IT is evident that the Raising of the Denomination of the Standard of our Coyne above the Standard of England, by the Act of Parliament 1686. and what hath follow­ed on the said Act, is not only expresly contrair to the Mu­tual Contract betwixt the two Kingdoms, Anno 16— but is in it self one of the great Causes of the Nations Poverty; For, by it all our Goods are sold at an unperceaved Undervalue: in so far, that we own and receave the English Crown (and so every Species of their Money proportionably.) at 5sh. 5 d. sterl. which is 8 ⅓ more than its Value in England, and when we give back that Crown to England, they will receave it only at 5sh. So we give our Goods for 8 ⅓ less than we are aware of; and when we Buy, we loose 8 ⅓ of what [Page 2]Money we pay in English Coyne. I Know it's thought that the Raising of the English Crown, &c. will induce People to bring in many more of these Crowns, &c. than other wayes they would do; which is a Mistake: For, any who was to bring in 13 of these Crowns, to Buy Scots Goods, if the Crown did pass at 5sh. sterline, needs only now bring 12 of them; because, the 5 d. rais'd on each one, makes up the 13 ^th. And so it is evident it occasions a fewer Number of Crowns to be imported. And if it be said, that yet it invites People to bring more 12 Crowns, because 12 gain 1 to them, and so it will occasion more of our Goods to be bought. This Thought creeps in on men who do not examine things; for, 1 ^o. The Evidence still proves, that in Place of 13, there are but 12 imported. 2 ^o. It proves, in Place of 5sh. & 5 d. we get but real 5sh, 3 ^o. The Merchand who needs our Goods will Buy what he needs, or so much of it as he knows of Mercat for, albeit his Crown were receaved at no more than 5sh. And albeit his Crown were taken at 5sh. 6 d. He will buy no more than will answer his End, and suit his Mercat, 4 ^o. If Money be raised only to invite Merchands to buy greater Quantities of our Goods, we have an easier Medium for that End: viz. to Sell a Crowns worth at 4sh. & 7 d. and so the Merchand has our Goods cheaper by 5 d. and by the rais'd Crown he hath no more. And as this is easier, so it is safer than the raising of Denominations, as will appear by the following other Mischiefs of our raised Standard; viz,

The raising of Money, in one Species, hath naturalie obliged us to raise all other Coins proportionablie, not only our own, but all Forraign Coins; So that now, from whence soever Money is brought to buy our Goods, they [Page 3]bring in 8 ⅓ less Money than they would bring in, were our Standard as formerlie. We also Sell all our Goods to every Nation or Person at 8 ⅓ less than they payed to us formerly, and whatever We buy from any forreign Place or People, we must add 8 ⅓ more of Money to buy it than we did formerly; For as was demonstrat in the English Crown, so it is as plain in the ordinary Dollar, for who for­merly payed at 58 d. Sterl. in Cross-Dollars or Patacoons, be­hoved to give Us 2 d. to make up the 58 d: But now he payes Us 58. and keeps his 2 d. to himself. And in like manner, he who payed us 60 d. in Bank or some Imperial-Dollars, beho­ved to give Us a Bank-Dol [...]ar, and 2 d. more, now he payes us 60 d. by the Dollar alone. and keeps the 2 d. So i [...] Ducatons, he who payed us 74 d. behoved to add 4 d. to make up 74 d. Now the bare Ducatons pays 74 d. and he Retains 4 d. to himself.

And as we loss so much, by what the Importer of Money brings in, less than he would have done, had our Standard stood as it was formerly; so when ever we pay 58 d. to a for­reigner for his Goods, we must add 2 d. to the Patacoon, to make up 58 d. When we pay 60 d. we must add 2 d. to the Bank-Dollar. And when we pay 74 d. to a forreigner, we must add 4 d. to the Ducatoon.

But it may be said, we will raise the Price of our Native Goods in proportion to what we want by the Coyn. The weak­ness of this Argument will appear, if you Reflect, that in the first place, before we raise our Goods, we are cheated, and un­till their price rise, and rise from this cause; for if the price rise by other causes as by the scarsity of our Goods in other places, or other emergent causes; then the forreigner behoved to im­port the Money at the former Standart, and as much more also, as our Goods were more valued abroad, than formerly. But [Page 4]this Solution refutes what was argued before for raising the Standard, viz. that of raising the Denomination people were in­vited to import Money, for if he must still pay as much Money as he did formerlie, what Invitation does He get, from rai­sing the Denomination?

To what's thus argued against raising the of the Standart, add these yet more Weighty Arguments;

10. Money gives no more abroad by our raising its Denomi­nation, So that Money imployed in Trade by Cambion, is in other places, especiallie with all prudent Nations; The same it was, without any Alteration, by our raising it.

So that, as less is brought in to us for our Goods, so we must send out the same in Value and more of our Denomina­tion than we sent out formerlie.

20. That Money is of no more use than dead uncoyned Me­tal, unless it be imployed in Merchandice, Trade or Cambion.

30. When I sell my Estate at 20 Years purchase payed in new Denomination, in Order to Imploy it, as a Merchant or Bankier, when I Transfer it to these Uses; my 100 is trulie, & will prove to be, But 91 ⅔ and so much I have lost of my Heritage. If I get 100 payed me of my Yearlie Rent, in the new Denomination; when I imploy this in Trade or Cambion, I shall find I have but 91 ⅔

40. The King, whatever he gets of his own Revenue, or new Taxes, Tho' he get 100 from the Subject, and what is trulie 100 out of the Subjects Estate, yet to any use for buying of foreign Goods or manageing of foreign Affairs, or paying his Forces by Sea or Land abroad, he gets but 91 ⅔

50. And which demonstrats all the rest, to all, who under­stand Trade, when I would have Money to do my business in Trade or otherwayes in England, Holland, or any where [Page 5](But in Ireland, our Neigbours in Error, as well as in situa­tion) I desire Money, Ex. Gr. To be answered me at London, viz. 100 lib. The Bankier he tels me, this 100 lib. which you give me here, is short of the Value of my Money at London 8 ⅓ of the 100, so I must pay in to him 108 ⅓ for 100 lib. at London, and that beside the Rate of Exchange, or other Ac­counts, to be hereafter mentioned.

And it is the same thing, whether Money be raised in Denomi­nation, without altering, or debasing the Standard, or to keep the former Denomination, and to give more Allay, and so to debase the Standart, or to give the same Denomination to a lesser weight of the Coyne.

Add yet to these Considerations, the sad and sensible Ex­periment of the state of Money in Scotland, which hath all­ways been diminishing, and the Nation descending insensibly toward Poverty, since that Aera of our Mistake, which nei­ther written Representations to The Lords of the Articles in that Parliament, could prevent; nor printed Informations since, could redress, doth experimentaly evince to our shame and Hurt.

And which (in the Proposer's humble Opinion) is no o­ther way to be redrest, than by restoring our Money to the same Standard, in Weight and Fineness, with that of England.

And in place of many Arguments to perswade this Remedy, the sole Example of England's useing the very same Cure a­gainst the like Evil, lately to their Honour, Profit, and de­claration of their Generosity and Prudence, whereby their state hath escaped from Consumption which ceded to no other cure. All the other Remedies of Banks, Loans and such like Raggends of wit, were [as the wonderfull Lord Burleigh in Q. Elizabeths time did aptly name them] Monte-Bank [Page 6]Recepts for State Evils: so that the Reputation of their Coin, the Credit of their Merchants, the true Par of their Exchange, the solidity of their estates both in Lands and Money, are establisht; and if after their Example, the Loss be Rationally computed and imposed on the Nation in general, it will prove to be our safty from greater Evils, as it hath been theirs: it were easy not only to Prove but to compute how much less everie one will pay of Cess imposed for that end now when there is so lit­tle real Cash in the Nation, than they will Loose if the Stan­dart continue in it's Lowness or rather in it's Over-value (which on the matter, signifies the same thing) and our Mischiefs thereby increase.

The other Consideration and Proposall for Remeiding of the swelling of our Exchange, and Consequently the Ruine of all our Trade, by Import of Superfluities of many kinds; will appear more particularly in some other Proposalls here­after: Here I shall only take notice, that by our buying more Superfluous goods in London, France, Holland and other places, than we send of Goods thither; it necessarly falls out, that our Merchants need more money there; than the Merchants of those places do need Here; and therefore wee must pay more to them for money in any of these places, than they will give to us for money here; and that in proportion effiering to the different values, 'twixt what We Import from these Places and Fxport to them; which by the now current Ex­change at 15 per Cent: is vast; and enough shortly to drain our money altogether from us; for if a Merchant change his Money, Six or Seven times, it is evident, that he most Loss six or seven times the Exchange; that is; the whole stock; and all that we can hope for supply, to this Wast, is the little that our Highland Cows, Linnen, and some Salt, and [Page 7]Fish Exported do yeeld: for the other branch of our Export viz. Woolen Manufacture, is now by the illegal, tho' too much tolerated Export of the materiall of that Trade, alltogether lost, to the Starving of 50000 Christian Work-People, and to little gain, even of those who seem to reap it, For if a Ship sink, a close Cabine will sink with it; if there be no Money in the Nation, these who gain by the Wool of their Estates will soon loose more by inlack of their other Estate and Species of their Rents.

To evince that it is the Nations Interest to Imitate England, in their Prudent measure of Remeding this Mortall Wound, if not hastily Cured: viz. To estimate what Summ may Pay the Debasement of all the Cash now in Scotland, which by pro­bable conjecture does not amount to 300000 lib. ster the loss whereof amounts to about 24000 lib. ster. viz. to six Moneths Cess, and add a half for any Fraction, and to defray the Ex­pence of the Committe for money, is in all 27000. lib. ster. viz. 4 Months and a halfs Cess; Now, every Subject looses (as is above proved) the 8th. Part of his Rent. and valueing the Totall Rent very low, viz. at 600000 lib. ster. The 8th part of that, which is 75000 lib. ster. doth exceed the Cess by 8000 lib. ster. even in one Year: but in two Years time the Debasement of the money, will be of more loss to every Par­ticular man, than thirteen Months Cess: And besides every man who sells his Lands or houses will certainly loss the eight part of the stock, or Price of the Lands Sold: and if one per 100. of all Annual-Rent be payed in, for a part of the loss (which Money'd men have best Reason to pay) then 3 Months Cess and a half may make the remedy in all,