MEMORIAL To the Lords of his Majesty's Privy Council, anent the English Clipped Money, and other Current Coins in Scotland.  
COnsidering the great Diminution of the intrinsic Value of the English Money by Clipping, without doubt they will use all Endeavours to lodge as much of the Loss thereof upon us as possible they can, and that with all Diligence imaginable; especially the Parliament of England being to fall upon some Course for redressing the same, and preventing the like for the future: It doth therefore concern us in this Kingdom to prevent any loss we may sustain by the Fault of others.  
The Remedy appears to be Twofold, First, to call down the Value of the English clipped Money, and then to call up or raise the Value of the other Currant Coins of Scotland, whether Foreign or Domestic.  
For the first, it is most reasonable that the current Value of Monies should be lessened, according as the intrinsic Value is lessened, and the intrinsic Value of English clipped Money being lessened by Clipping to a third Part, and in some Species to a half loss of the Value of what it was at first, it ought certainly to be undervalved accordingly.  
All that can be said against it, appears to be of no great weight, for the loss of particular persons who are possessed of that Clipped Money, will still prove greater and greater; As also that of the Nation in general, so long as there is not an adequat Remedy found out for freeing the Nation of the same, though with loss, and preventing the like for the time to come: And in one Word, this appears to be the only Reason why our current Coin is carried forth of the Kingdom, because the English after they have had the benefit of Clipping their own Money, they send down theirs when light, to barter with our Goods and heavy Money, whereby their Advantage is as great as our Loss is.  
It is not to be regairded, that if such Measure be taken with us, the English will buy none of our Beasts and Goods, for what they by from us is for their own Advantage, and not for ours; And if it be for their Advantage to to buy from us, they can make their payments in Bills of Exchange as they did formerly: And it is observable, that since the Clipping of their Money, their Payments for Scots Commodities hath been by the Species of Money, Ten, for one more than what their Payments were formerly.  
If therefore some speedy and effectual Course be not fallen upon for preventing the Prejudice we sustain by the Clipped Money, it will both take away all Encouragement from the Importers thereof, and give Encouragement to the Exporters of the same, and prevent the Exportation of our other Current Coins, and the less Value ye set upon the Clipped Money, the more Value you set upon the unclipt, which is equivalent to raising the Value thereof, and will prove as great an Encouragement for the Importing of the unclipt Species of Money, as if it were actually called up to a higher Value than for what it passed formerly in this Kingdom.  
As to the second Remedy, it's believed by some, that the raising of the current Coins of a Kingdom, in value will cause it to be imported in hope of gain, and keep it from being exported, for fear of loss.  
The first view of things are often pleasant, when the end and Progress thereof is not.  
For it is certain, that one Ounce of Silver of equal finness, is, and alwise will be of equal value with an other Ounce of Silver of the same finness, all the world over.  
And it is as certain, that Money is not only the true measure of all our other Means and Riches in the Kingdom, but also of our Foreign Commerce with Strangers, which therefore ought to be kept just and constant, to avoid these confusions, which ever accompany such alterations.  
For first at home, if the common measure be changed, our Lands, Rents, and Commodities both Foreign and Domestic must alter in proportion, indeed those who are to borrow or receive Money upon former Contracts, will be defrauded of their due proportionably, as the Money is raised above its former value which they would soon find to their great loss, if they went to Mercat with their new Money; if the stranger Merchant, or those of our own Nation bring in Foreign Wars, and find the Money raised, shall not they raise the price of their Commodities proportionably, and shall not the price of the Merchant's Exchange with Foreign Countries, rise in proportion with our Money, and consequently why may not our moneys be carried out of the Country, to as much profit, as before the alteration.  
If it be thought, that the raising of it, will cause foreign Money come in, it must be done either by the Merchant who hath exported our Wars; or by the Merchant who intends to buy of our Commodities; or by him who brings in Foreign Coin, as Merchandise to gain upon it, according to the value it's raised with us.  
For the first if the value called up, be but small, it will bring in little or no Treasure, because the Merchant will rather bring in Wars, upon which, there is usually a competent gain.  
As to the second, there will be as little Encouragement, because the price of Commodities will raise in value proportionably, as our Money doth.  
And as to the third, it's the same thing, for if they bring Money upon the expectation of Advantage, they must either receive the value thereof, in Money, Goods, or by Bills of Exchange, by the first, there can be no Advantage because Money is the same with Money, and the Goods raise proportionably, as said is; neither by the last, because the price of Exchange raising proportionally will take from the one hand what is gained by the other: for the Merchant's Exchange by Bills is a practice, whereby they that have Money in one Country, may give in the same to receive Money again in an other Countay, upon certain conditions agreed upon; whereby Merchants are accommodated, without transporting of Treasure.  
These Exchanges are not made at equal Values of the moneys only, because he that delivereth his Money hath regard to the hazard of the Debt and time of forbearance, but that which causeth really and truly an under or over-valueing of Money by exchange, is the plenty or scarcity thereof, where exchanges are made, and as that makes the price of exchange high or low, so the over or under balance of our tread doth certainly occasion plenty or scarcity of Money.  
For suppose Holland, or England import more Goods in value to us than we sell them, then it's evident their Merchants not only carry away our Treasure to balance Accounts between us and them, but also money being to be delivered by us to them by exchange, it is therefore undervalved by the Receivers whatever over-value we may put upon it ourselves, and this occasions the raise of exchange.  
But suppose on the other hand our currant Coin should be so much undervalved by us, as that ninety pounds being carried over in specie, would satisfy for an hundred pounds at Amsterdam, yet that would never occasion the carrying out of our Money, if it were not because of the overbalance of Trade: For suppose the Wares brought from Holland, extend to the value of five hundred Pound yearly, and our Commodities transported to them, only four hundred Pound yearly, Is it not evident that there must be an hundred Pound of balance; and this Loss must be tho' the returns were only in Money: For the Dutch carrying away from us five hundred Pound of Money for their Wares, and we bringing home four hundred Pound only of their Coin for our Commodities, there will be still an hundred pounds' loss, and if our Money be so much undervalved more than theirs, ninety Pounds carried over will pay that balance of an hundred Pound at Amsterdam.  
Again, suppose we carry as much Wares in value to Holland, as they bring in to us; by which the means is equal for each to make their Returns by Exchange, without carrying away money from either State, and that the Scots Merchants should notwithstanding, bring his Returns in ready money, because of the Advantage by the calling up of the money in Scotland. Yet it must of necessity follow, that the Scots Merchant shall want as much means of Exchange with the Dutch, as he brought money from them: for though some both export and import Wares, some export, others import only; some deliver out their money by Exchange, others take it up; some carries out money, and others bring it in: yet all the money in a Country; that is not the true gain by the over balance of Trade, must of necessity, be sent back to balance the Exchange. Whereby we may plainly see, that what money is carried out within the balance of Trade, though overvalued by us, cannot be considerable; for it must of necessity return to us again: and we lose only, and shall always lose those moneys which are made without the balance of our Trade, let the species of our money be never so much raised and overvalued.  
These Circumstances being considered, the over-valueing of Money, either Foreign or Domestic, will be found no good Expedient to promote the designed Ends: Treasure cannot be forced into a Nation, to make it really ours, can only be by a lawful Gain; this lawful Gain in a Nation, where there is no Silver or Gold Miens, can be by no wise, but by the true and just balance of a well adjusted Trade, and that is when their export exceeds their import: But on the contrary, the prejudice will be so great, that it will confound the Property of the Subject, lessen the Revenue of the King, occasion damnage to some men, give unreasonable and unjust advantage to others, disturb the Affairs of the Nation to no purpose, violate the Laws of Foreign Commerce; and if we were a Nation that bore any bulk in Trade, might cause other Princes and States raise their Coin in proportion with ours, settle Affairs of Commerce to our prejudice; and then grant all the Advantages we propose to ourselves, what will it signify?  
If notwithstanding of what is said, Your Lordships shall think it  to make some alterations of the value of currant Coin, especial regard would be had to the comparative value of it: For as an Ounce of Silver is alwise of an equal intrinsic value , yet so there being no common Standard for the intrinsic value of any thing more than what is put upon it by the general and unanimous consent of People and Nations, it must necessarily follow, that we ought to consider what value our neighbour Nations put upon the currant Coin of our Kingdom, whether Foreign or Domestic, and that in relation to these particulars.  
First, To consider and examine, if the Gold to Silver be of the like proportionable Value in Scotland, as the Gold is to Silver in France, Spain, Holland, and other Countries.  
Secondly, to compare the alloye of Gold and Silver in Scotland, with that of other Countries.  
Thirdly, to consider if the Coin be of equal value with the current price of Bullion, the charge of coining only deduced, if any reformation of our current Coin be necessary, especial care must be had to these Considerations; for if the value of Gold be raised above the value of silver, more than proportionably, it will make us plenty of Gold. But all our money shall be carried out with loss, and the Nation impaired in its Treasure, as it did in England above thirty year ago, when Gold was called up ten of a hundred, and Silver not proportionably. So if the Silver, or particular denominations of Coin be raised, the one more than the other, or more than the Gold in proportion, the same consequence will follow as to that of the Gold, and will afford nothing but a Trade, and Barter of money with money, according to the real and intrinsic value of the different species', to the great prejudice of the Trade, and impoverishing of the Nation.  
For the last Consideration, it doth not so properly belong to your Lordships as to the High Court of Parliament; therefore shall say nothing of it.