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A55640 The regulating silver coin made practicable and easie to the government and subject humbly submitted to the consideration of both Houses of Parliament / by a lover of his country. Pratt, Samuel, 1659?-1723. 1696 (1696) Wing P3184; ESTC R8943 31,945 128

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fifty thousand Pounds at present and a Land-Tax of a Penny in the Pound during the War or at the most Two Pence in the Pound Theorem For the effecting all the aforesaid Articles Let a Competent Authority immediately Call in and Cry down all Clipt Money under such a weight supposing it to be all that Money which hath lost full half the original weight This may conveniently and safely enough be done before any new Money be coin'd When this is new Coin'd let it be re-deliver'd to the respective Proprietors in proportion by Tale to what every one brought into the Mint by Tale. Then let all the rest of the Clipt Money be Called in by such a Day and Cry'd down And supposing in all 2000000 l. Postulat 6 7. Sterling so melted down and the Product after Melting be half as much or about 3500000 Ounces of Silver there may out of this be Coin'd 1250000 l. of New Money of the same extrinsick value it now hath and of such an intrinsick value as that a Crown Piece shall weigh now that Silver is 6 s. 6 d. an Ounce or 3 l. 18 s. the Pound Troy Twelve-penny weight and about three grains and have in it the intrinsick value of 4 s. So that the Government hath already saved Two hundred and fifty thousand Pound Then will it be known in how short time 1000000 l. can be Coined According to that time supposing it many Mints being set up at once to be Two Months let a Proclamation be issued out encouraging the bringing in 4000000 Ounces of Plate into the Mint at Four respective Days or Weeks For the first Million till the end of the first fortnight shall be paid 7 s. 4 d. per Ounce which amounts to 366666 l. 13 s. 4 d. till the end of the second fort night shall be paid 7 s. 2 d. an ounce which comes to 358333 l. 6 s. 8 d. till the end of the third fortnight shall be paid 7 s. an ounce amounting to 350000 l. And for the last Million 6 s. 10 d. an ounce amounting to 341666 l. 13 s. 4 d. in all 1416666 l. 13 s. 4 d. So that for one ounce with another the Government has paid 7 s. 1 d. an ounce It may be thought that a great deal of this may be saved and perhaps Six-pence in an ounce which amounts to One hundred thousand Pounds and that Six shillings and seven pence would be Temptation enough when the Price of Silver is like to Fall But I am now providing for the worst Contingences and the severest Suppositions that may be Yet the Frugalest way I presume would be to leave the Management of this Article wholly to the Lords of the Treasury who by publick notice may vary pro re natâ the Praemium for bringing in Plate and perhaps may think it expedient nevertheless to begin high and to abate the Praemium according to the quantity brought in and after one or two Abatements People may perhaps bring it in the faster fearing a greater Fall Where as if the Lords of the Treasury should begin low and afterwards be forced to raise the Praemium higher Peoples Hopes of their still advancing of it more would restrain 'em from making so much haste as the necessities of State require We suppose then this Silver to be Coining every Day as fast as possible and that the 250000 l. saved by the Government out of the first Million shall begin to pay for the Plate as it comes in Then three ounces of Silver at 6 s. 8 d. an ounce Coins 20 s. of the new Standard allowing 2 3 or 4 d. per ounce for Coinage seeing the setting up so many several Mints more than ordinary must be very chargeable And here must be noted That let Silver Rise or Fall as much as it will it Alters very little the process of the Theorem for it need have no other effects than making the Money bigger or less unless the 3d Corolary following be admitted At this Rate then when 3500000 Ounces of this Plate is Coin'd into MONEY it will produce after the aforesaid rate 1166666 l. 13 s. 4 d. to which add the 250000 l. paid before hand for it and now there is paid in all for the 4000000 of Ounces of Plate 1416666 l. what it Cost and the King hath 500000 Ounces of Plate by Him which at 7 s. 1 d. an Ounce stands the Government in 177088 l. 6 s. 8 d. But because it cust the King dear for his present Necessities the Lords of the Treasury cannot allow more for it than it will produce when Coin'd And if the necessities of State require that this Silver should be sent and Coin'd in Flanders that it may go farther there than it can here for the immediate use of the Souldiers then the Commissioners of the Accounts will probably account for it according to its Value beyond Sea and then the Goverment shall still be a greater Loser by it so the Lords of the Treasury cannot allow for it more perhaps than 150000 l. what ever it be more or less the case will stand thus at the least There is now of New Money Coin'd 2416666 l. 13 s. 4 d. and this last 150000 l. being Advanced to the King for his present Necessities abroad either to Coin in Flanders or to send over in Bills will go towards the payment of the Million of Clipt money But if it be probable as Mr. Lounds seems to intimate That People may Voluntarily bring in a great deal of Plate at 6 s. 6 d. an Ounce then it is much more probable that they will be qucker in bringing it in at 6 s. 7 d. an ounce and if so the Government Saves out of my Proposals 6 d. an Ounce which in 4000000 Ounces comes to 100000 l. And then there will be 250000 l. paid in recompence of the Clipt Money and there is but 750000 l. Remaining Or put the case Shorter and Plainer the Government wants 1000000 l. worth of Silver and is willing to give 25 per Cent. more for it than the common price If that vast Allowance be made for fear of a sudden and fatal stop to all manner of Trade for want of Money yet the 250000 l. Saved out of the Clipt Money will make good the Bargain And then Four parts in Five will Coin a Million of Money and still there will be another 250000 l. worth left towards the paying of the Clipt Million and but 750000 l. remains Unpaid And upon this Easier supposition we will proceed because it is likewise cheaper to the Nation than the Buying of full 4000000 ounces of Silver Then if the Parliament Orders 'em to be paid 250000 l. more which is all that the Nation is Burdened in the Bargain The Proprietors of the Clipt Money are Reimbursed 75 l. per Cent. of what they brought to the Mint which is more by 25 l. per Cent. than the intrinsick value of it was and the other 25 l.