A REVIEW OF THE Universal Remedy FOR ALL DISEASES Incident to COIN.  
WITH Application to our Present Circumstances.  
In a Letter to Mr. Locke.  
LONDON, Printed for A. and I. Churchill, at the Black-Swan in Pater-noster-Row. 1696.   


Ex Hist. Mat. Paris. Ad Annum 1248.— 32 H. 3.  
IPsis quoque diebus Moneta Angliae per detestabiles tonsores & falsarios adeo intolerabiliter est corrupta, quod non indigenae vel etiam alienigenae eam oculo recto vel illaeso corde poterant intueri. Circumcidebatur enim fere usque ad interiorem circulum, limbo literato totaliter vel delero, vel enormiter deturpato. Praeceptum est igitur voce praeconia in Civitatibus, Burgis, Nundinis, & Foris, ex parte domini Regis, ne quis denarius nisi legitimi ponderis, & circularis formae acciperetur, nec quoquo modo à vendente vel ement, vel commutante acceptaretur, punirenturque hujusmodi praecepti transgressores.   

In English thus.  
IN those Days the Money of England was so intolerably abused, by detestable Clippers and False-Coiners, that neither the English Inhabitants, nor even Foreigners, could look upon it unconcernedly, and without Vexation. For it was clipped almost to the innermost Ring, and the Border of Letters either wholly taken away, or very much diminished. Whereupon Proclamation was made in all Cities, Burrows, Markets, and Fairs, that no Piece of Coin should be received, or pass, either in buying, selling, or Exchange, unless it were of lawful Weight, and of circular Form; And that the Transgressor's of this Proclamation should be punished.    

TO JOHN LOCKE, Esq  
SIR,  
I Am assured that amongst the least of your Observations, upon the various Dispositions of men's Minds, you have oft remarked (nay you have indeed expressed the same thing in the Preface to your excellent Essay) how a little difference in the turn of a Thought, or change in the manner of expressing the same Proposition, is apt to produce a different effect upon our Understandings; and that what appears evident Truth to one Man, in his way of conceiving it, does many times, by the clothing of some Phrase, seem as evident Absurdity to another. It is not only with the Eye of our Mind, as with those of our Body, in that a different situation occasioning a different Reflection of Light from the same Object, represents it to us under different Colours: But there seems to me a real difference in our intellectual Faculties, nay even greater than in our outward Senses. And this, I say, from whencesoever it arises, is certainly within ourselves. The same Truth, in the same Point de veiie, does not always (nay perhaps it does very seldom) strike the Minds of different Men in the same manner.  
I entreat you, Sir, be not offended at my offering you such obvious Considerations, and such as I acknowledge also to be your own, in the entrance of my Letter. For I intent to do the same thing throughout: Yet nevertheless I premise this as an Apology for the rest.  
There is no Man, I think, that wishes well to his Country who is not deeply afflicted with the intolerable Inconveniencies we at present lie under, and the yet more threatening Prospect that lies before us, from the late and present disorders in our Coin. But it is not without some wonder, when I consider with what Demonstration you have proposed the only and the infallible Remedy for this Evil, that I observe how little that Remedy has been practised; nay how little a great many Men whose honest Intentions for the Weal of England I have no reason to mistrust, are yet sensible of its Virtues. The neglect of that Remedy, and the Dissatisfaction of those worthy Men about it, makes me think it no improper task for me to try, if by exposing your Thoughts on this Matter in any different Light, I can render them more discernible to such Eyes as were not sitted to receive the Rays of Truth that have issued directly from your own Mind. This is the end of my writing, which I hope all Men will upon the first proposal of it allow to be honest: How pertinently or impertinently I shall perform what I aim at, must be judged when I have done. In the mean while I presume to address unto you this Letter (which I intent for the Public) because it is from you that I have received the Ground of all that I am capable to say upon the Subject. And when I make this fair acknowledgement, I hope neither you nor any one will call me Plagiary.  
The Ground of all I call this Fundamental Axiom, That two Ounces of Silver of equal fineness are intrinsically (I mean without any consideration had of the Workmanship bestowed upon them) of equal Value. I have indeed received much more than this from you: But this alone carefully attended to, I conceive sufficient to guide men's Thoughts through all the seeming Intricacies that perplex this Matter. Yet if, in writing I myself happen not to observe with due exactness, the Rule that I now prescribe to myself, I do by no means intent (by inscribing your Name) to impute unto you my Errors. Those (if I fall into any) will be wholly my own. Your Foundation is sure: And whether my Superstructure be strong or weak, it will be easily perceived, by those that take never so little Pains to examine it.  
The present Circumstances in which we now stand this Month of August 1696, appear to me to be thus. The greatest part of the Clipped Money that troubled us some Months ago, has been called in. I am told, that the total Sum hitherto lodged in the Exchequer, amounts in Tale to about five Millions. There has been now coined out of it, in new weighty Milled Money, near upon, or much about a Million and a half. The Loss upon the Reduction of clipped Money into weighty, has been very near half in half: I will therefore reckon it so. The old unclipt hammered Money that was remaining in the Nation at the Time of calling in the Clipped, (if we consider how far it has of late supplied the whole business of Markets and small Payments throughout all England) we can hardly compute at less than two Millions. The old Milled Money, (considering that this hammered Money comes out of Hoards, and that whoever made such a Hoard would certainly make it of the best he could) may very rationally be concluded to be more: But because we see not much of it appear (though I take the Reason of that Obscurity to lie in the inequality yet remaining in our Coin, as I shall endeavour all along to make evident) I will reckon it less; And lest I should have exceeded in my first Conjecture, I put for this only one Million. So that, however, these two Species, unclipt hammered Money, and old Milled Money, yet remaining in England, may very fairly be esteemed to amount to three Millions.  
The inundation of Guineas that we had amongst us last Winter, whilst they went at 30 s. may be thus computed. It appears by the Registers of the Mint, that since the first striking of that Coin, in 1663., there have been coined of them (I know not the Total Sum exactly, but I am sure) considerably above seven Millions; which reckoning them at 22 s. a piece, makes above eight Millions of Pounds of currant Money. I take it for granted, that they had not then been much exported in a way of Trade; because it had never been profitable to do it, but always profitable to bring them back. What were exported at any time, was chiefly by Soldiers and Travellers, in small Sums, for their Expenses, which could not amount to much. But whatever, were in any manner exported, excepting to Places very remote, or what have been melted down beyond-sea, we may be assured were all brought back again hither, by the Lure of that imaginary Value which we then put upon them. Let us however allow largely (as I would in all Computations that are only conjectural) for those that we have been so deprived of: Say it were two Millions; though that be very improbable. It follows then, that we had the last Winter at least six Millions in Guineas amongst us. The great Flush of them that every Body saw, would make one think there had been more: But this I am sure, they were so many that they alone served with great Plenty, and even Superfluity, for all our Currant Payments.  
That they have not since that time been carried beyond-sea in a way of Trade, may be evident to any Man that will take the pains to compute their Price in Holland, and the Rate of the Exchange here. I will do it once, for the satisfaction of those that are not accustomed to this sort of Computation. The latest Account that I have heard of the Price of Guineas in Holland (not many Weeks ago) was eleven Guilders twelve Stivers, in their Currant Money, which is about 5 per Cent. worse than their Payments in Bank. The Rate of the Exchange from hence to Amsterdam, paying the value of the Bill here in legal Money, has of late been between 33 and 34 Shillings Flemish per Pound Sterling, payable there in Bank. Now let us compute one hundred Guineas, which are here one hundred and ten Pounds: And let us take the lowest Rate of the Exchange, 33 Shillings.  
 Guild. St. Gr. This 110 l. remitted to Amsterdam by Exchange, at 33 Shillings, will produce there, in Bank 1089 00 00 To which must be added the difference between Bank and Currant Money, about 5 per Cent. 54 9 00 So that by Exchange, 100 Guineas would make in Currant Money there. 1143 9 00 The other way, 100 Guineas sent over in Specie, and changed for Currant Money, at 11 Guild. 12 saint. make 1160 00 00 But from this must be deducted, for Fraight and Insurance, at least 3 per Cent. 34 16 00 So that by sending thither 100 Guineas in Specie, they would make in Currant Money 1125 4 00  
Thus it is evident, that he who sends one hundred Guineas over into Holland, in Specie, whilst the Price and Rate stand thus, receives 18 Guilders 5 Stivers less than he who remits 100 Guineas thither by Exchange; that is, he loses so much by the Adventure. And therefore, I say, it is certain that no Man does now send any thither, upon account of private Benefit. And whoever takes the pains to examine into those Rates and Prices backwards, for all this Interval since last Winter, by the same way of Computation, will find it as evident, that hitherto no considerable Quantities can have been sent. Nay, even without any Computation, all intelligent Merchants were sensible all along, by the continued Course of Exchange, that it was impossible any such thing could have been done. For the Alterations in Exchange are no less sensible upon the Plenty or Scarcity of Money, than the rising or falling of Water in a River is, upon the flowing or ebbing of the Tide.  
If therefore no considerable number of Guineas have been exported since last Winter, in Trade, for private Advantage; it remains only that we allow for what have been exported for the Charge of the War: Which, considering how little Money the King has really had for Use, out of the Supplies intended him the last Session of Parliament, (whatever be the full Estimate of that Charge) can by no means be judged to amount to one Million: No, nor half a Million; at least, not in Guineas. But however, let us call it a Million: It follows still that we have five Millions remaining in Guineas: Which with the Million and half (or thereabouts) of Milled Money newly recoined, exceeds the Sum (whatever it was) that no longer ago than last Winter, made all our Payments abundantly easy. Or if instead of this Consideration of our past Ease founded upon the sufficiency of Guineas for all our Payments, we choose to look back upon the clipped Money, that not long before supplied all our Occasions (for it is evident it did so; Before the Rise of Guineas nothing else appeared, nay nothing but the very worst of it) we may certainly conclude from the Sum carried into the Exchequer (about five Millions) that the Total Sum of what then passed, was much short of our present Stock of Guineas and new Milled Money. So that either way, the three Millions of old Milled Money, and weighty Hammered Money, before mentioned, (be it more or less) may be reckoned, as it is in reality, so much superfluous Treasure.  
But to make up the Computation of our present Stock of National Wealth, I must add also the clipped Money that lies yet in the Exchequer uncoined; Which, it is evident by the foregoing Computations, will amount to about one Million more, when recoined. The Clipped Money in private Hands, not yet brought in, should also here be added. And likewise the Plate of Public Houses, with no small Quantity in Private Houses too: For if there were a Stock prepared to exchange it, a very considerable Value of Plate would infallibly be brought into the Mint without delay. But as I have no ground whereon to build a Conjecture upon those Heads with any Solidity, I therefore leave them undecided. However, from this whole Computation (though it cannot be pretended to be exact, yet I think it so near the Matter, that) we may certainly conclude the Stock of our present Coin, (without comprehending our Plate, and Bullion) to be at this Day abundantly more than what might barely suffice for our Commerce, Markets, and Expenses, and might make all manner of Payments easy.  
I see here only one Objection. Some may be apt to say, that neither our Clipped Money, nor Guineas did suffice, either of them alone, for our currant Payments; Because a currant Credit in Bills of several kinds did then serve for more than both of them together. It is true; but to this I answer, The same Credit ought to be computed still: For though in effect it is at present less, yet before I have done, I shall not spare to offer what in my Opinion would make it as entire and large as ever. And therefore I shall at present go on with what Considerations offer themselves to my Thoughts in relation to our Coin, properly so called.  
And thus what I have said, of the sufficiency of our present Stock of Coin for our present Occasions, I think, is unquestionably true: Yet nevertheless we all feel, and deeply groan under the Sense of an Effect directly contrary. Payments are so far from being made easily, that there are scarce any made at all. Some little Money indeed is stirring in this City, which supplies the Markets, serves to purchase things absolutely necessary, and pays the Price of Day-Labour, that could not be had without it: But in greater Payments there is a general Stop. And that Obstruction naturally makes the Money which should circulate in the lesser Channels that I have now named, flow more slowly than were necessary for the general Health of the Body: Nay as those Channels lie some of them at greater distance than others from this City, the Heart and Spring of Life and Motion, so the Faintness and Want of Spirits in the Counties is still more grievous.  
These things, I say, are so very notorious, that it is wholly needless to spend any time in the Description of them. The only thing that I esteem useful (worth either my Pains to write, or any Body's patience to read) is what may tend in some manner to their Redress. But that I may be able to propose the Remedy with any Evidence, it is now absolutely necessary for me to examine a little into the Rise of the Mischief.  
How the first Rise of all these Inconveniencies was from the Clipping of our old Hammered Money, and the Currency given to it when Clipped, though no Body seems to doubt, yet the perplexity Men are in about the Cure, makes it needful for me a little to demonstrate.  
This, Sir, was the first infringement of your unalterable Rule. It made an inequality in the Intrinsic Value of different pieces of our Coin, which passed still under the same Denomination: An Absurdity easily remarkable; A Force upon Nature which could not hold. And what were the Consequences of it? Nature wrought still in her own Methods. At Home, whilst no Remedy was applied, the Corruption spread, the Disease increased. The observable inequality in the real Value of different Pieces, which had a false (yet currant) Estimate put upon them, made some Men proceed still further in clipping the Broad; others melt down, and every Body hoard up the Heavy: So that in the end, we had nothing but Clipped Money (I speak all along of Silver) prodigiously clipped, to the Diminution of above half the Value, that passed amongst us. And as the Body of the Nation laboured more and more under this Uneasiness, it began to seek for Ease (if I may use the Metaphor) by shifting of Postures. Is there no Remedy (said the Tradesman) to be had from any public Physician? But must the weight of Sixpence pass to me in Tale for a Shilling? I'll find out what shall make me easy, at least, though it do not cure the Disease. In proportion, as ill Men go on in clipping our Money, and all Men in making use of it, I'll endeavour by the same degrees to raise the Price of my Commodities, and so be even with them all at once. He did it so in effect; Every Body did so; And the Price of every thing rose apparently. Even Gold itself, though it kept its former proportion to Silver, yet rose in the same manner, in proportion to the Coin then currant. Nay, what seems very paradoxical, Silver was ordinarily said (and 'tis incredible how ordinarily it was believed) to rise too, in proportion to itself. Thus the Admission of one Absurdity drew on innumerable others. But in the mean while, what was our real Case? Since we were so inadvertant as not to understand it ourselves, we might have learned it from our Neighbours.  
Foreigners were not imposed upon by our Mistakes: They considered not the Nominal, but Real Value of our Coin; and sold us their Commodities too at proportionable Rates. But especially they taught us the true Estimate of our imaginary Riches, by the Course of Exchange between their Money and ours. Exchange I may call the Balance both of Money and Trade, between all Nations that have Commerce with one another. This Balance may fluctuate a while upon every little jog that it receives; But upon the least Addition of more weight into one Scale than another, it will certainly incline or fall down on the heavier side, and show what the Difference is. Thus by the Course of Exchange between them and us, for a long while together (rating their Money, in the Exchange of it, still more and more, in proportion as they found that we diminished ours) they showed us as visibly as the Sun at Noonday, that however we might esteem ourselves Rich, and increased with Goods, and to have need of nothing, yet in Truth we were Wretched, and Miserable, and Poor, and Blind, and Naked.  
This Scripture-Expression suits so luckily (I had like to have said unluckily) to our Circumstances, that it were easy from thence to draw a Comment, with Application to our National Estate, much larger than what I intent to write upon this whole Subject. But I proceed. The Alterations that ever happen in the Rate of Exchange, between one Nation and another, considered merely as arising from the different value of their Coin, either in respect of Weight or Fineness, I take to be of little consequence to either Nation, any longer than till by Trial and Computations on both sides that difference is found out and known. Till that be done, the quickest Observers on both sides have indeed Opportunities of making Advantages of other men's Inadvertency. But this can last but for a small while; nor can it ever amount to so much as to be of any great Moment to the whole. The real value of Coin (that is, the quantity of Silver that is in it) is quickly known, and grows insensibly (even without any distinct knowledge of it in the generality of Traders) to be the Rule of Commerce between one Nation and another. And when that is once in this manner settled, I say the Consequence of it seems to me to be no more than as two opposite Looking-Glasses that mutually reflect each other's Figure. This Nation is made to know the true Value of its Money, by the Estimate put upon it by the other: And that other is made to know the same thing, by the Estimate put upon its Money by this. Neither Nation is either richer or poorer by the Denomination they give to their Pieces or Sums. When it is known how many of the lesser value in this Nation, are equal to one of the greater in the other, that number is called the Par. There the Balance left to itself will stand; And can only rise or fall, on either side, as it receives accidental Jogs from the change of Circumstances in Trade, State, or whatever else brings Plenty or Want of Money to either side.  
This shows (by the way) that neither the clipping of our Money (if all had been clipped equally) would have done the collective Body of the Nation (considered singly as one Man) any great harm; nor would that which some Men call the raising of our Coin have done us any good. Foreigners would have estimated it only by its Weight and Fineness; And in all occasions of Exchange, allowed us more or less of theirs in due proportion. So that however one particular Man amongst us might out-wit, overreach, rob, or plunder another, the whole Body of the Nation (I say) with respect to the rest of the World round about us, would have been neither richer nor poorer by the Matter.  
What was it then that has done us the Mischief that we complain of? The thing is so evident, that it is an Astonishment to me how any one can ask the Question. Yet 'tis certain that many do: And as certain that others resolve it, with as little Reason as these ask it. I would have those that are yet in doubt upon this Point, first, ask themselves if they can conceive any difference in the intrinsic Value of two pieces of Silver that are of equal Weight and Fineness; abstracting from the consideration of the Workmanship, as I have laid down your Axiom for my Foundation. If they can say to themselves in their own Minds, that they do conceive such a Difference, I would be glad they would tell me wherein it lies: But if they find that difficult to explain, and yet nevertheless persist in fancying that they conceive it still, I advise them fairly to lay by this Paper, and trouble themselves no further with what I shall write. For their way of conceiving things, and mine, are so very unlike each other, that I am sure it is impossible for either of us to comprehend what the other means. All our Discourses (though in never so plain English) would be mutually eternal Gibberish to one another's Understanding. But if they acknowledge themselves convinced, that indeed there neither is nor can be any such Difference; but that one Ounce of Silver will be always intrinsically of the same Value as another Ounce of the same Fineness; Then let them go on to ask themselves if two Half-ounces (I mean always of the same Fineness) be not also of equal Value to one whole Ounce. They must of necessity answer this affirmatively: Yet let us put it still plainer. Are not two Sixpences (as first coined) equal in Value to one Shilling? Yes. Is not one Shilling, clipped to the weight of a Sixpence, diminished half its Value? Yes. Is not one entire Sixpence equal in Value to one such clipped Shilling? Yes. Is not one entire Shilling equal in Value (neither more nor less) to two such clipped Shillings? Yes. I hope no Body will be offended with these trivial Questions: If they are, I must desire them to lay the Blame upon those that are yet doubtful about such trivial and clear things. For the whole Mystery of the Mischief we now inquire after, is in effect no more than a false Answer to those easy demands; and I think can be no way better explained than by laying it barely open.  
Thus it happened: We tacitly determined by our general Practice, that a clipped Shilling was of equal Value to an uncliped One. Our National Eyes were blinded to that absurd Degree: But some particular Men saw much clearer in their own private Concernments. What followed? We have seen already how the Price of all Commodities, both Foreign and Domestic, were raised upon it. But how did our Money-mongers, those whose chief Commodity was Money itself, behave themselves in this Conjuncture? They were acute enough to see the public Error: Their Furnace and their Scales had taught them the real Value of the Money they managed; so that they could not be deluded with false Names. How far some of them have contributed to the Delusion of other People, though it be passed all doubt, yet I cannot say it is too obvious. The honestest among them (for in all Estates of Men, there are degrees of Comparison) since we were Fools enough to accept of half an Ounce of Silver for a whole Ounce, paid away upon all Occasions their Money of that size, and hoarded up the more weighty Pieces to be made use of as future Occasions should advise. Had they all stopped here, and gone no further, we could not in those Circumstances have much blamed them; nay perhaps we ought not to have done it at all. But the Ground on which they stood was a declining Plain; and so slippery, that it was hard for them to hold their footing. Who that had a Hoard of weighty Money lying useless by him, and found Chapmen that would buy it of him for a greater Sum in Tale, which he could immediately pay away again as if each Piece had been equal to that of his own in Value; I say, who is it that in such an Occasion would refrain from so profitable a Trade? Very many, I am sure, on less Occasions than this, are apt to solve their own Scruples, with a Qui vult decipi decipiatur. But whoever they were that remained thus scrupulous, I am sure the Practice became general: And the facility of it enabled the Clippers (who, by the way, are Money-mongers too, though I would not confound them with those that I first designed by that Name) to carry on a practice yet more unjustifiable. This practice of buying weighty Money, (which could not have been done if there had not been Sellers) and then clipping it, grew in the end so notorious, that the Parliament thought fit, in their Wisdom, to forbid the selling of any Species of our Silver Coin for any more (in Tale) than it was first coined for.  
But did this Prohibition, though by Act of Parliament, cure the Evil? Alas, no. The forbidden Fruit was of too luscious a Relish to be so easily relinquished: It was not in the Power of any Paperspell to stop the spreading Gangrene. The Trade of buying and selling of weighty and clipped Silver-money slackened perhaps a little; but the Exchange of Gold for Silver came in the Place of it. A Guinea sold for 22 broad Shillings, when it was worth more clipped ones, answered the end of both Buyer and Seller (in which they mutually understood each other without ever a word speaking) altogether as well, and was a Practice without the reach of the Law. Or however that Trade were carried on, it is certain that the more pernicious Trade of Clipping increased. Whether any of the former Sellers became Clippers themselves, or entered only into closer Combination with those that were so before, I cannot tell. But 'tis certain, I say, that clipped Money daily increased upon us; and that such an increase of it could not be made without great Support, great Diligence, and great Numbers both of Workmen and Managers.  
Nay, even this is not yet all. When our broad and weighty hammered Money, (by the Diminution of all that fell into these artful men's Hands) became so rare, that there was scarce any matter left wherewithal to carry on the Clipping Trade any longer, than the Art of Coining was taken into Alliance with it. Whatever parity our Laws have made in the Punishment of those two Offences, they were formerly in themselves very different, and (in some sense) even inconsistent with one another. Not only a Plated piece (which was the chief sort of false Coin) could not be clipped with any Profit; but if it were so, the second Cheat served to discover the first. But now our Stupidity, in receiving Money that was visibly clipped, as if it had been entire, taught both these Artists a new Method of improving their own Trade. It was but coining new Pieces (which they could do with all the appearance of Antiquity) either of Standard Silver, or so little worse, as was not visible to the Eye, and afterwards clipping them: Their profit was sufficient. By this Conjunction of Industry, the Work was carried on more effectually than ever. How much of our old Milled Money was melted down for this Service, I know not; but certainly some. And if a more effectual stop had not in the end been put to this rotation of Melting, and Clipping, and Coining, and then Clipping, and Melting, and Coining again, we should infallibly by degrees have had all the Silver in the Nation turned into Shillings of the weight of Threepences, or other Pieces in the same proportion. But, now I reflect on't, what a stock of Riches would this have been? Certainly much greater in Tale than ever England was master of. Nay, if once the Arbitrary Denomination of a piece of Silver (as you, Sir, have fully manifested) had had this Charm to make Threepences become a Shilling, it might as well have gone on to convert it into a Crown, or a Pound, nay multiply it in infinitum, more than ever the Cheats of Alchemy itself have pretended to. But every one sees the ridiculousness of this Conceit; and that we should have been no richer in reality for many Millions of Maravediss than for a few Hundreds of our ancient Pounds Sterling.  
However now methinks it should seem evident in a good degree, that the Rise, and Spring, and Root of all this Mischief, consisted singly in the facility given to the Currency of clipped Money. We forgot that one Ounce was equal to another, and that two Half-ounces were equal to one whole one: And so being content to take halves for wholes, we were put upon accordingly. But if any remain yet doubtful, either of the Thing, or of the Mischief that ensued upon it, let them reflect a little upon the Consequences that this Inequality in our Silver Coin had also upon our Gold; and I hope they will be then convinced.  
When our Silver was become generally diminished, and our Gold remained entire; it was a thing too obvious not to be observed by every one, that a piece of Gold (a Guinea) that had been several Years together currant at 21 s. 6 d. whilst our Silver was undiminish'd; I say, it was impossible not to observe that this Guinea ought now to bear a greater Proportion in Tale, to our diminished Silver Coin, according as by the Diminution of that Coin, there was grown between it and the Guinea a greater disproportion in real Value. And what could be the Consequence of this Observation? The Nature of the thing shows whither it inevitably tended. The Consequence could be no other but that Men would either hoard up Gold, (as I have shown they did weighty Silver) or sell it for more diminished pieces of Silver than it was worth of weighty ones. And thus in effect it happened. Guineas rose by degrees to pass for 25, 28, and 30 s. of our diminished Shillings.  
Now let us take a general View of the state of our Money-matters at that time. We had Guineas, as they were first coined, undiminished. We had also some Quantities of old broad Gold, of several sorts; which being also undiminished, kept its sixth proportion in esteem to the Estimate put upon Guineas, as it had always done. As the one rose, so the other rose; only with this difference: The pieces of broad Gold, of the same sort, being not so exactly equal with one another as were the Guineas; nor the weighty Pieces amongst them knowable by the Eye from the Light; this made the use of Scales necessary in receiving of them. And that trouble of weighing this broad Gold made Guineas a little more acceptable, because Payments were made with them more easily. Yet this alone, though it changed nothing in the real Value of either, (nor could it whilst the use of Scales preserved inviolably their first proportions) was sufficient to make great Quantities of that broad Gold be carried to the Mint, and coined into Guineas. It did it accordingly; not for any real Advantage that accrued to any Body thereby, but merely for the sake of a little Ease and Conveniency. At the same time, whilst Gold continued thus fixed, one piece of it in respect to another, the Silver Coin that remained amongst us (as has already been observed) was very different. We may divide it, in our Consideration, into Milled Money, which was evidently in the state in which it had been first coined; and old hammered Money, whereof some was a little diminished by wearing, but the far greater part of it very much diminished, though in very different Degrees, by clipping. And now it is time to inquire into the further Consequences of this great inequality of our Silver Coin, with respect to the first equality of our Gold.  
We have seen how in Silver itself, the Inequality caused Culling, and Melting, and Coining, and Clipping; Mischiefs, one would think, bad enough. But in Gold, the Consequences were yet more fatal. When Guineas were risen to 30 s. a piece, and the broad Gold in proportion, than all the old Hoards were brought out; every Body was ready to put away what Gold they had, at so advantageous a Price. But when that Profit was once made, when the old Hoard was once changed, with most Men there was an end of it. Few understood the Art how to repeat the same Profit in a perpetual Circle. That belonged only to our Artful Money-mongers; and they did it to the purpose. They found that by melting down our weighty Silver Money (culled out of the great Sums that passed through their Hands) and sending it over as Bullion into Holland, they could either pick up the Guineas that had been formerly transported and scattered there, or buy Gold (in the Ingot) at moderate Prices, and have it coined here into new Guineas; which Return produced them above 30 per Cent. profit. Profit, I say, to them; but in the Consequence of it, when Guineas fell from their imaginary, to their real Value (as it was absolutely necessary they should) a very great Loss (though I will not say just the same as those men's Profit) to the Nation. How any Persons managed the matter of melting down Silver Coin, and then exporting it in Bullion, is best known to themselves. My Soul enters not into their Secrets. But that some Persons did transport vast quantities of Silver Bullion, and carry vast quantities of Gold to be coined in the Tower, (all in a few Month's time) was manifest by a List both of their Names and Sums given into the House of Commons at their last Session. This was in a way of Trade, which circulated quick: And if by the Reduction of Guineas to 22 s. it had not been stopped, we should not have had one weighty piece of old Money remaining amongst us, that these New-exchangers could have reached: Nay whatever has been new-coined since that time, if it had fallen into the same Hands, we may conclude, by parity of Reason, would have followed the same fate.  
But let us not lay all our Mischiefs at our own Door. What we were singly guilty of (I mean the Folly of not observing any difference between a half and the whole, a clipped and a weighty Piece) was great enough, and the Root of all the rest. But when that Folly was once discovered, Foreigners knew how to take Advantage from it, as well as the cunning Men amongst ourselves. The Dutch sent over Guineas too, and Ingots of Gold, upon their own Accounts: But not having the same Opportunity of picking up our weighty Silver Money as some had amongst ourselves, they laid out their Gold in Woollen Manufactures, and other of our most staple Commodities; Which when they had carried back into Holland, it was found that (by the Profit they had made upon their Gold hither) they could afford to sell our Commodities in Holland, cheaper than those of our own Merchants, who had carried the same sort of Commodities thither without any such previous Profit.  
The Mischiefs of all this management to England, are too too obvious. I will not trouble either others or myself with a Deduction of them. The only thing that I desire to inculcate by all I have yet said, is, that the Ground of all these Mischiefs lies in the difference of the intrinsic Value of the several pieces of our Coin that go under the same Denomination: That is to say, in the Currency of clipped Pieces, as if they had had as much Silver in them as the uncliped.  
This I say was the Disease we laboured under, in our Coin. If any Body can tell me of any other, I desire to learn it. But if they do not, I must take this at least for granted; and than it will be easy to see what is (and what only can be) the proper Cure of it.  
Yet if any should allege, that our National Disease is not simple, but complicated; That we labour under a consumptive Trade, under an expensive War, and (worse than all) under a general Corruption of Manners; I inquire not at present what Truth there is in each of these Allegations; But I answer (upon their Supposition that they are true) let proper Remedies be applied to all those several Indications. The very naming the Diseases denotes the Remedies. Yet those Remedies require the skill of ablest Physicians, and particularly experienced in each Case, to direct the Application and Use of them.  
But however that be, the Disease in our Coin, I think I may say, is unquestionably evident to have been in the Inequality of it. I will not ascribe to myself the Merit of having now demonstrated it to have been so all along, till the time that the Parliament, the last Session, prescribed a Remedy: For the thing is so clear in itself, that as it needs no Demonstration, so neither can it receive any greater Evidence than what every Man will perceive, who opens but his own Eyes and looks upon it. But it is further needful that we now inquire into our present Case, into the Cure or Progress of the Disease, since that Remedy has been prescribed. Some Symptoms of our Distemper are indeed changed, but we are all sensible that the Public is far from having received a perfect Cure. Let us therefore examine a little, what Operation this Parliamentary Physic has had upon the Body of the Nation, and what our remaining Symptoms give us yet reason to hope or fear.  
The stopping of clipped Money, with a Recompense established for the Payment of it into the Exchequer, and no provision made for its usefulness in any other Method, has carried the greatest part of it thither. The King has his Coffers full; but can make no use of it faster than it is new coined. And for the loss that will fall upon him, (which is computed to be about a half part) he has a Fund settled that every Body agrees will fall vastly short. The charge of this Fund, however, the Nation bears; though, I doubt, not in a very equal Proportion. But who is it that has the Benefit of this Charge which is laid upon the Nation, and the Loss that yet falls upon the King? Certainly, not those for whose sakes the Recompense was proposed and given. The poor Labourer, the Countryman, and the Middling sort of industrious People, were said principally to be taken care of. But those are not the Men that have received it: Nor indeed could they, any more than by the Advance of some part of their Taxes, The great Sums of clipped Money that have been carried into the Exchequer, have been upon Loans: Which could not come but from the Rich; At least, from such as had opportunities of managing great Sums, whether of their own or other People's. If these too had carried in nothing but their own, nothing but what had fallen into their Hands without hidden Artifice, I know nothing that could have been objected against it. But those that suspect the contrary allege this Reason for their Suspicion, viz. Because it is notorious, that they are generally charged with great Debts, and (as they say themselves) uncapable to pay their Creditors, till they receive their Reimbursement out of the Exchequer. By what Practices they collected such vast Sums of Clipped Money, and upon what Conditions, (for they understood those Matters too well to take them for nothing) is a Consideration that deserves also to be reflected upon: But I now pass it by. I only observe that these were the Men (the very same Men, in great Measure) that had so well understood how to improve the first Disorders in our Coin to their own Advantage, who now in like manner engross unto themselves almost the whole Benefit of the Public Remedy.  
What followed next? When these Masters of Art had thus thrown the Burden they had collected, upon his Majesty's Shoulders; And upon Condition too (if I may express it so) that he should pay for his own Pains; (for the Interest he allows answers that Comparison) They then cast about to see what further Advantage could yet be drawn from the Circumstances in which the Nation then stood. The Parliament, in their Provision against the Currency of clipped Money, had not thought fit to lay any new Penalty upon the uttering of Six-pences clipped to a certain Degree, but not within the innermost Ring. This seeming Favour to, or Connivance at so small a Fault, if it could have been restricted to a moderate Use, might perhaps, for some little while, have been some little Conveniency to the Nation, in facilitating Change and small Payments. But that was impossible to be done: And we were taught, by the Effect, how dangerous a thing it is to allow the least Transgression in so nice a Matter as this of Coin. Notwithstanding all the Loans into the Exchequer, immediately after the Course of other clipped Money was stopped, we had a Flood of these Clipped Sixpences poured out. The Dealers in Money offered them readily to all that demanded any payment of them. But not a Guinea appeared, though these Gentlemen had certainly great Sums of them in their Hands. I say this certainly: For it cannot be denied that there were then several Milllons of Guineas in the Nation, and that the great flush of whatever Coin was in the Nation, passed at that time through their Hands. Not a weighty Piece of old hammered Money, neither, would they produce: Tho it is notorious that many of them had bragged beforehand, (as the Prospect of the stop of Clipped Money opened) that they had their Chests well filled with Stores of that kind, which had not seen the Sun for several Years. No, nothing but clipped Sixpences was left. It seemed as if by a Miracle all the rest of our Coin had been transmuted into that single Species. Nay if the People themselves had not been wise enough to put a stop to this practice, (by refusing to receive them) it is certain that (without any Miracle) all our Silver Coin would in a short time have been really so transmuted. The Coiners (as I have shown before) would have found their account by it; And the work would have been done.  
Now if any one can show me any other Reason why these diminished Sixpences were so readily produced, and other weighty Silver and Guineas so closely hoarded; besides this that I have all along insisted upon, (viz. because Sums of the same Denomination in Tale, in one sort, were not equal in real Value to the same Sums in the other sort) I desire again to be instructed. But however, I say, this new Danger was obviated by the People themselves. Nay the same sense that taught them to resist this, carried them yet further. They saw, how by a false Gloss upon the Words of the Act of Parliament, relating to Punchable Money, a new Currency was growing upon us for diminished Shillings and Half-Crowns also. 'Tis strange how Men could satisfy themselves with so groundless an Interpretation of plain Words; or think it possible to persuade others to receive it. Could the Parliament, (by requiring that both the Rings, or the greatest part of the Letters shall appear upon all Pieces of uncliped hammered Money) intent to favour the Currency of any sort of clipped Money; When in the very same Paragraph, nay the same Period, the sense of that Expression is over and over again so plainly limited to uncliped Money, (uncliped Money that has those Rings or Letters appearing upon it); And the very end of Punching is explained to be to prevent all manner of clipping? This false Interpretation of the Words of the Law is not only a Reflection upon the Wisdom of the Parliament, but it looks too like a sly endeavour to cast an Odium upon their Proceedings; Which those that sincerely wish well to England should be very cautious how they countenance. 'Tis however an Absurdity so gross that every Body saw it: And so the Attempt of giving a Currency to pieces erroneously called punchable was stopped, by the general Cry of the People; Which in that occasion we may truly say was as the Voice of God: For it shut up the Floodgates of Ruin that were again opening upon us.  
Thus the Currency of all manner of Clipped Money was in the end entirely stopped. But it may here be objected: If that were the sole cause of our Evil, why has not the stop of it immediately wrought our Cure? For the Remedy that I intent is so very obvious, that I am sensible my Adversaries, I mean the Adversaries of this Doctrine (for I thank God I have no one Adversary in the World, that I know of) will oppose it to me, before I had thought fit to name it myself. Well: I must therefore answer their Objection; And that opens to me a new Scene; But such a one as is not unsuitable to the rest.  
By Money-mongers all along I have not intended to design any one particular Profession of Men, with exclusion of others. 'Tis not against Goldsmiths singly, Scriveners, Receivers, Banks or Bankers, that I direct any part of what I write; But against All, amongst all Professions, that have defiled their Fingers with the foul Management of Money. Let every Man lay his Hand upon his Breast, and He that is guilty accuse himself: For whoever can, upon reflection, acquit himself from Gild in these Matters, I acquit him also.  
This Objection of theirs leads me to inquire into what ensued upon the entire Stop (as I then reckon it, at least in this City) of clipped Money. It must be acknowledged that our Disease was so far from being cured, that in truth it redoubled upon us, and grew yet more insupportable. Now, if my Doctrine be true, how came this to pass? I must desire the Objectors to observe, that besides our several Species of Silver and Gold, we had yet another sort of Money that had been currant amongst us for several Years. Notes or Bills of Credit, I mean, given out by Goldsmiths, and others, and in the last place by the Bank of England: Which Notes, so long as the Subscribers of them were known to be able, and either willing or compellable to pay upon demand, were some of them really more valuable, at least more valued, than such Money as was currant amongst us, whilst this sort of Credit took Root. But when these General Cashiers of the Nation begun once to hesitate upon their own Conduct (whether this happened through any Jealousy, Envy, and Malice amongst themselves, through the real Impotency of some, or Knavery of others, or through a Concurrence of all these Causes, I will not now determine;) But, I say, when once some of these principal Sources began to stop their Course, and issue only in little Dribling, not capable to satisfy the wants of those that had recourse to them, than there arose a plain Distinction, in real Value, between their Bills and Cash in Specie. Paper, in little bits and scraps, had no Value at all but from the Writing that was upon it: And that Writing received its Value only from the Credit of the Person subscribing it. When that Person, by any miscarriage whatsoever, forfeited his Credit, (as now by demurring upon Payment) the value of the Paper sunk in exact proportion with his Esteem. I pass over the minute Degrees of Difference between one Man's Reputation and another's. The thing of most consequence, which fell all together under one sort of Estimation, was the Credit of the Bank. Their Bills and Notes were dispersed amongst us to a very great Value: And by their Stop of Payment, when demanded, this Paper of theirs which had before been esteemed more valuable than Money, became now to be less valuable. It became, in effect, neither more nor less, but perfectly a new Species of Clipped Money, which has revived and augmented our first Disorders; And how long it will continue them, God knows.  
But here another Objection, or rather a particular Apology of these Money-mongers, crowds in itself upon me. They offer against the Blame I seem to cast upon them, such sort of Reasons as these: That the Money which they owe to other Persons, was generally out upon Loans to the King; And that therefore it was impossible for them to pay all their Debts, till they received it back from the Exchequer, new coined: That, in such a scarcity of Money as then reigned, if any one of them had begun to pay, Necessity would have forced his Creditors to fly to him all at once, and thereby to have oppressed him more than his Neighbours: That it was reasonable, in a general Calamity, that every Body should bear a share of it: And that People ought the rather to forbear them, because every one might be satisfied it would be only for a little time, and that their Security in the Bottom was good. All these Excuses put together, discover a Root of Corruption that lies very deep. What! Is the Morality of all Men grown to this pass, that People can (without any sense of Shame) have the Confidence to own that they employ other men's Money to their own Profit, with so little Restriction, as to hazard their Credit by a Disappointment; The Consequence of which has been ordinarily ruin to themselves, and loss to their Creditors? Is this the common and sure way to raise great Estates in a little Time? I am sorry to observe it: For I am sure it is not honest, Tuta frequensque licet sit via, Crimen habet. And whoever it be that had unwarily brought himself into such a Condition, aught to have exerted his whole Power to free himself from it at what price soever. Should not the Bank, in such a Distress, immediately have called in the 40 per Cent. that is yet owing by every Member of it to their general Fund? Nay should not every particular Member (if they had been but so Wise as the Children of this World ordinarily are in such Concerns) have put his Shoulder to the Burden, and endeavoured to support their public Credit by the conjunction of his own private Strength? Should not other particular Money-mongers (as well as the Bank) have pawned whatever they had in the World, Plate, Tallies, Bonds, Lands, Any thing, Every thing, rather than have wronged all Mankind, and suffered the Infamy they have lain under? Honour, Honesty, and Interest, obliged them to this Course. I say, even Interest itself obliged them to it: For whoever had shown but such a willing Mind to do Right to his Neighbour, would have immediately raised a Reputation by it, that would have given him Advantages much superior to whatsoever price it might have cost him.  
But the true reason of their Backwardness in this matter is yet worse. The generality of the Practice took away their sense, either of Gild or Shame; and a present Interest made them uncapable of considering another Interest more remote. O how are our Manners depraved! If there be but a Door open to Wealth, we rush in at it, without the least Demur; Tho upon never so nasty a Prospect of the Passages through which it leads us. Lucri bonus est Odor ex re qualibet. The first Principle in the Rules of our Commerce is, Rem facias.— We overlook the Condition, Si possis rectè:— And take the Conclusion (quocunque modo Rem) for a positive Duty. And thus, with Men that had no Checks either of Modesty or Conscience, the present Interest that determined their Practice, was the Hopes of screwing exorbitant Advantages out of the Public Necessities of the Nation. They knew that both King and People wanted Money extremely: And therefore they resolved to pay no Debts, but lock up their Chests, (which some of them had by this time well filled with vast Sums of new Milled Money out of the Exchequer) and make all that would have any thing from them pay sound for it. O detestable Mankind! There is no sort of Beasts that does not afford examples of an Inclination to succour one another in Distress. But we distinguish ourselves from them, by our Human (not inhuman) Practice, of oppressing those whose Weakness or Want obliges them to fly unto us for Relief. I am grieved at the Severity of these Expressions, which the Malignity of some Men forces from me. Others there are, though very few, whose contrary Practice now aught to rescue their Reputation from the general Blame in which their first Hesitation involved them. But I leave every Man to make Application of my Censures, according as he finds in himself a greater or less sense of Gild: And I suppose all Men will conclude that whosoever complains at what I have said is, in some Degree touched with it.  
But I beg your pardon, Sir, that I have let my Thoughts be carried away by this Objection, from the Point that I was pursuing. What I have said on this is now sufficient, to those to whom it appears reasonable: And to whomsoever it appears unreasonable, it is already too much. I return therefore to consider how Bank-bills, (and all other Bills of the like Nature) when they ceased to be currently paid, became a new Species of clipped Money amongst us, and what were the Consequences of it. They lost their first Value (as I have already shown) when the Subscribers of them made stop of Payment. Yet the Belief we have that they will still be paid in the End, gave them a Currency liable to all the changes of Estimation that can happen in men's Opinions about the secure or doubtful Estate of those Subscribers. Thus they have at different times been esteemed at 5 or 6, at 10 or 12, and at 16 or 18 per Cent, worse than Legal Money. But the least evident Difference in the Esteem of these Bills, from the real Value of Coin, was sufficient to make all Men that dealt in Money lock it up still closer, and pay nothing but this new deficient sort. (Nay this has given Opportunity to a great many new Tricks of sordid knavery. What can I call it else, when some Men refusing to pay their own Bills, and not having impudence enough to ask allowance for such Payments from their Creditors, have employed other Persons, and furnished them with Money, underhand, to buy them up upon Discount? Nay when others (without any Front) have refused to pay, but themselves impudently offered to discount them? Nay further yet, when some (after having obstinately persisted in denying they had so much as one Guinea in their Chests) have immediately, upon threats of Prosecution, produced and paid above a Thousand? What Credit can be given to these men's Words? What Respect is due to their Pretences? If this be not true, a great many Men are belied. But some of these Instances are too well attested to admit of any doubt, and will carry with them a great Probability. And besides these too, it is certain that Retailers of all sorts that deal for considerable Sums with other Wholesale Traders, though all their Receipts are in Legal Money in Specie, yet seldom pay their Debts in that manner. But they first buy up Bank or other such like Bills, at 10 or 12 per Cent profit (as it happens) and force them upon their Creditors for good Payment. Thus the first Leaven has diffused itself through the whole Lump, the Infection is spread, and we have very few Members left in our whole Body that are entire and sound.  
Now I beseech you, Sir, if I am mistaken in this Deduction of the Circumstances that we have gone through by occasion of the Inequality of our Coin; I mean, if the Mischief we have suffered in all these Circumstances have not originally proceeded from that Inequality; let me know it. The view, I confess, that I have now taken of the whole Matter does so strike me, that I am amazed at the Doubt that some Men are yet in about it. I could hardly believe any Man, that barely and cursorily said he was not satisfied that in Truth things are as I have represented them. But the Arguments and Endeavours that are used in favour of pretended Remedies, which I think infallible means of perpetuating the Evil, show me that all Men are not of my Mind, and that our Danger is not yet over. I must therefore, in a few words, expostulate yet a little with those that think of any other Remedy for these Evils than that which I design. What that is, I scarce need name. Every Reader sees, that if our Disease be the Inequality of our Coin, the Cure of that Disease must consist in its Equality. The speediest and the surest Means, therefore, of procuring that Equality is the Remedy that we want, and the best that can possibly be prescribed.  
This perhaps no Body will resist. Yet nevertheless some may, possibly, think that (in the mean while) till all our old Money can be perfectly equalised by the recoining of it at the Mint, a temporary Connivance at the Currancy of some that is not too much diminished (which they call Punchable) may be of some present use to us, by increasing the number of Currant Pieces.  
If the Experiment had not been made already, I should not wonder at this Proposition. There would have been some Colour for offering it to the Trial. But when it has been already tried, and in every Degree and Circumstance found not only insignificant, but pernicious, methinks Men should at last give up so exploded a Notion. If the Currancy of clipped Money hath already had the ill Effects that I have represented, the only thing that I can conceive possible to be said in favour of this new proposed Currancy, is, that it should be pro tempore, and strictly limited to clipping in a less proportion than what has been formerly practised: Which (may these Proposers say) though it be indeed of a mischievous Nature, yet being thus limited, the Mischief will be so small as to be much overbalanced by the Conveniencies it will bring along with it. This, I say, seems to me the utmost that can be said in the Case. But what does this amount to? Experience (the best Schoolmaster) has taught us. The Conveniency pretended is (nor can it be any more than) that this Method furnishing us with more Species, will make Payments that are now so difficult become more easy. But do we forget what we have all been so long learning, and what we yet feel; That every Degree of Currancy given to defective Coin, is a new Lock put upon the Good? Has it not been so all along with us, and do not the Bank and other such like Bills make it so still? If this important Truth were slipped out of men's Memories, I hope what I have now said may be sufficient to remind them of it.  
O but methinks they bid me observe, That this Currancy is proposed but for a short Time; suppose, till so much can be new coined as will suffice our currant Occasions. I answer. Have we forgot again how evidently it has been proved that there is abundantly sufficient Legal Coin already in the Nation (Gold or Silver) to answer all those Occasions? And that it is chiefly, if not only, the Currancy of Defective Species that deprives us of the Use of it? Have we forgot how the Conjunction of Clippers and Coiners is apt to multiply such defective Species in infinitum? Have we forgot how difficult a Matter it was, what struggle it cost us, after Clipping was once introduced, to get any manner of stop put to it? And can we, upon these Reflections, satisfy ourselves so thoroughly in these Computations (of how much, and how long,) as to be willing to renew the Hazards we have already gone through?  
Yes, say they, in the How much of clipping, at least, there will be no Danger: For the Parliament has prescribed the bounds of it. The greatest part of the Letters, or both the Rings, remaining upon old hammered Money▪ decides the Controversy. Still more forgetfulness. The Parliament, I say, has not prescribed those Bounds to Clipping, but only described by that Paraphrase what should be really uncliped. But admit the Parliament hereby intended what some contend for; He must be very acute, that can decide any Controversy about those punchable or unpunchable Pieces, by that Rule. The daily Contests, whilst their Currancy was first offered at, show that it is impossible.  
Well, say they, however, if these Parliamentary Bounds of Clipping (for so however they are called) be not easily discernible to the Eye; The Scales (at least) may show what Pieces come within moderate and tolerable Bounds, and what not; So that by their help we may securely avoid that Extremity from which we have been lately delivered. I answer again. The Scales indeed will determine the Matter of Fact: They will show what is the weight of any Piece. But who is it that will settle the Law; That will determine precisely the just Measures and Boundaries of Clipping, those allowable Diminutions of Weight which the Nation is obliged to admit, as moderate and tolerable? The Parliament has given no such Rule, no such Standard; No Standard at all but that of the Mint: And that (God be thanked) they have taken care to perpetuate as it now is. I know no Body, therefore, that has any Authority to prescribe any Bounds to me, but what the Law of England has established. And I cannot but think them unblamable, that either directly or indirectly go about it. But without considering the Law, let any one try, if they please, in any Market, if by a common Consent of Buyers and Sellers, they can find out these nice Boundaries between punchable and unpunchable Pieces▪ Money that appears very tolerably large to him that is to pay it, will appear intolerably clipped to him that is to receive it. Since therefore this Project is neither Lawful, nor Profitable, nor Practicable, I know no reason at all why it should be any ways entertained.  
I am glad, however, that these Inquiries do in the End bring our Antagonists to mention Scales; And hope in time they will learn the true use of them. Let them weigh their own Propositions in the Scales of Justice, and they will see that all sorts and Degrees of Clipping (whether it be by raising the Value, as they call it, or diminishing the weight of Coin) are manifestly injurious and unjust. If we had any sense of Morality left amongst us, that Consideration ought to have a greater weight with all Men than we find it has. But I only now pursue the prudential Topics of Interest and Conveniency. If Scales would be useful in this Case; As it is certain they would, upon supposition that the Parliament had determined to what degree each piece of Coin might be clipped; (But for want of that Determination are wholly useless;) Then they will always have the same usefulness, in every case where the weight of Money is by Law determined. That is to say, in all our old hammered Money, where the Form of it cannot assure the Eye (as in Milled Money) that it is undiminish'd. In much of it, the Eye is competent Judge; And may determine clearly whether it have been diminished or no, by File or Sheers; (though where it has been diminished, the Eye alone can never determine how much that Diminution has been). In these Cases, let it pass without further Examination, de bene esse. But wherever that Determination by the Eye is difficult; where any the least Doubt remains; bring all to the Scale, without any regard to the Tale of it; Let it pass in payment exactly for what it weighs; It will be then exactly equal in value to our Milled Money; An Ounce of the one equal to an Ounce of the other; All our Money will be equal all at once; And the Disease in our Coin, that we have so long laboured under, will be perfectly cured.  
But here, I am apt to think, some Persons that are convinced of the Excellency of this Remedy, may have yet some Scruples about the Practicableness of it. Objections of that kind are ordinary, and therefore must not be omitted. Yet before I enter upon them, let me observe that this Practice (the Use of Scales) is established through all the known World, and every where found highly useful. Besides the Inequality in many particular Coins that requires it, the Spanish Coin both Gold and Silver (which is the most generally spread of any) does all of it require that Examen, and in most places (if weighty) is admitted at some fixed and current Price. Ireland at this Day has little other. But in all Places, even here in England, the Stamp being a Security to the Buyer of its Fineness, it is so easily exchanged by weight either in great or small Sums, that whoever has any of it can be in no want of any thing so far as its Value extends. I need not mention the Practice now frequent amongst ourselves, of weighing even Guineas, for the Discovery of such as are counterfeit. The Usefulness of that Practice forces it upon us whether we will or no. Let us but cast our own clipped Silver Coin into the Scales, as we do the Spanish Pieces of Eight, and we shall immediately find an unspeakable Advantage by it.  
I beg the Objectors Pardon. For I am sensible they will grow impatient at this Proposition, and tell me that the People will neither ever be persuaded to follow it, because of the further public Recompense, which they expect for the clipped Money that yet remains in their Hands; Nor if it were followed, would it cause any greater Currancy of Coin amongst us, than do the Spanish Pieces of Eight that lie uselessly exposed to view on Goldsmith's Stalls. Here then, at last, the Matter sticks: Let us try if we can remove the Obstruction.  
The Hope of Recompense is too flattering an Entertainment for men's Minds, to be easily relinquished. Hope is the last Anchor that Men naturally hold to. But when Hope of Assistance from others, is an occasion to any Man of slackening his own private Endeavours, even that Hope also aught to be destroyed.  
I have hinted before, that the Recompense already given, neither did nor could extend to those for whose sakes alone it was reasonable to grant it. Is there any Reason to expect that any future Recompense (if it should be granted) either would or could be more duly distributed? Those that have most need of it, are not at all better capacitated than before, to comply with the Terms upon which the first was settled. But those that engrossed that first Advantage, are now better skilled, and every way better capacitated than before, to engross the second also▪ This Consideration, methinks, should be no Inducement to the Parliament to repeat the same Practice. But if it be considered also, how much of the Loss upon our remaining Clipped Money is already born by those who had most need to be relieved from it; That, I think, aught to determine the Parliament's future Deliberations against any thing of that kind. The Necessitous have already changed away what they had, at 15, 20, 25, and 30 per Cent loss; And since that, at 5 s. 2 d. or 5 s. 1 d. per Ounce. This has been done, though I say by the Necessitous, (for I comprehend all under that Word whose Occasions urged them to do it) yet in very great Sums. So that this part of our remaining clipped Silver Coin, whatever proportion it bear to the whole, (I am sure great) being now in the Hands of the Rich, such as since the 4 th' of May, have received it against the direct Rule of the Law, and so deserve rather Punishment than Recompense, ought not to be had in the least Consideration. Indeed the great Bulk of that Money▪ must of necessity be in such Hands: For the Poor are not able to keep Hoards. Must the whole Nation then be taxed anew, to make up to them the Profit of 30, nay of 50 per Cent, that they are gaping and reaching after? I hope not. Some Rests of that Money (to suppose the most favourably that I can) I must reckon to be in the Hands of the Countryman: If so, his Circumstances make him uncapable of receiving the expected Recompense. I might offer at other Conjectures where some other scattered parcels of it lie. But the whole I believe will be found upon Examination to fall into these three Divisions; Lodged 〈◊〉 with Men that deserve no Recompense, that need none, or that can receive none. Why therefore any such Recompense should be given, I am not able (to conceive: But why the Hopes of it should not be entertained, our present Sufferings (the whole subject of this Letter) ought abundantly to teach us.  
The Expectation of a Recompense, it must be confessed, does hinder Men from uttering it by weight, as I propose. The Benefit of that Utterance (if it could be obtained) I shall consider by and by. But whom is it that this Expectation thus hinders? It hinders those Money-mongers (wherever they are dispersed) that have hoarded up clipped. Treasures. It has not hindered the Necessitous, as we have seen. If it hinder the Countryman, I know no Body more fit to set him right than his Landlord: Not if the Loss be too heavy upon him, is any Body more obliged to bear share of that Burden. But in truth this Expectation would not hinder any one, whose particular Sum is not very great; most If these Men of deeper Interest did not very artfully spread and keep up the Rumour of it, that they may thereby be able (when time shall serve) to raise a general Clamour wherewithal to serve their own unreasonable Ends. Let this Expectation be once dampt, nay let Men but cease to soothe it, and clipped Money will immediately issue by Ounces, Penny-weights, and Grains; not Pounds, Shillings and Pence. The Computation will indeed be new, but it will be soon learned: And every thing will be infinitely more easy than now it is.  
But our Adversaries here bid me not be too hasty. The second part of their Objection to my Instance of Spanish Coin is not yet answered. Though Spanish Money (say they) be bought and sold by weight in Lumbard-street; Our Payments neither in City nor Country are a jot the easier for it: Nor would the sale of our own clipped Money, in the same manner, facilitate those Payments one jot the more than do the Pieces of Eight. To the first Branch of this Objection, I reply: Those that have Spanish Money, being in no expectation of any further Advantage by it, sell it without more ado for what it is really worth, and receive English Coin for it, Gold or Silver, to supply their Occasions; Which is so far at least a Help to those particular Persons— Hold, say our Adversaries, That Spanish Money, when thus bought, lies either buried in the Goldsmith's Chest, or is converted in his Melting-pot to some other use, and does not furnish us with more pieces of Coin than we had before to circulate in our Payments. This is true: Except when from the Goldsmith it goes to the Mint; And than it does increase our Species of Coin, though after some Interval of Time. But nevertheless, even in this manner, it produces us (I speak of what is sold so at this Time) a present Advantage, proportionable to its Quantity: For it draws just so much Legal Money out of the Hoarders Chests. And if our clipped Money were all sold in the same manner, it would not only draw out so much more of it, (and if the whole were thus drawn out, I think I have sufficiently proved already that it is more than barely sufficient for our Currant Payments) but it would itself circulate also (or might be easily made to do so) and set us at perfect Ease. For the People being better acquainted with our own than with Spanish or any other Foreign Coin, would more easily fall into Computations of the Value of diminished Pieces, and so without carrying all directly to the Melting-pot, pass them away from Hand to Hand in ordinary Payments. This they have shown a strong Inclination to; Nay they have actually done it in many Places: And this they ought by all means possible to be encouraged in. For were this throughly practised, it would very much facilitate small Payments: But in greater Payments, any Sum being thrown together into the Scale, and passed by weight (no otherwise) all our Coin would at once be equal. Then Legal Money, Gold or Silver, would infallibly come abroad: For no Man could have any Interest to keep up one sort rather than another. And our clipped Money would insensibly slide into the Mint (just as our broad Gold did some while ago) without any the least Trouble or Inconvenience: From hence therefore I conclude, that it is the general Interest of England (the present Engrossers▪ or Possessors of the most considerable Sums of clipped Money being a very slender and very implausible Exception) that all Expectation of a Future Recompense for what clipped Money remains in private Hands be utterly quashed; And that the passing of it immediately in payments by weight be encouraged.  
This all honest Men (that are of my Mind) will certainly in their several Stations contribute their Endeavours to promote. But all Men are neither of my Mind, nor are all Men honest. We have seen That, abundantly, in the foregoing Account both of our past and present Circumstances. And if I should flatter myself that I had now persuaded any to change their Opinion; yet the Crafty Knavery, and Strength too, of those who intent not England's, but their own Advantage, may, I confess, give us some reason to doubt, that the Success of what I have hitherto proposed, will not so fully rectify all our National Disorders as I have asserted it would.  
This obliges me to take notice of a Distinction that I have mentioned before, and passed over▪ Tho the Disease in our Coin be simple; And, in that sense, may certainly be cured by the Methods that I have proposed; Yet our National Disease being complicated, we may still fall short of a perfect Recovery. The Corruption of our Manners is so great, that there is nothing so mischievous that we ought not to apprehend. Tho our Coin were thus equalised, yet I cannot deny but there are two other obvious Reasons which we may justly fear would make ill Men still loath to part with it. The One; The Expectation of having it yet raised in Value (as they phrase it) the next Session of Parliament: The other; The Advantages they may be able to screw both out of Public and private Necessities, by keeping up a Scarcity. To the first of these Evils, besides all the Absurdity that is in the Proposition, and all the unjust and pernicious Consequences to particular Persons that would attend the Execution of it; (both which You, Sir, have so fully demonstrated already as to make any further Illustration of them wholly needless;) And besides the Fence that the Parliament have provided against all future Attempts of this kind, (not only by declaring that the present Weight and Fineness of our Silver Coin, according to the Indentures of the Mint, is the just Standard by which that Coin is made lawful, but also by enacting that the same shall be, and remain to be so, as much as Laws can ascertain it, for ever;) I say, besides all this; I oppose to that Design, the Consideration of those men's Merits to the Public who now endeavour to amuse us with the Buzz of it. The Advantage that can be received by such a raising of our Coin (suppose it were to be done) will only accrue to those that have laid up vast Treasures of it, and thereby put us into all the Difficulties that we at present labour under. For the pretended Advantage to any other particular Persons, that have but small Sums in their Hands, will be much out-ballanced by the manifold Prejudices that will ensue upon it. And to the Nation in general (considered as one single Person, with respect to the World abroad) it is no less than Demonstration that no Advantage at all can possibly accrue by so Chimerical a Project. Let us take Courage therefore, and raise up our Spirits against this Fear. The Parliament of England is too wise and too just an Assembly, to be ever capable of gratifying those Men (those I mean, whoever they are, that ruin England by hoarding up her Public Treasure for sinister Ends) with so unreasonable, so unjust, and so pernicious a Thing.  
Our Confidence thus far, I think, is very well grounded. But will this Confidence of ours oblige those officious and uncommissioned Treasurers, that I speak of, to change their practice? I am yet afraid of the contrary. The Advantages they daily screw both out of public and private Necessities, (which is the second Reason I even now hinted at) by their abominable ways of introducing and continuing a real Scarcity of Money, in the midst of a real Plenty, will undoubtedly prevail with them to go on as long as possibly they can. How shall we help it? I know but one way; And that is by putting the Law in Execution: I mean, by every Creditor's strictly requiring payment from every Debtor that is able to make it. I am far from intending to promote any Methods of Rigour, against such as have innocently fallen into Incapacity of making Payment. Lenity in those Cases is the unalterable Law of Nature, and of God. But where there either is a Capacity; or where People have drawn upon themselves an Incapacity, by such unjustifiable Practices as I have represented; there it is fit that Men should either pay, or suffer for their Misdemeanours. The general Remissness and Indulgence that Men have now for one another (in such cases where every one knows that the other deserves it not) is the thing that at this Day does more Injury to the Nation, than an Excess of Severity in that kind can ever do, in any occasion whatsoever. The seeming ease it gives to any one does but palliate, not cure the Wound: Nay it not only hinders the Operation of that only Remedy which (left to itself) would perfectly cure us; But it increases that Corruption which (if not purged out) must infallibly in the End work our utter Destruction.  
You will ask me perhaps more particularly what I mean by putting the Law in Execution? In plain Terms, I would have every Man exact Payment of his Neighbour according to the Terms of the Contract from whence his Debt arises. If that be refused, or eluded, by the offer of any sort of Payment of less value than the real Money that is due, I would have such Debtor prosecuted as the Law directs. But above all, I would have no Respect, no Indulgence, shown to those who are notoriously known to receive Legal Money, (whether it be Retailers in their Shops, or any more considerable Dealers in greater Sums out of the Exchequer) and yet either make no Payment at all, or insist upon making it in a manner that answers not the Legal Value. There is no Remedy, but where Honour and Conscience do not regulate men's Actions, the Law must do it.  
This is all that occurs to my Thoughts, as sit to be offered upon that Point. There remains yet one other Point (before I conclude) which though it have too much Affinity with this last, deserves however to be noted more particularly. 'Tis to the Bank of England, or at least concerning it, that I would now add a few Words. I have mentioned their Bills, since they ceased to pay them, as a new sort of Clipped Money, which (since the first was stopped) have continued or even increased our Disorders. But in arguing upon the Cure of our Disorders, I have hitherto insisted only upon the Reformation of the other Causes, and from thence drawn my Hopes of a Recovery, without taking these Bills into my Calculation. 'Tis an Omission, I confess: But I have cast it so, designedly, for these two Reasons. The one, that the particular Cure of Clipping, by Weight and Scales, not being intermixed with any other Matter, might appear more evident and clear. And so I hope it has done. Scales would make all our Coin equal: And Equality would cure all the Diseases of it. The other Reason for my omitting to say what I thought was necessary for the Reformation of Bank-Credit, was the Respect I bear to so considerable a Body, and particularly to many Worthy Gentlemen that are Members of it. If the Subject I have in hand would possibly have given me leave, I would have passed them over in Silence. But the Matter is too important to allow of any Palliation. Their Ways must either be reform as well as others, or all our Endeavours after a Reformation will remain very imperfect and insignificant.  
Let us lay open their Case, therefore, in two Words. The Usefulness of Bank-Bills to the Public, (that which first gave them the nature of Money amongst us,) was founded in Credit. That Credit rose from the knowledge Men had of their Fund, and an Opinion both of the Capacity and Integrity of the Managers of it. Whilst their Management answered men's Expectations, by a currant Compliance, upon all Demands, with their Engagements, their Credit remained entire, and their Bills were reputed good Payment. When they faultered in their Payments, whether it were through Impotency, or ill Management; (or admit it were Impotency, and That the Effect of ill Management, 'tis all one); That failure in the performance of their Promises was a Disappointment to those that depended upon them, and thereupon their Bills became of less Esteem than they had been before: They were really less in Value, for they answered not the End that they were given out for: Something of the nature of Money they retained still, because the Security of the Fund upon which they were established gave them still a Real Value, though diminished; That is, (as I have expressed it before) they became a new Species of Clipped Money amongst us. I will add nothing to what I have said already of the Consequences attending the Currancy of this (or of any) Species of clipped Money: Nor will I make any more particular Enquiry into the Management that occasioned it. The only thing that I am concerned for is the Cure.  
Now the only Cure of clipped Coin of any sort has been fully proved to consist in the Reduction of it to its first Standard. Nay the thing is evident of itself without any Proof: That, and that alone, can do the work. A Partial Reformation of any one sort (suppose the coining of a new Set of Sixpences, whilst a Currancy were left for clipped Half-Crowns) signifies nothing to the Cure of a Nation labouring under that Distemper: It must be all, or none. Nay the Reformation even of all the Coin, whilst any thing else remains unreformed that retains in any degree the nature of Coin, is not only useless but prejudicial. All Paper-Money therefore whatsoever, (that of the Bank as well as that of any particular Person) must either be reform as our Coin has been, by reducing it to its Standard, or England will never be at Ease.  
What shall I say more? Does not the thing that I would say (or rather, if it were possible, that I would not say) speak itself? If the necessity of reforming Paper-Money be clear, can any one doubt of the manner of it? Was it not a Legal Security, confirmed by a settled Course of Payment upon Demand when due, that converted Paper into Money? Was it not the faltering in that Payment that diminished its Value, and made it become Clipped Money? Can any thing, but a Return to the first settled Course of ready Payment, restore its Value? Is not that the Standard to which it must necessarily be reduced? Will any other Artifice, will any Indulgence to the Coiners or Subscribers of Paper-Money do any manner of Good to the Nation? Or would they (in the last place) be indulged, at the price of the Nation's Sufferance? I thank them kindly. If that be the Case, I am sure they deserve no Indulgence at all. But I hope better things of them. Tho they have been stunned with the Blow that lately hit them; Yet the Symptoms do not appear mortal; It is not impossible but they may return to their Senses, and act as becomes Men.  
But do I not hear some languishing Voice, that on pretence of absolute Impossibility to perform what I point at, bespeaks yet longer Forbearance and Favour? If indeed any such Voice be heard in our Streets, we are there so accustomed to those artful Tones that no Body is much touched with them. And therefore, as we usually bid Beggars work, so I must still bid these Men pay. Let them not be offended with the Similitude, for I am far from thinking them in the Case of Beggars. They are Opulent, and can do it: But if they have mistaken (I will not say perverted) their Course, let them not disdain to receive Advice, though from never so mean a Hand. I remember what one of our Poets pleaded for himself, in a like Occasion of offering unasked Advice to a Superior, and I offer it for my Excuse to them.  
Kings in the Country oft have gone astray;  
Nor of a Paysant scorned to learn the Way.  
I have said before, that they ought, upon the first sense of this Distress, to have called in the 40 per Cent, that is due from each particular Member. This would then infallibly have saved their Reputation: But they neglected the Opportunity. What have they done since, for the Recovery of it? Instead of calling in 40 per Cent, as due; They have only borrowed 20 per Cent of their Members, as a Favour. If they intent no more, I am sure this is to no purpose. But what then shall they do further? I think they have given the World to understand, by some late public Advertisement, that the 20 per Cent is now paid: And therefore if I do them no good, I shall do them no harm, by what I am going to say. Let them keep the 20 per Cent, as they have it, upon Loan: And let them, besides that, call in the 40 per Cent, that is due to them; And which (I suppose) they have Power to compel their Members to pay. O, but this looks like Trick. No, I dare swear they never designed it so. The World will acquit them from any such Imputation. Necessity now forces it, and therefore either That or something equivalent to it must be done. If they like any other Method better, that can as effectually raise so considerable a Sum, or bring in so many of their own Bills, (which is to them, or aught to be, the same thing) let them find it out and practise it. I will not officiously obtrude my Advice upon them any further. But it would straiten, or perhaps ruin some of their Members. Vain Subterfuge! Their not doing it does now straiten, and threaten manifest Ruin to all England. And besides too, the Suggestion is false: There is to them no such Danger. Those that cannot pay more, can (if they please) sell part of what they have, and so make to themselves an Honest (which is better than a Legal) Title to the Remainder. Whether the want of that Payment do not make a Flaw even in the Legality of their Title, appears yet to many a moot Point. What Colour of Pretence they have to the other more equitable part of a Title, let the World judge.  
But (admit this were practicable, that they could yet call in the 40 per Cent proposed) it will do them no good. Four hundred and eighty thousand Pounds (I think that is the Sum) will fall vastly short of paying their Debt. They know their own Accounts best: I can but conjecture. But if this be true, (however dreadfully it looks) yet methinks 480000 l. should stop a great Gap, and make their remaining Creditors easy towards them; and their Burden less troublesome. Let them not banter us with vain Objections. If they are Honest, let them heartily apply themselves to do whatever they can, towards the payment of what they owe. When they have done that, no body will have reason to complain of them: Nay when they have raised the 480000 l. they will thereby have given such a Pledge of their Integrity to the Nation, that every body will return to trust them with new Cash as at first: And their latter End will be more glorious than their Beginning. This appears to me reasonable to be expected: I desire it: And I believe it.  
But if They themselves believe otherwise, and are of Opinion that all this will not retrieve their Credit; yet however, let them try. I can allow no Apology for any Man's lying still, and crying out, God help him; when he is in a condition to rise and help himself. This that I propose will certainly help them in a great Measure: I believe it will do it fully. But admitting the worst of their Despondency; What will then be their Case? What must they do further? What must any one do that is involved in many Intricacies, oppressed with the Weight of many Engagements, and desires to get honourably out of them? Let him sit down and make up his Accounts, set down what he owes, examine how and when he can pay it, and accordingly promise; And till he have made Performance, let him allow Interest to his Creditor for his Forbearance. Will they say that this Allowance of Interest is too hard? Narrow-spirited Men that say so! Nothing is too hard a Condition for the purchase of their lost Credit. Let them recover that first, and they will quickly recover the Price it cost them. But who can say it is too hard for them to allow other Men Interest, when at the same time they receive Interest for those other men's Money? However some Men may be apt to shuffle, surely no body can have the Confidence to maintain directly so unreasonable a thing.  
I have supposed much worse of the Bank in every respect, than I believe of them; Only that I may examine what the Issue will be, upon the worst that can be supposed. Let us say then that they will pay no Interest; but only (upon a Computation of their Income) fix and promise at what certain Times, and in what Proportions they will pay the Principal. Let them not straiten themselves neither, in the Terms of these Promises; But, however they make them, let them be sure to keep punctual Touch with all Men (and with all Men equally) in the Performance. What Consequence can this produce? I can see no other but that it will occasion a certain fixed Difference of Estimation to be settled, between their Bills and running Cash; Not fluctuating as it is now, up and down, in uncomputable Uncertainties. Then, every body will know, pretty near upon a Matter, what Allowance is reasonable upon Bills payable in such a manner. That Allowance will be what other Nations have termed Agio; which often varies a little, but never much. Yet though in some respects this Agio of ours will agree with theirs, in others it will differ. One necessary Agreement will be, in that He who is obliged to make any Payment in the more valuable way, if he do it in the less valuable, must allow or pay so much more as the Course of the Difference than goes at. The Payer, I say, in this Case, must always allow this Agio here, as he does it there. And by that means, it must be confessed, our Bank and Currant Payments will be in some sort equalised, as theirs are. The Difference will always unavoidably cause some little Trouble; Just as it is with clipped Money brought to the Scale, no more: But the great Disorder in our Coin will be in a good measure redressed, by this way even as by that. One Disagreement between their Agio and Ours, will be, that the Disadvantage lies there upon Currant Money: Here it will lie upon the Bank. An Ignominy indeed; Tho less than what that Body now lies under. But the great and happy Difference between Foreign Agio and Ours will be, that theirs (being founded upon a real Difference in the several Species of their Coin) must of necessity continue as long as their Coin continues in that State: But ours (being founded only upon the forbearance of a little Time) will of necessity grow less and less, as that Time draws nearer and nearer to an End; And, when that expires, entirely cease.  
These are the Measures (some better, some worse) by which it seems to me that the Bank of England may yet save themselves, and the Nation: And I heartily wish they may take the best; But any, rather than fail. If they will take none, or none that can be depended upon, the Consequences of that Doubt and too dismally obscure for me to penetrate into. A Resolution any way would help. But whilst they neither pursue Methods for the clearing of their whole Debt, nor settle invariable Rules for the payment of any proportionable part of it, however the Disease of our Coin might be cured by the equalizing of it either by the Mill or Scales, yet the irregularity of their Conduct does and will breed us perpetual Inconveniencies. I know not if it would not be better, in respect of the Public, that they paid nothing; Nothing, I would say, but Interest (for in such a Case, Interest is indispensably necessary) and that the Course of their Bills in payment were entirely stopped. For as in the Stop of clipped Silver, we have seen how many Hoards were opened; This being the last Species of Clipped Money left amongst us, I see no reason to doubt but that it would unlock them all. And that All, at this present, if it were duly dispersed, has been shown to be abundantly more than what might barely suffice for the Occasions of our Commerce, Markets, and Expenses; And might make all manner of Payments easy.  
The procuring of that happy Effect, is the only thing that I had in my Eye when I began this Letter. It is time therefore that I now put an End to it. If what I have done, (by any Operation upon the Minds of any Readers) has the least tendency towards what I aim at; The Satisfaction I shall find in having contributed even in the least degree to so public a Good, will be an abundant Recompense to me for the Pains I have taken in it. And I hope the same Consideration will also procure my Excuse with those Readers (and with yourself in the first place) to whom by the brighter Light of their own Judgement, this Candle of mine is made very superfluous. I am,  
SIR, Your most humble Servant. August the 31 th', 1696.   

Errat. Page 23. line 1. for first read fixed.   

Books lately printed for Awnsham and John Churchill.  

A Short Discourse of the Knowledge of Christ Jesus; to which are added some Passages in the Reasonableness of Christianity, etc. and its Vindication. With some Animadversions on Mr. Edwards' Reflections on the Reasonableness of Christianity; and on his Book entitled, Socinianism Vnmasqued. By Samuel Bold, Rector of Steeple, Dorset. 8o.  
Prince Arthur, an Heroic Poem in 10 Books. By Richard Blackmore, M. D. And Fellow of the College of Physicians in London.  
Several Papers relating to Money, Interest, and Trade, etc. Writ upon several Occasions, and published at different Times. By john Locke, Esq. 8o.  
Mr. Talent's Chronological Tables; or a View of Universal History, from the Creation, to the Year of Christ, 1695. Wherein the most memorable Persons and Things in the known Kingdoms and Countries of the World, are set down in several Columns, by way of Synchronism, according to their proper Centuries and Years. In 16 Copper Plates.  
Notitia Monastica; Or, a short View of the Religious Houses in England and Wales, etc. By Thomas Tanner, A. B. 8o.  
The Resurrection of the same Body asserted, etc. By Hump. Hody, D. D.  
The Gentleman's Religion, with the Grounds and Reasons of it. 12o.  
The Reasonableness of Christianity as delivered in the Scriptures, etc. With a Vindication against Mr. Edwards' Exceptions; by the same Hand. 8o.  
An Abridgement of Mr. Lock's Essay of Human Understanding. By Mr. john Wynne, of Jesus College, Oxford. 8o.