every body refuses the Money in general for fear the loss should fall upon him that last takes it so that the Money becomes useless having lost the currancy and quality of Money and all the murmur and disorder ensues that usually attends a Nation that want Money to drive their Trade and Commerce Other Instances might be given but this with the common usage of not exceeding Ten or Fifteen per cent when the Money is rais'd may be sufficient to answer Mr. Lock 's Objection That the Governments cannot raise their Money as high as they please nor make themselves as Rich as they please The great Objection that Mr. Lock makes against the raising the Value of Money is That if the Government have a Power to give a Value of Ten per cent to their Money why not Twenty Fifty or as high as they please And then it would be in the Government 's Power at any time to make themselves as rich as they please Such a Power at this time were to be wish'd for when the Nation is engag'd in so chargeable a War But that 's the misfortune that attends us that such a Power can be only wish'd for For tho' Princes and States have a Power to give a Value to their Money yet that Power is limited And when ever they have attempted to exceed those Limits which upon an extraordinary emergency they have sometimes done they have fallen under greater mischiefs by reason the Money has been always counterfeited than the advantages they propos'd to themselves amounted to by doing of it and have always been forc'd to call in such Money and reduce the Value within its usual limits and bounds There are two Causes why Princes and States raise the Value of their money the one is Ordinary and the other Extraordinary The Ordinary and Common Cause of Raising the Value of the Coin is the Rise of Bullion Gold and Silver are Commodities for other Uses besides the making of money as for making of Plate Lace Gilding c. And besides it 's scarcer in some Countries and more plenty in others And the Value of all things arising from their Occasions and Plenty and Scarcity making things cheap and dear when ever the Goldsmiths and the Makers of Plate Lace c. and the Merchants to export it to the Indies or those Countries where 't is more scarce will give more for Bullion to supply such occasions than the Mints can afford to do according to the Value the money is at the Princes and States have been forced from time to time to raise the Value of their Coin to prevent it from being melted down and carried away The knowledge when Bullion is risen above the Value of the money is discover'd by the Mints For the Mints are the common Shops and Market place for the Merchants to carry in their Bullion And when ever they forbear the bringing of it thither it is certain it will yield them a better price in another place For Bullion never continues long in a place unalter'd because it yields no profit while it continues so But if it be carried to the Mint to be Coin'd it becomes useful for Trade and Commerce and saves the charge of borrowing money or else may be put out to Interest And if it be wrought into Plate Lace c. it pays for the fashion and workmanship And if it be transported to the Indies or some Country where it 's dearer it produces profit by the exchange of those Goods that are bought with it When ever any of the Princes and States in Europe Raise the Value of their Coin the rest generally follow It were too long to give particular Instances but if it be examin'd by the Records of the Mints of the Kings of France with those of the Mints of the Kings of England it will appear that they have Rais'd their Money from time to time as the Kings of England have done or rather higher For that since the time of St. Lewis who was co-temporary with Edward the IIId the Sols and Crowns contained then near six times more of fine Silver than the Sols and French Crowns do that are lately Coin'd which is a greater proportion than the Money has Risen in England since Edward the Third's Time being not quite four times lighter The reason is it 's almost a hundred years since the English have Raised the Value of their Silver Coin and in the same time the French have Rais'd theirs twice which would have made the English Money much of the same Rise with giving of allowance to the custom of the English who have always undervalued their Silver Money and overvalued their Gold in respect to their Neighbour Nations and have since twice Rais'd the value of their Gold to wit in King Iames the First 's time who Coin'd a twenty-Shilling-piece of Gold lighter by Two shillings than that which he Coin'd in the beginning of his Reign which rais'd the value of his first Iacobus's to Two and Twenty Shillings And in King Charles the Second's time who Coin'd the Guinea Two shillings lighter han the Broad-Piece So that when the Guinea was currant at Twenty shillings the Broad-Piece went for Two and Twenty There seems to be an absolute necessity for the Princes aud States of Europe to Raise the value of their Money much about the same time or else they cannot preserve it in their Countries notwithstanding any severe Laws to prohibit the Melting and Exporting of it For there being a constant Commerce and Traffick betwixt all the Countries of Europe If one Prince sets a much higher value on his Money than another the Merchants whose business it is to observe where they can get most profit will melt down the Coin of one Countrey and carry it to the Mint of another Countrey where the Money is Rais'd and will yield the greatest price This will appear plain by an Instance here in England For the Kings of England having not Rais'd their Silver Money since the Reign of Queen Elizabeth which is about a hundred years ago and the rest of the Princes and States of Europe having since that time twice rais'd their several Coins to wit in the Reign of King Iames the First and about Four or Five years since That although there has been since that time Coin'd in England with allowance of what was Coin'd in Queen Elizabeth's Reign the Sum of 19429061 l. 19 s. 6 d. as appears by the Records of the Mint yet by the Computation that Mr. Lownds makes there is not above Five Millions Six hundred thousand pounds remaining which in my opinion is more than will be found to be upon the new Coinage of the Money by the calculation he makes from the Worn and Clipp'd Money So that there has been near Fourteen Millions melted down and carried away within this space of time And had it not been for some accidental causes that brought Bullion to the Mint since the Foreign Princes have rais'd
the value of their Coins there had been very little Silver Money Coin'd and much less to be found now in England For in King Charles the First 's time by the Civil Wars of England the Plate was brought to the Mints to be Coin'd which was the cause of the great sum of Silver Money Coin'd in his Reign The Calling in the Parliament-Money in King Charles the Second's time and new Coining of it The Two or Three hundred thousand pounds that were yearly sent into England from France upon some particular occasions during his Reign with the Money that Dunkirk was sold for And the Act of Parliament for giving away the charge of Coinage to incourage the Merchants to bring Bullion to the Mint being almost Three and an Half per cent were the occasion of the Silver money Coin'd in his Reign And if the two Sums Coined in these two Kings Reigns which make about Twelve Millions with the Money that was Coin'd in Queen Elizabeth's Reign and a Million that was Coin'd in the Reign of King Iames the First before the Foreign Princes Rais'd the value of their Coins be put together they will make near eighteen Millions So that were it not for these accidental Causes there had not been Coin'd in the Mint of England Two Millions of Silver Money since the Foreign Princes Rais'd the Value of their Coins And had it not been for the wearing of some of the old Money lighter by often telling it over and Clipping of the rest by which they were made unprofitable to melt down by this time in all probability there had scarce been a Silver piece of Money to be seen in England And that the Raising the Coin in Foreign parts and the not Raising the Silver Coin in England was the cause of melting it down and Transporting it will plainly appear from the plenty of the Gold here compared with the Silver For since the Forty third of Queen Elizabeth being the last time that the Silver Money was rais'd here in England the Gold has been twice greatly rais'd by which means there is here double if not treble the quantity of Gold for Silver whereas in all other Kingdoms and States in Europe there is ten times more Silver Money than Gold For in the Forty third Year of Queen Elizabeth according to Mr. Lownds's account from the Records of the Mint which all men agree is very exact a pound weight Troy of Gold of the Standard of Twenty two Carats fine and Two Carats Allay was Coin'd into Thirty three Soveraigns and an half at Twenty shillings a piece making Thirty three pounds ten shillings In the Reign of King Iames I. the Gold was rais'd and the same pound weight and standard of Gold was coin'd into as many Units Double-Corowns and other pieces of Gold as made up Forty pound eighteen shillings and four pence And in King Charles the Second's time the Gold was again rais'd and the same standard and weight was coin'd into Forty four Guineas and an half at Twenty shillings a piece So that from Thirty three pound ten shillings in Queen Elizabeth's time to Forty four pound ten shillings in King Charles's Reign the Gold was rais'd near Three and thirty per cent since the Silver money has been rais'd which is the reason of the great plenty of Gold and scarcity of Silver What was the reason that these two Princes rais'd their Gold and not their Silver is not to be imagin'd unless it was from some powerful Argument offer'd by the Guiney Company whose Interest it is to have Gold rais'd which does not appear And that this raising the Gold is the cause that it is more plentiful here in England than Silver will appear yet more plain if the Records of the Mint be examin'd since King Charles the Second's Restauration For since that time there has been coin'd in the Mint of England 7263836 l. 1 s. 5 d. and in Silver but 4319585 l. 9 s. 5 d. which does not want much of double the quantity of Gold Money that has been coin'd more than Silver And when the Guineas had an extraordinary Rise here in England as to be currant at Eight and twenty and Thirty shillings a piece there was above Seven hundred and twenty thousand pounds in Gold coin'd in little more than Nine months time which was more than was coin'd in six or eight Years before which shews plainly that the raising the Value of the Gold money here in England is the cause that so much is imported and coin'd here And on the contrary the not raising of the Silver money in proportion as the Foreign Mints have done is the cause of its being consâ—â—ntly melted down and carried away notwithstanding the many Laws to prohibit it For there are severe Laws in all Kingdoms and States that prohibit the counterfeiting clipping melting and exporting the money In all Countries 't is death to counterfeit and clip the money In France England and several other Countries it is a high Crime to melt it down and forfeiture of the money to export it and in Spain 't is death to transport it And yet when ever it has been profitable it has been always melted down and carried away So that by experience Princes and States have found that there is no other way to preserve it in the Country but by raising the Value of their money so much above the price of Bullion that the Merchant may get more by carrying away the Bullion than the Money The cause of raising the Money here in Europe will always continue as long as the Europeans continue in Traffick and Commerce for Trade makes a People rich and Gold and Silver are Badges of Riches and therefore as the People grow rich the price of Gold and Silver will rise because the occasions for Gold and Silver will still increase Especially as long as the Trade continues to the Mogul's Country in the East-Indies For the Princes and great People there believe that the possession of Gold and Silver is not only an Honour to them while they are alive but that they shall have a Respect in the next World according to the quantity of Gold and Silver they die possess'd of And therefore what-ever Gold and Silver they get more than is absolutely necessary for Commerce and Traffick they from time to time melt into a Mass or Tank which is buried with them so that great part of what 's dug out of the West is buried in the East And altho' there have been great quantities of Gold and Silver brought into Europe since the Discovery of the West-Indies yet the price of them has always risen and will always continue so as long as the People grow rich by Trade which will make the occasions for them greater than the quantity which is the Rule by which all things are made dear This continual Rise of Gold and Silver will be no prejudice to the Princes and States if they do but observe to
Fair or East-India Sale if the Exchange be high aâ— 't is generally at those times he 'll send away Bullion thither rather than Bills iâ— there be any thing to be got by 't tâ— buy Goods in those places and yet hâ— might owe nothing there so that thâ— money is not sent away to Blance the Aâ—compt The Inferences from this Discourse of the Balance of Trade and Foreign Exchange are That a Trading Nation is made Rich by Traffick and the Industry of the Inhabitants And that the Native Stock of a Nation can never be wasted That no sort of Commodities ought to be totally prohibited And that the freer the Trade is the better the Nation will thrive That the Poverty and Riches of a Nation does not depend upon a lesser or greater consumption of Foreign Goods nor on the difference of the Value of those Goods that are consum'd That the Balance of Trade is a Nation that serves rather to puzzle all Debates of Trade than to discover any particular Advantages that a Nation may get by regulating of Trade That the Balance of Trade if there be one is not the cause of sending away the Money out of a Nation But that proceeds from the difference of the Value of Bullion in several Countries and from the Profit that the Merchant makes by sending it away more than by the Bills of Exchange That there is no Occasion to send away Money or Bullion to pay bills of Exchange or Balance Accompts That all sorts of Goods of the Value of the Bill of Exchange or the Balance of the Accompt will answer the Bill and Balance the Accompt as well as Money Of Raising the Value of Money with the Causes of it and the Effects IT has been a Custom in all Ages and amongst all Nations to Raise the Value of their Money and is as Ancient as the Coinage of Money and not a late Invention as some are of Opinion It was a Custom among the Assyrians Hebrews and Grecians as might be made appear if it were necessary But to shew that it was no Modern Invention will sufficiently appear by the Romans Raising the Value of their Coin The As being the Copper Money of the Romans was at first Coin'd of a pound Weight And in the first Punick War in the Dictatorship of Fabius Maximus it weigh'd but two Ounces and all the lesser pieces of it were abated in proportion The As was afterwards reduced to an Ounce and again by Papirius to half an Ounce When the Romans began first to Coin Silver Money the Denarius which was an Ounce of fine Silver and about the Value of our Crown was made current for ten Ases The Half Denarius the Sestertius and the Sextula which was Six in an Ounce were Coin'd to the same proportion Afterwards the Denarius was Coin'd to Seven in an Ounce and after that to the Weight of a Drachma which is Eight in an Ounce And the lesser parts as the Sestertius Sextula c. were abated in proportion Their Gold Money was also from time to time Raised Those Pieces called Solidi Aurei which were at first Coin'd to Forty Eight Pieces in the pound were at several times Rais'd And in the time of Iustinian the Emperor were coin'd to Seventy two Pieces in the Pound The Romans did not only Raise the Value of their Money by Coining of it Lighter but they did also Raise it by putting in an Allay which they did at several times and by several proportions And in the time of Livius Drusus the Allay was so excessive that the mixture was Eight Ounces Copper and Four Ounces fine Silver in a Pound Troy This base Money created a disturbance amongst the People which was the occasion of that saying in Tully's Offices Iactabatur enim illis Temporibus Nummis Vt nemo sciret quid haberet in Pecunia Whereupon Marius Gratidianus being Triumvir Monetae cudendae brought in an Ordinance for the Calling in and Regulating this Money for which he was in great Efteem amongst the People This is sufficient to shew that the Raising the Value of the Money is no late Invention In these Latter Ages all the Kingdoms and States of Europe have from time to time Rais'd the Value of their Money is very plain In France the Ounce of their Standard Silver which is the French Crown was at first divided in Sixty Sous afterwards the Crown was rais'd to Sixty five and of late to Seventy two Sous And the New Crown was from time to time made Lighter that is the Pound Troy which contains Twelve Ounces was at first divided into Twelve Crowns and afterwards into Thirteen Crowns and of late into Fourteen Crowns and almost an half And there are Old Crowns still current in France that have the Stamps upon them which shew how they have been several times Rais'd The Ounce or Dollar of the United Provinces was at first divided into Thirty six Stivers afterwards Rais'd to Forty and since higher tho' they have another way of Raising their Money which is by adding a greater Allay The Ounce or Rix-Dollar of the Emperor which was at first Coin'd at Fifty Crutzers was Raised to Fifty five and after that to Sixty In Spain and Portugal every Merchant knows that has Traded thither that the Values of their Monies have been several times Raised In England from Osbright the Saxon King till Edward the Third the Peny was a Peny weight of fine Silver and the Pound was a Pound Troy Weight of fine Silver He Rais'd the Value of the Money by putting Eighteen peny Weight of Allay into the Pound Troy And Mr. Lownds in his Report containing an Essay for the Amendment of the Silver Coins has given a very exact Account since Edward the Third's Time taken from the Records of the Mint how the Money of England has been from time to time Rais'd By which it appears that the Silver Peny which in the beginning of his Reign weigh'd a Peny-Weight there being then but Twenty pence in an Ounce has been by Degrees in several Kings Reigns Coin'd lesser and lighter and the Ounce has been divided into Twenty five pence Thirty Thirty seven pence halfpeny Forty five pence And in the beginning of Queen Elizabeth's Reign the Crown or Ounce was divided into Sixty pence And in the latter end of her Reign into Sixty two pence The Standard and course of the Mint has continued to this time without any alteration except what was made by an Act in the Reign of King Charles II. which gave away the charge of Coinage being Two shillings in the Pound Troy advantage for an incouragement to those that brought Bullion into the Mint which rais'd the price of Bullion to the Nation instead of raising the Value of the Coin The several States and Princes of Italy have Rais'd their Coins and if it were necessary it might be easily prov'd that there is not one Mint in Europe that has been of any
continuance but has Coin'd their Money lighter then they did at the first beginning of their Coinage The way of raising the Value of the Money is not in all Countries alike In the Vnited Provinces Flanders Germany and the Northern parts of Europe it has been usually by putting in a greater Allay and making of it a little courser and a little lighter The Standard of the Vnited States was at first Nine Ounces and an half fine Silver and Two and an half Allay in the pound Troy But since by degrees their Standard has been brought to Nine Ounces fine and Three Ounces Allay And likewise their new Dollars have been Coined lighter so that the old Dollars that went before at Six and thirty Stivers were rais'd to Forty And the same might be observ'd in all the rest of the Mints of Flanders Germany and the Northern parts In Italy France and England the way of raising their Coin has been generally by keeping the old Standard for fineness and only by altering the weight from time to time Coining their New Money lighter as they had occasion to raise the Value of their Money In Portugal and Spain the usual method of raising their Money has not been by altering their Standard either in fineness or weight but by giving a Rise to their Money by a Computation made from the Value of the Copper Money that is a Riall of Eight which in Spain was formerly of the Value of Three hundred and seventy Malvedies was raised to pass currant for Four hundred Malvedies which is their Copper Money and so higher from time to time And the same is to be observ'd in Portugal They raise the Value of their Money by their Reas which is their Copper Money And the Ducat or Crusado that us'd to pass for Four hundred Reas has been rais'd to Four hundred and fifty and higher The usual Proportion of Value that Princes and States give to their Silver and Gold Money when they Raise the Value of them is generally betwixt Ten and Fifteen per cent above the Market-price of Silver and Gold The French Crown was Raised from Sixty Sous to Sixty five which is about Ten percent And about three or four Years since the Crown was Raised to Seventy two Sous which is near Fifteen per cent The Rix-Dollar Coin'd at Fifty Stivers was Raised to Fifty five Stivers and since to Sixty which is about Ten per cent The Kings of England have Rais'd their Money from Twenty to Twenty five Thirty Thirty seven c. whch is after the same proportion as the Emperor the French King and other Princes and States have done The Dutch raise the Value of their Money by adding a greater Allay as has been observ'd which is less taken notice of and so does not disturb the minds of those persons who think the value of Money is solely from the quantity of fine Silver in each piece The Reason why Princes and States do observe to give no greater Proportion of Value to their Money when they new raise it than betwixt Ten and Fifteen per cent above the currant price of Bullion is to prevent counterfeiting For tho' there are Laws in all Countries with severe Penalties to prohibit the counterfeiting of Money yet none are kept and observed where there is great Profit to be got by breaking of them And no persons will counterfeit the Stamp and make the Money the same both in weight and fineness for only Ten or Fifteen per cent Profit For they must Coin a great quantity to make their Profit considerable if they make the Money of the same weight and fineness it will not be One hundred and forty pound clear Profit in Coining of a Thousand pound at Fifteen per cent because of the charge of Coinage And none but the rich man can vent a great quantity and he 'll not hazard the loss of his Life and Estate for such small Gain The poor man cannot attempt it because he can neither get Bullion to Coin nor vent a quantity after 't is Coin'd And why should any man venture his Life for such small Profit when every Merchant and Tradesman gets more without any such hazard Therefore those that coin false Money counterfeit the Metal as well as the Stamp to make it profitable But then it is much easier discovered and they are often punish'd with death For they must counterfeit the weight colour and size of the Piece as well as the Stamp which is much more difficult than only to counterfeit the Stamp So that the Princes and States may as safely coin their Money Ten or Fifteen per cent above the price of Bullion without danger of counterfeiting as if they should coin it exactly to the Market-price The Reason why the Princes and States when they have rais'd the Value of their Money have not coin'd it nearer to the price of Bullion than about the difference of Ten per cent is to avoid the too often raising the Value of their Coin which when ever it is done is apt to create some little murmur and discontent amongst the People And if they should coin it near the Value they would be forced to raise their Money as oft as Silver rises in its price above the Value of the Coin which would be every Five or Ten Year whereas by raising of it betwixt Ten of Fifteen per cent they have not usually rais'd it but once in Fifty or Threescore Years As to instance from Edward the Third's time to Queen Elizabeth which was betwixt Two hundred and fifty and Three hundred Years from the first raising of the Money from Twenty pence in an Ounce of Silver to Threescore pence is betwixt Ten or Twelve per cent for every Fifty Years And the like might be observ'd if it were necessary in all the Mints of Europe In the Reign of Edward VI. when there was so great an Allay put into the Money as rais'd it to Forty or Fifty per cent profit above the price of Silver there were Barrels of counterfeit Money seiz'd at the Custom-house that were sent from Foreign parts The knowledge of that created so great a jealousy and disturbance in the minds of the People that scarce any Money would pass for fear of receiving that which was counterfeit For the knowledge of the goodness of Silver is a Mystery that few are acquainted with and when there is so great an Allay put into the Money those that counterfeit may make the Metal as good if not better than the true Money because there 's profit sufficient by only counterfeiting the Stamp And that may be so well imitated as not one in a thousand may discover the difference betwixt the true and the false Stamp And tho' the Metal may be as good or better than the true Money yet it being counterfeited it 's none of the Government 's Money And wanting their Authority by which it is made currant no man is oblig'd to take it and therefore
raise and keep up their money above the price of Silver and Gold for there will be the same quantity of Silver and Gold in the Country tho' the money be lighter And the difference will be only that there will be more in every man's House and less in his Pocket And the money will have the same Value tho' the impressions be less because it has its Value from the Authority of the Government Just as if the Ingraver should cut the impression of the Great Seal less it would not alter the Authority of the Seal This may be sufficient to prove That the Ordinary Cause of Raising the Value of the Money is from the Rise of Bullion which will always continue in Europe as long as the Inhabitants grow rich by Trade The Extraordinary Cause of raising the Value of money has been the Extraordinary Occasion for it When Princes and States have been engag'd in great Wars and wanting money they have sometimes rais'd the Value of it to increase it and make it last longer In such Cases they have not observ'd the usual Bounds and Limits of raising the Value of money Ten or Fifteen per cent above the Market price of Bullion but have greatly exceeded it to Thirty Forty Fifty per cent and more But then in all such Cases as soon as those extraordinary occasions were over they have call'd in such money as has been so greatly rais'd and reduc'd the Value of it to its usual Bounds In the first Punick War the Romans wanting money rais'd the Value of the As which was their Brass Coin to six times more in Vâ—lue than it was coin'd at it weighing at first twelve Ounces and afterwards but two And again wanting money Hannibal pressing hard upon the City they increased their money by coining the As to an Ounce And the third time Papirius raised the money to double its Value by coining it at half an Ounce They also rais'd their Denarius which was their Silver money in proportion By which they carried on the War against the Carthagenians and suppli'd themselves under great Necessities and want of money Livius Dâ—usus also greatly rais'd the Value of the Silver money by putting in a great Allay But these excessive Rises were afterwards regulated and reduc'd by Marius Gratidianus In the Wars betwixt England and France Harry the Fifth having conquer'd great part of France Charles the Seventh rais'd the Value of the French money in six Years time from Eight Livres Nine Sols the Mark by degrees to Three hundred and sixty Livres the Mark which was rais'd in that time above Forty times the Value And as those that write of the Mints of France observe 't was the chief means by which he expell'd the English out of France But as soon as ever the War was over he reduc'd the money to Seven Livres Ten Sols which was within the usual Limits of raising the money At the same time Harry the Fifth raised the money of England from Twenty five shillings in a Pound weight to Thirty And Harry the Sixth his Son the next Year rais'd it to Thirty seven and six-pence so that it was rais'd a third part more in Value in two Years time than it had been ever since the Twenty seventh of Edward the Third And in the Fourth Year of Harry the Sixth after Charles the Seventh had reduc'd his money he lower'd the English money again to 30 s. When Harry the Eighth alter'd the Standard of England and extraordinarily rais'd the Value of the money by putting in a great Allay which alteration at first was by putting in but two Ounces Allay to ten Ounces of fine Silver afterwards six Ounces and at last eight Ounces Allay to four Ounces of fine Silver By which in three Years time he rais'd the Value of the money above three times higher than it was before but it was when he had spent his money in the War of Bullen And the Nation was never at peace and quiet in their Commerce and Traffick till the Value of the money was reduc'd within its Bounds which was begun by Edward the Sixth and finish'd by Q. Elizabeth These are the Extraordinary Causes of raising the Value of money to supply Extraordinary Necessities which have no sooner been over but the Value of the money has been reduc'd within its usual Limits For if the Rise had been continued the Mischiefs would have been greater than the Advantages they receiv'd by raising it so high And there can be no Rule or Measure taken of the Value that the money may be rais'd to from such Presidents but only from the ill effects in continuing it The Effects of Raising the Value of the Money are That it increases the species of the Money and preserves it in the Countrey where 't is Coin'd If the English Crown were Rais'd to Six shillings or Coin'd in such a proportion lighter there will be a Sixth part more Money in England than if it be Coin'd to the old Standard And if the Money be Rais'd above the price of Bullion it will not be the Interest of Goldsmiths and Merchants to melt it down From both which Effects a Nation receives great Advantage Mr. Lock is of a contrary opinion and thinks that the Raising of the Money will produce Two great Mischiefs viz. That the Raising the Value of the Money will Raise the Value of all Commodities That the Landlords and Creditors will lose just so much in their Rents Bonds Debts and Contracts as the Money is Rais'd These are the Two great Objections that are commonly us'd in all Debates about Raising the Value of the Money and are grounded upon this supposition That the Value of the Money is solely from the quantity of Silver in each piece and that 't is the quantity of Silver that in Buying and Selling Men give take and contract for So that if there be less Silver in the Money men will have less Goods for it and just so much as the Money is Rais'd in Value the Goods will Rise And the same Consequence will be if the Landlords did let their Land according to the quantity of Silver in the Money they will lose just so much Rent if the Money be Rais'd as it has less Silver in it And so will the Creditors in their Bonds Debts and Contracts But if it appear by what has been said on this Subject and that Mr. Lock is mistaken in his supposition That the Money has its Value from the Authority of that Government where it is Coin'd by which it is made Current and Lawful Money And that 't is the Current and Lawful Money of England that men contract and sell their Goods for and in their Bonds and Leases Covenant to pay Then there will be no such ill effects from Raising of the Old Money and Coining the New Lighter And if it be true That the Plenty or Scarcity of all Commodities in respect to their occasion makes them Cheaper or Dearer And that
A DISCOURSE Concerning Coining the New Money lighter IN Answer to Mr. Lock 's Considerations about raising the Value of Money By NICHOLAS BARBON Esq LONDON Printed for Richard Chiswell at the Rose and Crown in St. Paul's Church-Yard MDCXCVI PREFACE THIS Question Whether it is for the Interest of England at this time to New-Coin their Clipt-Money according to the Old Standard both for Weight and Fineness or to Coin it somewhat Lighter has been of late the business of the Press and the common subject of Debate And since there has been so much wrote and said Pro Con about this matter and yet Gentlemen continue still unsatisfied and of different Opinions I could not hope from any thing I might write to have better success and therefore did not intend to appear in Publick in this Controversy Tho' I had the same reason which is given for answering Mr. Lowndes that is that by my silence I might seem to renounce my own Opinion having some time since wrote a Discourse of Trade wherein the definition of Money differs from what Mr. Lock asserts But having consider'd the fatal consequence of coining the Money by the old Standard and that it was not necessary that those Argumeuts that should be offered to prevent it should wholly convince those that are of the contrary Opinion but that they would have the same success if they did but create a Doubt It seeming very reasonable that Persons in Doubt of their own Opinion in this Controversy might be persuaded to consent to the trial of the contrary not only that they might thereby discover the Truth but because by the Experiment there appears so plain an Advantage as the multiplying the species of the Coin and saving the Nation near a Million of Money in a time when they are engaged in so chargeable a War I was therefore encouraged in hopes of such success to offer my Reasons for raising the Value of the Money to Publick Consideration that they might be the better weigh'd and examin'd and at the same time to answer Mr. Lock 's Objections to the contrary which both from the Reputation of the Person that writes them and the Reception they seem to have had from great Personages before they were published are of greatest force in this Debate That which seems to be the greatest difficulty in clearing this Controversy is That it being about a matter where Profit accompanies the decision of it Gentlemen are jealous of the Arguments lest they should be biass'd by private Interest and so run contrary to the Truth which lessens the force of the Arguments that are used in such Debates But this is an equal Objection to the Reason on both sides For as the raising the Value of the Money may be profitable to those that have Interest in Banks having great Cashes in Old Money so on the other hand the Coining of the Money to the Old Standard may be as profitable to Banks by melting of it down and if there be any difference of Advantage it must be to the latter Because besides the Profit by melting Nothing can be of greater Advantage to Banks than scarcity of Money when men will be glad to take a Bank-Note for want of it And on the contrary nothing can be more disadvantageous to Banks especially to those young in Credit than plenty of New Money when the Money may be sooner told than a Note writ so that if I were to consider my private Interest I ought to be of the contrary Opinion to that I argue for And therefore I hope I shall be believ'd when I declare that I have no other design in writing this Discourse than the service of my Countrey and I have the same Candor to believe it of those that have wrote for the contrary Opinion and that Mr. Lock and I do in this agree tho' in our Arguments we differ For I cannot believe that any Person for his own private Interest will argue for the Coining the Money by the Old Standard when the Consequence of it in my Opinion will be so fatal to his Countrey which will be no less than the want of the species of Money a stop of Trade and a general Complaint and Poverty all over the Nation I have followed the same Method in answering Mr. Lock as he has used in answering Mr. Lownds which is by laying down several Propositions contrary to Mr. Lock 's and from thence to argue and shew wherein his are mistaken I have chose rather to sum up the chief substance of his Arguments for the sake of Brevity than to recite his sense in his own words And if in any place I have mistaken his sense I do beg his pardon and do assure him that it was not wilfully but for want of right understanding of it For I have the same design as Mr. Lock That Truth betwixt us might appear and therefore shall use his own words That I shall think my self oblig'd to him or any one else who shall shew me or the Publick any material mistake in any thing I have here said whereon any part of the Question turns The want of leisure from other Affairs might very well have been pleaded for not writing in this Debate But if it may be allow'd me for an Excuse in not writing so well on this Subject as the weightiness of it might require either in respect of the Stile the Method of arguing or the omission of several things to the clearing the Controversy I shall not think my time ill spent especially if any thing that I have wrote may tend to the service of the Publick THE CONTENTS OR CHIEF SUBSTANCE of Mr. LOCK's Book THAT Silver is the Instrument and Measure of Commerce by its Intrinsick Value The Intrinsick Value of Silver is the Estimate which common consent hath placed on it Silver is the Measure of Commerce by its Quantity which is also the Measure of its Intrinsick Value It is the Quantity of Silver men give take and contract for that they Estimate the Value of other things by and give and take in exchange for all other Commodities That Money differs from Vncoined Silver only in this That the Quantity of Silver in each Piece is ascertained by its stamp which is set there to be a Publick Voucher for its Weight and Fineness That the Par of Money is a certain number of Pieces of the Coin of one Countrey containing in them an equal Quantity of Silver to that in another number of pieces of the Coin of another Countrey That plenty of Money in a Countrey is only made and preserved by the Ballance of Trade From these Propositions Mr. Lock argues That it will be no Advantage to raise the Value of the Money but a great Loss to all the Creditors and Landed Men of England For Bullion or Vncoined Silver having an Intrinsick Value can never rise nor fall And money differing only from Silver in this That the Stamp ascertains the weight and
agrees this Consequence and in Page 21 allows Gold and Lead and other Metals to be Commodities of uncertain values and therefore cannot be the Measure of another value but it do's not appear to me why he has separated Silver from Gold which in all Discourses us'd to go together or why that should not be a Commodity as well as other Metals which had he pleas'd to have allow'd would have much shorten'd the Debate What Mr. Lock means when he says that the Intrinsick Value of Silver is the Estimate that common consent hath placed on it I do not well understand therefore must be excused if I do not well answer it If he means that the Estimate that Common consent hath placed on Silver that Mankind have agreed to set a certain and fixt Price upon Silver he ought to have given account how and when they made such agreement I must confess I never hear'd of any if there was any such it must be lately For there is no Goldsmith that has been any considerable time at his Trade but has bought the same Sterling Silver for Four Shillings Eight pence Four and Ten pence and Five Shillings per Ounce for which he has given Five and Eight pence Five and Ten pence and Six shillings per Ounce If he means by the Estimate that Common consent hath placed on Silver That all Governments have agreed to make their Silver Monies equal both for Weight and Fineness that too will prove a mistake For the Silver Coins in all Governments in Europe have been at one time or other raised and alter'd and they never did agree in equal Quantities of fine Silver as will be shown in the Discourse of Money and the Par of the several Coins That which I have endeavour'd to prove in this Discourse of Riches and the Value of Things are these Five several Maxims which I have here set together because I shall have occasion to make use of them hereafter viz. 1. That nothing has a Price or Value in it self 2. That the Price or Value of every thing arises from the occasion or use for it 3. That Plenty and Scarcity in respect to their occasion makes things of greater or lesser Value 4. That the Plenty or Scarcity of one Commodity do's not alter the Prices of other Commodities which are not for the same uses 5. That in Trade and Commerce there is no difference in Commodities when their Values are equal that is Twenty shillings worth of Lead or Iron to some Merchants is the same as Twenty shillings in Silver or Gold Of Money and the Par of the several Coins MR. Lock says pag 22. That Money differs from Vncoin'd Silver only in this That the Quantity of Silver in each piece of Money is ascertain'd by the Stamp it bears which is set there to be a Publick Voucher of its Weight and Fineness That it is the Quantity of Silver Mankind give or take or contract for that they estimate the value of other things and satisfy for them and thus by its Quantity Silver becomes the Measure of Commerce The Question betwixt us here will be Whether Money has its sole Value from the Quantity of Silver in each piece of Coin Or whether Money has not some Value from the Authority of the Government where it is Coin'd above the Value of the Silver in each piece For the better answering this Question it will be necessary to discourse in general of Money and the Par of the several Coins Money is a Value given to a piece of Metal by the Stamp of Publick Authority which is commonly greater than the Value of the Metal that bears the Impression The Value of each piece of Money is known by the difference of the Stamp Size and Colour of the piece Money is commonly made of some Metal but it is more for conveniency than of absolute necessity For the Value arising from Publick Authority it may as well be set to any thing else that is as convenient and can be as well preserv'd from being counterfeited For in several Countries Money is not made of Metals as in some parts of Guiney Money is made of Shells And Mr. Lock observes in India Money is by Yards of Wampompeak And in England it was formerly made of Leather and from thence came the Name of a Hide of Land which did as well describe the value of Land now to say ten twenty or a hundred pounds worth of Land In ancient times in the most civiliz'd parts of the world the Money was made of Copper or Brass It was Four hundred eighty four years before the Romans had any Silver Money and Sixty two years after before they had any Money made of Gold And had but very little of either till they had greatly enlarg'd their Empire And from the Spoils of those conquer'd rich Cities Carthage Athens and Alexandria brought a greater plenty of Silver and Gold into their Exchequer And it always continued scarce in Europe till the discovery of the West-Indies There are now in most Countries of Europe three sorts of Money Copper Gold and Silver Money and they are of equal Value according to what they are stamp'd at The Farthings of England the Duyts of Holland the Deniers of France the Reas of Portugal and the Malvedies of Spain c. do buy and pay for all sorts of Commodities as well as the Money that is made of Silver or Gold And the Merchants both in their Bills of Exchange and in their Accompts do as often reckon by the Copper Money as by the Silver Money And the Computation of the Silver Money is often made from the Value of the Copper Money as in Portugal the Merchant does often draw his Bills of Exchange to be paid in Rials of Four hundred Reas or Four hundred and fifty Reas. And so in Spain he draws his Bill to be paid in Rials of Three hundred seventy two Malvedies or more according to the rise of the Exchange And in Holland some Merchants draw their Bills to be paid by Groats which is a base Money as well as others do to be paid by Shillings For the Value of Money arising from the Authority of the Government if the Authority be the same the Value of the Copper Silver or Gold money must be the same in proportion to what they are set at And Copper being a Metal of lesser Value than either Gold or Silver is much better to make small money of because the pieces are thereby made larger and fitter for use and handling There are more Bargains made with Copper Money then either with Silver or Gold For those Commodities that are bought in great parcels are sold by retail in small parcels for common use and for one Bargain made with Silver or Gold Money there are ten made with Copper Money Five or Ten Quarter of Wheat which may cost Five or Ten Pound in Silver Money at one Bargain is divided into Twopeny Peny and Halfpeny Loaves
and afterwards bought perhaps by a Hundred persons and paid for by the Copper Money of the Countrey And there are but few Bargains that can be made without the use of some Copper Money to make the Sum even All Sums here in England between Sixpence and Twelvepence are made up with Farthings and Halfpence This shews Mr. Lock 's mistake where he says That 't is by the Quantity of Silver men give or take or contract for that they Estimate the Value of other things and satisfy for them c. For the Baker the Grocer the Coffee-man and all the Retailers sell great quantities of Goods for the Copper Money wherein there is not one grain of Silver and yet they are as well paid and satisfied for their Goods with such Money as the Farmer or Merchant of whom they first bought those Goods are with the Silver Money For the Copper Money may be Coin'd as near to the Value of the Copper as the Silver or Gold Money may be to the Value of the Silver or Gold and the Authority of the Government that makes them all current being the same all sorts of Money must be of an equal Value according to what they are Stamp'd at For the nature of the Metals can make no difference if the Values be equal That being done only by proportioning the quantities of the Metals in each piece of Money to their different Values For instance supposing Copper to be at Twelvepence a pound and Silver to be at Three pound per pound an Ounce of Silver which is Five Shillings is equal to Five pound of Copper And there being Threescore pence in Five Shillings and Threescore Ounces in Five pound an Ounce of Copper being a piece of money about the bigness of a Crown in Silver is equal to the value of a Penny in Silver and an Half-penny being half an Ounce and of the size of Half-acrown is equal to an Half-penny in Silver If it had been the Quantity of Silver that Men take and contract for Men would have made their Bargains by the weight of Silver and not by the tale of money For Silver is as well divided for Traffick by weight as money is divided by number and there would be no occasion for Coining For it is as easy in making of a Bargain when the Question is ask'd What shall I give or what will you take for such and such Commodities to say I will give or take so many Grains Penny-weight Ounces or Pounds of Silver as to say that I 'll give or take so many Pounds Shillings Pence or Half-pence But Silver being a Commodity for other Uses besides the making of money and according to the Plenty or Scarcity to supply those Occasions is dearer or cheaper therefore money was invented which by Publick Authority sets and fixeth a certain value to each piece of money and it is that which men give and take by tale and number of the pieces in exchange for all other Commodities without regarding the weight and quantity of Silver in each piece And if a man should offer to buy Goods in the Market by saying I 'll give so many Grains Ounces or Pounds of Silver he would be presently ask'd What is Silver worth an Ounce and would be no more understood by Mr. Lock 's answer That an Ounce of Silver is worth an Ounce of Silver than if a Country-man in a market being ask'd What is Corn worth a Bushel should say 'T is worth a Bushel of Corn. And yet if Mr. Lock 's definition of money be true That it differs from uncoin'd Silver only in this That the Quantity of Silver in each piece of money is ascertain'd by the Stamp it bears which is set there to be a Publick Voucher of its weight and fineness there can be no other Answer given to know the value of Silver by For if the Stamp to a Crown-piece which is an Ounce of Silver be set only to describe its weight and fineness if any man be ask'd the Question What Silver is worth he can mean no more when he says 'T is worth a Crown an Ounce than that an Ounce of Silver is worth an Ounce of Silver so that by his description of money no man can describe the value of Silver But that Mr. Lock is mistaken in his definition of money will appear more plainly by discoursing of the Par of the several Coins He says That the Par of Monies is certain number of pieces of the Coin of one Country containing an equal Quantity of Silver in another number of pieces of the Coin of another Country This is a general Opinion and therefore it is no wonder to find it here asserted by a Gentleman who I suppose is only acquainted with the Speculation and Theory of Foreign Coins when many Merchants and Traders whose business it has been to know the practick part and the difference of the value of the several Coins are of the same Opinion And yet if it be but consider'd it will be found to be a vulgar Error and that the Par of money is made by computing the Valuation that the several Governments set on their Coins which is not from the equal Quantity of Silver in each piece of money For there is scarce two Mints that agree in the Standards of their Coin The Standard of Spain is Eleven Ounces Four-penny weight fine in a Pound Troy Mexico Eleven Ounces Three-penny weight Ten Grains England Eleven Ounces Two-penny weight France Ten Ounces Ten-penny weight Holland Nine Ounces And the same difference might be observ'd in all the other Mints of Europe Besides The Pound Troy is divided into a number of pieces differing in their weight and that no two Mints divide their money alike That in most pieces of money the very Grains of Silver are divided in some a tenth thirteenth fifteenth twentieth part of a Grain and more and that there is scarce any one piece of money without Fractions of Grains of Silver so that in those very Coins that are nearest in value by computation it will be found altogether impracticable for any Merchant to keep an account of the Par of the several Coins by the quantity of Silver in each piece of money It would puzzle a good Arithmetician to state the difference of the Grains of Silver in those pieces that seem most to agree as to Instance It is no easy matter to number the difference of Grains betwixt those Pieces of Eight that of Mexico and Spain with the Pound Troy being both divided into thirteen pieces and an half It is much more difficult to examine the difference of the grains of silver in such pieces as the Sixpence of England the Riall of Spain the Shilling of Holland with other Coins about that value But if the difference of the Grains with the innumerable Fractions of Grains be examin'd in the Stivers of the Low-Countries the Souz of France the Crutizes of Germany with the Silver Pence of England and
the Accompt of the Custom-House Books and us'd to give for Instance the French Trade because the Revenue that arose from those Duties on French Wines and other Commodities that were imported were so much greater than the Duties on those Goods that were sent into France and therefore us'd to cry out very much against the French Trade Tho' perhaps if that were throughly consider'd the French Trade was as profitable to the Nation as any other Foreign Trade which might be made to appear if it were proper for this Debate But to make up the Balance of Trade by the Custom-House Books is a very uncertain way of reckoning For all Foreign Goods that are imported pay a greater Duty than the Native Goods exported 'T is the Interest of all Trading Nations to lay easy Customs if any upon their Native Commodities that they may be sent cheap to Foreign Markets and thereby encourage both the making and exporting of them And to lay high Duties upon Foreign Wares that they might be dear and so not lessen by their cheapness the consumption of the Native Commodities So that there can be no Computation of the Balance of Trade from the difference of the Sum of Money that 's paid at the Custom-House for the Foreign Goods imported and the Native exported But suppose there should be an Allowance made in casting up the Accompt for the greatness of the Duties that the Foreign Goods pay more than the Native yet that can be no advantage in the discovering the Balance of Trade because they cannot discover by the Custom-House Books what the Native Goods that are exported are sold for For the Balance of the Trade must arise from the Value of the Goods that are sold and not from the Quantity that are exported or imported And that 's known only to the Merchant that sells the Goods and 't is not for his Interest to acquaint others with it and thereby discover the Profits of his Trade So that there can be no finding out the Balance of Trade by the Custom-House Books Some are of the opinion that the way to find out the Balance of Trade is by the Foreign Exchange And they reckon that if the Exchange run high upon a Nation 't is a sign that there are more Foreign Goods imported than there are of the Native exported and therefore there are Bills of Exchange drawn to answer the Effects and make up the difference in the Value of what the Native Goods were sold for less than the Foreign This seems to be the nearest way of guessing of the Balance of the Trade of a Nation but this is altogether as uncertain For Exchanges rise and fall every week and at some particular times in the year run high against a Nation and at other times run as high on the contrary As against a Vintage a great Mart or some Publick Sale the Exchange may run higher to Bourdeaux Francfort or Holland upon an East-India Sale And at other times the Exchange may have run to the same places as much on the contrary for no Exchange can constantly run high against a Nation for then the Merchants that trade to that Country must always lose by their Trade For if the Goods that they export don't yield them as much profit as the Goods they import they must lose by the Return And it cannot be suppos'd that Merchants will always Trade to a Country where they must always lose by Trading therefore there can be no account of the Balance of Trade by Foreign Exchange As to the rise of the Exchange betwixt Holland and England that 's not to be reckon'd as a Rule because of the extraordinary charge of the War at this time But if there could be an account taken of the Balance of Trade I can't see where the advantage of it could be For the reason that 's given for it That the Overplus is paid in Bullion and the Nation grows so much the richer because the Balance is made up in Bullion is altogether a mistake For Gold and Silver are but Commodities and one sort of Commodity is as good as another so it be of the same value An hundred pounds worth of Copper is as good to a Merchant as if he imported an hundred pounds worth of Silver and he may get as much by it Besides some Countries have no Gold and Silver and yet the Trade to these Countries may be as profitable to the Merchant and Nation as to the other Countries from whence they fetch the Gold and Silver as the Trade to Denmark and Sueden and the Northern parts of the World from whence they fetch Pitch Tar Hemp and Timber is as profitable to England as the Trade to Spain from whence the Merchant fetches the Bullion tho' those very Goods Pitch Tar Hemp c. are bought for the most part with the Bullion that 's brought from Spain For all Merchants get by their Trade and if they grow rich the Nation thrives For a Nation grows rich by the Inhabitants growing rich Besides those Goods Pitch Tar and Hemp are more profitable Commodities to England than Bullion because they are Materials for the building of Ships and employ more hands in the working of them after they are imported than Bullion does And the only way to know what sort of Goods and Trade are most profitable to a Nation is by examining which sort of Goods employ most hands by importing and manufacturing For every man that works is paid for his time and the more there are employ'd in a Nation the richer the Nation grows And therefore the importing of unwrought Goods such as Flax Raw-silk Cottons c. and all sorts of bulky and weighty Goods such as Wine Pitch Tar c. are more profitable to a Nation than Wrought-silks Linnens or Callicoes or Gold Silver and Goods of little Bulk in respect to their weight Because the Nation gets the profit by the making of the Raw-silk Flax and Cottons into Wrought silks Linnen and all such things as are made of of Cotton And by the bulky Goods a great profit from their Freight But this Rule all Trading Nations are acquainted with and therefore lay high Duties upon all manufactur'd Goods and a less Duty upon those unmanufactur'd Some upon this Consideration are for prohibiting not only almost all sorts of manufactur'd Goods but several other Commodities because they think they hinder the making and consuming of their own Manufactures and Native Commodities But in this they are under a great mistake and perhaps there is nothing so prejudicial to the Trade of England as the many Laws for prohibiting Commodities or laying too high a Duty which amounts to a Prohibition For by such Prohibition the Trade to such a Country is wholly lost by which the profit that the English Merchant us'd to get by selling the Foreign Goods the profit of the Owners of the Ship for the Freight the profit from the Native Commodities that us'd to be sent in Exchange
Silver in it By this Argument in my opinion they seem to be but young Courtiers and make an ill sort of Compliment to His Majesty by giving a greater Value and Respect to the Metal than to the Effigies of the King when they won't allow that the Stamp and Effigies upon the Coin gives a Value to the money and that the King's Authority makes it currant when all the Coins of his Predecessors were no otherwise made the current money of England but by their Proclamation These are the chief Objections against Raising the Value of the Money which I hope I have fully answer'd and shewn That they are only imaginary Mischiefs But if the Money be not Rais'd the Mischiefs will be real and Consequences very fatal to the Nation For if the money be new-coin'd according to the old Standard it will be certainly melted down and carried away as fast as 't is Coin'd notwithstanding all the Laws that can be made to prevent it and the Nation be left without money The Consequence whereof will be That Trade will be at a stand The prices of all Commodities will fall And a general Poverty and Clamour over the whole Nation ensue For Money is the measure of Commerce And for a Nation to be without money is the same thing as if it were without measures and had neither Yards Scales nor Bushels in the Country without some of which no Bargain can be made In those Countries where the Inhabitants do not live upon Trade but a Country-life every man having always Provisions sufâ—icient to sustain life they may shift without money and barter one Commodity for another But in England where the great Body of the People depend upon Trade and that by selling of such Goods the greatest part of which the People are under no great necessity of having but may shift without and have no way of feeding themselves but â—y the profit of such Bargains they cannot â—ive without money and if there were no money would starve because no persons will â—arter for those Goods that they have no abâ—olute occasion for if they want money Besides the want of money in a Nation will bring down the price of all Commoâ—ities for according to the Consumption of â—l Goods and the occasion there is for 'em â—he price will rise When money is wanting men consume less They are better Husâ—ands and make every thing last longer which lessens the consumption of the Native Commodities and makes the price of them â—o fall and if the price of the Native Commodities fall the Rents of the Land will â—â—nk For the Tenants cannot pay the same â—ent when the Corn and Wooll and other Commodities which are the Product of the and fall to half the Value To conclude There is nothing so much the Interest of the Nation as at this time to raise their Money It will increase the speties of the Coin and save the Nation near a Million of Money now they are engag'd in a chargeable War And if there were no other Reason but this which has been the cause that several Prince and States have rais'd their Money and have found great Success by 't it were an Argument sufficient For if all the money should be new-coin'd to thâ— old Standard it would not produce much above haâ— the quantity of the money before it was new-coin'd And there might be several Instances given beside that of the Romans and French where Princes and States have Rais'd their money in time of War oâ— purpose to increase the quantity of it But not on President where by new-coining of it in the timâ— of War the quantity has been made less Besides There is a greater Reason for Raising thâ— money while the War continues in Foreign Part because during the continuance of the Army iâ— Flanders the Exchange to those places will he high because of the constant occasion to remit monâ—â— to those Parts to pay the Army But if the monâ—â— be Rais'd above the price of Bullion the Dutch 〈◊〉 Flemish Merchants that pay the Bills of Exchange 〈◊〉 Flanders with their money with which the Army 〈◊〉 paid will send for their Effects in Bullion or the Nâ—tive Commodities of England because it will 〈◊〉 more profitable to them if the money be Rais'd bâ—â— if it be not Rais'd it will be more profitable to meâ—â— down the money and send it away than Bills of Eâ—change By which in a short time there will be 〈◊〉 money left in the Nation For the Merchant is paid for the remitting tâ— money at the first making of the Bargain and noâ— ever expected to make an advantage by melting doâ—â— the money of the Country and sending it away Fâ—â— if so the Merchant need not pay for the Bill of Eâ—change But he proposes to have his Return made of his Bill by the Goods and Effects of the Country from whence the Bill was sent and that will be much more for the advantage of the Nation for the Stock of the Nation is perpetual There is a new Crop of Corn and Wooll every Year and the Mines are never to be exhausted And the paying of the Foreign Bills with the Native Stock of the Country which is the usual way that all Foreign Bills are paid can never prejudice a Nation Besides If it were not in a time of War the Silver money ought to be Rais'd because the Foreign Princes have Rais'd their money twice since the Silver money has been Rais'd in England And 't is the constant usage of all the Foreign Princes and States in Europe to set a pretty equal Valuation upon their money above the price of Bullion and to Raise their money much about the same time or else the money of the Country where 't is not Rais'd would be melted down by the Merchants and carried to the Mints of those Countries where it is Rais'd and the Bullion yields a greater profit and so in a short time there would be no money left in that Country The truth of which has been sufficiently shewn from the great quantity of Silver money being above Fifteen Millions that has been melted down since the Silver money was Rais'd in England and there will be the same Consequence if the money be now coin'd to the old Standard because the money is of more Value when 't is melted into Bullion than in Coin Some are of opinion that the way to keep the Silver Money in the Nation is to sink the price of the Gold And would have Guineas brought to Two and twenty believing that the Silver Money will be bought up by the Gold and exported By this way of arguing they must agree that Silver is of a greater Value in another Country or else there would be no advantage got by exporting it And if the Gold be set at Two and Twenty or Five and twenty it won't preserve the Silver because every Merchant and Trader may take the Silver Money by the Sale of his Goods and need not buy it with the Gold And if Guineas be sunk to Two and twenty it will be a severe Loss to those People that have taken them at higher Rates And a damage to the Nation by lessning the quantity of the Coin and by low'ring the price of them may cause them to be exported So that there will be neither Gold nor Silver left in the Nation To conclude this Discourse If nothing in it self has a certain Price or Value If Gold and Silver are Commodities of uncertain Values If Money has its Value from the Authority of the Government which makes it currant and fixes the price of each piece of Metal Then the Money will be of as good Value to all intents and purposes when it is coin'd lighter For the Authority being the same the Value will be the same It will buy as much Goods The Landlord will have as much Rent And the Nation will save a Million of Money at a time when they have so great occasion for it Besides the preventing those fatal Consequences that follow the Coining the Money too weighty As The Loss of the Money Decay of Trade The Fall of Rents And a general Poverty and Clamour all over the Nation ERRATA PReface Page 3. line 21. read Reasons Contents ' p. 5. l. 7. r. of their Rent p. 8. l. 6. r. Exchanging p 9. l. 13. r. by the. p. 13. l. 24. r. as now p. 20. l. 21. 22 r. tho' the pound Troy be in both p. 21. l. 14. r. that is by p. 22. l. 5 6. r. Edward the First p. 26. l. 22. r. quantity of Silver p. 27. l. 13. r. That nothing in it self p. 31. l. 20. r. Containing p. 63. 1. 3. r. nummus FINIS