Part 12

=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:

I Answer,

That if a Man be contented to put in his Money into any of the New Banks, at 3 l. per Cent. ’tis better worth to lend it at 5 per Cent. per Annum, upon as good Security.

If it be reply’d, That a Man may take it out of a Bank when he will, and his Money is always at Command: I answer, It is much more so when he has it in his own Custody; For, he who shall have Four hundred Crown-pieces by him, can make as much use of it to all Intents and Purposes, but of Melting or Exporting, as if it were of an Intrinsick Value; and then sure he who having Four hundred Pieces of Money by him of a Real Worth, and applicable to any Lawful Use, can make Twenty Shillings a Year Advantage by Keeping ’em; hath much the better of him who hath Four hundred Pieces of other Money by him, of no more Real Value, nor more transferable, and hath no Profit by ’em, whilst they are in his Hands.

And whereas it may be said, No Man can be entitled to the Interest of that 20 l. due to him from the Government, unless he keeps 80 more dead by him, as a Vehicle to convey the Interest of the 20 l. to him. I answer the Government doth not intend to give Encouragement that Men should keep more Money by ’em than they have, or may have Occasion for.

That is a sort of hoarding which we are to prevent.

And therefore this 5 l. per Cent. is not given as an Interest for dead and unemploy’d Money, but to ascertain universally the real Value of it, and to take off all the Objections that are made against a mere extrinsick Value.

But if the Wisdom of the Parliament thinks fit to give 10 l. per Cent. Interest, whereby every 100 l. of new Coin’d Money will be entitled to 40 s. per Annum Interest; then the whole Interest of 500000 l. which the 2500000 l. half of the 5000000 l. wants of intrinsick Value, amounts at 10 l. per Cent. but to 50000 l. per Annum.

Or suppose by Combination ⅗ of the 5000000 l. demand Interest, then will the whole Interest amount to but 60000 l. per Annum, which with all the incident Charges, will be defrayed for little more than a Three-half-penny in the Pound Land-Tax; and for much less than 2 d. in the Pound.

And I am not at all against an Interest of 10 l. per Cent. because beside the present Advantage it gives, it doth ascertain to the People of England, not only a Promise that the Parliament will; but that there is a reason of good Husbandry likewise, why the Parliament should as soon as possible save the Nation that Annual Charge, by the paying of the principal Million that is wanting.

Object. II.

These Ends may as well be pursued by transferable Notes or Bills with Interest.

I answer that they cannot in the least, because here is 4 l. in 5 l. better secur’d than any Notes in the World can pretend to: for every Man hath so much of his Money in his Pocket; and that, for which the Security is given, is divisible into the 5th. part of a Six-pence, which transferable Bills cannot be.

Object. III.

That if this Method will hold, the intrinsick Value of Money may be but half as little as I propose, and the Subject will be always in fear of farther Alterations.

Answ. This I confess would be a very material Objection against Mr. Lound’s Method, but hath no force in ours, because the Government saves nothing by lessening the intrinsick Value; for what it saves at present, it must pay Interest for, and Principal too at the long run; besides, the Government aims at nothing but to rectifie the Coin, and keep it from being imbezil’d.