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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
B04865 A proposition for remeding the debasement of coyne in Scotland 1696 (1696) Wing P3774B; ESTC R182207 4,263 16

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A PROPOSITION For Remeding the Debasement of COYNE IN SCOTLAND IT is evident that the Raising of the Denomination of the Standard of our Coyne above the Standard of England by the Act of Parliament 1686. and what hath followed on the said Act is not only expresly contrair to the Mutual Contract betwixt the two Kingdoms Anno 16 but is in it self one of the great Causes of the Nations Poverty For by it all our Goods are sold at an unperceaved Undervalue in so far that we own and receave the English Crown and so every Species of their Money proportionably at 5sh 5 d. sterl which is 8 ⅓ more than its Value in England and when we give back that Crown to England they will receave it only at 5sh So we give our Goods for 8 ⅓ less than we are aware of and when we Buy we loose 8 ⅓ of what Money we pay in English Coyne I Know it's thought that the Raising of the English Crown c. will induce People to bring in many more of these Crowns c. than other wayes they would do which is a Mistake For any who was to bring in 13 of these Crowns to Buy Scots Goods if the Crown did pass at 5sh sterline needs only now bring 12 of them because the 5 d. rais'd on each one makes up the 13 th And so it is evident it occasions a fewer Number of Crowns to be imported And if it be said that yet it invites People to bring more 12 Crowns because 12 gain 1 to them and so it will occasion more of our Goods to be bought This Thought creeps in on men who do not examine things for 1 o. The Evidence still proves that in Place of 13 there are but 12 imported 2 o. It proves in Place of 5sh 5 d. we get but real 5sh 3 o. The Merchand who needs our Goods will Buy what he needs or so much of it as he knows of Mercat for albeit his Crown were receaved at no more than 5sh And albeit his Crown were taken at 5sh 6 d. He will buy no more than will answer his End and suit his Mercat 4 o. If Money be raised only to invite Merchands to buy greater Quantities of our Goods we have an easier Medium for that End viz. to Sell a Crowns worth at 4sh 7 d. and so the Merchand has our Goods cheaper by 5 d. and by the rais'd Crown he hath no more And as this is easier so it is safer than the raising of Denominations as will appear by the following other Mischiefs of our raised Standard viz The raising of Money in one Species hath naturalie obliged us to raise all other Coins proportionablie not only our own but all Forraign Coins So that now from whence soever Money is brought to buy our Goods they bring in 8 ⅓ less Money than they would bring in were our Standard as formerlie We also Sell all our Goods to every Nation or Person at 8 ⅓ less than they payed to us formerly and whatever We buy from any forreign Place or People we must add 8 ⅓ more of Money to buy it than we did formerly For as was demonstrat in the English Crown so it is as plain in the ordinary Dollar for who formerly payed at 58 d. Sterl in Cross-Dollars or Patacoons behoved to give Us 2 d. to make up the 58 d But now he payes Us 58. and keeps his 2 d. to himself And in like manner he who payed us 60 d. in Bank or some Imperial-Dollars behoved to give Us a Bank-Dol●ar and 2 d. more now he payes us 60 d. by the Dollar alone and keeps the 2 d. So i● Ducatons he who payed us 74 d. behoved to add 4 d. to make up 74 d. Now the bare Ducatons pays 74 d. and he Retains 4 d. to himself And as we loss so much by what the Importer of Money brings in less than he would have done had our Standard stood as it was formerly so when ever we pay 58 d. to a forreigner for his Goods we must add 2 d. to the Patacoon to make up 58 d. When we pay 60 d. we must add 2 d. to the Bank-Dollar And when we pay 74 d. to a forreigner we must add 4 d. to the Ducatoon But it may be said we will raise the Price of our Native Goods in proportion to what we want by the Coyn. The weakness of this Argument will appear if you Reflect that in the first place before we raise our Goods we are cheated and untill their price rise and rise from this cause for if the price rise by other causes as by the scarsity of our Goods in other places or other emergent causes then the forreigner behoved to import the Money at the former Standart and as much more also as our Goods were more valued abroad than formerly But this Solution refutes what was argued before for raising the Standard viz. that of raising the Denomination people were invited to import Money for if he must still pay as much Money as he did formerlie what Invitation does He get from raising the Denomination To what 's thus argued against raising the of the Standart add these yet more Weighty Arguments 10. Money gives no more abroad by our raising its Denomination So that Money imployed in Trade by Cambion is in other places especiallie with all prudent Nations The same it was without any Alteration by our raising it So that as less is brought in to us for our Goods so we must send out the same in Value and more of our Denomination than we sent out formerlie 20. That Money is of no more use than dead uncoyned Metal unless it be imployed in Merchandice Trade or Cambion 30. When I sell my Estate at 20 Years purchase payed in new Denomination in Order to Imploy it as a Merchant or Bankier when I Transfer it to these Uses my 100 is trulie will prove to be But 91 ⅔ and so much I have lost of my Heritage If I get 100 payed me of my Yearlie Rent in the new Denomination when I imploy this in Trade or Cambion I shall find I have but 91 ⅔ 40. The King whatever he gets of his own Revenue or new Taxes Tho' he get 100 from the Subject and what is trulie 100 out of the Subjects Estate yet to any use for buying of foreign Goods or manageing of foreign Affairs or paying his Forces by Sea or Land abroad he gets but 91 ⅔ 50. And which demonstrats all the rest to all who understand Trade when I would have Money to do my business in Trade or otherwayes in England Holland or any where But in Ireland our Neigbours in Error as well as in situation I desire Money Ex. Gr. To be answered me at London viz. 100 lib. The Bankier he tels me this 100 lib. which you give me here is short of the Value of my Money at London 8 ⅓ of the 100 so I must pay in to