A SHORT TREATISE OF THE REASON and CAUSE WHY OUR money & Bullion have been Exported, For many Years last past.  
WITH THE Way to Prevent it for the Future, AND MAKE money more PLENTIFUL, Without Raising the coin.  
To which is added, Something concerning the Exchange, which is risen so high, that 'tis considerable Profit at this Time, to bring Guinea's and milled money from Holland.  
By a Well-wisher to England's Prosperity.  
LONDON: Printed for E. Whitlock, near Stationers-Hall. MDCXCVII.   

HAving often considered the Mischief, that lately Attended us, by the Corruption of our coin, and the Difficulty and Pains the Parliament met withal, before they could fix on a Method to regulate the same; and also the Hardship, as well as Charge, that have attended the Nation in general, by such an Alteration, I have thought it a great Pity, as well as a Matter of Fatal Consequence to us, that after the undergoing of so much Trouble and Loss to obtain such a Noble coin, we should not be able to keep it in the Nation among us, to have the Benefit thereof: Which must be our Fate, if Care be not taken to prevent it. I do not question but against this Session of Parliament many Propositions will be on foot, relating to this Matter, that in divers Respects may out-do what I shall offer; but considering it may fall out, That one of a mean Capacity may happen to hit a particular Matter, omitted by another of greater Parts, have thought good to offer my Sentiments herein; and if I am out in my judgement, in any thing here proposed, I hope, it will be favourably construed, it being a general Good I aim at: And therefore shall esteem it worth all my Pains, if any particular thereof should prove a Service to the public.  
There need not be said much of the ill Effects that the Loss of our money will produce, it being well known to every one that understands any thing of Trade and Commerce, That the same cannot be managed and carried on, as it now is, without money; for although formerly they were accustomed to Barter, or Exchange, one Commodity for another, yet now the general way of purchasing any thing is by Silver or Gold; so that it's a common Maxim, That money in Trade is as Blood in the Body. Now if it fall out that there comes to be a Stop of the Circulation of the Blood, or by any accident it comes to be separated from the Body, that Body will quickly be destroyed. And we cannot expect but that will be the Consequence of our Trade also, if our money, which is the Life thereof, comes to be stopped from its due Circulation, either by those that endeavour to hoard it, or others who carry it away from us.  
And, if our Trade comes once to be spoiled, the landed Man, as well as the Tradesman, the Country Man with the Citizen, nay, I may, say the whole Nation will quickly feel the Smart thereof; and this cannot be effectually prevented without coming to the bottom of things, and finding out the Cause, and then it may be the easier to prevent the Effect, it being difficult for a Physician to apply a suitable Medicine to his Patient, before he knows his Distemper.  
Now there is a common Notion gotten up among People, That the only Cause why our money and Bullion have been Exported, wholly arises from the Weight and Goodness of our coin; which would have been for ever prevented, if our Guinea's had been kept up, and the Silver raised in proportion to it.  
But I must crave Leave to dissent herein, conceiving that the Reason of its being carried away altogether springs from another Ground.— For, according to my Observation, the carrying away our money, and the Exportation of our Bullion, does not arise from the Weight or Goodness of our coin, but because we have had occasion for more money these late Years in Foreign Parts than the Produce of all our Commodities that have been exported: And when ever any People contract a Debt with another Nation, either by importing of their Commodities, or by the expenses arising by maintaining of an Army in another Country, and have not plenty of Commodities to Export and Sell at a reasonable rate, to svit a Demand in Foreign Markets, to produce money to defray those expenses, the balance must inevitably be sent in money.  
For, suppose, we were to receive from Holland, next Year, 100000 l. in Commodities, more than we should sand thither, and should not have such Commodities as they had occasion for, to Export and raise money, to pay off this Debt, then it must be remitted or sent in money, and there is no help for it; for if we should raise our Crowns to 10 s. apiece, and our Guinea's to Forty Four, that would not prevent it; for then, instead of sending 100000 l. of our present money, we must sand Two of this New, and so the same Quantity of Silver must be exported.  
For we, as well as other Nations, have no respect to the Denomination of our Neighbour's coin, but to the Quantity of Gold or Silver contained therein, and value it accordingly,  
And daily Experience demonstrates this to be true; for when a Foreigner buyeth any Commodities of our Goldsmiths, in London, and would pay for them in his own Country money, if the Goldsmith understands not its Goodness, he will make an Essay thereof, and after he has computed what Gold or Silver it contains, he will allow the Foreigner accordingly for it, without having any regard to the Name or Denomination of it in its own Country.  
Likewise, if a Spanish Merchant should every Year buy of an English Clothier 20 Pieces of Cloth, at 9 l. apiece, which amounts to 180 l. and his Custom should be to pay for them 800 Spanish Pieces of Eight at 4 s. 6 d. which exactly pays off this Debt; and thus they trade together for many Years: But, at last, the King of Spain should advance his coin 20 per Cent. and thereupon the Merchant should think to purchase 24 Pieces of Cloth for his 800 Pieces of Eight, he will be mistaken; for the Clothier would take no notice whether the Spanish money be raised or not, and thereupon will deliver no more Cloth for his 800 Pieces of Eight than he used to do; for just as much as they raised their coin, so much should we advance our Commodities when we deal with them: And if their Occasions require more Goods from us than they sand hither, the balance must come over to us in money, and the Advancing their coin will not prevent its being brought away from them.  
And as itis with them so it is with us; for no Foreigner will take our money for more than the intrinsic value thereof; and if we have occasion to receive more Goods from them than we sand to them, our money must go to pay for it, and our advancing the coin will not at all prevent it; for all the Effect an Advance of 20 per Cent. would have in this respect, would be by sending 120 l. of the advanced money to procure the same Quantity of Goods that 100 l. of our present money would do now.  
So that 'tis the balance of Trade that affecteth the Exchange, either to raise or fall it; and the Course of Exchange wholly influences the bringing in or sending out of Silver or Gold: For when our Exports exceed our Imports and Foreign expenses, then the Exchange will always Rise, and keep up above a Parr; upon which it will be Profit to bring in Silver or Gold. So, on the contrary, when our expenses abroad and Importations exceed our Exportations, then the Exchange will fall below a Parr, and leave room to gain by carrying out of Silver or Gold.  
And when our Affairs are in such a Posture as to have the balance of Trade against us, our money will go away, notwithstanding it be raised 20 per Cent. And also the Exchange cannot raise to a Parr( that is, for us to receive by a Bill in Holland the same Weight of Standard Silver that we deliver here) which we do not when the Exchange is at 33 scill. 4 gro. although many esteem it to be then at a Parr.  
For 100 l. of our milled money, paid here, weighs, in Standard Silver 386 ounc. Troy wt. and I receive for it in Holland, at that Exchange, 333 Duckatoons and a third, and the Weight of each Duckatoon is 1 ou. 22 gr. and being 4d. wt. 12 gr. better than Standard, the whole makes 355 ou. 13 d. w. 12 gr. of Standard Silver; by which means we lose 30 ou. 6 d. w. 12 gr. of Silver, which at 5 s. 2 d. per Ounce is 7 l. 16 s. 8 d. loss to us, and the Difference is more when we are to receive Bank-Dollers, and to be paid in other Dutch money the loss is still greater.  
And when the Exchange is so low that we receive, by a Bill, less Silver there than we pay here; the Difference that it amounts to, is clear Profit to those that will export any Silver, deducting out the necessary Charges that attends the sending it over, &c. By which means the Silver that is Imported from Spain, the West-Indies and elsewhere, cannot come to the Mint to be coined, it yielding a better Price to the Merchants for Exportation, as the last seven Years Experience has made appear.  
Now, having laid down my Sentiments of the Cause, why Silver and Gold is Exported, I shall endeavour to demonstrate( with submission to better Judgments) what I think will be a suitable Remedy to prevent it.  
The first and great means, to help us in this Case, would be, to find out( if possible) a way to secure our Shipping, that thereby our Foreign Trade may be preserved, and our Ships pass and repass in Safety, without being so often taken by the French; which Losses do greatly affect the whole Nation: For altho' they have not been much taken notice of, by reason the People were wealthy, yet, if they should still continue, they will quickly be felt with a Witness; for notwithstanding some are so ignorant as to say, If all should come home safe, the Merchants and Traders would grow too rich; concluding, that what they lose extends only to themselves: Not considering, That if he loses his Effects, 'tis not his particular loss only, but the Nation is so much the poorer by it. And that is not all, but great part of these very Goods, that are many times taken, would be exported again, and raise money, beyond Sea, to defray our Charges; which would keep our coin among ourselves. And thus the whole Nation is greatly aflected by the Merchants Losses; and here, the Trade, that would bring Riches to the Nation, being obstructed and discouraged, by the continual Losses, the Treasure that we acquired by our former Trade, comes to be exhausted, the greatest part of which( if not all) might have been kept among us, if we could by any means have shear'd clear of these Losses: For( it's thought) that notwithstanding the expenses that the War brings to us, if we could preserve all our Foreign Trade, the balance would be on our side, and instead of sending any Silver away, to pay the Army, or for Commodities imported from other Parts, we should not only have enough to answer all our Occasions abroad, by the Produce of our merchandise, that would be exported, but also should have to spare; which would be brought Home in money, and so naturally come to the Mint to be coined. But the merchandise, that should effect this, being taken, our money and Bullion must go to answer our Occasions abroad, which that( had it come safe) would have done without it.  
For instance, suppose several Turkey Merchants sand 100000 l. worth of Cloth to Turkey, which costs us little, it being the Product of the Nation, and Labour of the People; which being sold there, is return'd in rich Commodities, to the Value of 150000 l. and being safely arrived here, they sell in England 100000 l. worth of these Goods, and 50000 l. they ship off for Holland or elsewhere; which they sell there for money, and intend to have it home for their Occasions here: Now, suppose the King's Agent, that remits money for the Army, should pay the Merchants their 50000 l. here, and take their Bills, to receive it beyond Sea, then this Sum comes hereby to be saved to the Nation, and the King's Occasions are answered, and the money preserved among us.  
But, on the contrary, this Ship goes safely, and coming home, is taken into France; and thereby the 50000 l. that the Government wants, must go in Silver or Gold, by reason the Merchants have lost their Goods, that should have produced money beyond Sea; and so cannot furnish the King with Bills, unless they sand money to do it. And not only so, but many of these very Commodities, that were taken in this Ship are so much wanted here, that a great deal of money must be sent into Foreign Parts to purchase them for our own use.  
Likewise, if a Merchant remits money to the East Country, to purchase, Flax, Hemp, Pitch, Tar, &c. and the Vessel comes to be taken; 'tis not only the Loss thereof that barely affects us, but having occasion for these Commodities, we must sand away another Sum; and if that meets with the same Fate we must still sand again.  
And thus we may esteem the Loss of every Ship( in a manner) as though we had lost so much money; and then, if we look back and consider the many Ships and rich Cargoes, that have been taken, and the immense Sums of money those Effects would have produced us in Foreign Parts, had they safely arrived; it may take off the Cause of Admiration, why so much Bullion has been exported, and money sent away.  
For some are of Opinion, That if the East India Ships, that were taken last Year, had come home safe, they alone would have produced us, beyond Sea, over and above what we should have used ourselves, near 500000 l. which would have saved us so much Silver or Gold: And if those Ships alone would have wrought such an effect; what would our Trade in general do, if well managed, and could be safely secured from all parts of the Universe, where we are concerned in traffic and Commerce? for the Product of our Land is naturally so good, and the Commodities and Manufactories we raise, are so valuable in themselves, that were they rightly improved in Trade, with all the other Advantages this iceland enjoys, far beyond our Neighbours, they would produce plenty of Riches to the Kingdom. For, before these Wars great Quantities of Gold and Silver were annually brought to the Mint; notwithstanding our Guinea's went at 21 s. 6 d. and our milled money was then as heavy and valuable as it is at this Time: Which was the balance of Trade that was then in Favour to us; for we Exporting more than we did Import, the balance we received in Silver or Gold, which were coined into our money: And we may always conclude England thrives when store of Gold and Silver comes of itself to the Mint. And as soon as ever a Method can be fixed on to secure and encourage our Trade, that thereby it might be improved to the utmost( 'tis thought) there would be sufficient employment, not only for all our own poor People, but for many thousands more than we have in the Nation.  
And then, the next thing that would greatly add to the Riches of the Nation, would be, to find out some Ways, and have them put in Execution, to set the Poor to Work, both in Improving of Land, and for Increasing our Manufactories, &c. for Land without the Labour and Husbandry of the Inhabitants is good for little: So also the wool and other Materials, that are the Product of the Land( of which all our Rich Commodities are made) are worth nothing, comparable to what they are afterwards brought to, by the Labour and Pains of the People; so that, that which produces the Riches to this Nation chiefly consists in the People's Labour, notwithstanding the Goodness of its natural Production. And, it may be concluded, there is a great Treasure lost by suffering so many thousands of Poor People to spend their Time in Begging and Idleness, when scarce any Person, either Old or Young,( that are in Health,) but may do something, according to their Capacity, towards making up our own Manufactories: which being exported, have Value sufficient in themselves to attract Gold and Silver from most Parts of the World.  
Now the next thing that would be a means to help to keep our money here, is, the retrenching of our expenses of all Foreign Commodities; both those relating to Sustenance as well as Apparel, for whatsoever we could save by our Frugality, in these things, we should have so much the less to pay abroad.  
And seeing there is so much Need of all the Helps imaginable to keep our money in the Nation at this Time, 'twould be well if all People would abate their Extravagant Living, and endeavour to spend as little as possible, of all Commodities that are of a Foreign Growth.  
Another material Thing is to provide the Army with Necessaries from hence, both Provision and Clothing, which would save us a great deal Yearly; And although it may be something more Chargeable, yet that is no valuable Objection; because the Materials being of our own Growth and Product, the money will be spent among ourselves, and all that we could save this way, would be Profit to the Nation, and also increase and encourage Trade among ourselves.  
Now before I conclude, I shall add something more concerning our Coin, which is so much exceeding the former, that People are very unwilling to part with it: And that which makes them the more fond of it, is, our still having 2 sorts of Silver money, viz. the Old Unclipt money, and this New: And there are some that if they have not enough of this Old hammered money by them, will defer their Payments till such money comes to their Hands; when at the same time, many have enough of both Sorts to make up their Sum; whereas, if there was but one sort of Coin, it would become more common, and People would not covet so much to lay it by: But whilst we have two sorts of money going in Trade, and one is inferior to the other, either Intrinsically, or in the Estimation of the People; the worst Sort will always be offered in Payment, and the other( as much as possible) locked up from coming abroad; and this was lately seen between clipped money and Guinea's, for when People esteemed Guinea's better than Silver, they kept up the one, and paid away the other: But when Guinea's got up to about Thirty Shillings, then most Payments throughout the Nation were offered to be made in them, and but little Silver money was to be had; and during all this time, the Old milled and Unclipp'd money that now comes forth, never appeared at all; by which it is manifest, that the money which the People esteem the best, they will always endeavour to keep by them.  
It would therefore be very requisite to have all the Unclipp'd money called in also, and Recoined, which would likewise prevent a great many vexatious Disputes and Differences about money, and make the Negotiating of all Affairs in Trade far easier for People, and for ever put an end to that wicked Device of Clipping of money, which has brought so much Mischief to the Nation, and is feared will not be effectually stopped, until the Unclipp'd, Hammered money be all taken out of their way: For many begin already to impose money that is a little clipped, which if it once take place among the People, it will not be stopped until it has brought another Inconveniency upon us.  
And this may be done without any Trouble at all, now the Mints are set up in several Parts of the Nation; and if an Act should pass, That after such a prefixed time, as the Parliament in their great Wisdom see meet, all the Unclipp'd money that should be paid the King on any account whatsoever, should not be issued out of the Exchequer again, but be immediately melted down, and carried to the Mint to be Coined; which would quickly put an end to all the Unclipp'd money in the Nation; and the Loss to be placed on the Acts provided for the Difficiency of the Coin.  
Now the Consideration of this leads me to another sort of Payment that greatly hinders money from coming abroad, and that is the Bank of England's Notes, that are daily offered in Payment instead of money: And many of these very Persons that offer them, have, at the same time, both Gold and Silver, which they will not bring forth, if they can by any means put off these Bills in the room thereof.  
And 'tis now become a common( not to say wicked and unjust) practise, especially among Retailers, if they have no Notes by them, will purchase some with their money sometimes at 17 l. per Cent. Advantage to pay their Debts, that ought, in Justice and Equity, to be answered in specie, which many times proves a grinding of the Face of the Poor; for these Notes are given in Payment from one to another, until they light into an indigent Person's Hand, who is forced, through his urgent Occasions, to sell them at 16 or 17 per Cent. Loss.  
Now the true Reason why People are so earnest to put away their Notes, and keep up their money, arises from the difference between the Value of the one and the other; and as long as there remains a Disparity between them, the one will always be plenty and the other scarce. And if something be not done to prevent this growing Evil, the Mint may Coin, and the Country expect a plenty of money thereby, and fall short of it at last; for the Clothier, &c. comes to Town, hoping to receive money to carry home to pay his Labourers; and being put off with a Bank-Note, and unwilling to lose so much by it, goes home without any: For want of which, many cannot keep the Poor at Work.  
Now the best Cure( that I know of) for this Disease, would be by making their Notes as currant and valuable, in the Eyes of the People, as money itself; which( I conceive) cannot be done but by the Members of the Bank being enabled to pay all the Demands that can be made upon them; for there is nothing( in my judgement) that can make Notes, or Paper-Credit, equal to money, but by their being answered by money, whenever they are demanded, which was the only thing that made them pass as money at first, and gave them their original Life and Acceptance among People: And if once there is a stop in Payment of any sorts of Notes, the Credit of them immediately declines, without having a regard to the ability of the Subscriber thereof.  
And therefore if it be objected, That 'tis impossible for the Bank to procure money to answer their Bills, or make them equal to money, then they will greatly hinder money from coming abroad, which produces many ill Effects to the Nation; upon which it will be much better to have them pass in no Payment at all, which would cause money to circulate and come more plentiful in Trade than it does now.  
And 'tis evident by this one Instance that money would come abroad more if those Notes did not hinder it, viz. After the Bank made a demur upon the Payment of their Notes, the People began to refuse them upon Foreign Bills of Exchange, upon which several Merchants addressed themselves to the Government about it; and many People alleged, That unless they would take Bank-Notes in Payments, the Bills could no way be paid, there being not specie to be found to answer them; but after about 14 days Consideration the Matter resulted in this, viz. That Bank-Notes were no lawful Payment of Bills, and every Merchant must find money to do it himself: Upon which no Body that had a Foreign Bill, would take any thing but money for Payment thereof: And daily Experience declares these Men were mistaken, for most Merchants have ever since, and do still, continue to find money to pay their Foreign Bills withal, no Body offering now to pay them, with any thing else but specie, by which means great Quantities of money have been brought forth, that had not appeared if Bank-Notes would have done in the room thereof; and 'tis thought if they were not offered in Payment for any Inland-Bills also, the Clothiers and other Manufactorers would get their Bills in some time( altho' with Difficulty at first) paid in money; which would be sent and distributed among the Country-People.  
It's therefore worth the serious Consideration of those concerned in the Bank( of which there are many worthy Members) if they cannot raise money to answer their Notes, to endeavour( if possible) to find out some other way to make them equal to money, which would give them a Currency every where, and make them at this juncture an advantage to Trade in general; but if it cannot be brought about, they had better, for a public Good, give over giving out any more Notes; and those that have 'em in their Custody, should keep them, and not offer them in Payment any more till the Bank are capable to comply with the Payment thereof, or by any other way they are made equal to money.  
Another Thing that will make money more plentiful among Trades-People, is by having their clipped money converted into milled and Current money; for there are many People in City and Country, who have both large and lesser Quantities of this small money by them, which is now altogether useless to them, which if they had in Current Coin would be very serviceable to them in their Trade and Business. It would therefore be of great advantage to the public, to have this Matter immediately settled: And if Liberty was given to all People to bring their clipped money to the Mint, where the same should be melted down and Assayed, and left to be Coined, and afterwards delivered to the Owners in course, according to the Weight thereof; and that there be a Tally given to every one for about 12 d. per Ounce, towards the Difficiency, placed on a good Fund, which would be 12 l. allowance for every clipped 100 l. that weighs 20 l. Weight: But let the allowance be more or less, it ought to be done by Weight, because it's to be feared that many ill-minded Persons have clipped money on purpose to have it taken in by the Government by Tale; but it being taken in by Weight, not only disappoints them in their wicked Designs, but the more they Clip it, the more Loss they will sustain thereby. And, besides, considering that a great deal of the remaining part of the clipped money is shifted from the first Owners at 15, 20 and 30 per Cent. allowance, 'tis unreasonable that the Nation should make good the whole Loss, and give such an advantage to the present Possessors thereof: But to have some encouragement given to bring it to the Mint by Weight, seems very reasonable; because those who have any Remains in their Hands, and others that have taken it from 10 to 25 per Cent. allowance, will be too great Losers thereby, if nothing at all be done in it.  
And that which will further increase money would be, by continuing the encouragement of bringing Plate to the Mint; there having been pretty large Quantities brought in already by the allowance of Six Pence per Ounce, given by the late Act of Parliament to any one that should bring in the same before the 4th of November next; but the Sixpences not being so secured to be paid as gives a general Satisfaction, greatly obstructs this having a good effect.  
Now if they were placed on a good Fund, or rather paid down in money, after the Plate was Coined, it would produce great Quantities to the Mint in a little time. And if there was in like manner an Allowance of Sixpence per Ounce given, to encourage the bringing to the Mint all Silver whatsoever( melted Silver only excepted) during the space of one Year, it would be of great Service to make money more plenty.  
Another Thing that makes money more scarce, is a hope that our Mony-hoarders have gotten, that it will be advanced this Sessions of Parliament; for, notwithstanding several Persons have desired to borrow money of those that have had Quantities by them, at more than 6 per Cent. Interest, upon the Security of clipped money, Plate and Lands, &c. they have refused it; by which 'tis concluded, they expected to have the money advanced. Now as soon as ever this Expectation comes to be put an end to, a great deal of money, that now lies dead, would come forth into Trade again: And although many may propose an advantage to themselves thereby, yet it would not be such a Benefit to the public, as People have imagined, for no less would be sent out of the Nation, as is before made appear. And those who conclude, That 100 l. would go further in Trade, after it is called 120 l. are much mistaken; for as our money is heavier and mor● valuable than it was, so Commodities we see are cheaper also( unless a few particular Things, which upon some extraordinary Occasions are always dearer or cheaper;) and supposing the Trade of the Nation could be carried on with six millions of clipped money, the same Trade can be better managed with four millions of New; because the four millions of New, will purchase more Commodities than the six millions of clipped did before; for about a Year ago, when clipped money went currently, and Guinea's were at 30 s. apiece, that wool which was sold then for 36 s. a toad, has been sold for less than 20 since the Regulation of the Coin; but if the money would purchase as much as it does now, after it was advanced, I do not see that it would be any prejudice to do it; but seeing it will not, makes it a manifest Loss not only to Landed-men, but to many others also: For suppose I have 600 l. per Annum let out upon Lease, which is paid me in this present money, with which I can maintain my Family, and lay up 100 l. a Year: But if I think to do so when the money is advanced I shall be disappointed, because I shall buy no more Commodities with this 600 l. of money that is advanced 20 per Cent. than I could with 500 l. of this present money, and so I lose 100 l. per Annum by it: For 'tis not the calling a Crown-piece 6 Shillings, that will make it purchase more than it does now; for as soon as that goes for six Shillings, the Commodities that I use to buy for a Crown, will presently advance to six Shillings also: Which will likewise be a great Loss to all the Poor in the Nation, unless they advance their Wages upon it. And, besides, if it should be advanced to induce People to bring out their Hoards, we may fall short of our Expectations in that respect also.  
For the greatest Reason why People lay up their money more now than they did before, arises from a Diffidence they have one of another, upon which they will not give such Credit as they were accustomed to do; which( I conceive) will not be altered by an advance of the money; but 'twill wear off by degrees, as Trade increases and is secured, and money comes to be more common and plenty. And considering the many Confusions such an alteration will produce( unless we were sure to be benefited by it) 'tis better to keep the money to the Standard, than any ways to alter it. For although many People have been uneasy, because the Coin was regulated at this Juncture, yet when our Difficulties are over, not only us, but the next Generation will have the Benefit thereof; and if it had not been done,( in all likelihood) it would have centred in the Ruin of the Nation. And the keeping our money to the Standard will prove otherwise, than many( through Ignorance) have imagined; for we see already that 'tis Loss at this time, to carry out of the Land either Guinea's or milled money, by reason the Exchange is risen so high, that it is above a Parr in Silver, and much more in Gold, by which means it is Profit to bring over from Holland either of them. And the Reason why 'tis more Advantage to bring Guinea's than Silver, is because the Silver contained in 22 s. of milled money is worth more in Value, and will yield more beyond Sea, than the Gold contained in a Guinea.  
And if the Exchange keeps up, our Silver and Gold will not be sent out of the Land,( except sometimes upon particular Occasions) but they will be carried to the Mint as formerly; notwithstanding it has been aff●rmed, That Silver in Bullion was worth more than Silver in Coin, and therefore 'twould never come to the Mint; which was a great Mistake, as appears by Matter of Fact; for it being Loss to carry it away, makes Silver in Coin worth more than Silver in Bullion; and Ingots of Silver that were sold for between 6 and 7 Shillings per Ounce, are now lying in the Tower to be coined into money, and 'tis expected that Quantities of Gold will be brought over in a little time: But seeing the Exchange cannot raise to a Parr but by the balance of Trade( except sometimes occasioned by particular Causes that are not lasting) it may be concluded, That as soon as ever the Scale turns, and it comes down so much below a Parr, as to afford a Profit by Exporting of Silver, then our money and Bullion will go from us again. Now the Preservation of our Shipping and Foreign Trade, I shall once more humbly recommend as the chiefest Expedient effectually to prevent it, and furnish us with money sufficient to answer all our Occasions both at Home and Abroad.  
London, Octob. 17th, 1696.  
FINIS.