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THE


REGULATING

Silver Coin,

Made PradicableandEafie,

T O T H E

GOVERNMENT

AND

SUBJECT-


Humbly fubmicced to the Confidcracion
of both Houfes of Parliamenc.


By a Lover of his Country.


LONDON,

Printed for He/irji Bonrvkli^^ at the Red- Lion
in St. l?iitih Church -Yard. 1696.


THE

REGULATING


Silver Coin, &c.

^ )^ T lilting on fo curious, and
V/ \/ i^^^ficace a Subjedt , I
V w have greac Reafon to
befpeak the Candour of the Reader.

A Book of this Nature cannot but
exped to meet with great Oppoficion,
and 'tis very probable from Two fores
of Men efpecially, V12:. Thofe that know-
little of the Subje6t-Matter, and thofe
that know much,

A X They


h The Regulating

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

But as I hope I 'fliall fey fimhii^
Tl'ere, to be picy'd ^ fb I am on the b-
ther fide pretty fecure from Envy, be-
cauie, the greateft 'Credit thkt'Gan be
gotteii, by a'thing'df this Nature, doth
already leem to be engrofs'd by a late
„^ T .4 learned and induftrious Writer
upon thisSubjed.

It was, I mdft needs fay, a -prudent
piece of Service the Lords of the Trea-
jury did the Nation, and more parti-
cuLirly the Parliaments under whole
Judgment , this matter juflly falls, by
imploying To able a Pen to clear the
way, in giving a true, and entertain-
ing Account of Matter of Faft.

• But


Sjher CO IK 5

But I muft do my felf chat little
piece of Juftice too, as to acknowledge
the main Defign of thefe Papers was
iai,4 before I could hav^ a fight of
th^t 3,ook :

And no.w I aii> ready enough to
(;:04ifels nyy own Weaknefs, and Iniuffi-
ciency, for io great an l(ndercaking ,•
qor do I pretend tp write a Stile equal
to th^t experienc'd ^ylinifter, but ara
contented to be un^e^ftopd withoi^t
fhining , and to offer Mathematical
Reafoniog, without pplilhing and Or-
namept.

When I at firft form'd the whole
Schepie, { ^ad ^>iore Leilure, by much,
than wher| } pyf: it iji ^- riting , and I
can better anfwer for my Defign, than
for my way of expreiTing it ; and there-
fore all the Favour I expe(5l or ask, is,
that the T})eorem^ which is the main of
the Work, may not fuifer for the Inar-
tificialnefs of the Trobkms that lead to it.

A ^ 1 af-


ij. The Regulating

I affecl Truth and Plainnefs, and a
fincere Love to my Country.

Whatfoever I have read or heard on
this Subject, hath brought the Matters
to this T)ikmma^ that either Coin muft
wane of irs intrinfic Value, fo as to
difatisfie moft of the King's loving
Subje(5ts, and endanger a fatal ftop to
Trade ; or if it is to be made of near
an intrinfic Value, according to the
Rate Silver fiiall go at in the time
of Coining , then upon every little
Rife of Silver higher than that Price,
we are in danger of having it ex-
ported and melted down ; and fo c-
very Parliament may meet with the
fame Difficulties we at prefent labour
under in the badnefs and fcarcity of Sil-
ver Coin.


That


Srher C 01


5


i%-


Tfiat wfeicfi ! pretenci t% is^ so
Y iate both tbefe Dangers, or ethcrwife
5 confefe 1 might iiavc fpar'd rrvy Kiins ^
far lie who hath provideci for one ao-cl
fioc $fie ether, l^ib at the Eeft Ibt^
done li^/f tkeWbtrk

There are three Tertns of Va W^, u^
on? the right Hnderfianding. m which^


much


yi:^ Ext/uf^j, Mimjh^^


A 4


DEFI-


The Regulating


DEFINITIONS

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

Intrinjtc Value is the neceflary and
Natural Value, always and every where
inherent in the Species.

(S^al Value is a Certain Value more
or lefs than Extrinfic, or Intrinfic, ad-
herent to the Species, with refpcd to
time and place.

TWO things are now under Con-
fideration. i. The Badnels of our Sil-
ver Coin.

2. -The Scarcity of it.


CHAP.


Siher COIN.


CHAP. I.

Of the frefent hadnefs of
our Coin.

BY Current Coin, I mean not
that which is Current by Law,
but by Cuftom ,• that which People
are fore d to take for want of better,
to the great Grievance of the Subjed,
Diflionour of the Kingdom, and Ob-
ftruiflion of Trade.

For every Man now is deftitute of
a fufficienc Pledge and Security for his
Perfonal Eftate , unlefs he will take
Perfonal Security, or find out a Mort-
gage, or rely upon a Bank.

Perfonal Security is now lefs than e-
ver, the publick Banks have (o drain'd

or


f


er fa engagM at leaft tEe Traders m


Mortg&ges- are YSfy fiard to be
fou^d, for fmall Summs, and much far-
^ ict for great ones, fince the eftablifh^
fi^nt of the new Banks,

And as for a fole reliance on tlie Cre-
dit of the new Banks I leave that for
other Heads to difcufs } I am of the
Opinion it was never intended that
diey Oiould be the only Security for
Ferfonal Eftaces, and that People flbould
carry in their Money to 'cm out of ne-
cejEty, and not choice .

And how diOionciirable it is to the
King and Kingdom that our Money
fiicmld be fa fuddenly debafed t& fuch
a fliameful Degree^ foreign States wEI
foon determine i

Now that it dotb not beconic fo
by publtck Authority but by Conm-
i^ence of the Sovereigntyj^ ®r Ncceffities


Silver COIN. 9

of the Nation, is not dating the thing
at all lefs Difhonourably.

For Connivence at a Fault difcovers
either an Ignorance of it, or Inability
to corre6t it, or defign in making ufe
of it,

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

His Majefty in His Speech to both
Houfes of Parliament, fliews He hath
no defign in making ufe of it, becauft
He recommends the redreffing of it to
their Confideration , and therefore the
not redreffing it, can be only imputa-
ble to the Weaknefs and Poverty of
the State:

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

The fineft Clothes that our Soldiers
can put on, in the Field, would not

at


lo Tfhe Regulating

at all dazzle the Eyes of the Confedie'
rate Princes, nor ftrike any defponden-
cies into the Minds of our Enemies,
if they (hall all come to know that
the whole Power of England is at this
time held up by the imaginary Value of
^inningham half Crowns and Shillings.

It will hearten our Enemies, and
difcourage our Friends, very much,
when they fhall come to know that
the Nummary Wealth of England is al-
moft vanifli'd, the Silver Coin gone,
and the Royal Mint at a ftand,

No Body will believe that we
can long fubfift at this ratej an4
indeed 'tis impoflible we fhould, fof
if 'tis now much harder to redrefs than
it was a year ago, and that means can-
not be yet found out to do it, what
Hopes fhall we have of ever doing it
'till the War is ended ? and vvh^t
Hopes fliall we have of bringing our
Enemies to Terms, whilft they are fen-
fible of our great Poverty.

The


Silver C 0 1 K ii

The only way, fure, to bring the
Wench King to Reafbn, will be by
fhetving him We are Able to continue
the War as long as he can poflibly
be Willing , which he can never be-
lieve, fo long as he fees our Money,
by which he judges our Wealth to be
itnaginary only, and not real Silver.

^Befides all this, we are in apparent
'Danger hereby of being more efFe-
'<5tually and fuddenly ruin'd by our
'Friends.

Tor if this Seffions of Parliament
fliould 'break up without regiilatijiff
the Coin, what'Confequences may poP
fiblycnfue?

It is not impoflible that Foreigners
in all parts of Chrtjlendom fliould ime-
•diately fet themfelvcs to counterfeit our
bafe Money.


There


J5 The KegtiUtiug

There are beyond Seas as good
Chymifts^ and Black Smiths as at Lon>^
don^ or Birmingham ^ and 'tis not impot
fible chat they fhould fecredy Import
as much bafe Money, refemWing that
which goes current among us, and
which hath not the incrinfic Value
of One Shilling in Three, as if they
pleafe may not only buy up and Ex-
port 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
lelf, 'if they like that Trade better.

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

If what cofl: our Merchants a ShiU
ling, they Qiould fell for . a Groat, or
if they (hall buy of us an Ounce of
Gold for Three or Four Ounces of
Silver, or fuppofing 'em to buy it ac

6 s*


the Silver COIN^ 15

6 s^ 6d. per Ounce, tliey ftiall buy aa
Ounce for as much Counterfeit Mq-
oey as fliall not have 7 Peny- Weight
of true Bullion in it, this would gi^c
our Balance of Trade, fuch a T^rti-
bk Swing, as no trae Hearted En^ip^
Mm would be willing to fee.

This is a Danger which the cafiaefs
and fraall Chaige of counterfeiting old
Clipp'd Money threatens very much,
unleis it be fpeedily cry'd down.

And in the mean time, let us confider
die Condition of the other Coin a-
mong us, not counterfeited, but Clip'd,
fil'd, or otherwife dirainifli'd.

'Tis plainly demonftrable by the
Receipts of Money in His Majefty's
Exchequer, that one half of the Silver
is already Clipp'd away, and there is
no Security why half what remains
won't be taken off too.


The


14 The Regulating

The Laws are fevere enough made,
and put in 'Execution, and yet TSlew-
Gate is perhaps now as full of Clippers
as it was Three or Four Years ago.

Nothing but a Senfe of Religion doth
reftrain Men from profitable Sins, and
the Ordinary of New-Gate can inform
us, how little the Guilt of Clipping
afFeds the Criminal's Conlcience.

Nor will preacliing do much Good,
upon thofe that never come to Church.

Chpping is the gainfulefl: Sin that
ever was invented, and fits the. eafiefl:
upon the Sinner's Mind, and 'tis ne-
ver to be remedied but by making it
itnpradlicable , which Miil'd Money
only ( and no other to be cnxtmi)
can Ao, v-^f

And what a perpetual Difcontcnc and
Confufion muft it end in, if People
fhall come at lad to proffer a Groac
for a Shilling ?

^ This


Silver COIN.


15


This muft increafe Hill Vaftly the
Value of Guineas r this muft raife the
Price of all Commodities, this muft
make ic impoffible to exped. any Mo-
ney ac all, either for the King's life,
or Balance of Trade ; and this will
not only force us to recall our Troops
from Flanders^ and by a natural Con*
fequence let in the War upon us^
but ic would put a ludden and
iiniverfal ftop to all Foreign Trade.

And what fatal Confequences may ic
have in rhe mean time at home lee us
conlider.

It may very well be fuppos'd that
a Dragooner may proffer to a Corn-
Chandler 2 s, for a Bullicl of Oats,
and that the Corn-Chandler feeing th.ic
there is not Three Peny /y.\ or 9 Peny
worth of Sliver in both the Shillings,
(liould not like the Bargain, what's now
to be done ?

B Should


1 6 The R egulatmg

Should There be a Law with Pe-
nalty for refuling clipp d Coin , as
there is for crack'd Six pences , this
would encourage CHppers to leave no-
thing remaining in a Shilling but the
Figure XII.

Should the Law prohibit the pafling of
all Silver clipp'd within the Ring, than
two Thirds of the prefent Money of
England would be immediately cry d
down: Then the Lofs of clipp'd as well
as counterfeit Money would be very
hard upon the Proprietors, and we fliould
have two Thirds lefs Money for carrying
on our Trade :

And now we have two Thirds le(s
than we fliould have, and if that two
Thirds, which is cry'd down at the
Owner's Lofs, fhould be carry 'd to the
Mint, and new coin d, it would fcarce
yield a twelfth Part of what we fliould
then want.

If


Silver COIN. 17

If the Law fhould put down all Sil-
ver Money biicof luch a Weighr/Jien cer-
tainly all- Money above that Weight
would be clipp'd down to it, and every
Man muft carry a pair of Scales in his
Pocket, and we are Hill fubjed: to the
Confequence of the former Paragraph ,
as- that former Paragraph would be to
the firft Gonclufion of this, 1>/;;;^. That ail
Money ivouU be Joonclipd down to the pub-
lick Standard.

Let the matter be canva-j'd never lb
much, it muft atlaft come to this Gon-
clufion.

We cannot fuhfifl cithr in War or ^eace if
th Com of England he not fpccdily regula-
ted.


B 1 CHAP.


1 8 The Regulating.


CHAP. IL

Of the frefent Scarcit)/ of Silver
Coin in England.

NOw let usconfider, that if all the
current Silver Coin of England
were paflable and unalterable, yet we
have vaftly too little in Tale for carry-
ing on theTrade of the Nation.

And this will appear feveral Ways,
but chiefly by the high Price of Guineas
and the Caufes thereof.

Guineas have rifen from 1 1 s.6 Lk.o
3 o i. either becaufe the intrinfic Value
of Gold hath rifen near in Proportion
to the Diminution of the intrinfic Va-
lue of Silver Coin, or by reafon of the
Scarcity of the Silver Coin, or the Uncer-
tainty of it^ or partly by Reafon of one,
and partly t'other, which I believe is the
Truth, that the Badnefs and Scarcity of

Silver


Silver COIN. 19

Silver Coin hath occafioned an extrava-
gant Rife of Gold.

Now if fo much as concerns the Scar-
city of Silver be granted me, then I have
nothing to do upon this Article, but (liew
that the prefent high Price of Gold is dan-
gerous to the Nation, and more dange-
rous will a farther Advance of the Price
thereof be.

And to them who think the Badnefs
of our Coin the sreateft Reafon of the
prefent high Valuation of Gold, I fliall
in the mean time fay, that if the Price of
Gold hath rilen, luppofe 45. or 5 s^ in a
Guinea, upon the Account only of the
Balenefs' of our Silver Coin ^ then in hand-
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