The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject

Part 1

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THE REGULATING Silver Coin, Made Practicable and Easie, TO THE GOVERNMENT AND SUBJECT.

Humbly submitted to the Consideration of both Houses of Parliament.

By a Lover of his Country.

LONDON,

Printed for Henry Bonwick, at the Red-Lion in St. Paul’s Church-Yard. 1696.

CONTENTS

THE REGULATING Silver Coin, &c. DEFINITIONS. CHAP. I. Of the present badness of our Coin. CHAP. II. Of the present Scarcity of Silver Coin in England. CHAP. III. Of the Importation of Silver. CHAP. IV. Of Altering our Coin. CHAP. V. Of Exportation of Coin’d Silver. CHAP. VI. Of melting down the current Coyn of England by our Goldsmiths and other Artificers. CHAP. VII. Of Hoarding up of the Silver Coyn. CHAP. VIII. Of Regulating our Silver Coyn. CHAP. IX. Advantages and Conveniencies most of which may be expected from this Method.

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THE REGULATING Silver Coin, &c.

Writing on so curious, and intricate a Subject, I have great Reason to bespeak the Candour of the Reader.

A Book of this Nature cannot but expect to meet with great Opposition, and ’tis very probable from Two sorts of Men especially, viz. Those that know little of the Subject-Matter, and those that know much.

They that know little are Jealous, and they that know much Opiniatre, and whilst one will not take Pains to comprehend a thing, another taketh too much to overthrow it.

But as I hope I shall say nothing here, to be pity’d; so I am on the other side pretty secure from Envy, because, the greatest Credit that can be gotten, by a thing of this Nature, doth already seem to be engross’d by a late learned and industrious Writer upon this Subject.

It was, I must needs say, a prudent piece of Service the Lords of the Treasury did the Nation, and more particularly the Parliament, under whose Judgment this matter justly falls, by imploying so able a Pen to clear the way, in giving a true, and entertaining Account of Matter of Fact.

But I must do my self that little piece of Justice too, as to acknowledge the main Design of these Papers was laid before I could have a sight of that Book:

And now I am ready enough to confess my own Weakness, and Insufficiency, for so great an Undertaking; nor do I pretend to write a Stile equal to that experienc’d Minister, but am contented to be understood without shining, and to offer Mathematical Reasoning, without polishing and Ornament.

When I at first form’d the whole Scheme, I had more Leisure, by much, than when I put it in Writing, and I can better answer for my Design, than for my way of expressing it; and therefore all the Favour I expect or ask, is, that the Theorem, which is the main of the Work, may not suffer for the Inartificialness of the Problems that lead to it.

I affect Truth and Plainness, and a sincere Love to my Country.

Whatsoever I have read or heard on this Subject, hath brought the Matters to this Dilemma, that either Coin must want of its intrinsic Value, so as to disatisfie most of the King’s loving Subjects, and endanger a fatal stop to Trade; or if it is to be made of near an intrinsic Value, according to the Rate Silver shall go at in the time of Coining, then upon every little Rise of Silver higher than that Price, we are in danger of having it exported and melted down; and so every Parliament may meet with the same Difficulties we at present labour under in the badness and scarcity of Silver Coin.

That which I pretend to, is, to obviate both these Dangers, or otherwise I confess I might have spar’d my Pains; for he who hath provided for one and not the other, hath at the best but done half the Work.

There are three Terms of Value, upon the right Understanding of which, much depends, viz. Extrinsic, Intrinsic, Real.

DEFINITIONS.

Extrinsic Value of Money is the Denomination and Power, that is given it by Authority.

Intrinsic Value is the necessary and Natural Value, always and every where inherent in the Species.

Real Value is a Certain Value more or less than Extrinsic, or Intrinsic, adherent to the Species, with respect to time and place.

TWO things are now under Consideration. 1. The Badness of our Silver Coin.

2. The Scarcity of it.

Part 2

CHAP. I. Of the present badness of our Coin.

By Current Coin, I mean not that which is Current by Law, but by Custom; that which People are forc’d to take for want of better, to the great Grievance of the Subject, Dishonour of the Kingdom, and Obstruction of Trade.

For every Man now is destitute of a sufficient Pledge and Security for his Personal Estate, unless he will take Personal Security, or find out a Mortgage, or rely upon a Bank.

Personal Security is now less than ever, the publick Banks have so drain’d or so engag’d at least the Traders in Money.

Mortgages are very hard to be found, for small Summs, and much harder for great ones, since the establishment of the new Banks.

And as for a sole reliance on the Credit of the new Banks I leave that for other Heads to discuss; I am of the Opinion it was never intended that they should be the only Security for Personal Estates, and that People should carry in their Money to ’em out of necessity, and not choice.

And how dishonourable it is to the King and Kingdom that our Money should be so suddenly debased to such a shameful Degree, foreign States will soon determine:

Now that it doth not become so by publick Authority but by Connivence of the Sovereignty, or Necessities of the Nation, is not stating the thing at all less Dishonourably.

For Connivence at a Fault discovers either an Ignorance of it, or Inability to correct it, or design in making use of it.

’Tis plain enough the Government is not Ignorant of it.

His Majesty in His Speech to both Houses of Parliament, shews He hath no design in making use of it, because He recommends the redressing of it to their Consideration, and therefore the not redressing it, can be only imputable to the Weakness and Poverty of the State:

And what Inferences, not only the French, but all other Politicians may draw from thence are very obvious.

The finest Clothes that our Soldiers can put on, in the Field, would not at all dazzle the Eyes of the Confederate Princes, nor strike any despondencies into the Minds of our Enemies, if they shall all come to know that the whole Power of England is at this time held up by the imaginary Value of Birmingham half Crowns and Shillings.

It will hearten our Enemies, and discourage our Friends, very much, when they shall come to know that the Nummary Wealth of England is almost vanish’d, the Silver Coin gone, and the Royal Mint at a stand.

No Body will believe that we can long subsist at this rate; and indeed ’tis impossible we should, for if ’tis now much harder to redress than it was a year ago, and that means cannot be yet found out to do it, what Hopes shall we have of ever doing it ’till the War is ended? and what Hopes shall we have of bringing our Enemies to Terms, whilst they are sensible of our great Poverty.

The only way, sure, to bring the French King to Reason, will be by shewing him we are Able to continue the War as long as he can possibly be Willing, which he can never believe, so long as he sees our Money, by which he judges our Wealth to be imaginary only, and not real Silver.

Besides all this, we are in apparent Danger hereby of being more effectually and suddenly ruin’d by our Friends.

For if this Sessions of Parliament should break up without regulating the Coin, what Consequences may possibly ensue?

It is not impossible that Foreigners in all parts of Christendom should immediately set themselves to counterfeit our base Money.

There are beyond Seas as good Chymists, and Black-Smiths as at London, or Birmingham, and ’tis not impossible that they should secretly Import as much base Money, resembling that which goes current among us, and which hath not the intrinsic Value of One Shilling in Three, as if they please may not only buy up and Export Two or Three Millions Worth of our Staple Commodities, affording ’em Cheaper abroad than we can at home; but as much Worth of our imported Commodities, even Gold it self, if they like that Trade better.

Such an Importation of Money would I fear, be of worse Consequence than all our Exportation of Silver and Gold can prove.

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