A FUND For Supplying and Preserving Our COIN. OR, An Essay on the Project of New-Coining our SILVER.  
WHen I had read the REPORT, etc. and considered the Author's Pains, and the Search he had made, and thereby brought to light, the state of our Coin for many Ages; I could not but approve his Industry and Care in this so great a Concern, as our Nation hath of late laboured under.  
And therefore gave myself diligently to consider, what weight might be in those that oppose his Reasons.  
And to examine the force of their Arguments, it may not be improper to reduce them to a few Heads, wherein I hope to Contract the Substance of their several strongest Allegations, at least so far as may be worth notice.  
And I shall begin with theirs, who say,  

1. The Alteration of our Coin to be less in Weight than heretofore, will be of no Advantage to us.  
2. Our Money will then purchase no more of Inland or Foreign Commodities than before; because Wares will rise proportionable to the advance in Money, so that Silver by the Ounce will buy no more Goods than it did before.  
3. The Exchange they say, will always follow our state of the Coin, be it Better or Worse.  
4. 'Twill have no influence to make Coined or Vncoined Silver more plenty among us.  
5. The Balance of Trade sometimes requires, that Bullion either Coined or Vncoined, must be sent out of the Nation; and when it comes abroad, they'll put no more Value on it than before.  
6. All Bargainers will be Cheated, in receiving less than their Agreements, as Landlords less Rents, Merchants less Silver in payment, and the King less Taxes.  
7. That Forreigner's that have Lent to the Crown, will have less by receiving Smaller Money, and thereby be discouraged from Lending again.  
8. That all these together will Ruin us.   
And in order to plenary Satisfaction to all unbiased Persons, I shall endeavour to Answer them one by one.  
1. 'Tis Alleged, The Alteration of our Coin to be less in Weight than heretofore, will be of no Advantage to us.  
I humbly propose it will; for as we have cause to believe, former Ages saw good Reasons from time to time to lighten our Coin, from 20 s. 3 d. for the Pound Troy-weight, to 3 l. 2 s. so I hope to demonstrate our Governors now have cause, if they New-Coin the Money to lighten it yet once more, from 3 l. 2 s. the Pound Troy-weight, to about 3 l. 18 s. or 4 l. especially if it shall be considered, that if it be now Coined at the said Rate of 4 l. to a Pound Troy-weight, it is but to continue it about its present state; whereas it must be granted, that to New-Coin it at the old weight, is to make an Alteration, and that at a time very unfit, when the Nation is in an Expensive War, and when Foreigners have great Estates here, which they want to carry Home.  
2. But say they, If our Money be New-coined lighter, 'twill purchase no more Inland or Foreign Commodities than before, because Wares do and will rise proportionable to the Advance in Money, so that Silver by the Ounce will buy no more than it did before.  
I Answer, that Position is not always true, nor is it the only Reason of our present Advance on Goods, but 'tis complicated with other Causes, as the Losses of great quantities of Goods by the War, especially homewards, whereby those Goods that are left Sell quick, and would have Sold quick, had the state of our Money remained as formerly; for may it not be well-acknowledged what great Rates (even as great as now) Goods Sold at in a former War, viz. about Anno 1667?  
And yet the Money was then almost twice as heavy as now. And tho' we should make it heavy again, yet it may most reasonably be judged Foreign Goods will Sell quick and high, while Trade is liable to the Obstructions and Hazards of War: But should the making our Coin heavier, thereby make our own Commodities Cheaper, I hope there's none but will grant, that were then England's great Disadvantage.  
3. Again, They say the Exchange will always follow our state of the Coin, be it Better or Worse.  
But that I deny, for this Age hath furnished us with Experience to the contrary; and that when our Coin was weighty, the Exchange sometimes varied heretofore greatly, upon great Emergencies of State and Trade, as well as now, and yet it was then esteemed, no Cause of altering our Money; nor was the Exchange so much altered this time Twelvemonth, tho' our Money was then near as Bad as now, and worse than it would be, were it New-coined at a quarter or third part less in weight, than the old Standard.  
Besides, they argue to our Loss, who say, The Exchange will rise in proportion to our New-Coining the Money, if we make it of the old weight. And to show they propose our Loss, let's draw their Argument into a Demonstration.  
Suppose by their Rule our Pound Sterling should again be made near Four Ounces, than the Exchange will rise to 35s. Flemish per Pound Sterling.  
First, I say, How can they tell that? Yet for the present let's grant it, and then we shall see that One Ounce weight of our Silver purchaseth 8 s. 9 d. Flemish, and Four Ounces at 8 s. 9 d. Flemish per Pound Sterling is 35 s. Flemish.  
Which I hope is thus demonstrable to be vastly our Prejudice, for our present state of the Coin and Exchange is 30 per Cent. better; because now our Pound Sterling while it weighs but about Two Ounces and a half, is worth about 28 s. 4 d. Flemish, whereby we have 11 s. 4 d. per Ounce weight of Silver; so that the Change they would have us make (by their own Rule) is visibly 30 per Cent. Loss to England; as you may see by Substracting the Purchase of One Ounce of Silver in Flemish Money at their Rate, which is 8 s. 9 d. from the present Course, which is 11 s. 4 d. the difference whereof is 2 s. 7 d. and that is about 30 per Cent.  
So that if the Subject hath occasion then to remit 1000 l. of New-Money of Four Ounces to the Pound, at 35 s. Flemish, he will lose 300 l. by it, of what he would do, to remit 1000 l. of our present Money at our present Exchange of 28 s. 4 d. And if the King were to remit Three Millions in Pound Sterling of Four Ounces at 35 s. Flemish per Pound, he would lose near a Million by it, of what he would do at the present Exchange, by the aforesaid Demonstration.  
Their Fourth Mistake is, 'Twill have no influence to make Coined or Vncoined Silver more plenty amongst us; and they give some Reasons for it, as they think, but they go but a little way: They say indeed, If the Silver be Coined a quarter or third part less, Commodities will rise proportionable, so that I shall then Buy no more Commodities with a Hundred Ounces of Silver than I did before. But did I yield them that to be true; yet here they go from their own Arguments, which was, that it would not make either Coined or Uncoined Silver more plentiful, which I call their Mistake; for let them consider, in that Country where a Commodity will yield most, thither 'twill go, and that made Foreigners get our Crown-pieces; and if our Coin be New made about a quarter or third part lighter, and our old Crowns made to go at 6 s. 3 d. or 6 s. 8 d. 'twill make our old Crown-pieces return hither again, if any of them are abroad unmelted: It being certain, as I said, that in what Country any thing is most Valued thither 'twill go. And so much Silver come to our Mint.  
And as the new Coining our Crown-pieces one quarter or one third part lighter, may bring back some old Ones; so 'twill certainly bring us in great quantity of Bullion to be Coined; for if it be worth, as they say, but 5 s. 2 d. per Ounce abroad, yet if an Ounce Coined here, be worth 6 s. 3 d. or 6 s. 8 d. 'twill invite all the Bullion in Europe hither to be Coined, or to be sold as Bullion: For it's granted, Bullion also will hold up the Price, if the new Crown-pieces be Coined one quarter or one third part lighter.  
5. They think, the Balance of Trade sometimes requires that Bullion either Coined or Vncoined must be sent out of the Nation, and when it comes abroad, say they, Foreigners will put no more value on it than before. I Answer, That's a great mistake at this time, and if ever true, 'tis only when we are guilty of Egregious False Policy, in valuing our Coin lower than other Nations: Which the better to prove, let's observe a little of what this Balance of Trade is; and it is, when there is Imported into England in Goods twelve hundred thousand pound in a Year, and Exported but eleven hundred thousand pound, there the Balance of Trade is one hundred thousand pound which England is Debtor. Which, say they, must be paid in Money. I say no Necessity for that, for suppose one of those Foreigners, that sent in part of the Goods which belongs to this Balance of Trade, he never thinks of that, but bethinks him how most to his Profit to draw home his Estate; whether by Exchange, or by Manufactures, or Bullion Coined or Uncoined: And if he chooses Bullion, 'tis because that is more valued in his own Country than here, and perhaps will yield him more Profit than he can get by Commodities, so that 'tis our Silver and Gold being too often undervalved here makes them be taken away, and our Commodities left, and not any otherwise does our overbalance of Trade mostly come, for can any Merchant tell the Time when he might not have laid out his Money plentifully enough in Cloth, Serges, Led, Tyn, Leather, West-India Goods, etc. without ever carrying away our Coin, and that upon a supposed Necessity?  
Again, whenever we value our Gold and Silver less than Foreigners, it tends to lower our Commodities, and our Rents, and our Lands; as when Guineas went here at 22s. and abroad at 23s. then were they often carried out, and the Commodities left, and the Commodities thereby falling, must need fall the Land they rise out of. And the Tenant and Occupier of Land, not being able to sell his Produce, can't pay his Rent; therefore Landlords look you to it, if you make the Money fit for Foreigners to carry away, you lower your Tenants Manufactures, and your Lands produce first, and then your Lands also.  
Another Erroneous part of their pretence is, that let us over-value our Coin never so much, Foreigners will not follow us therein.  
But the contrary is evident, and I appeal to any Man of Knowledge herein; Whether Guineas han't of late been sold for more Gilders in Holland since May-day, than this Time twelvemonth, so that at last 'twas hardly worth their while to bring them hither?  
And before I go from this Proposition about the overbalance of Trade, I would offer one Consideration more, viz. Whenever our Money is more profitable to Export than Commodities, it makes England Debtor upon the Balance of Trade; and that too in a very disadvantageous Case, for we thereby exchange an unperishable Commodity, as our Coin is allowed to be, for perishable Commodities; I mean for Eating, Drinking and Apparel, and this has been to often our Case, while we had broad Money, or Guineas left, that they could get by fetching away.  
The next Proposition to be answered is, if the Money be made less than formerly, all Bargainers will be cheated in receiving less than their Agreements, as Landlords, less Rents, Merchants less Silver, and the King less Taxes.  
But pray consider, did the Landlord Let his Land to be paid in Money as big again, as that which is Current? Or did the Merchant sell his Goods to be paid in a new Coin? Or the Mortgagee to be paid in bigger Money than he Lent? No such matter, therefore if the Money be new Coined larger, than it has been this Year or two; 'twill be as great a loss in reality upon he that pays great Money, as 'tis in pretence on the other side.  
But say they, Foreigners that have Lent to the Crown, will have loss by receiving it back in smaller Money, and thereby be discouraged from lending again.  
And now methinks, I could be glad the whole Cause were to be tried on this one Issue: For, did Foreigners lend to the Crown Money of four Ounces to a Pound Sterling? Or did they lend such as was Current; and such as they Lent, such let them have again; if they Lent hundred Pound Bags of 16. or 18 l. weight, let them have such again. But what Policy is it to Coin them new Money of 32 l. in a hundred Pound, to pay them who Lent but 16 l. or 18 l. in a hundred Pound; pray consider well of it.  
For hereby you'll prevent Foreigners from lending any more; because when you have paid them in such weighty Money, away goes their Estates that are here with this new heavy Money, and so they leave none here to lend.  
Whereas keep but Foreigners Stocks here, which are come over in Guineas, and you may have Money enough. Lent, and that at Interest low enough: For they can't carry back their Estates as yet, and great Estates without doubt they have here, by the pouring in Guineas, and lowering the Exchange; which brings me to their eighth Argument  
8. Wherein they say, the Consequence is, That all these things will ruin us.  
They mean, unless the Money be made heavy by a speedy Alteration of the Coin to the old weight.  
In Answer to which, I offer this Position, and hope the following Lines will prove it.  
That if an Alteration be now made of the Coin, to about an Ounce of Silver in a Crown-piece, 'twill be ruinous to the Nation, and that in a very vast degree.  
First, 'Tis evident, the War and our Neighbours have carried away, our East and West-India Goods, and our home-made Commodities also: And if the Silver be made heavy as formerly, there's enough will carry that away too.  
Nor will they then leave us the Gold; for if we new-Coin our Silver Money heavy, that will lower the Guineas; and that will infallibly carry them away too; nay, perhaps to the profit of those very Men that got 25 per Cent. by bringing them in; and may get near half as much, by carrying them away.  
Nor will it be less fatal to us in the Exchange, for if they of the other side are in the right, they expect our Pound Sterling (when we shall make it weigh near four Ounces) to procure us but 35s. Flemish, which is about 8 s. 9 d. an Ounce.  
Whereas at present, we have 11 s. 4 d. Flemish, for an Ounce of Silver, as is before demonstrated.  
So that to alter our Money at this Time, is to make the Exporters thereof a profit, which they greatly desire; and they will greatly admire our Prudence, so to fit our Crowns to their Politick-Heads, and our Coin to their Covetous Purses.  
Nor is this all the fatality attends us, from their carrying back their Estates in Coin, who brought it in Guineas; but it will also stop their laying out their Stocks, (they have here) in English Produce and Manufactures, which they have begun to buy, and will go on to do, if we don't inconsiderately furnish them another way to carry off their Estates.  
For it must be granted, that, though some of the Guineas that came, were sent for by our own People: Yet vast quantities of them, were sent hither by Foreigners; and of such Foreigners Estates prodigious sums, may well be supposed to lie here still, and groan to get home; and therefore they use their skill, to have the same Guineas, or other Coin adapted to their devices.  
Nor is it Foreigners only; but also some of our own People, would by it make themselves an advantage; and they are of two sorts.  
First, Such as are for any gain they can come at, and will venture Exporting Money when so very profitable, though it be so positively against Law; which fairer Traders scorn to do: And to give those Secret designers, an opportunity to outdo Honester Men, is no true Policy; if it were not attended with these general damages to the Nation.  
The other sort of our own People, that fall in with this Interest of Foreigners; may be those, who have undertaken to remit Money for the Government, and they will needs get by their Trade, and 'tis very good Reason they should; yet can't they propose another way, than that, which will rob us of our Treasure.  
For that's the plain Consequence of making our Money so heavy.  
Ever since Anno 1660. the weight has robbed us of it, by Exporting, or Melting, or both.  
And is not 35 Years Experience sufficient to show us, we must take a contrary Method, if ever we will preserve it here?  
For those designing Men, whose Interest it is to Melt or Transport it, will hardly forbear, though it were ever so Penal; because they can transact it with Privacy.  
Therefore, consider the Proposals in Esquire Lowns' Report: Where he doth not only propose as our Advantage, that our Coin be made lighter. But shows, that in former Times our Ancestors did often find occasion so to do, and pray what dishonour did ever attend their making it lesser; when they kept up to the Fineness?  
It may be granted, when the Money has been made Courser, they have soon found Reason to alter it.  
But did they ever see cause to reform, after they had lightened it? And what ever Reasons they had, we seem to have much more.  
For I appeal to all judicious Men, whether ever Foreigners had such vast Estates here as now, and when they please to have them home, have they any more than these four Ways, viz. in Silver, in Gold, in Exchange, or in Goods?  
1. They can't carry away our Silver at the present value of it here, not Uncoined Silver, because 'tis worth here 6 s. 5 d. and abroad about 5 s. 2 d. nor can they carry it off in our Coin as it now is, (or if new Coined at one quarter or one third part advance) because it goes for much more here, than it would there.  
But should our Silver be reduced, that one Pound Sterling should have in it near four Ounces of Silver, away they'd carry that.  
Or should we thereby lower Uncoined Silver to 5 s. 2 d. upon a small turn of the Exchange, away goes that too.  
And the Consequence is the same upon Guineas; and pray consider, that unless they will take them of us at that Rate, we have took them from them, they ought not to carry them away; but rather leave them where they are.  
3. Nor can they carry it all away by Exchange; for if very many of them should go about that, 'twould lower the Exchange to their loss; perhaps more than they got by bringing in Guineas.  
But as the Case now is, 'tis their Interest, as well as our own, to keep up the Exchange.  
Whereas, if we gratify them in falling our Guineas, and greatening our Silver, 'twill also raise the Exchange: So that then they have three ways to choose, and may leave our Manufactures to fall.  
But should we so see their devices (and the ruin impends us thereby) as to avoid fitting their Interest, in either of the said three ways; then they have but one left, and that's the Fourth.  
4. Viz. To carry off our Commodities, and they are Men but of short sight, that see not how greatly that will still raise our Commodities: Although perhaps they are as much advanced already, as the Guineas are.  
Yet for the Foreigners to carry back their Estates in Commodities; the English growth and Manufacture, and that of our Plantations, must yet still advance; to the great enriching of this Industrious Nation.  
And were it not false Policy with a witness, to lose this opportunity of selling our Goods 50 per Cent. above whatever they would give for them, when they could get by carrying away our Coin: Especially, when we have given them so dear for their Money.  
Rather let it stay and circulate three Times, through the Manufactures of England, while our Goods are at these advanced Prizes; then in the thrice circulating, we shall not only get the advance, the Guineas has got, but also the whole Guinea.  
But they say, if our Commodities are so dear, they won't turn to account abroad: That I deny too, unless there was another Virginia to afford them Tobacco, or another Barbadoss to yield them Sugar, or another England to yield them broad clothes, Serges, Kerseys, Bays, and Stockings, Led, Tin, and Leather; for seeing this is the Storehouse, from whence they must have these useful Commodities for Trade; when they have them abroad, they'll go near to ask as much profit upon them, as they did before, when bought here at 40 per Cent. less.  
And though it be objected, That they who bought early, whether Foreigners or English, will under-sell the Dear Buyers at Markets abroad; yet that will soon be over, and then all may run equal.  
Besides, if we continue our Coin, about the weight the currant Money now is, Silver will hold about 6 s. 5 d. or 6 d. and that may Encourage Foreigners to send theirs hither, and that will raise the price with them, as it has done with us; and so it hath done already with Guineas, for they could not lately be bought, to bring hither with much Advantage; but 'twill be with large Advantage they'll carry them out, and our New Money too, if we make it large.  
And though they boast they have gulled our People, to get the Guineas taken at these high Rates, yet it's much to be hoped, our Government will not be overreached by them, so as to make it their Advantage to carry it away, with as much Profit as they brought it in.  
But if it shall seem meet to the Wisdom of the Parliament, to New-Coin it again, please to consider, nothing is so like to keep it here, as to make 100 l. of Sterling, to weigh about so many Pound of Silver, as it now does; and than it will equally answer all Bargains now on foot; and the King will equally pay those that have Lent Money, according to the goodness or weight of the Money they Lent; and thereby the Estates of Foreigners will still be continued here, and be probably Lent to the Crown, if need should require, at Four or Five per Cent. Interest.  
Whereas should the Coin now be made large, and thereby, as is before-demonstrated, it be all, or most of it carried away, what shall we have to Lend the Government, or Pay our Merchants and Landlords? Will they be willing to take Hens, and Pease, and Barley, for Rent, as is common in Scotland?  
For the Reducing our Coin to half the quantity which it now is, will render the Nation so bare of Money: First, By its quantity, being less. Secondly, By their carrying much of it away; that each Trader will have little enough left to maintain the Necessary Payments of Trade, and Expenses, and Taxes, and the fewer to spare to Lend to the King.  
But some may Object, This great uneasiness in the People, under the present Circumstances of the Badness of Money, necessitates somewhat to be done.  
'Tis true, there is the Disease; but it don't need so desperate a Remedy.  
For if the Government should see good to make the Guineas every where passable at 30s. and they thereby become Currant at the Exchequer, the Customhouse, Excise-Office, and in payment for other Taxes; then will the People also take them freely, and we should have Money Circulate amain; then would Taxes come in easily, Rents be well paid, and great quantities of Money ready to purchase Lands of any Seller, and quantities ready for the Crown; and all the uses of Money well-supplied, without the Charge of Altering the Money at all, at this Juncture, when it can so ill be done; or when such Difficulties attend the finding any other Fund at this time to answer the Loss: And this is the Fund I propose, both to supply our want of Acceptable Cash to pay every Body, and to carry on the Affairs of the Nation, by making the Guineas passable at 30 s.  
And for the Counterfeit Money, a little time will furnish most People with Judgement enough to avoid that; and then where's our need of an Alteration, till the Nation is again in Peace and Prosperity; and by that time you may so find the sweet of keeping the Money here, as willingly to Coin it in such Bulk as may continue it with us hereafter.  
It will also be made yet more easy, if the next Fifty or a Hundred Thousand Pounds of Gold that shall be Coined, be done in half Guineas, to go at 15s. Thirds of Guineas, to go at 10s. Sixths of Guineas, to go at 5s. then surely we shall not need to go upon this Chargeable and Ruinous Affair now at this time, when the Nation hath so many ways for all the Money they can spare, both at Home for our Navy, and Abroad for our Army.  
Ay, say they, for our Army, how will you pay and supply them?  
And truly if this were rightly answered, I hope their Cause were at an end.  
Therefore let's divide their Objection into two parts, and answer them asunder; and First for the Pay.  
For that, let us give the King so much the more; we were better do that, than Ruin us all; as would be the going away of all our Coin. And if we give the King, in the Quota Allotted to pay the Army one fourth part more, that will be a much less Inconvenience; and keeping the rest here, our Commodities will Sell well and quick, and the Nation grow Rich under all; especially, if Providence Bless the Care of our Superiors, in protecting our Trade with Success.  
As for the other part of their Objection, The Supply of the Army with Necessaries; let them eat our own Bread, and wear our Apparel: I mean, let them be Clothed from England as before; let their Beef be sent them from England or Ireland, and their Bread ready Baked, and Cheese, and Pease, and Fish, as are provided for the Navy, and most part will Circulate among ourselves.  
And thus having Answered all their Valuable Objections I have met withal; I shall close this Discourse with a Brief Summary of the whole Matter.  
'Tis our Interest to be Keepers of our own Coin ourselves.  
If Foreigners have Estates here, let them take them home in English Commodities at these Advanced Prizes they now bear, and that's the way to equal the Balance of Trade; for the more Commodities goes out, the less the Nation is Debtor on the Balance of Trade.  
Or if they won't do so, let them leave them here to Lend the Government.  
But don't let us make it their Interest, to Rob us of our Treasure, instead of Buying our Commodities.  
May the Almighty Bless the Debates of our Grandees, and give a Happy Issue to their Consultations, is the Hearty Desire of England's Wellwisher.  
FINIS.   

A FUND For Supplying and Increasing Our COIN.