10. That every one of the aforesaid Articles be accomplish’d at no more
expence to the Publick than Two hundred and fifty thousand Pounds at
present, and a Land-Tax of a Penny in the Pound during the War, or, at
the most, Two Pence in the Pound.
Theorem.
For the effecting all the aforesaid Articles,
_Let a Competent Authority immediately Call in and Cry down all Clipt
Money under such a weight, supposing it to be all that Money which hath
lost full half the original weight_.
This may conveniently and safely enough be done before any new Money be
coin’d.
_When this is new Coin’d, let it be re-deliver’d to the respective
Proprietors in proportion, by Tale, to what every one brought into the
Mint by Tale._
_Then let all the rest of the Clipt Money be Called in by such a Day,
and Cry’d down._
[Sidenote: Postulat. 6, 7.]
_And supposing in all_ 2000000 l. _Sterling so melted down, and the
Product, after Melting, be half as much, or about_ 3500000 _Ounces of
Silver, there may out of this be Coin’d_ 1250000 l. _of New Money, of
the same extrinsick value it now hath, and of such an intrinsick value,
as that a Crown Piece shall weigh (now that Silver is_ 6 s. 6 d. _an
Ounce, or_ 3 l. 18 s. _the Pound Troy) Twelve-penny weight, and about
three grains, and have in it the intrinsick value of_ 4 s. _So that the
Government hath already saved Two hundred and fifty thousand Pound_.
Then will it be known in how short time 1000000 _l._ can be Coined.
_According to that time, supposing it (many Mints being set up at once)
to be Two Months, let a Proclamation be issued out, encouraging the
bringing in_ 4000000 _Ounces of Plate into the Mint, at Four respective
Days or Weeks_.
_For the first Million, till the end of the first fortnight, shall be
paid_ 7 s. 4 d. per _Ounce, which amounts to_ 366666 l. 13 s. 4 d. _till
the end of the second fortnight, shall be paid_ 7 s. 2 d. _an ounce,
which comes to_ 358333 l. 6 s. 8 d. _till the end of the third
fortnight, shall be paid_ 7 s. _an ounce, amounting to_ 350000 l. _And
for the last Million_ 6 s. 10 d. _an ounce, amounting to_ 341666 l. 13
s. 4 d. _in all_ 1416666 l. 13 s. 4 d. _So that for one ounce with
another, the Government has paid_ 7 s. 1 d. _an ounce_.
It may be thought, that a great deal of this may be saved, and perhaps
Six-pence in an ounce, which amounts to One hundred thousand Pounds, and
that Six shillings and seven pence would be Temptation enough, when the
Price of Silver is like to Fall.
But I am now providing for the worst Contingences, and the severest
Suppositions that may be.
Yet the Frugalest way, I presume, would be, to leave the Management of
this Article wholly to the _Lords_ of the _Treasury_, who, by publick
notice, may vary _pro re natâ_, the _Præmium_ for bringing in Plate, and
perhaps may think it expedient nevertheless to begin high, and to abate
the _Præmium_ according to the quantity brought in; and after one or two
Abatements, People may perhaps bring it in the faster, fearing a greater
Fall: Whereas if the _Lords_ of the _Treasury_ should begin low, and
afterwards be forced to raise the _Præmium_ higher, Peoples Hopes of
their still advancing of it more, would restrain ’em from making so much
haste as the necessities of State require.
_We suppose then this Silver to be Coining every Day as fast as
possible, and that the_ 250000 l. _saved by the Government out of the
first Million, shall begin to pay for the Plate, as it comes in_.
_Then three ounces of Silver at_ 6 s. 8 d. _an ounce, Coins_ 20 s. _of
the new Standard, allowing 2, 3, or 4 d._ per _ounce for Coinage; seeing
the setting up so many several Mints more than ordinary must be very
chargeable_.
And here must be noted, That let _Silver_ Rise or Fall as much as it
will, it Alters very little the process of the _Theorem_, for it need
have no other effects than making the _Money_ bigger or less, unless the
3^d _Corolary_ following be admitted.
_At this Rate then when 3500000 Ounces of this Plate is Coin’d into
MONEY it will produce after the aforesaid rate_ 1166666 l. 13 s. 4 d.
_to which add the_ 250000 l. _paid before hand for it, and now there is
paid in all for the 4000000 of Ounces of Plate_ 1416666 l. _what it
Cost; and the King hath 500000 Ounces of Plate by Him, which at_ 7 s. 1
d. _an Ounce stands the Government in_ 177088 l. 6 s. 8 d.
_But because it cost the King dear for his present Necessities, the_
Lords _of the_ Treasury _cannot allow more for it than it will produce
when Coin’d_.
And if the necessities of State require that this Silver should be sent
and Coin’d in _Flanders_, that it may go farther there than it can here
for the immediate use of the Souldiers, then the Commissioners of the
Accounts will probably account for it, according to its Value beyond
Sea; and then the Government shall still be a greater Loser by it; so
the _Lords_ of the _Treasury_ cannot allow for it more perhaps than
150000 l. what ever it be more or less, the case will stand thus at the
least.
_There is now of New Money Coin’d_, 2416666 l. 13 s. 4 d. _and this
last_ 150000 l. _being advanced to the King for his present Necessities
abroad, either to Coin in_ Flanders, _or to send over in Bills, will go
towards the payment of the Million of Clipt money. But if it be probable
as Mr._ Lounds _seems to intimate, That People may Voluntarily bring in
a great deal of Plate at_ 6s. 6d. _an Ounce; then it is much more
probable, that they will be quicker in bringing it in at_ 6 s. 7 d. _an
ounce; and if so, the Government Saves out of my Proposals_ 6 d. _an
Ounce, which in_ 4000000 _Ounces comes to_ 100000 l. _And then there
will be_ 250000 l. _paid in recompence of the Clipt Money, and there is
but_ 750000 l. _Remaining_.
Or put the case Shorter and Plainer, the Government wants 1000000 l.
worth of Silver, and is willing to give 25 _per Cent._ more for it than
the common price.
If that vast Allowance be made for fear of a sudden and fatal stop to
all manner of Trade for want of Money, yet the 250000 l. Saved out of
the Clipt Money, will make good the Bargain.
And then Four parts in Five will Coin a Million of Money, and still
there will be another 250000 l. worth left towards the paying of the
Clipt Million, and but 750000 l. remains Unpaid.
And upon this Easier supposition we will proceed; because it is likewise
cheaper to the Nation than the Buying of full 4000000 ounces of Silver.
_Then if the Parliament Orders ’em to be paid_ 250000 l. _more, which is
all that the Nation is Burdened in the Bargain: The Proprietors of the
Clipt Money are Reimbursed_ 75 l. per Cent. _of what they Brought to the
Mint, which is more by_ 25 l. per Cent. _than the intrinsick value of it
was; and the other_ 25 l. per Cent. _is coming towards ’em apace. For
now the present Necessity and the Dangers of it are obviated, the price
of Silver begins to Fall and Settle, as the prospect of a Plenty draws
nearer_; tho’ we can never suppose it will fall lower than in other
Countries, or much lower at all, during the War between _France_ and
_Spain_. _And be it at what price it will, the Merchant will from all
Parts bring his Silver to the_ Tower, _because the Market is here Quick
and he is sure of Ready-Money for what he Sells; the King can afford now
to Coin, which he could not do of late Years; And therefore a Third and
Fourth Million will be soon bought and Coined, and the government out of
every Million bought will save a Fourth part_.
_For the New-Coin’d Money must bear a proportion to the price of Silver,
as four to five, and_ 800000 l. _worth of Silver is to be in_ 1000000 l.
_of New Coin no more nor less, and out of the four Million-worth of
Silver, besides the Million of Plate the King will have Saved a fifth
Million; by which gain’d Millions, the Clipt Money will be entirely
Satisfied for at no more than_ 250000 l. _present Cost to the
Government_, q. e. d.
For the case will stand thus: There will be 5000000 _l._ of New Coin,
_viz._ out of the Clipt Money 1250000 _l._ out of the Plate 1250000 _l._
(or if the last 250000 _l._ be not Coin’d, but Exported, then there will
be out of the Plate but 1000000 l.) and out of the last Two Million
worth of _SILVER_ Coin’d 2500000 l. So that there will be in the Nation
at least Four Millions, Seven Hundred, and Fifty Thousand Pounds New
Money.
The King, after all this, buys 750000 Ounces of _Bullion_, and coins it,
without Profit, into 250000 _l._ This makes up 5000000 _l._ compleat,
and then the Royal Mints is to be at a stand (as at present) until the
Parliament shall have resolved what more is to be done; our present
Necessities are supply’d, and this, which we shall have, will not be
diminished.
These Five Millions now want a fifth part of the _Intrinsick Value_ of
the Coin; and unless a _Real Value_ be given it to make amends for the
want of the _Intrinsick_, and to Equal the _Extrinsick_, I have, after
all, I confess, done nothing, according to my Fourth _Axiom_.
_I humbly therefore Propose, That a Land-Tax may make it good, if it do
not exceed Two-pence in the Pound._
But after what manner it is to be made good, is the great Question.
If they, into whose Hands the newcoin’d Silver shall first come, should
be allowed for the Intrinsick Want of it, then, in the paying it out
again they must transmit the Allowance the State gives; or else the
First Receivers would be Savers, and the rest Losers: But if the State
must immediately give the Full Allowance, then it might as well have
Coin’d to the _full Intrinsick Value_. But the _Intrinsick Value_ is
lessen’d, and the _Real_ given, because the Government is better
qualified at present to pay _Interest_ than _Principal_.
_Therefore an_ Interest _is to be paid equivalent to the Extrinsick
Value, and fully satisfactory for the Want of Intrinsick; that so the
Subject may be no Loser, and the Government put to no Difficulties_.
Beside, that Money would return to its Intrinsick Value, if a _Shilling_
were always to be tack’d to a _Crown_ or _Four-Shilling_ Piece; which is
One of the chief things we are to avoid.
_Let this Interest be_ 5 _per Cent._ and let it be look’d upon as a
sufficient Interest, as it better will appear to be, when I come to
answer the Objections, which may be made to this Method.
_The Interest of a Million of Pounds Sterling, which is wanting to make
up the Real Value of the New Coin at_ 5 per Cent. _amounts to Fifty
thousand Pounds_ per Annum.
_But, to Ease the Nation of half this Charge, let it be duly and
carefully considered,_
_That if the present Possessor of an entire_ 100 l. _be entitled to this
Interest, and not of a less Sum, every less Sum will have such a Value
Real, as the Possessor of an entire_ 100 l. _can make of it, and will
allow for it_.
_And there will be no occasion for the Government to pay Interest for
lesser Sums, because the valuation of lesser Sums will always bear that
proportion which Merchants, Goldsmiths, and Bankers will receive ’em at,
from the least Sum to the greatest._
If I pay in, for instance, to a Goldsmith Fifty pounds to day, and Fifty
pounds to morrow, he will no more scruple to give me a Note for One
hundred pounds, than if I had paid it in at once: And, if I pay my
Brewer Five pounds a week, as he brings in my Drink, for twenty weeks
together, he will look upon it as good Pay as if I paid him at the
twenty weeks end One hundred pounds together; and if Five pounds will
pass from me as the _fifth part_ of an _Hundred_, why not, by the same
Rule of Proportion 20 Shillings for the _hundredth part_? That which
hath the Value of Five pound _Lumbard-street_, hath the same in
_Pater-Noster-Row_, and the same likewise at _Brentford_, or elsewhere:
And there can be no Instance or Reason given, why Money of the like
weight; Intrinsick and Extrinsick Value, should not be as passable in
little Sums as in great, since there is an easie Resort, and at hand
always; in which, without any distinction, they daily determine.
Where an Hundred pound will be Received, there will Ninety nine, and
Ninety eight, and so downwards (for, where can you stop?) to the single
Penny.
_And of the Running Cash of_ England _we may reasonably suppose, that
one half is not in Sums exceeding Twenty Pounds, and they who have less
Sums than that, will have no great Encouragement to look after
Interest_.
The Fifth Part which Twenty Pound wants of its Intrinsick Value, is but
Four Pounds, and that, at 5 _per Cent._ is but Four Shillings a Year;
from which the trouble of Receiving by entering into Combination with
others, will for the most part take off, and not make it worth the
while.
_So that the whole_ Money _of_ England, _that is New Coin’d, not
amounting to above_ 5000000 _l. and but half that to be paid Interest
for_, viz. 2500000 l. _and there wanting but a Fifth Part of that_, viz.
500000 l. _the Interest of_ 500000 l. _at_ 5 per Cent. _amounts to just_
25000 l. per Annum.
_But then, supposing that Interest be demanded for_ ⅗ _of the New-coin’d
Money, and that by an unexpected Combination every Sum of Five Pounds
should be brought in, yet then the whole Interest amounts to no more
than_ 30000 _l._ per Annum.
And the Case stands thus:
The Parliament hath Borrow’d of the whole People of _England_ a Million
of Pounds Sterling, and no more, to be repay’d at the end of the War;
and in the mean time, till it be repay’d, they give Five Pounds _per
Cent._ Interest upon a Land-Tax.
Thus _the Clipp’d Money is all Call’d in, and Satisfied for; there hath
been little time between Calling back of the Old, and Paying back the
New, by bringing in_ 1000000 _l. worth of Plate speedily and voluntarily
into the_ Mint, _an effectual Stop is put to the Exportation, melting
down, and hoarding up of Coin’d Money; Importation of Silver from all
Parts Encourag’d, the Current Coin of_ _ENGLAND_ _Encreas’d; the Purity
and Denomination of the Coin Continued; and all at the present Expence
of Two hundred and fifty thousand Pounds, and a Yearly Land-Tax of One
Penny in the Pound during the War_, q. e. d.
The only Difficulty that remains, is, After what manner the Interest
shall be paid.
But, if there is no more than _Difficulty_ in it, I desire it may be
Consider’d, What Great Difficulties the People of __ENGLAND__ at present
undergo, in the Want of such a Regulation: What Difficulties are in
every Market-Shop, and House of Trade; and what Great Disorders are
Daily like to ensue: Let Bankers, Goldsmiths, Merchants, and
Cash-keepers, consider the Difficulties they lye under at present, and
the much greater Disadvantages they must be subject to, if the Coin of
_England_ should not have a _Real_ Value.
But, to make the Difficulty seem much less than may at First be
imagin’d, I humbly propose this following Method.
_Let the Days of its Payment be fix’d by_ _PARLIAMENT_, _either
Quarterly, Annually, or Triennially. If the Establish’d Interest be Five
Pounds_ per Cent. _then, perhaps, Annually will be thought most
expedient, in some Month when the Days are long. If the Wisdom of_
Parliament _shall think fit to give more Interest than Five Pounds_ per
Cent. _then there is Visible Reason, why it should be Quarterly. If less
than Five Pounds_ per Cent. _a Triennial Payment may suffice_. But
suppose it Yearly.
_Let Three hundred Commissioners be named by_ Parliament, _One hundred
of which for_ London, Westminster, _and_ Southwark, _the Two hundred for
the Country, to be not above Twenty Miles distant from one another, so
that no body can live farther off than Ten Miles from one Commissioner
or other_.
_Let these Commissioners be the most Substantial Gentlemen or Citizens
in the most Popular Towns and Cities in_ England, _giving in sufficient
Security to the Government for Performance of Their Trust_.
_At the Day appointed let the Money be brought to the Commissioners
Houses in Hundred-pound Baggs, and there open’d and weigh’d, and then
seal’d up with the Proprietor’s Seal, in the presence of the said
Commissioner, Entering down in a Register every man’s Name in one
Column, the Weight of the Money in another Column, and the Interest it
amounts to in a third._
_Let none be Receiv’d after Twelve of the Clock at Noon, and none
Re-delivered till One of the Clock, to prevent Frauds in bringing the
same Money twice for the same Interest._
_Then, in the Afternoon, let every man’s proper and individual_ Money,
_Seal’d up as aforesaid, and Weighed again in the sight of the
Proprietor, be deliver’d, with the_ Interest _due for it_.
_For which One Days Trouble in a Year, I do suppose, the Government may
allow the Commissioners Twenty Pound a man; which amounting to Six
thousand Pounds_ per Annum, _for all the Commissioners of_ _ENGLAND_,
_and suppose Three of the Five millions, whereas I supposed at first_
2500000 _l. only to demand Interest, it will amount to but Thirty
thousand Pounds_ per Annum, _and this Six thousand Pounds_ per Annum
_for the Commissioners added, makes but Six and thirty thousand Pounds_
per Annum.
_Now, whereas a Land-Tax of Four Shillings in the Pound amounts to_
2000000 _l. a Tax of a Penny in the Pound amounts to_ 41666 _l._ 13 _s._
4 _d. so that_ 5666 _l._ 13 _s._ 4 _d._ per Annum _Remains_.
_Allow the Commissioners then Thirty Pounds apiece, and there remains_
2666 _l._ 13 _s._ 4 _d. for a Superintendant, Auditors, Registers,
Register-Books, and other incident Charges; and the whole matter is
brought within a Tax of a Penny in the Pound_, q. e. d.
Now, as to the Hoarded Money, the Mill’d and Hammered Money of Full
Weight, I humbly am of the Opinion, That no Notice at all be taken of it
by the Government; and my Reasons are: That it will have an uncertain
Value, according to Peoples Opinion; and, that Uncertainty of
Estimation, as well as the Intrinsick Value, will cause it, without any
Edict or Precept, to be melted down.
For, a great deal of it is now kept up, only to see what things will
come to; and what Advantage can be made of it: But when People see the
Parliament has Conquer’d the Difficulty, and that there is a great
Plenty of Money stirring about again, they will be baulk’d of their
Expectations, and take Advantage of the First of the Market; this will
conduce to the Cheapness of Bullion, and cause a Plenty: And if any
continue still hoarded, it will be by People only who have an
irremediable Humour that way; and ’tis better they should hoard that for
which the Government pays no Interest, than to keep Unemploy’d Money by
’em at the expence of the Publick.
And as to the Paying of our Armies Abroad, I humbly propose, That the
_Parliament_ may always give His Majesty such an Allowance for that Use,
as His Majesty may be enabled to Export so much Uncoin’d Silver as is
necessary to the carrying on of so Glorious a War.
Which Uncoin’d Silver will for the most part find its way back again,
because the carrying over so much every Year will glut that place to
which ’tis carryed; so that Silver will become Cheap there, and they
must disgorge at the best Market; which _England_, in all probability,
will be. And the effect of that Over-ballance which Forreigners must, as
cases now stand, get by us; cannot be carryed out of the Nation, but in
other Commodities besides Silver.
For Silver Uncoin’d they Sell, and Silver Coin’d they cannot afford to
carry away; So that our own Commodities are like to be bartered for
Silver, and that conduces to bring the ballance of Trade even.
And here I go no farther, but leave the Question to better
Understandings.
Quest. _Whether Silver bearing an higher Price here than elsewhere, and
coming to a Quicker Market, will not naturally and easily force an
Exportation of our own Commodities, when it shall become altogether
impracticable to Export our Coin?_
Corol. I.
=Note=, That the Price of Silver Bullion being subject to Vary, the
difference between the _Intrinsick_, and the _Real_ Value, ought to be
Considerable; Because, if they should be too near one another, the
Additional Value would be so Small, that when Silver Rises, the
Goldsmiths would be Tempted to Melt down the New Coin, when they can get
almost as Much by that Practice, as they can do by receiving Interest,
or by passing it away for Principal.
Nor must the Two several Values be too far Different one from the other,
lest Foreigners be Tempted to Counterfeit our Coin.
I don’t mean by sending Us over such a Counterfeit as shall be of Less
intrinsick Value than our Own; but they can Afford all the Charge of
Curious Coinage, and Pure Silver, and Full Weight, and Hazard of
Importing it contrary to all Laws that We can Make; If any more
considerable Sum, than Twenty _per Cent._ could be Gain’d by such
Importation: But no body can afford all the Charge and Hazard, if the
Profit be no Greater, and the Punishment Capital.
Corol. II.
Nevertheless, provision may be Made, that all _Counterfeit Money_ shall
be Confiscated by a Summary Process, to be Tryed by a Jury of
_Moneyers_, for every Sum above _Five Pounds_; and for Less Sums, able
and substantial _Goldsmiths_ shall be Commissioned and Authorised to end
Disputes, Cutting it Asunder before the Owners Face; and Charging
themselves in a Book kept for that purpose, as Debters to the King for
the same individual pieces, which at the General Quarter Sessions they
shall deliver for the _KING_’s Use.
Some such Method as This, would make people more Cautious in taking
Counterfeit Money; whereas now they Take what they themselves Know to be
so, which hath given great Encouragement to Counterfeiters.
And if I may be Well Heard, I don’t at all Question, but to shew a Way;
how all Counterfeit Money may be easily Known; let it be Wash’d, Plated;
of mixt Metal, or pure Silver; Which is the next piece of Service of
this Nature, that I designe my Country, _GOD_ continuing my Life and
Health.
Corol. III.
I humbly Propound to the Disquisition of Better Judgments; Whether the
New Coin ought not alwayes to be of the same continued Weight,
notwithstanding any Variations in the Price of Bullion; and that not the
Weight of Coin, but the Aforementioned Interest be Varied from Year to
Year according to the Price of Bullion.
The Advantages and Conveniences of what I have Proposed, is, I hope, by
this time, somewhat Evident; but before I Reckon ’em up, it may perhaps
be Expected that I should Faithfully and Candidly let down all those
_Objections_ which have Occurr’d to me whilst I have been Writing these
Papers.
The most Material I will: And they are These.
_Object._ I.
_Now, if it be Objected, that Five Pounds_ per Cent. _for want of_
Silver, _in an Hundred Pound is too little, seeing an Hundred
Pound Bagg-full is entitled to no more than Twenty Shillings a
Year_: