A LETTER to an eminent Member of PARLIAMENT, about the present Rate of Guineas, and the Influence they will have on our expected New Money.  

SIR;  
THOUGH I must confess we are under very great Difficulties in respect of our Coin, yet they are still increased, and I fear will be made insuperable by the Ignorance of some, and Knavery of others; and the Fool and the Knave having gotten such an Ascendant over us, unless this present Parliament be inspired with Wisdom and Virtue enough to see and correct the Vice and Fraud which is openly practised, it's impossible but that the Nation must sink into Destruction. Tho I have the greatest Veneration for an English Parliament, yet (since you have allowed me the liberty of writing my Mind freely) I must say, It has been a Fatality almost always upon them, that they never took care to prevent Misfortunes: How good soever they have been afterwards at applying a Cure, yet their Skill has seldom been eminent in foreseeing a Disease.  
Had the Parliament six Years ago, when the Mischiess of carrying away our Treasure were laid before them, but passed an effectual Bill of Prevention then, and had taken care of our Trade, we had been some Millions richer than now we are, and the War had not been afflictive to us. Had you the last Parliament (when so many Complaints were laid before the House) taken care of the Coin, and made a LAW (instead of a—) to prevent effectually the ebbing away of our Treasure, Silver had never come to 6 s. 2 d. per Ounce, nor Guineas risen to 30 s. apiece. But since'tis in vain to look back to those days that cannot be recalled, it remains that you Now provide against the time to come. In order to which,  
During this present Session, there has a Law been enacted for calling in all the Clipped Money, and recoining it, (at a National Charge) according to the ancient Weight and Standard. It's a good Omen of future Success, that this so just and wise a Provision is passed into a Law; and that you were not imposed upon by the specious (but silly) Projects of some, who were for lowering our Standard, or lessening our Weight: And I hope the Almighty will bless our Nation in receiving other good Laws from this present Parliament that will effectually cure the Wounds of the Land in respect of our Money; which, as it's the Life of Trade, and the Sinews of War, so it ought to be regarded with the most provident Care.  
But that we may not be defeated of our Hopes of having better Money than what at present passes amongst us, it's absolutely necessary that these two things be done, otherwise your Laws will be made in vain, and our Mints will labour to no more purpose (in respect of our Silver) than they have done for this 30 Years past, in which there have been coined above SIX MILLIONS of MILLED MONEY, (which is more Silver Money, by a modest Computation, than is left in the Nation, by Tale as well as Weight) and yet there's hardly a Piece of it now passing amongst us; yea, which is worse, the Mint will be set on work to ruin the Nation, by putting all our Money into a fit Condition for Exportation, which is the Misery which at present we groan under.  
The two things are; 1st. To stop the Coinage of Guineas, or lower their Value to a Parity with Silver.  
2dly. To take care of Trade, and to provide that the Balance of it may be in favour of ourselves.  
The BALANCE of Trade is a Phrase that is in every Body's Mouth, and the thing itself pretended to be understood by very many; and therefore I will not doubt but that cur Parliament, who are the Eyes of the Nation, will see how much this concerns us all, and will accordingly provide prudently for it.  
But let them do what they will in that Matter, (considering the Condition into which we are brought) unless there be some care taken to suppress the Price of Guineas, I can positively foretell you, (without the Spirit of Prophecy) that in a very little time, THERE WILL BE NO SILVER MONEY LEFT IN THE NATION.  
And that I may prove this Assertion, and make you sensible that 'tis a Consequence that cannot fail of our present Premises, I shall request you to consider these things:  
Since we (and almost all the World besides) do make our Money of two sorts of Metals, viz. of Gold and Silver, therefore there must be observed by us a just Proportion of the Value that the one Metal bears to the other, in respect of Weight or Quantity, (supposing them to be alike fine) according to the Proportion observed by all other Nations; otherwise, if we neglect this, we must lose all the Money made either of the one or the other Metal. I shall therefore set down briefly, the modern Proportions between Gold and Silver both in our own and our Neighbour-Nations (according to their common Standard): In doing which I hope you'll excuse me if I do not exactly set down Pennyweights and Grains, or Pence and Shillings, but leave that as a Curiosity too nice and too long for a Letter. The Par or Proportion between Gold and Silver is very much altered within this last two hundred Years, almost in all Parts of the World, but most especially in Europe and the West-Indies, which has been occasioned by the vast Quantities of Silver more than Gold brought into those Parts from Mexico and Peru, etc. For whereas the old Proportion in the Roman Republic was ten to one; and in the time of our King Edward III. here in England, 'twas eleven to one; now the Proportion is much changed: For the Spaniards bringing yearly from their American Conquests (since the Discovery of that vast Continent, and the Riches of it) great Quantities of Silver, far (in proportion) more than Gold, they have raised their Par between Gold and Silver almost above all other Nations; so that when we did formerly manage our Spanish Trade to make Returns in Money, our Merchants always chose to send home Silver rather than Gold. But yet this Proportion in Spain has also influenced the greatest Part if not all Europe, so that the Proportion is now near about the following Account.  
In Spain 'tis near 16 Ounces of Silver to one Ounce of Gold.  
In France 'tis now almost, if not exactly the same.  
In England (according to the late Indentures of the Mint, by which the Pieces called Guineas were coined for 20 s.) the Proportion is above 14 Ounces of Silver to one Ounce of Gold: But since those Pieces did rarely ever pass at less than one and twenty Shillings and  each, (which for many Years was their current Price) allowing them coined therefore at that Value, the Proportion then between Gold and Silver in England is about 15 Ounces and an half of Silver to one Ounce of Gold, according to the Standard of one Metal and the other.  
In Holland it has been much-what the same as in England, though oftentimes less. So that the common Proportion throughout Europe between Gold and Silver is almost 16 to 1; or to avoid Fractions, we will allow it at 16 Ounces of Silver for one Ounce of Gold.  
Now the Case being thus; If we coin our Silver at the old Weight and Fineness, (which certainly we ought to do both in point of Prosit as well as Honour, as his Majesty and the Parliament have very well determined, by a just Law) and do not take care in the mean time to suppress the Price of Gold, (which the Badness of our Money, and the Arts of SOME MEN have raised to a most extravagant rate) the Consequence will be the certain Exportation of all our Silver.  
For if a Refiner, or Merchant, or Exchanger, who deals in Silver, can now (at the Expense of an ignorant Oath taken by a Servant, or with hired Perjury, etc.) export what Quantities of Silver he pleases, (Custom-free) and can with 16000 Ounces of Silver, which cost him now near 6 s. 2 d. per Ounce, (an extravagant Price 'tis true, but yet near the Price now current) which will be, in tale of Money, about 4930 l. If with this sent abroad he can buy or change for 1000 Ounces of Gold, which being brought home and coined at the Tower of London gratis, will make above 3708 Guineas: And if those Guineas go off at 30 s. apiece, this will be about 5562 l. in Tale. And then it's clear, that by the Exportation of Silver, and Importation of Gold, he gains by laying out 4930 l. six hundred thirty two Pounds, and all this perhaps in a Month or six Weeks time, without any other Trouble than only the telling, receiving, and paying of Money; besides the great Advantage of culling, i. e. putting away light Pieces, and melting again the heavy, a Practice too well known, and too much used by the Exchangers of our Nation, and for which I wish our late Act had provided a Remedy, but it's too late to mention that now. Now this will be a Gain sufficient to encourage (and this has encouraged and carried on) the baneful Trade of trassiquing, and buying and selling our Money, and carrying out too much Silver, and bringing in too much (though in reality in the end too little) Gold. But if that be a Mischief now, what will it be hereafter?  
When we have new-coined our Silver Money at the ancient Weight and Fineness, and that Silver coined is but 3 l. 2 s. in Tale (which is the Mint-Rule) to a Pound in Weight, than the Exporter's Market will rise far higher, for than he can send abroad 16000 l. Weight in Silver, which will be in this New Money but 49600 l. in Tale, and this will return him 1000 l. Weight in Gold, which coined into Guineas will be 44500 Guineas, besides the Prosits of culling, which if put off at 30 s. each, will make sixty six thousand seven hundred and fifty Pounds in Tale: And here the Advantage will be on the exporting of 49600 l. and making Returns in Gold seventeen thousand one hundred and fifty Pounds clear; and this too in as little time as the former. And this will be such a Temptation as will soon drain us of all our New Money; and it's so true and certain, that I am sure you will be (with the least Consideration of what has been laid down) convinced of it: Therefore whatsoever we may think of it, if there be not a Remedy provided against this Mischief, we may coin what New Money we please, (or at least all we can) but not a Shilling will stay with us, while it can run to the other side of the Water, and fetch Gold at such a prodigious Advantage.  
If therefore the Price of Gold be not brought down, we cannot keep our Silver.  
But to this so evident a Demonstration some Men think they can object;  
1. That 'tis provided by a late Act of Parliament, (Anno 6 & 7 Will. R. entitled, An Act to prevent the Counterfeiting and Clipping the Coin of the Kingdom) that no Silver shall be exported out of this Kingdom, but such as is first stamped or marked at Goldsmiths-Hall, and attested on the Oath of one Witness, TO BE (before it was melted) NEITHER CURRENT COIN OF THE KINGDOM, CLIPPINGS THEREOF, NOR PLATE WROUGHT WITHIN THIS REALM. And therefore perhaps some may say, By reason of this Act our Money cannot be exported, either melted, or in specie.  
To this I would reply more sharply than the Matter will bear, were it not too bold to call too briskly in question any thing that has passed the Test of your House; but however I know you will pardon me, and so likewise will, I hope, the rest of the Members, if I show the Deficiency of that Act; and I do it the rather, because before that Bill ever past your House, you were acquainted in a printed Paper given to the Members, (entitled, PLAIN TRUTH, etc.) that the Bill would never prevent the Mischief you designed to cure.  
In that Paper were these words: " That an Oath of the Lawfulness of Bullion to be transported, will not stop the Mischief, is apparent; since if the Exporter himself melt either Clipping, Money, etc. (which is neither difficult, tedious or laborious) privately first into small Ingots, etc. and his Servant afterwards melt the same numerical Ingots, etc. into larger, for Exportation, the Servant will become capable of swearing that what He melted, was neither Clipping, Plate, nor the Coin of the Kingdom. Also,  
" Those who have evaded the Law, in melting down our Milled Money, and clipping the Broad; Those who raise to themselves Estates, by secret gainful Ways, etc. will never want Men to swear (if they boggle themselves) to evade a new Law, which leaves them the Liberty of exporting what they please, at the Expense of an Oath.  
And that this Act has proved ineffectual, may easily be seen, if your House will be pleased to command an Inspection into the Books at Goldsmiths-Hall and the Customhouse; there you'll find what prodigious Quantities of Silver, within this nine Months, have been sworn off for Exportation. I'll make no Remark on the Oath's being a Negative, (though that will admit of Consideration, and some Persons perhaps have paused on't) but only ask this Question, If those MANY TUNS of Silver which have been stamped at Goldsmith's Hall this last Year, as a Warrant of its Lawfulness for Exportation, was not Clippings, Coin, nor Silver once wrought in this Kingdom, what was it? Foreign Bullion, in any considerable Quantity, I am sure has not been imported; and if those Men have found Mines here at home, I am afraid they have been digged with the Spade of Perjury. In short, Sir, you were told in a private Letter, that the Act (as 'twas contrived) would be but a Stone for Bread, and a Scorpion instead of a Fish, and so it has proved: For never was Silver so advanced in its Price (which has been occasioned by Exportation) as since the Commencement of that Act.  
2. But another Objection there is, (which is of the same Validity with the former) that Gold and Silver is risen over all Europe, and therefore the Complaints of Men are most unjust against its rising here in England.  
Now this Objection (though common) yet is absolutely false; for there's no less Quantity of Gold and Silver in Europe now (but more) than there was 6 or 7 Years ago; and it's the Scarcity of any Commodity that raises its Price. 'Tis true, Gold and Silver is risen to Us in all Parts of Europe, because we have so lost our Trade, our Shipping, and Strangers have got our Traffic with our own Manufactures, etc. that we are run in debt to other Nations; so that the Exchange 'twixt England and Foreign Parts is most miserably sunk, to our great Detriment, particularly in Holland, where formerly the Pound or twenty Shillings here, would answer to above 38 of their Skellings, but now 'twill answer but to 28 or 29, (or at least very lately it would answer to no more) this has made Gold and Silver dear to Us: But that an Ounce of Silver will buy more Commodities in Holland or Germany, Spain or Italy, now than formerly, this is utterly false, which proves that 'tis risen only in England.  
I confess Gold is somewhat advanced in Holland, because of the extraordinary Market which they have found for that Metal here in England; but our buying or receiving it from them at such vast Rates, has exceedingly helped to drain us of our Commodities and Manufactures, (to our great Detriment) as well as of our Silver; and has made English Goods cheaper to Strangers than to ourselves; so that Stuffs, Blocks of Tin, etc. are cheaper at Amsterdam than London, and they are able to undersell us in foreign Markets with our own Wares: and this I am sure is no good Argument of the Rise of Gold and Silver beyond Sea, but only to us; and that we by our Folly and Neglect are grown poor, while Foreigners have taken the Advantage, and made their Markets upon us, and so are grown rich.  
The true Notion of Gold and Silver's rising can be no other than this, viz. When with the same Weight or Quantity of Gold or Silver, we can buy more Commodities, than we could have done formerly. And in this Sense Gold is risen in England, because with a Guinea we can now buy something more than 6 or 7 Years ago: But this respects only our own Manusactures; for in respect of all foreign Goods, Gold and Silver is much cheaper than formerly, for we must give a great deal more of it for them, than a few Years ago. And whether the making our own Goods cheap, and foreign Goods dear, be the way to Thrift, or an Argument of the rising of Gold and Silver abroad, is easy to determine.  
In brief, we have an old Proverb, That Gold may be bought too dear; and we to our own Cost, and as a lasting Monument of our Folly, have made it good: And if an Inquiry be made who are the Exporters of our Silver, and who have been the Importers and Coiners of those vast Numbers of Guineas which have been lately, and are still coining, you will sinned (if you can learn the Truth) that they are the same Men. So that notwithstanding these Objections, etc. and others of a like Nature, urged by those that do not perceive the Matter, or else by such as would cover it, the former Assertion will be found a Truth, Unless the Price of Gold be brought down to a just Parity, we cannot keep our Silver: and that which will be worse, (if this also be not done) we shall lose our foreign Trade, by suffering Strangers to undersell us with our own Goods.  
But some perhaps will reply to this, That there's no need to apprehend any Danger from the high Price of Guineas, since the recoining of our Money (which is now a doing) will prevent this Mischief; for as soon as New Money gins to be plenty, Guineas will sink to their Original Value, without any farther Trouble or Notice.  
I answer, If there was any Probability of New Money's being plenty, there was something of weight in this Reply; but while Silver is at 6 s. 2 d. per Ounce, to suppose that New Money will not sink into the Melting Pot, as soon as coined, and so become Ingots, and then march to Goldsiniths-Hall, and there become stamped at the Expense of Swearing, (as Tuns of Bullion lately have been) and from thence sail to the other side of the Water, etc. is such a Fallacy as may lull us asleep till our Treasure is lost, all our Money gone; but we shall soon awake when 'tis too late, from this deceitful Slumber, and then we shall find ourselves in Rags, without so much as the Succour of our old clipped Dross left to help us. The Scarcity of New Money will keep up the Price of Guineas, and the high Price of Guineas will make New Money scarce.  
If therefore you do not provide a Remedy for this Mischief, or if his Majesty is not pleased to do it by Proclamation, etc. one Year more will free you of your New weighty Money, as well as you are freed now of the Old light.  
I have heard that there's a Project of giving an Encouragement of 3 d. (or what you please) per Ounce, to all Persons that shall bring Bullion to the Mint to be coined; I confess, That may bring vast Quantities, but I'll only ask the Question, Will not the Silver when it's coined be as good as before when in the Ingot? And if so, the Melting-Pot after it has eared 3 d. per Ounce, can easily deface the Marks of that Drudgery.  
To believe any Refiner, etc. will give 6 s. 1 d. ½, or 6 s. 2 d. per Ounce for Silver, to send it to the Mint to be coined at 5 s. 2 d. though there be an Allowance of 3 d. per Ounce Encouragement, when notwithstanding there's still such an apparent Loss, without a Design to cheat the Government, Credat Judoeus Apella.  
There is no way therefore to sink the Price of Silver, and to encourage Coinage, and to keep our Money when coined, but to sink the Price of Gold, and this the Stock and State-Jobbers will never suffer, since they gain so considerably by it, unless Authority is pleased to interpose. I confess I sear your House will hardly meddle with it, in regard you have already declined it in your Votes; but if his Majesty do not by Proclamation command that no Guineas shall be offered after such Day or Days above such a Value or Values, etc. and do not for a time stop the Coinage, or take some other Method to correct this Abuse, as to his Princely Wisdom shall seem meet; or unless your House please to reassume the Matter, and find out a Plaster for this Wound, 'twill in a little time become a Gangrene to the State.  
As to Trade, and the Balance of it, (which is the second thing I mentioned) I hope this will effectually be done, by that Bill which is now under your Consideration, etc. I will therefore add nothing more on that Head, than what I have already touched upon in this Discourse; and being sensible of your Candour, I will not doubt your Pardon for what has been here freely written, since I know you'll take it with the same Sincerity with which 'tis offered; and that is such, that 'twill remain at the last Day as a Testimony of my Love and Zeal to my Country. And now having done with this, I—  
The rest was only about private Matters, and therefore it's not made public.   

POSTSCRIPT.  
IT's asserted by some, that a Guinea now in Holland is worth 27 s. English, and therefore (contrary to what is here laid down) Gold is almost as dear there as here: But the Truth of this, when understood, will soon overthrow the Consequence; for the meaning on't is, A Guinea is worth so much, on Exchange, which being near 20 per Cent. or about a fifth Part of the Whole, (to our Disadvantage) This being substracted from 27 s. will show that the Gold of a Guinea there is worth little more now than Gold used to be there 4 or 5 Years ago.  
I do not question but some designing Men will endeavour to contradict and cast a Mist on the Truths here delivered; but you'll soon find that their Arguments are founded on Self-Profit, which has been and will be (if not prevented) the Public Ruin.