THE REGULATING Silver Coin, Made Practicable and Easy, TO THE GOVERNMENT AND SUBJECT.  
Humbly submitted to the Consideration of both Houses of Parliament.  
By a Lover of his Country.  
LONDON, Printed for Henry Bonwick, at the Red-Lion in St. Paul's Churchyard. 1696.   

THE REGULATING Silver Coin, etc.  
Writing on so curious, and intricate a Subject, I have great Reason to bespeak the Candour of the Reader.  
A Book of this Nature cannot but expect to meet with great Opposition, and 'tis very probable from Two sorts of Men especially, viz. Those that know little of the Subject-Matter, and those that know much.  
They that know little are Jealous, and they that know much Opiniatre, and whilst one will not take Pains to comprehend a thing, another taketh too much to overthrow it.  
But as I hope I shall say nothing here, to be pitied; so I am on the other side pretty secure from Envy, because, the greatest Credit that can be gotten, by a thing of this Nature, 
Mr. Lowndes.  doth already seem to be engrossed by a late learned and industrious Writer upon this Subject.  
It was, I must needs say, a prudent piece of Service the Lords of the Treasury did the Nation, and more particularly the Parliament, under whose Judgement this matter justly falls, by employing so able a Pen to clear the way, in giving a true, and entertaining Account of Matter of Fact.  
But I must do myself that little piece of Justice too, as to acknowledge the main Design of these Papers was laid before I could have a sight of that Book:  
And now I am ready enough to confess my own Weakness, and Insufficiency, for so great an Undertaking; nor do I pretend to write a Style equal to that experienced Minister, but am contented to be understood without shining, and to offer Mathematical Reasoning, without polishing and Ornament.  
When I at first formed the whole Scheme, I had more Leisure, by much, than when I put it in Writing, and I can better answer for my Design, than for my way of expressing it; and therefore all the Favour I expect or ask, is, that the Theorem, which is the main of the Work, may not suffer for the Inartificialness of the Problems that lead to it.  
I affect Truth and Plainness, and a sincere Love to my Country.  
Whatsoever I have read or heard on this Subject, hath brought the Matters to this Dilemma, that either Coin must want of its intrinsic Value, so as to disatisfie most of the King's loving Subjects, and endanger a fatal stop to Trade; or if it is to be made of near an intrinsic Value, according to the Rate Silver shall go at in the time of Coining, then upon every little Rise of Silver higher than that Price, we are in danger of having it exported and melted down; and so every Parliament may meet with the same Difficulties we at present labour under in the badness and scarcity of Silver Coin.  
That which I pretend to, is, to obviate both these Dangers, or otherwise I confess I might have spared my Pains; for he who hath provided for one and not the other, hath at the best but done half the Work.  
There are three Terms of Value, upon the right Understanding of which, much depends, viz. Extrinsic, Intrinsic, Real.   

DEFINITIONS.  
EXtrinsic Value of Money is the Denomination and Power, that is given it by Authority.  
Intrinsic Value is the necessary and Natural Value, always and every where inherent in the Species.  
Real Value is a Certain Value more or less than Extrinsic, or Intrinsic, adherent to the Species, with respect to time and place.  
TWO things are now under Consideration. 1. The Badness of our Silver Coin.  
2. The Scarcity of it.   

CHAP. I. Of the present badness of our Coin  
BY Current Coin, I mean not that which is Current by Law, but by Custom; that which People are forced to take for want of better, to the great Grievance of the Subject, Dishonour of the Kingdom, and Obstruction of Trade.  
For every Man now is destitute of a sufficient Pledge and Security for his Personal Estate, unless he will take Personal Security, or find out a Mortgage, or rely upon a Bank.  
Personal Security is now less than ever, the public Banks have so drained or so engaged at least the Traders in Money.  
Mortgages are very hard to be found, for small Sums, and much harder for great ones, since the establishment of the new Banks.  
And as for a sole reliance on the Credit of the new Banks I leave that for other Hoads to discuss; I am of the Opinion it was never intended that they should be the only Security for Personal Estates, and that People should carry in their Money to 'em out of necessity, and not choice.  
And how dishonourable it is to the King and Kingdom that our Money should be so suddenly debased to such a shameful Degree, foreign States will soon determine:  
Now that it doth not become so by public Authority but by Connivance of the Sovereignty, or Necessities of the Nation, is not stating the thing at all less Dishonourably.  
For Connivance at a Fault discovers either an Ignorance of it, or Inability to correct it, or design in making use of it.  
'Tis plain enough the Government is not Ignorant of it.  
His Majesty in His Speech to both Houses of Parliament, shows He hath no design in making use of it, because He recommends the redressing of it to their Consideration, and therefore the not redressing it, can be only imputable to the Weakness and Poverty of the State:  
And what Inferences, not only the French, but all other Politicians may draw from thence are very obvious.  
The finest Clothes that our Soldiers can put on, in the Field, would not at all dazzle the Eyes of the Confederate. Princes, nor strike any despondencies into the Minds of our Enemies, if they shall all come to know that the whole Power of England is at this time held up by the imaginary Value of Birmingham half Crowns and Shillings.  
It will hearten our Enemies, and discourage our Friends, very much, when they shall come to know that the Nummary Wealth of England is almost vanished, the Silver Coin gone, and the Royal Mint at a stand.  
No Body will believe that we can long subsist at this rate; and indeed 'tis impossible we should, for if 'tis now much harder to redress than it was a year ago, and that means cannot be yet found out to do it, what Hopes shall we have of ever doing it till the War is ended? and what Hopes shall we have of bringing our Enemies to Terms, whilst they are sensible of our great Poverty.  
The only way, sure, to bring the French King to Reason, will be by showing him we are Able to continue the War as long as he can possibly be Willing, which he can never believe, so long as he sees our Money, by which he judges our Wealth to be imaginary only, and not real Silver.  
Besides all this, we are in apparent Danger hereby of being more effectually and suddenly ruined by our Friends.  
For if this Sessions of Parliament should break up without regulating the Coin, what Consequences may possibly ensue?  
It is not impossible that Foreigners in all parts of Christendom should immediately set themselves to counterfeit our base Money.  
There are beyond Seas as good Chemists, and Black Smiths as at London, or Birmingham, and 'tis not impossible that they should secretly Import as much base Money, resembling that which goes current among us, and which hath not the intrinsic Value of One Shilling in Three, as if they please may not only buy up and Export Two or Three Millions Worth of our Staple Commodities, affording 'em Cheaper abroad than we can at home; but as much Worth of our imported Commodities, even Gold itself, if they like that Trade better.  
Such an Importation of Money would I fear, be of worse Consequence than all our Exportation of Silver and Gold can prove.  
If what cost our Merchants a Shilling, they should sell for a Groat, or if they shall buy of us an Ounce of Gold for Three or Four Ounces of Silver, or supposing 'em to buy it at 6 s. 6 d. per Ounce, they shall buy an Ounce for as much Counterfeit Money as shall not have 7 Peny-Weight of true Bullion in it, this would give our Balance of Trade, such a Terrible Swing, as no true Hearted English-Man would be willing to see.  
This is a Danger which the easiness and small Charge of counterfeiting old Clipped Money threatens very much, unless it be speedily cried down.  
And in the mean time, let us consider the Condition of the other Coin among us, not counterfeited, but Clipped, filled, or otherwise diminished.  
'Tis plainly demonstrable by the Receipts of Money in His Majesty's Exchequer, that one half of the Silver is already Clipped away, and there is no Security why half what remains wo'ned be taken off too.  
The Laws are severe enough made, and put in Execution, and yet Newgate is perhaps now as full of Clippers as it was Three or Four Years ago.  
Nothing but a Sense of Religion doth restrain Men from profitable Sins, and the Ordinary of Newgate can inform us, how little the Gild of Clipping affects the Criminal's Conscience.  
Nor will preaching do much Good, upon those that never come to Church.  
Clipping is the gainfulest Sin that ever was invented, and sits the easiest upon the Sinner's Mind, and 'tis never to be remedied but by making it impracticable, which Milled Money only (and no other to be currant) can do.  
And what a perpetual Discontent and Confusion must it end in, if People shall come at last to proffer a Groat for a Shilling?  
This must increase still vastly the Value of Guineas; this must raise the Price of all Commodities, this must make it impossible to expect any Money at all, either for the King's Use, or Balance of Trade; and this will not only force us to recall our Troops from Flanders, and by a natural Consequence let in the War upon us, but it would put a sudden and universal stop to all Foreign Trade.  
And what fatal Consequences may it have in the mean time at home let us consider.  
It may very well be supposed that a Dragooner may proffer to a Corn-Chandler 2 s. for a Bushel of Oats, and that the Corn-Chandler seeing that there is not Three Penny with. or 9 Penny worth of Silver in both the Shillings, should not like the Bargain, what's now to be done?  
Should There be a Law with Penalty for refusing clipped Coin, as there is for cracked Six pences, this would encourage Clippers to leave nothing remaining in a Shilling but the Figure XII.  
Should the Law prohibit the passing of all Silver clipped within the Ring, than two Thirds of the present Money of England would be immediately cried down: Then the Loss of clipped as well as counterfeit Money would be very hard upon the Proprietors, and we should have two Thirds less Money for carrying on our Trade:  
And now we have two Thirds less than we should have, and if that two Thirds, which is cried down at the Owner's Loss, should be carried to the Mint, and new coined, it would scarce yield a twelfth Part of what we should then want.  
If the Law should put down all Silver Money but of such a Weight, then certainly all Money above that Weight would be clipped down to it, and every Man must carry a pair of Scales in his Pocket, and we are still subject to the Consequence of the former Paragraph, as that former Paragraph would be to the first Conclusion of this, viz. That all Money would be soon clipped down to the public Standard.  
Let the matter be canvased never so much, it must at last come to this Conclusion.  
We cannot subsist either in War or Peace if the Coin of England be not speedily regulated.   

CHAP. II. Of the present Scarcity of Silver Coin in England.  
NOw let us consider, that if all the current Silver Coin of England were passable and unalterable, yet we have vastly too little in Tale for carrying on the Trade of the Nation.  
And this will appear several Ways, but chief by the high Price of Guineas and the Causes thereof.  
Guineas have risen from 21 s. 6 d. to 30 s. either because the intrinsic Value of Gold hath risen near in Proportion to the Diminution of the intrinsic Value of Silver Coin, or by reason of the Scarcity of the Silver Coin, or the Uncertainty of it, or partly by Reason of one, and partly t'other, which I believe is the Truth, that the Badness and Scarcity of Silver Coin hath occasioned an extravagant Rise of Gold.  
Now if so much as concerns the Scarcity of Silver be granted me, than I have nothing to do upon this Article, but show that the present high Price of Gold is dangerous to the Nation, and more dangerous will a farther Advance of the Price thereof be.  
And to them who think the Badness of our Coin the greatest Reason of the present high Valuation of Gold, I shall in the mean time say, that if the Price of Gold hath risen, suppose 4 s. or 5 s, in a Guinea, upon the Account only of the Baseness of our Silver Coin; then in handling that Notion we must look upon Gold not so much a Coin as a Commodity, and so indeed it is at this Present; because the Price of Gold in the Oar or Ingott hath risen almost proportionably to that which is coined; so that a Man doth not take a Guinea rather than 29 clipped Shillings, because the King's Impress is upon it; for so 'tis upon the Shillings; or because Authority has made it pass so, for that Authority is wanting; but because it is of a greater intrinsic Value than is in 29 Shillings of clipped or counterfeit Money, which is now most current: So that the Valuation of the Commodity Gold hath increased as the intrinsic Value of our Silver Coin hath decreased.  
And if so, than it is to be suspected that the Price of all staple Commodities have increased in equal Proportion, or that they are in such a Proportion now higher than they would have been; for Gold and Silver being reciprocally the Standards and Measures of Proportion of one another, are so of every thing else; and if I can now buy as many Ounces and Penny- Weights of Silver for a Guinea, as I could have done formerly, then is not Silver Risen more than Gold? and if I can buy as many Grains of Gold now with an Ounce of Silver as I could formerly, then is not Gold risen more than Silver. And this is, perhaps more than a Supposition: For when Silver was 5 s. an Ounce, I could buy 4 Ounces 6 Peny-wt. with a Guinea, and so I can now, that Silver is 6 s. 6 d. per Ounce. Again when Gold was about 3 l.. 14 s. an Ounce, I could buy an Ounce of Gold with 15 Ounces of Silver, and so I can now, or near the Matter: So that the Commodities of Gold and Silver answer one another as they did, or near thereabout, abating only for the Portableness of Gold and its Coinage; whereas no Coinage is now allowable for those Pieces of Silver wherein the Coinage is defaced and spoiled; and if those two Commodities are so much higher than they would have been: For they are the Measure and Rule of Proportion of all. Then when the Value of Gold and Silver rises, the intrinsic Value of all Commodities rise with 'em:  
For supposean Eastland or Hamburgh Merchant brings over a Barrel of Mum, which he (when our Money was old Standard) sold for 3 l. he disliking our Money now, sells his Mum, not according to the extrinsic Valuation of our Money, which is risen since he was here last; because the Intrinsic is diminished, but according to the common Value of Gold and Silver in the World; and therefore requires now 4 l. because he judges our Silver to be a fourth Part worse than it was, or if at 5 l. he judges it to be 2 Parts in 5 worse.  
Again, suppose he sells his Mum for Gold, or is to exchange his Silver for Gold, that which he was wont to sell for 3 Guineas, he expects 3 Guineas for still; or if you are to pay him in Silver, he expects as much as he can change for 3 Guineas, he won't be fobbed off with less: So the Merchant sells as cheap as ever; but we pay more, because what we pay, is dearer than it was.  
You'll object against this way of reasoning, and say 'tis the Risks of the Sea, and Obstructions of Trade now in Time of War, makes all foreign Commodities dearer.  
But I hope I don't err in saying, that the Merchant notwithstanding the War would take less of our Silver Coin for the same Commodities if it were better, and less Gold of us if it would buy as much Silver in his own Country.  
And there are Reasons which may balance the Dangers of the Seas in Times of War in Reference to our Commerce with the Subjects of Neutral Princes.  
On our side Taxes are great, and the Subject cannot afford to buy so many foreign Commodities as at other times: And on their side they have not so good a Vent as they had; so their Commodities must stick on hand unless sold so cheap as may make amends for the Hazards of the Sea, and the Cheapness of Commodities would be the natural Effects of Scarcity of Money, if our Money had the same real Value as formerly.  
Again a Collier who trade's to Newcastle is wont to receive a Guinea for every Cauldron of Coals he brought into the River at such a Time of Year, and so he doth still, and no more; and who can say Coals are risen and Mum it risen? No such thing; but Gold and Silver are risen: And when we give the same Gold and Silver for a Commodity as we did, we wrongfully say the Commodity is dear, when 'tis not that but the Gold and Silver which costs us more. We give the same Labour, the same Leather, the same Malt, for the same Quantity of Gold and Silver which we did.  
And now 'tis the Country Gentlemen, Artisans and Day-Labourers have the hardest Bargain of all  
The Farmer sells his own Corn and Cattle according to the Value of Gold and Silver, and the Mercer his Silks, and the Draper his Cloth, and the Tanner his Leather; but the Farmer in the mean time pays his Rent, and Husbandmen, and Artisans, according to the Value of our present Coin, and when he paid 28 Guineas a Quarter formerly, twenty shall serve turn now; and the Scrivener buys the Country Gentleman's Lands, according to the Valuation of Coin, and not Metal; and the Land which cost the Father 600 Guineas, is now sold by the Son for 430; and half a Year hence it may be proffered for 300. This is nothing but Ruin and Confusion to the Landed Men of the Kingdom.  
But if the Buyers of Land, as the Merchants, Bankers and Scriveners are, were Sellers too, we should find Land rise in Proportion to every thing else.  
And whereas you'll say that Farmers and Graziers are no Merchants, and would be as well contented with passable Coin as old Standard, 'tis very true, but they keep up to such Prices as their wholesale Chapmen can afford to give 'em; and when a Factor sells his Cloth at Blackwell-Hall, he considers the Necessity of the Buyer, as well as Expense of the Clothier; when a Merchant can make a better Profit, 'tis expected he should give a better Price.  
But this with some unthinking People is the Effect of War; and because some things are dearer upon this Account than others, therefore every thing else that is dearer must have the same Cause assigned; but a general Cheapness of things should, methinks, be the Natural Effect of our War, if our Money with which we go to Market were as it should be.  
The War consumes but little of our Product and Manufacture; it carries a great many Mouths into Flanders, and that would naturally make Provisions cheap: Many of these Mouths had idle Hands, and so they are not missed in the Manufacture; but instead of them, a great many industrious Foreigners come among us who eat little and work much.  
The Taxes, as I said, are great Inducements to Frugality, and the Advantages People have of late made of Money, have been no less.  
These and other such like things if the Price of Gold and Silver had not risen, must have occasioned a Fall of most other Commodities.  
And now let us consider the Danger of the high Price of Gold as it stands at present.  
Coin is the most portable Commodity, and Gold the most portable Coin; but we have run it up high, and therefore don't at present fear Exportation; but then, if 'tis considerably higher than among our Neighbours, there is great Reason to fear too great an Importation may be as dangerous, as a disadvantageous one doth already prove.  
It seems to me so curious and nice a Commodity that always there may be Danger in it.  
If in the great Thirst that's now upon us, we take in too much that will occasion a still more dangerous Rise of Silver: For considering the present Balance of Trade, the more Gold is imported, the less there will be of Silver; and if we import too little, we leave ourselves destitute of a Way of Trading.  
And if the Gold which is our present Support should by the Craft of Foreigners or necessities of the War follow the Silver out of the Nation, we should be left, I doubt in a very bad Condition.  
And if its Value should rise as it must needs do if the Silver Coin grow worse and worse, then by how much it rises, by so much more all the Inconveniencies and Dangers of its late Rise among us will increase.  
What those Dangers are at present is no great Mystery, the English Metchants will make none of it if they may be heard.  
The melancholy Letters which their Factors abroad daily send 'em makes the Case plain.  
That a Guinea in Holland and Flanders is now but 26 s. or to speak more properly and plainly too, so many Rials, or dollars and Stivers as bear Proportion to 26 s. of our Money  
At that Rate they there buy our Guineas of Officers, which they can't be hindered carrying over in their Pocket; then the Holland and Fleming Merchants send back to us the same Guineas to buy therewith our Staple Goods and Manufactures.  
Here they are received at 30 s. And their Factors here who buy our Manufactures as cheap of the Clothier or Stocking-Seller as our own Merchants, send back for 1000 Guineas. (for Instance) Received from Holland 1500 pounds' worth of our Goods, which when the Dutch or Fleming Merchant receives, he finds by his Accounts that these Goods stand him in no more than 1300 l. So that he has received beyond Sea the like Goods for 1300, etc. which hath stood our English Merchant in 1500 l. The English and Fleming Merchants then ship off each their Goods for Spain, Turkey, the East or West Indies, and there they go to Market to sell these Goods, and the Fleming under sells the English 13 per Cent. even in these Commodities which are the Product of England.  
And now what is the plain Inference? but inevitable Ruin to the whole Trade of the Nation. Here's an End of Merchandise, and (in Time of Peace) all Use of Shipping.  
This I think is the natural and the present Effect of the Rise of Guineas.  
But to return to my proper Subject, far it as it will with Gold, the current Silver Coin of England is, by 3 Parts in 5 too little for our Inland Trade, and must ruin in Process of time all those Traders who are wont to make several Returns of their Money in a Year; for the Scarcity of Money occasions the giving of longer Credit than is usual, and the giving of Credit hinders the Frequency of Returns.  
Again, the Want of Silver Coin occasions the taking of Gold at such high Rates; and the Value of Gold Coin being uncertain, which Silver Coin hath not hitherto been, the Receiver will always allow himself for a probable Loss: (which would be the certain Effect too of making the Valuation of Silver Coin alterable and uncertain) that Allowance makes things bought so much the dearer, and that Dearness puts a Damp upon Trade.  
So that the Scarcity of Silver is not only at present too visible, but so long as the Balance of Trade is lightest on our Side, is like to be more and more felt.  
Yet the great Naval Stores we buy from abroad, the great Remittances to be provided for the Subsistence of our Armies and Fleets, are things inevitable, and 'tis impossible to hinder the Exportation of Bullion.  
But 'tis very easy to hinder the Exportation of Money.  
And as we shall do well to consider, that altho' our Plate may serve us once at a dead Lift, as the French King showed us the Way, yet it can't serve us above once, and when that's gone after the rest of our Silver, what are we to do next?  
We must not only stop a present Gap, but provide for the future, and so I lay it down as a Conclusion.  
That we are under a very great Want of Silver Coin to carry on the necessary Trade of the Kingdom.   

CHAP. III. Of the Importation of Silver.  
THat which encourages the Importation of any Commodity is the Certainty and Quickness of a Market at a good Price.  
But notwithstanding Silver is dear in England, at present we are but dull Traders for it.  
For the Mint and the Silversmiths being the chief Buyers, these cannot go to Market.  
The Mint cannot afford to buy and sell to lose; if an Ounce of Silver cost the Warden of the Mint 6 s, 5 d. he can't afford to make a Crown-Piece of it.  
And the fear of Plate's being called in, to the Disadvantage of the Owner, puts too great a Damp upon the Silversmiths Trade.  
And the actual calling it in, upon such Terms, would very little mend the Matter; People will not be very fond of buying more, for fear at least the same Trick should be served 'em twice.  
And yet our Coin being altogether insufficient, we must provide for a considerable Quantity more.  
The Quantity we want must be imported according to our Occasions, or what we have already, be augmented, by altering the Species, or by coining out our Plate.  
It cannot be soon enough imported in such great Quantities as we at present want, and yet if we could immediately buy it from abroad, we could not afford to coin what we buy, without altering our Coin from the old Standard, seeing our Necessity of having it, will make its Price rise abroad.  
Therefore I shall refer what I have more to say, concerning Importation, to the Chapter of Exportation, and first speak of altering our Coin, for 'tis evident we must alter our Coin, as well as coin our Plate, or otherwise our Plate will last us but a little while, and in the mean time we may admit this Conclusion.  
That England must be as good a Market for Silver as other Countries, or we shall have little imported, be it never so plentiful abroad.   

CHAP iv Of Altering our Coin.  
THere are Three Ways of altering our Coin.  
I. First, By not altering the Species of the Money, but the Value. of it, as making a Crown Piece go for 6 or 7 s.  
II. Secondly, By diminishing the Matter, but leaving the same Name; and there is no essential Difference between these two Ways.  
III. Thirdly, by abasing the Fineness with more than ordinary Alloy.  
This has been judicially and fully stated by Mr. Lownd's, 
Mr. Lownds' Report. p. 28. and onwards.  who hath shown the undeniable Expediency of keeping up always our Silver Coin, to the present Fineness, as that illustrious and solid Writer Sr. Robert Cotton had likewise showed, and therefore I will say nothing on this Topic, lest I should seem to build upon other men's Foundations; and I the rather omit it, because all that hath, or can be said, against the raising of the extrinsic Valuation of Coin, above the real Value, is applicable to the abasing of it by Alloy. And I fully assent to that Axiom, That the debasing our Money, by Alloy, and raising the Value of the Standard, is only doing one and the same thing, (to most Intents and Purposes) by two several Ways or Means.  
Suppose then but two Ways of debasing it, by Quantity, or by Quality, and still that is all but debasing of it, that is, giving it a Value in Name, of more than it hath Intrinsically or Really; for this more than Intrinsic Value, is merely Extrinsical, supposed, or denominated: in short 'tis a fictitious imaginary Value, and not a real one, above the intrinsic.  
And this, to say no more of it, is the reviving of that Monster which Q. Elizab. 
Cotton's Posthuma. p. 287.  is of Happy Memory so gloried in the subduing; and I doubt we have Monsters enough to deal with, without reviving more  
This is such a devouring Expedient as will immediately swallow down a Part of every Man's Estate, and at last consume the Nation.  
The Price of every thing will rise instead of falling.  
For if we were willing to submit to this at home, yet there is such a Combination, between our Foreign and Home Trade, and the Relation between 'em is so inseparable, that let the State give it what Name it will, it will pass for no more at home than it doth abroad, unless the heavy Balance of Trade was on our side the Water; and it will pass for no more abroad than it is really, not Extrinsically or Imaginarily, worth at home.  
An Act of Parliament can as well make a Scotch Pound pass for an English, as half an Ounce of Silver in England to go for an Ounce in Holland, without some Consideration as may Balance the Difference.  
Let us call a six pennyweight of Silver a Crown Piece, as loud and as long as we will, yet we shall never buy a Pound of Nutmegs with Four of 'em, unless you'll give the Dutch Merchant a Yard of broadcloth, or something else into the Bargain.  
'Tis a plain case, that when the real Value of Money is lessened, the Price of every thing will Rise accordingly, be the Extrinsic Value what it will.  
Two Crown-Pieces do not buy a Yard of Cloth, because they contain Ten Shillings, but because they contain almost two Ounces of Silver.  
Gold and Silver are the universal Pledges and Security of all Trade, in every Nation, and what's wanting in their Value must some way or other be made Good, more than in Name or Supposition.  
'Tis True, in Holland and elsewhere, they have a base Under-Money, and there is not an Ounce of Silver, perhaps, in as many Stivers or Schillings, as are Equivalent to Ten Shillings in our Money.  
But if in Holland, you can exchange so many of them, as have not an Ounce of pure Silver in 'em, for as much of their better Coin, as contains two or three Ounces of good Silver, then doubtless you can buy as good Commodities for those, as you can proportionably for their better Money; as here you might formerly have bought as much Pack-Thread for 48 Tin Farthings as for a Silver Shilling; the Reason is, because there was a recourse; and base Money will have a proportionable Value to Good, in that place where it can be changed into Good; but that's a very different thing, from debasing the whole Species of Money throughout the Nation, so that a Man shall be forced always to take Under-Money, without any prospect of remedy.  
I have nothing to say against an inferior sort of Money; a Verna Nummus, provided there be a Regina Pecunia too; and it is indeed a dishonouring him, whose Image and Superscription our Money bears, if we shall make use of our Money to cover over a Fraud; it is a respect we own to the King, not to suffer his Impress upon any thing but what is really Valuable; and it is for the Nation's Honour that the vilest of our Coin hath a real Value; but if the Wisdom of the Parliament should think otherwise, yet there is a vast Difference between having the under. Money, and all the Money of the Nation of an Imaginary Value.  
The Arguments that may be made use of against such an imaginary Valuation of Money, are perhaps invincible, and almost innumerable; but were there no other but this, I think it might be sufficient without any more; considering our present Case.  
We must have an Army in Flanders or a War in England  
I would I had nothing to do but to make out that.  
How must we pay this Army? The Royal Bank of England, 'tis said, have established there a Mint for Coining of Money to pay the Army; I desire then to know if they will be contented to receive here an undervalved Money, and pay there our Army in Money which the Flemings will take; If they do, the Cap lies between the Flemings and them, I won't award till I know more.  
I rather think that the Hollanders and Flemings will raise their Money proportionably to what we raise ours, and then in all Respects we are just as we were, till we rise higher than they, and then they higher than we; which will beget perpetual Wranglings and Wars in Trade.  
I thought now to have done with this Article, but can't omit one thing.  
Which is that when you raise the Value of Money, you Naturally raise the Value of Silver, which is high enough already; and then indeed England will become the Best Market for Silver, because all Countries will sell it to us and get sufficiently by the Bargain: they'll buy good pennyworths of our Commodities, giving us high Valued Silver for it, till we have a glut of Silver and the Price of Silver falls, and then I suppose the Intrinsic Value of the Money falls too: Tho' I confess as bad Consequences may follow too great an Intrinsic Value.  
I speak nothing of the Confusions and Jealousy which will arise from hence, but there's a long Chain of ill Consequences, and therefore I hope it will be allowed as a Maxim.  
That if our Silver Coin hath less than a real Value, it will not answer the Intentions of the Government.   

CHAP. V Of Exportation of Coined Silver.  
'TIS too well known, that when the Balance of Trade comes to be examined, we fall short of several of our Neighbours very considerably: By this Means the Exchange doth not only fall very low, but will become altogether insufficient for our present Occasions; so that as long as the War continues, there is an absolute Necessity that we export so much Silver and Gold in Specie as the Balance wants on our Side.  
But this Exportation would not be at all prejudicial to us, if the Importation could be made equal to the Exportation, and a Balance in this Particular only would do our Business.  
In vain therefore we labour to find out a Way to force a National Trade above what the State of Europe in general, or our own Nation in particular will allow; if that were not the Case, where would be the Inconvenience of a War? This is an Evil never to be cured, but in Times of Peace. But our Comfort is, that even in these Times of War the Nation notwithstanding the balance of Trade, appears as wealthy as ever, excepting only in the Article of Coin, so that it is not only fruitless but very needless to speak now of the balance of Trade either in general, or upon any Article but that of Money: Besides if we should begin at that end it would be a round about way, and so long in compassing, that we may be at the last gasp before we attain our end. He would be accounted no good Physician who in the case of an Haemorrhage when the danger is very present should talk of Diet Drinks and Alteratives, whereas an actual and immediate application to the part affected, or a sudden revulsion is more to the purpose. But be the balance of Trade in general how it will, 'tis impossible it should be suddenly remedied, f●t all during the War.  
But if we can balance a little between that Article of Trade which relates to the Importation of Bullion, it will be soon much better with us than it is at present, 'tis something if we can give present ease, and not increase the Danger; and more if we can lessen the Danger which the want of ease seems to threaten.  
Suppose for instance then the whole Trade of England to all parts of the World to be carried on by two Merchants, one at London, and the other at Amsterdam, and the only Commodities to be Cloth and Silk. Suppose he at London Exports every year 1000 l. worth of Broad Cloth and no more, and he at Amsterdam Imports hither 1500 l. worth of Silk, that here's an inevitable necessity of the Londoners Exporting every Year 500 l, in Bullion can't be denied, and if this continue year by year it, will be, you'll say, of pernicious consequence to England, and it will be a wonderful hard matter at this time to help such a Case.  
But if we can at present so order it, that instead of importing 1500 l. worth of Silk we shall import 1000 l. worth of Silk, and 500 l. worth of Silver we shall be no losers in the Article I am upon, and which is the only thing I have undertaken to look after, viz. That the Nation shall never want Money be the Trade what it will: for if 500 l. in Silver be Exported and as much Imported every Year, we can never have a Penny worth of Bullion less than we have.  
And if other Nations must get by us, they had better get any thing than our Money; if what they get by us they must be forced to spend among us, 'twill lessen I hope the Calamity, as will appear more hereafter.  
Now this is not to be done by giving our Coin a Nominal, fictitious or extrinsic value only above its intrinsic: Foreigners are not such Fools to be dealt with at that rate, as to pay you a Rex Dollar of 18 d. weight 18 grains in Amsterdam or Brussels, for a piece of Money of 15 penny weight in London.  
Turn the Tables, and suppose the King of Spain should advance his Real of Eight weighing but 17 Penny Weight 12 Grains to double the value it now bears, 
Sir Robert Cotton's answer of the Committee. September 1626. Pag. 306.  and yet needing by reason of the barrenness of his Country more of Foreign Wares than he can Countervail by Barter with his own; he must part with his Money and not gain by enhancing his Coyn. One Real of Eight would not then buy of us as good a Yard of broad Cloth as two doth now, and why should we think to over reach them more than they us.  
But then again, suppose the Money to be Coined shall be (as our Milled Money and diminished hammered Money is) pretty near the Intrinsic value of the Silver in each piece, and this will doubtless facilitate Exportation. If a Foreigner for instance bring to London and sells 40 Bales of raw Silk, or 40 Tun of Wine, and meets not here with such a Market for the buying of other Commodities to be Transported as he expected, perhaps those he wants are not of our Growth or Manufacture, or it may be he is in haste, or the Season calls him home; how easy is it for him to sheer away, and go to another Market, having Money in his Pocket passable every where, at the rate he took it, that inconsiderable allowance for Coinage only excepted!  
This I think is plain, but as yet there is more in it than so; and suppose it, any other Nations turn to want Silver as much as we now do, and Silver should be there at an higher price than with us, than our Money becomes good Merchandise, and he gets most who carries most over: And the lower the value of our Coin is the less Foreign Commodities we shall have for it.  
You'll Prohibit you'll say the exporting of it, and so you have upon pain of Death prohibited the Exportation of our Wool, yet to the comfort of our Graziers 'tis still Exported, though it's very bulky Ware. But Money lies in a small Compass, a Sea Captain knows very little of his chief business if he knows not where to stow a 1000 l. undiscovered.  
And if after all we should be very severe in the execution of such prohibitory Laws, it would put such a damp to Foreign Trade as every body is not a ware of.  
And indeed if Money were not allowed to be a commodity, yet 'tis a Pledge and Surety of every Traders Property, and I am not reconciled to the Justice of that Law which forbids a man to take his Pledge along with him.  
Such a Law makes money nothing but a Commodity, and then we must pay dear for what we buy of Foreigners, for most men will sell Cheaper than they will Barter.  
This Article needs I think no more illustration, if it doth the Merchants can tell more of it than I, and I hope they will grant me this Conclusion.  
That if our English Money will pass in any other Country for as much as it doth here, 'tis impracticable to hinder the Exportation of it.   

CHAP. VI Of melting down the current Coin of England by our Goldsmiths and other Artificers.  
ANother great grievance of the Nation in the matters of Coin may be thought the melting of it down.  
This hath been a vile and great practice for many Years.  
The Criminals have been under two temptations:  
1. The inequality of the Mint in all the hammered money; some milled Pieces were of more Intrinsic than Extrinsic Value, and some of less, so that in culling out of the bigest, they made an evident advantage.  
But that sort of money being almost all gone and never like to be coined again, I shall altogether wave the consideration of it.  
2. The other Temptation is the great Intrinsic Value of our milled money, most of which was coined when Silver was 5 s. 2 d. 5 s. 4 d. or 5 s. 6 d. per ounce, and the price of Silver rising, a Crown piece has now the intrinsic value of 6 s. or thereabouts, this is a mighty temptation to melt it down.  
Titius owes Sempronius 10 l. and pays him in milled money, Sempronius owes a third man as much, but first melts it down and sells it to a Goldsmith for 12 l. and so puts 40 s. in his Pocket. This might have been prevented you'd say before all the milled money was gone; by crying down all other money, for if the Goldsmiths had given 12 l. in milled money for an Ingot melted out of ten Pounds, they must at length have been ruined; and therefore the Crying down all other money must have brought down the price of Silver necessarily, or none could have been sold:  
If 5 s. melted down would not have yielded a Crown Piece, who would have melted 'em; and if they would have yielded more, the money of the Nation how much soever must soon have vanished, for more could not have been coined, till the price of Silver should fall: But how could the price of Silver have fallen so low in England, as not to be worth any man's while to melt down the milled money, if Silver should at the same time of its melting bear an higher price in other Countries than it did here at the time of its Coining: So that the Crying down of base money would at any time have been so far from helping us, that it would have immediately ruined us, it being impossible to Coin more upon the old Standard, if the price of Silver is higher beyond Sea than it was when that old Standard was Coined: And 'twill be impossible for us to Coin new money after the old Standard (till we can bring down the Foreign Price of Silver) so fast as it will be melted down.  
To make this plain upon which so much depends, put the Case thus.  
Suppose you called in by compulsion and Coined all the Plate of England, and suppose it never so many Millions, and all after the old Standard, when the Plate is all gone people will have more Plate, and Silversmiths must still have work, and Goldsmiths their Trade, unless by prohibiting the use of silver Plate we proclaim an hypocrital Beggary to all the world, and ruin many thousand Families of Artisans. The Silver then of which you coin your new Plate must come from abroad, or be procured out of your money;  
The Goldsmith will go the cheaper way to work, and rather than he'll give 5 s. 10 d. to a Merchant for an ounce of Plate, he'll fling in a Crown and 6 d. into the melting Pot, and though the Laws against melting down Coin be never so severe yet people will venture any thing for gain, as you may see Clippers do daily; especially if their Consciences don't check 'em, and few men's Consciences will scruple making the most of their own.  
And as the accurate Mr. Lowndes observes, notwithstanding ever since Ed. 3d's. time prohibitory Laws have been against melting down Coin, pag. 68 and the profit of melting it sometimes very inconsiderable, pag. 69. the practice hitherto was never prevented. But it may be said money shall be coined of an intrinsic value or near thereabouts (Coinage only allowed) in proportion to the present value of Silver, be it more or less as it shall alter from time to time, and so the abatement for Coinage shall always keep the Estimate of the Coin above the Intrinsic value of the Silver, but instead of bringing remedy this will make the Case ten-times worse, for then upon every rise of Silver the Goldsmiths and others will melt down all that was Coined at a lower Price, and if the form of the Coin don't direct 'em to be dextrous, the Prentices shall follow the old Trade of weighing money Night and Day too.  
So that without going farther upon this Topick, I may lay it down as a Conclusion or Maxim.  
That if the Intrinsic Value of Coin be subject to alteration the Coin is always in danger of being melted down.   

CHAP. VII. Of Hoarding up of the Silver Coyn.  
PEople who have several uneasinesses upon 'em at one and the same time, are very apt to attribute 'em all to one, which is the most hated, the most invidious, or at least the most visible cause, though in reality every one may have sprung from a several and very different root.  
Thus our present War with France is to some few people odious, to many invidious, and to all visible, and this therefore must be the cause of all National Calamities.  
Whereas many things are better with us now than if we had no War; a frequency of Parliaments, an universal vigilance, a care of Shipping; a choice of able Ministers, (and not unskilful Favourites in most places of greatest Trust;) an entire Alliance with the most useful Neighbours; an honest employment for all dissolute Men; an honourable provision for younger Sons of Gentlemen; a perfectunderstanding between the King and his People; an almost total desistance from an unreasonable and disadvantageous Commerce with France; a more brotherly Correspondence with the Dissenters (being all equally engaged in the Public danger) We have great Honour by the Bravery of our Arms, and the most important assistance we give to all Christendom against French and Turk Our King is become the Generalissimo of Europe, and his Fleet give Laws in all Seas.  
These and many more to the better part of the Nation are the advantages of this necessary the expensive War.  
But there are some that look upon it with an evil eye, and then the badness of money, and the scarcity of it, and the Exporting and melting down, and hoarding it, and the rise of Gold, and the dearness of Commodities, and the badness of Trade are all as evident effects of the War as the Taxes are.  
Though in truth this is all Humour and Caprice, and none of it more rdiculous than when the hoarding up of Money is imputed to the War, which is the mere effect of the dearness of Silver, as the dearness of Silver in England is the natural effect of its dearness abroad, and its dearness abroad to the obstructions of Trade, which would be if only France and Spain were at War, since Spain is the Silver Market of the whole World.  
Ever since the extraordinary abasement of Coin by an unparallelled Counterfeit and Clipping, people have hoarded up Money a pace, not knowing how far the debasement would run; and fearing if they put their good Money out they should at the long run be forced to be paid back in they know not what themselves.  
Nor hath the beauty and rarity of uncorrupted and undiminished Coin, added a little to the humour of hoarding it up.  
Undefaced and weighty pieces are now as so many Medals, people think it a great happiness to have a store of 'em. And as the Coin degenerates these are more charily preserved, and will be so till the intrinsic value of 'em diminishes. I could give a shrewd guess where this weighty Money is to be found in great quantities, but be it where it will as I said before, I think every man hath a right do what he will with his own, so far as it is his own.  
All that I at present aim at is to show.  
That Coin which hath an Intrinsic value above the Extrinsic, and is withal rare or uncommon will inevitably be boarded up, and continue so to be.   

CHAP. VIII. Of Regulating our Silver Coyn.  
TO give an exact Estimate of what Silver Coin is necessary for the carrying on our Trade in its full Vigour, is a task I am not at present willing to undertake, but the least I can guests at is 5000000 l. considering that great Sums will always remain in the Exchequer, and Banks; for I look upon the Banks not as Channels only, but as great Receptacles likewise, wherein money must rest and wait for opportunities of disposing it.  
None of Hypothesies depend upon definite or determinate Sums, and I shall beg nothing essentially necessary to the carrying on of my design, but I desire for the present working only of my Proposition, that a few Postulata be a while granted me.  
It matters not much whether any of 'em be true for they may easily be varied Mutatis Mutandis.   

POSTULATA.  
1. THat the Current Silver Coin of ENGLAND ought to be at least 5.000.000 l. Sterl.  
2. That there is not in England at present above 4.000.000 l. Sterl.  
3. That there passes not publicly above 3.000.000 l. Sterl.  
4. That the hoarded Silver Coin is about 1.000.000 l. Sterl.  
5. That the present Current Counterfeited Coin is about 1.000.000 l. Sterl.  
6. That the present Current Silver Coin not counterfeited, but clipted or otherwise diminshed is about 2000.000 l. Sterl.  
7. That the Current Silver Coin in daily use, not counterfeited but cliped or otherwise diminished is not intrinsically above 1.000.000 l. Sterl.   

Now the Axioms I shall build upon are chief these.  

AX. I.  
THat a way to induce the Subject to a voluntary compliance with the necessities of State, is preferable to any manner of Compulsion.  
And by this I intent to obviate two Projects, viz.  
1. That the Clipped Money be all called in without giving full satisfaction to the Proprietors; and this I take to be a piece of Injustice, because this Money was at first given out to us by the Government, as a sufficient pledge and unalterable Security of our Properties, and it was at first issued out of the Mint in such various and undesigned Shapes, in respect of the periphery or Circumference in which it hath been debased, and so various withal in the thickness and weight of each respective piece, that 'twas almost impossible for the Subject to distinguish the diminutions, which a first were so Curious, so Subtle, and small as was not to be easily suspected; and it hath been by gradual and sensible approaches that the present abasements are so considerable.  
But this cannot be so well urged in behalf of Counterfeit Money, it is not any thing we have received of the State, it never was given to us, as a Plegde and Security; and so never was Money properly so called, but a False, and Counterfeit sort of Ware which every man Bartered for at his own Peril, and to such Caveat Emptor might properly have been said.  
But if the wisdom of Parliament things fit to make Compensation for all the Counterfeit Money, I have nothing to say against it: They are the proper Judges.  
Or if they shall not think fit to give a full Compensation for the Clipped Money, I have nothing to say, it would be great presumption in a private man to dictate.  
In the method I shall tender, I shall make provision for a full Compensation for all the clipped and diminished money of the Royal Standard; at the small expense of 250.000 l. which is vastly less than I have heard yet proposed, I reckon three quarters of the money may be paid back in good Milled Coin forthwith, as fast as it can be coined.  
The second Project I designed by the former Axiom to obviate is,  
The compelling of people to supply a present exigence by bringing in their Plate into the Mint:  
Which would be an attempt I doubt of pernicious Consquence, and instead of that I have made a provision; whereby questionless as much Plate will be crowded into the Mint with all the speed imaginable, as shall make up in tale the two millions of Pounds Sterling of clipped money which when melted down produced but one; and then I presume the extraordinariness of the encouragement may, and aught to Cease.   

AX. II.  
THat our coin cannot be secured against Exportation, Melting down, and Hoarding up, unless it have either a real, or extrinsic value above the intrinsic.   

AX. III.  
THat a real value to make up the want of intrinsic given to Money, will be ●●●re satisfactory to all His Majesty's good Subjects 〈◊〉 a mere extrinsic value above the intrinsic.   

AX. IU.  
THat the real value of Money ought to be more than the intrinsic, and equal to the extrinsic.   

AX. V.  
THat Money cannot have a real value over and above the intrinsic, unless that over and above value be settled by an unquestionable Security applicable to every particular persons Use.   

PROPOSITION.  
Now I humbly propose to the Consideration of better judgements the doing of these things.  
1. The speedy calling in all the clipped and diminished Money of the old Standard, and entirely satisfying every Proprietor, by paying them 75 l. per cent. back in Specie, and ascertaining to 'em the remainder by Parliament Security.  
2. The leaving as small an interstice of time as is possible between the calling in the old Money and issuing out of New.  
3. That therefore vast Encouragement be given for the speedy bringing in three or four Millions of ounces of Plate to the Mint, to answer the present Necessities of the King and People.  
4. That the Exportation of Silver Money beyond the Permission of the King and Parliament, be effectually hindered.  
5. That a Provision be made as shall leave no Temptation for the melting that down which shall be Coined.  
6. Nor for hoarding it up.  
7. That the Importation of Silver from all parts be encouraged, and the Current Silver Coin of England increased to Five millions of Pounds Sterling.  
8. That the Standard, in respect of Alloy, be kept to its old Purity.  
9 That the Denomination of the new Money be equal to the old.  
10. That every one of the aforesaid Articles be accomplished at no more expense to the Public than Two hundred and fifty thousand Pounds at present, and a Land-Tax of a Penny in the Pound during the War, or, at the most, Two Pence in the Pound.  

Theorem.  
For the effecting all the aforesaid Articles,  
Let a Competent Authority immediately Call in and Cry down all Clipped Money under such a weight, supposing it to be all that Money which hath lost full half the original weight.  
This may conveniently and safely enough be done before any new Money be coined.  
When this is new Coined, let it be redelivered to the respective Proprietors in proportion, by Tale, to what every one brought into the Mint by Tale.  
Then let all the rest of the Clipped Money be Called in by such a Day, and Cried down.  
And supposing in all 2000000 l. 
Postulat. 6, 7.  Sterling so melted down, and the Product, after Melting, be half as much, or about 3500000 Ounces of Silver, there may out of this be Coined 1250000 l. of New Money, of the same extrinsic value it now hath, and of such an intrinsic value, as that a Crown Piece shall weigh (now that Silver is 6 s. 6 d. an Ounce, or 3 l. 18 s. the Pound Troy) Twelve-penny weight, and about three grains, and have in it the intrinsic value of 4 s. So that the Government hath already saved Two hundred and fifty thousand Pound.  
Then will it be known in how short time 1000000 l. can be Coined.  
According to that time, supposing it (many Mints being set up at once) to be Two Months, let a Proclamation be issued out, encouraging the bringing in 4000000 Ounces of Plate into the Mint, at Four respective Days or Weeks.  
For the first Million, till the end of the first fortnight, shall be paid 7 s. 4 d. per Ounce, which amounts to 366666 l. 13 s. 4 d. till the end of the second fort night, shall be paid 7 s. 2 d. an ounce, which comes to 358333 l. 6 s. 8 d. till the end of the third fortnight, shall be paid 7 s. an ounce, amounting to 350000 l. And for the last Million 6 s. 10 d. an ounce, amounting to 341666 l. 13 s. 4 d. in all 1416666 l. 13 s. 4 d. So that for one ounce with another, the Government has paid 7 s. 1 d. an ounce.  
It may be thought, that a great deal of this may be saved, and perhaps sixpence in an ounce, which amounts to One hundred thousand Pounds, and that Six shillings and seven pence would be Temptation enough, when the Price of Silver is like to Fall.  
But I am now providing for the worst Contingences, and the severest Suppositions that may be.  
Yet the Frugalest way, I presume, would be, to leave the Management of this Article wholly to the Lords of the Treasury, who, by public notice, may vary pro re natâ, the Praemium for bringing in Plate, and perhaps may think it expedient nevertheless to begin high, and to abate the Praemium according to the quantity brought in; and after one or two Abatements, People may perhaps bring it in the faster, fearing a greater Fall: Where, as if the Lords of the Treasury should begin low, and afterwards be forced to raise the Praemium higher. People's Hopes of their still advancing of it more, would restrain 'em from making so much haste as the necessities of State require.  
We suppose then this Silver to be Coining every Day as fast as possible, and that the 250000 l. saved by the Government out of the first Million, shall begin to pay for the Plate, as it comes in.  
Then three ounces of Silver at 6 s. 8 d. an ounce, Coins 20 s. of the new Standard, allowing 2, 3, or 4 d. per ounce for Coinage seeing the setting up so many several Mints more than ordinary must be very chargeable.  
And here must be noted, That let Silver Rise or Fall as much as it will, it altars very little the process of the Theorem, for it need have no other effects than making the Money bigger or less, unless the 3d Corolary following be admitted.  
At this Rate then when 3500000 Ounces of this Plate is Coined into MONEY it will produce after the aforesaid rate 1166666 l. 13 s. 4 d. to which add the 250000 l. paid before hand for it, and now there is paid in all for the 4000000 of Ounces of Plate 1416666 l. what it Cost; and the King hath 500000 Ounces of Plate by Him, which at 7 s. 1 d. an Ounce stands the Government in 177088 l. 6 s. 8 d.  
But because it cust the King dear for his present Necessities, the Lords of the Treasury cannot allow more for it than it will produce when Coined.  
And if the necessities of State require that this Silver should be sent and Coined in Flanders, that it may go farther there than it can here for the immediate use of the Soldiers, than the Commissioners of the Accounts will probably account for it, according to its Value beyond Sea; and then the Government shall still be a greater Loser by it; so the Lords of the Treasury cannot allow for it more perhaps than 150000 l. what ever it be more or less, the case will stand thus at the least.  
There is now of New Money Coined, 2416666 l. 13 s. 4 d. and this last 150000 l. being Advanced to the King for his present Necessities abroad, either to Coin in Flanders, or to send over in Bills, will go towards the payment of the Million of Clipped money. But if it be probable as Mr. Lounds seems to intimate, That People may Voluntarily bring in a great deal of Plate at 6 s. 6 d. an Ounce; than it is much more probable, that they will be qucker in bringing it in at 6 s. 7 d. an ounce; and if so, the Government Saves out of my Proposals 6 d. an Ounce, which in 4000000 Ounces comes to 100000 l. And then there will be 250000 l. paid in recompense of the Clipped Money, and there is but 750000 l. Remaining.  
Or put the case Shorter and Plainer, the Government wants 1000000 l. worth of Silver, and is willing to give 25 per Cent. more for it than the common price.  
If that vast Allowance be made for fear of a sudden and fatal stop to all manner of Trade for want of Money, yet the 250000 l. Saved out of the Clipped Money, will make good the Bargain.  
And then Four parts in Five will Coin a Million of Money, and still there will be another 250000 l. worth left towards the paying of the Clipped Million, and but 750000 l. remains Unpaid.  
And upon this Easier supposition we will proceed; because it is likewise cheaper to the Nation than the Buying of full 4000000 ounces of Silver.  
Then if the Parliament Order 'em to be paid 250000 l. more, which is all that the Nation is Burdened in the Bargain: The Proprietors of the Clipped Money are Reimbursed 75 l. per Cent. of what they brought to the Mint, which is more by 25 l. per Cent. than the intrinsic value of it was; and the other 25 l. per Cent. is coming towards 'em apace. For now the present Necessity and the Dangers of it are obviated, the price of Silver gins to Fall and Settle, as the prospect of a Plenty draws nearer; tho' we can never suppose it will fall lower than in other Countries, or much lower at all, during the War between France and Spain. And be it at what price it will, the Merchant will from all Parts bring his Silver to the Tower, because the Market is here Quick, and he is sure of Ready-Money for what he Sells; the King can afford now to Coin, which he could not do of late Years; And therefore a Third and Fourth Million will be soon bought and Coined, and the Government out of every Million bought will save a Fourth part.  
For the New-coined Money must bear a proportion to the price of Silver, as four to five, and 800000 l. worth of Silver is to be in 1000000 l. of New Coin no more nor less, and out of the four Million-worth of Silver, besides the Million of Plate the King will have Saved a fifth Million, by which gained Millions, the Clipped Money will be entirely Satisfied for at no more than 250000 l. present Cost to the Government, q. e. d.  
For the case will stand thus: There will be 5000000 l. of New Coin. viz. out of the Clipped Money 1250000 l. out of the Plate 1250000 l. (or if the last 250000 l. be not Coined, but Exported, then there will be out of the Plate out 1000000 l.) and out of the last Two Million worth of SILVER Coined 2500000 l. So that there will be in the Nation at least Four Millions, Seven Hundred, and Fifty Thousand Pounds New Money.  
The King, after all this, buys 750000 Ounces of Bullion, and coins it, without Profit, into 250000 l. This makes up 5000000 l. complete, and then the Royal Mints is to be at a stand (as at present) until the Parliament shall have resolved what more is to be done; our present Necessities are supplied, and this, which we shall have, will not be diminished.  
These Five Millions now want a fifth part of the Intrinsic Value of the Coin; and unless a Real Value be given it to make amends for the want of the Intrinsic, and to Equal the Extrinsic, I have, after all, I confess, done nothing, according to my Fourth Axiom.  
I humbly therefore Propose, That a Land-Tax may make it good, if it do not exceed Twopences in the Pound.  
But after what manner it is to be made good, is the great Question.  
If they, into whose Hands the new-coined Silver shall first come, should be allowed for the Intrinsic Want of it, then, in the paying it out again they must transmit the Allowance the State gives; or else the First Receivers would be Saviours, and the rest Losers: But if the State must immediately give the Full Allowance, than it might as well have Coined to the full Intrinsic Value. But the Intrinsic Value is lessened, and the Real given, because the Government is better qualified at present to pay Interest than Principal.  
Therefore an Interest is to be paid equivalent to the Extrinsic Value, and fully satisfactory for the Want of Intrinsic; that so the Subject may be no Loser, and the Government put to no Difficulties.  
Beside, that Money would return to its Intrinsic Value, if a Shilling were always to be tacked to a Crown or Four-Shilling Piece; which is One of the chief things we are to avoid.  
Let this Interest be 5 per Cent. and let it be looked upon as a sufficient Interest, as it better will appear to be, when I come to answer the Objections, which may be made to this Method.  
The Interest of a Million of Pounds Sterling, which is wanting to make up the Real Value of the New Coin at 5 per Cent. amounts to Fifty thousand Pounds per Annum.  
But, to Ease the Nation of half this Charge, let it be duly and carefully considered,  
That if the present Possessor of an entire 100 l. be entitled to this Interest, and not of a less Sum, every less Sum will have such a Value Real, as the Possessor of an entire 100 l. can make of it, and will allow for it.  
And there will be no occasion for the Government to pay Interest for lesser Sums, because the valuation of lesser Sums will always bear that proportion which Merchants, Goldsmiths, and Bankers will receive 'em at, from the least Sum to the greatest.  
If I pay in, for instance, to a Goldsmith Fifty pounds to day, and Fifty pounds to morrow, he will no more scruple to give me a Note for One hundred pounds, than if I had paid it in at once: And, if I pay my Brewer Five pounds a week, as he brings in my Drink, for twenty weeks together, he will look upon it as good Pay as if I paid him at the twenty week's end One hundred pounds together; and if Five pounds will pass from me as the fifth part of an Hundred, why not, by the same Rule of Proportion 20 Shillings for the hundredth part? That which hath the Value of Five pound Lumbard-street, hath the same in Pater-Noster-Row, and the same likewise at Brentford, or elsewhere: And there can be no Instance or Reason given, why Money of the like weight; Intrinsic and Extrinsic Value, should not be as passable in little Sums as in great, since there is an easy Resort, and at hand always; in which, without any distinction, they daily determine.  
Where an Hundred pound will be Received, there will Ninety nine, and Ninety eight, and so downwards (for, where can you stop?) to the single Penny.  
And of the Running Cash of England we may reasonably suppose, that one half is not in Sums exceeding Twenty Pounds, and they who have less Sums than that, will have no great Encouragement to look after Interest.  
The Fifth Part which Twenty Pound wants of its Intrinsic Value, is but Four Pounds, and that, at 5 per Cent. is but Four Shillings a Year; from which the trouble of Receiving by entering into Combination with others, will for the most part take off, and not make it worth the while.  
So that the whole Money of England, that is New Coined, not amounting to above 5000000 l. and but half that to be paid Interest for, viz. 2500000 l. and there wanting but a Fifth Part of that, viz. 500000 l. the Interest of 500000 l. at 5 per Cent. amounts to just 25000 l. per Annum.  
But then, supposing that Interest be demanded for 3/5 of the New-coined Money, and that by an unexpected Combination every Sum of Five Pounds should be brought in, yet then the whole Interest amounts to no more than 30000 l. per Annum.  
And the Case stands thus:  
The Parliament hath Borrowed of the whole People of England a Million of Pounds Sterling, and no more, to be repaid at the end of the War; and in the mean time, till it be repaid, they give Five Pounds per Cent. Interest upon a Land-Tax.  
Thus the Clipped Money is all Called in, and Satisfied for; there hath been little time between Calling back of the Old, and Paying back the New, by bringing in 1000000 l. worth of Plate speedily and voluntarily into the Mint, an effectual Stop is put to the Exportation, melting down, and hoarding up of Coined Money; Importation of Silver from all Parts Encouraged, the Current Coin of ENGLAND Increased; the Purity and Denomination of the Coin Continued; and all at the present Expense of Two hundred and fifty thousand Pounds, and a Yearly Land-Tax of One Penny in the Pound during the War, q. e. d.  
The only Difficulty that remains, is, After what manner the Interest shall be paid.  
But, if there is no more than Difficulty in it, I desire it may be Considered, What Great Difficulties the People of ENGLAND at present undergo, in the Want of such a Regulation: What Difficulties are in every Market-Shop, and House of Trade; and what Great Disorders are Daily like to ensue: Let Bankers, Goldsmiths, Merchants, and Cash-keepers, consider the Difficulties they lie under at present, and the much greater Disadvantages they must be subject to, if the Coin of England should not have a Real Value.  
But, to make the Difficulty seem much less than may at First be imagined, I humbly propose this following Method.  
Let the Days of its Payment be fixed by PARLIAMENT, either Quarterly, Annually, or Triennially. If the Established Interest be Five Pounds per Cent. then, perhaps, Annually will be thought most expedient, in some Month when the Days are long. If the Wisdom of Parliament shall think fit to give more Interest than Five Pounds per Cent. then there is Visible Reason, why it should be Quarterly. If less than Five Pounds per Cent. a Triennial Payment may suffice. But suppose it Yearly.  
Let Three hundred Commissioners be named by Parliament, One hundred of which for London, Westminster, and Southwark, the Two hundred for the Country, to be not above Twenty Miles distant from one another, so that no body can live farther off than Ten Miles from one Commissioner or other.  
Let these Commissioners be the most Substantial Gentlemen or Citizens in the most Popular Towns and Cities in England, giving in sufficient Security to the Government for Performance of Their Trust.  
At the Day appointed let the Money be brought to the Commissioners Houses in Hundred-pound Baggs, and there opened and weighed, and then sealed up with the Proprietor's Seal, in the presence of the said Commissioner, Entering down in a Register every man's Name in one Column, the Weight of the Money in another Column, and the Interest it amounts to in a third.  
Let none be Received after Twelve of the Clock at Noon, and none Re-delivered till One of the Clock, to prevent Frauds in bringing the same Money twice for the same Interest.  
Then, in the Afternoon, let every man's proper and individual Money, Sealed up as aforesaid, and Weighed again in the sight of the Proprietor, be delivered, with the Interest due for it.  
For which One Days Trouble in a Year, I do suppose, the Government may allow the Commissioners Twenty Pound a man; which amounting to Six thousand Pounds per Annum, for all the Commissioners of ENGLAND, and suppose Three of the Five millions, whereas I supposed at first 2500000 l. only to demand Interest, it will amount to but Thirty thousand Pounds per Annum, and this Six thousand Pounds per Annum for the Commissioners added, makes but Six and thirty thousand Pounds per Annum.  
Now, whereas a Land-Tax of Four Shillings in the Pound amounts to 2000000 l. a Tax of a Penny in the Pound amounts to 41666 l. 13 s. 4 d. so that 5666 l. 13 s. 4 d. per Annum Remains.  
Allow the Commissioners then Thirty Pounds apiece, and there remains 2666 l. 13 s. 4 d. for a Superintendant, Auditors, Registers, Register-Books, and other incident Charges; and the whole matter is brought within a Tax of a Penny in the Pound, q. e. d.  
Now, as to the Hoarded Money, the Milled and Hammered Money of Full Weight, I humbly am of the Opinion, That no Notice at all be taken of it by the Government; and my Reasons are: That it will have an uncertain Value, according to People's Opinion; and, that Uncertainty of Estimation, as well as the Intrinsic Value, will cause it, without any any Edict or Precept, to be melted down.  
For, a great deal of it is now kept up, only to see what things will come to; and what Advantage can be made of it: But when People see the Parliament has Conquered the Difficulty, and that there is a great Plenty of Money stirring about again, they will be balked of their Expectations, and take Advantage of the First of the Market; this will conduce to the Cheapness of Bullion, and cause a Plenty: And if any continue still hoarded, it will be by People only who have an irremediable Humour that way; and 'tis better they should hoard that for which the Government pays no Interest, than to keep Unemployed Money by 〈◊〉 at the expense of the Public.  
And as to the Paying of our Armies Abroad, I humbly propose, That the Parliament may always give His Majesty such an Allowance for that Use, as His Majesty may be enabled to Export so much Uncoined Silver as is necessary to the carrying on of so Glorious a War.  
Which Uncoined Silver will for the most part find its way back again, because the carrying over so much every Year will glut that place to which 'tis carried; so that Silver will become Cheap there, and they must disgorge at the best Market; which England, in all probability, will be. And the effect of that Overbalance which Foreigners must, as cases now stand, get by us; cannot be carried out of the Nation, but in other Commodities besides Silver.  
For Silver Uncoined they Sell, and Silver Coined they cannot afford to carry away; So that our own Commodities are like to be bartered for Silver, and that conduces to bring the balance of Trade even.  
And here I go no farther, but leave the Question to better Understandings.  
Quest. Whether Silver bearing an higher Price here than elsewhere, and coming to a Quicker Market, will not naturally and easily force an Exportation of our own Commodities, when it shall become altogether impracticable to Export our Coin?   

Corol. I.  
Note, That the Price of Silver Bullion being subject to Vary, the difference between the Intrinsic, and the Real Value, aught to be Considerable; Because, if they should be too near one another, the Additional Value would be so Small, that when Silver Rises, the Goldsmiths would be Tempted to Melt down the New Coin, when they can get almost as Much by that Practice, as they can do by receiving Interest, or by passing it away for Principal.  
Nor must the Two several Values be too far Different one from the other, lest Foreigners be Tempted to Counterfeit our Coin.  
I don't mean by sending Us over such a Counterfeit as shall be of Les● intrinsic Value than our Own; bu● they can Afford all the Charge of Curious Coinage, and Pure Silver, and Full Weight, and Hazard of Importing it contrary to all Laws that We can Make; If any more considerable Sum, than Twenty per Cent. could be Gained by such Importation▪ But no body can afford all the Charge and Hazard, if the Profit be no Greater, and the Punishment Capital.   

Corol. II.  
Nevertheless, provision may be Made, that all Counterfeit Money shall be Confiscated by a Summary Process, to be Tried by a Jury of Moneyers, for every Sum above Five Pounds; and for Less Sums, able and substantial Goldsmiths shall be Commissioned and Authorised to end Disputes, Cutting it Asunder before the Owners Face; and Charging themselves in a Book kept for that purpose, as Debtors to the King for the same individual pieces, which at the General Quarter Sessions they shall deliver for the KING's Use.  
Some such Method as This, would make people more Cautious in taking Counterfeit Money; whereas now they Take what they themselves Know to be so, which hath given great Encouragement to Counterfeiters.  
And if I may be Well Herd, I don't at all Question, but to show a Way; how all Counterfeit Money may be easily Known; let it be Washed, Plated; of mixed Metal, or pure Silver; Which is the next piece of Service of this Nature, that I design my Country, GOD continuing my Life and Health.   

Corol. III.  
I humbly Propound to the Disquisition of Better Judgements; Whether the New Coin ought not always t● be of the same continued Weight, not withstanding any Variations in the Price of Bullion; and that not the Weight of Coin, but the Aforementioned Interest be Varied from Yea● to Year according to the Price o● Bullion.  
The Advantages and Convenience of what I have Proposed, is, I hope by this time, somewhat Evident; bu● before I Reckon 'em up, it may perhaps be Expected that I should Faithfully and Candidly set down all tho●● Objections which have Occurred to me whilst I have been Writing these Papers.  
The most Material I will: And they are These.   

OBJECT. I. Now, if it be Objected, That Five Pounds per Cent. for want of Silver, in an Hundred Pound is too little, seeing an Hundred Pound Bagg-full is entitled to no more than Twenty Shillings a Year:  

I Answer,  
THAT if a Man be contented to put in his Money into any of the New Banks, at 3 l. per Cent. 'tis better worth to lend it at 5 per Cent. per Annum, upon as good Security.  
If it be replied, That a Man may take it out of a Bank when he will, and his Money is always at Command: I answer, It is much more so when he has it in his own Custody; For, he who shall have Four hundred Crown-pieces by him, can make as much use of it to all Intents and Purposes, but of Melting or Exporting, as if it were of an Intrinsic Value; and then sure he who having Four hundred Pieces of Money by him of a Real Worth, and applicable to any Lawful Use, can make Twenty Shillings a Year Advantage by Keeping 'em; hath much the better of him who hath Four hundred Pieces of other Money by him, of no more Real Value, nor more transferrable, and hath no Profit by 'em, whilst they are in his Hands.  
And whereas it may be said, No Man can be entitled to the Interest of that 20 l. due to him from the Government, unless he keeps 80 more dead by him, as a Vehicle to convey the Interest of the 20 l. to him. I answer the Government doth not intent to give Encouragement that Men should keep more Money by 'em than they have, or may have Occasion for.  
That is a sort of hoarding which we are to prevent.  
And therefore this 5 l. per Cent. is not given as an Interest for dead and unemployed Money, but to ascertain universally the real Value of it, and to take off all the Objections that are made against a mere extrinsic Value.  
But if the Wisdom of the Parliament thinks fit to give 10 l. per Cent Interest, whereby every 100 l. of new Coined Money will be entitled to 40 s. per Annum Interest; then the whole Interest of 500000 l. which the 2500000 l. half of the 5000000 l wants of intrinsic Value, amounts at 10 l. per Cent. but to 50000 l. per Annum.  
Or suppose by Combination 3/5 of the 5000000 l. demand Interest, then will the whole Interest amount to but 60000 l. per Annum, which with all the incident Charges, will be defrayed for little more than a Three-half-penny in the Pound Land-Tax; and for much less than 2 d. in the Pound.  
And I am not at all against an Interest of 10 l. per Cent. because beside the present Advantage it gives, it doth ascertain to the People of England, not only a Promise that the Parliament will; but that there is a reason of good Husbandry likewise, why the Parliament should as soon as possible save the Nation that Annual Charge, by the paying of the principal Million that is wanting.    

Object. II. These Ends may as well be pursued by transferable Notes or Bills with Interest.  
I answer that they cannot in the least, because here is 4 l. in 5 l. better secured than any Notes in the World can pretend to: for every Man hath so much of his Money in his Pocket; and that, for which the Security is given, is divisible into the 5th. part of a sixpence, which transferable Bills cannot be.   

Object. III. That if this Method will hold, the intrinsic Value of Money may be but half as little as I propose, and the Subject will be always in fear of farther Alterations.  
Answ. This I confess would be a very material Objection against Mr. Lound's Method, but hath no force in ours, because the Government saves nothing by lessening the intrinsic Value; for what it saves at present, it must pay Interest for, and Principal too at the long run; besides, the Government aims at nothing but to rectify the Coin, and keep it from being imbeziled.   

Object. iv The Money of England will be too much for 300 Men to receive in one Day.  
Answ. It is but 10000 l. a Man one with another; i. e. but 100 hundred Pound-bags, which may very well be weighed and sealed up, and entered in a Book in 5 hours' time; viz. 20 in an hour; and as for the great Banks and Cashes of England, such as the Royal Bank, East-India Company, and the like, they need not remove their Money at all; but Commissioners may be sworn and sent to their respective Treasuries, taking sufficient Security of the said Treasurers and Cashiers, that none of the said Money shall be removed or touched in 24 hours.   

Object. V It will be a great Trouble to carry 100 l. 10 Miles for 20 s.  
Answ. It may not be 100 Men's Case in all the Nation, and no Man is forced to carry it; and he who don't carry it, hath lost nothing but what he might have gained.  
For this is all clear Gains to every Man, who as soon as he has received his 20 s. can keep the 20 s. and pay a Debt with the 100 l.   

Object. VI The want of a less Intrinsic Value, than 20 l. per Cent. will answer all the aforesaid Ends.  
Answ. Less will not secure it against Exportation.  
Foreigners have a knack at raising the price of Silver to draw over our Money to 'em; and I hear they can afford what they now daily do, viz. To Export, rather than fail, Clipped Money; and the only way to keep our Money at Home, Is to fix, during the War, one considerable part of its Value to the Kingdom; and when those Foreigners who must deal with us, cannot Export our Money, but with great disadvantage, they will be forced to take our Commodities in lieu of it, and be as industrious to make 'em valuable abroad as we are. And as to that Notion that we must not glut the Markets abroad with our Commodities, it is a Vulgar Error unless we make this distinction, That 'tis dangerous when our English Factories glut the Market; for when Foreigners see the Market full, they combine together to keep down the Price, knowing that we must Sell; but then Foreigners who are better acquainted with their own Markets and Fairs than we are, and can spread a Trade much farther than our Factories can do, when they Export our Commodities and cannot Trade at all with us without exporting 'em; they can shift from one place to another, and open secret Passages of Commerce, not yet found out.  
If the Portugueses for instance could not have Money for their Wine, would they (I desire to know) rather leave of Trading with us, than take our Cloth for their Wine. Or if heretofore we had drank no French Wine, but what we had paid for in Tin, would they have found a Vent for our Tin, or ploughed up their own Vineyards?   

Object. VII. This will be forcing Foreigners then, to Export our Commodities.  
Answ. Not at all: For if the Balance of Trade shall continue after all, to our disadvantage, here's nothing in all this matter that hinders our exporting Bullion.  
But if 'tis absolutely necessary to export Bullion to make good the Balance of Trade, than we should take the more care, not to export more than is absolutely necessary; and whilst we carry on our Trade abroad, not to let this at home be at a stand, but secure Money enough for the Nations Inland Trade, and to pay the Taxes without pretence of impossibility.   

Object. VIII. Five Millions will not be half enough for our Inland Trade.  
Answ. And I am clearly of that Opinion; and that Ten Millions is little enough, or else what need had there been, to have Coined Fifteen Millions in three Reigns, as the most industrious Mr. Lounds hath delivered to us?  
But we are providing for a present necessity and not abundance.  
And yet should we Coin five Millions more, in all Ten Millions; less than 2 d. in the Pound Land-Tax, would pay Interest for all, and the Million gained out of it would save 2 s. in the Pound that Year, which is making a very good Bargain for the Government.  
But you may vary the Postulata, as I said before, how you please.   

Object. IX. The new Coined Money will appear very small to the Eye.  
Answ. Go which way you will, it must be smaller than it was, or of greater value, because Bullion is dearer than when the Milled Money was Coined, and if the new Coined Money were to have an Intrinsic Value, it must necessarily be ⅓ less than it now is, and according to these Proposals it will be but about ⅓.  
Supposing Silver at this extraordinary Price, I don't see how it can possibly be larger than as 8 to 10, and this Proposition is as 8 to 12.   

Object. X. The Mint is the Pulse of the Commonwealth, 
Cotton Post. p. 294.  and this would discover us to be in a weak Condition.  
Answ. It will discover us doubtless, to be in a borrowing Condition upon good Interest and Security; but that's the worst of it; whereas if the Mint should only give us an imaginary Valuation, than we are discovered to be in an imaginary Habit of Wealth.     

CHAP. IX. Advantages and Conveniencies most of which may be expected from this Method.  
1. THE Subject will be assured by the giving entire Satisfaction for Clipped Money, that the Coin of England Minted by Authority, is an inviolable and an unalterable Property which the Parliament will for ever maintain, even in the worst of times; the Consideration of which, will give the real and additional Value of the new Coined Money, a Credit throughout the World. And People will be the better able to pay Taxes if they are at no loss by their Clipped Money.  
2. The Denomination of the Silver Coin will not hereby be raised above the real value.  
3. The Trade and Circulation of Bullion in and out of the Kingdom, will not be at all hindered, so that as much Silver and Gold may be yearly transported into Flanders, as the occasions of the War require, without loss of Coinage; and Money which is the Vital warmth of Inland Trade, by which People are enabled to pay Taxes, always preserved among us.  
4. The frequent Rises and Falls of Money beyond Sea, will be no longer an effectual trick to cheat us, as it hath hitherto been.  
5. If it should after all be exported, it will be 20 l. per Cent. more to the Exporters loss, than if it had a full Intrinsic Value.  
6. That 20 l. per Cent. which the Exporters lose, will be gained by the Government; because for what is exported, no Interest will be paid, nor no Principal at the end of the War.  
7. The Coined Silver of the whole Nation, may in times of Peace be reduced to the old Standard, and Intrinsic Value, without recoining or altering the Species.  
8. Those who hid and hoard up their Money, to defeat the Intents of a Tax upon it, will be disappointed of their Ends, and become greater Losers than by producing it; whereby Money may be affected by Taxes, which now cannot so easily be done.  
9 All the Benefits and Advantages which can be proposed by a raising of the extrinsic and denominated Value of Money, will be hereby secured, and all the Inconveniencies of that Method obviated.  
10. All the Advantages which can be proposed to the Public by Coining after the old Standard, will hereby be effected, at a very inconsiderable present Expense, and no more than one Million at the end of the War.  
11. Guineas will hereby fall in their Estimation, by an easy, natural, and gradual Abatement.  
12. The Plenty of Money will be much greater, the Intrinsic Value more, and the Certainty of what a Man takes clearer than is at present.  
And the real Value of our Coin, as great as ever, to all Intents and Purposes, but of Exporting, Melting-down, and Hiding  
FINIS.