A FURTHER EXPLICATION Of the PROPOSAL relating to the COIN,  
SIR,  
I Did never intent nigh other Paper, as a System in the Matter of Coin, but singly as a Memorial for Redressing the present Mischief, by the Alterations of our Standard, Anno 1686: And by the several Alterations, Upps and Downs since that time by Public Order; Yet for further Explanation even as to my Intention, I have scribbled over what I thought might conduce to it, and jotted out some of the Principal Alterations in the Matter of Money, since thereby something of the Nature of Changes in Money may be understood. And if at another time you desire to be more fully informed in these Matters, I shall either abstract them for you from the best Authors, or at least give you an Index of these Books, which may inform you more fully.  
THE Sophisms used by some late Writers in England, to persuade the raising of the value of Money, are scarce worth the Redarguing; Since the force of the Truth, which they oppose, draws from them a Confession, that their Counsel is Pernicious; For even Mr. Hodges their Chief Owns that Money is to be raised, only for an Interim, Viz. For bringing in of Money for once, But that it is to be raised shortly thereafter by Peice Meal, And then brought down again to its former value? How far he is mistaken as to the first, what I have said, (as I do think) doth Evince: And as to the bringing of it down again by Peice Meal, shows indeed that the raising of it was folly, but that the Cure would be also Pernicious, by leaving the loss of all the cried down Money, on the Subjects who were obliged to Receive it at an Overvalue, by the Governments Command: And that, after a great deal of Money is Received at an Overvalue, And when the evil is more deeply Rooted.  
And that the Remedy by Cessing ourselves in also much as will Recoyn our Money to a true Standart, timeously; Especially now, when there is so little Cash in Scotland, whereby a Lesser Sum may now Recoyn it then hereafter, if the Cash grow greater, is Preferable; And if it be delayed too long, it may be feared on too good Grounds, that there will be little Cash to be recoined.  
This is not to be understood, as if the Denomination of Money were never to be raised; For Money being here considered only as it is a Symbol in Trade, to Facilitate Commerce; And that it is a Symbol Universally Received for that use, being the fittest Catholic Symbol; Because the Matter. Viz. Metal is most Universally useful and Known, most durable by its Nature, most Retentive of Authorising Impressions, and uneasiest to be Counterfited. So it Receives its esteem and Denomination, by Universal or Catholic Consent. And if one People should estimat the Metal, viz. Gold and Silver twice as much as an other People does, Ex: Gr: If A should esteem an Ounce of Silver worth six Pound, And an other, viz. B should esteem it worth three only. When B. did buy Goods from A. Then A who esteemed B his Peice of Metal worth six, would give him twice as much Goods for his three Pound, as it was worth: But when A comes to buy Goods from B, B will take the Three Pound-peice, but for Three, and A most give two of these Three-pound-peices, to make up Six, albeit he Received one of them for Six from B. Now suppose that C, D, E, F, etc. i. e. All the other Adjacent Nations, should have the same estimat of an Ounce of Silver, that B hath; Then A most give two of the Three-pound-peices, which he received from B, when he buys Goods from them in Exchange for these Pieces.  
But if C, D, E, F, etc. should raise the Denomination, and esteem of the said Ounce of Silver, or Three-pound-peices, to the same value that A did, viz. to Six Pound, And yet not raise the value of their Goods at the same time; It is evident in the first place, that when B brings his Ounce, or Three-pound-peice to any of these Countries, he will get Six pounds' worth of Goods for every Three-pound, which will be a vast advantage to B; Especially if the Metal be his Native Product. And if it be not his Native Product, But suppose it be the Native Product of H, his Country; It is then evident that H his Native Commodity is valued thereby, at the double of what it was before; And in that Respect, comparing the Goods of all the other Nations, with the Metal which is H his Commodity; They are not worth above the half of what they were before, And H will still continue Gainer, until the Goods of the other Nations be proportionably raised, as the Metal was raised; This is the true case as to Spain.  
And if B should still value his Ounce of Metal, at Three Pound. when all the Adjacent Nations have valued it at Six Pound, or any thing more than Three-pound; Then if any of the adjacent Nations, were to buy Goods of the Native Product or Manufactory of B: If the same kind of Product or Manufactory were to be had in any other place, where that Ounce did give more than Three Pound; To be sure, The adjacent Nations would go and buy these Goods, where the Metal was most valued; And thereby B will come to a great Loss, since no Body will come to buy his Goods.  
From whence it is evident, That Money being the Universal Symbol, it must receive its Estimat and Value, not by one or two Nations, but by the Common Consent of all the Nations where that Symbol is used. And by the former Deduction, it it also evident, that a Nation who will raise their Estimat and Denomination above other Nations, do thereby debase the Value of their own Goods, which are the Subject of Commerce, whilst they raise the Value of the Symbols to their own Loss, to the Advantage of all Foreign Merchants, and chief to the Spaniards. And on the other hand, they who keep the Estimate of Money lower than their Neighbour Nations, do, in a manner, prohibit other Nations to buy their Goods; Since Merchants will always go where they can get most Goods for their Money, i. e. where their Money is most valued: And therefore the General Rule is, that Money should be raised, or not, according to what the Generality of Neighbouring Nations do, especially these who are best Governed, and with whom We have most Traffic. But there is one qualified Exception from this, viz: If a Nation were so circumstantiat, that they had some Native Product or Manufactory,  or very useful for Mankind; As for Example, if England have Cloth or Tin, which other Nations have not of their own, and cannot want; Then albeit England should keep the Purity of their Standard Money, and the Neighbour Nations should raise theirs, and that England should discharge any Money to pass within their Kingdom, except their own Coin; Then the Nations which must buy their Cloth and Tinn, must also provide themselves of English Money to buy it; And suppose that a great deal of the English Coin, had been carried out of England, because of the higher Value put upon it in the Neighbouring Nations; Yet the Merchants must provide and buy this English Money from other Nations, and bring it back again to England: At least they must bring the equivalent of it in pure Bullion, or else they must want the Cloth and Tinn of England.  
But for all this, it were a great Imprudence in England, to keep their Money at a lower Estimat than the other Nations with whom they Trade, by any considerable Proportion; for that would in some measure discourage Merchants, and in great Measure Embarrass and confound Exchange; So that England's Prudence in that Case, would be to advance the Estimate of their Money, to the Par: of the best Standard amongst their Neighbours, and at the same time to advance the Estimate of their Cloth and Tinn: Yet since their Cloth and Tinn forces even Foreigners to bring in Money to them, it's but Folly in England, not to keep their Standard always as good, if not better, than any other Nation's Standard; And ever since that Excellent Counsellor, the Lord Burleigh, did restore the Standard of England to its Purity: (and thereby England to its true Policy) They have Religiously observed the Purity of their Standard, both in Weight and Fineness: And when by the late mischievous Accident their Money was debased by Clipping, and by that, the Nation brought upon the very Brink of Ruin; Albeit they were long in adverting to it, as I adventured to notify in a Schedule Printed at Edinburgh Anno 1695, being several Months before the Committee was appointed for that End in England; They have since most prudently Repaired their Common Wealth by returning to their Standard, with the boldest Step that ever was made for Redressing of Coin, since Marius Gratidianus did Regulat the Roman Standard, 〈◊〉 for which his Statue was Erected in the Capital;) And now England doth find the Honour and Profit of this Noble Action.  
To apply this to Scotland (which as is said) by a Solemn Contract with England, is obliged to have the same Standard in Weight and Fineness, though in different Denominations, their pence being the Scots Shilling, & consequently our Shilling their pence; So twelve of our pence making but one of their pence, and twelve of our pounds making but one of theirs; But the weight and Fineness, and therefore the Par: of Our Money and theirs is the same; We have likewise the same Motives with them, to keep up our Standard, unless it be Our interest, to debase the price of our own Native Product, and Manufacturies: And to induce Mercliants to bring in a less Quota of Silver, and to give us an Exchange for our Goods; then they would do, if our Standard were in its just Finaness, which I shall not now repeat, having said enough to it, in the first part of this paper; One fooiish Argument used by the Money Raiser's, was there omitted. Viz. That the receiving of English Money at an Higher Value, than the Standard; Albeit a Merchant who have a mind to buy a certain Quota of our Goods, would bring in less Money to buy every particular Quantity; Yet the very Gain that they make upon our Raising of our Money, would induce many Merchants, to come among them, and many Merchants will still raise the mercat.  
But is it not obvious, (Imo.) That all these Merchants bring in less Money to buy their Goods, than they would have done, in proportion to the Quota of Goods bought, if the Standart had been in its just height,. 2do. Will all these Merchants buy more, then will serve the Mercats, whither they are to bring their Goods, and that they would have done However, 3 tio. The more Goods we give out at an Undervalue, the more We loss, 4 to. Is it not Obvious, That as many Merchants will raise the Mercats at the buying here; So by the same Rule, many Merchants will low the Mercat, where they Sell; And thereby the Loss and Gain, by many Merchants is clearly Balanced.  
But in true Reasoning, We have the same Motives with England to expect, that the Merchants will bring in Money of Our own Standart, or the Equivalent in Bullion, to buy Our Goods; For Our Goods are such, as are not bought by others, for Vanity or Luxury, But such as are called for, only on Necessity, or Urgent use; And use and Necessity needs no help of other Motives, especially such Motives as are loss to us; But as was formerly said, it were far better to give down of the price of Our Goods, then to receive worse Money than our Standart, For any who Reads what We have said, or considers these Affairs Seriously, will soon perceive, That the giving down a little of the price of Our Goods, doth only influence that Species of Goods, whereas the Debasing of Out Standart, doth influence the whole, both of our Real and Movable Estates.  
I having designed in this Paper, to make this matter as plain as I could, Therefore I have Adventured upon Repetitions, rather than to leave things in Obscurity; And for this end, I shall add a further Illustration of the main Proposition. viz. That by raising Our Money, our Goods are Debased; And that, by the Annalogie betwixt Money and Bills of Exchange, as to their Use in Commerce. For albeit the Matter of a Bill be but Paper, and so of no value Intrinsically, Yet as to Trade, a Bill on good Credit is as valueable, and hath several advantages above Coin? Now a Bank Bill of Holland, suppose it of 91 lib: 6 sh: 8 d Sterling, and which still will Answer for the value at Amsterdam, or wherever a Bank Bill hath Credit, If by Statute We Declare that a Bill of 91 lib: 6 sh: 8 d of the Bank of Amsterdam, shall pass and be estimate here, at a 100 lib, and Order, that whoever Sel's Goods for that Bill in SCOTLAND, must value that Bill for 100 pound; Albeit it be most certain, that that Bill when it goes back to Holland, or to any other Place which Trades with Holland, that it will stand good, only for 91 pound, 6 shil: 8 d Doth not this Command us, to sell the Scots Goods, 8 pound. 6 shil: 4 d less, than if we had got the said Bill at its true Value. And albeit this Bill may pass over all Scotland for 100 pound in our Commerce; Yet is it not evident, that when I make use of this Symbol, or Bill to Trade with any where else, that I must add 8 pound, 6 shil: 4 d to make it up to a 100 pound. So whether I use it, who did take it for a 100 pound; or if it pass from me to another, who sends it Abroad, either I or they must loss the said 8 pound, 6 shil: 4 d First, this demonstrates that the crying up of any Symbol, used in Forteign Places, to more than Foreigners do estimat it, doth cry down as much of our Goods, as we sell for that Symbol; For as a Bank Bill is to the Trade of Amsterdam, so Money is to the Trade of every other Place, where Money is the Symbol of Trade.  
2do. It demonstrates, that the giving down of the Ordinar Price of our Goods, will encourage the Hollander to bring his Bill of 91 pound, 6 shil. 8 d as well as he will be, by our declaring his 91 pound, 6 shil: 8 d to be in Scotland estimat at a 100 pound, only to cry up Amsterdam Bills, is so much better than crying up of Money Coined; Because it cries up only a Symbol for Commerce, used by all People, and doth not oblige us to sell all our Goods, to all and sundry Foreigners in Europe, at an Uunder value; But the crying up of Money, obliges us to sell all our Goods to all and sundry, at an undervalue of 8⅔, less than they value their Symbols, which they bring to Trade with.  
The Roman AS was originally Coined of a Pound weight, in the first Punic War a pound was brought to weigh but two Ounces. Fabius Maximus brought it to an Ounce, and Papirius to half an Ounce.  
And as in weight, So the Romans did abase their Money by Increase of its Alloy, wherein Livius Drusus did exceed, and great Confusion was produced in the Roman Commonwealth, until Gratidianus when he was Triumvir for Coinage, did bring it back to its true Standard, who in that was the Burleigh of Rome, or Burleigh, the Gratidianus of England, to both their Immortal Fames.  
But in the times after Augustus, the Empire ran both into Confusion and Diminution; and it is certain, that Money is a true Pulse of the State of Government: But Charles the Great in the Resurrection of the Western Empire, brought the Empire and Money out of their Confusion, into a more solid Consistence; For he renewed the Account by Pounds or Livers, dividing the Pound into 20 parts, in France called Solz, viz: the English pence, and the Solz into 12 Denniers, an Scots Pence, so that twenty Solz contained a pound weight of Silver. But the French have always since been variable in their Coins; and certain it is, that they have raised the Value of their Gold above six times what it was in St. Lewis time, and the Money above seven times, which hath occasioned many confusions and frequent Rebellions in France.  
In England they have been more waric and constant, in the matter of their Money, seldom raising it, or debaseing their Standart; But when forced thereto by an Universal raising of Money, in the Neighbouring States. In the year 1344, their Sterling Standard of Gold was 23 Carrats. 3 Grains and an half Grain, and a pound of such Gold was valued at 13 lib. 3 sh. 4 d. The Silver Standart was eleven Ounce, and 2 pence fine, and a pound of Silver Standart was valued at 22 sh. 2 d. sterling. This was in the time of Edward the Third, Anno 1618.: but in his Anno 23. Gold was raised to 14 lib: And silver to 22 sh. 6 d. Anno 25. ditto. Gold Hen. 4th. Gold raised to 16 lib. 13 sh. 4 d. And Silver to 30 sh. per pound, Anno 49. Henry 6th. Gold was raised to 22 lib. 10 sh. and Silver to 37 sh. 6 d King Henry the 8th, by Advice of Cardinal Wolsey did much debase the Coin, and confound the Nation; And which was never redressed, till Anno 14, Elizabeth; that Gold was fixed at 36 lib. the pound and Silver to 3 lib the pound; But Anno 24. she abased the Standart of Gold ¼ of a Grain; And the Standart of Silver one penny, which raised the value of Gold 22 d. per lib. And the price of Silver 3 sh. per lib. In the 2 d year of King James, the fineness of Gold, was reduced to 22 Carrats; And the value of it raised to 37 lib. 4 sh. per lib. which both together was almost an eleventh part, more, than the Gold was at, Anno 14. Elizabeth, but afterwards by Proclamation King James, ordained every 20 sh. Piece of Gold to pass for 22 sh. which yet raised the Gold a tenth part more; And the Silver was then raised to 3 lib. 2 sh. per pound; Whereby it appears, that Gold Coin in Edward the thirds time, contained in true value, above thrice as much, as it did in King James Time, and Silver Coin near thrice as much.  
I have seen a Contract attested by Mr. Yelvertoun, and presented by Mr. Secretary Calvert, whereby it was appointed, that in 12 Ounces of Gold which is a pound of 22 Carrat fine, there should be 41 Unites Coined, every Unite being of value 20 sh. Sterling.  
Nota, The foresaid fineness, both of Gold and Silver, was to be out of the Fire. Ittem, the remedy of the fineness of Gold, as to fineness was 2 Grains in the Standart; And the remedy in weight for 20 sh. Pieces, and 10 sh. Pieces was 2 Grains also: And in lesser Pieces, one Grain, providing that all the Remedies in a pound weight of Gold, did not exceed in all, 50 Grains: And the Remedy of the weight in Silver Coin, was two Grains on the Crown, half Crown and 12 shilling.  
As to Scots Coin, I have not yet seen any Authentic Record before King James the 6th Reign, Anno 1604: By Contract 'twixt the King and I: Atchison Master of the Mint, The Weights are mentioned, conform to what was adjusted betwixt the two Kingdoms; And which are also mentioned expressly in the foresaid Contract, reported by Mr. Secretary Calvert; viz the English Weight is declared to be 12 Ounces Troy to a pound weight; and every Ounce, to be 20 penny weight, and the Scots pound is 12 Ounces also for the pund, and 12 Denniers to each Ounce, But the 12 Ounces or pund Scots weighs less than the English pund, be 4 pennies, 9 Grains English; or be 5 Denniers, 9 Grains and 18 primes of Scots Weight. And so two Pyles were made, one for each Kingdom, of equal weight; adding the said 5 Denniers, 9 Grains 18 Primes to the Scots Pyle, for making it equal to the English.  
And according to this Adjusted weight, was the rule of Coining of Money, in both Kingdoms as to Weight. the Fynenest still the same also  
So before that time the Scots Weight appears to have been 12 Den: to an Ounce, 12 Ounce to a pound: But it likewise appears, that the Scots pound did weigh less than the English, be 5 Denniers, 9 Grains, and 18 Primes. And albeit Scotland does keep their old Denominations, yet this pound and all its Fractions, do weight a little more than the old Scots pound, and its Fractions did. And I wish we had the same Denomination also, for 20 pnnies to the Ounce, and 24 Grains to each penny, is a far better Fraction and easier in Accounts, than the Denniers, and Primes, which are unequal Fractions, and doth Imbarass Accounts.  
However, Craig tells us in his Learned Treatise, the Feud: That about the time of Pinkie Fight. Anno _____ That an Ounce weight of Silver was but one Mark, which now is near five Marks; Whereby he observes, that the Fisc● in that time had swallowed up Insensibly four parts of five of the Subject, So great a disadvantage did he see in the raising of Money. In that place also, he sets down the Scots Standard and Fineness, 11 Denniers of pure Silver, and one Dennier of Alloy, in Silver Coin, and 22 Carrats of pure Gold, and 2 Carrats of Alloy in Gold Coin: But by the Contract betwixt the King and Atchieson. The Standart for Silver in Scotland was to be 11 Denniers of fine Silver, and an Dennier of Alloy; And at the same time the Standart of England by Contract, was 11 Ounce, and 2 Pennies of Silver, and 18 penny of Alloy, By which it appears, that our Alloy was a full 12 part, whilst the English Alloy was two pennies less, so that there Money was better than Ours in Fineness, or else they have Counted wrong in the Contract: But the Standard of the Gold in Fineness, at that time by both the Contracts was 22 Carrats pure Gold, and 2 Carratt of Alloy.  
And as to the weight, the pieces of Coin was as follows, 37 Twelve-pound-peices, and 1/● part of a Peice, was to weigh 12 Ounces, 5 Denniers, 9 Grains, 18 Primes, which was equivalent to 12 Ounces Troy, or a Pound weight in England, And in Silver Coin, 12 Three pound-peices, and ⅖ parts more, Viz. Two Shilling Starling, were to weight 12 Ounce, 5 Deuniers, 9 Grains, 18 Primes, or 12 Ounce of English weight: But in the English Contract produced by Calvert, The Unites of Gold, which are 20 Shilling Sterling, or 12 Pound Scots; there were 41 Pieces or Unites in the Pound weight of Gold, and by the Contract Anno 1604. with Aitchieson. The Price appointed for Gold of 22 Carrats fine, is 34 Lib: 18 sh: Scots per Ounce, and 58 Shilling for the Ounce of Silver of eleven Denniers Fine.  
Now in Silver Coin, Our loss may be clearly perceived, First, By our own Coin, which now is 8 and ⅕ parts worse than the said Standart, and this in Weight.  
And next by Foreign Coin, The Philip Dollar is but 10 Denniers Fine, the Italian Dollar but 9 and ●4/20 parts, the Hollands Dollar but 9 Denniers, the Ducatdown 9 Denniers. And many of these Foreign Coins, do also want of Weight.  
By all which Debasings, and passing of base Money amongst us. I boldly assert, that our Nation is more prejudged and Impoverished, than by all the Cess we have paid these ten years bygone, as may be made appear, if a Committee be appointed, and think it worth their pains to know it; At which also, some Overture may be proposed for Redressing this great Mischief, as much and as soon as possiby can be expected, and if not Redressed, Infallibly Our Nation will fall at once in Penury and Confusion, by several Degrees lower than it is; For that Lean Cow, viz. The Act for Coynadge 1686, hath Devoured two parts of three, of what Gold or Silver was in Scotland before that Act; And that over and above a considerable Stock of Gold and Money brought in by the Forces, paid within this Kingdom by English Pay; As also a considerable quantity of Money brought in by the Export of the Coal and Salt during the Wars, and since, at an higher Rate than usual: All which is exhausted by the forementioned Lean Cow; For as to the other Cormorant, Our Superfluous Luxury on Back and Belly, which Eats our Goods without Digestion, for any Healthful Use, I shall offer my Opinion in an other Paper.  
FINIS.