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hand_n continue_v contrary_a great_a 93 3 2.0833 3 false
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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A55325 Discourse of trade, coyn, and paper credit, and of ways and means to gain, and retain riches to which is added the argument of a learned counsel upon an action of a case brought by the East-India-Company against Mr. Sands the interloper. Pollexfen, John, b. ca. 1638.; Pollexfen, Henry, Sir, 1632?-1691. Argument of a learned counsel upon an action of the case brought by the East-India-Company against Mr. Thomas Sands, an interloper. 1697 (1697) Wing P2778; ESTC R17145 112,364 258

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change_v hand_n with_o great_a gain_n to_o all_o tenant_n and_o debtor_n but_o what_o they_o get_v the_o landlord_n and_o creditor_n must_v lose_v but_o so_o far_o from_o afford_v the_o least_o prospect_n of_o a_o general_a currency_n to_o our_o coin_n or_o any_o advantage_n to_o the_o public_a that_o the_o quite_o contrary_a effect_n may_v be_v fear_v for_o all_o person_n except_v those_o indebt_v will_v then_o find_v it_o difficult_a if_o not_o impossible_a to_o make_v any_o use_n of_o the_o coin_n so_o raise_v if_o offer_n to_o lend_v it_o out_o upon_o bond_n or_o mortgage_n those_o that_o receive_v it_o at_o 6_o s._n 3_o d._n if_o have_v a_o prospect_n fear_n or_o jealousy_n that_o the_o crown_n will_v in_o time_n be_v reduce_v again_o to_o 5_o s._n must_v be_v out_o of_o their_o wit_n if_o do_v not_o agree_v that_o he_o that_o lend_v it_o shall_v receive_v the_o crown_n at_o the_o same_o rate_n again_o of_o 6_o s._n 3_o d._n when_o they_o pay_v it_o back_o and_o if_o endeavour_v 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coin_n to_o its_o former_a weight_n and_o purity_n or_o leave_v it_o to_o the_o mercy_n of_o the_o clipper_n we_o shall_v be_v in_o danger_n of_o be_v drain_v of_o what_o we_o have_v in_o a_o few_o year_n which_o afford_v a_o dreadful_a prospect_n of_o poverty_n and_o insecurity_n trade_n and_o coin_n have_v such_o a_o dependence_n one_o upon_o the_o other_o that_o they_o can_v not_o well_o be_v consider_v distinct_o therefore_o though_o the_o manner_n may_v appear_v confuse_v yet_o the_o matter_n may_v be_v the_o more_o intelligible_a the_o repeat_n or_o interfere_v with_o other_o man_n notion_n that_o have_v write_v upon_o the_o same_o subject_n can_v not_o be_v avoid_v this_o kingdom_n be_v so_o well_o situate_v for_o the_o carry_v on_o of_o trade_n so_o well_o provide_v with_o staple_n commodity_n fit_a for_o foreign_a market_n and_o with_o ship_n and_o seaman_n to_o make_v good_a use_n of_o those_o benefit_n that_o nothing_o but_o a_o long_a supine_n carelessness_n in_o matter_n 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reason_n that_o exchange_n and_o good_n will_v always_o govern_v in_o all_o nation_n proportionable_a to_o the_o weight_n and_o fineness_n of_o their_o coyn._n the_o effect_n of_o the_o raise_v of_o the_o coin_n will_v first_o be_v perceive_v by_o those_o who_o have_v occasion_n of_o money_n by_o exchange_n or_o of_o wrought_a plate_n or_o of_o any_o sort_n of_o bullion_n the_o exchange_n of_o money_n for_o bill_n or_o bill_n for_o money_n between_o nation_n and_o nation_n be_v a_o great_a trade_n of_o itself_o many_o person_n in_o trading_n city_n make_v it_o their_o chief_a if_o not_o only_a employment_n to_o take_v money_n when_o offer_v and_o draw_v bill_n for_o it_o on_o their_o correspondent_o which_o they_o have_v in_o most_o part_n and_o place_n where_o there_o be_v any_o trade_n carry_v on_o and_o their_o correspondent_n to_o reimburse_v themselves_o redraw_v on_o they_o or_o on_o their_o agent_n in_o other_o place_n as_o may_v receive_v direction_n and_o as_o the_o rate_n of_o exchange_n may_v induce_v they_o which_o at_o last_o must_v be_v repay_v by_o the_o first_o drawer_n either_o by_o good_n or_o money_n send_v out_o hence_o or_o by_o the_o payment_n of_o bill_n that_o may_v be_v draw_v on_o he_o by_o which_o trade_n thus_o carry_v on_o without_o buy_v sell_v or_o trading_n much_o in_o good_n they_o usual_o get_v much_o more_o than_o interest_n by_o their_o money_n and_o in_o a_o course_n of_o year_n considerable_a estate_n other_o that_o do_v not_o make_v exchange_n their_o sole_a trade_n draw_v bill_n upon_o many_o occasion_n to_o be_v pay_v out_o of_o the_o product_n of_o good_n or_o money_n send_v and_o lodge_v in_o their_o correspondent_o hand_n for_o that_o purpose_n these_o way_n of_o trade_n by_o exchange_n have_v prove_v of_o so_o great_a use_n in_o the_o carry_v on_o of_o trade_n for_o the_o speedy_a supply_n of_o money_n upon_o occasion_n lessen_v of_o adventure_n and_o get_v quick_a return_v that_o it_o may_v be_v say_v exchange_n be_v to_o some_o trade_n as_o the_o first_o foundation_n or_o as_o a_o pendulum_n to_o a_o watch_n to_o keep_v it_o in_o motion_n and_o be_v so_o have_v a_o great_a influence_n on_o the_o price_n of_o commodity_n which_o will_v always_o much_o depend_v upon_o the_o rate_n of_o exchange_n and_o the_o rate_n of_o exchange_n upon_o the_o weight_n and_o fineness_n of_o the_o coin_n like_o so_o many_o link_n of_o a_o chain_n if_o one_o be_v draw_v the_o other_o will_v follow_v all_o those_o that_o make_v it_o their_o business_n to_o give_v bill_n for_o money_n or_o money_n for_o bill_n know_v the_o intrinsic_a value_n of_o the_o coin_n in_o the_o country_n to_o which_o they_o deal_v and_o the_o natural_a rate_n for_o all_o country_n amount_n to_o give_v one_o hundred_o pound_v weight_n of_o silver_n in_o one_o country_n for_o a_o hundred_o pound_v weight_n of_o silver_n of_o the_o same_o fineness_n in_o another_o country_n with_o as_o much_o difference_n as_o may_v be_v a_o temptation_n to_o the_o banker_n or_o exchanger_n to_o continue_v their_o trade_n more_o or_o less_o according_a to_o the_o distance_n of_o place_n time_n for_o payment_n or_o plenty_n or_o scarcity_n of_o money_n or_o bill_n which_o oftentimes_o make_v it_o considerable_a but_o take_v it_o without_o such_o accident_n and_o consideration_n the_o rate_n be_v a_o hundred_o pound_v weight_n for_o a_o hundred_o pound_v weight_n in_o another_o country_n or_o very_o near_o the_o old_a crown_n in_o france_n do_v former_o answer_v in_o weight_n and_o fineness_n to_o 4_o s._n 6_o d._n of_o our_o money_n the_o exchange_n then_o usual_o go_v at_o 54_o d._n here_o for_o a_o crown_n to_o be_v pay_v in_o france_n the_o old_a shilling_n in_o holland_n answer_v to_o 7_o d._n or_o better_o the_o exchange_n for_o holland_n usual_o at_o 36_o s._n there_o for_o 20_o s._n here_o to_o imagine_v that_o if_o our_o coin_n be_v raise_v one_o five_o part_n here_o the_o exchange_n for_o foreign_a country_n will_v not_o advance_v proportionable_a be_v to_o suppose_v that_o man_n will_v act_v contrary_a to_o reason_n and_o their_o true_a interest_n and_o give_v one_o hundred_o pound_v weight_n of_o silver_n in_o a_o foreign_a country_n for_o eighty_o pound_v weight_n receive_v here_o when_o it_o may_v turn_v much_o better_a to_o account_v to_o they_o to_o bring_v it_o here_o and_o have_v it_o coin_v in_o the_o mint_n as_o for_o instance_n after_o such_o a_o advance_n a_o merchant_n come_v to_o a_o banker_n and_o demand_v a_o bill_n for_o paris_n for_o 100_o l._n and_o offer_v for_o every_o french_a crown_n to_o be_v pay_v in_o paris_n 4_o s._n 6_o d._n as_o the_o price_n usual_o go_v before_o advance_v and_o it_o then_o answer_v in_o weight_n and_o fineness_n to_o our_o money_n here_o if_o the_o banker_n agree_v to_o it_o than_o he_o must_v give_v a_o bill_n for_o 444_o crown_n â…–_n for_o so_o many_o time_n 4_o s._n 6_o d._n will_v be_v find_v to_o be_v in_o 100_o l._n and_o must_v receive_v 320_o crown_n here_o of_o our_o coin_n because_o will_v then_o be_v call_v 100_o l._n which_o he_o will_v soon_o find_v be_v not_o his_o interest_n to_o do_v for_o the_o 444_o french_a crown_n â…–_n bring_v here_o and_o coin_v will_v make_v 400_o of_o our_o crown_n and_o after_o such_o a_o advance_n of_o our_o coin_n will_v produce_v he_o at_o 6_o s._n 3_o d._n per_fw-la crown_n 125_o l._n and_o therefore_o we_o may_v conclude_v bill_n will_v be_v refuse_v for_o paris_n spain_n or_o any_o where_n unless_o the_o exchange_n advance_v proportionable_a to_o the_o coin_n but_o though_o this_o be_v offer_v as_o demonstration_n that_o the_o rate_n of_o exchange_n will_v advance_v yet_o not_o that_o it_o will_v occasion_v the_o bring_n in_o of_o money_n to_o be_v coin_v for_o if_o good_n and_o all_o contract_n in_o the_o way_n of_o trade_n shall_v alter_v as_o be_v suppose_v proportionable_a to_o the_o coin_n than_o his_o 125_o l._n so_o make_v will_v do_v no_o more_o service_n than_o 100_o l._n before_o and_o therefore_o the_o advance_n of_o coin_n no_o temptation_n for_o the_o bring_n in_o of_o bullion_n unless_o for_o payment_n of_o debt_n contract_v before_o such_o advance_n and_o as_o it_o can_v be_v expect_v that_o the_o exchange_n of_o money_n for_o bill_n shall_v go_v on_o at_o the_o rate_n as_o before_o so_o that_o any_o sort_n of_o wrought_a plate_n or_o bullion_n shall_v be_v sell_v at_o the_o same_o price_n for_o how_o can_v it_o be_v imagine_v that_o any_o man_n will_v exchange_v one_o hundred_o pound_v weight_n for_o eighty_o pound_v weight_n of_o the_o same_o metal_n which_o carry_v into_o the_o mint_n and_o coin_v will_v yield_v one_o five_o more_o and_o though_o the_o same_o reason_n can_v be_v give_v for_o the_o advance_v of_o all_o other_o commodity_n yet_o deal_n by_o exchange_n have_v such_o a_o influence_n upon_o trade_n and_o the_o give_v high_a denomination_n to_o coin_n so_o unlikely_a to_o make_v it_o pass_v for_o more_o than_o its_o intrinsic_a value_n according_a to_o its_o weight_n that_o it_o be_v contrary_a to_o reason_n to_o expect_v that_o foreign_a nation_n will_v barter_v their_o commodity_n for_o it_o rather_o in_o proportion_n to_o the_o name_n than_o value_n and_o if_o it_o have_v that_o effect_n with_o foreign_a nation_n as_o may_v be_v presume_v and_o our_o own_o good_n shall_v not_o rise_v also_o proportionable_a then_o will_v prove_v but_o a_o contrivance_n to_o make_v we_o sell_v our_o good_n to_o stranger_n at_o one_o rate_n and_o buy_v of_o they_o at_o another_o the_o true_a intrinsic_a value_n of_o silver_n in_o exchange_n of_o silver_n ever_o be_v and_o will_v be_v a_o ounce_n for_o a_o ounce_n a_o ounce_n coin_v for_o a_o ounce_n uncoyn_v five_o shilling_n of_o our_o english_a coin_n weigh_v about_o a_o ounce_n and_o therefore_o we_o usual_o compute_v a_o ounce_n of_o silver_n worth_a 5_o s._n because_o 5_o s._n coin_v weigh_v a_o ounce_n uncoyn_v some_o little_a difference_n occasion_v by_o the_o alloy_n or_o charge_v of_o coinage_n in_o some_o place_n if_o shall_v be_v cavil_v at_o will_v not_o be_v find_v upon_o examination_n to_o be_v very_o material_a and_o whatever_o denomination_n have_v be_v give_v to_o coin_v money_n in_o any_o country_n to_o raise_v it_o high_o than_o answer_n in_o weight_n and_o fineness_n to_o a_o ounce_n uncoyn_v have_v always_o be_v find_v ineffectual_a in_o all_o deal_n either_o commodity_n will_v advance_v so_o much_o in_o price_n or_o so_o much_o will_v be_v abate_v in_o goodness_n or_o in_o weight_n length_n or_o breadth_n or_o some_o way_n or_o other_o as_o the_o nature_n of_o the_o commodity_n may_v best_o bear_v for_o as_o government_n may_v take_v upon_o they_o to_o alter_v the_o standard_n of_o their_o coin_n so_o the_o people_n
other_o loss_n that_o have_v happen_v by_o banker_n shall_v not_o be_v forget_v but_o though_o it_o may_v be_v a_o question_n whether_o the_o nation_n particular_a person_n or_o who_o have_v get_v by_o the_o paper_n credit_n as_o it_o have_v be_v hitherto_o carry_v on_o yet_o no_o doubt_n but_o if_o some_o such_o credit_n can_v be_v so_o settle_v as_o to_o avoid_v the_o danger_n beforementioned_a will_v be_v of_o great_a use_n for_o if_o a_o banker_n upon_o receipt_n of_o a_o 1000_o l._n give_v his_o note_n and_o that_o note_v circulate_a as_o money_n and_o he_o employ_v the_o 1000_o l._n receive_v which_o it_o be_v probable_a he_o will_v though_o the_o banker_n have_v only_o the_o particular_a gain_n that_o may_v be_v make_v by_o employ_v the_o 1000_o l._n in_o money_n yet_o the_o nation_n may_v reap_v some_o advantage_n by_o have_v the_o 1000_o l._n thus_o double_v as_o to_o use_v the_o note_n may_v pass_v and_o do_v service_n as_o 1000_o l._n and_o the_o money_n as_o another_o and_o 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credit_v encourage_v good_a resolution_n shall_v be_v take_v how_o such_o credit_n shall_v be_v support_v in_o case_n of_o a_o general_n run_v when_o nothing_o may_v satisfy_v but_o every_o man_n get_v his_o own_o money_n it_o can_v be_v pretend_v that_o any_o fund_z or_o security_n can_v be_v more_o infallible_a than_o land_n but_o paper_n credit_n though_o land_n be_v its_o foundation_n if_o intend_v as_o run_v cash_n will_v never_o pass_v as_o money_n long_o than_o money_n may_v be_v have_v for_o such_o bill_n assoon_o as_o demand_v when_o that_o fail_v such_o bill_n will_v fall_v under_o a_o disrepute_n occasion_n clamour_n confusion_n and_o a_o stop_n to_o trade_n and_o payment_n though_o the_o security_n be_v unquestionable_a a_o law_n to_o make_v bill_n or_o tally_n to_o be_v a_o good_a tender_a in_o payment_n or_o to_o pass_v as_o money_n will_v have_v little_a better_a success_n than_o the_o allow_v of_o coin_n of_o different_a value_v the_o force_n will_v rather_o be_v a_o disrepute_n and_o make_v they_o ineffectual_a as_o to_o a_o general_a use_n then_o be_v a_o credit_n and_o create_v opposition_n rather_o than_o facilitate_v the_o take_n of_o they_o bill_n of_o exchange_n from_o foreign_a part_n and_o all_o contract_v make_v afterward_o will_v be_v with_o a_o proviso_n how_o they_o shall_v be_v pay_v in_o what_o coyn._n whoever_o may_v take_v such_o note_n or_o tally_n and_o at_o the_o same_o time_n indebt_v to_o another_o may_v compel_v such_o debtor_n to_o take_v they_o but_o coin_n be_v so_o absolute_o necessary_a for_o some_o use_n and_o so_o desirable_a and_o esteem_v that_o unless_o ready_a money_n can_v be_v have_v for_o such_o bill_n on_o demand_n not_o likely_a shall_v pass_v as_o money_n further_o than_o as_o the_o law_n may_v be_v compulsary_a which_o may_v be_v impossible_a to_o reach_v future_a contract_n and_o therefore_o will_v be_v of_o so_o little_a use_n in_o deal_n as_o may_v not_o probable_o make_v amends_o for_o the_o hardship_n they_o will_v put_v upon_o such_o person_n as_o may_v be_v creditor_n at_o the_o time_n of_o pass_v such_o a_o act._n money_n may_v raise_v credit_n or_o credit_n may_v raise_v money_n and_o our_o put_a ourselves_o in_o a_o thrive_a condition_n may_v raise_v both_o but_o of_o such_o way_n no_o proof_n can_v be_v expect_v but_o as_o in_o all_o case_n where_o nature_n be_v force_v too_o much_o nothing_o more_o likely_a to_o occasion_v the_o hoard_n up_o of_o money_n than_o the_o people_n be_v possess_v with_o a_o fear_n that_o if_o they_o part_v with_o it_o they_o shall_v have_v such_o note_n or_o tally_n force_v upon_o they_o in_o exchange_n of_o it_o for_o be_v they_o can_v be_v convert_v into_o money_n till_o they_o become_v payable_a on_o the_o fund_n on_o which_o they_o be_v issue_v which_o though_o never_o so_o good_a may_v not_o suit_v all_o man_n occasion_n it_o can_v be_v expect_v they_o shall_v be_v willing_o take_v a_o currency_n to_o all_o the_o coin_n we_o have_v and_o the_o coin_n of_o more_o if_o the_o temptation_n for_o bring_v in_o of_o plate_n take_v effect_n and_o our_o put_a ourselves_o in_o a_o posture_n of_o good_a husbandry_n may_v recover_v our_o credit_n without_o which_o such_o dependency_n on_o paper_n credit_n be_v not_o likely_a to_o settle_v trade_n on_o a_o good_a foundation_n all_o man_n that_o have_v estate_n in_o money_n do_v consider_v how_o they_o have_v best_o distribute_v the_o employ_v of_o it_o to_o their_o most_o advantage_n and_o conveniency_n what_o they_o lend_v out_o on_o mortgage_n be_v usual_o such_o part_n as_o they_o intend_v for_o some_o purchase_n or_o for_o child_n portion_n which_o they_o be_v most_o willing_a shall_v continue_v till_o such_o occasion_n call_v for_o it_o what_o they_o lend_v on_o tally_n or_o loan_n to_o the_o government_n they_o foresee_v they_o shall_v not_o want_v till_o the_o time_n allot_v for_o payment_n expire_v what_o they_o do_v not_o so_o dispose_v of_o they_o keep_v for_o their_o expense_n 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be_v worth_a any_o thing_n considerable_a more_o than_o coin_n or_o silver_n of_o the_o same_o fineness_n that_o be_v a_o ounce_n for_o a_o ounce_n can_v be_v from_o any_o natural_a cause_n only_o by_o accident_n and_o therefore_o no_o argument_n for_o the_o advance_v of_o coin_n for_o the_o same_o accident_n may_v probable_o remain_v though_o the_o coin_n be_v never_o so_o much_o advance_v where_o there_o be_v law_n that_o allow_v of_o the_o exportation_n of_o bullion_n but_o prohibit_v the_o exportation_n of_o coin_n as_o now_o with_o we_o when_o great_a quantity_n of_o bullion_n do_v not_o come_v from_o foreign_a part_n to_o exceed_v the_o occasion_n of_o those_o that_o send_v it_o out_o to_o the_o east-indies_n or_o any_o other_o country_n where_o the_o carry_v on_o of_o trade_n or_o payment_n of_o debt_n require_v it_o bullion_n will_v not_o be_v carry_v to_o the_o mint_n to_o be_v coin_v but_o be_v sell_v without_o for_o the_o supply_n of_o those_o trader_n that_o have_v 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may_v be_v preserve_v in_o little_a room_n and_o therefore_o with_o more_o security_n than_o silver_n impossible_a to_o keep_v it_o from_o be_v attend_v with_o some_o little_a variation_n as_o such_o conveniency_n may_v occasion_v which_o those_o that_o have_v it_o will_v take_v the_o advantage_n to_o make_v but_o gold_n be_v not_o so_o serviceable_a to_o a_o nation_n as_o silver_n because_o those_o that_o have_v it_o be_v not_o willing_a to_o make_v payment_n with_o it_o but_o apt_a to_o hoard_v it_o unless_o can_v have_v more_o for_o it_o than_o it_o be_v worth_a which_o make_v it_o rather_o a_o commodity_n to_o trade_n in_o than_o a_o conveniency_n for_o the_o carry_v on_o of_o trade_n and_o a_o part_n of_o the_o dead_a stock_n of_o the_o nation_n if_o the_o gain_v expect_v by_o some_o that_o have_v the_o coin_n now_o in_o their_o custody_n shall_v produce_v a_o combination_n to_o hoard_v it_o up_o in_o hope_n to_o put_v a_o force_n upon_o the_o government_n to_o get_v it_o raise_v though_o may_v prove_v a_o great_a hindrance_n to_o public_a affair_n and_o commerce_n for_o some_o time_n yet_o no_o remedy_n can_v be_v so_o bad_a to_o cure_v any_o such_o evil_a as_o the_o raise_v of_o the_o coin_n not_o only_o in_o respect_n of_o the_o great_a loss_n and_o charge_n that_o will_v attend_v it_o as_o because_o will_v be_v a_o great_a encouragement_n to_o other_o in_o a_o short_a time_n to_o hoard_v it_o up_o again_o in_o hope_n to_o force_v the_o government_n to_o another_o advance_n if_o not_o the_o do_v it_o once_o if_o extend_v to_o debt_n then_o owe_v will_v make_v such_o a_o violation_n upon_o all_o contract_n between_o man_n and_o man_n and_o occasion_n such_o a_o confusion_n in_o our_o coin_n exchange_n price_n of_o commodity_n and_o all_o deal_n that_o what_o have_v be_v do_v already_o to_o regulate_v the_o coin_n will_v prove_v so_o much_o labour_v lose_v and_o put_v we_o back_o ward_n instead_o of_o forward_a for_o the_o species_n of_o both_o gold_n and_o silver_n must_v be_v raise_v not_o one_o without_o the_o other_o which_o will_v add_v to_o the_o loss_n charge_n and_o mischief_n the_o clipper_n have_v bring_v on_o we_o already_o as_o much_o more_o as_o the_o coin_n may_v be_v rise_v therefore_o it_o may_v probable_o be_v much_o easy_a and_o safe_o see_v the_o light_a of_o the_o clip_v money_n be_v take_v in_o and_o most_o new_o coin_v to_o go_v on_o reform_v the_o rest_n of_o the_o hammer_a money_n by_o allow_v a_o reasonable_a price_n to_o encourage_v person_n to_o bring_v it_o into_o the_o mint_n in_o other_o place_n as_o well_o as_o london_n that_o the_o country_n may_v also_o be_v furnish_v with_o new_a money_n by_o the_o new_a coin_n of_o it_o and_o when_o the_o rate_n be_v fix_v for_o the_o take_v it_o in_o to_o be_v coin_v if_o be_v also_o take_v in_o upon_o fund_n and_o by_o the_o receiver_n of_o the_o public_a revenue_n may_v probable_o then_o pass_v from_o hand_n to_o hand_n at_o the_o same_o rate_n by_o weight_n for_o the_o carry_v on_o of_o commerce_n till_o can_v be_v take_v in_o and_o new_o coin_v which_o shall_v be_v with_o all_o speed_n that_o our_o several_a species_n of_o coin_n may_v be_v reduce_v to_o one_o standard_n which_o be_v absolute_o necessary_a the_o raise_v of_o the_o coin_n instead_o of_o conquer_a this_o overgrow_v monster_n which_o have_v so_o much_o endanger_v the_o peace_n and_o tranquillity_n of_o the_o nation_n will_v create_v a_o new_a brood_n of_o mischief_n more_o ravenous_a than_o the_o dam_n and_o be_v rather_o augment_v than_o abate_v by_o limit_v such_o a_o advance_v to_o continue_v but_o for_o a_o short_a time_n or_o to_o be_v allow_v only_o during_o this_o present_a war._n a_o law_n so_o limit_v will_v occasion_v that_o some_o part_n of_o the_o coin_n may_v