time of Augustus And that Kymbelines own Image was stamped upon the Coyn after the manner of the Romans concerning which our Lord demands whose Image and Superscription is this Then he exhibits to us the Coyns of Arviragus and Galgacus British Kings in the time of the Emperor Domitian before which time viz. in the time of Nero Agricola Lieutenant of Nero in Britain had Conquer'd our whole Island and reduced England into the form of a Roman Province which the Romans held under their Yoak and Dominion from that time viz. about Anno Christi 60 until the Reign of the Emperor Honorius about Anno Christi 400. which is the space of 340 years during all which time it appears with clearness our Predecessors the Britains used the Roman Coyns and Money and before the Roman times both Speed and Camden do agree with some Roman Authors that the Britains used no other Money in their Payments but Rings of Iron and some Plates or pieces of Brass If we enquire concerning the Nature of the Roman Money of those Times we may be informed by Pliny in his Natural History Lib. 33. Cap. 3. There he tells us that he could never learn who was the first that by setting a Stamp upon Gold ordained it to pass for Money but he is sure that the People of Rome had neither Gold nor Silver Money stamped before the Victories which they had over Pyrrhus King of Epirus and he knows that in old time of their Government their manner was to weigh out Brass by the As which was a pound weight and thence was call'd As libralis and the Soldiers Wages were so paid viz. by weight and thence called Stipendia and at this day about Anuo Christi 120 he says in all buyings and sellings which pass with warranty the payment passes usually by interposition of the Ballance and that serves to testifie the reallity of the Contract on both parts for the Roman Brass Money it was first stamped by Servius Tullius one of their first Kings before which time it was used at Rome in the Mass or Lump by weight his Stamp upon such Brass Money was the Figure or Form of a Sheep in Latin term'd Pecus and thence proceeded the word pecunia and during that King's Reign the richest Man in Rome was valued not to be worth more in Goods than an 110000 Asses of Brass Five years before the first Punick War the Romans began to stamp Silver Money and then it was ordained that the Silver Denarius should go for ten Asses or pounds of Brass the half Denarius or Quinarius for five such Asses and the Sexterce for two and an half But that Punick War put the Roman Commonwealth so much behind hand that it was Agreed and Ordain'd to raise the value of the Brazen Money by diminishing the weight of it so that whereas before the Ass weighed a pound of 12 ounces now they brought down the Ass to the weight of 2 ounces by which device says he the Commonwealth gained five parts in six and the publick Treasury was by this means soon acquitted of all Debts And when in the second Punick War Rome was greatly distrest by Hanibal and sorely put to it for Money to maintain that War they brought down their later Ass from the weight of 2 ounces to 1 ounce and the value of their Silver Denarius they raised from 10 Asses to 16 Asses the Quinaaius to 8 and the Sexterce to 4 and by this means he says the State gained very near the half but excepts Soldiers Wages wherein the Denarius was to pass but for 10 Asses as before he says There was no Gold Coyned till 62 years after the Coyning of Silver and the Proportion of their Gold pieces was at first of 50 pieces to a pound weight and that Proportion was diminished in weight by little and little till by Nero it was brought to be Coyned at 55 pieces to the pound weight This of Roman Coyns From the Romans departure out of Britain in the Reign of the Emperor Honorius until the Subversion of the British Nation by the Saxons the British Money and Coyn seems to have continued in the same State wherein the Romans lest it These Britains and first King Vortimer called in the Saxons to his Aid against the Northern Men who stood out against the Romans and now pillaged and subdued their deserted Provinces To Vortigern succeeded Vortimer Anno 454. and then Aurelius Vther Arthur c. unto Cadwolloder who bâ—gan to Reign Anno 685. but his Power at that time only reached to the Countrey of Wales the Saxons having driven the Brittains into those Mountains long before that time The Reign of Arthur is by Speed placed to begin Anno 516. and that it extended to 542. at which time he says the Saxons had spread themselves as far as to Tine in the North Anno 578. Vortiporus succeeded King of the Brittains called by Gildas Tyrant of South Wales which Observations have been used for the Collecting a likely Commencement for the establishing the Saxon Government in the Kingdom of England which seems to be soon after Arthur's Death and may be most probably placed about Anno-Christi 550. betwixt which year of Commencement and our own time two Periods seem requisite to be observed the first of them from Anno 550. until the Reign of King Hen. the 3d whose Reign began anno 1216. which is a space of about 660 years and the 2d from 1260. to 1696 the space of 436 years In the first of these Periods we have no such certain Rule to Calculate the value of our Money by as we may find under the second Period but must be forced to Collect upon Inferences the likeliest approaches to the Truth of such values Speed in his Chronicle fol. 225. and 288. says That Cherdeck was the first West Saxon King succeeded by his Son Kenrick and he by his Son Ceoline who began to Reign Anno 561. to him our Author ascribes a Silver Coyn here exemplified that Edward King of the East Angles Coyned Money Anno 616. and Aldolph King of Northumberland Anno 664 and then also Ethelbert King of Kent then Offa of Mercia Anno 758. then Kenwolf of Mercia 794. Egbert the Saxon Monarch Anno 800. Berwulf of Mercia Anno 821. but no more till 872. and then of Great King Alfred 872. then Edward the Elder Anno 901. and thence each King have their Coyns and Stamps annext with their Effigies the most early notice we meet with of Riches amongst them is cited by Speed from Beda viz. That Oswald King of Northumberland about Anno 634. at a Solemn Feast sent to the Poor at his Gates not only the Meat provided for himself but commanded the Charger of Silver wherein it was to be broken and divided amongst them Speed fol. 303. cites Beda again That Oswy King of Northumberland in Anno 643. sued to Penda King of Mercia for Peace and offered him infinite Treasure and precious
Jewels which Penda rejected and Anno 655. Oswy overthrew and killed Penda in Battel Holinshead fol. 113. says That about anno 650. Osunus Brother of Oswald King of Northumberland obtained Peace of Cadwallo by great Gifts of Gold and Silver Fol. 119. says Egbert King of Kent and Oswy King of Northumberland sent Wighart a Priest of good Reputation to the Pope about anno 666. with great Gifts and rich Vessels of Gold and Silver desiring that Wighart might be Ordained Arch-Bishop of Canterbury Speed fol. 227. The Kentish-Men in anno 690. bought their Peace of Ina the West Saxon King for 30000 Marks of Silver this Ina in anno 727. new-built and garnished the Abby of Glassenbury and especially the Chappel with Gold Silver and rich Ornaments as Altar Chalice Censer Candlesticks Bason for Holy Water Bucket Images and all for the Altar so as the Gold therein bestowed amounted to 333 pound weight of that Mettle and the Silver to 2835 pound weight besides precious Gems Embroach'd upon the Celebrating Vestments fol. 313. So Offa King of Mercia anno 775. gave Pope Adrian rich Gifts to make Alban a Saint built him an Abby anno 795. with Revenues to maintain 100 Monks Holinshed fol. 132. he caused his Saints Bones to be put in a rich Shrine adorned with Gold and rich Stones both these Kings went to Rome and gave the Pope Peter Pence of their several Kingdoms which Baker fol. 6. calls the King's Alms enjoyning every one of those Kings Subjects who had in their Houses the value of 20 pence in one sort of Goods to pay a Penny to the Pope There lies before me a Paper of Collections concerning Specimens of the Wealth of England in Silver and Gold in all the times of our present period viz. till the Reign of King Hen 3. but I forbear for brevity-sake to insert them here but will proceed to examining and collect the value and weight of rich Mettles and the Money of those Times The Kings might acquire some Riches and Money but the People paid their Taxes and Fines for their Offences in Cattle or Corn and that there might be more dispatch and less dispute in such Cases a Book of Rates was established amongst them as by the Annals of Dr. Brady fol. 64. they knew the name of skilling and had two sorts of them one sort of two Thrimsas as another of three And this their Book of Rates ordained that a Steer of twelve months old shall be a valuable payment or satisfaction for a lesser Skilling of 2 Thrimsas and a Stter of 16 month's old for a greater skilling of 3 Thrimsas and so a Cow and her Calf for two such Skilling and an half two Plough-Oxen for five Skillings one good Ox for three skillings a Steer of four years old at 2 s. a sound Horse for 6 s. a Mare of Coition 3 s This I take to be some Evidence that the Saxon Money at their first Conquest was counted a pound Troy of twelve Ounces in weight to every pound of their Money so counted in the Expences of Glassenbury and that is somewhat more than three times the weight of our last Money of the heaviest and that the Silver of that time was seven times the value of that Mettle in our time Whence three times seven being Twenty one it seems their Money or Skilling was at least the value of twenty times our present Money and let us examine our quoted Prices by this Rule viz. a Steer of a year old at a Skilling of our twenty or twenty one one sixteen months old at a like rate of the greater Skillings a Cow and her Calf for 2 s. 6 d. comes to 2 l. 13 s. at increase of 21. two Plow-Oxen 5 s. makes 5 l. 5 s. at our proportion a good one 3 s. makes 3 l. 3 s. a sound work Horse at 6 s. makes 6 l. 6 s. a Mare at 3 s. makes 3 l. 3 s. these Rates shew that I am rather short of the value of those times than beyond it And for Corn their Book of Rates set 30 Schessils of Rye 40 of Barley and 60 of Oats each at a like rate viz. each to pass at the value of a Skilling of 3 Thrimsas if we take these Schessils for Pecks here would be 30 Pecks of Rye for 21 s. and Barley at little more than 6 d. a-peck and Oats at a little more than a Groat a-peck whence the proportion of 1 to 21. seems rather too little than too much I cou'd go on and shew that in succeeding times to that of King Alfred who reigned from Anno 872. to 901 the Plenty of Silver increased and its value and esteem fell from 7 times our value to 5 times our value their weight held still the same to be 3 times as heavy as ours but the value was then but 5 times more than ours Whence values of Alfred's Time were to Ours but as 15 to 1 so as a Jurors 40 s. a year then was equal to 30 l. a-year now The Value of Silver went on decreasing as the Mettal grew more plentiful and King Athelstan Grandchild to Alfred who reigned till 940. made a Law that if any one above the Age of 12 years stole above the value of 12 d. he should be attached for Felony This 12 d. was the value of 15 s. in Alfred's time not so at the making of this Law but of about 14 s. and yet still it stands in terminis as a Snare to Jurors who will not hang a small Thief and therefore though it appear clearly that the stolen Goods are worth 5 s. or more they do ordinarily say upon their Oaths that they are worth but 10 d. or 12 d. which stands need of a redress by restoring the old value as other things also do Evidences may be collected of Silvers decreasing in value till the end of our present Period and by what degrees but for brevity we are contented at present to say it did so The pound of Silver in Money still continued the same viz. every pound in Money weighed a full pound Troy or 12 ounces in weight and every ounce of Silver was in the End of King Henry III. 's Reign valued at 20 d. We have taken his Reign for the beginning of our last Period during which we may hope to find more certain Assistances from our Acts of Parliament than we had in the former Period In our way we may take notice that when the Saxons came first into England and prevailed over the Roman Province there the Goths and Vandals settled themselves in Spain the Lombards in Italy the Allemans in Germany the Franks in France and that all those Nations were Nortmans and had one Fountain or Original who brought out of their Common Country much the same or the like Customs one of them to the other also the like weights and usages about their Money a pound Troy of Silver being counted and called a pound of their Money amongst
English money in the Kingdom as far as our warlike Expences will give us leave He says the Debtor or Tenant can have no benefit by it and I say the Creditor or Landlord can have no Loss by it for that each shall pay and be paid so many pounds of lawful money of England without partiality or fraud whatsoever Pag. 50 Speaks much of a difference of buying and paying with old or new money All which if I may advise shall be put out of doors and all the heavy money in England both old and new shall be brought into the King's hands for payment of his Army in foreign parts he providing new and light money and paying the Owner of the heavy money a weight for weight in his new and light money and of an equal fineness viz the finess of Sterling His Pages to 54 are before answer'd Pag. 56. He says 't is impossible that Bullion should sell for a fifth part above the price of coined Silver I say it is no more impossible than that a State which must be destroy'd should be very imprudent or corrupt We read Quos perdere vult Jupiter dementat a State may be so foollish or pursue an interest so far as to set their Coined Money at so a lower rate than they can buy Bullion for again to keep their Mint in going Pag. 58. He speaks of a natural value between Bullion and Coin and that it is every where equal bating the charge of Coinage I wish he had proved it particularly to be so in England Pag. 61. He is again at the Authority of the State That it gives no effective value to Coin but only a bare denomination enough confuted Pag. 64. His Discourses here upon Trade must be apply'd to Foreign Trade Pag. 65. Says sounds cannot give weight to Silver true but the Authority of a State may give value and Power to their Coins as beforesaid and in their own Countries Pag. 69. Goes all along upon his own rate that nothing is really considerable in Money but the weight and that the Authority of the Government is really no more but to give it a denomination which must be a mistake unless it be only intended for Foreign Trade Pag 70. Says If the State may raise the value of Money to so much than why not to ten times so much and where must they stop I say The supream Power of a State can have no stop ab extra but their stop as well as their proceeding lies in their own Discretion and Divine Influence Page 71. The Power that a State hath to make what Money they please currant in their own Countries and at what value and esteem they please hath been sufficiently argued against him Page 73. He denies that the Market price of Standard Bullion ever was or ever can be 5 s. 7 d. of lawful weighty Money the ounce his term of weighty seems to be of little weight in this place and his assertion that Bullion never can be at that rate seems a little exorbitant and if it be not beyond that rate at the present the generallity of People and my self among them are much misinform'd and do desire to be better instructed and somewhat more at large and in a more particular manner Page 74. But I do not accept of a Paper publish'd in 1692. as a convincing proof of the present price of Bullion in anno 1696. Page 76. He seems to affect mistake he knows that the King may transport Money for his occasions and those carry our Money over Sea and yet he says as if he would be believ'd that Bullion must bear a greater price than a like weight in Money because Men are punishable for the Transport of Money but not of Bullion I had almost said teneatis amici here he takes no notice that melting down our Coin is prohibited and punishable by Acts of Parliament Page 79. He shews from Mr. Lownds the constant practice of our Ancestors in making our Money lighter from time to time by Royal and Publick Authority without denying or scrupling the Truth of it and this Table shews the degrees by which our Money was lightened till it came to our present Standard and thence I gather that what hath been done in so many Kings times viz. in six or seven Kings Reigns and divers times in some Reigns to the number of 14 times in all from King E. 2. a thing so often practiced as a remedy upon Exigencies may still be practiced and followed upon the like occasions as warranted by an undoubted series of Examples in this Kingdom Page 80. He wishes that Mr. Lownds had shewed the occasions and effects of such lightening of our Coins I desire he will take pains to shew us that ever it had an ill effect we find it always continued and proceeded without once going back to make it heavier which proves it was always found good for the Nation He says King H. 8. raised the value of Coin four times yet the Nation was not enriched thereby and the like I say may happen in our times it will do fair if it save us from ruin as it might help to do in his time He had often costly Wars in Foreign parts as we now have but never so long and constant as ours yet enough to hinder the Nation from growing rich by all the possible Industry or Caution that could be used and yet I think our Charge is greater at present than ever his was and the lightening of our Money not to be expected to enrich us but if it help to support us that will make it enough desirable Page 81. If our Coin was made heavier in time of King Edw. 6. and this is the only time rara avis in terris and proves alterations of value by the State are Powerful and Effectual far exceeding a denomination or being only a Mark or Token what such a piece of Money must weigh This being done but once in 1000 years and the lightening done 14 times in the space of about 300 years proves it very rarely profitable to encrease the weight of our Money but often and commonly beneficial to lighten it which hath not now been done since Queen Elizabeths time the space of about 90 years during which time our Neighbours have made great alterations both in the weight and fineness of their Moneys Page 82. Supposes or surmises a corrupt practice in the Officers of the Mint but offers no Proofs of it so I pass it as his suspicion and of little moment in the present Dispute Page 83. Mr. Lownds had said That the improvement of value in Money in Edw. 6. time rose by making their Silver finer which was grown very course in the time of King H. 8. Our Author says Let me add or by the quantity lessened in Silver which is the same thing I say they are not the same thing for the fineness of Silver and the weight of Silver are very different things and
be taken which is likely to be effectual to that purpose Then he answers It must be done by a due care of Trade but yet says he If we be never so busie in Trade if still we spend more abroad than we save at home we shall soon become broken Tradesmen and being so Indebted we cannot by all possible means keep our Money in the Kingdom ergo if it can go to Profit abroad it must go and much the faster for that if it cannot go but with some loss to the Receiver it must go too but not so fast nor to all places of our Trade but to those places where our Court and Army must be maintained if as he truly says our spending more abroad than we can save at home will bring us as no doubt it doth to a great scarcity of Money which way soever we turn our selves for a Remedy And that during this War we are driven by necessity to spend for maintaining of our Army and support of our Court in Foreign Countries how shall we confide in the Candor or clear Dealing of our Author who mentions not once in all his Writings that I remember these true and most apparent Causes of our spending more abroad than we can save at home but lays the whole load upon the ill management of our Trade as if the Traders of our Nation were but Milksops and silly Fellows in comparison with his Dutch Favourites and know not how to manage their Trades I hope now he is Authorized amongst other Persons of the noblest Quality to inspect and direct the management of it we shall hear no more from him of the ill success or the defects of it but in his next Writings the Saddle may possibly come to be set upon the right Horse and where now I leave it and therewith close the present Examination of our Author 's Writing concerning our Silver Money But whereas my search into them did before bring me to speak concerning an apparent and great loss which the King's Revenue must needs receive by the lightening of our present Coin and which I did not throughly there prosecute because I would not so much interrupt my intended Examination now that being finished I return to fasten a new Thred to the end of that Discourse ex professo and with design to deliver my Conceptions fully concerning the same That of right and necesity he ought and must be recompenced for that loss I have before concluded and my present Discourse will be de modo of it I have all along distinguished between the divers occasions for the use of Money viz. between our Home occasions and those which we may have for expending it in Foreign Countries and that our lessening the weight of our Money or raising the value and esteem of it will serve such occasions as lie in our own Countrey or Kingdom but will not extend to the use of it in Countries whieh are Foreign to us And therefore in proportioning a supply suitable to the loss which his Majesty may really sustain by the lightening of our Money it seems needful to enquire what proportion of his Majesty's Treasure wust be spent and is spent upon Foreign occasions and in in such Countries I have before exprest a desire to compute the King 's real Revenue at the summ of five Millions per annum and if I shall pretend to guess how much of this is spent in Foreign Countries every one must needs apprehend that I have no known or certain grounds to proceed upon in it but it must pass only for a very random guess I could wish that such Expences would fall within the compass of two Millions per annum and I hope if I shall divide the Revenue into halves and allow one moity to be spent in Foreign Parts that therein I shall not be found to make a sparing allowance The proportion of the King's loss upon this account must be suitable to the quantity by which our Money is lightened which yet no Man hath propounded to be so much as to a 4th part of its weight and yet the better to adjust the computation I do venture to propound an advancement of the King's Revenue to a full 4th part of the summ mentioned viz. of two Millions and an half which 4th part will amount unto the summ of 625000 l. per annum This great yearly Revenue to be raised by new Taxes upon the Kingdom will no doubt seem very much to a little in the Eyes of our examin'd Author and his Associates He computing the King's losses by this means at a larger proportion than that of an whole Million but that grows from his not granting that the State hath the Power of really advancing the value of Money in our own Kingdom an Error maintained by him in both his Writings But I have drawn the account down in as thirsty and frugal a manner on behalf of the Kingdom as I could find ground and reason to do and do humbly sue to his Majesty to be contented with it which Grace if I should obtain yet should I but half have compassed my design for that on the other hand our People groaning under the heavy yoak of many former Taxes may reasonably demand by what Authority I make such burthensome Propositions and who gave it me My answer must be that I act under no other Authority but that of equity and reason imploy'd in support of the Publick Necessities and Charges of the Kingdom and for the safety and preservation of it well but they may reply Can you be ignorant of the vast Charges which we already lie under for the maintenance of this grievous and lasting War And will you now go about to over-charge us again with new Impositions and Taxes on that behalf I confess that I do go about to do so but to the great grief and affliction of my Mind as when a tender Parent or kind Friend orders or procures a Joynt or Limb to be cut off from his Correlative for the support and preservation of the Body Natural Such actions must be done or the Bodies whether Natural or Politick must fall under apparent danger of an utter ruine It passes for an unquestion'd Axiom that of divers evils of suffering Men may and ought in reason to chuse the least as David did when he chose three days Pestilence in the Land our present State seems somewhat suitable we have now the choice of three such great Sufferings i. e. to suffer the weight and fineness of our Old Money still to continue without alteration and upon that account to be coveted by other Nations and so all drained from us as in truth it is in tanto if not altogether Or 2dly To suffer the maintainance of our present War to fail for want of Money absolutely necessary for the support of it Or 3dly To supply the King 's Foreign Occasions for Money with the yearly summ of 625000 l. as hath been propounded or such other
large summ as to Parliamentary Wisdom shall seem convenient and I am apt to affirm that this last sort of suffering by supplying the King with such a large advance of his Revenue is the least evil of the three by some degrees and if I may speak my Judgment freely as I confess I am very apt to do I would sooner chuse to advance the King's Revenue by a whole Million given in new Taxes to him than to continue longer under the raking Consumption of our Money occasioned by the extraordinary weight and fineness of it and because I think it better for the Kingdom I cannot but recommend it to my Countrey-men to be obtained at any supportable charge whatsoever Having thus argued and asserted I might well enough leave the manner of raising this Supply to Parliamentary Wisdom and Practice and so I entirely do naming only two or three Mediums which to me seem proper for the same First It seems the doubling our Tax upon Windows so as every 20 pay 20 s. instead of 10 s. every 10 pay 12 s. instead of 6 s. and the rest pay 4 s. instead of 2 s. and by this means about 200000 l. per annum may probably be raised Secondly One Shilling per libr. may be added to the Land Tax and it be made 5 s. instead of 4 and that will certainly raise 425000 l. per annum more and that will compleat our 625000 l. per annum or if this be strongly opposed by reason of the inequality of it recourse may be had to the subsidy of Chimney-Money though it may reasonably seem hard that after doubling the Tax upon Windows Chimney-Money should be clapt upon the Houses also it is apparent that all ways of raising Money by way of Tax not only seem but are hard upon the Subject and the more is raised the harder still is the case upon them so as no payment of Taxes is for the present time joyous but grievous though if God send us a good Success of the War the Product and Fruit of such Taxes we hope may be a State of Peace and assurance in our Land to us and our Posterity after us and even to future Generations And at the present we are enough convinced that the ill condition of our Money and the Male-administration of it is a greater affliction and grief to the whole Nation than all the Taxes which have been laid upon the Nation during this War For remedy of which and the future Reformation of our Money there shall farther be said That whereas our Ancestors have since the Reign of King Edw. 1. lightened their Money thirteen times and brought their weight of a lib. in Money from 12 ounces down to 3 ounces and 320 grains apparently to the intent to make it agree with the Weights and value of those of their Neighbour Nations Now we may follow that Course and Practice of our Ancestors and lighten our present Money to such a proportion as may make it a loss rather than a gain to whomsoever shall transport it unto any of our Neighbour Nations To this intent and purpose it is here humbly propounded that for the future in the weight of our lib. in Money we may leave out and reject the 320 grains and establish our lib. in Money to weigh three ounces compleat of Sterling Silver that as our lib. was formerly divided into 4 Crown pieces in future it may be divided into three Noble pieces each weighing a compleat ounce of Sterling Silver and currant at the value of 6 s. 8 d. and the half ounce pieces be Coined each the full weight of half an ounce and currant at 3 s. 4 d. then quarter ounce pieces just currant for five groats then Shillings of the full weight of 72 grains then Sixpences at the weight of 36 grains then Groats at the weight of 24 grains or a Penny weight just and by this computation every grain of Silver will value justly two parts in three of a Farthing whence three grains are worth an half-penny six grains a penny twelve grains two pence eighteen grains three pence c. and by this means our Money will be known and plain and as easie to be counted as the former considering that three Nobles do as easily count to a lib. as four Crowns and so for all the rest of our pieces which though they are all of fine Silver yet being sufficiently diminished in their weight Men who take them in England for Debts or Commodities can hardly transport them into other Countries but with some small loss which will I think work strongly enough to hinder the desired or willing transportation of them But hereupon it may reasonably be demanded What shall the Nation do for Money in the mean time to continue our Traffick one with another I answer That till new Money enough of this new sort can be Coined all sorts of the good Silver Money of England Clipt or unclipt may be permitted to go by weight according to the rate and value of our intended New Money viz. at an Noble an ounce the half ounce at 3 s. 4 d. the quarter at 20 d. the Penny weight 4 d. and the weight by grains as hath been before expressed and so he who hath weighty Money and he who hath Clipt Money by the measure of weight shall be all brought to an equality as the case was by the Israelitish Manna when it was measured by an Homer And thus for a time Silver may pass not as Money but as a Commodity by its weight and that Silver which hath been Honoured with the Royal Stamp seems warranted in its fineness and may pass by weight as before is declared yet with liberty to try any suspected pieces of it by Fire or by the Sheers or in any other indifferent and and common manner the cutting of a piece will in our case be little prejudice because it will little or nothing diminish the weight of it Farther in this case it seems requisite that when the Clipt Money that is fine comes to be recoined it should be received into the Mint at our stated rate of a Noble per ounce and delivered at the same rate out again but the Silver in Bullion may be taken in at a lower rate viz. 6 s. 2 d. 4. d. 5 d. 6 d. as the same can be obtained or procured but to be always issued out of the Mint at the rate of 6 s. 8 d. per ounce and so to be Coined at that rate throughout the Kingdom the rate of 6 s. 2 d. or above for taking Silver into the Mint will I think bring Silver plentifully into it and in greater Proportion than to those of our Neighbours because by such pieces Silver will be set at somewhat an higher rate here than it bears in other places and thus by raising the value of Silver in the Kingdom it is likely both to be drawn hither and kept here except always what the necessities of our War
may be able to bear but how long no Man knows the necessary burthens of our Court our Men of State and Law the charges of a very numerous Army and other Foreign Expences the Matter of this Tree is not Iron but Wood and though call'd a Kingdom is a Body that hath Life and must have Nourishment and Cultivation without which it cannot subsist it is penetrable and may be coroded most dangerously by the strong Saws of publick and authorized Extortion of any one part upon another and every strong Draught of a Saw in that kind is made with great danger to the Body of the Tree tending to its Prostration and Ruine which whensoever it shall happen must carry with it all that belongs to it Court State Army must stand and fall together with it and therefore must every sort of Men that are considerate make it their special care so to live out of this Tree as to preserve the Bole and Body of it strong and entire that their own just and moderate Subsistance and Gain may have a longer and more likely duration and it must certainly be very noxious and dangerous for any and especially any one sort or parcel of Men in it so to prosecute their own Gain out of it as to use Force or Fraud for obtaining of extraordinary Gain to themselves by impoverishing and so grieving and wounding the rest of their Fellow Subjects especially in a time of publick Distress and Calamity and wherein Peoples Minds are more touchy and exasperated than they are at other times thus they may probably arrive at disturbing the publick Peace a near way to the prostration of that Tree which supports them all and the whole loss of that Entertainment Maintenance and Gain which they receive from it To this another short Simile may be added viz. of a Company passing over the Stage of this World who stand in need of much Provision and many Accommodations and have Beasts of Carriage for the Portage of them be they Horses Camels or Asses as long as these Cattel are well us'd and indifferently Laden they will continue to bear Weeks Months or Years but if their Food and Provender be withdrawn by surreption or forcibly taken away or if they be much over-laden or but over-driven they will be apt to fail and sall under their Burthens as Jacob said to his Brother Esau of his Flocks and Herds that if Men should overdrive them one day all the Flock will dye and so if the People be over-driven one Year great Losses and Disturbances are likely to ensue and then the Court Men of State and Arms are like to be left every one to bear his own burthen and to shift for themselves as other opportunities shall be offer'd them These Similies are intended to teach and demonstrate to every ordinary Capacity the danger which a greedy gaping after Gain the very root of evil may be expected to produce in a Nation so full of division and so nicely sensible of unjust or unkind usage as our People especially in distress are now and have always us'd to be My Supplication is that Men may consider one another and provoke not to Anger and Clamour now very rise amongst us but to love and to good Works so as Men may not look every one on his own things only but also upon the things of others a course which I doubt was not sincerely follow'd in our last quoted Act for putting down the Price of Guineas to the rate of 22 s. and thus shall the extent of my first Observation be bounded and finished My second Observation will concern the present state of our Silver Money We have besides our quantities of Clipt Money two sorts of heavy Money the one old and the other new and we have in prospect a third sort viz. a lighter sort that may hereafter be Coin'd which leaner or lighter sort of Money shall if my design fail not swallow up all the other sorts of Silver Money in the Kingdom where it were to be wisht that one sort of Weights Measures and Money might be in common use and practice throughout the whole Kingdom In prosecution of my present design the first proposal in it will be the hardest viz the obtaining a great Sum to be ready Coin'd of my new and lighter sort of Money of the old and establish'd Fineness to the Value of some Hundred Thousand Pounds but that once done and ready to be paid out it may be ordain'd and proclaim'd that whoso brings heavy Money into the Exchequer or Tower shall forthwith and without payment of Fees receive new and light Money in lieu or exchange for it to an equal Weight of that which he hath brought in by this exchange Mr. Lock often asserts and maintains the King can have no loss receiving an equal Weight in fine Silver to that which he pays out and I have agreed with Mr. Lock that concerning the King's Expences in Foreign Parts his Rule and Computation is true but I have denied it to be so for Money spent in the Kingdom and thence I argue that the King receiving the heavy Money and sending it in Specie out of the Kingdom suffers no loss at all by this Exchange but saves 20 per Cent. by sending this Money beyond the Seas in Specie without paying 20 per Cent. for the return of it and which he must pay and lose as oft as he returns Money into those griping Low-Countries for the pay of his Army and supply of his other Occasions there but though the King as I have said shall not lose a Penny by this Exchange but shall save the 20 per Cent. which the Return otherwise might have cost him yet the Subject with whom he deals upon this occasion may happen to prove a very considerable Gainer by this sort of Exchange but for that he must thank the Government which by its publick Stamp and Authority hath rais'd the value of Silver within its Dominions and made a less Weight of it currant at a greater Price and estimation than it was sormerly wont to bear I say the Gains which Subjects may make by such exchanges with the King will soon bring all our heavy Money into the King's hands whose occasions will speedily call for the transportion of it also the Clipt Money being receiv'd into the Mint at 6 s. 8 d per Ounce will speedily come in to be Coin'd into the lighter Money which will by these means soon become the only Silver Money currant in the Kingdom Yet this Proposal may be put into other Terms and be thereby made a very little more beneficial for the Crown the increase of whose Revenue in an equitable manner I think all ought to promote Let it then be Proclaim'd that what Subject soever brings in to the King 80 l. in the heavy Money shall receive 100 l. of our new light Money in lieu of it by this Exchange the King will gain 4 s. 6 d. per Cent
fere which will rise to 45 s. per Thousand and to 225 l. in the 1000000 and to 2250 l. in the Million of Money if his Majesty may make this profit which will rise from the over-weight which is in the 80 l. above the 100 l I pray the Exchange may pass upon that foot but if his Officers or Ministers must lick this petty profit of their Fingers and put it into their own Purses as the case is very likely to fall out then I wish the Exchange may pass upon the other foot of Exchanging weight for weight of the one sort as of the other so as the Subject may have that small profit rather than the Ministers enrich themselves by it But upon the whole matter of this Proposal there must be provided a great Bank of our New Money in the King's Hand and disposal that his Officers may be able to pay with the one hand as they receive with the other or the Traffick and Trade of this Exchange will prove very slack and inconsiderable for Men will not part with the good and heavy Money in their own present possession for Tickets and Tallies nor perhaps upon any Credit that can be propounded to them and therefore this Trade must needs be driven by the present Money on both sides or else the design will prove abortive and in like manner for the Clipt Money if it may pass at 6 s. 8 d. per ounce by weight it will not readily come into the Mint except there be New Money ready to pay for it at that rate but this provision being made all the Money and even Silver in the Kingdom will be ready to flow into our Mint and from Foreign parts to be Coin'd and remain amongst us because we shall set a little higher rate and value upon it than that which it yet bears amongst our Neighbour Nations Also by this means all will be soon converted into one Sort and Species of Money which was the thing propounded to be perform'd in this 2d Observation My 3d and last Observation will concern the dangerous and corroding Canker which eats out the very Bowels of our English Treasure and Money viz. the griping Extortion laid upon us by our next Neighbours and Confederates in the Low Countries of Holland and Flanders they know we have pressing need of Money in their parts for the Payment of our Army and support of our Court there and their Merchants make the uttermost advantage which they can of such necessity and therefore though our Money lie ready in England for such purposes or the Credit which we offer for that purpose be never so good and unquestionable they will not return this Money for us into their Low Countries nor pay our Bills charg'd upon them for those purposes at a less rate or price than 20 per Cent allowance for supplying the necessities which grow upon us from the occasions before exprest This 20 per Cent in the return of every Million amounts to the summ of 200000 l. whence if the King expend two Millions and an half in those parts yearly according to our former computation and this be paid by returns through those Countries our King and Nation must perfectly lose and cast away the summ 500000 l. per annum for which according to our proverbial expression the English Nation or People must Neither Eat nor Drink This is a vast yearly Charge and even unsupportable to the State of the Kingdom the very apprehension and remembrance of it is a grievous and afflictive burthen to those who will concern themselves for the support and well-fare of their Native Countrey and my intent is to offer this great Suffering to the consideration and feeling of such Persons that so they may all lay it to Heart and thence be stimulated provok'd and stirred up by all the stretch of their Wits and Industry of their Hands to prevent and cure this miserable Loss and Consumption of our Money or at least in some measure to diminish or aleviate the same I will therefore recommend this matter to the Men of State and especially to the Commissioners of the Treasury and next to the Commissioners for the regulation of Trade and by Name to my Examin'd Author Mr. Lock and to all other Persons of Skill and Activity in the Kingdom exhorting every one of them according to their several Stations and Abilities to Study and Endeavour the removal of this miserable Loss and Calamity from us or to make it more tollerable than at present we find it and that I may begin with casting my Mite into this Treasury of Merit I pretend to offer two Proposals each of which may possibly prove in some measure Remedial of this our forenam'd Malady and Consumption The first is That a considerable part of the Kingdoms Treasure may be employ'd in Traffick and for that purpose his Majesty may have Factors and Factories Store-Houses and Magazines in his Cities of London Portsmouth Plymouth Bristol Chester Dublin and two more good Ports of Ireland for the West and Yarmouth Hull Newcastle Edenborough and some more Northern Port of Scotland for the East and that the King's Factors buy with his Money or such Credit as they can fairly and freely obtain such sort of Commodities in the adjacent Countries as are most likely to be of ready Vent in the Low Countries viz. all sorts of Necessaries for Eating Drinking and Wearing and Tin Lead Timber Salt-peter or Nitre Iron Canvas Cordage Coals and other like Commodities and that he have in the Low Countries other Factories at Antwerp Amsterdam Rotterdam Middleburgh Dort or other places for the reception and vending all the said Commodities which shall come from his own Dominions or may be procur'd by Truck and Tade from the Elb. the Baltick or other Northern Countries these vended in the Low Countries for ready Money or good Credit may stop a great part of our Leak and by degrees may make our Vessel more stanch and steddy than heretofore it hath been private Men have often grown rich by the gains of such Traffick but if the King make but his own of it he 'll be satisfied by saving 20 per Cent for the return of so much Money nay and if he lose 5 per Cent in his Trade he will save 15 per Cent in his Returns and if he lose 10 per Cent or 15 per Cent in the Trade he will still save 10 or 5 per Cent in his Returns it is true nihil simul inventum perfectum and therefore Men ought to begin with lesser trials which if prosperous will grow to more perfection by degrees and if this or a like Proposal do hit divers benefits may arise from it our Countrey Commodities may thereby rise in their value it may give Employments to many Subjects and to Seamen and their Vessels it may cause our Coasts to be better guarded for Protection of the King 's Goods not suffering our Men of War to fleep out their time in Torbay as they have been too much accustomed to do but putting them in active Guard at least upon our Coasts so long as the season of the Summer and Temperate weather will permit My second Proposal for a measure of Remedy in our beforementioned case may be made by the most beneficial Management of Gold and Guineas amongst us I have before Calculated the exact value of a Guinea in our new and light Money to be 28 s. 6 d. this Guinea I take to go in Holland at the rate of 27 old Shillings which are an eighth part better than the new whence those 27 Shillings are 5 Shillings at least better than our 28 s. 6 d. if then we obtain Guineas here at the rate of 28 s. 6 d. and put them off in Holland at such 27 s. we may save the whole 20 per Cent Return and Gain besides 2 s. or 3 s. in every Guinea but if I shall count with Mr. Lock the 20 per Cent out of the 27 s. it will reduce the 27 s. to the value of our light Money and then we shall buy at the value of 28 s. 6 d. and sell ht 27 s. by this Mart we shall lose but 5 per Cent and that will save us 15 per Cent of our 20. and if we should buy at 30 s. and sell at 27 s. it is a loss but of 10 per Cent and would save us other 10. if we buy at 31 s. 6 d. and for 27. we shall lose but 15 per Cent and be still savers of 5 per Cent. These Mediums I leave as Proposals to be well consider'd and farther improv'd or set aside by putting better Proposals in their stead and not by letting the matter fall without procuring some redress in it and herewith shall be cut off the Thread of this Discourse in which I have not shun'd or forborn to declare to my Countrey the true and whole state of the matters now in agitation as far as my Knowledge can extend and I pray God to give it a success suitable to the Integrity good Affection and Intention of the Writer who hopes he had in it a Superior Assistance and desires there may be rendred to the only great Fountain of Being and Goodness the whole Honour and Glory and all the Thanks Praises and Acclamations of the Universe for evermore Amen FINIS