Part 9

AX. IV.

That the real value of Money ought to be more than the intrinsick, and equal to the extrinsick.

AX. V.

That Money cannot have a real value over and above the intrinsick, unless that over and above value be settled by an unquestionable Security applicable to every particular persons Use.

PROPOSITION.

Now I humbly propose to the Consideration of better judgments the doing of these things.

1. The speedy calling in all the clipt and diminished Money of the old Standard, and intirely satisfying every Proprietor, by paying them 75 l. per Cent. back in Specie, and ascertaining to ’em the remainder by Parliament Security.

2. The leaving as small an interstice of time as is possible between the calling in the old Money and issuing out of New.

3. That therefore vast Encouragement be given for the speedy bringing in three or four Millions of ounces of Plate to the Mint, to answer the present Necessities of the King and People.

4. That the Exportation of Silver Money beyond the Permission of the King and Parliament, be effectually hinder’d.

5. That a Provision be made as shall leave no Temptation for the melting that down which shall be Coin’d.

6. Nor for hoarding it up.

7. That the Importation of Silver from all parts be encouraged, and the Current Silver-Coin of England encreased to Five millions of Pounds Sterling.

8. That the Standard, in respect of Allay, be kept to its old Purity.

9. That the Denomination of the new Money be equal to the old.

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.

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.