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A55328 A vindication of some assertions relating to coin and trade from the reflections made by the author of the essay on ways and means, in his book, intituled, Discourses on the publick revenues, and on the trade of England,&c. part. II. Davenant, Charles, 1656-1714.; Pollexfen, John, b. ca. 1638, attributed name. 1699 (1699) Wing P2780A; ESTC R218299 74,792 187

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at least four Millions of the Silver Coin we have Sir William Petty having computed much more to be necessary for those uses then it will deserve a serious consideration whether three Millions of Silver Money be sufficient for the Government and Commerce and in what time it may be consumed if great Encouragement be given to Exportation by a Prodigal consumption of Foreign Commodities at home the increase and decrease of our Coin and Bullion intirely depending on the balance of Trade From the price of Bullion we may conclude our Coin must decrease unless some alterations be made in the course of Trade that we may bring in more Bullion or send out less 4 d. to 6 d. per ounce which some Silver in Bullion is now worth more than when Coined must prevent as long as that or any little advantage is to be had the bringing into the Mint to be Coin'd any of the Bullion that may be Imported and occasion the melting down the Silver we have whether Coined or in Plate to be Exported the present price of Bullion being of it self a sufficient demonstration that we now carry out more than we bring in which cannot be prevented by any Law unless the cause be removed That the price of Bullion now is much higher than it was before the re-coining of our Silver has been occasioned by the now want of the Clippings and weighty Money that we had then what was than given for Silver in Bullion more then it was worth when Coined was only what those Traders could get as a reward to themselves for carrying on that unlawful Trade as long as that stock continued there was not only Bullion to make up what was brought from abroad sufficient to answer all demands for Exportation but to furnish the Mint for Coinage also as it did appear by the great quantities that were carried in not of Foreign Coin since the year 1675 and the Gold brought in return of Silver sent out some years before our re-coinage and therefore what was Coined in those years was not a real increase of our Coin but a melting down of the Clippings of the old and making it new Money for private lucre and we may conclude that the melting down of our Coin will not be totally extinguisht as long as the Act for the incouraging of Coinage continues in force for as neither Gold nor Silver can be so exactly Coined but there will be some over-weight in some pieces and those that carry Bullion into the Mint are intituled to have out as much Coined as they carried in uncoined any over-weight will afford a sufficient temptation to perpetuate at least in some degree that Trade As a slight information that a Mans house was in danger to be destroyed by Fire would make the owner examine or cause a speedy enquiry whether it were true or not so this matter is of so great importance that whatever objections may otherwise be made to the uncertainty of these calculations yet they should not hinder the making a quick as well as just inspection into the present state of our Coin for altho as long as our Paper Credit keeps its repute the want of Coin may not be so sensibly felt yet whereas scarcity of Coin may in Time destroy that and several ways endanger the common safety as it ought and cannot but be foreseen so it must well deserve a timely prevention And since nothing can better conduce and be more serviceable to that necessary end and more effectually dispose us to the taking all due care to prevent the decay of our publick Treasure of Gold and Silver than the acquiring and setling in our Thoughts true and adequate Notions in relation to our Trade in order to a more prudent Conduct and Management of it tho it may fall out that particular men may vary in their opinions and differ in the means and way to the same end Yet good use may be made of such variety of opinions by those men whose business it is to judge of both and whose capacity may better qualifie them to discern the Truth The Author of the Book entitled Discourses on the Publick Revenues and Trade Part II. in opposition to what is here laid down viz. That we have decreased our Riches by Trade since the year 1666 after several Assertions tending to diminish the esteem and value of Gold and Silver and use of Coin and haing endeavoured to represent how dangerous it may be to abound therewith has given long Catalogues of riches and of marks and signs of being rich which he begins Page the 17th in his usual imperill Style WE shall therefore endeavour to define what may properly be termed the Riches of the Nation And before he has concluded his Catalogue he gives himself an answer to most of his Marks and Signs page 20. But a Country may have all the outward marks of Wealth which have been described and yet its condition be bad and unsound at bottom And as for Buildings Edifices Improvements of Lands new Foundations increase of Quick-stock and many other particulars he mentions in his Catalogue of Riches as such have not been brought from Foreign Countries so it cannot be presumed that they have been gotten by Foreign Trade and if not then such have no relation to the matter upon which he grounds his reflections for those accidental expressions in the Tract he mentions as to our having decreased our riches since the year 1666 by Trade could not have any reference to riches gotten by our Products and Labour at home the whole Tract being in opposition to the Authors affirmation of gains made by Foreign Trade And as the Author in his Arguments to confute that Assertion has not kept to the matter in question but has intermixt in his Catalogue of Riches all manner of things we have that are deemed riches as if all were acquired by Foreign Trade So he has spent many pages in Skirmishing with Positions of his own invention for as the Author doth not quote any pages so it doth not appear there were any passages in the Tracts he mentions that represent the Nation to be poor as he infers But on the contrary in that Tract intituled A Discourse of Trade and Coin p. 152. it is Printed It appearing by the coining of our Money the Trade we yet drive and great Fleets we have that there is not only an ability in the Nation but also a Spirit in the People which if calculated improved and encouraged by proper methods might be sufficient to attain the End proposed nothing can be more convenient than that good resolutions upon solid consultations should be taken in order thereto which with many other such like expressions in those Tracts as they cannot be understood to represent the Nation to be so poor as this Author suggests So the scope and design of those Tracts was to excite us to Industry and good Husbandry in the Consumption of Foreign Commodities that we