
             
               The
               recoinage
               of
               1696-99
               ,
               notwithstanding
               the
               great
               expense
               and
               difficulty
               with
               which
               it
               was
               effected
               ,
               proved
               on
               the
               whole
               a
               failure
               .
               This
               ,
               however
               ,
               was
               not
               a
               consequence
               of
               anything
               immediately
               connected
               with
               the
               Coinage
               ,
               but
               is
               entirely
               to
               be
               ascribed
               ,
               as
               will
               be
               afterwards
               seen
               ,
               to
               the
               over-valuation
               of
               Gold
               as
               compared
               with
               Silver
               .
            
          
        
      
    
  

