IT must be granted, that Mr. Lowndes hath with great Pains and Integrity given us a perfect History of our Coin, and Standard, now established for some Hundreds of Years past, the which is absolutely necessary for all Persons to understand that pretends with any manner of Judgment to correct or to propose Methods in or­der to the amendment thereof.

And it must also be agreed, that he hath pro­pos'd a very practicable Method in amending and exchanging the same, and that with as little Di­sturbance or Confusion as can be imagin'd; but yet I must dissent from him in his Opinion, concerning raising the Value of our Mill'd-Mo­ney now in being; and from his Opinion in [Page 2] making new Money so much less than Value, and odd Pieces; it is a Matter of a very weighty Consideration, therefore I humbly crave Leave to offer some few Particulars.

Saith Mr. Lowndes, to this Effect, Silver is ad­vanc'd, I and if we should make our Money of full Value, it would yield more in the Bullion, than in Coin, wherefore it cannot otherwise be ima­gin'd, but 'twill be run down as fast as it can be made, and that 'twould be difficult for any Law that can be made to secure it.

In Answer to which, consider upon what Oc­casion, Silver got up at this Rate; not so much through Scarcity, as upon the Report of a Com­mittee of the last Sessions of Parliament, viz. That New Money should be made of 4s. 6d. Value, to go for 5s. whereupon Silver presently ad­vanc▪d, and (as in most other Cases) it run in extreams, 'till it had reach'd this Rate.

Now if you make our Money so much Less, what Assurance have you that Silver will not pre­sently run up at yet a higher Rate, and I am very apt to believe it will; there being a Neces­sity for so great a Quantity upon this Occasion, and then you will be under the very same Circum­stances or rather worse, for 'tis not so much the rise of Silver as the disrepute and under Value of [Page 3] our Money in comparison with other Commodi­ties that make the Difference, all Commodities be­ing much Dearer than heretofore.

I therefore rather propose that the Price of Sil­ver▪ be settled by Act of Parliament, to bear e­ven pace with our Coin, or something under, that Persons that have it may be incourag'd to bring it to the Mint, and a severe Prohibition against exporting it, for some small Time till the Coin be amended.

My Second Objection, is, against making New Obj. 2 odd Pieces of Money, because, it will be very Difficult and Troublesome, every Body knows how Troublesome odd Moneys, viz. 13d. ob. 9d. and 4d. ob. are to some People▪ I may say to most People. This will be a perpetual Vexation and Trouble to the Unskilful, and Illiterate, neither can it answer any End more than saving the re­coynage of what remains; and therefore if the Wisdom of the King and Parliament shall think fit to alter the Standard, I rather propose that all be new coyn'd into Pounds, Shillings, and Pence, the extraordinary Charge will be very Inconside­rable; the Wants of it during the Fabrication may be a little Inconvenience; but if so many Mints be set up, as propos'd, there will soon be a supply, and then we shall be freed from the Inconvenience for the time to come.

[Page 4]My third Objection is against the Proposal of Obj. 3 raising the Value of the old Mill'd Money, and making new Money less than Value, or ancient Stan­dard.

I cannot see any great Difference between debasing the Note. Metal, which Mr. Lownds himself condemns, and ma­king it less; for in either Case you receive but so much Silver.

The main Argument for the Affirmative seems to be of Silver being advanc'd; but I have answer'd that already.

Tho' setling the Price of Silver to bear Pace with our Coin may be some Loss to some particular Men, it's not considerable in respect of the Publick.

1. Now the Reasons for my Objection are these which I will endeavour to make good as I go, viz.

If Money be made less, Silver will presently ad­vance proportionably, the Reason is plain, viz. because you may carry your Silver to the Mint and have so much Money made of it gratis. Exchanges and Re­mittances from abroad will answer the real Value of the Bullion and no otherwise, and the Prices of all Commodities will soon follow. As for Instance, the Danes and Swedes, as I am told, are great Exporters of our Bullion to balance their Trade: Now if you make Money less, and Silver becomes dearer, what you paid 4s. for, you must then pay 5s. So that it seems [Page 5] to me a meer Chimera, and agrees only in Denomina­tion with 5s. whereas in all other Respects it answers no more than 4s. viz. the real Value of the Bullion,—unless it be in Payment of Rents, Debts, and Con­tracts already executed, where in some Persons will be cheated sufficiently if this Project takes; as I will shew anon.

'Tis not the Impression that gives our Money the Sancti­on Note. on or Valuation, (except the Clip'd Money now in Use, and that in some measure keeps up thro' Custom and Necessity: And for this Reason, because you can have no such made: For if you carry your Bullion to the Mint, they must make it of lawful Weight and Fineness: Cou'd you have it coin'd of the Weight of our Clip'd Money, you wou'd soon find ▪twou'd be respected as no more than the Value of the Bullion wher­of it is made) For Money is valuable by the Bullion wherof it is made; and Bullion according to the Reputation it hath in the World.

And whereas 'tis alledged that we shall soon be 2 supplied with Plenty of Money, which I agree will naturally follow; but I affirm over Plenty of Mo­ney (unless of full Value with other Commodities) is as bad a Mischief as too little, and I will presently prove it a worse Mischief: For were it as plenty as the Stones in the Street, no body would value it, nei­ther would it be a Recompence for a Man's Labour nor any Commodity; 'tis the Scarcity in one Sense makes it so valuable.

[Page 6]Pray let us look back for 150 Years, and compare the Value of Money then with the Value now, you may find

Anno 1531, viz. the 23d. H. 8▪ there was a great Feast kept by the Serjeants at Law, and the Bill of Fare was 24 great Beeves of 26s. 8d. apiece, the Car­cass of an Ox 24s. 100 fat Muttons of 2s. 10d. 51 great Veals of 4s. 8d. apiece, and other things answerable; and it was provided in the 1st. and 2d. of P. and M. by Act of Parliament, that Wheat should not be exported if it exceeded the common Price of 6s. 8d. the Quarter, nor Barley 3s. per Quarter, &c. This was but about 141 Years since. 'Tis plain Money was the same then it is now, or ra­ther not so good; but was then 8 times the Value it is now: Consider but the Reason, and you must a­gree Money is more plentiful now than it was then, and this is the only Reason. Consider who are the Losers, and you must agree that Men of Estates are the Losers by this Plenty of Money. For Instance, the free Farm Rents, Copy hold and Freehold Rents are the same now they were then, and Money the same. A Mannor of 50l. per Annum. Quitt Rents then is equivolent to 400l. per Annum now. I need not argue this Point farther, only desire you to observe that Money in its own Nature lessens in Value considerable, as Silver becomes more plen­ty [Page 7] in the world; I may say two per Cent. per Ann. of the Product, which few Men consider.

But the Vulgar Opinion is, that let us have but Money Plenty and we shall drive a great Trade, and by that Means imploy our Poor, and they conclude we can never have too much Money.

This is a common Error, few Men that I have met with, but have granted it without examina­tion.

But I averr quite the contrary, viz. That over plen­ty of Money is the certain destruction of Trade.

For if Money be plenty, other things and the necessities of Life must be dear, as also Mens Labour; this must naturally follow, for many People will not labour if Money and the Neces­sities of Life may be had without: this must be granted; the certain consequence is, that we can not afford the Products of their Labour so Cheap as our Neighbours do. As for Example.

Cloth, Searge, Bayes and other Commodities, which are now wrought up for 100l. will not perhaps (if Money be proportionable more plen­ty) be wrought up for 120l. it cannot be i­magin'd ours will sell for 120l. when they can have as good 20 per Cent. Cheaper from Holland, and other Places; so here's an End of your Streights Trade, and consequently of all the Staple Com­modities [Page 8] in this Kingdom, and when the Current of Business is got into another Channel, 'tis not an easie Matter to regain it, and it will not be regain'd 'till we have reduced our Labours at under Rates, and can under-sell our Neighbours. 'Tis the want of Money makes the old Wife trot, and the scar­city that makes it so valuable.

But besides this, if Money be made less than Value, before Trade in all respects be brought to a proportionable Rate, we may expect it to be counterfeited, and falsified to a great Degree; and that before we are well cured of this Evil, we may expect to find our selves under as bad or worse Circumstances, upon the same Account; for the Forger will not only have the Advantage of making it less than Value, but may by adul­terating the Silver, diminish it also in Fineness, and so resemble our true Stamp, that it may be hard for the Eye to distinguish the Difference, and yet have Profit to answer his Expectations,

And 'tis reply'd, it will be exported if of full Value; this is also an Error: perhaps some may be exported, but when it is become scarce here, and that it will go further, and buy more Com­modities in our Markets, then in others, the Mer­chants will soon bring it back in Specie.

[Page 9]But suppose just as much as Necessity requires, and no more, be coin'd; I confess this will do the Jobb, but then it concerns you to find a means to secure us against these Inconveniencies; first a­gainst falsifying and counterfeiting our Money, and to secure the Mint, that it may by its Scarci­ty keep up its Reputation; either of which Inconveni­ences, I doubt, is past Humane Invention to make Laws that will secure us against.

I find a great stupidity and dullness of Appre­hension, in some Men, about the Valuation of our Money, and with great Difficulty have I made them sensible of this Error, viz. That a Crown's a Crown, and if it goes so, 'tis no matter if it were Leather, concluding that all things are Valu­able by our Money, and Money by its self: so I will only add this Example to expain this Fallacy to unthinking Men; for I think it is sufficiently demonstrated before. Suppose the King and Par­liament should ordain Copper Money of the size of a Crown-Piece, should go for a Crown, and the Mint open as it is now, That whoever brings Cop­per shall gratis have it coin'd into Crown-Pieces; this you may call a Crown, will pay Rents and Debts as a Crown, but shall never pay a Man's Wages, nor puchase any Commodity further than the Value of the Copper, because a Man may [Page 10] purchase a Pound of Copper for a Day's Labour, or for the Value of 15 d. in any Commodity, and carrying it to the Mint may have 5 l. made of it: Pardon this Digression.

So that I hope, and am perswaded, it will be concluded by all; First, that we are under a Ne­cessity of having our Coin amended, with all ima­ginable Expedition.

- Secondly, That it be made of equal Weight and Fineness with our present Mill'd Money.

Thirdly, That the Price of Silver be fixed, to bear even Pace with our Coin, or something under. And that a severe Prohibition against exporting it, 'till this Evil be remedied, which may well be done, by laying the Penalty of Ten times the Va­lue, half to the Prosecutor, and half to the King, and a Penalty upon those that conceal it.

And for the Modus Mr. Lowndes hath laid down a very practicable Method, viz. by several Mints▪ going at the same time: I will not repeat his Ar­guments, but observe there are only Two things wanting to effect it, viz. The Bullion, and a Fund, both which I will project and supply.

1. There is much Colledge-Plate in the Univer­sities, and in other Guilds and Fraternities, which lies as it were in a dead Hand, and no body the better for it: what if that were ordered to the [Page 11] Mint, saving what is necessary for their Use, (it may be done in a Commendatory not a Com­pulsatory Way) and the Interest of the Money which it comes to, to be paid out of some part of the King's Revenue, in Augmentation of the respective Fellowships and Scholarships and Pro­prietaries, here is every body the Better, and no body the Worse for it. All the Plate used in publick Houses shall be brought to the Mint, and the Owners shall receive the Value in pre­sent Money, which if the Owners shall neglect or refuse to do, they shall be deprived of their Li­cences, and disabled for ever after keeping a publick House, or selling Wine, Beer, Ale, Sider, or Brandy by retail, &c.

That the Price of Silver be set, viz. that no Silver, Directly nor Indirectly, be sold for more than 4s. and 10d. per Ounce Sterling, and a Penalty upon all those that shall sell for or demand more, Fashion excepted.

This alone will bring Silver enough to the Mint, and I am not of Mr. Lowndes's Opinion, that here is so great a Want of Silver in this Na­tion; for I am perswaded, here is as much Sil­ver in this Nation, now, as ever there was since [Page 13] the World began; for there is scarce a publick or private House, how Mean so ever, but have Plate more or less, which within my Remem­brance of 20 or 25 Years was nothing near so Common.

Then for a Fund; Suppose,

Every Batchellor, that is 21 Year old, or up­wards, and worth 300 l. or more, be obliged to pay 20 s. a Quarter, for Five Years.

If worth 500 l. or above, to pay 40 s. a Quar­ter, for Five Years.

If worth 1000 l. or more to pay 4 l. a Quar­for Five Years.

Every married Man, that hath been married Two Years, or upwards, and no Child nor Chil­dren living, to pay as Batchellors.

Every Widow and Widower, that hath no Child nor Children living, to pay as Batchellors above.

This to be renew'd, altered, corrected, and amended, by Assessors every Quarter as Occasion or Circumstances may alter or require.

Taxes are certainly (in my Judgment) best laid, where they can be best born, and least felt, and certainly this can hurt no Man. I beg Pardon if I have lanch▪d too far.

[Page 14] For Guineas, If the House of Commons would be pleased to address to the King, that no more might be coyn'd, till the House had duly considered that matter, it would prevent the growing Mischief, and Gold being im­ported at this rate, which is to our certain Loss.