CORNELL 
 
 UNIVERSITY 
 
 LIBRARY 
 
 BOUGHT WITH THE INCOME 
 OF THE SAGE ENDOWMENT 
 FUND GIVEN IN 189I BY 
 
 HENRY WILLIAiMS SAGE 
 
HG937.MirS4""'™""^ '""'"^ 
 
 A select collection of scarce and valuab 
 
 olln 
 
 3 1924 030 196 004 
 
Cornell University 
 Library 
 
 The original of tliis book is in 
 tlie Cornell University Library. 
 
 There are no known copyright restrictions in 
 the United States on the use of the text. 
 
 http://www.archive.org/details/cu31924030196004 
 
SELECT COLLECTION 
 
 OP 
 
 SCARCE AND VALUABLE 
 
 TRACTS ON MONEY. 
 
This Volume has been printed by the Political Economy 
 Club of London for distribution amongst its members 
 and their immediate friends. " The Tracts contained in 
 it have been tahen from originals supplied by J. E. 
 M'^CuLLOCK, Esq., who has also contributed the Preface 
 and Notes 
 
SELECT COLLECTION 
 
 OF 
 
 SCARCE AND YALUABLE 
 
 TRACTS ON MONEY, 
 
 rKOM THE ORIGINALS OF 
 
 VAUGHAN, COTTON, PETTY, LOWNDES, NEWTON, 
 ' PRIOR, HARRIS, and OTHERS. 
 
 WITH A PREFACE, NOTES, AND INDEX. 
 
 Qujeienda Fecnnia primnm est. 
 
 Hoa. 
 
 Iblt in immensos ui provideatie abusus, prseclara res Numaria. 
 
 Bdselitjs, de Monetia, 
 
 LONDON: 
 
 FEINTED POB THE 
 
 POLITICAL ECONOMY CLUB. 
 
 MDCCCLVI. 
 
 G 
 
 1,^/U 
 
A.\ 
 
 ^^1] 
 
 t 
 
 [ONE HUNDRED AND TWENTY-FIVE COPIES PRINTED.] 
 
P*RE FACE. 
 
 This collection of scarce and valuable Tracts and Trea- 
 tises on Metallic Money, comprises the following articles, 
 viz. 
 
 I. A Discourse of Coin and Coinage, &c. By Rice 
 Vaughan, of Grayes Inn, Esq. 1675. 
 
 II. Speech of Sir Robert Cotton, Knt. and Bart., before 
 the Privy Council, in 1626. 
 
 III. Advice of His Majesty's Council of Trade concern- 
 ing the Exportation of Gold and Silver in Foreign 
 Coin and Bullion. 1660. 
 
 IV. Sir WDliam Petty's Qtuantulumcunque. 1682. 
 
 V. A Report containing an Essay for the Amendment 
 of the Silver Coins. 1695. 
 
 VI. Note on the Recoinage of 1696-99. 
 
 VII. Representations, by Sir Isaac Newton, on the 
 Subject of Money. 1712-17. 
 
 VIII. Tables, illustrative of the Changes in the Standard 
 and Weight of English Money. 
 
 IX. Note on Scotch Money, with Tables, shewing its 
 Successive Changes. 
 
 X. Observations on Coin in General, with Proposals 
 for Regulating the Value of Coin in Ireland, by 
 
VI PREFACE. 
 
 the Author of the List of Absentees from Ireland. 
 1729. '<'•»'>> 
 
 XI. An Essay upon Money and Coins. Parts I. and II. 
 
 1757-1758. 
 
 XII. Reflections on Coin in General, on the Coins of 
 Gold and Silver in Great Britain in Particular, 
 &c. 1 762. 
 
 XIII. An Inquiry into the Value of the Ancient Greek 
 and Roman Money, by Matthew Raper, Esq. 1771. 
 
 XIV. Tables of Greek and Roman Money. 
 
 The first of these tracts, by a member of the legal 
 profession, though published in 1675, must have been 
 written long previously, probably in the interval be- 
 tween 1630 and 1635. * It is the earliest work in 
 the English language that gives a general view of the 
 origin of money, the materials of which it has been 
 formed, its uses, and the abuses to which it has been sub- 
 jected. It could hardly be expected that a treatise on 
 subjects involving so many rather abstruse principles and 
 delicate considerations, should be put forward at this early 
 period with uniformly correct or just views. On the 
 whole, however, the reader will, perhaps, be disposed rather 
 to wonder at the general soundness of the writer's con- 
 clusions than at the errors into which he has occasionally 
 fallen. The old and deeply-rooted heresy that the value 
 of coins was to a considerable extent dependent on the 
 stamp by which they were impressed, retained, in the 
 
 early 
 
 * It is evident from the statement on p. 29 that it must have 
 been written during the reign of Louis XIII. of France, who died in 
 1643, and apparently some eight or ten years before that date. 
 
PREFACE. VU 
 
 early part of the 17th century, a powerful influence. 
 And this circumstance, combined with the erroneous 
 notions then very prevalent respecting various points 
 in the theory of exchange, have, in great measure, 
 occasioned the tedious discussions in which the author 
 engages in regard to the effect of reductions in the 
 standard of the coin, of the expediency of regulating 
 the coins of one country with reference to those of 
 others, and so forth. In most instances, however, he 
 arrives, though by a very circuitous route, at the right 
 conclusion; and the correct principles on the subject are 
 so admirably stated in the treatise of Harris, in a subse- 
 quent part of the volume, that the errors in that of 
 Vaughan can no longer impose on any of its readers. 
 
 The editor of this treatise, though, as he tells us, a near 
 relation of the author, appears to have been very ill-fitted 
 for his duty. It is printed with such extreme incorrect- 
 ness that the statements are frequently quite erroneous, 
 and in parts all but unintelligible. And though we have 
 endeavoured to obviate these defects, we are not sure that 
 we have always succeeded in apprehending the meaning 
 of the author, or that the dates and figures we have sup- 
 plied are in all instances correct. But we flatter ourselves 
 that the errors by which it may still be infected are of 
 no great consequence, and that they cannot sensibly 
 influence any part of the reasoning. 
 
 The next tract in this volume,* the " Speech of the 
 celebrated Sir Robert Cotton, before the Privy-Council in 
 
 1636," 
 
 * See note p. 1U3. 
 
Vlll PREFACE. 
 
 1626/' has been much referred to, and possesses a very- 
 high degree of merit. It was made in opposition to a 
 proposal then entertained for degrading the standard of 
 the coin. And we do not know that the arguments 
 against such a proceeding have ever been stated more 
 briefly or with greater force. It is creditable to the par- 
 ties to whom it was addressed that they were so impressed 
 by it that they abandoned the project. 
 
 The prohibition of the exportation of the precious metals 
 was long regarded as a sound principle, which it was en- 
 deavoured to enforce in this and most other countries. But 
 the opening of the trade to India, which has always 
 afforded an advantageous outlet for these metals, and more 
 especially for silver, gradually led to the adoption of a more 
 liberal policy. The old system had been relaxed in favour of 
 the East India Company, when it was established in 1600. 
 And the advantages resulting from this relaxation, with 
 the experience of the impossibility of enforcing the pro- 
 hibition, produced in the end a strong desire among 
 commercial men for its repeal. In 1660, the matter 
 was referred to the consideration of the Council of Trade ; 
 and the "Advice" or "Report" of the latter forms 
 the third article in this volume. It is a clear, well- 
 reasoned, conclusive paper. The reference to the Council 
 related only to the exportation of bullion and foreign 
 coins, the trade in which they recommended should be 
 made perfectly free. But no one who reads the Report 
 can doubt that such, also, was the opinion of its authors, 
 in regard to native coins. But, while the latter did not 
 
 officially 
 
PREFACE. IX 
 
 officially come under their cognizance, they probably 
 thought that their free exportation would be reckoned too 
 bold a measure; and that by recommending it they might 
 endanger the loss of the other, which was of incomparably 
 more importance. The Council's recommendation was 
 carried into effect in 1663, by stat. 15, Ch. II. c. 7, § 13. 
 
 The next tract, by the famous Sir William Petty, 
 entitled " Quantulumcunque Concerning Money, addressed 
 to the Marquis of Halifax," was printed in 1682. It was 
 republished in 1695, during the discussions on the re- 
 coinage ; but it has been excluded from the collection of 
 Petty's tracts published in Dublin in 1769, and is now 
 very scarce. In this brief but remarkable tract. Petty 
 shows the folly of supposing that we should gain anything 
 in our intercourse with foreigners by reducing the value 
 of the coins, a measure which can be productive only of 
 the most injurious consequences. He has also con- 
 demned the laws which then, and down to a late 
 period, limited the rate of interest, justly observing 
 that there may as well be laws limiting the rate of ex- 
 change and the premium of insurance. 
 
 The tract next in order, which attracted a great deal of 
 attention when published, viz. a " Report, containing an 
 Essay for the Amendment of the Silver Coins," by Mr. 
 William Lowndes, Secretary to the Treasury, appeared in 
 1695. This Essay contains an elaborate and valuable 
 investigation of the successive changes made in the stan- 
 dard and weight of English coins, from the earliest times 
 
 down 
 
X PHEFACE. 
 
 down to the period when it was written. But its noto- 
 riety rests on a very diflferent and less solid foundation, 
 that is, on the proposal made by the author, and which 
 he has strongly recommended, for adding 25 per cent, to 
 the nominal values of the coins. We regret to have to 
 add that this nefarious project met with considerable 
 encouragement both in and out of Parliament. Happily, 
 however, it was defeated, principally by the efforts, which 
 cannot be too highly appreciated, of Montagu, Chan- 
 cellor of the Exchequer, in the House of Commons, and 
 of Locke, out of doors. It was then that this great 
 philosopher published his tracts on money, which, though 
 involving sundry errors, refute the various arguments 
 brought forward by Lowndes and others, in favour of a 
 reduction of the standard, with an amplitude, or rather 
 a redundancy, of illustration, that leaves nothing to be 
 desired. We have not reprinted Lockers tracts, because 
 they may be found in all the editions of his works, and 
 would make of themselves rather a large volume. But 
 we have printed a Note on the re-coinage of 1696-99; 
 and have given tables which exhibit in a brief space the 
 various changes in the purity and weight of English and 
 Scotch coins, from the Conquest down to 1717. 
 
 It would be an impertinence to direct the reader's 
 attention to the " Representations by Sir Isaac Newton," 
 which follow Lowndes' tract. Sir Isaac was then Master 
 of the Mint, and in this capacity he was called upon to 
 advise government in regard to the rating of the coins 
 in Ireland, and the exportation of the new silver coins 
 
 from 
 
PREFACE. XI 
 
 from England. Nothing can be clearer or more conclu- 
 sive than his statements. The disorders which were at 
 the time incident to the coins of both countries, were, to 
 some extent, similar, and sprang in a considerable degree 
 from the same causes. In England the silver coins of the 
 great recoinage of 1696-99, had no sooner been issued 
 than they began to be melted down and exported ; and 
 the inconveniencies thence arising forced themselves, in no 
 long time, on the public attention. On Newton being 
 consulted, he saw at once that the exportation complained 
 of resulted from the over-valuation of the guinea, which 
 passed current for 21s. 6d. Having inquired into the 
 comparative values of gold and silver, he suggested 
 that the value of the guinea should be reduced to 21s. or 
 20s. 8d. ; and pursuant to this advice, the guinea was 
 made legal tender in 1717 for 2ls. But despite this re- 
 duction, it still continued to be over- valued ; and it conse- 
 quently became in practice the only legal tender, while all 
 silver coins of the standard weight and purity were either 
 melted down or exported.* 
 
 The next tract, " Observations on Coin in general, 
 with some Proposal^ for regulating the Value of Coin in 
 Ireland," was published at Dublin in 1 729. It is by the 
 author of the " List of Absentees from Ireland," that is 
 by Thomas Prior, Esq., of Rathdowney, a genuine patriot, 
 the friend and correspondent of Bishop Berkeley and the 
 Earl of Chesterfield. The " List of Absentees," which 
 was long looked upon as of standard authority, is valuable 
 
 for 
 
 * See Note on the Recoinage of 1696-99. 
 
XU PEEP ACE. 
 
 for the information which it gives with respect to the 
 number of absentees, the value of their estates, and so 
 forth. But, while the reasoning in regard to the injurious 
 influence of absentee expenditure is as fallacious as can 
 well be imagined, it tended, by fostering and perpetuating 
 popular prejudices on the subject, and fixing the public 
 attention on an imaginary grievance, to withdraw it from 
 the real causes of the poverty and barbarism of the Irish. 
 The tract here reprinted is of a very different character, 
 and is, speaking generally, correct in its statements and 
 sound in its principles. With the exception, indeed, of Mr. 
 Simon's " Treatise on Irish Coins " (4to. Dublin, 1749), 
 it is the most valuable work on the coins of Ireland that 
 had appeared down to a recent period. 
 
 We come now to one of the best and most valuable 
 treatises on the subject of money that has ever seen the 
 light, the " Essay on Money and Coins," in two parts, 
 which respectively appeared in 1757 and 1758. Though 
 anonymous, it is known to be the work of Joseph Harris, 
 Esq., then Assay-master of the mint. It is clearly and 
 forcibly written. And, in addition to an exposition of the 
 circumstances which determine the value of coins and the 
 course of exchange, it contains some good illustrations of 
 the influence of commerce and of the division of labour 
 in furthering the increase of wealth. Part II. is princi- 
 pally occupied with an investigation and refutation of the 
 various statements that have been from time to time put 
 forward in vindication or excuse of a degradation of the 
 standard ; and all who read this convincing and masterly 
 exposition, will be inclined to sympathise with the author 
 
 when 
 
PEEP ACE. XUl 
 
 when he says that, " Whatever may be the fate of future 
 timeSj and whatever the exigencies of affairs may require, 
 it is to be hoped that that most awkward, clandestine, and 
 most direful method of cancelling debts, by debasing the 
 standard of money, will be the last that shall be thought 
 of." (See post. pp. 502, 503.) 
 
 But though there be no longer much to fear from any 
 attempt being made to disturb the measure of value by 
 tampering with the coins, we must not fancy that there 
 is in this respect any material improvement in the mora- 
 lity of statesmen, or of the public. What was formerly 
 done by degrading the standard of coins, is now done with 
 greater facility, and to an inconceivably greater extent, by 
 making that paper legal tender which has ceased to be ex- 
 changeable for the coins it professes to represent. This 
 though a less direct, is a more dangerous and disgraceful 
 species of fraud. A degradation of the standard is an 
 open and avowed act of injustice, of which the extent and 
 limits are defined and known to every one; but none 
 can tell how far the depreciation of paper may be car- 
 ried. It has frequently, indeed, arrived at such an 
 excess, as to appear almost incredible. In France, for 
 example, after the explosion of the Mississippi Scheme, 
 and again, after the country had been deluged with 
 assignats, a man might have died of want, with notes 
 of the nominal value of 100,000 frs. or 1,000,000 frs. in 
 his pocket ! Even in this country, we have had, and at 
 no distant period, ample experience of the baleful influ- 
 enceof the over-issue, and consequent depreciation, of paper. 
 This, in truth, is one of the sins which most easily beset us ; 
 
 and 
 
xiv PREFACE. 
 
 and there is none that should be more vigilantly guarded 
 against. Instead of weakening in any degree the obstacles 
 that stand in the way of a more copious supply of paper, 
 they should be carefully maintained and strengthened. 
 Its depreciation necessarily subverts every existing con- 
 tract and engagement. And while it produces universal 
 confusion and insecurity, it enriches certain classes who 
 have no peculiar merits, at the expense and by the spolia- 
 tion of others quite as deserving, and as well entitled to 
 that protection against injustice which it is the bounden 
 duty of every government to afford to every portion of its 
 subjects. 
 
 The short treatise, entitled "Keflections on Coin in 
 general, on the Coins of Gold and Silver in Great Britain 
 in particular, &c.," was published in 1763. It contains a 
 singularly clear and neat summary of the principles that 
 should be kept in view in the issue of coins. It also 
 shows the cause, arising from the over-valuation of gold 
 as compared with silver, why coins of the latter of full 
 weight were sent to the melting pot and exported. It 
 fiirther shows the advantage of using only one metal, 
 and that the most precious for the standard of the cur- 
 rency ; and of employing paper as a substitute for gold.* 
 
 The last treatise in this volume, " An Inquiry into the 
 Value of the Ancient Greek and Roman Money," by 
 
 Matthew 
 
 * Literature of Political Economy, p. 163. 
 
PREFACE. XT 
 
 Matthew Raper, Esq., F.R.S.,* was printed in the Philo- 
 sophical Transactions for 1771. It is a work of the 
 highest excellence, and in its own line is probably unri- 
 valled. But notwithstanding their importance, inquiries 
 into the values of the monies, weights, and measures of the 
 Ancients, were for a lengthened period but little attended 
 to in this country. And, owing partly to this circumstance, 
 and partly to its being buried in the vast mass of the 
 Royal Society's papers, this Treatise was almost en- 
 tirely lost sight of, and its existence generally ignored. 
 Latterly, however, these inquiries have begun to com- 
 mand some portion of the attention to which they are 
 eminently entitled ; and Raper's Tract has in conse- 
 quence been brought to the knowledge of the public, 
 and elicited the most honourable mention. In his valuable 
 Essay, on the monies, weights, and measures of the Greeks 
 and Romans (8vo. Oxford, 1836), Mr. Hussey refers to 
 it as follows: — "In 1771, his (Raper's) Essay appeared 
 in the Transactions of the Royal Society ; a work of which 
 it is not too much to say, that it is the best attempt yet 
 miide to combine a general view of the money of the 
 Greeks and Romans in their best times, with an accurate 
 statement of the proofs on which the system rests." 
 (Introduction p. 8.) And Mr. Smith, the learned author 
 of the excellent articles, on weights, measures, &c., in 
 Smith's Dictionary of Antiquities, does not hesitate to 
 
 caU 
 
 * Mr. Raper also translated from the German, and published in 
 4to. in 1787, the learned and interesting work of Grellmann on the 
 " History, (fee, of the Gipsies." 
 
XVI PREFACE. 
 
 call Eaper, "the best of all writers on metrology." 
 Nothing that we could say could add to the weight of 
 these recommendations ; and we beg to congratulate the 
 reader, on his being at length supplied withlfcihis admirable 
 Essay in an accessible and commodious shape. 
 
 To complete the work, we have added from Smith's 
 Dictionary of Antiquities, tables showing the denomina- 
 tions and values of the principal Greek and Roman Coins. 
 
CONTENTS. 
 
 I. A Discourse of Coin and Coinage ; the first In- 
 vention, Use, Matter, Torms, Proportions and 
 Differences, ancient and modern: with the 
 Advantages and Disadvantages of the Else or 
 Pall thereof, in our own or Neighbouring 
 Nations : and the Seasons. Together with a 
 short Account of our Common Law therein. 
 By Eiee Vaughan, late of Grayes-Inn, Esq. 1 
 
 II. A Speech made by Sir Eobert Cotton, Kt. and 
 Bart., before the Lords of His Majesty's most 
 Honourable Privy Council, at the Council- 
 Table ; being thither called to deliver his 
 Opinion touching the Alteration of Coin. 
 Sept. 2. Annoque Eegni Eegis CAEOLI I, 
 1626 121 
 
 III. Advice of His Majesty's Council of Trade, con- 
 
 cerning the Exportation of Gold and Silver, in 
 Foreign Coins and Bullion. Concluded 11th 
 December, 1660 143 
 
 IV. Sir "William Petty, his Quantulumcunque concern- 
 
 ing Money. To the Lord Marquess of Halyfax. 
 Anno. 1682 155 
 
 V. A Eeport Containing an Essay for the Amend- 
 ment of the Silver Coins. .... 169 
 
 -VI. Note on the Ee-Coinage of 1696-99 . . .259 
 
 VII. Eepresentations of Sir Isaac Newton on the Sub- 
 ject of Money, 1712-1717 ... 267 
 
XVlll CONTENTS. 
 
 'VIIL Tables Illustrative of the Successive Changes in 
 the Standard, in the Weight of the Coins, and 
 in the Eelative Values of Gold and Silver in 
 England, from the Conquest down to 1717. . 281 
 
 IX. Note on Scotch Money with Tables ; showing the 
 Successive Changes in the Standard, in the 
 "Weight of the Coins, and in the Eelative 
 Values of Gold and SUver, from 1107 to 1707, 
 when Scotland ceased to have a peculiar 
 coinage. ....... 
 
 285 
 
 X. Observations on Coin in General. "With some 
 Proposals for Eegulating the Value of Coin in 
 Ireland. By the Author of the List of the 
 Absentees of Ireland 291 
 
 XI. An Essay upon Money and Coins. Part I. The 
 
 Theories of Commerce, Money, and Exchanges. 339 
 
 XII. An Essay upon Money and Coins. Part II. 
 Wherein is shewed, that the Established Stan- 
 dard of Money should not be violated or altered, 
 under any pretence whatsoever. . . . 431 
 
 Xin. Eeflections on Coin in General, on the Coins 
 of Gold and Silver in Great Britain in par- 
 ticular ; on those Metals as Merchandize, and 
 also on Paper passing as Money . . . 513 
 
 XIV. An Inquiry into the Value of the Ancient 
 Greek and Eoman Money. By Matthew 
 Raper, Esq., F.E.S. Prom the " Philosophical 
 Transactions," Vol. LXI., for 1771 . . .525 
 
 ^ XV. Tables showing the Denominations of the princi- 
 pal Greek and Eoman Coins, and their Values 
 in Sterling Money 585 
 
 Index 595 
 
A 
 
 DISCOURSE 
 
 OF 
 
 COIN 
 
 AND 
 
 COINAGE: 
 
 The first Invention^ Ufiy 
 
 ., Matter, Forms, Proportions and 
 
 Differences, ancient & modern : with 
 
 the Advantages and Difadvantages 
 
 of the Rife or Fall thereof, in 
 
 our own or Neighbouring 
 
 Nations : and the Reafons. 
 
 Together with a fhort Account of our Com- 
 mon Law therein. 
 
 By Mice Vaughan, late of Grayes-Inn, Efq; 
 
 London., Printed by 'Th. Dawks, for Th. Bajfet, 
 . at the George, near Cliffords-Inn, in Fleet- 
 ftreet. 1675. 
 
TO 
 
 The Right Honourable 
 
 HENRY 
 
 Earl of Clarendon, Viscount 
 
 Cornbury, and Baron Hide of 
 Hindon ; Lord Chamberlain to the ^eens 
 moji excellent Majejiy. 
 
 Moji noble Lord, 
 
 IT being become a thing so usual in this most 
 scribling Age, (nam scripturire quam par- 
 turire mallet hoc sceculum) to crave shelter under 
 the Wings of some renowned Person, from the 
 severity of Censurers ; without which, Learning 
 shall scarcely have Admittance : and this piece 
 though not my own, yet coming to my hands 
 amongst other manuscripts of a Gentleman of 
 Crrayes Inn, lately deceased ; (and very near 
 related to me) whose Genius, I may safely say, 
 was not a little curious in the search of other 
 knowledge than the Law, (to which he served 
 five Apprenticeships.) And humbly conceiving 
 nothing could more seasonably appear in View 
 
 for 
 
The Epistle. 
 
 for the better instructing our worthy Country- 
 men in the knowledge of a thing whose want is 
 so generally complained of, yet the Invention, 
 Use, and Species with their Advantages scarce 
 truly understood ; I presumed through that true 
 knowledge of your Lordships Person, and most 
 zealous Honour of your greatly to be admired 
 Endowments, with your Love to Learning, 
 which the most plebeian ears and eyes were not 
 ignorant of, to recommend unto your Lordships 
 hand this Treatise, in a more ample and different 
 manner than that lately published out of the 
 Mss. of the never to be forgotten Earl of 
 Sandwich, shewing the first Invention, Use, 
 Matter, Forms, Proportions, and Differences, 
 Ancient and Modern of that Coy Lady Pecunia, 
 with the Advantages and Disadvantages of the 
 Rise or Fall thereof in our own and neighbour- 
 ing Nations; and the Reasons Pro and Con, 
 with other things in the other piece not con- 
 tained. And here I cannot, without great un- 
 worthiness, be silent in the due praises of his 
 most Excellent Majesty that now is, who with 
 abundance of Royal Care and Wisdom, with no 
 small charge, hath set forth a Coin in Form, 
 Shape, Goodness and Beauty, not second to any 
 used in the World, in Common Commerce, and 
 so uneasy to be patterned or imbellished, a 
 thing of no small consequence in Common- 
 wealths. Herewith you have a short account 
 
 of 
 
Dedicatory. 
 
 of our Books of Law ; as also Tables of the 
 value of all sorts of Pearls, Diamonds, Gold, 
 Silver, and other Mettalls* I shall not under- 
 take to say, but that in the Tables of values, in 
 these mutable times, some variation may hap- 
 pen, to the common practice of Artists, in that 
 nature, whose private unmeasurable Ends are, 
 to some more their Gods than Justice or Honesty 
 their Practise : but the Grounds being herein 
 plainly stated; a pregnant wit, with a httle 
 Commerce, may soon rectify those diary Deceits, 
 and for the other part, whose Theory perhaps in 
 some places, may be thought too much to reflect 
 on the too often practised Abuses of the Gold- 
 Smiths in that Nature ; I hope all but them- 
 selves will readily grant me Pardon for the 
 Publishing, and they being but a few, and Jus- 
 tice on our side, the Authors Bones I trust will 
 not disturb, nor I much suffer by the selfish 
 Censures of a People so obstinately unreason- 
 able. My Lord, I shall now only beg pardon 
 for this presumption, in hopes of success, tiU 
 time give opportunity to testify how much I am 
 
 My Lord, 
 truly devoted to your Lordships service, 
 and your Admirer, 
 HENRY VAUGHAN. 
 
 * These tables have been omitted in this reprint, as being 
 no longer of any value. 
 
The Contents of the Chapters. 
 
 fol. 
 
 Chap. I. Of the First Invention and Use of Money . 9 
 Chap. 11. Of the Matter of Money .... 11 
 
 Chap. III. Of the Porms of the Money anciently, and 
 
 now in use ........ 14 
 
 Chap. IV. Of the Proportions held between Gold and 
 Silver, Antient and Modern ..... 18 
 
 Chap. V. Of the raising of the Price of Money both of 
 
 Silver and Gold 23 
 
 Chap. VI. Of Base Money 30 
 
 Chap. VII. Of the Inconveniences in general grown in 
 
 the matter of Money ...... 35 
 
 Chap. VIII. Of the low Price of our Silver . . .41 
 
 Chap. IX. Of the Prohibition of Porrein Moneys, 
 
 especially Spanish . ... . . .47 
 
 Chap. X. Of the unequal Coinage of our Moneys . 51 
 
 Chap. XI. Of the great increase of the Proportion be- 
 tween Gold and Silver, and the things valued by them; 
 by which there is grown a greater want of Money in 
 England than was in Antient times, and of the Causes 
 thereof, and of the Eemedies which may be applied 56 
 
 Chap. XII. Of the raising of the Price of Moneys by 
 our K"eighbours, and the defect of our not raising of 
 our Moneys accordingly ..... 73 
 
 Chap. XIII. Of the Benefits which do grow unto the 
 State by the raising of Moneys, and the Prejudices 
 which do grow by not raising of it . . . .74 
 
 Chap. XIV. The Benefits which do grow to the State 
 by the not raising of Money, and the Prejudices 
 which do grow by the Raising of it . . . .77 
 
 Chap. XV. Examinations of the Eeasons for the raising 
 
 of Money .... . . . • 81 
 
The Contents. 
 
 Chap. XVI. Examinations of the Eeasons for the not 
 raising of Money 85 
 
 Chap. XVII. Of Contracting with forrein Nations by 
 Ambassadors to keep their Moneys at a certain 
 standard ......... 88 
 
 Chap. XVIII. Of the Ordaining of solid Payments . 90 
 
 Chap. XIX. Of equalizing the Exchange . . . 94t 
 
 Chap. XX. Of Eeducing Moneys to the Lowness of 
 ancient Values 97 
 
 Chap. XXI. Of raising our Moneys according to the 
 raising of our Neighbours 102 
 
 Chap. XXII. Of introducing two different Species of 
 Money 105 
 
 Chap. XXIII. Of Coining of Moneys without Distinc- 
 tion of Weights 108 
 
Of the Firft 
 
 Invention 
 
 AND 
 
 USE of MONEY. 
 
 CHAP. I. 
 
 THe first Invention of Money was for a Pledge and 
 instead of a Surety, for when men did live by 
 Exchange of their Wants and Superfluities, both parties 
 could not always fit one another at the present; in which 
 ease the Corruptions of Man's Nature did quickly grow 
 to make it behooful, that the party receiving should leave 
 somewhat worthy to be esteemed for a Pledge, to supply 
 the givers want upon the like occasion: Time did easily 
 find out that this Pledge should be something not too, 
 common, not easy to be consumed with use, or spoiled tor 
 want of use, and this was Money. 
 
 The first use of Money was then by it to supply every 
 man's particular wants. This introduced a second use of 
 Cauponation, when men did by the Pledge of Moneys 
 procure not only those things which they themselves 
 wanted, but which they might gell to others for more 
 money: and under that kind is all Trades comprehended, 
 whether it be grose sale, or retalej and this use hath 
 brought in a third use of Money, for the gain of caupo- 
 nation did give a Colour to those that lent Money to such 
 
 9 ' as 
 
10 Of Coin and Coinage. 
 
 as did encrease it by Trade^ to take usury for it, which is 
 therefore termed the most unnatural use of Money, because 
 it is most remote from the natural Institution. Of this 
 there are many kinds of which the most refined is that of 
 Exchange, which is mix'd with an usury of place, as that 
 is of time. ,, 
 
 Thus did Money grow inseperably necessary to all 
 Exchange, to make the things exchanged equal iu value, 
 for that all exchange is either by the actual or intellectual 
 valuation of Moneyj that is to say. Either the thing is 
 exchanged for Money, or if it be exchanged for another 
 thing, the measure of that exchange is how much Money 
 either of the things exchanged is conceived to be worth ; 
 and Practice hath found out that in values, which the 
 Geometricians have found out in quantities, that two lines 
 which are equal to a third line, are equal to one another : 
 So is money a thirdjine, by which aU things are made 
 equal in value/Biitl'ttferefore it is not ill compared to the 
 Materia Prima, because, though it serves actually to no 
 use almost, it serves potentially to all uses. It is not 
 impertinent to examine these things from their ground in 
 nature, or in use : For intending to treat by what meanes 
 the course of money may best be governed to the advan- 
 tage of the Common-Wealth, (a matter of so curious and 
 subtil a search as the most solid understandings are dazled 
 with it) it is necessary, first to lay down the first and 
 plainest principles of the Subject, by which the under- 
 standing of the Writer and the Keader may be guided in 
 the Labyrinths ensuing; and this subject being much 
 obscured, not only by the intricasie of its own nature, but 
 by the Art and Terms of those who do manage these 
 affairs, I do intend to lay open aU the mysteries to the 
 comprehension of the attentive Keader. And for that 
 purpose, I intend first Historically, to set down by what 
 Degrees, and upon what Reasons the forms of Money and 
 of Coinage, now practised are grown into use, and without 
 
 10 any 
 
Of Coin and Coinage. il 
 
 any censure or observation upon them : and I will after- 
 wards treat a part of the inconveniences grown into this 
 Subject of Money, and of the Remedies that may be 
 applied thereunto. 
 
 CHAP. II. 
 Of the Matter of Money. 
 
 OF all things whereof Money could be made, there was 
 nothing so fit as Metalls, as Copper, Silver, but 
 above all, Gold; for they are first useful, which doth give 
 them a value, then they are not over common, which doth 
 increase it ; they may be divided into as little parts as you 
 will, and then returned into a greater mass : they are sus- 
 ceptible of any form, mark or impression to be made and 
 fit to conceive it ; they are of an exceeding long indurance 
 against the Injuries of time or accident, they are hardly 
 subject to any natural corruption, especially Gold, of the 
 continuitie and incorruptableness whereof the Alchimists, 
 who have most vexed that body, do write wonders ; so as 
 one affirmeth. That it is harder to destroy Gold than to 
 make it ;] and they have sundry other properties accomo- 
 datmg them for the matter of Money ; as the world hath 
 by a general consent, and from all times received them 
 for that purpose, especially Gold and Silver, of which 
 chiefly I mean to treat : lit is true that many particular 
 Countries, have antiently, and do at this day use other 
 things in stead of Money: (as to instance in some of the 
 modem) , in Ethiopia they use certain stones of Salt in 
 stead of Money ; in Guinney, Shells ; in New Spain, Cacao, 
 Coco in Peru, one of which is a fruit, the other an herb : 
 but in all these Countries you shall find that there is a 
 certain value set upon Gold and Silver, by which chiefly 
 the value of all other things is raised, and that these other 
 things do but serve as base Money doth in sundry Coun- 
 tries of Europe, where it is current in certain limits, by, 
 
 11 the 
 
12 Of Com and Coinage. 
 
 the Law or Custom of the Place ; but yet they cannot be 
 without Gold and Silver Money, unless they wiU barr 
 themselves from all commerce with other NatJOTis^ And 
 to that purpose the Invention of lAcurgus was^admirable, 
 who desiring to lock up his Citizens from all commerce 
 with other nations, did upon great penalties banish all 
 Gold and Silver out of the City; and as long as that 
 Prohibition was observed, the manners and Customs of 
 the City were preserved entire from the mixture of other 
 Nations: but when their ambition and voluptuousness had 
 entangled them in the Commerce of other Nations, then 
 did Gold and Silver grow into use in despite of aU Laws, 
 by this universal value given unto Gold and Silver. I 
 shall convince* hereafter an important and a popular 
 Error, by which many are perswaded, that Princes can 
 give what value they list to Gold and Silver, by enhansing 
 and letting fall their Coins, when as in truth Gold and 
 Silver will retain the same proportion towards other 
 things, which are valued by them, which the general con- 
 sent of other Nations doth give unto them, if there be a 
 Trade and Commerce, with other Nations: By which 
 intercourse it comes to pass, that if the price of Gold and 
 Silver be raised, the price of all Commodities is raised 
 according to the raising of Gold and Silver ; so as let any 
 particular Prince or State raise the price of Gold and 
 Silver as they list, yet they will still hold the same pro- 
 portion towards other things valued by them, which the 
 general consent of other Nations neer about them doth 
 give unto them : and this universal value of Gold and 
 Silver, the mint, even in money, do call Intrinsical, and 
 the local value they call Extrinsical, as depending upon 
 impression of the mark and ordinance of the Statej Now 
 Money is said to have an Intrinsical value so much as 
 there is Gold & Silver in it in fineness & weight, which 
 12 is 
 
 * Make evident. 
 
Of Coin and Coinage. 13 
 
 is computed in France (and was antiently likewise the 
 Computation in England.) first for Gold, it is divided 
 into 24 parts, which are called Carrats, and so when they 
 say, the Gold is 23 Carrats fine, then it is understood there 
 is a 24th part base, which is Allay mingled with Gold ; 
 or if they say, it is 22 Carrats fine, then there is a 12th 
 part of Allay : or if they say 22 Carrats and one quarter 
 fine, then there is so much Allay as there wants to make 
 up 24 parts. 
 
 Silver is divided into 12 Deniers, and every Denier 
 into 24 grains j as if it be said, that Silver is jj Deniers 
 and 12 grains fine, then there is 12 grains of allay, which 
 is a 24th part ; or if it be said to be jj Deniers and 6 grains 
 fine, there is then so much allay as it wants in the fineness 
 to make it 12 deniers : But with us in England, ever since 
 the time oi Edward the third, the Computation hath been 
 dividing the Gold into 24 carrats, and every carrat into a 
 4 grains, and every grain into so many parts as there is 
 occasion offered to divide it ; as for Example, The antient 
 Standard of the sterling* Gold was 23 Carrats, 3 grains, 
 and one half of fine, and half a grain of Allay, which is the 
 192nd part ; and the Silver is divided in England into 
 12 Ounces ; every Ounce into 20 Pence, every Penny into 
 24 grains ; as for Example, The old sterling standard is 
 jj Ounces fine, and two Penny weight, then there remains 
 eighteen Penny weight of Allay and, if there were jj Ounces 
 two Penny weight, and 6 grains fine, then there would 
 remain 17 Penny weight, and 10 grains of Allay : and 
 again, when mention is made of a Pound of Silver fine, 
 
 13 and 
 
 * Much controversy has taken place in regard to the origin of this 
 term. The better opinion seems to be that it is derived from the 
 Basterlings, or foreigners so called (most probably Jews and Italians), 
 employed at an early period, or between 1080 and 1160,in regulating 
 the coinage of the kingdom. Ruding, 3rd ed. v. I. p. 7 : but see, also, 
 Hearue's Discourses, vols. I. and II. ; Menage Diotionuaire Etymo- 
 logique, voce Sterlin ; Clarke's Connexion of the Roman, Saxon, and 
 English Coins, p 80, <feo. 
 
14 Of Coin and Coinage. 
 
 and Gold Gne, the meaning is so much Grold or Silver pure, 
 is a pound weight, besides the Allay which is mingled with 
 it, but a pound of Gold or Silver wrought, is but just a 
 pound weight as it is wrought either in Money or in Plate. 
 The Allay being mingled with it according to the ordi- 
 nance of the State, for the practise is now, almost in all 
 States, to set a price upon Silver and Gold, according to 
 the weight and fineness, above which price Gold- Smiths 
 or others who trade in those metals wrought in Money, 
 may not sell them ; which price is in certain proportion 
 underneath the value which is given to the same metals 
 wrought in Money ; the over- value allowed to the Money, 
 being so much advantage given to the State in recom- 
 pence of the charge of Coynage, and in Acknowledgment 
 of the Soveraignty, which hath with it likewise this 
 necessary use, that it makes the Money so much the less 
 valuable to him that either would transport it into forrein 
 parts, or melt it, and consequently retaineth the Money 
 so much the better within its proper limits and natural 
 form. 
 
 CHAP. III. 
 
 Of the Forms of the Money anciently and now 
 in use. 
 
 IT follows in the next place to be Considered, by what 
 degrees Gold and Silver came into these forms of 
 Money, which are now in use. And for that purpose it is 
 most manifest that the most proper measure in nature for 
 mettals is weight ; and the notice of Antiquity doth con- 
 firm it that it was so in practice; for when the use of 
 money hath excited the industry of men to search for 
 these rich metals and by study and practice to discover 
 their natures, it was easily found out that there was no 
 measure so fit to them as weight : But it was speedily 
 found out and discovered that weight alone was not a 
 
 14 suflBcient 
 
Of Coin and Coinage. 15 
 
 sufficient measure for them, by reason that they are sub- 
 ject to mixture, and therefore there was an examination 
 made of the pureness of them, and a mark impressed 
 upon them to shew that they were approved ; which was 
 of no other nature, but as the Assaymaster in the West 
 Indies doth mark the wedges of Silver to shew that they 
 were approved of such a fineness, and as the Corporation 
 of Grold-smiths in London, and other Cities, do mark the 
 Bullion which is melted as a Testimony of fineness, but 
 not to make it Current at any price, because the mark 
 hath no relation to the weight but onely the fineness. The' 
 most ancient and most undoubted Testimonies whereof 
 are in Scripture : as that of Abraham, when he had 
 bought the field of Ephron for the burial of Sarah, for 
 which it is not said that \epmd, but weighed four hundred 
 shekels of silver, approved among Merchants; which 
 denoteth the fineness. And it is said that the sons of 
 Jacob brought back their Silver in the same weight that 
 they carried into Egypt ; and Tobit lent unto Gabael the 
 weight of ten Talents : By which it is manifest they did 
 not count their Moneys in pieces, as they did in succeed- 
 ing Ages, or by imaginary, or abstracted sums, as we do 
 make their valuation, but by weight, the fineness only is 
 approved of by the mark. It were tedious to search the 
 proofs of Antiquity in this kind, but it is manifest that 
 almost all the Names of Moneys, both among the Hebrews 
 and Greeks, were not properly the names of any species 
 of Money, but of several sorts of weight. As of Sicle, 
 Mina, Talent and Drachma; so likewise the Original. 
 Moneys, both of the Romans, the Francks, and of the 
 Monar chy of Englan d, were the As, the Livre, the 
 PomS^&nA th.e Mark; and amongst the Romans, the 
 ancient Receivers were not called numeratores, but libri- 
 pendes ; the names of Moneys being originally only the 
 proportions of weight, and the mark serving only for a 
 proof of the pureness of the Metal : There did succeed 
 
 15 a 
 
\._ 
 
 16 Of Coin and Coinage. 
 
 a form of Money, wherein the impression did not only 
 signify the fineness, but the weight also. This among 
 the Romans was called moneta, from whence oiir name of 
 ^^oney is derived a MonendqJ it is attributed to Servius 
 Tkdlius, to have bin the first in Rome, to have stamped 
 with an Impression a certain piece of Money which was 
 called As {as being of Copper, and weighing a pound 
 weight) and that he coyned lesser parts, distinguished by 
 ounces : it was long after in the Consulat of Quintus Fabius, 
 that the first Silver coin was made, called Denarius, be- 
 cause it was valued at ten As, and at the same time were 
 made half and quarters of the Denarii, called Sestertii, 
 marked LLs, to signifie duas libras cum semisse. The 
 first Denarii were made of Sextula or six in the ounce : 
 it was above threescore years after •'ere any Gold was 
 coined, the first pieces were of such a weight as 40 made 
 a pound : which Example of the Roman Coins, I do not 
 aUedge as the first, for it is manifest, that both the Median, 
 Persian and Grecian states did use Coius, which by their 
 Impression did signify both the weight and fineness ; but 
 because they were the first, whereof I have any certain 
 relation, and upon whose ground all these parts of the 
 World have formed their Coins and made theix divisions 
 of weight. It doth not appear what Allay was miagled or 
 what Tribute was charged in the first Roman moneys of 
 Gold and Silver ; by which word of Tribute, I do under- 
 stand whatever was substracted out of the Intrinsical value 
 of the Money, and allowed to it as an over-value towards 
 the charge of Coinage, or right of Sovereignty, rated by 
 the State, or what remedies were allowed for their weight 
 and fineness ; only it appeareth by their medals that they 
 were cast in a mold. But after ages did grow to stamp 
 their Coins finding how usefal it was to have lesser coins 
 than could well be cast in a mould, and also to avoid 
 counterfeiting, which is with more diflSculty in Coins 
 stamped : and because it was hard to observe an exact 
 
 ^^ proportion 
 
Of Coin and Coinage. 17 
 
 proportion of weight, there was a certain remedy of grains, 
 beyond which, if the pieces of Coin did not fail of their 
 just weight, they were to be received of OflScers appointed, 
 otherwise they were rejected to be new coyned. There 
 was a Remedy of fineness, for when AUay grew to be 
 mingled in the Coins, the workmen could not constantly 
 and precisely hit upon the mixture, and therefore had 
 allowed them a certain proportion for Remedy, which if 
 they did not exceed, their work was not subject to cen- 
 sure. This Allowance of Remedy hath been of two sorts, 
 for when States would Coin their Money strong and rich 
 in value, they did not give any allowance to any pieces of 
 Coin under the just weight and fineness : but if they 
 were of a just weight and fineness, not exceeding the 
 grains of Remedy, then they were allowed ; so as in this 
 case, the Coins were upon accompt to be recompence for so 
 much as the over-put in the Money, being within the 
 remedy permitted, and this they call in French Battre le 
 fort. But all States rather inclining to make their Moneys 
 weak than strong, there is in these latter Ages another 
 way practised, which is more general; that is, that Coins 
 are not made one jot above the just proportion of weight 
 and fineness, but (notwithstanding) the fail of either, so as 
 it be no more than the grains of remedy, they are allowed 
 as compleat : and by this means, upon Accompt, the 
 Coiners are to make recompence to the State of so much 
 as is short in their Coins, of the just weight and fineness, 
 being within the permission of their remedy, which in 
 French they call Battre Sur le foible. This is as much as I 
 hold fit to be spoken of the Antient and Modem forms ; 
 Except I should discourse of the Inscriptions or Charac- 
 ters, or of the Figures of Money, which in some times and 
 places, have been long, oval, or square, and are now almost 
 everywhere round, which to the searchers of Antiquity 
 might prove grateful, but to my purpose would be of no 
 use. 
 
 17 CHAP. IV. 
 
18 Of Coin and Coinage. 
 
 CHAP. IV. 
 
 Of the Proportions held between Gold and Silver, Antient 
 
 and Modern. 
 
 USE and Delight, or the opinion of them, are the 
 true causes why all things have a Value and Price 
 set upon them, but the Proportion of that value and price 
 is wholy governed by Rarity and Abundance : And there- 
 fore the Proportion of value between Gold and Silver 
 must needs differ in several Times and Places, according 
 to the scarcity or abundance of those Meitals. There is 
 much Variety amongst Authors what Proportions Gold 
 and Silver held to one another amongst the Hebrews, not 
 out of the Difference of Times, but out of the Difference 
 of Interpretations; ior Bodine AoXh. alledge the same places 
 to prove that the Proportion was twenty five for one, which 
 other Authors do alledge to prove it to have been 45 for 
 one ; and others 10 for one. There is a Passage in Thalia, 
 of Herodotus, (§ 95) by which it appears, that Thirteen 
 Talents of Silver were valued at one of Gold in the Revenues 
 of Darius. And there is an Opinion received, That in the 
 time of the flourishing of the Grecian Common- wealths, 
 those Mettals were in the Proportion of twelve to one. 
 It is also reported in Pliny, (without mentioning any 
 certain time) That antiently the Romans did value a 
 scruple of Gold at twenty Sestertii of Silver, which, if it 
 were when the Sestertii were at the greatest weight, made 
 the Proportion of twenty for one : and if it were when they 
 were at their least weight, it made the Proportion of 
 fifteen for one. But there is a clear Passage, in the 8th 
 Book (§11) of the 4th Decade oiLivy, of an Accord be- 
 tween the Romans and jEtolians, that the u^tolians might 
 pay, instead of every Talent of Gold, ten Talents of Silver; 
 and (in Suetonius) it is said, that C<Bsar, at his coming 
 out of Gallia brought such a quantity of Gold, that the 
 Proportion betwixt Gold and Silver abated to seven and 
 
 18 
 
Of Coin and Coinage. 19 
 
 one half of Silver to one of Gold :* the abatement had not 
 been credible^ if the Proportion of Pliny had been twenty 
 for one, or fifteen for one. But to come to later times, 
 and to our Neighbours, which have therefore a more neaj/ 
 Relation to us, both in time and place. 
 
 The proportion in France, in the time of King John, 
 who was contemporant with Edward the Third, was II 
 for one : and in the time of Charles the Fifth, who suc- 
 ceeded next to him, it was 11 and almost 13 for one. And 
 ever since the Proportion has been held between 11 and 
 12 for one. But by the Edict of this French King now 
 reigning, December 1614, the mark of Gold fine is 
 valued at 211. \Qs. 7d. the mark of Silver called Argent le 
 Roy, is valued at 14s. 6d. and almost one half penny. 
 But adding a 24th part to the two, to make it fine, which 
 the Silver called Argent le Roy doth want of fineness, the 
 proportion will arise into 1 3, wanting about a seventh part 
 to one of Gold. In Germany about the year 1610, the 
 Proportion held 13 for one, sometimes a little more, some- 
 times a little less; though antiently the Proportion was 
 eleven for one. The Proportion in Spain hath a long time 
 remained near about twelve for one. The Proportion in 
 the United Provinces, by the Placcard 1622. (which is yet 
 in force) is about 12 and two thirds fine silver, to one of 
 Gold. But before I come to set the Proportions that 
 have been held in this Kingdom of England I shall first 
 set down. How I do inquire and resolve of the said 
 Proportions, to the end I may satisfy such whose Curiosity 
 may carry them to examine the truth of the said Pro- 
 portions. 
 
 I do first examine by the Records of the several times, 
 how much the Gold, then coined in work, is valued at, 
 then I do examine what proportion of Allay is mixed in 
 
 19 the 
 
 * This is the inference drawn from the statement of Suetonius by 
 BudsBus and Casaubon (Sueton. Pitisci, vit. Jul. § 64). But other 
 authorities reckon the proportion at about 8 to 1. 
 
20 Of Coin and Coinage. 
 
 the said Gold coined in work, and add to the same the 
 said proportion of Allay, as if it were fine Gold, and 
 so make up a full pound of fine Gold ; and do just in the 
 same manner, value the fuU pound of fine Silver and then 
 calculate what proportion is between the value of the 
 pound of fine Gold and the value of the pound of fine 
 Silver. To which examination, I cannot conceive what 
 can be objected other than this, That the remedies which 
 are allowed, being different in the Gold from the Silver, 
 and different in themselves, in different times, must needs 
 breed an errour in this Calculation. But to that objec- 
 tion I answer, that the remedies do make so small a dif- 
 ference that it is not considerable; and besides it were 
 impossible to consider the remedies in this Calcula- 
 tion, because they are casual in the work and are sup- 
 posed to fall out sometimes as well beyond the just 
 standard as deficient : And from all Antiquity it is 
 provided in the Indentures, that the remedies shall be 
 allowed, if the defects appear to be casual and not volun- 
 tary. The Truth is, that they were an invention by which 
 the Masters of the Mint made their advantage under 
 colour of Contingency of the work, which appears to 
 have bin first apprehended by King Henry the VII. who 
 in the first year of his reign made the Masters of the 
 Mint accountable to himself for so much of the remedie 
 as was found deficient from the standard. The first clear 
 record that I can find for the values of our Moneys, is in 
 the eighteenth year of Edward III. and then a full 
 pound of fine Gold was valued at 11/. of fine Silver, and 
 eight pence over : From that time to the 25th of Edward 
 III. there was some variety in the Moneys, but not 
 worth the mention. But in the 25th a full pound of fine 
 Gold was valued at 11?. of fine Silver, and 3s. 2d. over; 
 and so it remained all Edward III. time, and all Richard 
 II. time, and until the 13 of Henry IV; at which time 
 both Gold and Silver were raised by advice in Parliament, 
 
 20 upon 
 
Of Coin and Coinage. 21 
 
 upon complaint that by reason of the low prices of Gold 
 and Silver, the Money of the Realm was exhausted. 
 And by that Ordinance a pound of fine Gold was valued 
 at ten pounds of fine Silver and almost one half, and so 
 it remained all his time, and aU Henry V. time, and until 
 the 49 of Henry VI. time, and then the Gold and Silver 
 was again raised, and a pound of Gold fine was valued at 
 11^. of fine Silver and 6s. over. In the fourth oi Edward 
 IV. the Gold was abased in value, and the Silver left 
 at the same price ; by which means a pound of fine Gold 
 was valued at ten pound of fine Silver, and 6s. 7d. over. 
 But in the 8 of Edward IV. the Gold was again raised 
 to the former price, as it was in the 49 of Hen. VI. and 
 so the proportion remained just the same both all Edward 
 IV time, and Henry VII. time, and the beginning of 
 Henry VIII. time : In 18 of Henry VIII. there were 
 Letters Patent granted to the Cardinal of York and to 
 such of the King's Council, as he should call unto him, 
 authorizing them to give such Directions, as they should 
 think meet, for the alteration both of the standard and 
 values of the Kings Moneys, and a Commission was 
 accordingly issued to the Officers of the Mint to pursue 
 the said Directions ; the Colour whereof was. That the 
 Moneys of the Realm were transported secretly by reason 
 of the excessive raising of Moneys in France, and in the 
 Low-Countries, and that the King, having sent unto other 
 Princes, could obtain no redress for the raising of their 
 Coyns : Upon this Commission did arise great confusions 
 in the prices and standards of the Moneys ; which, with 
 certainty I cannot trace any further, because the matter 
 passing by private direction, there are no publick Records 
 extant of them. In the third of Edward VI. a Commis- 
 sion was granted to coin Gold at 23 Carrats fine, of the 
 value of 34Z. the pound : and Silver of 8 ounces fine, of 
 the value of Al. 16s. the Pound, whereby a pound of 
 Gold fine was valued at 37/. and almost 2s. and a pound 
 
 21 of 
 
22 Of Coin and Coinage 
 
 of Silver fine was valued as 11. 4s. and by that rate, a 
 pound of fine Gold was as five pound of fine Silver and 
 22s. over : which could not so fall out but through the 
 excessive gain which the King did make upon the Silver 
 more than on the Gold : and it seems that the proportion 
 was much other between the Merchants in Bullion; for 
 neer about the same time the King gave Commission to 
 buy Gold for the Mint of 24 Carrats fine, at 58s. the 
 ounce; and Silver of 12 ounces fine 5s. 4d which is 
 almost jj for one. These confusions did still remain all 
 King Edward and Queen Maries Reigns, but in 14 of 
 Qneen Elizabeth the antient sterling standard both of 
 Gold and Silver was renewed, and a pound of Gold fine 
 valued at \\l. of fine Silver, and 7s. \0d. over: In the 
 24th of Elizabeth the standard of Gold was abased one 
 quarter of a grain, and of Silver one pennyweight, but 
 the proportion between two metals near upon the same 
 point : And although in these times the Crown Gold was 
 coined upon another standard, yet the proportion in the 
 Intrinsical value was kept the same. In secundo Jacobi, the 
 proportion was 12 for one; but every 20s. being afterwards 
 by Proclamation raised to 22s ; one pound of fine Gold of 
 24 carrats, is valued at 13?. of fine Silver of 12 ounces 
 fine and one fifth over. 
 
 And these are the Antient and Modem proportions of 
 Gold and Silver to one another in price, as punctually and 
 authentically as by diligent search I could gather them. 
 There is yet another proportion between mettals, which is 
 not unnecessary to our purpose to be understood, which 
 although I have not by mine own trial examined, yet 
 having taken it from good Authors, I will not omit ; and 
 that is a natural and a constant proportion which mettala 
 do hold difi'erently to one another in weight in the same 
 value and superficies : which is, that Gold weighs 48 parts. 
 Quick Silver 27 parts. Silver 24 parts. Lead 22 parts, 
 Tinn, Iron, Coper, 15 parts; which difiierent proportion 
 
 22 of 
 
Of Coin and Coinage. 23 
 
 of weight was the ground of that Conclusion of Archy- 
 medes whereby he found out how much Silver the work- 
 men of Hiero put into his Crown of Gold ; and which is 
 likewise the ground of many other subtil Conclusions, 
 which have bin found out for the deprehension of mettals, 
 and other mechanical works; and by this proportion 
 those of China do examine the fineness of the Gold which 
 is current amongst them, who by constant Relation, being 
 said to be most subtile and exact in mechanical trials of 
 mettals, have not the Gold which is current amongst 
 them coined, but reduced into powder, which they do pass 
 to one another in their commerce by weight, and do easily 
 deprehend if there be mixture of Allay amongst it by 
 measuring the powder, and then tempering the weight 
 and measure together. 
 
 CHAP. V. 
 
 Of the raising of the Price of Money both of Silver and 
 
 Gold. 
 
 IT is to be understood that there are three ways of 
 raising the price of Moneys either Gold or Silver : 
 The first is without alteration of the Species of the 
 Money, by encreasing the value of it, by giving more 
 parts to it than originally it had, as by ordaining an Angel 
 or a Soveraign to be valued at eleven shillings, which was 
 coined for ten, or a shilling to be valued at fourteen pence. 
 The second way is by diminishing the matter, but leaving 
 the same name and value to the Money which it had 
 before, as if Shillings or Angels, or Soveraigns were 
 coined by the same name and value as before, but were 
 diminished so many grains in weight : or, if new names 
 were given to them and the same value retained, but the 
 weight diminished J for in this case, there being really 
 less Gold and Silver in weight in the piece than there was 
 before and the value remaining the same, the Silver and 
 
 23 Grold 
 
24 Of Coin and Coinage. 
 
 r 
 
 /Gold which remains hath a higher price set upon it. The 
 
 I third is when the value remaining the same of the species 
 
 I of Moneyj and the weight of the same, the fineness is 
 
 1 abased by putting more AUay into it, for then there 
 
 lis reaUy less Gold and Silver in fineness. 
 
 I There are two causes of the raising of Money : the 
 
 first and most antient cause of raising Money, was a gain 
 
 -which the State made of it in their Necessities, which 
 
 ' hath not often been practised in this Kingdom. But the 
 
 second and most frequent cause hath been, an Art which 
 
 States have used to rob one another of their Money, by 
 
 setting on higher prices upon it; so that some States 
 
 being induced, by an unjust device, to draw to themselves 
 
 the Money of their Neighbours, and others by a necessity 
 
 to keep their own. AU these parts of the world, for some 
 
 few hundreds of years, have done nothing but vye one 
 
 upon another who shall raise their Money highest, which 
 
 hath brought great Confasion in all States; and doth 
 
 threaten much greater, if it be not prevented. 
 
 But first to shew the Antiquity of the practice of rais- 
 ing of Monies we will begin with the Romans. The As, 
 which was originally coyned of a pound weight, was, 
 during the first Punick War for help of publick necessi- 
 ties, brought to 3 ounces, and all the lesser parts of the 
 As, as ounces and others, were abated in proportion. 
 During the Dictatorship of Fabius Maocimus the As was 
 brought to one ounce weight, and yet reduced again 
 by Papiriiis to half an ounce. The Denarii of Silver 
 were at first current for ten As, and the Sestertii, which 
 were quarters of the Denarii, for two and a half as. 
 But when the weight of the as was diminished to one 
 ounce the denarius was made worth sixteen as, and the 
 sestertius worth four as. They did likewise make sundry 
 abasements (by means) of the Allay, whereof that of Livius 
 Drusus was excessive, mixing an 8th part of Copper. And 
 hereby the confusions grew so great, that Tullie in a passage 
 
 24 of 
 
Of Coin and Coinage. 25 
 
 of his Offices saith, Jactabatw enim Temporibus illis Num- 
 mus, sic ut nemo posset scire quid haberet {inpecunia) ; where- 
 upon Marius Gratidianus, who being Triumvir moneiee 
 cudenda,hrought in an exact Ordinance for the regulating of 
 this Money, had Statues erected to him by the people.* The 
 first gold pieces were coined of 40 pieces in the pound, and 
 in the time of Justinian, the same pieces, called Solidi aurei, 
 were 72 in the pound. After the great inundations of 
 the Barbarous people into the Roman Empire, the Confu- 
 sions in this subject of Money grew incredible. 
 
 Charles the Great, in whose time the Monarchy of the 
 Francks grew to the Height, made a new Reglement of 
 Moneys, which is the same that continues to this day 
 in France, and is the same which we do now practice in 
 England, for the division of Moneys, though for the Values 
 of them the difference is grown exceeding great : For he 
 renewed again the Account by lAvres or Pounds, and 
 divided the Pounds into twenty Solidi, which in France 
 they call Sols, and we Shillings ; The Solidus again into 
 12 Denarii, which in France they call Denier s, and we 
 pence. But the values are grown so different as every of 
 our Shillings, our Pounds, our Pence are valued at ten of 
 theirs : and yet in intrinsical value are more. Many do 
 hold that by the Institution of Charles the Great, twenty 
 Sols contained in them a Pound of silver. But it is 
 authentically to be proved, both by unquestionable Re- 
 cords, and by Pieces themselves, of which I have some 
 extant, that many hundred of years after, in the time of 
 St. Lewis, who was contemporary with our Henry the 
 Third, that the Sols then contained in intrinsical value 
 near six Sols of this present King, so much hath the 
 Money since that time been raised in price, and abased in 
 substance, which is the same. In the Reign of Philip the 
 Second, in the year 1181, the French Mark of fine Gold, 
 
 25 which 
 
 * Cicero de Officiis, lib. iii. § 20. 
 
26 Of Coin and Coinage. 
 
 which makes almost 8 ounces of our Pound, was valued 
 in the Moneys then at 44 livres, and the Mark of the 
 King's Silver was valued at 3 livres, 13 sols, and 4 deniers. 
 And by the Edict of this present King, in the year 1614, 
 the Mark of the same Gold was valued at 378 Livres, 6 
 Sols, 6 Deniers. And the Mark of the same silver was 
 valued at 20 Uvres, 5 Sols ; so that in this time, the 
 Gold hath been raised to six times, and almost the third 
 part of the price which then it did bear ; and the Silver 
 hath been raised much above seven times the value which 
 then it did bear. 
 
 I will not trouble the Reader to set down by what 
 degrees this Price has grown to so great an height which 
 have been very various, the Price having been sometimes 
 excessively raised and sometimes sudainly reduced back 
 again by the French Kings, and most commonly to make 
 a Levy of Monies upon the People, which hath bred 
 infinite Confusions, and sometimes Rebellions in that 
 Bangdom.* 
 
 But I wiU now come to the Kingdom of England, where 
 the raising of the Price hath been with a more constant 
 hand, and, almost alwayes, out of a kind of Necessity to 
 follow the raising of other States ; yet, from time to time 
 we shall not finde the Rates of the raising much to differ 
 from those of France. But I cannot begin from so an- 
 tient (a date) as in France ; The first Record that I can 
 find for this purpose being in the eighteenth year of 
 Edward the Third, which was in the year of Grace about 
 1344. And then a pound of Gold of sterling Standard, 
 which is 23 carrats, 3 grains, and one half fine, was valued 
 at 13 pound 4*. 8d. and a pound of Silver of sterling 
 Standard, at 22*. 2d. The 20th of Edward the Third, 
 the pouufl of Gold of the same Standard was raised to 14 
 pound, and the pound of Silver to 23*. 6c?. In the 27th 
 
 26 of 
 
 * See Henault "Abrege Chronologique." Anno, 1364. 
 
Of Coin and Coinage. 27 
 
 of Edward the Third, the same Grold was raised to 15 
 pound, and the same Silver to 25s. the pound : the rest 
 of the reign of Edward the Third, and during all the 
 Reign of Richard the Second, and untU the Thirteenth of 
 Henry the Fourth, the same prices remained. And then 
 by the Advice of the Parliament, to prevent Transporta- 
 tion, the same Gold was raised to 16 pound, 15s. and the 
 same Silver to 30s. the pound; and this price remained 
 all the rest of the reign of Henry the Fourth, and during 
 aU the Reign of Henry the Fifth, and until the 49th of 
 Henry the Sixth ; and then the same Gold was raised to 
 221. 10s. and the same Silver to 37s. Gd. But in the fourth 
 of Edward the Fourth, the price of the same Gold was 
 brought back to 20 pound 16s. Sd. the Silver remaining 
 as before. And in the eighth of Edward the Fourth, the 
 Gold was again raised to the former price of 22/. 10s. 
 the Silver still remaining at 37s. &d. And this price 
 remained all the rest of the Reign of Edward the Fourth, 
 all the Reign of Richard the Third, all the Reign of 
 Henry the Seventh, aiid all the beginning of Henry the 
 Eight : But in 18th of Henry the Eight, a Commission 
 issued forth for the Alteration of the Standard, and of 
 the Prices of Moneys, according to the Directions to be 
 given by the Cardinal of York, and such other of the 
 King's Council as he should call unto him : from whence 
 issued so great a Confusion, both in the prices and 
 Standard of the Moneys, as would prove very difficult to 
 trace out, and tedious to read, as well for the Obscurity 
 as for the great Variations, which succeeded : And there- 
 fore I pass over all the rest of his Reign, as also those of 
 King Edward and Queen Mary, and until the fourteenth 
 of Queen Elizabeth, when was again coined Gold and 
 Silver of the antient sterling Standard, the Gold at 36/. 
 the pound, and the SUver of the old Standard at 3/. the 
 pound: and although there were at the same time and 
 after much crown Gold coined, yet the intrinsical value of 
 
 27 it 
 
28 Of Coin and Coinage. 
 
 it was governed by (the weight and fineness of) the Angel 
 of Gold : In the 25th and 26th of the Queenj she abased 
 the standard of the Gold one quarter of a grain, and the 
 standard of the Silver one penny weight, whereby the 
 price of the Gold was raised one shilling 10 pence in the 
 pound, and the price of Silver ^d. in the pound* But in 
 the second year of King James, the price of the Sove- 
 raign,t in gold which is but 22 carats fine, was raised to 
 37 pound, 4 shill. being almost one eleventh part more ; 
 and by the Proclamation, J by which every 20 shilling 
 piece was made current for 22 shillings, the said Gold 
 was yet raised another tenth part ; so that the increase of 
 the price of Gold has been such by the Degrees before 
 specified, that every pound sterling, by reckoning of Gold- 
 coin, and every part of a pound, as Marks, and Shillings, 
 ^c. in coin of Gold, did in the eighteenth of Edward the 
 Third contain in intrinsical value i^d est) in pure Gold, 
 thrice as much and above a third part more than the same 
 pound sterling in reckoning of Gold-coin, marks, shillings, 
 6fC. does at this day contain. And every pound sterling in 
 reckoning of Silver-coin, and every part of a pound, as 
 marks, shillings, &^c. in Silver-coins did in the 18th year 
 of Edward the third, contain in intrinsical value, {id est) 
 in pure Silver, thrice as much, wanting about l-6th part 
 as the same pound sterling, in reckoning of Silver-coins, 
 marks, shillings, S^c. does at this day contain.§ 
 
 There is yet another Proportion of Gold and Silver to 
 be inquired into as necessary to be known ; and peradven- 
 
 28 ture 
 
 * In the 43r(i of Elizabeth a pound of standard silver, Troy 
 weight, was coined into 62 s. 
 
 t That is the pound sovereign ; tiiefine sovereign, a distinct coin 
 from the other, was 23 oar.,3|gr. fine. Snelling's" Gold Coinage," p. 21. 
 
 t Issued 28 November, 1611, the 9th James I. 
 
 § The exact proportion was 2.622 to 1. For a fuller and more 
 accurate account of the successive changes in the standard of money 
 and in the weight of the coins, see Mr. Lowndes' Report and the 
 Tables in a subsequent part of this volume. 
 
Of Coin and Coinage. 29 
 
 ture more necessary than either of these : And that is to 
 enquire what Proportion our Gold and Silver holds in 
 Value, being in Bullion, as it is presented to the Mint by 
 the Merchant, in Comparison of the near adjoyning Coim- 
 tries : For by this Proportion we shall discover the Reason 
 why the Merchant Brings Gold into England rather than 
 Silver, and Silver into Holland rather than Gold, or, 
 why he carries both, or either of them, into one Country 
 rather than into another. And for that purpose, I will 
 first begin with England, and then compare it with some 
 of the nearest neighbouring Countreys. 
 
 In England, where the Merchant for so much Gold 
 fine of 24 carats, as makes a poundj Tower weight, 
 doth receive 43Z. 7s. \d. according to the rate of the Mint, 
 which is 4:11. 5«. for a pound weight of Sterling Gold. 
 
 In France, according to the Edict of this King, Anno 
 1614, which is yet in force, the Merchant receiveth at 
 this Mint for so much Gold of 24 Carats, as makes a 
 pound of Tower weight, but 426 livres, 4 sols, so as re- 
 ceiving ten livres French for a pound sterling : the Mer- 
 chants in England for the same Gold receive 14s. and 
 about 9d. sterling, or 7 livres, and about 7 sols and one 
 half French more at the Mint in England for the same 
 quantity of Gold, than the Merchant doth receive at the 
 Mint in France. Of Silver, the Merchant, at the Mint 
 in England receives for so much fine Silver as makes a 
 pound. Tower weight, SI. 4s. 6d. the Merchant receives at 
 the Mint in France, for the same quantity of fine Silver, 
 34 livres, 7 sols: so that the Merchant receives at the 
 Mint in France, for the same quantity of Silver, 2 livres, 
 and 2 sols French, or 4s. and almost 2c?. half penny more 
 than the Merchant receives at the Mint of England. This 
 Account I do make reckoning the 12 ounces, Tower 
 weight to make, as by tryal it has been proved, 12 ounces 
 and 6 deniers, Paris weight. 
 
 As for the United Provinces, &c. 
 
 29 CHAP. 
 
30 Of Coin and Coinage. 
 
 CHAP. VI. 
 Of Base Money. 
 
 I Do not mean by base Money, Money of pure Copper, 
 whicb in all States and in all Ages bath almost always 
 been used, at tbe first for want of Gold and Silver^ and now 
 since, for the necessity of the poorer sort onely, and not 
 for Commerce and Trade, as our farthings have lately bin 
 introduced : But I mean that mixture of Metals, wherein 
 Silver is incorporated with other baser Metals, not for 
 Allay but to the extinction of the denomination of Silver; 
 as Wine, when it is watered beyond a certain proportion 
 looseth the name of Wine. And in all the Countries of 
 Europe, as far as I can learn, except England and Mus- 
 covia, is used for Commerce and Trade amongst the peo- 
 ple : which mixtion of mettals however it hath been 
 practised at times in fo]*mer Ages, out of the extream 
 Necessities of the Common wealth, yet I do not find that 
 it hath been constantly embraced (as now it is in all parts) 
 until about Eightscore years since, about which time it 
 was introduced into France by Charles the Seventh. The 
 pretences whereof were these. 
 
 First, That there was no Intention thereby to raise the 
 price or to diminish the weight of Silver, but that this 
 Money should be as good in intrinsical vahie, as in the 
 Money of purer Silver, save only a small charge laid upon 
 it for the Coinage : then that by coining small pieces of a 
 peuny, two pence, or three pence, or thereabouts, the 
 pieces, by the mixtion should have a greater bulk, and so 
 be preserved from loss, which must needs frequently hap- 
 pen by reason of the smallness of the pieces, if they were 
 made of pure Silver, so likewise they should be preserved 
 from wearing : and again, that the Gold-Smith should by 
 
 30 this 
 
Of Coin and Coinage. 31 
 
 tkls means be kept from melting them, and the Stranger 
 from exporting them, because the charge of refining them 
 and drawing the pure Silver oat of them would far exceed 
 the profit : These are the Pretences by which base Money- 
 was first introduced, but if they be weighed against the 
 Inconveniences, which have followed upon it, it will he 
 found one of the most mischievous Inventions that ever 
 was found in matters of Money. I could hardly resolve 
 with myself to insert this Chapter in this Discourse, be- 
 cause having mine aim only at the good of this State, it 
 seemed unnecessary to treat of this Suhject, since we have 
 no base Money in England ; hut when I consider, that in 
 some unhappy seasons heretofore we have had base Money ; 
 and that it is not impossible, hut that the like Projects 
 may again be revived, I determined not only to treat, but 
 to go through with it all at once, and not to interrupt this 
 Discourse any more with that Subject : And therefore to 
 set down the Inconveniences that have followed it, which 
 in the former Chapter I did forbear, reserving both the 
 Inconveniences and the Remedies to be treated of apart. 
 The first Inconvenience then of the great mixture of 
 Mettals, is the falsifying of them ; for both in reason it is 
 too true, that by this mixture both the Colour, Sound, 
 Weight, and the other more hidden Qualities of the dif- 
 ferent mettals are so confounded as the falsity cannot be 
 discovered, but with extream difficulty : and by experience 
 it is verified, that in all those Countries where base Money 
 hath course, the greatest part of it is not coyned by the 
 State, but either counterfeited by the Natives, or brought 
 in by several Strangers. 
 
 Secondly, It is true that the base Money was first 
 coined in France., of an intrinsical value, almost equal to 
 that of purer mettalls, and so it continues to this day, for 
 so much of it as is coined by ordinance of the State, (the 
 greatest part being falsifyed :) But in most other Coun- 
 tries (as namely in Spain) the State it self, to raise a 
 
 31 Tribute 
 
32 Of Coin and Coinctge. 
 
 Tribute upon the people, hath, extreamly falsified the 
 intrinsical value, by which means both the State hath for 
 gain. Coins much more than thfere is occasion to use, and 
 there is incomparably more counterfeited by others, so as 
 the mischief doth hourly multiply. 
 
 Thirdly, The values of Money are continually raised 
 from time to time, which is no new Device (as is already 
 more particularly declared) the base Money must then in 
 Proportion be likewise raised, which cannot be done by 
 increasing the value of the particular pieces for being of 
 so small price, the fractions would be irreconcilable, so as 
 there is no other way left to raise the base Money, but by 
 coining new, of a weaker Intrinsical value. I would then 
 gladly know what becomes of all the old base Money, 
 either it is melted down by the Bullioners, which is the 
 name in French of those who by culling and trying of 
 Coins make their profit to melt them ; or it is transported 
 by strangers, so as in effect the use of base Money doth 
 bring that inconvenience, the avoiding whereof was made 
 one of the chiefest Pretences for Coinage of it. 
 
 Fourthly, It is truly observed, that in all those Coun- 
 tries where base Money is current, there the price of Gold 
 and Silver is daily raised by the people, not only without 
 the Ordinance of the State, but contrary to, and in 
 despight of all Prohibitions to the contrary, which draws 
 with it extream disorders and mischiefs, so it is in the 
 Low Countries, so it is in France, so in Germany, and in 
 Spain ; although the Ordinance for the value of the Gold 
 and Silver may securely be maintained by this help, that 
 no Forrein Coin is there current ; yet when you come to 
 change base Money for Silver or Gold, you shall find 
 how the people there raise the price unto you of the 
 purer Money ; But in England and Muscovia, where no 
 base Money is in use, there the people never raise the 
 price of Gold and Silver (except by Ordinance of the 
 State it be directed,) neither doth Experience only try 
 
 32 this 
 
Of Coin and Coinage. 33 
 
 this Conclusioiij but Reason also; for the people when 
 they see the Money of base and uncertain mixture, do 
 disesteem it, and in comparison thereof do esteem the 
 Money of purer Gold and Silver above the proportion, 
 and so do raise the price of it ; and this esteem is not 
 meerly out of opinion, for that really, that piece of base 
 Money which hath as much fine Silver as a penny, is not- 
 withstanding not worth a penny, because the mixture 
 makes that you cannot extract this penny in pure mettal, 
 without loss and charge : and if the people do hold this 
 base esteem of this mixture which hath in it the intrin- 
 sical value for which it is current, how much more base 
 esteem must they hold of that mixture, which they know 
 hath not neer in it that intrinsical value for which it is 
 current, and how much more must they needs raise the 
 Silver. And certainly base Money, when either it is at 
 first coined much in the intrinsical value under the 
 extrinsical, or is by degrees brought unto it and long so 
 continued, doth in the end breed either Insurrections 
 among the People, or rejections of it j whereof the ex- 
 amples of Insurrections are very frequent, and therefore I 
 wiU forbear to instance in them. But I cannot omit one 
 example of Rejection, because it is so fresh in Memory, 
 which was in Ireland in the end of the Reign of Queen 
 Elizabeth ; which Country although it was newly vindi- 
 cated from Rebellion, and did patiently endure aU the 
 imperious Directions which a late fresh Victory did bring 
 with it, yet as soon as the Exchanges of base Moneys sent 
 thither did cease in England, it was instantly rejected 
 there, and would not pass current for so much as in the 
 true intrinsical value it was worth, but was bought up at 
 under rates by such as made profit by melting it. 
 
 Fifthly, The Dishonour that accompanies base Moneys, 
 is of a more important Inconvenience than all the rest, 
 for what can be more dishonourable than to have the 
 Image of the Prince, or the Mark of the Pubhck Attesta- 
 
 33 tion 
 
34 Of Coin and Coinage. 
 
 tion impressed upon false and counterfeited stuff: accord- 
 ing to the saying of an Emperour^ Quid enim erit tutum si 
 in nostra peccetur Effigie ? And if there be gain made of 
 it, it is a manifest breach of the publick Faith, for that it 
 hath no other course than as it hath publick warrant to 
 be good. Nay, this point of Honour hath so far prevailed 
 in the World, that it hath been made an Observation 
 by many, that in all great Divisions in States and 
 Monarchies, that party hath infallibly the juster cause 
 which doth most loyally use this publick trust of Money, 
 and doth most warily proceed, either to the raising of the 
 price, or the abasing of the matter thereof: which Observ- 
 ations are not without warrant of Experience nor of Reason 
 also ; for that all raising of the price and abasing of the 
 matter of Money for gain, drawing with it an unjust, 
 ruinous and unequal burthen upon the people, they that 
 maintain the better cause, like the true Mother, will 
 choose to loose the cause than that the Child should be 
 destroyed. In which loyal maintenance of the public 
 Eaith in matters of Money our Kings do incomparably 
 outshine aU other Princes and States of Europe : for if 
 Spain, and some other States do equal them in the pure- 
 ness of the mettals, and the low values of their Monies of 
 Gold and Silver, yet they have made themselves farr infe- 
 riour unto them by filling their , Countries with base 
 Money, And if in Muscovy they have coined no base 
 Money, yet they have raised the Standard of their Silver 
 so high, by diminishing both the fineness and weight, that 
 the Silver itself scarcely deserves that name. And this I 
 hold for a glorious mark of the equitable Government of 
 this Kingdom ; and let them that list admire forreign 
 matters, for my part, I am perswaded both out of what I 
 have seen and can learn by other means, that there is no 
 State in the "World more excellently tempered than this 
 of England, or wherein the Prince is more absolute in aU 
 things, wherein it is good for himself and the publick, 
 
 34 that 
 
Of Coin and Coinage. 35 
 
 that he should be absolute ; or where the great men are 
 more honoured without license of oppressing the People ; 
 or where the People do live more freely or so happily as 
 in England. As for the Remedies of this Inconvenience 
 of base Money, I do leave those Countries to struggle with 
 them that are afflicted with itj for us in England the 
 remedy is plain and easy^ which is mainly and constantly 
 to keep it out. Thus far I have proceeded in the History 
 of Money to set down, as briefly as I could, by what 
 degrees Money hath grown into that form and state as 
 now it is governed; but have forborn to speake of the 
 Inconveniences grown therein, and of the Remedies 
 thereof, save only in this last Chapter, which I mean to 
 propound and debate in the rest of this Discourse, for the 
 opening of the Readers understanding without making 
 any positive conclusion, but leave that to every ones 
 private Judgment, 
 
 CHAP. VII. 
 
 Of the Inconveniences in general grown in the matter of 
 
 Money. 
 
 THE Inconveniences which are accident to this Subject 
 of Money are in general but two, Raritie and Con- 
 fusion; which although they do coincide many times in the 
 subject, that is, that Rarity breeds Confusion, and Confu- 
 sion breeds Rarity, yet in their Nature they do differ, and 
 many times likewise in the Subject ; and there is seen 
 Confusion without Rarity, and Rarity without Confusion : 
 yet this latter branch of Confusion will yield small matter 
 to our discourse, because m Eglannd no forrein Coins 
 are current, nor base Money ; there is no variation in the 
 Mints, there being but one; and there is very small 
 
 35 Varietie 
 
36 Of Coin and Coinage. 
 
 Varietie in Allayes ; in the Silver Money none at allj and 
 in the Grold, but two, all which are occasions of confusion 
 in the matter of Money. As for the other branch of 
 Rarity, the causes thereof, when we come to handle them, 
 wiU appear both very various and very intricate. And, if 
 I were to handle this Subject as part of a Treatise of the 
 best Form of a Common-wealth, I would first endeavour 
 to search out what proportion of Money were fittest for 
 the Common-wealth, for if Money were invented for the 
 Exchange of things useful to man's life, there is a certain 
 Proportion for that use, and there is as well a too much 
 as a too little : Because that the want of Money makes 
 the life of the Citizens penurious and barbarous, so the 
 over-great Abundance of Money makes their lives luxu- 
 rious and wanton, by reason of the great Commutability 
 of all things for Money, by which the vain and vicious 
 Fancies of men are presently supplied with all that they 
 do affect. But I must apply my Conceit to the Common- 
 wealth as it is, not as a Philosopher may frame it by dis- 
 course: and therefore ought rather to Imitate a good 
 Rider, than a good Breaker of Horses, whose part it is to 
 perfect the Horse in all his natural actions, and to redeem 
 and win him from aU vicious affections ; but for the Rider 
 it is enough if he do use him to the best Advantage such 
 as he finds him. 
 
 f Now aU the Common-wealths of the World are grown 
 (to such a Depravation, that not only the exchange of 
 Necessaries, for which Money was first invented, but all 
 things else are valued by Money, the services and duties 
 of the Common-wealth, the virtue and the lives of the 
 Citizens ; so that in the common opinions, that State that 
 abounds in Money, hath Courage, hath Men, and aU other 
 Instruments to defend itself and offend others, if it have 
 wisdom how to make use of it : and upon this ground it 
 was said, during the time of the late Wars in France, that 
 that side that had the last Crown to spend must he infallibly 
 
 36 victorious 
 
Of Coin and Coinage. 37 
 
 victorious. And it seems that in the Low-Countries, on 
 both sides they are of the same opinion; for so they may 
 draw Money by it from their Enemies, they do furnish 
 them with Victuals and other Provisions to sustain their 
 Armies by Pasport and publick Avowal. Hence it is that 
 in the modem Forms of Common-wealths there is no Pro- 
 portion, no Mediocrity of Money, but all do strive to 
 abound with it, without any stint. And hence it is that 
 Rarity is almost the sole Inconvenience in matter of 
 Money; The Rarity of Money doth grow out of these 
 Four Causes following, viz. 
 
 First, Want of means to bring in the Materials of 
 Money. 
 
 Secondly, Facility of exporting them. 
 
 Thirdly, The wasting of them in the Kingdom. 
 
 Fourthly, The great encrease of the proportion between 
 Gold and Silver, and the things valued by them. 
 
 First, the want of means to bring in the Materials of 
 Money, may be reduced into these heads. 
 
 First, The want of Manufactures, for Manufactures do 
 breed Money, and Money again doth breed Manufactures, 
 which is apparent in divers States and Cities, that have 
 no natural commodities of their own, either to exchange 
 for other Commodities or to bring in Gold and Silver, 
 which do yet notwithstanding abound with both by reason 
 of their Manufactures, and as the Stocks of their Money 
 do encrease, so do their Manufactures encrease withall. 
 But the ways of encreasing and maintaining Manufac- 
 tures do depend upon other considerations in civil Govern- 
 ment, and in no sort upon the course of Money except by 
 accident, that the good Government of the course of 
 Money may breed plenty of Money, and plenty of Money 
 doth help to encrease Manufactures, and therefore to 
 speak no more of this Subject ; I propose 
 
 A Second Cause of want of Means to bring in the 
 37 Materials 
 
38 Of Coin and Coinage. 
 
 Materials of Money, is the want of Sumptuary Laws to 
 be made and executed, for as in private Families there is 
 no so easie and certain way to thrive, as the cutting off 
 superfluous expences, so is it in the Common- wealth ; and 
 that which the Industry and Will of the Master doth 
 perform in every Private Family, that the Magistrates 
 and Law ought to perform in the Common-wealth. 
 But this Title likewise hath no Coherence with my 
 Subject; and therefore I do omit to speak any further 
 of it. 
 
 A Third cause, is the want of Sufficient Search of these 
 Mettals in the Bowels of the Earth within the Kingdom, 
 and it is a certain Experiment that there are sundry 
 Mines of Silver in this Kingdom : and there is ground to 
 believe both that they are of great Profit and of long 
 continuance, if the working of them shall be well regu- 
 lated by the State, and judiciously prosecuted by the 
 Undertakers : but this also hath no dependance upon my 
 Subject, and therefore here I leave it. 
 
 The fourth cause of the want of means to bring in the 
 Materials of Money is the impediments of Trade, which 
 are very many, and of subtile disquisition ; but have no 
 dependance upon our Enquiry, but by accident; and 
 therefore I leave them to be discussed where it apper- 
 taineth. 
 
 A fifth Defect, in the bringing in of the Materials of 
 Money, is the Prohibition of Porrein, especially Spanish, 
 and this Title hath entirely relation to our Subject, and 
 hereof I purpose hereafter to examiue the Inconvenience 
 apart, together with the Remedies propounded. 
 
 A sixth cause, is the Low price of our Moneys, espe- 
 cially of our Silver Moneys, which is the cause assigned 
 by many that much of the Materials that would be 
 brought hither into England, if the price were higher, is 
 now transported into other parts : And in this Title I 
 mean first toexamiiae apart the disproportion between our 
 
 38 Money 
 
Of Coin and Coinage. 39 
 
 Money of Silver and Gold. But the low price of our 
 Money in respect of our Neighbours and the raising of it 
 higher, or not raising of it, or the reducing of it yet lower, 
 according to the values of more ancient times, and the 
 Inconveniences that may grow by the one or the other, 
 and the remedies propounded will occurr to be considered 
 in every division of the causes of the Rarity of Money. 
 But to avoid Confusion, I do purpose to handle them aU 
 together in one Chapter. 
 
 Thfe Second cause of the Rarity of Money and the 
 Materials thereof, is the facility of exporting them out of 
 the Kingdom which doth arise out of these Causes ; 
 
 First, out of raising of prices of Moneys by our Neigh- 
 bours, which in effect is the same with the former of the 
 low prices of our Moneys; for by giving a greater price 
 for our Moneys, than it is valued here with us, they allure 
 both our own and Forrein Merchants to carry our 
 Moneys to them. 
 
 A Second Cause is the unequal Coinage of our Moneys, 
 by which it cometh to pass that those pieces which are 
 over heavy and of finer Allay, are tried and culled out, 
 and either exported into Forrein parts, or melted down 
 for other uses. And although it might be thought that 
 the strict care used by the State in this behalf should have 
 prevented this mischief, yet daily experience doth shew 
 that great Quantities of the weightiest and best Moneys 
 are daily exported, and that the Silver which remaineth 
 amongst us is so much under the Standard as is hardly 
 credible : which matter I purpose to handle, being natu- 
 rally incident to this subject. The want likewise of 
 Manufactures and Sumptuary Laws, are two causes of the 
 facility of the exporting the Money and the Materials 
 thereof out of this Realm, for by the encrease of Manu- 
 factures, the Commodities of the Kingdom are increased, 
 and by Sumptuary Laws Forrein commodities are made 
 less useful, both which conduce to the keeping of the 
 
 39 Money 
 
40 Of Coin and Coinage. 
 
 Money and Bullion within the Realm. But these causes 
 are not of our consideration. 
 
 A third cause of the Rarity of Money and the Materials 
 thereof, is the wasting and consuming it within the King- 
 dom, as in guildings, gold and silver-thread, and inlayings, 
 all which is consumed in a manner to nothing; the ex- 
 cessive use likewise of Plate maketh Money scant, but all 
 these Defects are to be remedied by Sumptuary Laws. 
 The laying up of Money also in Treasure, is likewise a 
 Cause of Rarity : But the Interest of Money is so high 
 and quick in England, as I believe that cause doth little 
 prejudice. 
 
 The fourth cause of the Rarity of Money and Materials 
 thereof, which is the great Encrease of the Proportion 
 between Gold and Silver, and things valued by them is 
 entirely of our Consideration. And this cause doth 
 diminish the quantity or decrease the weight or fineness 
 of the Gold and Silver, but doth encrease the use and 
 want of Gold and Silver, and so maketh the Money and 
 Bullion of the Realm in general, and of every man in 
 particular, less in effect and value, though the quantity do 
 increase. As for Example : If a pound of Silver of the 
 sterling Standard, coined into Money in Edward the 
 Thirds Reign, would have bought two fat Oxen, or seven 
 quarters of Wheat ; and that now at this day, two pounds 
 of Silver of the sterling Standard coined into Money, will 
 do no more than buy one fat Ox, or three quarters and 
 one half of Wheat : and, if other things are increased in 
 price according to that value, and that the like proportion 
 doth hold also in Gold ; it doth then follow that although 
 the Realm in general, and every man in particular should 
 have now twice as much of Gold and Silver in weight and 
 fineness, as in King Edward the Thirds Reign ; yet in use 
 and effect they should have but half as much as then, 
 because this double quantity in weight and fineness would 
 in proportion to things valued by Gold and Silver, arise 
 
 40 but 
 
Of Coin and Coinage. 41 
 
 but to half so much as then ; and so the great Increase of 
 the Proportion between Gold and Silver, and things 
 valued by them, doth induce a Rarity and Scarcity of 
 these Mettals, though the Quantity should increase. But 
 what the just increase of this Proportion is, and by what 
 means it may be certainly proved, and how the Earitie 
 may be remedied, I purpose to treat hereafter. 
 
 Thus I have set down in general all the constant and 
 certain Causes of the Rarity of Money: of so many of 
 which as are incident to our Subject, I purpose to treat in 
 particular: As for the other Branch, of the Inconve- 
 niencies of the matter of Money, which is Disorder and 
 Confusion, I purpose not to make any title a part of it, 
 both because, as I have said before, the occasions of Con- 
 fusions in England, in this Subject are very few ; and that 
 I shall aptly have cause to speak of it by the way, in the 
 Causes of Rarity, which I mean to handle, not in the 
 Method set down in tliis Chapter, but begin with the 
 plainest and easiest Titles, and of most certain Proof, first 
 to the end that they may serve both to the opening and 
 facilitating the Proof of the more difficult and obscure. 
 
 CHAP. VIII. 
 Of the low Price of our Silver. 
 
 IT hath been declared in the Chapter concerning the 
 Proportion between Gold and Silver, that now in 
 England Thirteen pound and one fifth of Silver doth but 
 answer in value to one Pound in Gold, which Proportion 
 is much above the Practice of former Ages in England, 
 and other Countries about, both heretofore and at the pre- 
 sent, which is principally grown by the great raising of Gold 
 2s. in the pound, in the 9th year of his late Majestie's 
 Reign, at which time or at any time since. Silver hath not 
 been raised : the first Effect whereof hath been. That 
 
 41 great 
 
42 Of Coin and Coinage. 
 
 great Quantities of Gold have since been coined, but little 
 or no Silver, except now very lately. And of that Silver 
 which we before had, the weightiest hath been culled 
 out, and transported or melted, and that which doth 
 remain amongst us, is so light, as the lightness only doth 
 preserve it in use, and the scarcity thereof is so great, that 
 a man may go into a great many shops in London, of great 
 Trade and Commerce before he shall get a 20«. piece in 
 Gold to be changed into Silver: and far the greatest 
 part of all paiments is made now in Gold, contrary to 
 former times ; whereas the true Rule for the good of the 
 Commonwealth is, That there should be such a Proportion 
 kept between Gold and Silver, as that they might equally 
 abound, and of the two Silver most abound : the Rea- 
 son whereof is. That the greatest part of the Com- 
 merce of the Kingdom, and almost aU the Inland 
 Commerce, is made in Silver, the want whereof doth 
 greatly prejudice the same. The Remedy of this Incon- 
 venience is plain and easy in the general, and Theory, 
 which is to reduce the Gold and Silver to an equal Pro- 
 portion, but when you come to the Practick, there does 
 arise two great DifBculnes, the first to find out what this 
 equal Proportion is, the next how to settle it, whether by 
 reducing the Gold unto the Silver, or by advancing the 
 Silver unto the Gold. 
 
 I. Concerning the^rs^. Many are of opinion, that the 
 Proportion should be left as it is ; for they say. Although 
 our Gold be very high priced, yet it answereth the weight 
 of the King's Ordinance, being continually weighed, and 
 rejected if it be not weighty. But our Silver is not so, 
 being much lighter than the King's Ordinance, as will 
 easily be found by whomsoever wiU make the Experiment, 
 and yet passeth current, being never weighed ; so that 
 although by the King's Ordinance, the Silver be above 13 
 fine in Silver, for one fine in Gold ; yet in Practice, by 
 reason of the lightness of the Silver, the Proportion is 
 
 42 much 
 
Of Coin and Coinage. 43 
 
 much short of that. But they that give this reason do 
 not consider, That in this manner, although our Silver 
 will remain still in use amongst us, as long as it lasteth, 
 by reason of the lightness of it, yet of aU that is new 
 coined according to this Ordinance, the weightiest and 
 loyallest will he continually culled out, and transported, 
 or melted: and therefore since the Experience of the 
 scarcity which we have of Silver doth sufficiently prove 
 unto us the Inconvenience of the Proportion, it ought to 
 be altered. Others would have the Proportion to he 
 eleven or thereabouts, because that was the ancient Pro- 
 portion, both amongst us here in England, and amongst 
 our Neighbours. But since that Proportion is under that 
 of all our neighbours at this present, it would in time fall 
 out thereupon that we should suffer as much scarcity of 
 Gold as we do now of Silver. But the most, and the 
 most Judicious Propositions that I have seen, both at 
 home and in other parts, do agree upon twelve for one, as 
 the most equal Proportion ; and it agrees with the Pro- 
 portion of Spain, upon which in this Subject, we ought 
 principally to have our eye fixed : and for my part, I do 
 the rather incline to this Proportion, because 12 of all the 
 numbers is most proper for Money, being the most clear 
 from fractions and Confusion of an Accompt, (which 
 ought not to be neglected) by reason That of all other 
 numbers it is most divisible, being divisible into unites as 
 all numbers are; into two parts as no odd number is; 
 three parts as no even number is but six, and the numbers 
 that consist of sixes ; fourths into which six is not divisi- 
 ble ; and into sixths : This Proportion seems like to 
 sqtiare with the Conceipt of the Alchymists, who call 
 Gold Sol, and Silver Luna, whose Motions do come near 
 upon the point of 12 for 1, and the Conceipt of many 
 men hath run so strongly upon the Proportion of 12 for 
 1, that they'd have it hold as well in Money wrought, 
 as in Gold or Silver fine, so as the Pieces of Silver and 
 
 43 Gold 
 
44 Of Coin and Coinage. 
 
 Grold should weigh one the other j and 12 in Silver 
 should answer in value one of Gold. 
 
 But the Proportion cannot hold both in Money wrought, 
 and SUver and Gold unwrought, except the Allay should be 
 likewise made equal, and then it follows that there should 
 be 12 times as much over-value allowed to the Gold as 
 to the Silver, which were a rate beyond the present 
 allowance, and would much weak'n the Money of Gold in 
 intrinsical value ; yet that point doth justly meet with the 
 practice which in ancient time was in France, there being 
 in an ancient Reglement of Moneys, this following Article, 
 Qwe Von face Monoye d'or a 23 carrats ^ rendra auac 
 Merchans d'un Marc d'or fine, vn Marc d'or ouvri, §• 
 Monoye a ladite lay. And by the same Reglement the 
 Silver Money was made of 11 denier s and 12 grains fine, 
 called Argent le Roy ; and some others do find it a very 
 subtile Inconvenience in the want of laying so many times 
 a greater Charge and Tribute upon the Gold than upon 
 the Silver, as the Gold doth exceed the Silver in value, 
 proportion for proportion; aUedging that for one main 
 reason, why the Gold is always raised and esteemed 
 somewhat higher than the publick Ordinance, because 
 the Gold Money is really so much more in value than 
 the Silver Money, according to their rates, by how much 
 there is less Charge and Tribute laid upon the Gold in 
 proportion than upon the Silver. But admitting the 
 Objection made, that if there should be 12 times as much 
 charge laid upon the Gold as upon the Silver, it would 
 be too great a weakning of the Gold Money, and it would 
 be too great a discouragement to the Merchant to bring 
 his Gold to be coined, it may easily be salved here in 
 England, according to the custom of our Mint, by 
 making the price of Gold fine unwrought, somewhat 
 more than 12 for one, and allowing so unto the Mer- 
 chant, leaving the charge the same, which now it is. 
 
 For the Second point to wit, whether the Proportion 
 
 44 should 
 
Of Coin and Coinage. 45 
 
 should be settled by raising the Silver in price unto the 
 Gold, or by reducing the Gold unto the Silver. 
 
 First, In speaking thereof, I do not mean to anticipate 
 that Question, Whether it be beneficial for the Common- 
 wealth, that the prices should at any time be raised or not ? 
 ■whicli is the proper Subject of another Chapter, and is 
 indeed the most Importunate, and the most difficult Ques- 
 tion of any other in matter of Money : Although it be 
 true, that the raising one of the Materials of Money doth 
 produce all the Inconveniences that are produced by 
 raising of both the Materials ; and it doth likewise breed 
 this further Mischief, that it causeth a greater scarcity of 
 the other Materials which is not rais'd ; yet in the present 
 Estate and Condition wherein our Silver doth now stand, 
 we shall find by the subsequent Discussion of this Ques- 
 tion, that by the raising of the Silver to a more equal 
 Proportion to our Gold, these Inconveniences have no 
 place. 
 
 And First, If you shall abase the Gold to hold a pro- 
 jiortion of 13 to 1 with the Silver, besides the general 
 Objection against all Abasements, which is Ewportation, 
 there wiU this particular Inconvenience follow, as we 
 now stand. That you cannot abase it to the just Pro- 
 portion without new coyning of all the Gold, which will 
 produce both an extream trouble and Confusion, and exceed- 
 ing loss unto the Kingdom, and is by the Prescripts of 
 many excellent Roman Emperors condemned, as savoring 
 of Injustice and Envy towards the memorie of precedent 
 Princes to deface their Coins. And besides the scarcity of 
 the Silver will still remain, for their continuing still so 
 great a disproportion between the new Silver which shall 
 be coyned according to the antient standard weighty and 
 good, and the old Silver grown so much over-light, partly 
 by the wearing, but especially by that cuUing out and ex- 
 porting that which was coined either over-heavie, or of 
 just weight ; and that which was coyned over-light only 
 
 45 remaining 
 
46 Of Coin and Coinage. 
 
 remaining j how will it be possible^ but that so much of 
 the new Silver which shall be coined either of over-heavie, 
 or of a just weight, will still be culled out, either to be 
 transported, or to be melted down for other uses ? If on 
 the other side the Silver shall be coyned hereafter of a 
 new standard answering to a proportion of 12 for one of 
 the Gold, as now it stands; the Merchant will be en- 
 couraged to bring more in, the reminting of the antient 
 Money shall be avoided ; and if that supposition be true, 
 that the antient Silver is so much too light, then neither 
 will the antient Silver be exported upon the raising of the 
 new, neither will the price of the things be raised, since 
 the new Money (although in standard it differs) yet in 
 truth of weight will hold so near a Proportion with the 
 antient : and here it will be necessary to observe the Ex- 
 amination which we have made in several places of this 
 Treatise. 
 
 First, In what Proportion, for the values of our Gold 
 and Silver, it is most useful for this Kingdom to stand, 
 in respect of our Neighbours neerest about us, and then 
 examine how indeed we do stand with them ? Where I 
 do find an exceeding great abuse, because those who do 
 manage the affairs of the Mint do make their Computa- 
 tion of the Standard of Forrein Coins, meerly as the Gold- 
 Smiths do by melting of them : the error of which Com- 
 putation will easily be apprehended, if any man shall go 
 about to discover the sterling standard by melting of ster- 
 ling money, the pieces whereof being so unequally coyned, 
 as they are the difference between a piece that is over-light, 
 and again of a piece of the absolute fineness of the stand- 
 ard, and another deficient the fuU extent of the Remedy 
 allowed, will be so great, as whosoever shall compute the 
 standard by the one or by the other, must needs run into 
 extream Error. 
 
 46 CHAP. 
 
Of Coin and Coinage. 47 
 
 CHAP. IX. 
 
 Of tlie Prohibition of Forrein Moneys, especially 
 Spanish, 
 
 IT is the Opinion of wise men and intelligent in this 
 Subject of Money, that the Prohibition of forrein 
 Moneys especially Spanish is a great hindrance to the 
 coming in of Gold and Silver : and they do ground them- 
 selves upon two Arguments : — 
 
 The first, in reason, that Spain being the Cistern and 
 Receptacle of almost all the Gold and Silver, which is 
 thence dispersed into the rest of Europe, to forbid Spanish 
 Money to be current, is, in effect, to forbid the coming in 
 of Gold and Silver, and that rather we ought to draw it 
 in by setting an high price upon it. The other Argument is 
 out of the Example of other Nations, which do abound with 
 Moneys, where Spanish Money is not only current, but it 
 is current at higher rates then their own Money, ,value 
 for value, who have therefore more Spanish Money among 
 them, then of their own coining. These reasons gave 
 occasion to sundry Propositions, to have Spanish Money to 
 be made current. But before it be fit to resolve of that, 
 it should be first maturely considered. What reasons did 
 induce the Prohibition of all Forrein Coins, and how they 
 may be satisfied, least in seeking to salve one mischief we 
 do introduce a greater, and do fall into the complaints of 
 those Countries, which do crie out against the Inconve- 
 niences which they do feel by forrein Moneys, and know 
 not how to remedie themselves. If you make forrein 
 Moneys current but just at the rate of the intrinsical 
 value you gain nothing, for they will as weU be now 
 brought in for Bullion as then for Money j only this dis- 
 advantage you shall have, that whereas that which is now 
 brought in for Bullion, is good and weighty, you shall in- 
 stead thereof have the same quantity brought in for Money 
 
 47 abased 
 
48 Of Coin and Coinage. 
 
 abased and light ; which was one of the many reasons why 
 it was made not current. If you make forrein Money 
 current above the intrinsical value, allowing them an over- 
 rate for charge of coyning and tribute to the Prince that 
 coined them; Observe then the inconveniences which 
 follow upon it ; 
 
 First, The dishonour, in that you do communicate a 
 principal point of Soveraignty unto a Stranger, and you 
 do pay a Tribute to a forrein Prince out of your own 
 Country, and you shall never have any material Coin to 
 be coined in your own Mint. 
 
 Secondly, You shall fiU the Country with light Money 
 of Silver, which is hardly ever weighed, and with counter- 
 feit and base Money of Gold; The punishment whereof 
 lieth not in your hands, the act being done in forrein 
 parts and is so much clear loss to the Country. 
 
 Thirdly, You shall give the people occasion to raise it 
 to a higher rate than the publick Ordinance, which is an 
 effect that follows forrein Moneys in all those Countries 
 where it is permitted ; or if the people do not raise, yet 
 strangers will raise it higher, and then it will go out faster 
 than it came in, and you have gained this Inconvenience, 
 to have it higher rais'd : the mischief whereof I shall have 
 more occasion to declare hereafter. But if forrein Money 
 shall come to be current at an over-rate, to the intrinsical 
 value, greater than your own, value for value, as Spanish 
 Money is both in France and in the Low Countries, and 
 as English was in both, till it was digcried and valued 
 only as Bullion; but daily varies the value in those 
 parts, then shall you give occasion to have the weightiest 
 of your Money culled out and transported into forrein 
 parts to be coined for Advantage, to be brought back 
 in forrein coin : but above all, your materials in Bul- 
 lion of Silver and Gold wiU be transported to that 
 purpose, and the Common-wealth shall cleerly loose 
 so much in substance of Gold and Silver, as the Trans- 
 
 48 porter 
 
Of Coin and Coinage. 49 
 
 porter doth get; as for Example, In the years 1607 and 
 1608, our Jacobus pieces were ordinarily current in Paris 
 after the rate of 22s. when as three i^reracA Crowns, were cur- 
 rent but after the rate of 21s. sterling : The Jacobus weighs 
 7 deniers and 20 grains, and is 22 carrats fine. The French 
 Crown Sol, is 23 Carrats fine bating the Remedy, and 
 weighs by the ordinance 2 deniers, 15 grains, so as 
 three French Crowns full weight, weigh one grain more 
 than a Jacobus, and are worth one 24th part more in fine- 
 ness, and yet were current in France for \2d. less than a 
 Jacobus. The Jacobus was worth in Holland after the rate 
 of 25s. sterling, in the years 1621, and 1622 ; then was 
 the Ryder there current, but after the rate of 22s. sterling 
 or little more, and yet the Ryder in intrinsical value is 
 not two pence worse than the Jacobus. In the year 1622, 
 at the Mart at Francfort in Autumn, English shillings 
 were current at a higher rate, fineness for fineness, and 
 weight for weight, than their own Dollars coyned in that 
 Town, so as in these times there was great profit by 
 transporting Dollars out of Francfort, Ryders out of 
 Holland, and French Crowns out of France, and carrying 
 them back again coined in English Coins; and there is 
 no doubt to be made, but that great Numbers were 
 accordingly transported, the subtilty of the Bancquers 
 not omitting any opportunity to make their Advantage of 
 the popular Errors, which daily do exceed in this Subject 
 of Money. But if the permission of Forrein Money at 
 least of Spanish be so useful, and yet the practice so full 
 of danger as hath been expressed, we must then search 
 by what means the Permission may be so qualified as the 
 Usefulness may be retained, and yet the Dangers may be 
 avoided therein. Now that the Dangers are exposed, I 
 do exhort aU the furtherers of the Common good to 
 exercise their Invention, as in all other Inconveniences 
 ])ropounded in this Subject. The most probable Pro- 
 position that I can find, is that Spanish Money should be 
 
 49 made 
 
50 Of Coin and Coinage. 
 
 made current, but not that any Realls of Silver or Pistolets 
 of Gold should be current at any rate according to the price. 
 But that the Spanish Money of Gold and Silver should 
 be made current according to a certain Rate by the Ounce, 
 which rate should be so proportioned, as that the Spanish 
 Money should have allowed unto it at one value, as great 
 as may answer the charge of coinage, without allowing any 
 thing for the King's Tribute, to draw it the easiest into 
 the Kingdom. By this means the Dishonour would be 
 avoided, for, although it would be frequently current 
 amongst Merchants, and in all great payments, yet in 
 Fairs and Markets and the Commerce within the Kingdom, 
 it would have no place being not current by the piece. 
 And this defect of the Currencie of the pieces would 
 make a great part of them piece by piece drop into his 
 Majesties Mint. Especially if the Officers of the Mint 
 use their endeavour to buy them for the use of the Mint : 
 then it would necessarily keep out all light Money, or if 
 any were brought in, it woidd be without disadvantage to 
 us. For, 
 
 First, Upon our occasion of raising it, strangers could 
 not raise it higher; both because it would be most con- 
 cealed from them, and they should not be able to propor- 
 tion their raising to ours, except they should take the 
 same course, which is almost impossible for them to do, 
 who have Spanish Money in so great abundance already 
 current by the piece. 
 
 And lastly, not allowing to it a greater over-value than 
 to your own Money, it wUl be impossible to transport your 
 own Money for profit to bring it back coyned in Spanish 
 Money. Others have propounded that the Spanish Money 
 both of Gold and Silver should be made current by the 
 piece, allowing an over- value unto it both for the Coinage 
 and the King's Tribute equal unto our own, but that being 
 of a weight allowable, it should receive the addition of a 
 new stamp at the King's Mint, for which the King should 
 
 50 receive 
 
Of Coin and Coinage. 51 
 
 receive upon the pound, so much as his own clear Profit 
 amounts unto upon his own Coin ; and the Merchants in 
 the currency of the pieces should have allowance of so 
 much as the charge of the Coinage amounts unto. But 
 this inconvenience would probably happen in this Proposi- 
 tion, that if the pieces that should have the Addition of 
 the stamp unto them, were made current at a price, the 
 people would likewise receive those that had not the said 
 Addition at the same price. 
 
 CHAP. X. 
 Of the unequal Coinage of our Moneys. 
 
 THIS Title doth wholly depend upon the Mechanical 
 part of making Money, which because I am unskilful 
 in, I do handle with much scruple and retention, being 
 forced to apply my self to what I read in others ; and 
 peradventure may in some points misunderstand, yet 
 because this is a very main and principal cause of the 
 exportation of Money I cannot omit it : And the first 
 cause of the unequality of the coinage, is the greatness of 
 the Remedies both of the weight and fineness : and I do 
 find that some men of great experience and understanding 
 even in this Mechanical part do hold, that the Moneys 
 both of Gold and Silver may be made without any Remedy 
 to be allowed either for weight or fineness. This I am 
 sure that it doth appear by the Records of former times, 
 that the Remedies allowed have been many times less 
 than now they are, and have been heretofore very variable 
 according to the favour or the skill which the Masters of 
 the Mint did use to make their own Advantage : since 
 Henry Vllths time, the Mint Masters have bin tied to 
 account to the King for half the Profits of the Rem^edies 
 allowed, by which means it is manifest that half the 
 Remedies allowed might be cut ofl', and the Kings profits 
 
 51 might 
 
52 Of Coin and Coinage. 
 
 might be better recompenced upon the price of the 
 Coinage. By the Indentures of the Second of King 
 James, The Officers of the Mint are tied to account to the 
 King for the whole profit of the Remedies; but then 
 there is a clause that the King shall give them allowance 
 for so much as they shall over-put above the standard, 
 which clause seeraeth to me very captious : But if aU the 
 inequality of the Moneys coined did consist in the Reme- 
 dies, the matter were not so much ; but the great profit 
 which hath been made by culling of the Coins by Gold- 
 smiths and Cashiers to Merchants and others, through 
 whose hands great Sums of Money do pass, doth mani- 
 festly prove that the inequality of the Moneys is much 
 greater than the allowance of the Remedies can make it ; 
 yet when I consider upon what great Penalties the Mint 
 Master is tied, how exact a Course is set down by his 
 Indenture, and observ'd for the Examination and Trial of 
 his work, I cannot imagine much less find out, where the 
 Error lieth, but that there is an Error, and such an one 
 as deserveth strict Enquiry and Redress by the State, I 
 am verily perswaded. The Mint Master knoweth exactly 
 how many pieces he is to sheer out of every pound weight, 
 but whether these pieces are shorn so equal to one another 
 in weight, as there shall be no advantage in culling out 
 the heaviest from the lightest, that is the Scruple : The 
 course is this, out of every proportion of Silver and Grold 
 coined, there is a piece taken at adventure, by certain 
 Officers trusted, and put into a Pix* under their several 
 Keys, and then at the years end, this Pix is opened in the 
 Star Chamber, and telling out so many pieces as are to 
 make a pound, they melt them and examine whether they 
 hold the weight and fineness, within the Remedies re- 
 quired ; which Course for the examination of the Fineness 
 seemeth exact enough, but for the weight it may fall out 
 that the pieces taken out of the several Proportions of 
 
 53 Money 
 
 * Box. 
 
Of Coin and Coinage. 53 
 
 Money coined, being melted together may hold the 
 weight required within the Remedies, and yet the pieces 
 .of those several Proportions may differ in weight from one 
 another, more than the Remedy allowed. The Reme- 
 dies that are propounded for this inequality are divers : 
 
 Some think that it may be redressed by a strict and 
 severe Course to be held with all those, through whose 
 hands the work doth pass for the perfection of their 
 works. 
 
 Others are much pleased with belief of some invented 
 Engines, which have been by some work-men offered for 
 a more perfect and exact coining of Moneys, than can 
 be performed by the stamp, and the ways that are now 
 practised. 
 
 Others find no so good way as by the Mill, whereof 
 divers experiments have been made both in this Kingdom 
 and in other parts. Of which, because I dare in my self 
 deliver no Opinion, I will only translate what I find written 
 by a French Author, a man of great practise and expe- 
 rience in these Mysteries, but because in some places he 
 hath words of Art which admit of no translation, I must 
 be fain use the original Terms : He saith. That against 
 the Establishment of the Mill it is objected, that after the 
 Invention of it, by reason of the great clipping that belongs to 
 it ; the Conductor of it was of Necessity to have an Augmen- 
 tation for the Workmanship. 
 
 2. That the Ressorts, and Wheels, and Squares and 
 Pieces, by which it is governed, are very subject to break 
 and bruise one another. 
 
 3. That it wants Expedition, and dispatches but a little 
 work. 
 
 4. That makers of false Money will easily counterfeit it. 
 
 5. That no man will undertake to make Money with the 
 Mill, but at the same price which is paid for the marks for 
 Silver Counters made with a Mill. 
 
 To which five objections I answer. 
 
 53 1. That 
 
54 Of Coin and Coinage. 
 
 1. That the quantity of Clipping Mill Money, is no loss 
 to the Farmer nor to the Workman, and is done without 
 Pain, Charge or Travel ; besides the Charge of the wasting 
 is taken away, which is both an expence to the Master 
 and to the Parmer : That the augmentation for the work- 
 manship was not allowed for the new melting of the Clip- 
 pings, but because there was no reason that the Masters 
 of the Mill should without recompence give those several 
 fashions to the work, which the work-man is paid for, and 
 hath 3 sols allowed him upon the mark, and besides fur- 
 nish great Cizers, three sorts of Hammers, Anvil and 
 other Instruments. Now the Money being made in the 
 Mill by the Industry of the Master who doth give other 
 like fashions to the work, as the Minters now do, it was 
 but reason to attribute the same right unto him. And in 
 those places where Mill-Money hath remained in use, as 
 at Pau and at Bearne, the fee of the work-man is attributed 
 to the Master of the Mill, as likewise of the Carver and 
 Graver, and that very justly. 
 
 2. Por the Second Objection, That the Ressorts, Wheels, 
 Squares, S^c, are subject to breaTcing ; It may be answered 
 that at the new setting up of the first Mills, the Artisans 
 were not so perfect and expert as they have shewed them- 
 selves since by Practice, since the Mills are grown common 
 as now they are : There is nothing harder than to invent, nor 
 more easie than to adde to things invented. There are Mills 
 set up not only at Paris, but at Lyons, Tholouse, Aix, Amiens, 
 Nants, Bordeaux, Poitiers, so that the use of them is now 
 universal, for the Coinage doubles base and abject Money. 
 
 3. Por the third Objection, That there is no Expedition 
 in Mills, and that the work is not so soon dispatched as with 
 the Hammer .- It shall suflSce to answer. That it proceeds 
 from a Man that hath no experience in this Subject of 
 Money, because that four Men bred and used to the 
 making of Money in a Mill will do more work than twelve 
 work-men or IMoneyers with the Hammer. 
 
 54 4. Por 
 
Of Coin and Coinage. 55 
 
 4. For the fourth Objection, That the Counterfeiter of 
 Money will imitate the Money made in a Mill: This 
 Objection were credible if the author could produce one 
 piece of Silver or Gold made in the Mill counterfeited 
 since the Introduction thereof brought into France; and 
 there is nothing that the counterfeiters of Money and 
 their foster Fathers the Alchymists, do more fear and 
 apprehend, knowing that they cannot suborn base and 
 abject raettals, as Copper, Lead, Tinn, (the materials of 
 Counterfeiters) for Gold or Silver, but that the piece will 
 instantly be discovered, because the Moneys made in the 
 Mill will always be equal and of like volume, greatness 
 and thickness, because it all passeth by the same Coupier 
 which cutteth equally, which cannot be the case with the 
 Moneys made with the Hammer, (the Hammer not being 
 governed with an equal force and measure, as in the MUl.) 
 Neither can they be clipped, but that the exposer thereof 
 will be discovered, taken and punished. And it may be 
 avowed that the Teston made in the Mill hath not been 
 seen clipped in France, the perfect representation of the 
 King's Image seeming to have been retained, and terrified 
 the Clippers. 
 
 5. As for the last Objection, That no man will undertake 
 to make Money in the Mill, but at the rate which is paid for 
 the mark of the Silver Counters : This objection proceeds 
 out of Ignorance, because the matter of Silver Counters 
 is Argent le Roy, and therefore of greater fineness than 
 the Money, and requires a greater charge to refine it to 
 that title and degree. Besides the maker of Silver Coun- 
 ters must have a great diversity of Chisels, and Prints of 
 a different sort from those of Moneys, and almost as many 
 as there be different Noble men. Corporations, and Town- 
 houses, that take pleasure to have their Arms or Devises 
 engraven in Silver or Copper Counters; whereof some- 
 times the very square will cost 20 Livres, which shall serve 
 only for one purse of two marks of Counters; and for 
 
 55 proof 
 
56 Of Coin and Coinage. 
 
 proof thereof let the Masters of the Mills for coining of 
 Doubles be called, and he will undertake for the same 
 wages and fees that the Moniers have, to make the Moneys 
 in the Mill. Thus far this Author : but as I said before, 
 I undertook this Discourse of the Mechanical part of 
 Money with Scruple, so I do leave it with Alacritie. 
 
 CHAP. XL 
 
 Of the great increase of the Proportion between Gold 
 and Silver, and the things valued by them ; by which 
 there is grown a greater want of Money in England 
 than was in Antient times, and of the Causes thereof, 
 and of the Remedies which may be applied. 
 
 BECAUSE this Title is of a very curious and per- 
 plexed Search, I am inforced contrary to a Logical 
 Method, to set down my Conclusion first, and to explain 
 by the cleerest Expressions I can think of, what it is I 
 intend to prove, and by what ways, and then to set down 
 my Probations afterwards. I intend then to prove that 
 the price of all things, which is the Proportion between 
 Money and the things valued by Money, at this present is 
 much encreased from what it was in antient times : and 
 because I wiU set down a time certain of Antiquity, I 
 will take the 25th year of Edward the Third, when a 
 pound of Gold of sterling standard made 15Z. sterling, 
 and a pound of Silver of the same, made 25«. sterling. 
 I intend to prove that this increase of price and Propor- 
 tion is not meerly according to the raising of the Money, 
 which hath bin since that, and is about the rate of three 
 for one, as the Money hath been raised, for then the price 
 and proportion should be only nominally, and not really 
 encreased, for that if we pay now 3s. for that which in 
 the 25th year of Edward the Third cost but Is. and if we 
 pay now 3 Crowns for that which cost then but one ; yet 
 
 56 if 
 
Of Coin and Coinage. 57 
 
 if then there was as much fine Gold in one Crown as now 
 there is in 3j the price should only he increased in name ; 
 but the Proportion between Gold and Silver^ and the 
 things valued by them, would remain the same. But I 
 intend to prove that this increase of Proportion hath bin 
 realj and that the price of things in general is now grown 
 six times as much or eight times as much as then they 
 costj in name of Shillings, Crowns and Pounds and in 
 reallity of fine Gold and Silver, to double, and almost 
 treble the Proportion of all things, valued by Gold and 
 Silver, in respect of what it was in the 25th year of 
 Edward the Third. Then I intend to prove that this real 
 increase of Proportion, by which all things valued by 
 Money, are valued at more than double, almost treble, the 
 quantity of fine Silver and Gold, that then they were, is 
 grown principally, and in a manner solely, out of the great 
 quantities of Gold and Silver come into the Kingdom of 
 Spain out of the West and East-Indies, within this 
 Hundred years or thereabouts, and thence dispersed into 
 other parts of the World, whereby it is come to pass that 
 the value of Gold and Silver is become more vile and 
 cheap ; and generally all things valued by them, are rated 
 higher, at double and almost treble as much Gold and 
 Silver as they were rated at in the 35th year of Edward 
 III. or thereabouts ; as one Scale preset down doth neces- 
 sarily make the other rise higher : From those Propor- 
 tions it will necessarily follow that if the Kingdom of 
 England should have at this day as much Gold and Silver 
 in fineness and weight, or peradventure half as much 
 more, as it had in the 25th year of Edward the Third ; yet, 
 because the increase of the Proportion between Gold and 
 Silver and the things valued by them is so much greater 
 than it was then, to wit, above double and almost treble ; 
 that the Kingdom of England is so much poorer aad more 
 disabled than it was then, by how much it wants of that 
 quantity of Gold and Silver, which may, in Proportion to 
 
 57 things 
 
58 Of Coin and Coinage. 
 
 things valued by thenij countervail the quantity which 
 then was in England, and this great Mischief and Dis- 
 ability doth not only hold in the present Stock, but in the 
 Fruit and growing Wealth of the Kingdom. 
 
 Lastly, Having discovered this great Evil, the Danger 
 whereof is not apprehended as it deserves, together with 
 the Causes of it, I intend to set down what Remedies are 
 propounded unto it. 
 
 Now when I shall compare the Prices of things at this 
 day with those of antient times, if I should go to set 
 down all things particularly the Labour and Search were 
 beyond measure, and the variety of the Proportions of 
 prices would not be very great between several things, 
 but the same things in several seasons would exceedingly 
 differ in price, and the proofs, would be very disputable so 
 as no certain conclusion would be drawn from them : as 
 for Example, of Corn, Cattel, and Fish, the Proportions of 
 price would not hold the same, and every of these would 
 differ in several seasons for several causes; as Corn 
 through unseasonable weather, Cattel through murraign. 
 Fish through Warr ; and every one of these through many 
 other accidents are able to raise or draw down the price 
 again : Cloth, Linnen, Leather, and such like, would have 
 the like variety of prices through the same, and through 
 other causes, as through Impositions laid upon them, new 
 Inventions, whereby the Manufactures may be the more 
 easily and speedily made, engrosing of them, false making 
 of them, want of work-men. 
 
 And if these things, which are most necessary for man's 
 life, are subject to so many varieties of Prices through 
 several causes; how much more uncertain would those 
 Materials prove, which serve only to delights and magnifi- 
 cence, as precious Stones, Pearls, Hangings, Pictures, 
 Embroideries, and such like; which are subject to so 
 many causes of varieties of price, as things necessarie, 
 
 58 and 
 
Of Coin and Coinage. 59 
 
 and are moreover subject to the Humours and Fancies of 
 the Times, by which their price is raised or abased. 
 
 But there is only one thing, from whence we may cer- 
 tainly track out the prices, and which carries with it a 
 constant resultance of the Prices of all other things which 
 are necessary for a Mans life ; and that is the price of 
 Labourers and Servants Wages, especially those of the 
 meaner sort. And as there is to be found no other cer- 
 tain and constant Cause of the raising of the Prices of all^ 
 things, but two ; viz. the one the raising of the values of 
 Moneys, the other the great abundance of Gold and Silver , 
 coming into these parts, in this latter Age, out of the/ 
 Indies: And although the hire of Labourers did con^ 
 tinually rise (when Money was raised), yet it did rise 
 so much and no more, as its value was raised; but 
 after the Discoverie of the Indies, you shall finde the 
 price of the Laborers wages raised in Proportion far 
 exceeding the raising of Moneys, and therefore, for 
 my part, I am certainly perswaded, that as long as the 
 values of Moneys are raised, and the Indies do yield that 
 abundance of Gold and Silver which they do, that both 
 the hire of Labourers, and generally the price of all things, 
 especially of things necessary for life, will rise, although 
 for a year, two or three, through uncertain Accidents, 
 sundry particulars may stand at a stay or abate : But that 
 the hire of Labourers and Servants carrieth with it a re- 
 sultance of the prices of aU things generally necessary for 
 a mans life : Besides, that Reason doth convince that 
 there must be a convenient Proportion between their 
 Wages and their Food and Raiment, the Wisdom of the 
 Statute doth confirm it, which doth always direct the 
 Rate of Labourers and Servants to be made with a regard 
 of Prices of Victuals, Apparel, and other things necessary 
 to their use. In the 25 th year of Edward the Third, it 
 was provided that in time of Hay-making, none should 
 pay above one penny in the day ; that for threshing of one 
 
 59 quarter 
 
60 Of Coin and Coinage. 
 
 quarter of Wheat or Rye, none should pay above 2\d., and 
 for threshing of a quarter Oats, Barly, Beam and Pease, 
 above one penny half penny ; that a Master Carpenter shall 
 have 3 pence, another Carpenter but %d. a day ; a Master 
 free-Mason but 4 pence, a Tyler 3 pence; but either of 
 their servants, a penny half penny : all this is in the Sum- 
 mer time, for in the Winter Wages lessened, and without 
 meat or drink, or any other courtesie, and that in the 
 Country, where Wheat was wont to be given, they shall 
 take for the Bushel ten pence, or Wheat at the will of the 
 Griver.* 
 
 In the Twelvth year of Richard the Second these Rates 
 did still continue (so likewise the Money did still continue 
 the same in goodness) but there was further added like- 
 wise a yearly rate for Servants wages; and there was 
 allowed by the year for a Bailiff 13s. 4 pence, with a 
 Livery : a Master Hind was rated at 10s. a Carter at 10s. 
 a Shepheard at 10s. an Ox-heard or Cow-heard at 6s. M. 
 a Driver of the Plough at 7s. at the most : and all these 
 but the Bailiff, without cloathing or other courtesie. In 
 the Thirteenth of Richard the Second, It was provided 
 that the Justices of the Peace might rate the Day- 
 labourers according to the dearth of Victuals, which 
 seemed to have growth through some accidental Dearth, 
 which then hapened : in the Thirteenth of Henry the 
 Fourth there was raising of Moneys to about the 6th part 
 more, by Advice in Parliament, but there was no new 
 Rate for Servants Wages, until the sixth of Henry the 
 Sixth, the price of things growing higher by reason of the 
 raising of Moneys : It was provided by Statute that the 
 Justices of the Peace might rate as well the Hire of day- 
 labourers as the Wages of Servants, as they should find fit 
 iu the Sessions, notwithstanding the former Statute of the 
 25 th oi Edward the Third, and 12th oiRich.the Second, and 
 notwithstanding theMoneyhadnotbeen raised above a sixth 
 
 60 part, 
 
 * See Sir F. M. Eden on the Poor, I. pp. 32-33. 
 
Of Coin and Coinage. 61 
 
 part, which I attribute to the great want of Servants and 
 Laborers, the Kingdom being then exceedingly exhausted 
 by the long continuance of the Wars in France : but in 
 the 49th of Henry the Sixth Money was exceedingly 
 raised, so as a pound of Sterling Gold made 221. 10s. 
 and a pound of Sterling Silver made 37*. 6d. which ac- 
 counting Gold and Silver together was half as much more 
 as they were valued, in the 25th of Edward the Third. 
 
 In the 11th of Henry the Seventh (c. 22) there was 
 a new Statute for the rating of Servants wages and the 
 hire of Day-laborers, which in a manner doth agree with 
 the 33rd of Henry the Sixth : but I find this almost only 
 diflference between them, that by the 23rd of Henry the 
 Sixth, the Meat and Drink of the Day-labourer is valued 
 but three halfpence, but by the 1 1th ot Henry the Seventh, 
 it is valued at 2d., which correspondeth almost exactly with 
 the raising of the Money in the 49th of Henry the Sixth, 
 the Pound of sterling Gold being (then) brought from 16/. 
 13«. 4fi?. to 22/.,10s. 0. and the Silver from 30s. to 37s. 6d. : 
 From the 11th of Henry the Seventh until the 6th of 
 Henry the Eighth, there was no new Rate upon hire 
 of Labourers or Servants wages : but that year there was 
 a new Statute, which notwithstanding was little or nothing 
 different in the Rates from the former, except in some 
 Particulars which are not pertinent to this Inquiry. 
 
 So likewise hitherto did the value of the King's Money 
 remain the same, and so continued until the 18th oi Henry 
 the Eight, when the Commission was given for the Alte- 
 ration of the Coins to Cardinal Wolsey, which brought in 
 great Confusions among the values of Money, which to- 
 gether with the excessive quantities of Gold and Silver, 
 which about those times began to be brought into Chris- 
 tendom out of the West-Indies, were the occasion that the 
 Statutes for Labourers and Servants were no further 
 observed because the prices of all things being much 
 inhansed, Labourers and Servants could not live upon 
 
 61 their 
 
62 Of Coin and Coinage. 
 
 their Hire and Wages ordained by the Statute : and this 
 is acknowledged in the Preamble of the Statute of the 
 5th of Q. Elizabeth (which is the next Statute for the 
 rating of Servants and Labourers wages, after the 6th of 
 Henry the Eigth) by which Statute all former Statutes 
 for Labourers and Servants are repealed, and an exact 
 Course set down how the Rates for the wages of Servants, 
 and Hire of Labourers shall hereafter be set down by the 
 Justices of Peace, in Sessions, having regard to the price 
 of victuals, and other things for maintenance : so having 
 thus deduced the Rates of Servants and Labourers from 
 time to time. It remaineth now only that I examine 
 some of the late Rates set down in the Counties Adjacent, 
 and compare them with those of the 25th of Edward the 
 Third, and 13th of Richard the Second, and that I do 
 calculate how much these later Rates do exceed the 
 Ancient : and deducting from the later Rates so much as 
 the values of the Moneys of Gold and Silver hath been 
 raised, which induceth rather a nominal than a real In- 
 crease of the price, it will follow. That whatsoever 
 increase hath been more of the Rates, that it hath grown 
 from the great quantities of Gold and Silver brought into 
 Spain out of the Indies, within these Hundred years. 
 
 In the Statute of 25th of Edward the Third, the 
 threshing of a Quarter of Wheat or Rye, is rated at i]d. 
 ob. By the Rate, in Middlesex, of the 17th of King 
 James, which is the last Rate made there, the Threshing 
 of a quarter of Wheat is eighteen pence, which is above 
 seven times as much as in the old Statute ; the stone, either 
 of Wheat or Rye in Essex by the rate now in force is 16^. 
 which is above six for one, wherein it is to be observed 
 that in that they shall give more : and yet we know that 
 the Bushel, and consequently the Quarter in many of the 
 remoter sheirs containeth half as much more as in these 
 Counties near unto London. The threshing of a quarter 
 of Barley, Oats, Pease, or Beans, by the Statute of 25th 
 
 62 of 
 
Of Coin and Coinage. 63 
 
 of Edw. the Third, is rated at \^d. ob ; hut by the said 
 Rate in Middlesex the quarter of Barley is rated at 10(?. 
 and Beans and Teas at nine pence, which, by a medium 
 comes to be between sik and seven times as much. And 
 by the said rate in Essex they are rated at ten pence and 
 eight pence which by a medium, comes to six times as 
 much ; and in this likewise the aforesaid Observation of 
 the difiPerence of the measure doth hold. 
 
 By the said Statute of 25th Edward III. it is 
 provided that in time of Hay-making none shall pay above 
 a penny for Hay-making, but by the said rate in Middle- 
 sex, the hire of a man a day for Hay-making is 10 pence, 
 for a woman is viii pence, and by the same rate in Essex, 
 the hire of a man is rated at xii pence, and the hire of a 
 woman at ix pence, which, by the medium, is ten times as 
 much as the old rate. By the said Statute of 35th 
 Edward III. the work of a master-Carpenter is rated at iii 
 pence a day, a second Carpenter ii pence, a Tyler iii pence, 
 and the Servant of either of "them one penny half penny, 
 in the Summer time, without meat or drink or any other 
 courtesie. By the said rate of Middlesex, (17th James I.) 
 master Carpenters and Tylers are rated at xx pence a day, 
 which accounteth to near seven times the old rate. The 
 second sort of the said work-men at 16 pence a day, which 
 amounteth unto 8 times the old; and Labourers of the 
 best sort at 12 pence a day, of the second sort at ten pence 
 a day, which, by medium, is neer eight times the old rate. 
 By the said rate in Essex, Master-Carpenters and Tylers are 
 rated at 16 pence a day, which is not six times the old 
 rate, their Servants 12 pence, which is eight times the old 
 rate. 
 
 It is said in the said Statute of 25th of Edward III. 
 That in those Counties where Wheat was wont to be 
 given for work, they should take ten pence for the Bushel, 
 or Wheat at the will of the Giver, by which clause it 
 appeareth that 10 pence was then a large price, even in 
 
 63 those 
 
64 Of Coin and Coinage. 
 
 those Counties where the Bushel was bigger, or else it 
 had been a great Eigoiir to leave it to the will of the 
 Giver. 
 
 By the Statute of the 13th Richard the Second, the 
 yearly wages of a Bayliff was rated at thirteen shiUings and 
 four pencej and by the aforesaid rate in Essex the wages of 
 a Bayliff is rated at three pounds three shillings and eight 
 pence, which is (near) five times the old Rate. By the 
 said Statute of 13 R. a ma^er Hind is rated at ten shil- 
 lings, a Carter at ten shillings, a Shepheard at ten shil- 
 lings, an Ox-heard at six shillings and eight pence, a 
 Cowheard at six shiUings and eight pence. By the said Rate 
 in Middlesex Carters are rated five pound wages, which is 
 ten times the old rate. By the said rate in Middlesex the 
 best sort of Plough-men, Carters, or Shepheards are rated 
 at three pound. The second sort oi Hinds and all Servants 
 in Husbandry at two pound six shillings and eight pence, 
 which amounteth in the first, to six times the old rate, 
 and in the second to seven times the old rate ; a woman 
 labourer or Dairy woman by the said Statute at Six shil- 
 lings. By the said rate in Middlesex, the best women 
 servants are rated at forty shillings a year, the second 
 sort at thirty three shillings and fourpence, which by 
 medium amounts to six times the old rate, and somewhat 
 more ; and by the said rate in Essex, the best women are 
 rated at thirty three shillings and four pence, the second 
 sort at one pound six shillings and eight pence, which by 
 a medium amounts to five times the old Rate. 
 
 And if any man shall object, TTiat the present rates will 
 not, generally through the whole Kingdoms, hold thus high, 
 though they are thus rated in the parts near adjoyning to 
 London : 
 
 It may be answered. That by the old Statutes it was 
 provided, that in no place any higher rates than these 
 should be given ; but they might give less, where less in 
 former times had been used to be given. 
 
 64 But 
 
Of Coin and Coinage. 65 
 
 But on the other side it may be much more probably 
 objected, That the rates are now greater than they are 
 here set down, because it is not so strictly observed as it 
 should be ; whereas when the old Statutes were first made 
 it is probable that the Rates were with the largest, and 
 were more strictly observed than they now are : and 
 although this computation of the wages and hire of Ser- 
 vants and Labourers be (as I conceive) the most certain 
 way of comparison of the prices of all things between that 
 time of King Edward the Third and this present ; yet 
 for Confirmation I will add unto it another Observation, 
 wherein we shall find the same Proportion to hold in a 
 Subject much more general, and therefore so exactly cal- 
 culated. But therein I must appeal to the well grounded 
 Judgment of my Reader, and that is that I will set down 
 the entire receipts as I find them by undoubted Records 
 of divers years of Edward the Third; and then I will 
 briefly represent the actions of War in the said years, 
 besides the ordinary expence within the Kingdom, and 
 will appeal to the Judgment of the Reader, whether the 
 said ordinary expence and the said actions of War could 
 be now maintained, but by a Proportion so much larger 
 as the rates of wages are now encreased, which I compute 
 between six and eight times as much as they were in the 
 19th year oi Edward the third. 
 
 The whole receipts of the Kingdom, as appeareth by 
 the Pell of the Tntroitus amounted to 72,826 pound 
 11 shillings 5 pence ; in that year the King sent over six 
 hundred men of Arms, and six hundred Archers into 
 Gascoign, under the Conduct of the Earl of Derby, and 
 divers other great Lords, who gathering unto them the 
 other Garrisons, did not only maintain a body of an Army 
 in the field a great part of that year, but recovered divers 
 Towns by Siege : all that year the King did likewise 
 maintain some auxiliary forces of good importance, the 
 Number is not set down, for the aid of the Duke of Brit- 
 
 65 tany 
 
66 Of Coin and Coinage. 
 
 tany under the Command of Sir Thomas Dayworth. And 
 that Year tte King likewise made a voyage in great 
 magnificence into Flanders, and continued there long in 
 Treaty with Jacques van Arteveld and the Flemings, to 
 withdraw them from the Homage of their Earl unto his 
 Allegiance. The - 20th year of Edward the Third, the 
 whole Revenues of the Kingdom in the Pell, amounted 
 to 154,139 pound, 17; shillings 5 pence. This year the 
 same forces were maintain'd in Gascoign, which did freely 
 ransack and spoil all Xaintong and Poitou, by the favour of 
 the Kings great Victories elsewhere. 
 
 And in July the King went over in person, and landed 
 in Normandy, and wasted a great part of that Province, 
 and ransacked many of the principal Towns : his forces 
 transported thereto, are by Hollingshead reckoned 4,000 
 men at Arms, and 10,000 Archers, besides a great Number 
 of Footmen, but not defined. In the end of Summer he 
 fought that famous Battel of Cressey ; and in the begin- 
 ning of Winter did set his Siege before Calais. This 
 Year likewise was the King of Scots taken prisoner at the 
 Battel of Durham, by the Queen: The 21st year of his 
 Reign his Receipts amounted unto 226,113 pound, five 
 shillings and five pence ; almost all this year the King con- 
 tinued his Siege before Calais, having reinforced his Army, 
 both out of England and Gascoign, and kept the Sea by 
 his own Shipping and the Easterlings ; and in the end of 
 the year, notwithstanding that the King of France having 
 assembled all his Puissance, sought to rescue it, the Town 
 was yielded, and an English Colony transported thither, 
 and Victuals besides ; aH this year the King continued his 
 auxiliary forces in Brittany with great success. 
 
 Now if King Edward the Third had with his Revenue 
 furnished out Money for these great actions of War, 
 besides the Magnificence of his own house and other 
 necesaary expences of his Kingdom, I do appeal to the 
 Judgment of the Reader whether the ordinary expences 
 
 66 of 
 
Of Coin a7id Coinage. 67 
 
 of the King's house^ and other necessary things within 
 his Kingdom, and the like actions of War could be main- 
 tained (not speaking of the success) at this day with any 
 frugality without any other increase of comings in, equal 
 in Proportion to the increase of the hire of Labourers and 
 Servants wages ; which I compute at six times or rather 
 at 8 times as much as then it was. And I am sure that 
 whosoever shall exactly weigh all Circumstances, shall find 
 that of the two, this latter comparison will exceed the 
 former. 
 
 Having thus, with as much exactness as possible I can, 
 and as I conceive is incident to this subject, made proof 
 of the Proportion between Gold and Silver and the things 
 valued by them, as it now stands compared with what it 
 antiently was ; and namely in the 25th year of Edward 
 the Third ; the next that I have undertaken to prove, is, 
 that the different Proportion which is really grown be- 
 tween Gold and Silver, and the things valued by them, 
 doth principally and indeed solely arise of the great quan- 
 tities of the said Mettals, which in these hundred years 
 was brought out of the East and West-Indies. Now 
 although there be many other causes which may produce 
 this effect, as Scarcity or Abundance of the things valued 
 by Money, War, Depopulation, and all other Accidents, 
 by which, either these Mettals are exhausted, or the things 
 valued by them are consumed or made less useful ; yet, as 
 before is shewed, all those are temporary and subject to 
 continual variety up and down, and therefore cannot be 
 the causes of a constant effect as this is. And, as for the 
 continual raising of the values of Moneys, it is formerly 
 shewed, that really that breeds no disproportion between 
 Gold and Silver and the things valued by them; but 
 only it breeds an alteration in the Proportion between the 
 species of Money, so named, as Pounds, Crowns, Shil- 
 lings, &c. and the things valued by them; and accord- 
 ingly in the Examination of the Rates of the hire of 
 
 67 Servants 
 
6" 8 Of Coin and Coinage. 
 
 Servants and Labourers, it might be observed that it 
 punctually arises according to the raising of the value of 
 Moneys, until the discovery of the West Indies, and the 
 navigation of the East-Indies, which have brought in so 
 great a glut of these mettals. There is no other constant 
 cause to produce the real disproportion, but only the 
 abundance of Gold and Silver, by which of necessity they 
 must grow cheaper and abased in their value. A certain 
 Author who wrote about the year 1620, doth calculate, 
 that in the space of 100 year there was at that time 
 brought into Spain and Portugal 900 Milions of Pezoes, 
 worth six shillings and sixpence sterling a piece in Gold 
 and Silver ; which calculation doth seem to be excessive 
 amounting to nine millions every year of Gold and Silver 
 out of the Indies, of all which infinite Summ, not one jot 
 did come into these parts in former times out of the West 
 Indies, and very little or nothing out of the East : how is 
 it then possible but that it must abase the value of the 
 Mettals? 
 
 And if it be said that we waste this excessive supply in 
 our excesses of Luxurie, as in Guildings, Embroideries, 
 Inlayings, and the like, so as the mass of the said Mettals 
 increaseth not ; it is answered, That neither vi ere former 
 times exempt from those vanities; neither are they now 
 sufficient to consume the greatest Proportion of this stock. 
 
 And if it be objected that the greatest part of the Stock 
 is drayned away every year to the Eastern Countries : 
 
 It is answered. That this is only true of Silver ; and yet 
 the Silver cannot be so drained away, but that a great 
 part doth remain in Europe. Now if the Rate of things 
 valued by Money be six times as great as it was in 25th 
 of Edward the Third, allowing the values of Moneys to 
 be raised to treble what they then were by the same 
 names, yet there will be a real Increase of a double Pro- 
 portion, to what then was of Gold and Silver in weight 
 and fineness, to things valued by them ; and if the rate be 
 
 68 raised 
 
Of Coin and Coinage. 69 
 
 raised to eight times what it then was, the real increase of 
 the Proportion will be almost treble to what it then was. 
 
 To understand then whether this Kingdom be now of 
 the same "Wealth and Ability which then it was : We 
 must find out whether there be now double or treble the 
 quantity of Gold and Silver in weight and fineness in this 
 Kingdom which then was, and whether the fruits and 
 growing wealth of the Kingdom will produce double and 
 almost treble the quantity of Gold, in weight and fineness, 
 to what it then did. I am absolutely perswaded that wc 
 shall fail of it very much, of which the most certain and 
 assured proof were to calculate for so many years together 
 the quantity of Gold and Silver coined in those days ; and 
 then by a medium to compare it with so many years in 
 these times; though this proof were not demonstrative, 
 but probable. 
 
 But in those days the Mint was kept at Calais, as well 
 as in the Tower, and much more of the Money of this 
 Kingdom was coined there than here, the Records whereof 
 are all lost and dissipated. 
 
 But that our Wealth doth not answer that increase of 
 Proportion at this day, I will endeavour to satisfie the 
 Reader by two Arguments ; the one drawn from the 
 Abundance or Scarcity of Gold and Silver; the other 
 from an Effect of it. 
 
 For the first it is this, I have alwayes understood it to 
 be observed by all men intelligent and practised in matters 
 of Trade, that although all Commodities in general are 
 raised in price, in comparison of what they antiently were, 
 yet in general that our domestick Commodities are not 
 raised answerable in proportion to Forrein. Now we have 
 a very small quantity of Silver produced within our own 
 Countrey, and of Gold none at all, so that the Stock of 
 these Mettals is in a manner raised wholly out of the 
 over-ballance of our domestick Commodities with forrein : 
 if then ours do not rise in price from what antiently they 
 
 69 did 
 
70 Of Coin and Coinage. 
 
 did bear proportionable unto Forrein, it is a strong Argu- 
 ment to prove that our Stock of these Mettals does not 
 increase in a Proportion aliswerable to the increase of the 
 Price of other things valued by Money. 
 
 The second Argument is from the Effect ; now one of 
 the greatest Effects of the abundance of Gold and Silver, 
 is, the Ability which the Kingdom hath to set forth and 
 maintain great actions of War in forrein parts : then let 
 us set forth before our eyes the many and great Armies 
 which Edward the Third did raise and maintain both of 
 Strangers and his own Subjects in the first year of his 
 Warrs against France, and withal let us take into our con- 
 sideration the Calculation made, in Anno by expert 
 Commissioners, of the charge of one Army to be raised, 
 transported, and maintained for one year, in Forrein 
 Countries, 25,000 Foot and Horse, and proportionable 
 Artillery, which doth account unto and 
 
 then I doubt not but that every mans own Conscience will 
 convince him that at this day the Kingdom is not able to 
 maintain the like actions in forrein parts which then it 
 did : and yet at that time there were forces maintained 
 against Scotland ; a great part of the Realm was imployed 
 upon Monks and Friers improfitable members ; besides the 
 substance of a great part of the Wealth of the Kingdom 
 (drawn of) by the See of Rome : and the trade of the King- 
 dom was in no comparison so great as it is now, and this is 
 an undoubted Effect of this truth. That the increase of our 
 stock of Gold and Silver is not in a Proportion answer- 
 able to the increase of the price of other things valued by 
 Money ; neither can there be any other analogical reason 
 given of the present disability but this, That although 
 that we do draw some drops of this Indian spring, whereof 
 Spain is the Cistern, yet we do draw them at the second 
 hand, we draw them upon hard terms and conditions, and 
 we do not draw them neer in that Proportion as the 
 prices of all things do arise upon our hands, by the great 
 
 7^0 increase 
 
Of Coin OAid Coinage. 71 
 
 increase of those Mettals ; and the consequence of this 
 hath more advanced the affairs of Spain in these times 
 than can be imagined, for that hereby all the other States 
 of Europe have bin abated half in half. I will propound 
 France for Example, which Kingdom notwithstanding 
 draweth much more Money out of Spain than we do, by 
 reason that the French consume little of the Spanish com- 
 modities, make the return of their own for a great part in 
 Gold and Silver. 
 
 The Author of the Denier Royal undertaketh to prove 
 that St. Lewis in France, who was contemporary with 
 Henry the Third of England, whose whole Revenues in 
 those days amounted not unto 300,000 French livres, did 
 notwithstanding in Proportion to all things valued by 
 Money, raise more out of his Kingdom than Lewis the thir- 
 teenth who now reigneth, and whose Revenue amounteth, 
 unto 3,600,000 pound sterling. 
 
 And although he bringeth such Arguments and Author- 
 ities for his assertions, as for my part, I cannot see how 
 they can be answered : yet the difference is so great that 
 I could hardly assent to his Conclusion, were it not for 
 this reason. In the time of St. Lewis, Provence, Dauphiny, 
 Gascoign, Brittany and other parts were distracted from 
 the Crown of France, and yet did he transport such 
 Armies and maintain them so long in the Holy-Land, 
 Egypt and Affrick, besides the payment of an excessive 
 Ransom to the Mammaluhes for his Liberty, as this pre- 
 sent King was not able to do the Uke, though his Revenue 
 were three times as much as it is, of which there can be no 
 other cause answerable to the effect, but the excessive 
 increase of the price of all things, more than the increase 
 of Gold and Silver in the Kingdom. And if these King- 
 doms of England and France are so much impaired in 
 ability by this Means, how much more must those King- 
 doms be disabled which are more remote, and draw these 
 
 71 Mettals 
 
72 Of Coin and Coinage. 
 
 Mettals from Spain but at a second or third hand: I am 
 perswaded that the consequence of this hath more ad- 
 vanced the affairs of Spain in these later times than the 
 success of their Armys : neither can any other Remedy 
 be propounded to this Mischief but one, which is to fetcli 
 these materials of Money frou the fountain it self. And 
 for my part I do confidently believe that future times 
 will find no part of the Story of this Age so strangSj as 
 that all the other States of Europe have endured this 
 ruinous Inconvenience with so great Indifference, or 
 rather Stupidity, so long, and that they have not com- 
 bined together to enforce a liberty of Trade in the West 
 Indies ; the restraint whereof is against all Justice, Trade 
 being de Communi Jure an appendant of Peace, and 
 against the Example of former Ages. 
 
 It is true, that the Romans who of all other Nations 
 were most advantageous in their publick Contracts, did 
 enjoyn the Carthaginians, that they should not sail beyond 
 certain Promontaries with their vessels of War, but never 
 debarred Commerce and Trade into any parts. 
 
 And tlie Muscovites and those of China, who forbid all 
 Access unto Strangers into their Dominions, do notwith- 
 standing permit all Fairs and Markets in their parts and 
 entries of their Countries for commerce with other 
 Nations, with whom they have no Capitulations of Peace. 
 
 But the Spaniards and Portugals do not only forbid all 
 access and commerce to the West and East Indies within 
 their Dominions, but do define and bound their Domin- 
 ions, in a manner unheard of to all former Ages, and 
 with an arrogancy more than humane; for whereas all 
 other Nations, since the World began, have claimed and 
 denominated their Dominions either from their own 
 possession or the possession of their Ancestors, the 
 Spaniards and Portugals, in a contrary way, draw certain 
 imaginary Mathematical lines through Heaven and Earth, 
 72 and 
 
Of Coin and Coinage. 73 
 
 aad claim for theirs all that lieth within the compass of 
 these lines, as if they would incroach upon God in Heaven, 
 as well as upon Men on Earth. 
 
 CHAP. XII. 
 
 Of the raising of the Price of Moaeys by our Neigh- 
 bours, and the defect of our not raising of our Moneys 
 accordingly. 
 
 BOTH these Causes are assigned of the Rarity of 
 Money, and are indeed the same, and do both 
 stand and fall together, and both are assigned for causes 
 of Exportation of our Gold and Silver, and for Impedi- 
 ments of the importation of these Materials imto us: 
 For if it be true that our Neighbours by the raising of 
 the price of their Moneys of Gold and Silver, do the more 
 abound in Gold and Silver, it is true likewise, that if we 
 do not raise ours in the same Proportion, we shall much 
 less abound in the same Materials : And if it be true, 
 that they by raising theirs do draw a greater quantity of 
 Gold and Silver into their States, it is likewise true, that 
 they do not only thereby withdraw from us that quantity 
 of Gold and Silver, which would otherwise be imported 
 unto us, but they do facilitate the exportation from us, of 
 that whereof we are already possessed : But, on the con- 
 trary, if these Positions be not true, then all the Conse- 
 quences inferred upon them are not true likewise ; Now 
 because almost all the deliberations in matters of Money 
 do resort to the one or the other side of this main Ques- 
 tion, Whether the raising of the price of Moneys doth 
 really and stably increase the abundance of Money in any 
 State, or if it do increase the quantity, whether that 
 increase be not more prejudicial than beneficial to the 
 Commonwealth ? I intend to handle this Question, and all 
 the incidents pertaining to it, as exactly as I can. And 
 
 73 First 
 
74 Of Coin and Coinage. 
 
 First I piirpose to set down the benefits that do grow to 
 the State by the raising of the Moneys, and the Prejudices 
 that do grow by the not raising of Moneys : And then I 
 intend to set down the Benefits that do grow by the not 
 raising of Money, and the Prejudices that do grow by the 
 raising of Money : Then I purpose to examine, and to 
 answer, or allow the Reasons made on both sides. 
 
 And lastly, I intend to set down what Remedies have 
 been propounded for the avoiding of all Inconveniences 
 which may grow to the State either by the raising or not 
 raising of Moneys, or both of them, and to examine the 
 same: And here I must again require an extraordinary 
 Patience and Attention in the Reader, because that upon 
 the hinges of this Question, the whole Mystery of the 
 Government and ordering of Moneys in the Common- 
 wealth is moved, and the question it self is very intricate 
 and perplexed, and the Reasons alledged on both sides 
 are full of Subtilty. 
 
 CHAP. XIII. 
 
 Of the Benefits which do grow unto the State by the 
 raising of Moneys, and the Prejudices which do by not 
 raising of it. 
 
 THEY which propound tohave our Moneys of Gold 
 and Silver raised to a parity at the least with other 
 Nations in general, have their aim and scope but upon one 
 only Benefit to redound thereby to the Common-wealth, 
 which is, the encrease of Money and the Materials there- 
 of; but with that there are many other important Benefits 
 concurring ; as 
 
 First, The encrease of Trade and Manufactures, which 
 are always best managed, where Money doth most abound. 
 The venting of domestical Commodities, for that if our 
 
 74 own 
 
Of Coin and Coinage. 75 
 
 owa Moneys be as high in value, as those of other 
 Nationsj our own Commodities must be vented with them 
 whether we have need of their Commodities, or they have 
 need of ours ; because there will be no Profit to fetch 
 their Commodities with our Moneys : and again, the 
 raising of our Moneys doth make Commodities vented in 
 other parts at an higher price ; because, when our Neigh- 
 bours do raise their Moneys, they do still hold in common 
 estimation that Proportion in value to our Moneys, which 
 they held before they were raised, though in Intrinsical 
 value they want so much thereof as they are raised, by 
 which means our Commodities being sold for the same 
 Rates which they were sold for before, are sold for so 
 much less as the Intrinsical value is impaired : But if our 
 Moneys were likewise raised, then our Merchants must of 
 necessity sell our Commodities at higher Rates in name 
 than they did before, or else they should not make their 
 Reckonings. The abundance likewise of Money doth 
 enable Tenants the better to pay their Rents, and all men 
 in general to keep up and maintain their Credits, and to 
 pay all publick Charges and Contributions; and these 
 Benefits may suffice in general without specifying many 
 others, which have concurrency with these or consequently 
 from them. 
 
 And for the Prejudices, which do grow by the not 
 raising of our Moneys in a parity to other Nations, they 
 are easily expressed by these, for admitting these Benefits 
 to grow by the raising of Money, the Prejudices which 
 will grow by the not raising of them, will be the contrary 
 to these. 
 
 But the main knot of the business is to prove, that the 
 raising of Moneys doth really encrease the quantity of 
 Money in any State, or doth preserve it from diminution. 
 For that they do alledge these reasons : 
 
 First, The Practice of all antiquity, in all States what- 
 soever, which could not possibly fall out except there were 
 
 75 found 
 
76 Of Coin and Coinage. 
 
 found an inevitable necessity to raise themselves to a 
 parity with their Neighbours, of which the Examples are 
 laid down in the former part of this Treatise ; but spe- 
 cially that of the thirteenth of Henry the Fourth is very 
 pregnant, where, by advice of Parliament, Money was 
 raised, the reason being alledged. That for want of raising 
 it, the Realm was impoverished and exhausted of Money. 
 
 A second Reason which they alledge is the general and 
 constant observation, that when Moneys are raised they 
 grow plentiful, whereof we do see with our eyes an evident 
 demonstration in this Kingdom, for that Gold having been 
 raised in price of late years is grown much more plentiful 
 than it was in the days of Queen Elizabeth : but the Silver 
 having not been raised in Proportion, is grown very scant 
 and rare in respect of the abundance which was then 
 seen. 
 
 But these are rather Authorities and Observations than 
 Reasons; but the main Reason whereon the maintainers 
 of this side do stand is this, When your Money is richer 
 in substance and^ lower in price than that of your Neigh- 
 bour Nations, as our Silver is than the Silver in the Low- 
 Countries, how can you expect that the Merchant, who 
 only seeketh his profit, will ever bring hither any Silver, 
 when he can sell it in the Low -Countries at a higher Rate, 
 and make more money of it here by returning of it from 
 thence hither, or by Exchange, or by Commodities ? or, if 
 any Merchant do bring Silver hither, it is to sell it to such 
 who will give a higher rate for it, than can be produced 
 at the Mint, as the price of our Silver Coins now stands ; 
 in which manner although there be much brought over, 
 yet being sold in that sort, it is not only directly against 
 the Law but turns to no use of the Common-wealth. 
 
 And again, whatsoever laws are made against Transpor- 
 tation of our Moneys, if our Silver be so rich as the 
 Merchant by transporting it into the Low- Countries, or 
 elsewhere, can make profit by returning it in Commodi- 
 
 76 ties, 
 
Of Coin and Coinage. 77 
 
 ties, or by Exchange ; or that, which is yet more clear and 
 evident, by returning it in Gold, must not our Silver be 
 inevitably exhausted ? And certainly these Reasons seem 
 to me so evident to sence and apprehension, that instead 
 of propounding the Arguments I should resolve the Ques- 
 tion, if the reasons on the other side did not appear at the 
 least as cleer and strong as these, to which I will now 
 proceed. 
 
 CHAP. XIV. 
 
 The benefits which do grow to the State by the not 
 raising of Money, and the Prejudices which do grow by 
 the raising of it. 
 
 THE Benefit which groweth to the State by the not 
 raisiag of money, is only this, To avoid alteration ■■ 
 But the Prejudices which are aUedged to grow by the 
 raising of it, are many ; 
 
 First, by the Injustice and Oppression which all they 
 undergo who contract for Money current, at the time of 
 the Contract, and are after paid with extream Disadvan- 
 tage in other Money really less in value, though in Name 
 the same : and although to this it be said. The Creditor is 
 not interested herein, because he paieth away the Money 
 which he receiveth at the same rate he received it ; yet 
 that answer is not satisfactory, because admitting this 
 Position for true. That when the Intrinsical value is dimi- 
 nished, the Price of things bought with Money doth rise in 
 Proportion, the Creditor when he paieth out his Money 
 at the same rate, at which he received it cannot notwith- 
 standing with it buy the same Commodities, which he 
 might have bought with the Money, for which he con- 
 tracted, and consequently is diminished so much thereby, 
 as the price of things is raised. 
 
 77 And 
 
78 Of Coin and Coinage. 
 
 And althougli I did in a former Chapter sheWj That the 
 price of things doth rise hy experience, as the value of 
 Money is raised, yet because the Truth or Falsehood of 
 this Position doth mainly import all the Deliberations 
 incident to this subject of Money, as I have formerly 
 observed in some Experiments where it did so fall out ; 
 so I -mil now set down the Reasons, why of necessity it 
 must be so. One reason is this : 
 
 /'When the Merchant stranger brings his Commodities, 
 /rhether he intends to jnake his return in Moneys or in 
 Commodities, he maketh his own sale by the measure of 
 the Money here, and then examines how much this 
 Money will amount to in the Moneys of his own Conn- 
 trey, where he bought his Commodities ; and if he, find 
 the Money here diminished in intrinsical value, he. must 
 then demand so much the higher price, or else he cannot 
 ^ake his Accompt. 
 
 One other Heason is this, when the extrinsical value" of 
 
 the Money is raised, by which the intrinsical is abased, 
 
 there is then so nrnch the more profit to return Money 
 
 into the Kingdom, instead of Forrein Commodities; and 
 
 by daily experience it is seen that more is returned when 
 
 the price of Money is raised. Now it is manifest that the 
 
 less importation you have of forrein Commodities the price 
 
 of them is so much the more : and both these Reasons do 
 
 shew, and Experience it self doth confirm, that when 
 
 iMoney is raised, the price of forrein Commodities doth 
 
 [first rise : And the price of forrein being once raised, the 
 
 price of Domestick Commodities will of necessitie be 
 
 ■aised also; for the price of forrein Commodities will 
 
 uake great plenty of them to be imported, and the high 
 
 ; irice of Money will inforce that they must be returned in 
 
 I iomestick Commodities : By which means domestick 
 
 Commodities being much sought for, will of necessity be 
 
 ■aised in price, and, the price of both these being raised, 
 
 it follows that the rate of all mens sallaries and hire of 
 
 78 Labourers 
 
Of Coin and Coinage. 79 
 
 Labourers and Endeavorers must rise in Proportion, or 
 else men shall be forced to defer their Trades and Endea- 
 vours, and then the scarcity wiU encrease the price. By 
 these means it comes to pass, by the raising of Money, 
 that aU those who have contracted for antient Rights and 
 Rents are prejudiced, and such as have Rights and Rents 
 settled in perpetuity, can never receive help in this case ; 
 and therefore in divers other Countries, there have been 
 very many famous Judgments giv'n in this case, and great 
 volumes written by the Civilians, to prove that the Rents 
 which they call feodats and fanniers, penalties and amerce- 
 ments, which are set down uncertain, ought to be paied 
 according to the value of the Moneys then Current when 
 the said Rents and Penalties were established ; and if we 
 do examine it, we shall find it, that much the greatest 
 part of the Common-wealth is prejudiced whensoever 
 Money is raised. 
 
 Eirst, all those who have let Leases of their lands. 
 Then all such as live upon Pensions and Wages. 
 
 All those that live by their professions either Civil or 
 Military. 
 
 AU those that live by Trade or Handy crafts, or La- 
 bourers. And although it be true when the Leases do 
 come out, the Lords may recompence themselves, and 
 that when the hire and salaries of several professions and 
 endeavorers shall be raised, (as I have showed) that of 
 necessity in time it must come to pass, that Prejudice doth 
 cease unto them, yet in mean time they suffer : But the 
 King who is head of the Common-wealth, and whose Re- 
 venue is only truly publick, doth of all suffer most, and 
 most irreparably : CoUedges are helped by the Stat, of 
 Corn, and other Corporations do in some sort repair them- 
 selves' by the fines they take. But the King's Revenue, 
 which of necessity is managed by multitude of Officers, 
 doth perpetually diminish, as much as the price of Money 
 is raised, so as the same lands yield, in name the same 
 
 79 Revenue 
 
80 Of Coin and Coinage. 
 
 Revenue to the King which they did in Edward the 
 Thirds time, but in truth not the third part : and besides 
 much of his Revenue is assessed by the Parliament by 
 prescription to b certain Summ, all which doth continually 
 diminish so much as the price of Money riseth. 
 
 One other Mischief that groweth by the raising of 
 Money is this. When you do so raise your Money, as that 
 you do give a greater price than before unto the Merchant, 
 yo do conceive that he is thereby the rather allured to 
 bring the Materials of Money to your Mint, and so with- 
 draw them from other Nations. But if other nations find 
 that, they will raise the price of their Money likewise, and 
 then what shall you get by raising of yours ? or if you 
 raise upon them again, there will be no period to rest in, 
 but you shall continually sow Confusion, until you be 
 constrained to abolish your coins and invent new species, 
 and new measures of weight and fineness, or else with 
 infinite loss to the people, to bring the price back again to 
 an ancient standard. 
 
 One other Mischief that groweth by the raising of 
 Money is this, a very great part of the Gold which cometh 
 into Europe, and almost all the Silver doth first aboard in 
 Spain : so that when you raise the price of these mettals, 
 you raise the proper commodities of Spain, and by that 
 means you encrease the greatness and power of that King, 
 of whose greatness and power, of all others, you have cause 
 to be most jealous and apprehensive : And again, in a 
 Kingdom as this is, which hath more Commodities to vent 
 into Forrein parts than it hath occasion to consume of 
 For^'ein Commodities, and which hath no materials of 
 Money, as this hath not in any considerable quantity, but 
 must have aU their Gold and Silver supplied by the return 
 of their Commodities, as ours is, it is most expedient to 
 keep the price of Money as low as may be, to the end 
 your Commodities may return you the greater quantity of 
 these materials in fineness and weight. 
 
 80 As 
 
Of Coin and Coinage. 81 
 
 As for Example, If you should raise the ounce of ster- 
 ling standard to six shillings ; then the Real of eight would 
 be worth near hand six shillings likewise ; would it not 
 then follow of Necessity, that you should have by so much 
 the fewer of them in number, for the return of your Com- 
 modities ? And the like may be said of Gold. 
 
 Lastly, when you raise your Money, it bringeth a great 
 confusion. 
 
 First, by giving stop and hindrance to Trade and Com- 
 merce, all men being fearful and doubtful how to make 
 their Contracts and Exchanges, until there be a settlement 
 by time. 
 
 And again, if you coin new species of less intrinsical 
 value than the old either in weight or fineness, or both, 
 there is danger of melting or exporting the oldj if you 
 raise the price of the old species, you introduce Fractions 
 and Confusions in reckoning, and do many times inforce 
 him that pays to give more than he intends, especially in 
 reward and gratifications and fees, which are more exactly 
 defined. 
 
 CHAP. XV. 
 
 Examinations of the Reasons for the raising of Money. 
 
 THE first Reason for the raising of Money, is the 
 practise of Antiquity : it is true, as I have shewed 
 before, that the Grecians and the Romans did successively 
 raise the values of their Moneys, but it was not to draw 
 thereby the materials of Money from other States unto 
 theirs; but to supply the State, by that means on great 
 and desperate Necessities, of the "Wages thereof; and of 
 the advantage, or disadvantage growing thereby to the 
 Common-wealth, I intend to speak hereafter. 
 
 But tliis invention of raising of Money to draw a quan- 
 tity of Gold and Silver from your Neighbours, or to pre- 
 
 81 serve 
 
82 Of Coin and Coinage. 
 
 serve our own from being exhaustedj is a conceit anknown 
 to the ancient world, and introduced long since the decay 
 of the Roman Empire ; when as those Monarchies that are 
 now settled in Europe, by succession from those Northern 
 Nations, which did over-throw the antient Roman Empire, 
 having together with many other necessary Arts, lost the 
 knowledge and orders of the Mint, were fain to use the 
 Subtilty and Industry of the Jews, and those of Genoa and 
 Imccu (who did succeed the Jews in this Trade) for the 
 coining of. their Moneys, who for their own Advantage 
 did (by subtil and specious Reasons many times by a 
 seeming and not considerable Profit as Projectors use to 
 do) allure Princes to make unnecessary alterations in their 
 Moneys, from whence this Art of robbing Gold and Silver 
 from one state to another is grown. 
 
 And therefore I will speak no more concerning the 
 practise of Antiquity, but will examine the other Reasons: 
 as for the second Reason, which is the Observation, that 
 since King James raised the Gold so much as he did. Gold 
 is grown much more plentiful in the Kingdom than it was 
 before, but Silver having not been raised in Proportion is 
 grown much more scant and rare : — 
 
 It is confessed that the Observation is true in this, that 
 whensoever you raise the Material of (one sort of) Money, 
 that material will encrease, and the other will grow scanty 
 in Proportion. And what doth the Commonwealth gain by 
 that, if there be more Gold now than heretofore, if there be 
 less Silver in Proportion? But it is denied. That if you 
 raise equally both the materials of Money, that then either 
 of them will ever a whit the more abound ; and this reason 
 is given for it. Whatsoever the value of Money be in other 
 Countreys, they will spend no more of your Commodities 
 than they have use for : if so, the over- value of your 
 (exported) Commodities must of necessity be returned to 
 you either in Gold or Silver, whatsoever the value of them 
 be, high or low : or suppose that, by reason of the low value 
 
 82 of 
 
Of Coin and Coinage. 83 
 
 of Gold and Silver in respect of their price in other parts, 
 the Merchants do forhear the return of the over-values of 
 your Commodities in those Materials, and do choose 
 rather to return Forrein Commodities more than you can 
 vent ; this may fall out thus for one year, but two or 
 three or more years, it is impossible it can hold, for that 
 the Merchant should have these Forrein Commodities 
 which are not consumed perish in his hands. And this 
 Reason doth likewise answer 
 
 The third Argument made for the raising of Money 
 which is. That if you do not raise your Money to a parity 
 with your Neighbours, the Merchant, who always seeks 
 his profit, wil carry his materials of Gold and Silver, 
 where he may have most for them ; for if this reason 
 stand good, the Merchant shall be constrained to bring 
 his Gold and Silver hither, what price soever they bear. 
 
 But because this reason seems so evident and unanswer- 
 able in the Judgment of many, and that if it stand good, 
 it doth absolutely confute the practise of all the States of 
 Europe, who have continued many years raising of the 
 values of their Moneys, upon this ground. To attract 
 thereby greater quantities of Gold and Silver. 
 
 I intend to make a more strict Examination of this 
 Reason. 
 
 And first for a most clear understanding of the Case, Let 
 us suppose that aU the Commodities, any way exported 
 out of this Kingdom in one year, be worth one Million of 
 pounds sterling, and that the Commodities imported, be 
 worth but 900,000 pound, and that this Proportion, or 
 near thereabouts, be constant ; Then of Necessity, it fol- 
 lows. That an hundred thousand pounds must be brought 
 in in Gold and Silver, what price soever Money bear. 
 
 But if it shall appear that the Low values of our Money 
 doth cause the Kingdom to vent more forrein Commodities 
 than otherwise it would vent ; and, that where otherwise 
 it would vent 900,000 pound, the Low values of Money 
 
 83 cause 
 
84 Of Coin and Coinage. 
 
 cause it to vent a Million or more : then is the force of 
 this argument lost ; and it follows. That the low values are 
 the cause why the Materials of Gold and Silver, or less of 
 them than otherwise would do, come not in. 
 
 Now then this may come to pass several ways, First, If 
 the value of your Moneys be so low as the Merchant 
 shall lose by bringing you Gold and Silver, he will rather 
 return you forrein Commodities, though he sell them as 
 cheap as he bought them, and so gain nothing by them, 
 than bring you Gold and Silver by which he shall loose. 
 
 As for Example, the Merchant trading into Muscovia, 
 will rather return his Cloth in Furr, or in Silk of Persia, 
 though he sell them as cheap as he bought them there, 
 than in Silver and Gold, by which he shall loose the fourth 
 part. Now the cheapness of forrein Commodities makes 
 the greater quantity of them to be spent, as we see of 
 Calico's, of which few or none were heretofore vented in 
 this Kingdom, the cheapness of them making greater 
 Quantities of them to be spent. 
 
 And again, the Lowness of the values of Money may 
 cause a greater Proportion of Forrein Commodities to be 
 consumed, though not in quantity, yet in value. 
 
 As for Example, Though the Lowness of the value of 
 Money should not make a greater quantity of Silver to be 
 spent in England, than otherwise would be, yet it would 
 make a greater Proportion in value to be spent, by reason 
 that the Merchant, who in the return of his Commodities 
 brings such a quantity of Silh as he judgeth may be vented 
 here, if he find an over value of his Commodities exported, 
 to those he doth import, he will rather, instead of raw 
 Silks, return Silks manufactured, to equal the over-value 
 by which he may save himself, than return the over-value 
 in Gold and Silver by which he shall loose. As if our 
 Gold were as our Silver in prices, by which the Turkey 
 Merchant shall loose as much by bringing Gold from 
 thence, as he should if he brought Silver, is it not 
 
 84 manifest. 
 
Of Coin and Coinage. 85 
 
 manifest, that instead of Gold, which he now brings with 
 his raw Silk, in return of his Commodities, he would carry 
 both Gold and Silk into Italy, and imploy them in manu- 
 factured Silks, though he should sell them here almost as 
 cheap as he bought them, rather than return the over- 
 value in Gold, by which he should loose ? And so though 
 the same Proportion in quantity were vented here in Silk, 
 yet a greater Proportion in value would be vented. 
 
 As the same may be said of divers other Commodities : 
 and for confirmation of this, it is to be observed, That 
 from Italy, France and the Low Countries, and the East 
 Indies, in all which places the values of Moneys are as high 
 or higher than with us, we draw hardly any Commodities but 
 fully manufactured, and they receive none of our Com- 
 modities but either not manufactured at all, or, but so 
 much manufactured as the Severity and Penalty of the 
 Laws do otherwise prohibit to be exported : But in Spain 
 where the Moneys are yet of a lower value than with us, 
 it is clean contrary. 
 
 And although it may be Objected that that this Obser- 
 vation doth not hold in Turky and Muscovie, though in 
 Turky the Silver, and in Muscovie both Gold and Silver be 
 much higher valued than here in England ; 
 
 To that it may be answered. That these barbarous 
 Countries receive our Manufactures by Necessity, because 
 they afibrd none of their own. 
 
 CHAP. XVI. 
 
 Examinations of the Reasons for the not raising of 
 
 Money. 
 
 THE first and main Reason against the raising of 
 Money, is, The INJUSTICE and OPPRESSION 
 done to all those, who are in place of Creditors to receive, 
 all which are forced to receive less in Intrinsical value than 
 is due unto them, and less in faculty and extent to supply 
 their own uses. To which reason I never understood any 
 
 85 answer 
 
86 Of Coin and Coinage. 
 
 answer made that could have examination but only this : 
 That however the Creditors do receive less in intrinsical 
 value, and less in faculty and extent, to supplie, their use by 
 reason that as the Extrinsical value of the Money is raised, 
 the price of the things do likewise rise with it, yet that price 
 doth not rise but by degrees and time, in which time all 
 these Creditors by renewing their Contracts do repair them- 
 selves, some sooner, some later, according to the state of 
 their Contracts. But then it is manifest that all those 
 who have any Rents or other Rights which are defined to 
 a certain sum in perpetuity, and the King for the best 
 part of his Revenue are extreamly damnified by the raising 
 of Moneys without Repair, except there should a Law be 
 made that all those kind of payments should be payable 
 according to the values of Money current when they were 
 first created, which, though it were an innovation fuU of 
 Danger and Confusion, and Impracticable in this State, 
 yet it seemeth to have a foundation in Justice. 
 
 A second Reason, made against the raising of Money, 
 is this. If you do raise your Moneys out of the Misconceipt 
 to draw you more Gold and Silver, the other Nations out of 
 the same Misconceipt will raise the Money likewise ; and so 
 deprive you of your end : but to this reason it may be 
 answered. That we ought not to raise our Moneys above our 
 Neighbours, but only to a parity with them, and then if they 
 be obstinate to out raise us, we must rather undergo the 
 Prejudice of a continual raising to a parity, thereby to keep 
 our own, than to suffer other Nations by imparity to rob us 
 of what we have : so as this Argument in effect, doth 
 resort to that, which was formerly disputed, whether truly 
 and constantly more Gold and Silver be brought in by 
 the raising of Money. 
 
 The two Arguments that foUow against the raising of 
 Money will both receive one clear answer. 
 
 The First, That in raising of Money you raise the King 
 of Spain's Commodities, and consequently enrich him. 
 
 86 The 
 
Of Coin and Coinage. 87 
 
 The Second, That by raising of Money, you have less 
 Silver and Gold out of Spain in Intrinsical value for your 
 Commodities, the answer thereunto is very plain and clear, 
 which is this. That if the Position formerly laid down be 
 true, which is. That as the value of Money is raised, so the 
 price of Commodities riseth with it. Then it follows that 
 neither the King of Spain shall be enriched by the raising 
 of Money, because the Commodities for which he parts with 
 his Money unto us, shall rise likewise in price, nor shall we 
 receive less of his Money in Intrinsical value for our Com- 
 modities, because the Extrinsical value is raised, that our 
 Commodities will rise likewise so much the more in Extrin- 
 sical value. 
 
 To the last Argument, of the Confusion which the raising 
 of Money doth bring both by the stopp of Commerce at the 
 present, and the fractions of Reckonings, it is answered, 
 That no alteration in this Subject of Money is without 
 Inconvenience ; But if the position be true, that raising of 
 Money is necessary to preserve that which we have, and to 
 bring in more ; then are those petty Inconveniences little 
 considerable : and thus I have examined as strictly as I 
 I can the Reasons alledged on both sides for the raising and 
 \not raising of Moneys ; but leave the Reader to his own 
 IConcl'iision. 
 
 I do now come to the Remedies, that by curious search 
 I could ever learn to have been propounded either in this 
 Estate or any forrein Estates, for the Inconveniences that 
 may grow either by raising of Money, or not raising, or 
 both of them, which I do mean likewise to examine, and 
 shew as near as I can, the Difficulties that may grow in 
 settling of the several Remedies propounded, and the 
 evil Consequences that might grow of them, if they were 
 settled, and that so the Reader may more clearly judge 
 which is the best : for which purpose I intend to begin 
 with the Plainest and most easie, to the end that the 
 more intricate may afterwards be better comprehended. 
 
 87 CHAP. 
 
88 Of Coin and Coinage. 
 
 CHAP. XVII. 
 
 Of Contracting with forrein Nations by Ambassadors to 
 keep their Moneys at a certain standard. 
 
 AMONGST aU the Remedies propounded against the 
 Alterations of Moneys there is none more specious 
 than this, nor more frequent in mentionj both in provi- 
 sional! Edicts, which are made for the Reformation of 
 Moneys, and in Considerations held for the purpose, for 
 it is said to advance it : That if we contract with other 
 Nations for a certain and stable standard of Moneys which 
 may be equal, than we shall avoid all the Inconveniences 
 that do grow by the raising of Moneys, because we shall 
 never raise them ; and we shall avoid all the Inconveniences 
 that do grow by the not raising of Moneys, because other 
 Nations shall not raise theirs. Besides for this Remedy 
 there is alledged the example of former Ages, wherein it 
 appears that in many Treaties with forrein Nations our 
 Kings did contract for the mutual standard of their Moneys. 
 But however the Propositions be specious and frequent, 
 yet, of all other Remedies, if it be throughly examined, 
 it will appear the most difficult, or rather impossible, to 
 be effected ; and if it were effected, it would turn to no 
 use, for thus stands the state of this business. Almost all 
 the Silver which is now drawn out of the Earth, cometh 
 from the West Indies, all which intirely aboardeth first in 
 Spain, whence it is dispersed into other Countries East- 
 ward; which do draw it unto them by setting an higher 
 price upon it : for, as if there were no Cloth in all the 
 World but in England, no other Country could have Cloth 
 except they did pay dearer for it than in England ; and by 
 so much dearer by how much it were more remote from 
 England, because to the original price, there must of 
 necessitie be added an increase in regard of the time, the 
 charge, and hazard of transporting it : so fares it with 
 
 88 Silver 
 
Of Coin and Coinage. 89 
 
 Silver, that all Countries which will draw from Spain, do 
 necessarily set a greater price upon it, by how much they 
 are more remote from thence, and this is the Reason why 
 the sphear of Silver seemeth to roll from the West to the 
 East, until it come unto him, where it seemeth to fall 
 into a Gulph. But of Gold it is not so, because that 
 comes in as great abundance from the East as from the 
 West. 
 
 Now then it were a great Prejudice for England and 
 France to contract with Spain for a certain standard of 
 Silver, except they could likewise contract for the same 
 standard with the Low-Countries, and Italy, who draw 
 part of their Silver from them, as they draw theirs from 
 Spain; for otherwise, they should give a stop to the 
 coming in of their Silver, and should leave the issue of it 
 open. Nor would Turkey contract, unless they could also 
 contract with Persia for the same, where Silver is yet 
 higher than in Turkey, and so forward into China ; neither 
 would the Low-Countrie men contract, except they could 
 contract for the same with the Hanse Towns, where Silver 
 is higher than in the Low Countries ; neither would the 
 Hanse Towns contract, except they could contract for the 
 same with Prussia and Poland; neither would they of 
 Poland contract, except they could contract with Mus- 
 covie ; neither would Muscovie contract, except they could 
 contract with Persia ; and so forward in all such places 
 Silver is still at an higher and higher rate. 
 
 But suppose it was possible to draw all those Countries 
 to a certain contract, what would be the use of it ? I did 
 in a former Chapter observe that most Countries, and 
 particularly France and the Low Countries do seldome or 
 never raise their Moneys : But when People by Custom and 
 general Use have raised the Money before hand, beyond 
 the Publick Declaration, and the State is forced to follow 
 the People whom in this Case they do not master, to 
 
 89 what 
 
90 Of Coin and Coinage. 
 
 what end is it then to contract with those Nations for 
 that which is not in their Power to observe ? And that 
 which is alledged for the course of contracting, with 
 forrein Nations, out of the. example of former times, doth 
 clearly convince the vanity of this proposition, for it is 
 manifest, as I have shewed in the former Chapters that 
 notwithstanding these Contracts, the Money was continu- 
 ally from time to time raised. 
 
 CHAP. XVIII. 
 Of the Ordaining of solid Payments. 
 
 SOLID payments are meant where Contracts are made 
 for payment of so many solid species of Money, or 
 of so many douhle Pistoles, or so many French-Crowns, or 
 so many English Angels, or Soveraigns or Shillings, and 
 therefore termed solid payments, because they are re- 
 strained to those solid species which are contracted for, 
 and do never alter in payment although the value of the 
 species should alter ; as however the value of Angels or 
 Soveraigns which were coined for ten shillings, be raised 
 to eleven shillings ; yet he which hath contracted to pay 
 so many Angels or Soveraigns shall pay never awhit the 
 less in number, because their value is raised, and so in the 
 other species of French Crowns and Pistoles : But he th,at 
 made a contract when Angels and Soveraigns were valued 
 at ten shillings, to be paid, at such a day to come, one 
 hundred pounds, before which day the value of Angels or 
 Soveraigns was raised to eleven shillings; whereas he 
 should be paid at the time of his contract for one hundred 
 pounds sterling, two hundred Angels or Soveraigns, he 
 shall now be paid but one hundred fourscore and one 
 Angels or Soveraigns and nine shillings, because the sum 
 of a pound sterling is not restrained to any solid species, 
 but is rather imaginary and abstracted from the matter 
 
 90 guided 
 
Of Coin and Coinage. 91 
 
 guided according to the uncertain valuation of the species 
 of Money, wherein the payment is made. 
 
 This Proposition of ordaining all contracts for pay- 
 ments to be restrained to solid species of Money, hath bin 
 often agitated in France, as a soveraign Eemedy against 
 the main inconveniences which do arise in this subject of 
 Money, for the discussing of the truth and efficacie of 
 which proposition, it will be necessarie to relate the suc- 
 cess thereof in that Kingdom, in the years 1575 and 1576. 
 
 The people in France, contrary to the King's Ordinance, 
 and in despight of all Remedies which could be thought 
 of to prevent it, had raised both the Gold and Silver so 
 excessively, as a French Crown in Gold was valued at seven 
 livres and an half, and at eight livres, a Livre in France 
 being the tenth part of a pound sterling, and is an ab- 
 stracted sum consisting of twenty sols, as our pound 
 sterling doth consist of twenty shillings, there being no 
 certain species of Money called a Livre, and according to 
 the value of Gold, their Silver likewise was overvalued, 
 and the species of forrein Coins both of Gold and Silver 
 were current likewise at the like values in proportion ; by 
 means whereof it is hardly credible what quantities of 
 Gold and Silver, both of Forrein and Domestick Coins 
 that Countrie did then abound with. But their Base 
 money which was not raised in proportion to the Gold and 
 Silver, and did really contain in Intrinsical value much 
 more than the Gold and Silver Coins, in proportion to the 
 value at which they were current, was for the most part 
 either transported or secretly melted down to extract the 
 Silver thereout. 
 
 And if this had been all the Inconvenience, they would 
 never have complained ; but in consequence of this, the 
 prices of all things did rise so excessively, that all such 
 who lived upon Pensions, or Wages, or Fees, or antient 
 Rents did manifestly see themselves unable to subsist : 
 but above all, the King was most heavily prejudiced, so 
 
 91 as 
 
92 Of Coin and Coinage. 
 
 as it was like to grow to some great Confasion in that 
 State. 
 
 Hereupon in the year 1577^ there was a new Ordinance 
 made, treated and published with the greatest deliberation 
 and solemnity that ever any Edict was of this kind in 
 France. And first the French Crown, weighing 3 deniers 
 and 15 grains, after the French weight, and 23 Carrats 
 fine, from eight livres was reduced to the value of sixty 
 Sols, which is equal to three livres ; and all the pieces of 
 Silver of French coins, were reduced to a value answerable 
 to that, the sols likewise, and other base Money coined 
 proportionable thereunto, and to the end they might never 
 be again raised by the People to an higher value. 
 
 First, All forrein coins both Gold and Silver, except 
 Pistollets and Doublons of Spain were upon great penalties 
 forbidden to be brought in otherwise then as Bullion, and 
 made incurrent. Then there were very severe Prohibi- 
 tions made that no man should afterwards make Contracts 
 of payment in livres or any other abstracted sums, but only 
 in the solid species of Crowns : And to the end that pay- 
 ment might be made as well in Silver as in Gold, there were 
 in Silver coined quarter-Crowns, and half quarter-Crowns, 
 and the other species of Silver already extant were valued 
 proportionable to them, only sixty sols were made equal 
 to a Crown, which held no proportion with a Crown either 
 in name or in intrinsical value, by reason, that in the sols 
 and other base Money, the Copper with which they are 
 allayed is valued, and there is a much greater charge laid 
 on the coinage of them than of other Moneys : yet not- 
 withstanding it is very strange, how well this Edict did 
 keep the people of France in order for three or four and 
 twenty years, so as in all that time, the value of the Gold 
 nor Silver was never raised. 
 
 But by degrees they did find that the Kingdom grew 
 drained of that great quantity of Gold and Silver with 
 which it formerly abounded, and their Commerce and 
 
 92 Trade 
 
Of Coin and Coinage. 93 
 
 Trade did visibly decay j they found themselves full of 
 forrein Manufactures, but their own Manufactures had ill 
 vent, and at length the people, notwithstanding the Pro- 
 hibition, began to take Forrein coins as current, and re- 
 ceived both them and their coins, at a higher value than 
 the King's Edict did admit, so as in the year 1602 their 
 complaint grew as loud and as sharp as in the year 1577, 
 though of a cleer contrary condition, and there grew new 
 consultations and enquiries into the Remedies of these 
 Inconveniences. 
 
 Many who were very much taken with the former Edict 
 of 1577, did advise that the same Edict should be more 
 rigidly maintained, and that all forrein coins should be 
 absolutely banished, and that the former Edict might be 
 now reformed in that only point, which was deficient {viz.) 
 That the Sols might either be coined of purer Silver, or if 
 they did remain of the former Allay, that the King would 
 so dispose of the charge of the Allay and coinage as they 
 might answer in their Intrinsical value to the Gold and the 
 Silver ; and that for the remedy of the Penury of Money, 
 strict sumptuary Laws might be put in practise against 
 Forrein Manufactures, and superfluous Commodities. 
 
 But against this it was objected. That now they found 
 by experience the effect of the former Edict of 1577, and 
 this addition of sumptuary Laws would give little help, 
 because the licence of the times and difficulties in the thing 
 it self were such as they would never be put in execution. 
 
 In Conclusion a new Edict was set forth in Anno 1603. 
 by which the Contracts in the solid species in Crowns were 
 abolished and the Contracts in Livres again authorised. 
 The Crown in Gold was valued at three Livres and four 
 sols, and all forrein coins were made current in a propor- 
 tionable rate : and upon it ensued that the people did 
 every day raise the price of all Gold both forrein and 
 domestick higher and higher by degrees, so as in the year 
 1614, the King by his Edict was enforced to make good 
 
 93 the 
 
94 Of Coin and Coinage. 
 
 the raising of the people, and to set a value upon the 
 French Crown, of 3 Livres and 15 sols, which is seven shil- 
 lings and six pence sterling, and yet still the people raised it 
 higher, and all other Gold in proportion, which hath yet 
 this fiu'ther Inconvenience with it. That being raised by 
 degrees, they cannot raise the Silver together with it, so 
 as in time it will breed so great a Disproportion between 
 the Silver and the Gold as they wiU have little Silver 
 leftj and that such as through the exceediag lightness 
 cannot with profit be made away. 
 
 I shall not now need to speak any more of the Incon- 
 veniences which may grow by ordaining of solid payments 
 because they have been sufficiently expressed in the rela- 
 tion of these proceedings ia France. But I wiH only add 
 this, that there is no- true soliditie in payments, but to 
 contract for so much in weight and so much in fineness, 
 for if you should ordain all payments to be made in such 
 or such species of Money, it is true that the raising of 
 those species of Money could breed no alteration in your 
 payments: but suppose the Prince should coin these 
 species, either baser in AUay or lighter in weight, then 
 should your payment be subject to the same alteration as 
 if you had contracted for abstracted sums. 
 
 T 
 
 CHAP. XIX. 
 
 Of equalizing the Exchange. 
 
 HE Author of Lex Mercatorice doth hold. That in 
 those Countries where great Banks are kept, the 
 Bankers do by their Arts and SubtUties by the inequalitie 
 of the Exchange, draw away the Gold and Silver out of 
 other Countries : as for Example ; In Holland, suppose a 
 man were by Exchange to make over 100 pound sterling 
 thither out of England, The Exchange, saith he, is such 
 
 94 when 
 
Of Coin and Coinage. 95 
 
 when it is at most advantage for England, by the practise 
 and subtHties of the Banker, as you shall receive for your 
 hundred pound there, less in intrinsical value than you 
 gave ; and if you make over a hundred pound out of Hol- 
 land into England by Exchange you shall receive more in 
 Intrinsical value than you gave. And if this Position 
 absolutely be true, as that the contrary doth rarely or 
 seldom happen, it necessarily follows. That it is more 
 advantage to carry over your Money thither in specie, 
 than to make it over by exchange, and it is more advan- 
 tage to make over your Money thence by exchange than 
 to bring it over in specie. 
 
 But (saith he) if it be eflfectually ordained. That no man 
 shall give his Money here, to receive less in intrinsical 
 value there by Exchange ; and that no man shall give his 
 Money there, to receive more in intrinsical value here by 
 Exchange : it is plain, That no man shall have his Advan- 
 tage to carry his Money thither in specie, nor no man 
 shall have his Disadvantage to bring his Money thence in 
 specie : and if the same course be observed in all places 
 and at all times, let other Nations use what they please to 
 raise or abase the values of their Money, they shall never 
 prejudice the Kingdom by it. 
 
 I have abstracted this Proportion in the plainest manner 
 I could, and purposely omitted to name the sums of the 
 Exchange, to avoid all Question about more or less, and 
 all obscurity : and certainly it carrieth with it a great 
 appearance of Reason ; neither do I find any strength in 
 that Objection which is most pressed against it, That this 
 equaUity cannot be made with other countries, by Reason 
 that a great part of the Payments is made in Base money ; 
 for, if Base money be so current, as for it you may have so 
 much purer Money as will answer the intrinsical value 
 required for the Sum to be paid by Exchange, that 
 Objection will fall : if it be not so current, you may except 
 against the Payment. 
 
 95 But 
 
96 Of Coin and Coinage. 
 
 But yet this Proposition, if it be narrowly examined 
 will be found subject to great Exceptions. 
 
 And first, The Difficulty, I may say almost, the Impossi- 
 bility of putting it in Execution is apparent, for although 
 the intrinsical value be the principal Rule by which Ex- 
 changes are squared, yet there are many other Circum- 
 stances which do vary and alter the Exchange, and this is 
 for a main one ; That when there is much Money to be 
 returned to one place by an Accident unlookt for, you 
 shall (not) find Takers in Proportion, except what they 
 make by the price of Exchange do invite them : if then 
 you will force men alwayes to give and take by Exchange 
 at one rate, when through accident there shall want 
 Takers, you will force the Giver to supply his Necessity, 
 to send his Money in specie, and so that which is pro- 
 pounded for a Remedy of Exportation shall turn to a 
 greater Exportation. 
 
 But suppose this Difficulty could be overcome, yet 
 would it not suffice to hinder Exportation j for, if in other 
 Countries, they should value your Money higher than 
 their own, as in this Discourse there are formerly In- 
 stances set down, of English Money higher valued than 
 their own, in France, in the Low-Countries, and at Franc- 
 ford Mart : he then which at these times woidd have 
 made over Money by Exchange into those Parts, by this 
 Proposition, should have had but the intrinsical value in 
 Money of these Countries ; but he that had carried his 
 Money over in specie, would have had more than the 
 intrinsical value. 
 
 Lastly, It is to be considered. That all Countries that 
 do raise little or no Materials within themselves, (which 
 is our Case in England) must not be so careful to hinder 
 Exportation of the Materials, as to provide for Importa- 
 tion for them ; What Eruit then shall we receive by this 
 Equality of Exchange, (admitting that it might be made, 
 and that it would hinder the Exportation) if it should be 
 
 96 recompenced 
 
Of Coin and Coinage. 97 
 
 recompenced by the same Degree of Impediment, whicli 
 it would give to the Importation, which would necessarily 
 foUow upon it ; as for Instance, If the Equality of Ex- 
 change will give impediment to transport Silver out of 
 England into Holland, will not the same equality of Ex- 
 change give the same degree of Impediment to import 
 Silver out of Spain into England? Certainly in all 
 appearance it must. 
 
 CHAP. XX. 
 
 Of Reducing Moneys to the Lowness of Ancient Values. 
 
 SOME are of Opinion, that the best course to remedy 
 aU Inconveniences in' Matters of Money, were to 
 reduce it to the ancient Value : 
 
 As for example, A pound weight of Silver of the ster- 
 ling standard to make but twenty shillings in Silver ; and 
 a pound weight of crown Gold to make \2l. sterling; 
 and so Angel-Gold to be coined in Proportion, for (say 
 they,) since that was the first and original settlement of 
 the sterling standard, and that by the raisings of other 
 Nations whom we thought it necessary to follow, we are 
 grown to that excessive diminution of the Intrinsical 
 value of our Money as is manifest, and that the Mischiefs 
 do so threaten us, by the daily raising of our Neighbours, as 
 at length (to bring on) inevitable Confusion; it wiUbe best 
 to reform the Mischief before it be grown to extremity; and 
 the best Reformation will be to reduce it to the first and 
 original settlement : The Commodities whereof are many : 
 
 First, The prices of things will be reduced to some 
 antient moderation, then those who live upon antient 
 Eents, and Fees, and Rights, and Tenures of their Lands 
 and Offices, who have received extream injustice by the 
 diminution of the Intrinsical value of Money, shall by 
 
 97 this 
 
98 Of Coin and Coinage. 
 
 this Reduction be recompenced in justice again. But 
 above allj the King, whose Revenue is only publick, shall 
 receive a great and a just enlargement therein: This 
 Diminution of the intrinsical value of Money being not 
 the least cause of the visible wants wherewith the Crown 
 is this day oppressed, and this Reduction being so great 
 and important as it is, aU other Nations, and all Mer- 
 chants in their exchanges, must of necessity come to a 
 new valuation of their Moneys in comparison of ours : 
 and that cannot be, but by a true calculation of the intrin- 
 sical value of either of them, by which means if we do 
 now sustain any wrong by the reputed valuation of our 
 Moneys, or exchange of them, we shall then receive right. 
 And England being a Countrie able to send out more 
 Commodities than it hath need to receive, we shall of 
 necessity return the overplus in Bullion. 
 
 But to examine the solid Truth of these Allegations, it 
 will be necessary to consider by what means this Reduc- 
 tion may' be effected. 
 
 First, Therefore if you will reduce Moneys to the 
 antient values, either you must do it by several degrees, 
 (this being the way by which the mischief grew) or you 
 must do it all at once. 
 
 As for example of a Reduction by degrees. Silver is 
 now coined at five shillings and two pence an ounce, and 
 Crown Gold at three pound eight shillings and four 
 pence the ounce ; begin then, first to reduce by coining 
 Silver at fourteen groats the Ounce, and Crown Gold at 
 three pound one shilling and six pence the Ounce ; and 
 when it is thus settled, then some time after reduce them 
 both, yet to a lower price, and so until you come to the 
 Original settlement. But is it not then manifest that if 
 these coins be so much heavier than the former, as this 
 Proportion doth make them, and yet go at the same price 
 as the other did, yet as fast as they are coined, they will 
 be melted or transported for advantage ? 
 
 98 Besides 
 
Of Coin and Coinage. 99 
 
 Besides our Merchants will (not) bring this Silver and 
 Gold unto you to so great a loss: on the other side, 
 if you inake all the old Money uncurrent, and you 
 do make it so many times uncurrent as you do reduce 
 it towards the antient values, by degrees the confusions 
 will be so great as the Kingdom cannot bear them, and 
 the continual new coining of your Money will consume all 
 the value of your Money in that charge : there is then no 
 other way left but to leave the old Money still current, 
 but abased so much in price as it is worse than the new 
 Money in intrinsical value. But this is hardly possible, 
 considering that the fractions in the old Money will be so 
 confused as no man shall know how to pay or receive it ; 
 besides all men of what condition soever that are to pay 
 Money, in what nature soever, shall pay, ten in the Hun- 
 dred more than they should otherwise have done. 
 
 But suppose this Inconvenience might be sufferable for 
 once, yet when they must return again, as often as by 
 degrees you do reduce your Money towards the antient 
 values, I do see no possibility to conquer them ; it is then 
 best to consider what will follow of it, if this Reduction to 
 the antient values be made all at once, which is thus pro- 
 pounded. 
 
 That new Money should be coined at twenty pence an 
 ounce. Silver ; and that the old Money should be still left 
 current at the third part of the value for which now it 
 goeth, as six pence to be current for two pence, and twelve 
 pence for a groat, so as all Fractions should be avoided : 
 and the Gold should be reduced to a like Proportion, and 
 that aU contracts and payments, from such a day to come, 
 should be made and paid in new Money or in old Money, 
 valuing it only at the third part of the new Money ; But 
 if the Proposition were simply thus, it were insupportable, 
 for then he that sits now at a rent of 10/. a year, and is 
 hardly able to pay it should in effect, after the day when 
 the new Money is to be current, pay thirty pounds a year ; 
 
 99 and 
 
100 Of Coin and Coinage. 
 
 and lie that borrowed ten pounds before that day, after 
 that day shall pay thirty, and so it would be of all other 
 payments. And it is no satisfaction to say. That would 
 be no Injustice, because he that pays Money, either for 
 Debt or Rent, or any other waies, must receive it from 
 others, be it either in Debt, Rent, or for the price of any 
 thing to be sold, and so he shall pay no more in Propor- 
 tion than he shall receive : for if it be true, which is the 
 mainest Benefit propounded by this Reduction, that as 
 the price of Money shall be abased so the price of all 
 things will abate in Proportion, then he that is to raise his 
 payments out of the price of other things shall raise no 
 more in intrinsical value than he should have done before, 
 yet he shall pay in intrinsical value thrice as much as he 
 did before. 
 
 To solve this Objection, there are two ways propounded, 
 but either of them have their Inconveniences ; 
 
 The first is, that this payment in new Money shall only 
 extend to future Contracts, and that aU former Contracts 
 shall either be paid in old Money or in new Money valued 
 at three times the old Money : But if you admit of this, 
 you shall by this Reduction only raise a great rumor and 
 Confusion among the People, and all the Benefits pro- 
 pounded are quite blown away. 
 
 Besides the Injustice, as it was very apparent to all 
 that were to pay Money in the former way, so it is as 
 apparent in this way to all that are to receive Money, for 
 that they shall receive in extrinsical value but two pence 
 for six pence, and one shilling for 3 shillings, but above 
 all others, the King would be most prejudiced. 
 
 The second way of solving the former Objection is this. 
 That all payments, for the future, should be made in new 
 Money or iu old, valuing the old a third part, and that in 
 like manner all antient Contracts, Rents, and Rights 
 reserved should be acquitted in new Money, or in old 
 Money valued at the third part of the new, and that this 
 
 100 word 
 
Of Coin and Coinage. 101 
 
 word of antient eContvacts anft HfgSts, should be 
 defined from suet a time as since which the prices of 
 things have encreased, as the value of Money is by this 
 Reduction to be abated ; As for Example, 
 
 Since the year of the eighteenth of Henry the 
 Eighthj when he began to coin Base money, since which 
 time generally the price of things is trebled at the least, 
 in some more, in some less. And that aU Contracts 
 and payments reserved, since the eighteenth year of 
 Henry the Eighth, until the day when the new Money is 
 made current, should be acquitted in old Money, or in 
 new Money valued three times as much as the old : By 
 this means the Injustice of the former ways seemeth to be 
 equally parted, in that some Receivers by this way should 
 gain and some Receivers should loose, and some Payers 
 should gain and some should loose. 
 
 But this Proposition brings with it a new Inconvenience, 
 which is. That this time of the eighteenth of Henry the 
 Eighth, being so antient, it would breed many Controver- 
 sies, as to what payments were contracted for or reserved 
 before that time or not. But suppose that this Reduction 
 were effected, and that our Moneys were both by reputed 
 valuation and by exchange compared with Forrein Moneys, 
 according to their true intrinsical value, yet do I not see 
 that this Reformation, for all this, would be stable and 
 permanent ; for, if afterwards other Nations shall by 
 degrees again diminish the Intrinsical value of their 
 Moneys, either we must resolve to stand firm to this 
 Reduction, and so to take the hazard of all losses and 
 Inconveniences which the not raising of our Moneys 
 when our Neighbours raise theirs do bring with it ; or if we 
 shall raise again as they shall raise theirs, then all the benefit 
 of this troublesom Reduction will be. That we shall yet 
 be three hundred years longer ere we do grow to so great a 
 diminution in the Intrinsical value of our Moneys, as we 
 do at this present undergo. 
 
 101 CHAP. 
 
102 Of Coin and Coinage. 
 
 CHAP. XXI. 
 
 Of raising our Moneys according to the raising of our 
 Neighbours. 
 
 OTHERS do propound a clean contrary course to this 
 Reduction of the Moneys to the antient values ; 
 For they would have us to observe precisely the raising of 
 the price of Money by our Neighbours^ and if not to 
 preceed them, at the least to follow them immediately. 
 And for this purpose they insist upon two main Argu- 
 ments. The one drawn from Example, the other from 
 Reason: for say they. If we do observe those States, 
 which do soonest and most raise their Money, we shall 
 find that they do most abound with Money; and that 
 Trades and Manufactures do most flourish there. 
 
 As for Example, the United Provinces, and the Arch- 
 Dukes Country, and the Hanns Towns; and they do 
 confirm their instance by this reason, Forrein Nations 
 when they raise their Moneys, do thereby make them of less 
 Intrinsical value, than they are reputed. 
 
 As for Example, Three pounds two shillings sterling, is 
 reputed equal with five pounds six shillings Flemish ; and 
 peradventure when the pound sterling was first cut into 
 63s. they were equal in intrinsical value, but now by the 
 raising of Moneys, this five pounds six shillings Flemish, 
 say they, contains in intrinsical value no more than two 
 poxinds sixteen shillings. 
 
 And again, say they. The Ryall of eight and the Rix 
 Dollar are both of them reputed equal to five shillings 
 sterling, but hold in intrinsical value less by ten in the 
 hundred. Hence, (say they,) it follows. That he that 
 bestoweth here three pounds two shillings in English 
 Cloth, and sells it beyond Sea for five pounds six shillings 
 Flemish, or for twelve Ryalls of eight, or twelve Rix- 
 
 103 Dollars, 
 
Of Coin and Coinage. 103 
 
 Dollars, with two shillings, maketh his accompt that he 
 hath sold it as dear as he bought it, and whatsoever he 
 can get more is gain towards his hazard, his time, and his 
 charge; and by this means he doth undervalue the 
 English Commodity to the loss of the Realm, six shillings 
 in three pound two shillings : But on the other side, if he 
 bestow his five pound six shillings Flemish, or his twelve 
 Ryalls of eight, or Rise-Dollars, and two shillings in 
 Forrein Commodities, he makes his Accompt that he sells 
 them not here for as much as they cost him, except he 
 have for them three pound two shillings sterling, by which 
 he overvalues to us the forrein Commodities by six shil- 
 lings in three pound two shillings, by which means the 
 Bealm in general is impoverished, but the Merchant in 
 his particular saves himself, for what is lost to him by the 
 undervalue of the English Commodities is again made 
 good unto him by the over-value of the forrein Commo- 
 dities. And hence it follows that our Money wasts, our 
 Mantifactures decay, and their Money and Manufactures 
 do increase. 
 
 As for the Objections made against raising of Moneys ; 
 they say. They are not considerable in comparison of the 
 benefits, for so as Trade and Manufactures may flourish 
 and Money abound, what imports it though the price of 
 things do rise, when as every man as he pays more, so he 
 shall receive more : as for the King's loss, he shall be 
 otherwise recompenced by the Riches of the Subjects. 
 
 But to come to the Examination of this Proposition 
 and the Reasons made for it. 
 
 First, these valuations laid down of our Money in com- 
 parison with Flemish Money and Ryalls and Dollars, for a 
 foundation of this Proposition is very uncertain ; for as it 
 is true, that as I have heard in publick conference upon 
 these occasions, divers Merchants of great worth and 
 experience to affirm these valuations, so I have heard 
 otliers of as great worth and experience to deny tuem, 
 
 103 affirming 
 
104 Of Coin and Coinage. 
 
 affirming that they knew none other valuation of our 
 Money with forrein, but according to the Intrinsical value 
 of either of them. And by the last Placcard of the Low- 
 Countries, the English shilling is made current for one 
 shilling nine pence Flemish, by which accompt three 
 pound two shillings English will make five pound eight 
 shillings and six pence Flemish. 
 
 But admitting the valuations as they are set down in 
 the Proposition^ yet it will appear, but a meer Sophism ; 
 for the truth is, as it is set down in a former Chapter, 
 That Silver is higher valued in France and England, than 
 in Spain, and in the Low-Countries than in either of 
 them ; and in the Hanns Towns than in the Low Countries; 
 and so stiU higher, the further Eastward: But of Gold it 
 is not so : and upon an exact computation it wUl be 
 found. That Gold is higher valued in England than in the 
 Low -Countries, and that a pound of fine Gold reduced 
 into the Riders of the Low-Countries, makes but forty five 
 Guilders, and seven Stivers, and allowing ten Stivers and a 
 half for twelve pence English, as it is made current by the 
 last Placcard, there the said sum amounts in sterling 
 Money but to forty three pound thirteen shillings and a 
 penny ; but a pound of Gold fine makes in twenty two 
 shilling pieces, forty foior pound, eight shillings four pence 
 sterling, which reduced into Guilders after the former 
 accompt makes 446 and a half, so as the pound in fine 
 Gold is valued in Jacobus pieces, at 8 Guilders two Stivers 
 and one half more than in Riders, and in English Money 
 is valued at fifteen shillings three pence more in Jacobus's 
 than in Riders ; so then it follows, that if England do 
 loose any thing in the true price of her Commodities 
 because Silver is higher valued in the Low-Countries than 
 in England, England gains again in the price of her Com- 
 modities, because Gold is higher valued in England than 
 in the Low -Countries. Besides all which none of the 
 Objections made against this Proposition are answered, 
 
 104 but 
 
Of Coin and Goinage. 105 
 
 but only elevated, and it is manifest that all those who 
 are to receive Money shall be continually oppressed with 
 this continual raising of Money, and if we shall still vie 
 one upon another who shall raise highest, in the End the 
 Matter must necessarily come to a Confusion. 
 
 CHAP. XXII. 
 
 Of introducing two different Species of Money. 
 
 THE Difficulties and Debate of the former Proposition 
 have produced this, set down in the Title of this 
 Chapter : For if to let our Money stand stiU in the same 
 Condition, when our Neighbours do raise theirs, be a 
 means to drain away our own Money from us, and to 
 divert that increase of Stock which otherwise should come 
 unto us, and consequently occasion the decay of our own 
 Trades and Manufactures, and the increase of Porrein, as 
 in the former Propositions hath been disputed. Then it 
 were good to raise our Moneys when our Neighbours 
 raise theirs. But if this raising of our Moneys do intro- 
 duce an unjust Oppression to all those, who do live upon 
 the Rents of their Lands, upon Pensions, upon Fees, upon 
 Wages, or otherwise upon any other Reward of their 
 Industry, if it most of all disables the King, and in the 
 end doth threaten an extream Confusion and Disorder, 
 then is this good of Raising so allayed with the evil that 
 followeth it, that we were as good if not better to be 
 without it : Prom these Considerations hath this Propo- 
 sition risen, by which, the Authors thereof do presume, 
 that we may both raise our Moneys as we find occasion 
 and yet not raise ; though they seem contradictory : and 
 we receive all the Benefits, which the raising of Money 
 doth bring with it, and yet avoid all the Inconveniences 
 which are alledged to follow it. Now the Propositions 
 
 105 which 
 
106 Of Com and Coinage. 
 
 which have been made in this kind, both here and in 
 other parts are very many, and differing one from another 
 in their Proportions, and in some other subtile and by- 
 considerations, which if they should be set down in parti- 
 cular, would much perplex the Subject. I will therefore 
 by supposition set down a Proposition in a plain and 
 easie Proportion for the more ready apprehension of the 
 Reader. 
 
 As for Example, Suppose the Kiag should coin new 
 twenty shilling pieces, which should hold in intrinsical 
 value but eighteen shillings and four pence in Proportion to 
 the present Gold ; and new shillings, which should hold 
 but eleven pence in Proportion to the shillings of the 
 present standard, and then it should be ordain' d, that all 
 former Contracts already past, should be acquitted in old 
 Money, or else in new Money, valuing every 20s. but at 
 18«. 4d. and so in Proportion of lesser sums; but that all 
 new contracts should be paid afterwards in new Money, 
 or else in old, valuing every 18s. M. of the old Money at 
 20s. of the new. By this means, say the Authors of this 
 proposition, we shall bring back our own Money| and 
 drain away the Money of our Neighbours, and Trades 
 and Manufactures shall flourish in consequence ; yet our 
 Moneys are raised, and yet no man shall receive any 
 injustice by it, for both the King and aU other Lords of 
 Lands and antient Rents, and all such who have lent 
 Money or contracted upon former Wages, shall be paid in. 
 Money formerly current, or else in new proportionable to 
 the old. And all those which are to pay Money, either 
 out of their own Industry or Labours, or out of the fruits 
 of the earth, or by any other means, when they do see 
 that they must contract for new Money, apparently, 
 according to the Proportion set down, worse than the old, 
 they will help themselves by raising their price in Propor- 
 tion unto it. There may likewise be aUedged Examples 
 for this Proposition, as in Ireland where sterling Money 
 
 106 and 
 
Of Coin and Coinage. 107 
 
 and Irish Money are both current, the one a fonrth worse 
 than the other without any Inconvenience. And it 
 seemeth that anciently before the time of Edward the 
 first in England, there were Moneys current of several 
 standards ; for although there be a few Records left of 
 Mint matters, more antient than Edward the Third, yet 
 Anno sexto Reg. Johannis membrana septima Dorso, 
 certain old Money of baser standard was made current ; 
 But so, as no Jew or Merchant stranger might buy Mer- 
 chandize, or pay debts with it, or any thing else, (but only 
 victum et vestitum with that old Money,) but in grossa 
 etforti Moneta. And in France, until the time of Philip 
 le Bell (who was contemporant with Edward the Second) 
 it seemeth that there were used several species of Money, 
 And Edicts were made what Contracts should be acquitted 
 in one species and what in another. 
 
 But I win come now, as in the former, to the examina- 
 tion of this Proposition. First, the extreme Confusion is 
 to be considered which it will bring among the People by 
 raising Questions what is to be paid in old Money and 
 what is to be paid in new Money. 
 
 As for Example, a man who lent Money before the time 
 appoiated for the currency of this Money, after the day, 
 receiveth interest for it, and so lets it run on. Whether 
 shall this be interpreted an old contract or a new ? and 
 divers other Questions of like nature wiU arise. But 
 suppose that such Prudence were used before hand as all 
 such Questions might be prevented, yet certainly the 
 intricasie of the accounts between the old Money and the 
 new, by Reason of the confused Fractions which are in it, 
 would be a great molestation to the People : But there 
 lurketh a much greater Inconvenience which would not 
 be discovered but by length of time ; which is when you 
 have thus raised the price of your Money, when other 
 Nations shall raise theirs again beyond your new Money, 
 you must then be enforced to make a second new Money 
 
 107 of 
 
]08 Of Coin and Coinage. 
 
 of less intrinsical value ttan the firsts and then again, all 
 Contracts between the first and the second new Money, 
 are to be acquitted in the first new Money, or in the 
 second new Money, valued in Proportion to the first, and 
 so in consequence of time, a third new Money would be 
 coined, and a fourth, and a fifth, and so forward; that by 
 degrees both the multiplicity of the Moneys, and the 
 variety of the times of the contracts would pass all 
 humane comprehension. 
 
 As for Examples alledged, they make more against the 
 Proposition than for it ; for I doubt not, but in the time 
 of King John, and afore and after that, there were great 
 Varieties and Confusions in the Moneys current, and the 
 Histories of those Times are full of Complaints upon that 
 Subject. And therefore they do most highly magnify the 
 "Wisdom of King Edward the Pirst, who settled a unifor- 
 mity in that Subject, by introducing one certain species 
 of sterling Coin. . 
 
 And for the Example of France, the Histories of that 
 Country do not only justifie that there were great Confu- 
 sions in this Subject in those times, but by great Insur- 
 rections of the People and Eebellions upon that occasion, 
 insomuch, as the reputed Authors of those Inventions 
 were sacrificed to appease the popular Eage. 
 
 CHAP. XXIII. 
 
 Of Coining of Moneys without Distinction of Weights. 
 
 THE Proposition, intended under this Title, is this. 
 That the Money, hereafter, both of Gold and Silver 
 should be coined of the same fineness, that the Silver and 
 crown-Gold now are, but that there should be coined no 
 pieces of a certain weight either of Gold or Silver, but 
 
 108 that 
 
Of Coin and Coinage. 109 
 
 that the Allay being certain, the weight should remain 
 uncertain ; that all Money now current should be valued 
 by a certain weight. 
 
 As for Example, That every ounce weight of Silver 
 should be valued at 5s. and every ounce weight of Gold at 
 twelve times as much, or thirteen times so much, or such 
 a Proportion as should be thought most equal ; and that 
 all former Contracts should be acquitted in weight, by 
 reducing every 100/. sterling, into 400 ounces of Silver, or 
 a proportionable weight of Gold, but that aU future Con- 
 tracts should be directly made in weight, as in pounds, 
 ounces, and the Sections of the ounce, either in SUver or 
 proportionable weight in Gold : That there should be only 
 coined a certain Proportion of small Moneys in Silver, 
 not in value above a 'penny, or two pence sterling, of a 
 certain weight for the accommodation of small ordinary 
 payments. But that aU the main mass of Money, both of 
 Silver and Gold, should have no certain weight imposed 
 on it, but should be current according to the weight it 
 had, as it should fall out. The Authors of this Proposi- 
 tion maintain. 
 
 That the first Institution of Money was in this manner. 
 That this Addition of certainty of weight to the Allay, by 
 making the stamp to serve as a publick Testimony that the 
 piece so stamped or coined is not only of such a fineness but 
 of such weight also, have given occasion to all the Incon- 
 veniences that have since grown in this Subject of Money, 
 and that there is no other way to reform these Inconveni- 
 ences stablely and permanently but by reducing the Money 
 to this original Institution. 
 
 And therefere they say, That the imposing of certain 
 weight to the piece by the stamp hath given the Opportunity 
 to the Kings and Common-wealths to help themselves in 
 their necessities, diminishing the Intrinsical value, and 
 marking the piece of such a weight, when as really it 
 weigheth not so much ; and thus much may be observed in 
 
 109 the 
 
110 Of Coin and Coinage. 
 
 the first part of this Discourse of the Historie of the 
 Moneys of the Grecians and the Romans and other modern 
 States. 
 
 They say likewise, That this diminution of the intrinsical 
 value by substracting from the true weight of which the 
 several pieces of Money were first marked, hath introduced 
 that practice of draining of Money from other Nations, by 
 raising the price of it, which is the Mischief now grown 
 into this Subject. 
 
 They say. That it hath given occasion to the culling of 
 the heavier Money from the lighter, which is one of the 
 greatest Instruments of Exportation, that it hath also 
 given the occasion of washing, scaling, and clipping of 
 Money, mischiefs that are now grown very frequent. 
 
 Lastly, It hath given occasion by the use and wearing of 
 the old Money to raise the price of the new and weighty 
 Money in the Estimation of the People, and consequently to 
 melt the old. 
 
 But although it should be acknowledged that these 
 Inconveniences have been introduced by these forms of 
 Coinage now in use, yet it remains to be considered how 
 they would be reformed by this new form of Coining. 
 And first it is true, if the form were used, it were not 
 possible for any King or State to make any advantage 
 either by the raising of the price of Money or diminishing 
 the weight : neither could they indeed make any Advan- 
 tage by addition of Allay, if the Proposition be truly 
 observed. As for the raising of Money by other Nations, 
 It is plain that the Observation of this Proposition, here 
 in England, would not hinder them to raise still, as 
 now they do; but then it is to be considered, whether 
 their raising would turn to our Disadvantage as now it 
 doth. 
 
 And first, if other Nations raise their Money, they can 
 neither by that raising make their Moneys valuable to us, 
 nor make our Money more valuable to them; when as 
 
 110 before 
 
Of Coin and Coinage. Ill 
 
 before their raising or after their raising, they can give it 
 no other value than by weight, because the pieces are 
 uncertain. 
 
 But it may be objected. That when our Neighbours 
 raise their Money, then will our Money {being all by 
 weight) go further to be coined into theirs, than it would 
 have done before and consequently for that profit will be 
 transported until the price of their commodities do grow 
 up unto their Money, 
 
 To which it may be answered, That they cannot set an 
 higher price upon the pieces of our Money as now they 
 use to do, because the piece hath no certain weight, then 
 they cannot cull out the pieces as (now they do) which are 
 over-weight, and so by converting them into their own 
 Money, make benefit of them, so as there is no way left 
 unto them to make profit of our Money when it is trans- 
 ported, but to deliver it into the Mint to be here coined 
 into their Money ; in which case the Transporter must of 
 necessity loose all the charge of the coinage here, together 
 with the Kings Tribute, and he must also loose the like 
 charge in the place where he coins it a-new. Both which 
 put together would make so great a Proportion, as no 
 raising for the drawing of SUver or Gold, into any State 
 at one time hath hath ever equalled it. 
 
 But yet this Scruple remains unsatisfied. That at least 
 . the Bullion, which otherwise would have come unto you, 
 will be in the mean time diverted until the price of Com- 
 modities be grown up to the value of their Money as it is 
 raised. But it is manifest, that all other mischiefs set 
 down before would be taken away by this Proposition, as 
 culling, washing, scaling and clipping of Money, for that 
 no benefit could possibly be made by them, and that 
 equality of Exchange formerly propounded would by this 
 means be brought the nearest to perfection of any other ; 
 for that the Merchant, first shall understand the true 
 value of his own Money, and cannot make his accompt of 
 
 111 Exchange 
 
112 Of Coin and Coinage. 
 
 Exchange in a forrein place, but by comparing their 
 Moneys in true weight and fineness with his own ; so as 
 he cannot be deceived either by a false reputed value of 
 his own Money, or of the Money which he is to receive 
 by Exchange, and therefore will not make his Exchange 
 to loss, except he be induced thereunto by some other 
 circumstances which have no relation to the Subject of 
 Money. 
 
 But having thus far debated of the Commodities and 
 Benefits of this Proposition and prevention of former 
 Inconveniences ; It now remains to be inquired what new 
 Inconveniences this Proposition would bring with it. 
 
 And first. The alteration would be very strange, and 
 with great difficulty would be received by the People in a 
 matter that is of most general and continual use of all 
 others, in stead of accounting by a pound sterling, angels, 
 shillings, and groats, to come now to accompt by Pound 
 weights, Marks, Ounces, Scruples, and Drachms ; to which 
 the only answer to be made is. 
 
 That although the Trouble and Difficultie would be 
 very great, yet being once settled, it would be settled for 
 ever, whereas now the Trouble and Inconvenience which 
 the People endure in this matter of Money is often 
 renewed, but never amended. 
 
 A second Objection is. The Ecctream molestation which 
 the People should receive in the practice of it, when as 
 every man should be bound to carry scales in his pocket 
 (as they say they do in China^ and upon every little pay- 
 ment be bound to weigh their Money. 
 
 To which it may be answered, That~ there have been 
 antiently Proclamations in England, and very lately in 
 France, to avoid the frequency of washing, clipping and 
 scaling, to obHge the People to jveigh their pieces of Silver 
 as well as of Gold, but for the Silver, the People could 
 never be brought unto it ; whereas by this Proposition, of 
 Necessity, every man that receives Money must be tied to 
 
 112 weigh 
 
Of Coin and Coinage. 113 
 
 weigh tlie Silver as well as the Gold, and aU these Incon- 
 veniences of scaling, clipping, washing, culling, and wear- 
 ing, would be avoided with a small part of that trouble 
 to the PeoplCj which the weighing of the several pieces of 
 Silver would put them unto, partly because the least and 
 most ordinary payments would be accommodated by the 
 small pieces coined of a certain weight, and partly because 
 the trouble of smaller payments would be recompenced 
 by the ease of the greater ; for by this course a thousand 
 pounds wUl be as soon weighed as twenty shillings can 
 now be reckoned. 
 
 A third Objection may be made against it, Tfiat by this 
 Proposition Princes and States would be deprived of the 
 means to make secret benefit of their Moneys, which hath 
 been continually practised, and especially in times of emi- 
 nent necessity, even to the preservation of King domes. 
 
 To this is answered, That the Objection though it be 
 true is yet of no weight, because that profit so made, is 
 first made unjustly, and by the breach of publick Faith, 
 and then it is but a false seeming profit, and always 
 mischievous to the People, and really not good for the 
 receivers of it. And (as it was formerly touched) it may 
 be observed. That after the decay of the Roman Empire, 
 the E-eglements of the Mint of that great Monarchy 
 being lost, through the Inundations of barbarous People 
 (as many other excellent Institutions were) the Jews 
 (who by God's Curse were dispers'd into all Nations, and 
 being suflered to acquire no natural possessions, betook 
 themselves to artificial possessions ; especially gave them- 
 selves to the Study of the nature of this matter of Money 
 as their Patrimony) in most Countries were imployed in 
 the affairs of the Mint : and to them succeeded the 
 Italians, as it may be observed here in England, where for 
 some Ages, after the expulsion of the Jews, there were no 
 Masters of the Mint bat Italians of Lucca or Genoa: 
 Now these People being subtil Masters of their Art, and 
 
 113 having 
 
1T4 Of Coin and Coinage. 
 
 having no natural affection to these Countries where they 
 were imployedj but aiming only to keep their own MiUs 
 grinding, did by projects of colourable profit, abuse those 
 States where they were trusted, and keep them in con- 
 tinual alteration of their Coin, which always in the end 
 turned to diminution of the intrinsical value ; and there- 
 fore, finally this Proposition seemeth to me most strange 
 and remote from common apprehension of all the rest ; 
 but, being duly weighed, the least Inconvenient and 
 most likely to produce good effect of any of the others. 
 And thus I have set down all the Remedies, that by 
 enquiry I could learn, to have bin propounded either in 
 England, or in other parts for the Inconveniences grown 
 into this Subject of Money, wherein all the particular 
 Projects that have been offered are not to be found, 
 because several men have made the same projects, varied 
 only in form, or in some by-circumstances, yet I do 
 believe, that hardly (one) can be quoted, whereof the ground 
 and essence is not here set down and debated. 
 
 And, if the Reader, that with attention and care shall 
 have made his way through this intricate Discourse, shall in 
 the end complain that after all his pains, he finds himself 
 as little resolved what is fit to be done in this subject as 
 before, considering the variety and contrariety of the 
 Consideration incident unto it, I must appeal whether I 
 did not from the beginning profess to set down nothing 
 but problematically, and that my Scope was not to render 
 the Reader able to find out the fittest course to govern 
 this matter of Money and Coin, but able to judge of 
 what should be propounded by others : a point of so great 
 Importance, that for want of that ability the wisest States 
 and the greatest Councils of Christendom, for many Ages, 
 have been abused by misterious names, and perplexed 
 subtilties of Mint-men, Gold Smiths, and Exchangers; 
 who, as they had the whole knowledge of this subject in 
 themselves, so they had their several Interests, and I 
 
 114 conceive 
 
Of Coin and Coinage. 115 
 
 conceive that I have performed all the points that I have 
 undertaken in this Discourse; save one, vrhich is that 
 speaking of the several means of raising of Money, I said 
 that the Occasions thereof had been two, 
 
 The one for the drawing of Money from the neighbour- 
 ing Countries, or preserving of their own. 
 
 The other, when the States without any such pretence, 
 but forced only by the violence of Necessity to raise 
 means of Subsistence for themselves, have doubled and 
 trebled, nay sometimes sextupled the values of their 
 Moneys, of which I promised to speak farther : and for 
 this purpose, I intend to set down, — 
 
 The History of the most memorable Raisings that have 
 been in this kind, both in our Age and heretofore, of 
 what nature they were, and how these States did draw 
 their Benefit and Subsistence out of them. 
 
 Secondly, What other Extremities and Confusions, those 
 Raisings did draw upon the said States, and the People 
 thereof. 
 
 Thirdly, What Remedies these States have applyed to 
 reduce and settle those Extremities and Confusions where- 
 into they -were fallen, in which History I shall come to 
 touch some Examples very modern, as that which of late 
 years was made by the Emperour which now reigns, espe- 
 cially in the higher parts of Germany, a raising so high 
 and excessive as it equals any of the antient Examples, 
 even of those mentioned by Pliny, to be practised by the 
 Romans in their great extremities in the Punick Wars, 
 whether you respect the excess of the Multiplication, or 
 the Strangeness of the effects which it produced; the 
 most famous Occasions, which I purpose to examine 
 were. 
 
 First, Those Raisings, mentioned by Pliny to be, by 
 the Romans in the first Punick Wars, which was to make 
 every piece of Coin current at six times the value of what 
 it was before, since which time, although there were 
 
 115 sundry 
 
116 Of Coin and Coinage. 
 
 sundry raisings made by the Romans, yet none of them 
 was neer this Proportion. 
 
 In the Kingdom of France, I cannot find any extra- 
 ordinary raisings made of the Money, until the time of 
 Phillip le Bell and Charles le Bell, and then the Kings of 
 France, did raise an ordinary tribute by coining Moneys 
 of a base value, and when they were dispersed in the 
 Peoples hands, suddenly calling them back again, and 
 making them uncurrent, by which they got extreamly 
 both by the coinage and recalling them; for that none 
 might exchange or melt these Moneys so recalled, but the 
 Officers appointed by the King, which was a Gain of a 
 most unjust and grievous condition that ever was prac- 
 tised in any Kingdom, and did accordingly produce great 
 Tumults and Seditions there ; yet this practice did remain 
 until the time of CHARLES the fifth, otherwise called 
 the wise, whereof (besides the Records of the Mint in 
 that Kingdom which do shew the perpetual alterations of 
 the Moneys in these times) I do remember two memorable 
 Evidences out of Histories, of which one is. 
 
 That at what time the State of France, during the deso- 
 lation of that Countrey by the English Wars, did grant 
 unto the King the Gabel of Salt, and the Impost upon 
 Wine, they did particularly Covenant, That for such a 
 space the King should not alter the standards of his Coin. 
 
 One other is, that Hollingshead in his Chronicle making 
 mention of a voyage made by the black Prince from 
 Burdeaux into Languedock doth cite the Letter of one 
 Sir John Wingfield, a principal Servant to the Prince, 
 wherein he saith. That the Countries and good Towns, 
 which were wasted at this Journey, found to the King of 
 France every year more to the maintenance of his War 
 than half his Realm besides, except the Exchanges of his 
 Money which he maketh every year, and his Customes of 
 Poitou. But the standard of his Moneys was stabely kept 
 from Charles the Fifths time till the first year of Charles 
 
 116 the 
 
Of Coin and Coinage. 117 
 
 the Seventh, at which time the English being in possession 
 of the greatest part of France, Charles the Seventh 
 having no other means to maintain the "Wars, did from 
 the year one thousand four hundred seventeen, to the year 
 one thousand four hundred twenty three, raise the Silver 
 by several degrees from eight livres nine sols the mark, 
 to 360 livres the mark, so as the Money was raised in six 
 years above forty times the value of what it was before ; 
 of all which neither our Chronicles nor those of France 
 do make but slender mention, in respect of what they 
 speak of the Pucelle d' Orleans : And yet the Truth of it 
 is evident by the Records of the Mint : and all those 
 who have written of the affairs of the Mint, in that 
 Kingdom, do unanimously agree that this was the Prin- 
 cipal mean by which he expelled the English out of 
 France : and that which is as strange as all the rest, is, 
 that at one instant the Money was reduced again to seven 
 livres, ten sols the mark ; and from that time there have 
 not been any raisings of Money in France of this nature, 
 although the Moneys there have been continually raised 
 ever since, either to follow the People, who did first raise 
 their Moneys by their estimation, or to follow the raisings 
 of other Nations, or to raise above other Nations, to draw 
 their Money into that Kingdom. 
 
 In England there is but one Example of raising in 
 this kind, which was begun in the eighteenth year of 
 Henry the Eighth, and continued in divers Princes Reigns 
 after, and was not absolutely reduced, until the fourteenth 
 year of Queen Elizabeth; and this raising, although it 
 were far short in Proportion to those formerly recited, it 
 was much more inexcusable than they were, for that this 
 Action though it be never justifiable, yet in a case of 
 extream and unresistable Necessitie, it may be excused, 
 which was not the case of Henry the Eight, for although 
 he wanted Money, yet there were much more justifiable 
 
 117 wayes 
 
118 Of Coin and Coinage. 
 
 wayes to supply it ; and it was not imployed to avoid his 
 own ruinj but in ambitious Enterprises. 
 
 The next in time was that raising Money by the over- 
 mixture of allay made in Ireland, in the three and fortieth 
 year of Queen Elizabeth's Eeign, which although it were 
 not excessive in Proportion, and lasted but a small time, 
 yet had very many memorable Circumstances to be 
 observed in it. 
 
 The last which I will mention is that which was made 
 by the Emperor (which now lives) in the year who 
 
 being reduced within the Walls of Vienna, and having 
 almost nothing else left him, but the Soverain title of 
 the Empire, did by coining of the lesser and baser kind 
 of Money five times baser than formerly it was, extend 
 five times further in use, for the present, than otherwise 
 he could have done, all those Moneys which he drew by 
 way of assistance from the King of Spain, or from the 
 Pope, or from other Princes of Italy ; and besides, having 
 a part of the profit of the Mint in divers other parts of 
 Germany, he did exceedingly support his Affairs at the 
 present by that means ; and it was a principal occasion by 
 which he prevailed against the King of Bohemia, who 
 although for his part also, he raised his Moneys three 
 times in value to what they were before (yet as he was 
 always a strict observer of the contributions of the Empire) 
 he coined no other small Moneys, but those of his own 
 stamp, and they were only current within his own 
 Countries. 
 
 Now all these several Raisings which I have mentioned, 
 were not all by one way, but indeed they were by all 
 ways differing from one another; and as the Ways of 
 making profit by the Raising did differ, so the Incon- 
 veniences which follow did differ likewise, and as the 
 Inconveniences did differ, so the ways of Reduction did 
 differ also, all which will require a long and curious Dis- 
 quisition but I do leave it to a second breathing. 
 
 118 
 
Lord Coke's Account of Coin and Coining. 
 
 COIN in 6 H. 1. was but 20i. the ounce, but now it is 
 above thrice so much : Stat, de Glocestr. c. 8. 
 Co. 2. Instit. f. 311. 
 
 The pound of Grold and Silver containeth 12 ounces : 12 
 graines of fine Gold make a Carrat. 24 Oarrats of fine Gold 
 make an ounce, 12 ounces make a Pound of fine Gold of the 
 touch of Paris : but by the Statute of 18 Uliz. cap. 15. 
 22 Carrata fine make an ounce. 
 
 Co. 2. Instit. 575. 
 
 PoUdore Virgil f. 304. &c. saith, That Sterling Money 
 comes ab effigie Sturni (Anglice StarUng) aviculce in altera „. . 37 n 3 
 parte nummi impressa, &c. vel quod nummtim haberet notvrni g™_ y^ 
 stellm, quod AngU Star vocamt : Of this Opinion is lAnwood 
 the Civilian, tit. De Testamentis. cap. Item, quia verba centum 
 solid. 
 
 Co. 2. Instit. 575. 
 
 Mr. Skene takes it to come from Scotland, from a place 
 called StriveUng alias Sterling. 
 
 Co. 2. Iristit. 575. 
 
 But the EsterUng or Sterling penny took its name from the 
 workmen, who were ^sterlings, that both coined it, and gave n • p. f 
 it the Allay. Soveden parte poster. Annaliitm, fol. 377 b. 23. 24. ^' 
 vet. Mag. Charta 167. The ^sterling penny was first coined 
 in Sen. the II. time : and 206?. of Silver made the ounce. 
 Dger 7 JEUz. f. 82, 83. and 12 ounces made a pound of fine 
 Silver, and 11 ounces fine Silver, and an ounce of Allay 
 maketh a pound weight of sterling Silver, intended within 
 the Act. 
 
 Co. 2. Instit. 575. 
 
 By 18 JEliz. cap. 15. plate of Silver ought to be of the 
 fineness of xi ounces 2d. weight. 
 
 Co. 2. Instit. 575. 
 
 All ay is the mixture of Baser Mettal than Silver or Gold, 
 called in our Books, False Mettal, 9 H. 5 Stat. 2 cap. 4. & 6. 
 3 S. 7. 10. a. b. 
 
 Co. 2. Instit. 575. 
 
 No more AUay must be put into Money than is limited 
 in the Indentures between the King and the Moniers, upon 
 Pain of Treason. Britton. f. 10 h. Meta lib. i. cap. 22. 
 Co. 2. Instit. 575. 
 
 FINIS. 
 
SPEECH 
 
 MADE BY 
 
 Sir Robert Cotton^ K'. and Baron'. 
 
 BEFORE THE 
 
 LORDS 
 
 Of HIS MAJESrVS most Honourable 
 
 PRIVY COUNCIL, 
 
 At the Council-Table ; 
 Being thither called to deliver his Opinion. 
 
 Touching the 
 
 Alteration of Coin. 
 
 Sept. 2. Annoque Regni Regis CAROLI I. (1626.) 
 
 LONDON: 
 
 Printed in the Year 1651. 
 
*^* There is some uncertainty in regard to 
 the author of this remarkable Speech and the 
 time when it was dehvered. It was first pub- 
 Hshed in 1641, as the Speech of Sir Thomas 
 Roe, at the CouncU Table in 1640; and again in 
 1651 in Gottoni Posihuma, as the Speech of 
 Sir Robert Cotton, before the Privy Council in 
 1626. In the former case a proposal was made 
 to relieve the urgent necessities of the King 
 by adding enormously to the alloy in the Silver 
 Coins to be issued to the army. There is, how- 
 ever, nothing in the Speech that would lead any 
 one to suppose that it had been made at so 
 critical a period, or that it was intended to 
 oppose so violent a measure. And hence, the 
 probabihty seems to be, that it was really made 
 in 1626, by Sir Robert Cotton in opposition to 
 a project then entertained for raising the nomi- 
 nal value of the pound weight of Silver from 
 62s. to 70s. 6d. The arguments against the 
 project are stated in the Speech with gl-eat 
 brevity and clearness ; and are said to have 
 occasioned its abandonment. — (See Ruding on 
 the Coinage, 3rd edition, i., pp. 382, 392, &c.) 
 
A Speech touching, <&c. 125 
 
 A SPEECH touching the Alteration of Coin. 
 
 My LOEDS, 
 
 SINCE it hath pleased this Honourable Table to 
 commandj amongst others, my poor Opinion con- 
 cerning this weighty Proposition of Money, I most 
 humbly crave pardon, if with that Freedom that 
 becomes my Duty to my good and gracious Master, 
 and my Obedience to your great Command, I deliver 
 it so up. 
 
 I cannot (my good Lords) but assuredly conceive, Homur, Jus- 
 that this intended Project of infeebling the Coin, will *^' ««^^'-o- 
 trench both into the Honor, the Justice, and the Profit 
 of my Royal Master very far. 
 
 AH Estates do stand Magis Famd quam Vi, as Tacitus Honour. 
 saith of Rome : And wealth in every Kingdom is one 
 of the essential Marks of their Greatness : And that is 
 best expressed in the Measure and Purity of their 
 Monies. Hence was it, that so long as the Roman 
 Empire (a Pattern of best Grovemment) held up their 
 Glory and Greatness, they ever maintained, with little 
 or no Change, the Standard of their Coin. But after 
 the loose times of Commodus had led in Need by Excess, 
 and so that Shift of Changing the Standard, the Majesty 
 of that Empire fell by degrees. And as Vopiscus ,saith, 
 the steps by which that State descended, were visibly 
 known most by the gradual Alteration of their Coin j 
 and there is no surer Symptom of a Consumption in 
 State, than the Corruption in Money. 
 
 "What renown is left to the Posterity of Edward 1. Ednv. I. 
 in amending the Standard, both in Purity and Weight 
 
 3 from 
 
126 A Speech touching the 
 
 from that of elder and more barbarous times, must 
 stick as a blemish upon Princes that do the contrary. 
 
 ffen. VI. Thus we see it was with Henry VI. who, after he had 
 begun with abating the Measure, he after fell to abasing 
 the Matter; and granted Commissions to Missenden 
 and others to practise AlcMmy to serve his Mint. The 
 extremity of the State in general felt this Aggrievance ; 
 besides the Dishonour it laid upon the Person of the 
 King, was not the least Advantage his disloyal Kins- 
 man took to grace himself into the Peoples Favour, to 
 his Sovereign's Ruine. 
 
 Ren. VIII. When Henry VIII. had gained as much of Power 
 
 and Grlory abroad, of Love and Obedience at home, as 
 ever any ; he suffered Shipwreck of aU on this Rock. 
 
 Qu. Ehz. When his daughter Q. Elizabeth came to the Crown, 
 
 she was happy in Council to Amend that Error of her 
 Father : For, in a Memorial of the Lord Treasurer 
 Burleigh's hand, I find that he and Sir Tho. Smith 
 (a grave and learned Man), advising the Queen, that it 
 was the Honour of her Crown, and the true Wealth of 
 herself and People, to reduce the Standard to the 
 ancient Parity and purity of her Great Grandfather 
 
 Edw. IV. King Edw. IV. And that it was not the short ends of 
 Wit, nor starting holes of Devices, than can sustain the 
 Expence of a Monarchy, but sound and solid Courses : 
 For so are the words. She followed their Advice, and 
 began to reduce the Monies to their elder goodness, 
 stiling that Work in her first Proclamation Anno 3. 
 A Famous Act. The next Year following, having per- 
 fected it as it after stood; she tells her People by 
 another Edict, thab she had conquered now that 
 Monster that had so long devoured them, meaning the 
 Variation of the Standard ; And so long as that staid 
 Adviser lived, she never (though often by Projectors 
 importuned) could be drawn to any shift or change in 
 the Rate of her Monies. 
 
 4 To 
 
Alteration of Coin. 127 
 
 To avoid the Trick of Permutation^ Coin was devised, 
 as a Rate and Measure of Merchandize and Manufac- 
 tures j which if mutable, no Man can tell either what Justice. 
 he hath, or what he oweth ; no Contract can be cer- 
 tain; and so all Commerce, both publick and private, 
 destroyed ; and Men again enforced to Permutation 
 with things not subject to Wit or Fraud. 
 
 The Regulating of Coin hath been left to the care of 
 Princes, who are presumed to be ever the Fathers of 
 the Common-wealth. Upon their Honours they are 
 Debtors and Warranties of Justice to the Subject in 
 that behalf. They cannot, saith Bodin, alter the Price Bodm. 
 of the Monies, to the Prejudice of the Subjects, without 
 incurring the Reproach of Faux Monnoyeurs. And 
 therefore the Stories term Philip le Bell, for using it, 
 Falsificateur de Moneta. Omnino Monetcs integritas 
 debet queri ubi vultus noster imprimitur, saith Theodoret Theodoret 
 the Goth to his Mint-Master, Quidnam erit tutum si in ^ ° • 
 nostra peccetur Effigie ? Princes must not suffer their 
 Faces to warrant Falshood. 
 
 Although I am not of opinion with Mirror des Jus- Mirror des 
 tices, the ancient Book of our Common-Law, that Le ^ * * • 
 Roy ne poit sa Mony Empeirer ne amender sans V assent 
 de touts ses Counts, which was the greatest Council of 
 the Kingdom; yet can I not pass over the Goodness 
 and Grace of many of our Kings (as Edw. I. and III. 
 Hen. IV. and V. with others, who out of that Rule of 
 this Justice, Quod ad omnes special, ah omnibus debet 
 approbari, have often advised with the People in Par- 
 liament, both for the Allay, Weight, Number of Pieces, 
 rate of Coinage and Exchange) : and must with infinite 
 Comfort acknowledg, the Care and Justice now of my 
 good Master, and your Lordships Wisdoms, that would 
 not upon information of some few Officers of the Mint, 
 before a free and careful Debate, put in execution this 
 Project, that I much (under your Honours Favour 
 
 5 suspect. 
 
128 A Speech touching the 
 
 suspect, would have taken away the tenth part of every 
 Man's due Debt, or Rent already reserved throughout 
 the Realm, not sparing the King which would have 
 been little less than a Species of that which the Roman 
 stories call Tabulae nova, from whence very often Sedi- 
 tious have sprung : As that of Marcus Gratidianus in 
 Livy, who pretending in his Consulship that the current 
 Mony was wasted by Use, called it in, and altered the 
 Standard ; which grew so heavy and grievous to the 
 People, as the Author saith, because no man thereby - 
 knew certainly his Wealth, that it caused a Tumult. 
 Profit. In this last part, which is, the Disprofit this infeebling 
 the Coin will bring both to his Majesty and the Com- 
 mon-wealth, I must distinguish the Monies of Gold 
 and Silver, as they are Bullion or Commodities, and as 
 they are Measure : One the extrinsick Quality, which 
 is at the King's pleasure, as all other Measures to 
 name ; the other the intrinsick Quantity of pure Mettal, 
 which is in the Merchant to value. As there the 
 Measure shall be either lessened or inlarged, so is the 
 quantity of the Commodity that is to be exchanged. 
 If then the King shall cut his Shilling or Pound 
 nominal less than it was before, a less proportion of 
 such Commodities as shall be exchanged for it must be 
 received. It must then of force follow, that all things 
 of necessity, as Victual, Apparel, and the rest, as well 
 as those of Pleasure, must be inhaunced. If then all 
 Men shall receive in their Shillings and Pounds a less 
 proportion of Silver and Gold than they did before this 
 projected Alteration, and pay for what they buy a rate 
 inhaunced, it must cast upon all a double Loss. 
 
 What the King will suffer by it in the Rents of his 
 Lands, is demonstrated enough by the Alterations 
 since the 18 oi Edw. III. when all the Revenue of the 
 Crown came into the Receipt Pondere ^ Numero, after 
 five Groats in the Ounce ; which since that time, by 
 
 6 the 
 
A Iteration of Coin. 129 
 
 the several Changes of the Standard is come to five 
 Shillings^ whereby the King hath lost two third parts 
 of his just Revenue. 
 
 In his Customs, the Book of Rates being regulated 
 by Pounds and Shillings, his Majesty must lose alike ; 
 and so in all and whatsoever Monies that after this he 
 shall receive. 
 
 The profit by this Change in Coinage, cannot be 
 much nor manent. In the other the loss lasting, and 
 so large, that it reacheth to little less than yearly to a 
 sixth part of his whole Revenue : for hereby in every 
 pound tale of Gold there is seven Ounces, one penny 
 weight, and 19 Grains loss, which is 251 in account, 
 and in the lOOZ. tale of Silver 59 Ounces, which is 
 14^. 17s. more. 
 
 And as his Majesty shall undergo all these Losses 
 hereafter in all his Receipts; so shall he no less in 
 many of his Disbursements. The "Wages of his Soldiers 
 must be rateably advanced as the Mony is decreased. 
 This Edward the Third (as appeareth by the account 
 of the Wardrobe and Exchequer) as all the Kings afler 
 were enforced to do, as oft as they lessened the Standard 
 of their Monies. The prices of what shall be bought 
 for his Majesties Service, must in like proportion be 
 inhaunced on him. And as his Majesty hath the 
 greatest of Receipts and Issues, so must he of necessity 
 taste the most of Loss by this device. 
 
 It will discourage a great proportion of the Trade in 
 England, and so impair his Majesties Customs. For 
 that part (being not the least) that payeth upon trust 
 and credit, will be overthrown; for all men being 
 doubtful of diminution hereby of their personal Estates, 
 will call in their Monies already out, and no man will 
 part with that which is by him, upon such apparent 
 Loss as this must bring. What danger may befal the 
 State by such a sudden stand of Trade, I cannot guess. 
 
 7 The 
 
130 A Speech touching the 
 
 The Monies of Gold and Silver formerly coined and 
 abroadj being richer than these intended, will be made 
 for the most part hereby Bullion, and so transported ; 
 which I conceive to be none of the least inducements 
 that hath drawn so many Goldsmiths to side this 
 Project, that they may be thereby Factors for the 
 Strangers, who by the lowness of minting (being but 
 2s. Silver the pound Weight, and 4s. for Gold ; whereas 
 with us the one is 4s. and the other 5s.) may make that 
 Profit beyond-sea they cannot here, and so his Majes- 
 ties Mint unset on work. 
 
 And as his Majesty shall lose apparently in the 
 alteration of Monies a 14th in all the Silver, and a 
 25th part in aU the Gold he after shall receive ; so shall 
 the Nobility, Gentry, and all other, in all their former 
 setled Rents, Annuities, Pensions, and Loans of Mony. 
 The like will fall upon the Laborers and Workmen in 
 their Statute-Wages : and as their Receipts are lessened 
 hereby; so are their Issues increased, either by im- 
 proving all prices, or disfurnishing the Market, which 
 must necessarily follow : For if in 5 Edw. 6. 3. Marice, 
 and 4. ElizabetfuB, it appeareth by the Proclamations, 
 that a Rumor only of an Alteration caused these effects, 
 punishing the Author of such reports with Imprison- 
 ment and Pillory ; it cannot be doubted but the pro- 
 jecting a Change must be of far more consequence and 
 danger to the State, and would be wished that the 
 Actors and Authors of such disturbances in the Com- 
 mon-wealth, at all times hereafter might undergo a 
 Punishment proportionable. 
 
 It cannot be held (I presume) an Advice of best 
 judgment that layeth the Loss upon our selves, and the 
 Gain upon our Enemies : for who is like to be in this 
 time the greater Thriver ? Is it not visible, that the 
 Stranger that transporteth over Monies for BuUion, 
 our own Goldsmiths that are their Brokers, and the 
 
 8 forein 
 
Alteration of Coin. 131 
 
 forein Hedg-minters of the Nettieiiands (which terms 
 them well) have a fresh and full Trade by this abate- 
 ment? And we cannot do the Spanish King (our 
 greatest Enemy) so great a Favour as by this, who 
 being the Lord of this Commodity by his West-Indies, 
 we shall so advance them to our impoverishing ; for it 
 is not in the power of any State to raise the price of 
 their own but the value that their Neighbour Princes 
 acceptance sets upon them. 
 
 Experience hath taught us, that the enfeebling of 
 Coin is but a shift for a whUe, as Drink to one in a 
 Dropsie, to make him swell the more : But the State 
 was never thoroughly cured, as we saw by Hen. the 
 Eighth's time and the late Queens, until the Coin was 
 made rich again. 
 
 I cannot but then conclude (my Honourable Lords) 
 that if the Proportion of Gold and Silver to each other 
 be wrought to that Parity, by the Advice of Artists, 
 that neither may be too rich for the other, that the 
 Mintage may be reduced to some proportion of Neigh- 
 bour Parts, and that the Issue of our Native Commodi- 
 ties may be brought to overburthen the entrance of the 
 Forein, we need not seek any way of shift, but shall 
 again see our Trade to flourish, the Mint (as the Pulse 
 of the Common-wealth) again to beat, and our Mate- 
 rials, by Industry, to be a Mine of Gold and Silver to 
 us, and the Honour, Justice, and Profit of his Majesty, 
 (which we aU wish and work for) supported. 
 
 The 
 
132 A Speech touching the 
 
 The Answer of the Committees appointed by your Lord- 
 ships to the Proposition delivered by some Officers of 
 the Mintj for infeebling his Majesties Monies of Gold 
 
 and Silver. 
 
 September 2. 1626. 
 
 w 
 
 The First Part. The Preamble. 
 
 E conceive that the Officers of the Mint are bound 
 by Oath to discharge their several Duties in their 
 several places respectively. But we cannot conceive 
 how they should stand tyed by Oath to account to his 
 Majesty and your Honours of the intrinsick value of 
 all Forein Coins, and how they agree with the Standard 
 of the State (before they come to the Mint) for it is 
 impossible and needless : In the one, for that all Forein 
 States do, for the most part, differ from us and our 
 Mony infinitely amongst themselves : In the other, it 
 being the proper care of the Merchants, who are pre- 
 sumed not to purchase that at a dearer rate than they 
 may be allowed for the same in fine Gold and Silver in 
 the Coin of England, within the charge of Coinage. 
 And therefore needless. 
 
 To induce the necessity of the Proposition, they pro- 
 duce two instances or examples : The one from the Rix 
 Dollar, and the other from the Royal of Eight ; wherein 
 they have untruly informed your Honours of the price 
 and value in our Monies, and our Trade of both of 
 them. For whereas they say that the Rix Dollar 
 weigheth 18. pen. weight and 12 Grains, and to be of 
 the finest at the pound weight, 10 Ounces, \Qd. weight 
 doth produce in exchanj^e 5s. 2d. farthing of Sterling 
 Monies. We do afBrm that the same Dollar is 18<^. 
 weight, 18 Grains, and in fineness 10 Ounces 126?. 
 weight, equal to 4«. ^d. ob. of Sterling Monies, and is 
 at this time in London at no higher price, which is short 
 
 10 thereof 
 
Alteration of Coin. 133 
 
 thereof by 13 Grains and a half fine Silver upon every 
 Dollar, being 2d. Sterling, or thereabout, being the 
 charge of Coinage, with a small recompence to the 
 Goldsmith or Exchanger, to the Profit of England 
 8s. 6d. per cent. 
 
 Whereas they do in their proposition aver unto 
 your Honours, that this Dollar runs in account of 
 Trade amongst the Merchants, as 55. 2d. ob. English 
 Mony : It is most false. For the Merchants and best 
 experienced men protest the contrary, and that it 
 passeth in Exchange according to the intrinsick value 
 only 4s. 5c?. ob. of the Sterling Mony or near there- 
 abouts, and not otherwise. 
 
 The second instance is in the Royal of Eight, affirm- 
 ing that it weigheth 17 penny weight, 13 Grains; and 
 being but of the fineness of 11 Ounces at the pound 
 weight, doth pass in Exchange at 5s. of our Sterling 
 Monies, whereby we lose 6s. Id. in every pound weight. 
 But having examined it by the best Artists, we find it 
 to be 11 Ounces 2d. weight fine, and in weight 17 
 pennyweight, 13 Grains, which doth equal 4s. 4c?. ob. 
 of our Sterling Monies, and passeth in London at that 
 rate, and not otherwise, though holding more fine 
 Silver by 13 Grains and a half in every Royal of Eight 
 which is the charge of Coinage, and a small overplus 
 for the Goldsmiths gain. And whereas they say, that 
 that the said Royal of Eight runs in account of Trade 
 at 5s. of his Majesties now English Mony, the 
 Merchants do all affirm the contrary, and that it passeth 
 only at 4s. 4 ob. of the SterUng Monies, and no higher 
 ordinarily. 
 
 And it must be strange (my Honourable Lords) to 
 believe that our Neighbours the Netherlanders, would 
 give for a pound tale of oiu- Sterling Silver, by what 
 name soever it passeth, a greater quantity of their 
 Monies in the like intrinsick value by Exchange; or 
 
 11 that 
 
134' A Speech touching the 
 
 that our Merchants would, knowing, give a greater for 
 a less to them, except by way of usance. But the 
 Deceipt is herein only, that they continually varying 
 their Coin, and crying it up at pleasure, may deceive 
 us for a time, in too high a Reputation of pure Silver 
 in it, upon trustj than there is unto a Tryal ; and this, 
 by no Alteration of our Coin, unless we should daily, 
 as they, make his Majesties Standard uncertain, can 
 be prevented, which being the measure of Lands, 
 Rents, and Commerce amongst our selves at home, 
 would render aU uncertain, and so of necessity destroy 
 the use of Mony, and turn all to permutation of such 
 things as were not subject to wUl or change. 
 
 And as they have mistaken the Ground of their 
 Proposition; so have they upon a specious shew of 
 some momentary and small Benefit to his Majesty, 
 reared up a vast and constant Loss unto his Highness 
 by this design, if once effected. For, as his Majesty 
 hath the largest proportion of any both in the entrances 
 and issues ; so should he by so enfeebling of his Coin, 
 become the greatest loser. 
 
 There needs no other instance than those degrees of 
 diminution from the 18 of Edward III, to this day; 
 at which time the Revenue of the Crown was paid after 
 five Groats the Ounce (which is now five Shillings) 
 which hath lost his Majesty two Thirds of all his 
 Revenue ; and no less hath all the Nobility, Gentry, 
 and other his Majesties Landed Subjects in proportion 
 suffered. But since, to our great Comfort, we heard 
 your Honours the last day to lay a worthy blame upon 
 the Mint-Masters, for that intended diminution of the 
 Gold Coin done by them without full Warrant, by 
 which we rest discharged of that Fear : We will (accord- 
 ing to our Duties and your Honours command) deliver 
 humbly our Opinion concerning the reduction of the 
 
 12 Silver 
 
Alteration of Coin. 135 
 
 Silver Mony now current to be proportionably equiva- 
 lent to the Gold. 
 
 The English sterling Standard, which was no little 
 Honour to Edward the first, that setled it from an 
 inconstant motion, and laid it a ground, that all the 
 States of Europe after complyed to bring in their 
 account, which was of Silver as eleven to one of Gold, 
 the Kings of England for the most part since have 
 constantly continued the same proportion : and Spain, 
 since Ferdinand, who took from hence his Pattern, 
 have held and hold unchangeably the same unto this 
 day : but since with us, a late improvement of Gold 
 hath broke that Rule, and cast a difference in our Silver 
 of six Shillings in the pound weight ; we cannot but 
 with all humility present our Fear, that the framing, 
 at this time, of an equality, except it were by :^educing 
 the Gold to the Silver, is not so safe and profitable as 
 is proposed by those of the Mint, 
 
 For whereas they pretend this. Our richness of our 
 Silver will carry out what now remaineth : We conceive 
 (under favour) it wiU have no such effect, but clean 
 contrary. For all the current Silver now abroad hath 
 been so cuUed by some Goldsmiths and others, the 
 same either turned into Bullion, and so transported, 
 that that which now remaineth will hardly produce 
 31. 5s. in the pound weight one with another; and so 
 not likely for so little profit as now it giveth, to be 
 transported. But if the Pound sterling should be as 
 they desire, cut into 70s. 6d. it must of necessity follow, 
 that the new Mony will convert the old Mony (now 
 current) into Bullion j and so afford a Trade afresh for 
 some ill Patriot Goldsmiths, and others, who formerly 
 have more endamaged the State by Culling, than any 
 others by Clipping ; the one but trading in Pounds, the 
 other in Thousands ; and therefore worthy of a greater 
 Punishment. And we cannot but have just cause (my 
 
 13 Lords) 
 
136 A Speech touching the 
 
 Lords) to fear that these bad Members have been no 
 idle Instruments, for their private Benefit, to the 
 pubhck Detriment of this new Project, so much tend- 
 ing to enfeebling the Sterling Standard. 
 
 We further (under your Lordships favours) conceive 
 that the raising the Silver to the Gold, will upon some 
 sudden occasion beyond Sea transport our Gold, 
 and leave the State in scarcity of that, as now of 
 Silver. 
 
 And to that Objection of the Proposers, That there 
 is no Silver brought of late into the Mint : The Causes 
 we conceive to be (besides the unusual quantities of 
 late brought into the Mint in Gold) one the over- 
 ballansing of late Trade, the other the charge of 
 Coinage. For the first, it cannot be but the late Infec- 
 tion of this City was a lett of Exportation of our best 
 Commodity, Cloth, made by that suspected in every 
 place. To this may be added the vast Sums of Mony 
 which the necessary Occasions of "War called from his 
 Majesty to the parts beyond the Seas, when we had 
 least of Commodities to make even the ballance there. 
 And lastly. Dearth and scarcity of Corn, which in time 
 of Plenty we ever found the best Exchange to bring in 
 Silver. And therefore, since by God's gi-eat favour the 
 Plague is ended, and general Trade thereby restored, 
 and more of Plenty this year than hath been formerly 
 these many years of Corn, we doubt not but if the 
 Ports of Spain were now as free as they were of late, 
 there would not prove hereafter any Cause to complain 
 of the want of Bullion in the State. 
 
 The second Cause, that the Mint remains unfurnished, 
 will be the charge of Coinage, raised in price so far 
 above all other places, constraining each man to carry 
 his Bullion where he may receive by Coinage the less 
 of loss. And therefore if it may please his Majesty to 
 reduce the prices here to the Rates of other of our 
 
 14 Neighbour 
 
Alteration of Coin. 137 
 
 Neighbour Countries, there will be no doubt but the 
 Mint wiU beat as heretofore. 
 
 QUESTIONS to be proposed to the Merchants, Mint 
 Masters, and Goldsmiths concerning the Alteration of 
 the Silver-Monies. 
 
 2 "TTTHETHER the English Monies now current 
 f T are not as dear as the Porrein of the Dollar 
 and Real of 8. in the intrinsick Value in the usual 
 Exchanges now made by the Merchants beyond Seas. 
 
 2. Whether this advancing wiU not cause all the 
 Silver Bullion, that might be transported in Mass or 
 Forrein Coin, to be minted with the King's Stamp 
 beyond Sea, and so transported, and his Mint thereby 
 set less on work than now ? 
 
 3. Whether the advancing the Silver Coin in England 
 will not cause a transportation of most of that that is 
 now current to be minted in the Netherlands, and from 
 them brought back again, whereby his Majesties Mint 
 will fail by the exported benefit ? 
 
 4. Whether the advancing the Silver Coin, if it pro- 
 duce the former Effects, will not cause the Markets to 
 be unfurnished of present Coin to drive the Exchange, 
 when most of the old will be used in Bullion ? 
 
 5. Whether the higher we raise the Coin at home, 
 we make not thereby our Commodities beyond Sea the 
 cheaper ? 
 
 6. Whether the greatest Profit by this inhauncing, 
 wiU not grow to the ill Members of the State, that 
 have formerly culled the weightiest Pieces and sold 
 them to the Stranger-Merchants to be transported ? 
 
 15 Certain 
 
138 A Speech touching the 
 
 Certain General RULES collected concerning Money 
 and Bullion out of the late Consultation at Court. 
 
 G' 
 
 OLD and Silver have a two-fold Estimation : In the 
 extrinsick, as they are Monies, they are the Princes 
 Measures given to his People, and this is a Prerogative 
 of Kings : in the intrinsick, they are Commodities, 
 valuing each other according to the plenty or scarcity j 
 and so all other Commodities hy them ; and that is the 
 sole power of Trade. 
 
 The Measures in a Kingdom ought to be constant : 
 It is the Justice and Honour of the King ; for if they 
 be altered, all Men at that instant are deceived in their 
 precedent Contracts, either for Lands or Mony, and the 
 King most of all; for no Man knoweth then, either 
 what he hath or what he oweth. 
 1573. This made the L. Treasurer Burleigh in 1573. when 
 
 some Projectors had set on foot a matter of this nature, 
 to tell them that they were worthy to suffer Death for 
 attempting to put so great a Dishonour on the Queen, 
 and Detriment and Discontent upon the People. For, 
 to alter this publick Measure, is to leave all the Markets 
 of the Kingdom unfurnished; and what will be the 
 5 Edm. VI. Mischief, the Proclamations of 5 Edw. VI. 3 Marice, 
 3 Marice. and 4 Eliz. will manifest ; when but a rumor of the 
 like produced that Effect to far, that besides the Faith 
 of the Princes to the contrary delivered in their Edicts, 
 they were inforced to cause the Magistrates in every 
 Shire respectively to constrain the people to furnish the 
 Markets to prevent a Mutiny. 
 
 To make this Measure then, at this time short, is to 
 raise all Prizes, or to turn the Mony or Measure now 
 currant into disuse or BuUion : For who will part with 
 any, when it is richer by seven in the Hundred in the 
 
 16 Mass 
 
 4 Eliz. 
 
Alteration of Coin. 139 
 
 MasSj than the new Monies, and yet of no more value 
 in the Market ? 
 
 Hence of necessity it must follow, that there will not 
 in a long time be sufficient minted of the new to drive 
 the Exchange of the Kingdom, and so all Trade at one 
 instant at a stand j and in the mean time the Markets 
 unfurnished : "Which how it may concern the quiet of 
 the State, is worthy care. And thus far as Money is a 
 Measure. 
 
 Now, as it is a Commodity, it is respected and valued 
 by the intrinsick quality. And first the one Metal to 
 the other. 
 
 All Commodities are prized by plenty or scarcity, by 
 dearness or cheapness, the one by the other : if then 
 we desire our Silver to buy Gold, as it of late hath 
 done, we must let it be the cheaper, and less in propor- 
 tion valued, and so contrary : For one equivalent pro- 
 portion in both will bring in neither. We see the proof 
 thereof by the unusual quantity of Gold brought lately 
 to the Mint by reason of the Price; for we rate it 
 above all other Countries, and Gold may be bought too 
 dear. To furnish then this way the Mint with both, 
 is altogether impossible. 
 
 And at this time it was apparently proved, both by 
 the best Artists and Merchants most acquainted with 
 the Exchange, in both the Examples of the Mint- 
 masters in the Rix-dollar and Real of 8, that Silver 
 here is of equal value, and Gold above, with the forein 
 Parts in the intrinsick ; and that the fallacy presented 
 to the Lords by the Mint-masters, is only in the nomina- 
 tion or extrinsick quality. 
 
 But if we desire both, it is not raising of the Value 
 that doth it, but the ballansing of Trade ; for buy we 
 in more than we sell of other Commodities, be the 
 Money never so high prized, we must part with it to 
 
 17 make 
 
140 A Speech touching the 
 
 make the disproportion even : If we sell more than we 
 buy, the contrary will follow. 
 
 And this is plain in Spain's Necessities : For should 
 that King advance to a double rate his Real of 8. yet 
 needing, by reason of the barrenness of his Country, 
 more of forein Wares than he can contervail by exchange 
 with his own, he must part with his Money, and gaineth 
 no more by inhauncing his Coin, but that he payeth a 
 higher price for the Commodities he buyeth, if his 
 Work of raising be his own. But if we shall make 
 improvement of Gold and Silver, being the staple Com- 
 modity of his State, we then advancing the price of his, 
 abase to him our own Commodities. 
 
 To shape this Kingdom to the fashion of the Nether- 
 landers, were to frame a Royal Monarch by a Society 
 of Merchants. Their country is a continual Fair, and 
 so the Price of Money must rise and fall to fit their 
 Occasions. We see this by raising the Exchange at 
 Frankfort and other places at the usual times of their 
 Marts. 
 
 The frequent and daily change in the low Countries 
 of their Monies, is no such injustice to any there, as it 
 would be here. For being all either Mechanicks or 
 Merchants, they can rate accordingly their Labours or 
 their Wares, whether it be Coin or other Merchan- 
 dise, to the present condition of their own mony in 
 Exchange. 
 
 And our English Merchants, to whose Profession it 
 properly belongs, do so according to the just intrinsick 
 value of their Forein Coin, in all barter of Commodi- 
 ties or Exchange except at Usance; which we, that are 
 ruled and tyed by the extrinsick measure of Monies, in 
 all our constant Reckonings and annual Bargains at 
 home, cannot do. 
 
 And for us then to raise our Coin at this time to 
 18 equal 
 
A Iteration of Coin. 141 
 
 equal their Proportions, were but to render ourselves to 
 a perpetual incertainty: For they will raise upon us 
 daily then again; which if we of course should follow, 
 else receive no Profit by this present Change, we then 
 destroy the Policy, Justice, Honour and Tranquillity of 
 our State at home for ever. 
 
 FINIS. 
 
 19 
 
ADVICE 
 
 OF HIS MAJESTY'S 
 
 Council of Trade, 
 
 CONCERNING 
 
 The Exportation of Gold and Silver, 
 
 IN 
 
 FOREIGN COINS & BULLION. 
 
 Concluded nth December, 1660. 
 
145 
 
 Advice of his Majesty's Council of Trade, concerning the 
 Exportation of Gold and Silver in Foreign Coins and 
 Bullion. 
 
 (Concluded December 11. 1660.) 
 
 To THE King's most excellent Majesty. 
 
 The opinion and humble advice of your Majesty's 
 Council of Trade concerning the free Exportation of 
 Gold and Silver in foreign Coins and Bullion. 
 
 May it please your Majesty, 
 
 The balance of trade (by which we understand the 
 proportion that the commodities exported have in value to 
 the commodities imported) being the sole or principal 
 cause of the Exportation or Importation of Bullion : 
 
 If, upon the balance, money is to be exported, the 
 strictest of laws (as by the experience of all ages appeareth) 
 cannot stop it. 
 
 But if, upon the balance, money is to be imported, 
 that same law that could not, in the other case, prevent 
 the carrying of it out, hinders, in this, the bringing of it 
 ia; for the merchant will rather send his money to 
 Livorne, Amsterdam, &c., (where he may remove it at 
 pleasure) than bring it hither; whence, he cannot export 
 it in pursuance of any advantage in trade, without hazard- 
 ing the loss of it. 
 
 However, it evidently gives a greater interruption to 
 the English Merchant, and keeping foreigners (upon the 
 same account) from lodging their money here (as other- 
 wise they would) this being a place so much more conve- 
 nient than Amsterdam, does consequently lose the great 
 benefit that would arise to your Majesty in your mint and 
 
 3 revenue. 
 
146 Exportation of Gold and Silver. 
 
 revenue, to the nobility and gentry in their estates, and 
 to the merchant in his trade, by the plenty of Gold and 
 Silver in your Majesty's dominions. 
 
 And though the prerogative your Majesty's royal pre- 
 decessors anciently had and exercised of the whole change, 
 exchange, and rechange of Money, Bullion, &c., (which 
 must needs have been invaded, if any other had had the 
 liberty of exporting Gold and Silver) was in those days a 
 sufficient and principal (if not the only reason) for making 
 the several statutes against the Exportation of Money, &c., 
 without the King's licence ; yet, that reason now ceasing, 
 we most humbly propose to your Majesty, as our opinion, 
 and advise (upon the weight of those other preceding 
 reasons, of which your Majesty, by the annexed paper, 
 may receive more full satisfaction) that your Majesty 
 would be graciously pleased, for the better advancing of 
 trade, (and for the general good of your Majesty's sub- 
 jects) to dispense with the present penalties upon the 
 Exportation of Gold and Silver in foreign Coin or Bullion 
 for some certain time, and by such public act, as (being 
 without any trouble or charge to traders) may give both 
 encouragement and assurance, unto merchant-strangers, 
 as well as natives, in the importing of Gold and Silver, 
 unless upon pubHc notice, given a year before, your 
 Majesty shall think fit to recall the same. 
 
 All which we most humbly submit unto your Majesty's 
 most gracious will and pleasure. 
 
 Reasons aud arguments for the Free Exportation of 
 Gold and Silver in Foreign Coin and Bullion. 
 
 The council of trade appointed by your Majesty, 
 having taken into consideration the tenth article of the 
 instructions given unto them by your Majesty, ordering 
 to advise how BuUion may be best drawn into these king- 
 doms; and having had many days' examination and 
 
 4 debate 
 
Exportation of Gold and Silver. 147 
 
 debate, of and upon the several ancient laws, forbidding' 
 the Exportation of all manner of Gold and Silver in 
 (Joins, Bullion, Plate, &c.: After comparing the present 
 course of trade, with that of those ages wherein those 
 statutes were made, and observing the inconveniences 
 growing upon these kingdoms through such prohibitions, 
 and the advantage which other princes and nations make 
 by letting the Exportation thereof free ; have drawn up 
 their sense and apprehension upon the whole matter, 
 which they humbly offer to your Majesty as foUoweth : — 
 
 And first. It hath been observed, out of these and 
 other statutes, that all Money and Bullion, once imported, 
 was to be put into the hands of the King's exchangers, 
 which course is now antiquated. That some of those 
 statutes seem more to intend religious persons, and clerks^ 
 than merchants; and all imply, or particularly except, 
 some cases wherein, by the King's licence. Money and 
 Bullion might be Exported, without being in danger of the 
 forfeitures in those laws. And therefore, finding these 
 dispensations to be your Majesty's prerogative, preserved 
 entire to the Crown, through so many of your royal pro- 
 genitors, we have not thought fit to touch any further 
 upon this matter, as being humbly confident. -that your 
 Majesty's subjects shall (upon all occasions) be indulged 
 the like, if not more ready relief, and accommodation for 
 their trade, from your Majesty's royal grace and bounty : 
 only, because the observation was obvious, that, perhaps, 
 all former Parliaments purposely left this door open to the 
 people by the grace of the King, to be relieved by these 
 dispensations as foreseeing how difficult, if not impossible, 
 or how inconvenient, at least, it might be in future times, 
 altogether to restrain the Exportation of Money and 
 Bullion, we could not omit the same in this place. 
 
 And secondly, , Supposing that it were of absolute 
 necessity to restrain all Money and Bullion, once imported, 
 to be kept within the kingdom. It then came under 
 
 5 consideration. 
 
148 Exportation of Oold and Silver . 
 
 consideration, whether either the laws hitherto made in 
 that behalf are, or that it be possible to make a law, 
 adequate to prevent the exportation thereof. 
 
 And here we were convinced, by experience, that the 
 laws of this kingdom (hitherto made) have been of no 
 effect to the end thereby designed ; and looking abroad, 
 as there are no where more strict and severe laws against 
 the Exportation of Coin and Bullion than in Spain and 
 France, we found all to be to as little purpose. 
 
 We then, thirdly, enquired. What loadstone attracted 
 this Metal by force of nature to itself, against all human 
 providence or prevention? and soon found, that it was 
 alone the present course of trade and traffic throughout 
 the world, and quite altered from that in former ages 
 when those statutes were made, which hath converted all 
 action into the Commodities which the earth and sea pro- 
 duce, is in continual circumrotation, embraceth all things, 
 and hath enforced at last money (which in former times 
 was only used as the measure to value all Commodities by) 
 to become now itself to a Commodity, subject to rising 
 and falling in price and value as any other merchandize, 
 and to be the only employment of thousands of merchants 
 that deal in nothing else ; yet it cannot be denied, that 
 the surest way to bring in money, and to keep it (were 
 there no laws of restraint at all) were to be more sellers 
 than buyers, and to make up such a balance of trade of 
 this kiagdom, as it might be judged whether the produce 
 of native goods did exceed the consumption of the foreign; 
 for then the. overplus would be found in Money, and 
 remain in the land. 
 
 But this point we found would require a vast expense 
 of time, both in council and action, both at home and 
 abroad ; and that the result at last would be no more but 
 what experience hath already taught, that Money and 
 Bullion have always forced their way against the several 
 laws ; that the trade of the world will not be forced, but 
 
 6 will 
 
Exportation of Gold and Silver. 149 
 
 will find or make its own way free to all appearances of 
 profit j and ttat, although there be a method in trade, yet 
 it is held impossible to describe the same. 
 
 For Spain hath the mines of Gold and SUyer; yet 
 enjoyeth the least part thereof, and for three parts of the 
 year hath scarce sufficient to serve its own ordinary 
 occasions. 
 
 On the other side, neither Venice, Tuscany, Genoa, 
 nor the Netherlands, have any mines at all of their own, 
 nor are at all careful to keep in Money or Bullion, by any 
 restraint of laws ; yet they are always masters thereof, and 
 some of them abound therein. 
 
 But it is true, that Venice once did fall upon the 
 course taken by Spain, France, and England, to keep 
 Money and Bullion within their country by strict laws ; 
 but they soon found they had the less thereof by this 
 restraint, and as soon relinquished the same, and have 
 never since complained of any want. 
 
 And therefore, in the fourth place, we discovered 
 that, as it is impossible by any laws to restrain Money 
 and Bullion against the use that traffic finds for the 
 same ; so also the adhering to this principle of restraining 
 thereof discourageth, as well all natives as foreigners, to 
 Import any Money or Bullion into those lands, where the 
 Exportation thereof, at their own pleasure, is forbidden 
 them; and that this hath been the cause that even the 
 English that lived in Spain, when they had acquired 
 Money and Bullion there, would not transport it hither, 
 but either lodged it in Genoa, Venice, or Livorne, for 
 the trade of the Mediterranean, as those of Holland do for 
 the trade of the German Ocean. 
 
 From whence, fifthly, the many advantages (thereby 
 given away clearly to the stranger from the English) 
 present themselves; for the stranger, knowing we must 
 be furnished in one of those places for our occasions, 
 make us pay dearly for our accommodation ; and besides, 
 
 7 to 
 
1 50 Exportation of Gold and Silver. 
 
 to seek the same there, we are often hindered in our voyages 
 outward, put upon double adventures, and oftentimes 
 hindered of our market. 
 
 For there are some trades, that in part, or in the 
 whole, cannot be driven, or managed, to any profit or 
 proportion of advantage with our neighbours, but by 
 Exporting Money or Bullion, either together with their 
 merchandizes, or wholly a merchandize or commodity of 
 itself — Wherein are humbly offered these instances : — 
 
 To the East Indies — Though some English commodi- 
 ties be vended there, yet no considerable trade can be 
 driven by us, or any others that buy the commodities of 
 the natives, biit with Money carried out of Europe. And 
 if we Export 100^000/. per annum, that will purchase so 
 much goods as do usually yield in England 300,000Z., one- 
 third whereof is paid, as the salary of ships, men's wages, 
 and for customs ; and here is one considerable advantage, 
 that redounds, as well to your Majesty's revenue, as to the 
 navigation o^ this kingdom ; then one-third of the said 
 East India commodities is as much as serveth for the 
 consumption of these kingdoms ; and that we have at the 
 price it cost in India; the last third, as also the first 
 third, reckoned to freight, mariners' wages, and customs, 
 are both exported to the Mediterranean, Spain, France, 
 the Baltic, and other ports, where the proceed of them 
 serves to purchase foreign commodities for us, and helps 
 so far to balance our trade, as that it occasioneth the 
 importation of at least 100,OOOZ. per annum in Bullion, 
 and prevents the Exportation of as much more ; which 
 would be wanted to purchase necessary commodities from 
 abroad. Whereas, if we did not follow the East India 
 trade, the Hollanders would drain from us at least 
 300,000/. per annum, for the East India commodities that 
 we must have from them ; for so much, at least, the same 
 goods would cost at their hands., which we now bring home 
 ourselves for 100,000/. 
 
 8 And 
 
Exportation of Gold and Silver. 151 
 
 And all these mischiefs, we avoid, and all their advan- 
 tages we gain, by the free exportation of 100,000^. 
 
 For the Norway trade, which gives a large employ- 
 ment to a great number of shipping, and fumisheth us 
 with a very necessary supply of timber and tar ; it cannot 
 be carried on .without the liberty of Exporting Money and 
 Bullion, because the kingdom of Norway gives no vent to 
 any of our native commodities, in proportion to the value 
 of what we fetch thence, and therefore Money and 
 Bullion must pay for it; and should the ships first go to 
 Holland or Hamburgh to fetch the dollars, the very time 
 expended in deviating from their designed ports of lading 
 would make the price of timber twice as much as now it 
 is j the freight of it being at least two-thirds of the 
 value of it when it is imported. 
 
 The trade of Turkey cannot be driven to advantage, 
 but with some part Money, because the consumption of 
 our manufactures in those dominions, is not sufficient to 
 make payment for what we have occasion to bring from 
 thence; nor can those manufactures be put off, in the 
 most advantageous terms, but by giving some part money 
 with them, in the exchange for the Turkey commodities, 
 which is a trade not to be neglected, because, whereas we 
 now furnish not only our own country with many neces- 
 sary commodities that are here manufactured, out of the 
 product of that trade, to the great increase of your 
 Majesty's revenue, and employment of the poor, but 
 other nations also; so that if we left that trade, the 
 Hollanders would presently take it up, and then we must 
 have all this supply from them, to the signal prejudice 
 of our common capitals, and deduction of our manu- 
 facture. 
 
 And lastly, whereas it hath been objected, 
 1. That this liberty is the ready way to have no 
 Money at all left in this kingdom, and to set open the 
 
 9 door 
 
152 Exportation of Gold and Silver. 
 
 door to the HoUanderSj and others, to drain us of all 
 Money and Bullion ; we have considered, that when the 
 merchants of this kingdom shall have like freedom here 
 at home to Export Money and Bullion directly hence, for 
 the ports of East India, Norway, and Turkey aforesaid, it 
 win not turn to account for them, or any foreign nation, 
 to Export the same hence to their own country ; for then 
 it will cease to be a community of traffic ; they will have 
 no advantage over us, to oblige us to seek our Monies 
 that we have occasion for there ; and Money, of all com- 
 modities, is the worst, if it lies still, and if the penny be 
 not daily turned. 
 
 That it is all one mischief to the nobility, gentry, and 
 freeholders of this kingdom, whether the Money or 
 Bullion thereof, be drawn from them by the native or 
 stranger merchant. 
 
 Herein also we consider, that this nation hath, of its 
 own growth, manufacture, and product, always enough to 
 oblige the importation of Money and Bullion upon all 
 occasions, beyond any other nation whatsoever in Chris- 
 tendom. That Money and BuUion once imported is like 
 a river, which, overflowing in its passage, doth always 
 leave so much behind, as the neighbouring meadows for a 
 long time after feel the benefit thereof. 
 
 And this nation hath had one notable experience, that 
 when the Spaniard was permitted to export two-thirds of 
 the Money he imported, and obliged to no more than one- 
 third to be brought into the King's mint, it commonly 
 happened that the mint got the whole, as the Spaniard 
 found the advantages here, to make better benefit to 
 return the same into Flanders, or in the manufactures, or 
 naturalized commodities of this kingdom. 
 
 So that, to wind up all that has been said, the result 
 of the several reasons and arguments herein summed up 
 seemed to be this : That time and experience instruct, and 
 
 10 the 
 
Exportation of Gold and Siher. 153 
 
 the present state of traffic throughout the world require, 
 that, for the increase of the stock of Money in these your 
 Ma-jesty's kingdoms, some way of hberty for the Exporta- 
 tion, at least of foreign Coin and Bullion, should he found 
 out, and put in execution; which hath produced the 
 humble advice ofifered in the preceding paper. 
 
 FINIS. 
 
 II 
 
SIR WILLIAM PETTY 
 
 HIS 
 
 Quantulumcunque 
 
 CONCERNING 
 
 MONEY. 
 
 To the Lord Marquess of Halyfax, 
 Anno 1682. 
 
 LONDON: 
 
 Printed for A. and J. Churchill, at the 
 Black Swan, in Paternoster Row, 1695. 
 
157 
 
 Sir William Pettys 
 
 ^uantulumcunque concerning Money, 
 1682. 
 
 To the Lord Marquefs of Halyfax. 
 
 SUPPOSE that 30s. of new milPd Money doth weigh 
 4 Ounces T^oy, according to Custom or Statute. 
 Suppose that 20s. of old Eliz. and James's Money, which 
 ought also to weigh 4 Ounces Troy, doth weigh 3 Ounces 
 Troy ; and very variously between 3 and 4 Ounces, viz. 
 none under 3, and none full 4. 
 
 Suppose that much of the new miird regular Money is 
 carried into the East-Indies, but none of the old light and 
 unequal Money. 
 
 QUESTIONS. 
 
 Qu. 1. Whether the old unequal Money ought to be new 
 Coined, and brought to an equality ? 
 
 Answ. It ought : Because Money made of Gold and 
 Silver is the best Eule of Commerce, and must therefore 
 be equal, or else it is no Rule; and consequently no 
 Money, and but bare Metal which was Money before it 
 was worn and abused into Inequality. 
 
 Qu. 3. At whose Charge? 
 
 Answ. At the States Charge, as now it is: Because the 
 Owner was no cause of its Inequality, but the States 
 neglect in (not) preventing and punishing such Abuses, 
 which are remedied by new Coinage. 
 
 3 Qu. 3. 
 
158 Sir William Petty s 
 
 Qu. 3. Of what weight and fineness ought the new Shil- 
 ing to be? 
 
 Answ. Of the same with the other present new Money, 
 and which the old was of, when it was new : Because all 
 must be like, all according to the Statute ; and all fit to 
 pay ancient Debts, according to what was really lent. 
 
 Q,u. 4. Suppose 20*. of old Money may make but 18s. of 
 new, who shall bear the loss of the two shillings? 
 
 Answ. Not the States : Because men would clip their 
 own Money : But the owner himself must bear the loss, 
 because he might have refused light and defective Money, 
 or put it away in time ; it being sufficient that he shall 
 have new regular beautiful Money for his old unequal 
 Money, at the States Charge, Ounce for Ounce weight.* 
 
 4 Qu. 5. 
 
 * This is a controverted question, but on the whole we have no 
 difficulty in dissenting from the opinion of Petty. Coins are to be 
 regarded rather as the property of the public than of individuals. 
 They pass freely from hand to hand among all classes ; and their 
 weight is diminished by the wear they undergo, and sometimes also 
 (as was especially the case in 1690) by the fraudulent practices of 
 clippers and others. But it would be most unjust to make the pre- 
 sent holders of Coins responsible for their wear during the previous 
 twenty or thirty years, or for the depredations practised upon them 
 in the teeth of the law by knaves and swindlers. These are losses 
 which the Coins have incurred in the public service, and they should 
 consequently be borne by the public. 
 
 It is true that in carrying out this principle considerable difficul- 
 ties have sometimes had to be encountered. Previously to the great 
 recoinage of 1696-99, the practice of clipping the Coin was carried to 
 a great height. And it was contended that if a Proclamation were 
 issued, calling in the Coins in circulation by a certain day that they 
 might be exchanged for new Coins of full weight, a corresponding 
 premium would be offered to the clippers to redouble their activity 
 in the interval. And as this was the course adopted on the occasion 
 referred to, the anticipated result was realized to the fullest extent. 
 It is believed, indeed, that the Coins lost as much by clipping 
 between the period when it was announced that they would be called 
 in and exchanged for new Coins, and their exchange for the same, as 
 they had done in the course of the preceding ten or twelve years. 
 (Leake's English Money, 2ud ed. p. 391, (fee.) 
 
 But 
 
Quantulvmcunque. 159 
 
 Qu. 5. After this Reformation of Coin, Will more Silver 
 be carried out of England, suppose into the East-Indies, 
 then before ; and to the Damage of England ? 
 
 Answ. Somewhat more : But none to the Damage of 
 England, Eo Nomine ; but rather to its Profit : Because 
 the Merchant wiU be considered for the Manufacture of 
 the new Money ; besides the Metal of it, as he only was 
 when he carried out Spanish Reals. 
 
 Qu. 6. Whereas the Merchant carries Scarlet and 
 Silver to the Indies, will he not now carry only the new 
 coined Silver ? 
 
 Answ. The Merchant will buy as much Scarlet as he can 
 for 100 new Shillings, and then consider whether he shall 
 get more Silk in the Indies for that Scarlet than for 
 another 100 of the like Shillings : And, according to this 
 Conjecture, he will carry Scarlet or Shillings in specie, or 
 part one, part the other, if he be in doubt. 
 
 Qu. 7. But will not England be impoverished by Mer- 
 chants carrying out the said 100 Shillings ? 
 
 Answ. No, if he brings home for them as much Silk as 
 wUl yield above 100 Shillings (perhaps 200 Shillings) in 
 Spain, and then bring the same 200 into England : Or, if 
 he bring home as much Pepper as an English man will 
 
 5 give 
 
 But it is very improbable that a loss of this sort will have to be 
 again made up, inasmuch as milled Coins, which are now exclusively 
 in use, are little susceptible of being clipped. And it may further be 
 observed, that the loss experienced in 1696-99, from the circumstances 
 already mentioned, might have been in great measure obviated had 
 Government taken upon itself the responsibility of the Coinage, and 
 quietly prepared a supply of Coins at the Mint sufficient to enable 
 them at once to call down those in circulation. 
 
 The recoinage of 1696-99, notwithstanding the great expense and 
 difficulty with which it was effected, proved on the whole a failure. 
 This, however, was not a consequence of anything immediately 
 connected with the Coinage, but is entirely to be ascribed, as will 
 be afterwards seen, to the over-valuation of Gold as compared with 
 Silver. 
 
160 Sir William Pettp's 
 
 give him 200 of the like Shillings for. So the Merchant 
 and England shall both Gain by Exporting the 100 
 Shillings. 
 
 Qu. 8. But if the new Shilling were but ^ths of the 
 weight as formerly, then the Merchant would not meddle 
 with them at all, and so secure this fear of impoverish- 
 ment ? 
 
 Answ. The Merchant would Export then, just as before ; 
 Only he will give but f so much Pepper, or other Indian 
 Goods, for the new retrenched Shilling as he did for the 
 old : And would accept in India | as much Pepper as 
 he formerly had for the old : And consequently there 
 would be no difference, but among a few such Fools as 
 take Money by its name, and not by its weight and fine- 
 ness. 
 
 Qu. 9. If a Shilling was by new Coinage reduced to f of 
 its present weight, should we not thereby have -J- more of 
 Money then now we have, and consequently be so much the 
 richer ? 
 
 Ans. You would indeed have i part more of the new 
 christned Shillings ; but not an Ounce more of Silver, nor 
 Money ; nor could you get an Ounce more of Fori'eign 
 Commodities for all your new multiplied Money than 
 before : Nor even of any Domestick Commodities ; but 
 perhaps a little at first from the few Fools above men- 
 tioned. As for Instance; Suppose you buy a Silver 
 Vessel from a Goldsmith weighing 20 Ounces, at 6s. per 
 Ounce, making 6 Pounds or 24 Ounces of Coined Silver; 
 now suppose that the said 6 Pounds were reduced from 
 weighing 24 Ounces to weigh but 18 Ounces upon the 
 new Coinage; but be still called 6 Pound even by the 
 King's Proclamation ; Can it be imagined that the Gold- 
 smith will give his Vessel weighing 20 Ounces of wrought 
 for 18 Ounces of unwrought Silver ? For the Workman- 
 ship of Money is of little value. Now the Absurdity is 
 the same in all other Commodities, though not so demon- 
 
 6 strable 
 
Quantulumcunque . 161 
 
 strable as in a Commodity whose Materials are the same 
 with Money. 
 
 Qu. 10. Cannot Authority Command that men should 
 give as much Commodity for the new retrencht Money, as 
 for the old which weighed J part more ? 
 
 Answ. Then the effect of such Authority would also be 
 to take away ^ of aU mens Goods, which are Commodities 
 beyond Seas, and give the same to Forreigners, who would 
 have them for |- of the usual (Quantity of Silver : And the 
 same Authority would take away from the Creditor -J of 
 the Money which was due before the Proclamation. 
 
 Qu. 11. Whereas you suppose retrenching -^ in the new 
 Coinage ; Suppose it was but -ro, how would the matter be 
 then ? 
 
 Answ. Just the same : For Magis et minus non mutant 
 speciem : But it were better you supposed that one Shil- 
 ling were to be taken for 10 or 30, then the Absurdity 
 would be it self so visible, as to need no such Demonstra- 
 tion, as is needful in such small matters as Common Sense 
 cannot discern : For if the wealth of the Nation could be 
 decupled by a Proclamation, it were strange that such 
 Proclamations have not long since been made by our 
 Governours. 
 
 Qu. 12. Will not some men, having occasions to buy 
 Commodities in Forreign Parts, carry out all Money, and so 
 not vend or Export our own Commodities at all ? 
 
 Answ. If some English Merchants should be so impro- 
 vident, yet the Forreign Merchants would buy up such 
 English Commodities as they wanted, with Money brought 
 into England from their respective Countries, or with 
 such Commodities as England likes better than Money. 
 For the vending of English Commodities doth not depend 
 upon any other thing, but the use and need which For- 
 reigners have of them. But were it not a folly for an 
 English man not to carry Lead into Turkey: but go 
 thither with Money, in his Ballast, and so loose the Freight 
 
 7 of 
 
162 Sir William Petty' s 
 
 of the Lead, which he might sell there ; And that a Ship 
 should come from Turkey with Moneys in her Ballast 
 alsOj to fetch Lead from England which might have been 
 carried at first hy the English Ship ? No : The art of a 
 Merchant is to consider all those Matters, so as no 
 Prince's Proclamation concerning the Weight and Deno- 
 minations of Coins, signifies any thing to Forreigners when 
 they know it, nor to his own Subjects pro futuro, what 
 e're Disturbances it may mate amongst them pro prate- 
 rito. We say again: it were better for a Prince owing 
 20*. to say he will pay but 15s. than disguishing his own 
 particular purpose, to say that all Landlords shall hence- 
 forth take 155. Rent for 20*. due to them by their 
 Tenants Leases ; and that he who hath lent a 100?. on 
 the Monday, (the Proclamation of Retrenchment coming 
 out on Tuesday) may be repaid on Wednesday with |- or 
 75/. of the very Money he lent two days before. 
 
 Qu. 13. Why is not our old worn unequal Money new 
 Coined and equallized ? 
 
 Answ. There may be many weak Reasons for it ; But the 
 only good one which 1 know, is, that bad and unequal 
 Money may prevent hoarding, whereas weighty, fine and 
 beautiful Money doth encourage it in some few timorous 
 Persons, but not in the Body of Trading Men. Upon 
 the account of Beauty our Britannia Half-pence were 
 almost all horded as Medals till they grew common ; For 
 if but 100 of those pieces had been Coined, they would for 
 their Work and Rarity have been worth above 5s. each, 
 which for their Matter are not worth that Half-penny 
 they pass for : For in them, Materiam superabat Opus. 
 
 Qu. 14. Why hath Money been raised, ■ or retrencht, or 
 imbased by many wise States, and so often ? 
 
 Answ. When any State doth these things, they are like 
 Bankrupt Merchants, who Compound for their Debts by 
 paying 16s. 12s, or 10s. in the pound; Or forcing their 
 Creditors to take oif their Goods at much above the 
 
 8 Market 
 
Quantulumeunque. 163 
 
 Market rates. And. the same State might as well have 
 paid but f of what they ow'dj as to retrench their Money 
 in General to J of the known weight and fineness. And 
 these practices have been compassed by Bankers and 
 Cashiers, for oblique Considerations, from the Favourites 
 of such Princes and States. 
 
 Qu. 15. It is then the Honour of England that no such 
 Tricks have been practiced, though in the greatest Streights 
 that ever that State hath been in. 
 
 Answ. It hath been their "Wisdom, and consequently 
 their Honour to keep up a Rule and Measure of Trade 
 amongst themselves, and with all Nations. 
 
 Qu. 16. But is there no Case wherein Money may be 
 justly and honourably raised ? 
 
 Answ. Yes, in order to Regulation and Equalizing of 
 Species of Coins ; As when two Species of one Weight 
 and Fineness are t'aken at different Rates, then the one 
 may be raised or the other depressed : But this must be 
 rated by the Estimation of the whole World as near as it 
 can be known, and not by any private Nation ; and the 
 like may be done between Gold and Silver. 
 
 Q,u. 17. What do you think of the rising or falling of 
 the Price of Lands, from this following Instance, viz. A 
 piece of Land was sold 60 Years ago for lOOOZ. that is for 
 a 1000 Jacobusses ; and the same Land is now sold for 
 1000^. or 1000 Guineas, and the Guinea is but f the weight 
 of the Jacobus. Is the Land cheaper now than 60 Years 
 ago? 
 
 Answ. It looks like a Demonstration that it is : Yet if 
 Gold be not Money, but a Commodity next like to Money, 
 and that Silver be only Moneyj then we must see whether 
 1000 Jacobusses would then purchase no more Silver than 
 1000 Guineas will do now : For if so, the Land was here- 
 tofore and now sold for the same Quantity of Money, 
 though not of Gold ; and is neither risen nor fallen by 
 what hath been instanced. 
 
 9 Qu. 18. 
 
164 Sir William Petty's 
 
 Qu. 18. PFTiat is the difference between retrenching or 
 raising of Money, and imbasing the Metal of the same, as 
 by mixing Copper with Silver ? 
 
 Answ. The first is the better of the two, if such Mixture 
 be of no use in other things : For if 20s. which contaius 
 4 Ounces of Silver, should be reduced to 3 Ounces of 
 Silver, it is better than to add one Ounce of Copper to 
 the same, in order to make 4 seeming Ounces as before : 
 For if you come to want the said 3 Ounces of Silver mixt 
 with Copper, you must lose the Copper, upon the Test, 
 and the Charge of Refining also, which will amount to 
 above 4 per Cent. 
 
 Qu. 19. What do you object against small Silver Money ; 
 as against Single Pence, Two Fences, S^c? 
 
 Answ. That the Coinage of small Pieces would be very 
 chargeable, and the Pieces themselves apt to be lost, and 
 more liable to wearing ; for little of our old small Money 
 is now to be seen, and our Groats are worn away to Three 
 half-pence (worth) in Metal. 
 
 Qu. 20. What do you say of Money made wholly of 
 base Metal, such as Farthings, SfC? 
 
 Answ. That the want of Materials ought to be made up 
 by the fineness of Coinage, to very near the intrinsick 
 Value ; or what is gained by the Want of either, to be 
 part of the King's Revenue. 
 
 Qu. 21. Which is best. Copper or Tin, for this purpose ? 
 
 Answ. Copper : Because it is' capable of the most imita- 
 ble and durable Coinage : though the Copper be Forreign, 
 and Tin a Native Commodity. For suppose Copper and 
 Tin of the same Value in England; yet if 100 Weight of 
 Tin sent to Turkey will fetch home as much Silk as will 
 fetch above 100 of Copper from Sweden, in such case the 
 Difference between Native and Forreign is nothing. 
 
 Qu. 22. This Doctrine may extend to a free exportation 
 of Money and Bullion, which is against our Laws : Are our 
 Laws not good ? 
 
 10 Answ. 
 
Quantulumcunque. 163 
 
 Answ. Perhaps they are against the Laws of Nature, and 
 also impracticable : For we see that the Countries which 
 abound with Money and all other Commodities, have 
 followed no such Laws: And contrarywise, that the 
 Countries which have forbid these Exportations undei* 
 the highest Penalties, are very destitute both of Money 
 and Merchandize. 
 
 Qu. 23. Is not a Country the poorer for having less 
 Money ? 
 
 Answ. Not always : For as the most thriving Men keep 
 little or no Money by them, but turn and wind it into 
 various Commodities to their great Profit, so may the whole 
 Nation also ; which is but many particular Men united. 
 
 Qu. 24. May a Nation, suppose England, have too much 
 Money ? 
 
 Answ. Yes : As a particular Merchant may have too 
 much Money, I mean coined Money, by him. 
 
 Qu. 25. Is there any way to know how much Money is 
 sufficient for any Nation ? 
 
 Answ. I think it may pretty well be guessed at ; viz. I 
 think that so much Money as will pay half a Years Rent 
 for all the Lands of England, and a Quarters Rent of the 
 Houseing, and a Weeks Expence of all the People, and 
 about a Quarter of the Value of all the exported Com- 
 modities, is sufficient for that purpose. Now when the 
 States will cause these things to be computed, and the 
 Quantity of their Coins to be known, which the new 
 Coining of their old Money will best do, then it may also 
 be known whether we have too much or too little Money. 
 
 Qu. 26. What Remedy is there if we have too little 
 Money ? 
 
 Answ. We must erect a Bank, which well computed, 
 doth almost double the Effect of our coined Money : And 
 we have in England Materials for a Bank which shall 
 furnish Stock enough to drive the Trade of the whole 
 Commercial World. 
 
 11 Qu. 27. 
 
166 Sir William Petty' s 
 
 Qu. 27. What if we have too much Coin ? 
 
 Answ. We may melt down the heaviest, and turn it into 
 the Splendor of Plate, in Vessels or Utensils of Gold and 
 Silver ; or send it out, as a Commodity, where the same 
 is wanting or desired : or let it out at Interest, where 
 Interest is high. 
 
 Qu. 28. What is Interest or Use-Money ? 
 
 Answ. A Reward for forbearing the use of your own 
 Money for a Term of Time agreed upon, whatsoever need 
 your self may have of it in the mean while. 
 
 Qu. 29. What is Exchange ? 
 
 Answ. Local Interest, or a Reward given for having your 
 Money at such a Place where you most need the use of it. 
 
 Qu. 30. What is the Trade of a Banker ? 
 
 Answ. Buying and selling of Interest and Exchange : 
 Who is honest only upon the Penalty of losing a benefi- 
 cial Trade, founded upon a good Opinion of the World, 
 which is called Credit. 
 
 Qu. 31. You were speaking of base Money and Far- 
 things, which are generally below the intrinsick Value, and 
 therefore ought not to be permitted to increase ad infinitum. 
 Is there any way to know how many were enough ? 
 
 Answ. I think there is : viz. Allowing about 12(3?. in 
 Farthings to every Family : So as if there be a Million of 
 Families in England (as I think there bej then about 
 50,000Z. in Farthings would suffice for Change; and if 
 such Farthings were but -fth below the intrinsick Value, 
 the Nation would pay but 10,000/. for this Convenience : 
 But if this way of Families be not Limitation enough, you 
 may help it by considering the smallest Piece of Silver 
 Money current in the Nation ; which how much lesser it 
 is, by so much lesser may the Number of Farthings be : 
 The use of Farthings being but to make up Payments in 
 Silver, and to adjust Accompts : To which end of adjust- 
 ing Accompts let me add, that if your old defective 
 Farthings were cryed down to 5 a Penny, you might keep 
 
 12 all 
 
Quantulumcunque. 167 
 
 all Accompts in a way of Decimal Arithmetick, which 
 hath been long desired for the ease and certainty of 
 Accompts. , 
 
 Qu. 32. Wltal do you think of our Laws for limiting 
 Interest ? 
 
 Answ. The same as of limiting the Exportation of Money, 
 and there may be as well Laws for limiting Exchange also: 
 For Interest always carrieth with it an Ensurance prm- 
 mium, which is very casual, besides that of Forbearance : 
 For Instance, in Ireland there was a time when Land 
 (the highest security) was sold for 2 Years Purchase : It 
 was then naturally just to take 20, 30, or 40 per Cent. 
 Interest; whereas there the Law allows but 10. And 
 since that time. Land being risen to 12 Years Purchase, 
 responsible Men will not give above 8. And insolvent 
 Men will offer Cent, per Cent, notwithstanding the Law. 
 Again, suppose a Man hath 100^. of Land worth 20 Years 
 Purchase, and another lOOZ. in Houses, worth 12 Years 
 Purchase, and an other lOOZ. in Shipping worth 2 Years 
 Purchase ; and another in Horses, worth 6 Months Pur- 
 chase ; Is it not manifest he must have a greater Yearly 
 praemium for lending his House than his Land, his Ship 
 than his House, and his Horse than his Ship ? For if his 
 Horse be worth lOOZ. he cannot hire him out for less than 
 lOs. per diem, whereas the Land will not yield a Groat 
 for the same time; and these Hires are the same with 
 Interest. 
 
 FINIS. 
 
 13 
 
REPORT 
 
 Containing an 
 
 ESSAY 
 
 FOR THE 
 
 AMENDMENT 
 
 OP THE 
 
 tltoef Cotn^» 
 
 LONDON, 
 
 Printed by Charles Bill, and the Executrix of 
 Thomas Newcomb, deceas'd ; Printers to the 
 Kings moft Excellent Majefty. 1695. 
 
171 
 
 To the Right Honourable the Lords Commissioners of 
 His Majesties Treasury. 
 
 May it please your Lordships, 
 
 IN Obedience to your Lordships Command, I have 
 endeavoured to inform myself of divers Matters 
 which concern the Gold and Silver Moneys, and of the 
 most Practicable Methods for New Coining the latter, 
 and Supplying, in the mean time, sufficient Coins to 
 pay the Kings Taxes and Revenues, and to carry on 
 the Publick Commerce ; and I do humbly represent to 
 your Lordships, 
 
 That I have made diligent Search into several 
 Records, Books, and Writings, to see what Acts or 
 Things have been formerly done or practised, which 
 might serve for Precedents, or give any Light for the 
 Re-establishment of the Coins that should now go, and 
 have Course as the Lawful Money of the Kingdom. 
 
 It is true (as I find in a Book of great Authority, 
 remaining in the Exchequer, called The Black Book, 
 written by Gervase of Tilbury, in the time of Henry the 
 Second) that there were anciently Falsifiers and Clip- 
 pers of Money; for when King William the First, for 
 the better pay of his Warriours, caused the Firm£s, 
 which till his time, had for the most part been answered 
 in Victuals, to be converted in Pecuniam Numeratam, 
 he directed the whole from every County to be Charged 
 on the Sheriff, to be by him brought into the Eiche- 
 
 3 quer ; 
 
1 72 An Essay for Amendmeni 
 
 quer ; adding, That the SheriflF should make the Pay- 
 ment, ad Scalam hoc est (as the aforesaid Author 
 expounds it) solveret prefer quamlibet numeratam libram 
 sex denarios; and the Money afterwards declining, and 
 becoming worse, it was Ordained, That the Firmes of 
 Manors should not only be paid ad Scalam, but also ad 
 Pensam, which latter was the paying as much Money 
 for a Pound Sterling, as weighed Twelve Ounces Troy; 
 so that Payment of a Poimd de Numero imported 
 Twenty Shillings, ad Scalam imported Twenty Shillings 
 Six Pence, and ad Pensam imported so much as weighed 
 Twelve Ounces. And in the time of King Henry the 
 Second, when the Bishop of Salisbury was Treasurer, 
 who considered, that though the Money did Answer 
 Numero et Pondere, it might nevertheless be mixt with 
 Copper or Brass ; therefore {Consilio Regis ei ut ReguB 
 simul et PubliccB Provideretur Utilitafi) a Constitution 
 was made, called the Trial by Combustion. The whole 
 Progress whereof, as it was practised in the Exchequer 
 in those Days, is exactly set down in the said Book, 
 and differs little or nothing from the present method of 
 Assaying Silver for its Fineness ; as plainly appears in 
 that place where the said Gervase treats of the Office 
 of the Miles Argentarius, and that of the Fusor, an 
 Extract whereof is hereunto Annexed. 
 
 It appears also that the Crown Rents were many 
 times reserved in Libris Albis or Blanch Firmes; in 
 which case the Payer was holden Dealbare Firmam, 
 that is. His Base Money or Coin worse than Standard 
 was Molten down in the Exchequer, and Reduced to 
 the Fineness of Standard Silver, or (instead thereof) 
 he Paid to the King Twelve Pence to the Pound by way 
 of Addition. 
 
 But the most Remarkable Deceipts and Corruptions 
 found in Ancient Records to have been committed upon 
 the Coins of the Kingdom, by Offenders, were in the 
 
 4 time 
 
of the Silver Coins. 173 
 
 time of King Edward the First, when there was 
 Imported a sort of Light Money made with a Mitre ; 
 another sort of Light Money with Lyons upon it ; a 
 Third sort of Copper Bhinchtj to Resemhle the Money 
 oi England; a Fourth sort of Light Money Kesembling 
 that of King Edward; a Fifth kind that was Plated : 
 And the Crime of Rounding Money (which I take to 
 be the same with Clipping) was then in Fashion, all 
 which was done out of England. And the Merchants 
 to avoid the Search at Dover and Sandwich, concealed 
 the Parcds in Bails of Cloth, and brought them in by 
 other Ports. Les queux choses si eUes suissent longent 
 so efforts (says the Book) elles mettere yent la Monye 
 jyenglitere a nient : And the Chief Remedies then 
 Applied were, 
 
 First, To Cry down all Money that was not of Eng- 
 land, Ireland or Scotland : 
 
 Secondly, That such as arrived from beyond Seas, 
 should shew the Money they brought with them to the 
 King's Officers : 
 
 Thirdly. And not hide it in Fardels, upon Pain of 
 Forfeiture : 
 
 Fourthly, That the Light Money and the Clipt 
 Money might be Bored through without contradiction : 
 
 Fifthly, And that the same should be Received and 
 Paid by Weight at a certain Rate ; and that the Per- 
 sons having such Clipt or Light Money, should bring 
 the same to the King's Changers, who were settled in 
 several great Towns in the Kingdom, to be new Coined. 
 And by what I have read in Libro Rubeo (which is in 
 the upper Exchequer) concerning the Changers (who, 
 as well as the Masters of the Mint, had several Offices 
 Erected in divers Parts of the Kingdom; Namely, at 
 London, Canterbury, Bristol, Kingston upon Hull, New- 
 castle and Exeter) a Principal Business of these 
 Changers was to Buy in the Silver of the Bad Money ; 
 
 5 que 
 
174 An Essay for Amendment 
 
 que les Pollards et Crockards et les autres Mauvaises 
 Moneis Contrefaits Soront, abatues : And there was a 
 Writ then directed to the Sheriffs, to Prohibit the 
 Importation of Chpt or Counterfeit Moneys^ and the 
 Use thereof in Merchandizing or Negotiating, under 
 severe Penalties, and Commanding those that had such 
 Money to Bore it through, and to bring it to the 
 King's Change to be new Coined. 
 
 And I find by an Indenture in the Third Year of 
 Queen Elizabeth (at which time there was Base Moneys 
 that had been Coined by Publick Authority) That it 
 was Ordained that Fleetwood, Under Treasurer for the 
 Upper Houses of the Mint in the Tower, should take 
 in by Number and Tale, the Base Moneys therein 
 mentioned, at such Rates or Values as were Appointed 
 by a Proclamation in that behalf; giving Bills to the 
 Parties under his Hand for the Receipt thereof. And 
 the Officers of the Mint were to Melt down and Repay 
 the same in Sterling Moneys, to the Parties or their 
 Deputies, shewing and delivering their Bills, having 
 regard to the time when every Man brought in his 
 Money. And the Base Money Received, and the 
 Sterling Money Repaid where to be Entred in Two 
 Legers ; one to be kept by the said Under-Treasurer, 
 and the other by the Tellers. And the Comptroller 
 and Assay-Master were to keep several Books of 
 Refining and Melting the Base Money, to the intent 
 they might be Vouchers to the said Under-Treasurer, 
 who was to Account to the Queen for the whole. 
 
 These or such like Provisions might serve well enough 
 in those Times, when there was not much Money, and 
 but little Trade or Occasion for it, and when the ' 
 Species then in being, which one would think consisted 
 Anciently of Pence or Pieces of small Denomination, 
 were not Corrupted or Diminished to that degree as 
 they are at this day. 
 
 6 But 
 
of the Silver Corns. 175 
 
 But considering tke present low Condition to which 
 our Moneys are almost generally Reduced, and the 
 necessary Use thereof in daily Occasions, and particu- 
 larly in the ways of Trade, upon which this Nation 
 depends more at this time than it did formerly; I 
 do not see how the Prudence of our Ancestors (which 
 in many Constitutions relating to the Exchequer and 
 the Mint, appears to have been Transcendent and 
 Admirable, especially in Matters of Charge and Dis- 
 charge, and preventing Frauds and Abuses upon the 
 Crown) can, without the devising new or additional 
 Means and Methods, be made Applicable to a present 
 Work of new Coining the Silver Moneys, and Supplying 
 Current Coins for the Commerce, and for the Payment 
 of Taxes and Revenues in the mean time. 
 
 If therefore the King (to whose Regality the Power 
 of Coining Money, and Determining the Weight, Fine- 
 ness, Denomination and Extrinsick Value thereof doth 
 Solely and Inherently Appertain) shall Judge it neces- 
 sary to have the old or present Species of Silver Coins, 
 or so much thereof as hath been Clipt or otherwise 
 Diminished, to be Melted down and Recoined, I humbly 
 conceive new Means and Methods for doing the same 
 must be Devised. And in Regard Money (which some 
 Lawyers have called Firmamentum Belli et Ornamentum 
 Pads) is most certainly of the greatest Importance to 
 His Ma-jesty, in supplying the Taxes, Revenues and 
 Loans, for Carrying on the War, and Supporting His 
 Royal Estate; as also to His Subjects, with relation not 
 only to their Trade and Commerce, but also to all other 
 ordinary Means of Livelihood ; The said Means and 
 Methods for Re-establishing the Coins, and the many 
 weighty things depending thereupon, ought to be well 
 Excogitated, and to be Considered and Adjusted by 
 Persons of the greatest Judgment and Sagacity; and 
 (if I had not been Enjoyned by your Lordships) I 
 
 7 should 
 
176 An Essay for AmeTidment 
 
 should scarce hare Adventured upon a Subject so very 
 DiiEcult and Curious. 
 
 I have Imployed my thoughts chiefly upon such 
 Matters as are Reduceable to the following Heads^ 
 viz. 
 
 First, Concerning the Standard of the Gold and Silver 
 Coins, and the Establishment of a Just and Reason- 
 able Foot for the Course of the same. 
 
 Second, Concerning the Present State and Condition of 
 the Gold and Silver Coins. 
 
 Third, Whether it be or be not Absolutely necessary at 
 this Time to Re-establish the same. 
 
 Fourth, The Proposing of Means that must be Obtained, 
 and the Proper Methods to be used in and for the 
 Amendment of the Silver Monies. 
 
 Fifth, To Consider what must Supply the Commerce, 
 Pay Taxes, &c.. Whilst the Clipt Money is under its 
 New Fabrication. 
 
 As to the Particulars. 
 
 First, Of the Standard. 
 
 This properly brings under Consideration Two matters 
 relating to the Coins ; namely, the Degree of Fineness, 
 and the Weight of the Pieces. In treating upon which 
 I shall humbly take leave to observe this Method. 
 
 First, To explain what is meant by Sterling Moneys. 
 
 Secondly, To set down Historically the Proportions 
 of Fine Gold, and Fine Silver, with the respective 
 Allays, which the Masters or Workers of the Mints 
 have been holden to Observe in the Fabrication of the 
 
 8 Moneys 
 
of the Silver Coins. 1*77, 
 
 Moneys of this Realm, by their respective Indentures 
 which I have found out, Beginning with those in the 
 time of King Edward the Third, (the farthest Extant) 
 and Ending with the Indenture of the Mint now in 
 being. 
 
 Thirdly, To propose the Standard of Fineness, which 
 (in my humble Opinion) ought to be continued for the 
 new Coins, which His Majesty may be pleased to direct 
 at this time, with my Reasons for the same, to be 
 deduced from the Experience of former times, and an 
 Impartial regard to present Circumstances. 
 
 Fourthly, To set forth how the Value of the Gold 
 and Silver in our English Coins hath been Raised from 
 time to time, which considers the Weight and Number 
 of Pieces in a Pound TVoy, 
 
 Fifthly, To oflPer my humble Opinion upon that 'Sub- 
 ject, in reference as well to the Old Coins now in being 
 and Unclipt, as also to the New Moneys, which may be 
 directed to be made, as aforesaid, together with my 
 Reasons for the same, to be also Grounded upon the 
 Experience of former Times, and a due Consideration 
 of present Circumstances : All or most of which Points 
 being of great Monient, to be well weighed in this 
 Affair, I do humbly pray your Lordships that I may 
 Discuss them severally. 
 
 First, It is believed by some Authors, (and not 
 without Reason) that in the most Ancient times, when 
 Money was first Coined within this Island, it was made 
 of *Pure Gold and Silver, like the Moneys now Cur- 
 rant in some other Nations, particularly in Hungary 
 and Barbary, Where they have Pieces of Gold called 
 Ducats and Sultanesses ; and in the Kingdom of Indus- 
 tan, where they have Pieces of Silver called Rupees, 
 
 9 which 
 
 * Vide Hales of Sheriffs Accownts, p. 5. 
 
178 An Essay for Amendment 
 
 which I have seen, and wherein (as I am informed) 
 there is little or no Allay: And that afterwards it 
 being found convenient in the Fabrication of the 
 Moneys, to have a certain Quantity or Proportion of 
 Baser Metal to be mixt with the Pure Gold and Silver, 
 the Word Sterling was introduced, and hath ever since 
 been used, to denote the certain Proportion or Degree 
 of Fineness, which ought to be retained in the respec- 
 tive Coins composed of such mixture, as aforesaid. 
 There are some Authors that fancy this Word Sterling 
 took its Name from a Castle in Scotland, as if it were 
 first Coined there. Some have derived it from a Star 
 or Astracism, which they imagine to have been 
 Impressed thereupon. There are those that fetch it 
 from the Name of an Ancient Indenture or Bond 
 which was taken by the Jews (those old Userers) for 
 Security of their debts, and which was called the Jews 
 Star. But others think it comes from the Name of a 
 People called Easterlings, as the first Workers of it in 
 England. Of which latter Opinion is the Author of a 
 very old Treatise concerning Money, Entred at large 
 in theiieJ Book abovesaid, in the time of ^mg Edward 
 the Third. For my own Part, I do not believe the 
 Word Sterling (denoting the degree of Fineness or 
 Goodness, as aforesaid) was known in the time of the 
 Conqueror, in regard there is no mention thereof in 
 Libra Judiciario or the Dooms-day Book, which Valueth 
 every Manor (as it was worth in the times of the 
 Confessor and Conqueror respectively) in Money ad 
 Numerum, or ad Pensam or ad Pondus, but not in Ster- 
 ling Money; and yet the Denomination of Sterling was, 
 soon after introduced, because the Statute of the 
 Twenty-fifth of Edward the Third refers to Ancient 
 Sterling, and so do the Old Indentures of the Mint, 
 and the Ancient Entries concerning Money. By read- 
 ing of which it seems evident to me, 
 
 10 First, 
 
of the Silver Coins. 1 79 
 
 First, That a Sterling or Easterling, in a restrained 
 Sence, signified nothing but a Silver Peny, which at 
 first was about three times as heavy as a Peny is now, 
 and was once called a Lundress, because it was to be 
 Coined only at London, and not at the Countrey Mints. 
 
 Secondly, That the Words Sterling and Standard are 
 Synonimous Terms. 
 
 Thirdly, That the Ancient Sterling of England, men- 
 tioned in the said Statute, and the Standard and Allay 
 of Old Easterling, mentioned in the Indenture, Le 20 
 jour de May Van du Regne Edward ///. cestassavoir 
 d' Engletere quarant sisme et de France trent tierce 
 entre le Roy et Bardet de MalepUys de Florence ; and 
 the Old right Standard of England, which I find in 
 other Indentures of the Mint, are to be understood 
 thus : A Pound Weight Troy of Gold was divided into 
 Twenty four Carats, and every Carat into Four Grains 
 of Gold ; and a Pound Weight of the Old Sterling, or 
 Right Standard Gold of England, consisted of Twenty 
 three Carats and Three Grains and an half of Fine Gold, 
 and half a Grain of Allay. Which Allay (as the Red 
 Book says) might be Silver or Copper. Again, a Pound 
 Weight Troy of Silver, was then (as it has been ever 
 since) divided into Twelve Ounces, every Ounce into 
 Twenty Peny Weight, and every Peny Weight into 
 Twenty four Grains ; every Grain of Silver was called 
 a Subtile Grain, Sixty of which were equal to One 
 Grain of Gold, and a Pound Weight of Old Sterling, or 
 Right Standard Silver of England, consisted then, (as it 
 does now) of Eleven Ounces and Two Peny Weight of 
 Fine Silver, and Eighteen Peny Weight Allay. 
 
 Fourthly, That Sterling Money generally in Judgment 
 of Law, upon the Fines, Covenants, and other Instru- 
 ments that have had occasion to refer thereunto, hath 
 always imported, and doth still import only such Coins 
 
 11 of 
 
180 An Essay for Amendment 
 
 of Grold or Silver, as have been made by successive 
 Masters and Workers of the Mint, in certain Propor- 
 tions of Fine Metal, mixt with Allays, according to 
 their respective Indentures or Covenants with the 
 Crown, from time to time, and made Currant by the 
 same Indentures, or by Proclamations or Commands of 
 the Sovereign: Which Proportions of Fineness and 
 Allay, have differed from time to time. And (having 
 thus Expounded what is meant by Sterling and Old 
 Sterling) those Differences will come properly to be 
 Considered. 
 
 Second, In the next Place therefore, I am to set 
 down Historically the Proportions of Fine Gold and 
 Fine Silver, with the respective Allays, which the 
 Masters or Workers of the Mint have been holden to 
 observe in the Fabrication of the Moneys, by their 
 respective Indentures : Of which there is one mentioned 
 ill die Red Book, to bear Date in the Eighteenth Year 
 of Y\i-n.^ Edward the First, who sent for Workmen 
 froT/j beyo^icl Sea, to inform him of the manner of 
 MaTCing" and Foigjng of Money ; but not finding any 
 Indenture by which one can judge certainly of the 
 said Projiortions, till the Reign of Edward the Third ; 
 from whose time the several Indentures of the Mint, or 
 most of them, are in the Receipt of the Exchequer, in 
 Custody of your Lordships and the Chamberlains there, 
 and where I have had the Opportunity carefully to 
 Inspect and Examine the same. I shall therefore 
 humbly take leave to begin with these, and Proceed in 
 the Order following. 
 
 The Standard for the Grold Coins was the Old Stand- 
 ard, or Sterling of Twenty three Carats, Three Grains 
 and Half Fine, and Half a Grain Allay. And the 
 Standard for the Silver Coins was the Old Sterling of 
 Eleven Ounces Two Peny Weight Fine, and Eighteen 
 Peny Weight Allay. 
 
 13 20 E. 3. 
 
of the Silver Coins. 
 
 181 
 
 All these imported the same Standard, 
 as above, both for Gold and Silver. 
 
 30 E 3. 
 23. 
 
 27. 
 
 30. 
 
 46. 
 
 18 R. 2. 
 
 3H. 4. 
 
 9H. 5. 
 
 1 H. 6. > 
 
 4. 
 
 24. 
 
 49. 
 
 5E. 4. 
 
 11. 
 
 16. 
 
 1 R. 3. 
 
 29 H. 7. 
 
 Ralph Rowlett and Martin Bowes, Masters and 1 H- 
 Workers, Covenanted to make Two sorts of Gold 
 Coins j to wit. Sovereigns, Rialls, Angels, George- 
 Nobles, and Half-Angels of the said Old Standard, and 
 Crowns of the Double Rose, and Half-Crowns to be 
 Twenty two Carats Fine, and Two Carats Allay; and 
 Silver Moneys, to wit. Groats, Half-Groats, Sterlings, 
 Half-pence and Farthings of the Old Sterling. 
 
 Another Indenture to the same Effect. 23. 
 
 The said Ralph Rowlett and Martin Bowes, Masters 34. 
 and Workers, Covenanted to make the Sovereigns, 
 Half- Sovereigns, Angels, Angellets, and Quarter- 
 Angels of Twenty three Carats Fine Gold, and One 
 Carat Allay ; And Silver Money, to wit, Testoons to 
 go for Twelve Pence ; and Groats, Half-Groats, Pence, 
 Half-Pence, and Farthings, to be Ten Oimces Fine, 
 and Two Ounces Allay. 
 
 The King was to have out of every Twelve Ounces of 36. 
 • Fine Gold Coined Two Carats, which jdelded Fifty 
 
 13 Shillings : 
 
37 H. 8. 
 
 182 An Essay for Amendment 
 
 Shillings : And the Silver to be Coined after the Rate 
 of Six Ounces Fine and Six Ounces Allay ; which was 
 a wretched Debasement. 
 
 The Gold Coins, called Sovereigns, Half- Sovereigns, 
 Crowns and Half-Crowns, were to be only Twenty 
 Carats Fine, and Four Carats AUay; and the Silver 
 Coins, to wit, Testoons, Groats, Half-Groats, Pence, 
 Half-Pence and Farthings to be Four Ounces Fine, and 
 Eight Ounces Allay, which was worse. 
 
 1 E. 6. The same with the last Preceding. 
 
 3. A Commission to make Sovereigns, Half-Sovereigns, 
 
 Crowns and Half-Crowns of Gold at Twenty two Carats 
 Fine, and Two Carats AUay : And Shillings of Silver 
 of Six Ounces Fine and Six Ounces Allay. 
 
 ■*■ Another to make Sovereigns, Half- Sovereigns, 
 
 Crowns and Half-Crowns of Gold of the Old Standard ; 
 Namely, Twenty three Carats Three Grains and an 
 Half Fine, and Half a Grain Allay. 
 
 5. Another to make Shillings of Silver, Three Ounces 
 Fine, and Nine Ounces Allay. 
 
 6. To Coin Sovereigns, Angels and Half-Angels of the 
 Old Standard, to wit. Twenty three Carats Three 
 Grains and Half Fine, and another sort of Gold to be 
 Twenty two Carats Fine and Two Carats Allay. 
 
 6 E. 6. To Coin Silver Crowns, Half-Crowns, Shillings, Six 
 
 Fences, Three Fences, Pence, Half-Pence and Far- 
 things, Eleven Ounces One Penny Weight Fine, and 
 Nineteen Penny Weight Allay. 
 
 IMar. To Coin Gold Twenty three Carats, Three Grains 
 
 and an Half Fine : and Silver Eleven Ounces Fine. 
 
 Phn <fe Mar. The Old Standard for Gold and Silver. 
 
 2 Eliz. To Coin one sort of Gold of the Old Standard, and 
 
 another sort to be only Twenty two Carats Fine, and 
 Two Carats Allay; and Silver Moneys of the Old 
 Standard. 
 
 3 Eliz. rp^Q Mints were in the Tower, whereof One to con- 
 
 14 vert 
 
of the Silver Coins. 183 
 
 vert the Base Money into Sterling, which continued 
 
 about a Year. And here it may not be improper to Vide Cotton's 
 
 Note, that not long after, the Queen in a Publick ^^'^"^ '"^^^^^^ 
 
 Edict, told her People, That she had Conquered the I62f:. 
 
 Monster which had so long devoured them ; meaning 
 
 the Debasing of the Standard. 
 
 The Old Standard perfectly restored both for Gold 19 EUz. 
 and Silver Coins. 
 
 The same continued. 25. 
 
 The same for Gold. 26. 
 
 A Commission to make Sovereigns, Half- Sovereigns, 35. 
 Crowns and Half-Crowns of Gold to be Twenty two 
 Carats Fine, and Two Carats Allay. 
 
 To make Angel-Gold Twenty three Carats Three 43. 
 Grains and half Pine, the Old Standard; and to make 
 Sovereigns, &c. Twenty tvro Carats Pine, and Two 
 Carats Allay ; and to make Crowns, Shillings, &c. of 
 Silver Eleven Ounces and Two Peny Weight Pine, 
 and Eighteen Peny Weight Allay, the Old Standard. 
 
 To Coin the Unites, Double Crowns, British Crowns, 2 Jac. I. 
 &c. of Gold to be Twenty two Carats Pine, and Two 
 Carats Allay, and the Old Standard for Silver con- 
 tinued. 
 
 To Coin Rose-Rialls, Spur Rialls, and Angels of the 3 Jac. I. 
 Old Standard of Twenty three Carats Three Grains 
 and an half Pine. 
 
 To Coin Rialls of the same Standard, and Unites, 10. 
 &c. Twenty two Carats Pine, and Two Carats Allay. 
 
 To Coin Rialls and Angels of the Old Standard of 2 Car. I. 
 Twenty three Carats Three Grains and an half Pine, 
 and half a Grain Allay : and to Coin Unites and 
 Crowns Twenty two Carats Pine, and Two Carats 
 Allay; and to Coin the Silver Moneys of the Old 
 Standard of Eleven Ounces Two Peny Weight Pine, 
 and Eighteen Peny Weight Allay. 
 
 To Coin Rialls and Angels of the Old Standard of 12 Ca. 2. 
 15 Twenty 
 
184 An Essay for Amendment 
 
 Twenty three Carats, Three Grains and an half Fine, 
 and half a Grain Allay ; and to Coin Unites and Crowns 
 Twenty two Carats Fine, and Two Carats AUay ; and 
 Silver Moneys of the Old Standard of Eleven Ounces 
 Two Peny Weight Fine, and Eighteen Peny Weight 
 Allay. 
 
 22 Ca. 2. To Coin the Pieces (since called Guineas) running 
 
 for Twenty Shillings, Half-Guineas, &c. Twenty two 
 Carats Fine, and Two Carats Allay ; and Silver Moneys 
 of the Old Standard. 
 
 1 Jac. 2. To Coin Ten Shilling Pieces, Twenty Shilling Pieces, 
 
 Fourty Shilling Pieces, and Five Pound Pieces, of Gold 
 of Twenty two Carats Fine, and Two Carats Allay; 
 and Silver Moneys of the Old Standard of Eleven 
 Ounces Two Peny Weight Fine, and Eighteen Peny 
 Weight Allay. 
 
 1 W. <fe M. The same Standard for Gold and Silver. 
 
 Upon duly considering this History or Relation for 
 so many years past, it may not be improper to Observe 
 to yoiu* Lordships thereupon. 
 
 First, That above Four hundred Years ago, the 
 Standard for the Silver Coins was Eleven Ounces Two 
 Peny Weight Fine, and Eighteen Peny Weight Allay. 
 And so it is at this day by the present Indenture of 
 the Mint, and the same is that which was called the 
 Old Sterling, or Easterliny. 
 
 Secondly, That the Standard for the Gold Coins 
 Four hundred Years ago, was Twenty three Carats 
 Three Grains and an half Fine, and half a Grain Allay. 
 And at this day the Standard of Gold by the Indenture 
 of the Mint is Twenty two Carats Fine, and Two 
 Carats Allay ; the diflFerence of which is only One Carat 
 Three Grains and an half. 
 
 Thirdly, That the Old Standard obtained for the 
 most part of the said Number of Years, and the chief 
 
 16 Deviations 
 
of the Silver Coins. 185 
 
 Deviations from the same were in the Reigns of Henry 
 the Eighth, and Edward the Sixth. 
 
 The which being premised, the Third thing coming 
 under Consideration concerning such new Coins as His 
 Majesty shall think fit to Direct, is my own poor 
 Opinion, which I humbly offer, and (as I conceive) with 
 some clearness. That the present Standard of Fineness 
 or Purity ought to be continued, namely, of Twenty two 
 Carats Fine, and Two Carats Allay for the Gold; and 
 Eleven Ounces Two Peny Weight Fine, and Eighteen 
 Peny Weight Allay for the Silver, in all the New Coins 
 that shall be now directed. And my Reasons for the 
 same are as follows. 
 
 First, Because our Ancestors (whose wisdom we have 
 no cause to distrust) have for many Ages endeavoured 
 to keep up the Old Sterling, or to a Standard very near 
 it J which obtained (as evidently appears by the fore- 
 going Narrative) for the greatest part of Four hundred 
 years. 
 
 Secondly, Although the former Debasements of the 
 Coins by Publick Authority, especially those in the 
 Reigns of King Henry the Eighth, and King Edward 
 the Sixth, might be projected for the Profit of the 
 Crown; and the Projectors might measure that Profit 
 by the excessive Quantities of Allay that were mixt 
 with the Silver or the Gold : And although this was 
 Enterprized by a Prince who could stretch his Preroga- 
 tive very far upon his People ; and was done in Times 
 when this Nation had very little Commerce, Inland or 
 Foreign, to be injured or prejudiced thereby: Yet 
 Experience presently shewed that the Projectors were 
 mistaken, and that it was absolutely necessary to have 
 the base Moneys reformed; the doing whereof was 
 begun by King Edward the Sixth himself, carried on 
 by King Philip and Queen Mary, and happily finished 
 (though not without great Charge, Vexation and 
 
 17 Trouble, 
 
186 An Essay for Amendment 
 
 Trouble, tlie only Offspring of such Designs) by Queen 
 Elizabeth, wbo (as is noted above) in the Third Year of 
 her Reign, when Money was not plentiful, Erected a 
 Distinct Mint in the Tower, to convert the Base (not 
 Counterfeit Money) into Sterling. 
 
 Thirdly, Because making of Base Moneys will Dis- 
 grace this Government in future Generations, the 
 Criticks in every Age being apt to Estimate the Good- 
 ness or Badness of Ancient Governments by their Coin, 
 as hath been done, especially in the Case of the 
 Romans ; and a Temptation of this kind ought not to 
 be left for future Ages, to the prejudice of the Honour 
 of the present King. 
 
 Fourthly, Although it must be acknowledged. That 
 the putting a greater Allay into the Coins, so long as 
 they should stiU retain so much Purity or Fineness as 
 would render them answerable to the Currant Price of 
 Silver in Bullion, would be no real Injury to the Sub- 
 ject : Yet it must be considered, that when the Causes 
 which at present make Silver Scarce and Dear shall 
 cease, Silver it self will fall in its Price. And if in the 
 mean time the Coins shall have been Debased, then 
 after the Retrieving of the Trade and Wealth of the 
 Nation, and the Bringing down of the Price of Silver 
 thereby, the Damage which the Crown will sustain in 
 its Taxes, Revenues, and Loans, and the lioss which 
 the Nobility, Gentry and Commonalty (especially Eccle- 
 siastical Persons) will find thereby, in the payment of 
 their Debts, Rents and Annuities (many of which are 
 so Eixt and Establisht upon previous Reservations or 
 Grants in Pee, or in Tail, or for Lives, or Years certain, 
 or are so payable by Assurances, already perfected, as 
 that it wiU not be in their powers to alter the same 
 proportionably to the Debasement of the Coin, and the 
 loss or damage, after such Bringing down the Price of 
 Silver, will be proportionable to the excessive Allay to 
 
 18 be 
 
of the Silver Coins. 187 
 
 be put into the Money) will continue and have duration 
 at least till all such Base Money can be abated : The 
 meer Reforming of which would take up a considerable 
 time, and be a new trouble and difficulty after the 
 Ending of the present War, and after the Re-establish- 
 ment of the Trade and Wealth of the Kingdom. 
 
 Fifthly, Our present Standard is well known in the 
 World, the same agreeing with most of the Foreign 
 Mints in Europe, and aU Foreigners that deal with us, 
 regard the Intrinsick Value more than the Extrinsick 
 Denomination, and Exchange with us accordingly. If 
 Base Money should be made, the Intrinsick Value 
 thereof would be uncertain, or might be disputed ; and 
 in Disputes of such a Nature, it is more likely that they 
 will gain upon us, than we upon them, and so the 
 Exchange become more to our prejudice than it is at 
 present. 
 
 Sixthly, The Debasing of Money by Publick Authority 
 is needless and frivolous ; for whatsoever Advantages 
 (grounded upon necessity) can be propos'd thereby, 
 wiU arise more easily, and have better Precedents in 
 Raising the Value of the Standard; which is the next 
 Subject to be Discussed : Not doubting but that your 
 Lordships by these, and other Reasons which might be 
 given (if they were not too tedious) will be fully con- 
 vinced. That the present Standard of Fineness is to be 
 continued. 
 
 The Fourth thing which I have undertaken, in respect 
 of the Standard, is to set forth how the Value of the 
 Gold and Silver ia the English Coins hath been RaisM 
 from time to time, which considers the Weight and 
 Number of the Pieces in the Pound Troy. And 
 because (in case of new making Silver Moneys) the 
 Adjusting and EstabHshing the Extrinsick Value or 
 Denomination thereof, at which the same must have 
 Course, is of the greatest Moment and Consideration 
 
 19 in 
 
188 An Essay for Amendment 
 
 in this Affair, both to the King and all his People ; I 
 could not spare my self the trouble of making the 
 following Deduction from the Indentures of the Mint ; 
 which being duly meditated upon, will give a good deal 
 of Light and Precedent for the Rates, to which the 
 Value of Gold and Silver in our Coins are to be Raised 
 and Established at this time. 
 28 E. I. An Indented Tryal-piece of the goodness of Old 
 
 Sterling was lodged in the Exchequer, and every Pound 
 Weight Troy, of such Silver was to be shorn at Twenty 
 Shillings Three Pence, according to which, the Value 
 of the Silver in the Coin, was One Shilling Eight 
 Pence Farthing an Ounce. 
 
 Memorandum, I find no farther Indentures concerning 
 this Matter from Edward the First, till Edward 
 the Third. 
 
 18 E. 3. Every Pound Weight of Gold of the Old Standard 
 
 abovementioned, namely. Twenty three Carats, Three 
 Grains and a Half Fine, and Half a Grain Allay, was 
 to be Coined into Fifty Florences, to be Currant at Six 
 Shillings apiece; aU which made in Tale Fifteen 
 Pounds, or into a proportionable Number of Half- 
 Florences, or Quarter-Florences : This was by Inden- 
 ture between the King and Walter de Dunflower, Master 
 and Worker. 
 
 Eod.an. A Pound Weight of Gold of the Old Standard 
 
 abovementioned, was to contain Thirty nine Nobles and 
 an Half, at Six ShilHngs Eight Pence apiece, amount- 
 ing in the whole to Thirteen Pounds Three Shillings 
 and Four Pence in Tale, or a proportionable Number of 
 Half-Nobles and Quarter-Nobles : Which was by an 
 Indenture between the King and Percivall de Perche. 
 
 Memorandum, By this Indenture the Tryal of the 
 Fix was Established. 
 
 30 A 
 
of the Silver Coins. 189 
 
 A Pound Weight of Gold of the said Old Standard, 20 B. 3. 
 was to make by Tale Pourty Two Nobles at Six Shil- 
 lings Eight Pence apiece, amounting to Fourteen 
 Pounds, or a proportionable Number of Half-Nobles, 
 and Quarter -Nobles : And a Pound "Weight of the Old 
 Sterling Silver was to make Twenty-two Shilliags Six 
 Pence : And Percival de Perche was Master. 
 
 The like when John Donative, of the Castle of 23. 
 Florence, and Philip John Denier were Masters and 
 Workers. 
 
 Memorandum, By this Indenture were also Coined 
 Half-pence and Farthings of Silver. 
 
 A Pound Weight of Gold of the Old Standard was 27. 
 to make by Tale Pourty five Nobles, amounting to 
 Pifteen Pounds, or a proportionable Number of Half 
 or Quarter Nobles : And a Pound Weight of Silver of 
 the Old Sterling to make by Tale Seventy five Grosses 
 (i. e. Groats) amounting to Twenty five Shilhngs, or 
 One hundred and fifty Half-Grosses, going for Two 
 Pence apiece, or Three hundred Sterlings going for 
 Pence apiece : And Henry Brissell was Master and 
 Worker. 
 
 The like, only adding Half Sterlings, of which Six 30 E. 3. 
 hundred in a Pound Troy. 
 
 The like. 37. 
 
 The like : And Bardet de Malepilys was Master and 46. 
 Worker. 
 
 The like : And Nicholas Malakin, a Florentine, was 18 E. 2. 
 Master and Worker. 
 
 The like : And here Half-pence are called Mailes. 3 h. 4. 
 
 A Pound Weight of Gold of the said Old Standard 9 h. 5. 
 was to make by Tale Pifty Nobles, or One hundred 
 Half Nobles, or Two hundred Quarter Nobles, amount- 
 ing to Sixteen Pounds, Thirteen Shillings, and Pour 
 
 31 Pence 
 
190 An Essay f 07' Amendment 
 
 Pence in Tale. And a Pound "Weight of Silver of the 
 said Old Standard, was to make by Tale Ninety Grosses 
 or GroatSj or One hundred and eighty Half-Groz, or 
 Three hundred and Sixty Sterlings, or Seven hundred 
 and twenty Mailes, or One thousand four hundred and 
 fourty FarthingSj amounting to Thirty Shillings : And 
 Bartholomew Goldbeater was Master and Worker. 
 
 1 H. 6. A Pound Weight of Gold of the said Old Standard 
 
 was Coin'd into Pourty five Riallsj going for Ten Shil- 
 lings apiece, or a proportionable Number of Half- 
 Rial] s, going for Five Shillings apiece, or Riall-Far things, 
 going for Two Shillings and Sixpence apiece, or into 
 Sixty Seven Angels and an Half, going for Six Shil- 
 lings and Eight Pence apiece, or a proportionable 
 Number of Angelets going for Three Shillings and 
 Four Pence apiece : And consequently the Pound Troy 
 of Gold was Coined into Twenty two Pounds Ten Shil- 
 hngs by Tale, and a Pound Weight of Silver of the 
 Old Sterling was Coined into One hundred and twelve 
 Groats and an half, making in Tale Thirty seven Shil- 
 lings and Six Pence, or a proportionable Number of 
 Half-Groz, Sterlings or Pence, Half-pence or Far- 
 things : And here Sir Giles Dawbeny was Master and 
 Worker. 
 
 4 H. 6. Is the same with that of the Ninth of Henry the 
 
 Fifth, lowering the Gold to Sixteen Pounds Thirteen 
 Shillings and Four Pence, and the Silver Moneys to 
 Thirty Shillings : and Robert Mansfeild was Master and 
 Worker. 
 
 Note, Here the Value of the Silver as well as the Gold 
 in the Coins was brought down again. 
 
 •n The same. 
 
 49. 
 
 24. A Pound Weight of Gold of the said Old Standard 
 
 was to make by Tale Sixty seven Angels and an Half 
 
 32 at 
 
of the Silver Coins. 191 
 
 at Six Shilliugs Eight Pence apiece^ amounting to 
 Twenty two Pound_s Ten Shillings, and a Pound Weight 
 of Silver of the said Old Sterling was to make by Tale 
 One hundred and twelve Groats and an Half, amounting 
 to Thirty seven Shillings and Six Pence, or proportion- 
 ably in the lesser Coins : And Sir Richard Constable 
 was Master and Worker. 
 
 A Pound Weight of Gold of the said Old Standard 4 E. 4. 
 was to make by Tale Twenty Pounds Sixteen Shillings 
 and Eight Pence, and a Pound Weight of Silver, Old 
 Sterling, was to make Thirty seven Shillings and Six 
 Pence, as in the last Article : And William Lord 
 Hastings was Master and Worker. 
 
 A Pound Weight of Gold of the Old Standard was 5. 
 to make Pourty five Nobles going for Ten Shillings 
 apiece, or Ninety Half Nobles, or One hundred and 
 Eighty Quarter Nobles, or Sixty seven and an Half of 
 the Pieces impressed with Angels going for Six Shillings 
 Eight Pence each, and consequently was Coined into 
 Twenty two Pounds Ten Shillings by Tale, and the 
 Silver Moneys were shorn at Thirty seven Shillings and 
 Six Pence the Pound Weight Troy. This Indenture 
 was between the King and the Lord Hastings His 
 Chamberlain, and Master and Worker and Warden of 
 all his Exchanges and Outchanges in England and 
 
 The like. 8 E. 4. 
 
 The like. 11. 
 
 The like. 16. 
 
 The like : But Bartholomew Read was Master and 22. 
 Worker. 
 
 The like : And Robert Brackenbury was Master and 1 R. ,3. 
 Worker. 
 
 The like: Kudi Robert Fenrother and William Read K. 7. 
 were Masters and Workers. 
 
 33 A 
 
192 An Essay for A mendment 
 
 * 1 H. 8, A Pound Weight of such Gold to be Coined into 
 
 Twenty seven Pounds by Tale; to wit, into Twenty 
 four Sovereigns, at Twenty two Shillings and Six 
 Pence apiece, or Fourty eight RiaUs at Eleven Shillings 
 and Three Pence apiece, or Seventy two Angels at 
 Seven Shillings and Six Pence apiece, or Eighty one 
 George-Nobles at Six Shillings and Eight Pence apiece, 
 or One hundred fourty and four Half Angels at Three 
 ShiUings and Nine Pence apiece, or One hundred sixty 
 and two Fourty-peny Pieces, at Three Shillings and 
 Four Pence apiece; and a Pound Weight of Gold of 
 the Fineness of Twenty two Carats only, was to be 
 Coined into One hundred Crowns and an Half of the 
 Double Rose, or Two hundred and one Half-Crowns, 
 making by Tale Twenty five Pounds two Shillings and 
 Six Pence ; and a Pound Weight of Silver of the Old 
 Sterling, was Coined into One hundred and thirty five 
 Groats, or Two hundred and seventy Half-Groats, or 
 Five hundred and fourty Sterlings {i.e. Pence) or One 
 thousand and eighty Half -pence, or Two thousand one 
 hundred and sixty Farthings; and so every Pound 
 Weight of Sterling Silver was Coined into Fourty five 
 Shillings by Tale : And Ralph Rowlett and Martin 
 Bowes were Masters and Workers. 
 
 23 H. 8. The Hke. 
 
 34 H. 8. A Pound Weight of Gold of Twenty three Carats 
 
 Fine, and One Carat Allay, was Coined into Twenty 
 eight Pounds Sixteen Shillings by Tale (by which 
 Indenture there were Coined Sovereigns at Twenty 
 Shillings apiece. Half- Sovereigns at Ten Shillings, 
 
 24 Angels 
 
 * Folkes and Ruding have shown that this date is erroneous, 
 and that the Indenture referred to belongs to the 18th and not 
 to the Ist year of Henry's reign. — Euding On the Coinoffe, 3rd 
 ed. I. p. 301 and p. 305. 
 
of the Silver Coins. 193 
 
 Angels at Eight Shillings, Angelets at Pour Shillings, 
 and Quarter Angelets at Two Shillings apiece) and a 
 Pound "Weight of Silver of Ten Ounces Fine, and Two 
 Ounces Allay, was Coined into Fourty eight Shillings 
 by Tale, Namely, into Testoons (going for Twelve 
 Pence apiece) Groats, Half-Groats, Pence, Half-Pence 
 and Farthings. 
 
 A Pound Weight of Gold of Twenty two Carats Fine, 36 H. i 
 and Two Carats AUay, was Coined into Thirty Pounds 
 by Tale ; to wit, into Thirty Sovereigns at Twenty 
 Shillings apiece, or Sixty Half-Sovereigns at Ten Shil- 
 lings apiece; or One hundred and twenty Crowns at 
 Five Shillings apiece, or Two hundred and fourty Half- 
 Crowns : And the King had Two Carats of Fine Gold 
 for Coinage, which yielded him Fifty Shillings. And 
 Silver was Coined by the same Indenture of Six Ounces 
 Fine, and Six Ounces Allay, into Fourty eight Shillings 
 by Tale. This Silver was to be Coined into Testoons, 
 Groats, Half-Groats, Pence, Half -Pence, and Farthings; 
 and the Indenture was between the King and Sir 
 Martin Bowes, and others. 
 
 A Pound Weight of Gold of Twenty Carats Fine, 37 H. f 
 and Four Carats AUay, was Coined into Thirty Pounds 
 by Tale, as in the last ; and the King had Four Carats, 
 which yielded him Five Pounds Two Shillings : And a 
 Pound Weight of Silver of Four Ounces Fine, and 
 Eight Ounces Allay was Coined into Fourty eight 
 Shillings by Tale, which raised the Pound Weight of 
 Fine Gold to Thirty six Pounds; and the Pound 
 Weight of Fine Silver to Seven Pounds Four Shillings. 
 
 A Pound Weight of Gold of Twenty Carats Fine, l B. 6. 
 and Four Carats Allay, was Coined into Thirty Pounds 
 by Tale, out of which the King had a great Profit ; and 
 a Pound of Silver of Four Ounces Fine, and Eight 
 Ounces Allay, was Coined into Fourty eight Shillings ; 
 after which Rate every Pound of Fine Silver made in 
 
 25 Currant 
 
194 An Essay for Amendment 
 
 Currant Money Seven Pounds Four Shillings, and the 
 
 King's Profit on every Pound Weight vras Pour Pounds 
 
 Four Shillings : John York and others were Masters 
 
 and Workers of the Mint in Southwark. 
 Mod. an. Another Indenture to the same Effect with William 
 
 Tilsworth at Canterbury. 
 Eod. an. Another Indenture to the same Effect with Sir 
 
 Martin Bowes for the Tower. 
 2. B. 6. Another Indenture to the same Effect with George 
 
 Gale for the Mint at York. 
 Eod. an. Another Indenture to the same Effect with John 
 
 York for Southwark, differing only in the Charge of 
 
 Coinage. 
 Eod. an. Another Indenture to the same Effect with William 
 
 Tilsworth, differing only in the Charge of Coinage. 
 
 3 B. 6. ^ Pound Weight of GoM of Twenty two Carats Fine, 
 
 and Two Carats Allay, was to be coined into Thirty 
 four Pounds by Tale, into Sovereigns at Twenty Shil- 
 lings apiece. Half- Sovereigns at Ten Shillings apiece. 
 Crowns at Five Shillings, and Half-Crowns at Two 
 Shillings Six Pence apiece : And a Pound Weight of 
 Silver of Six Ounces Fine, and Six Ounces Allay, was 
 to be Coined into Seventy two Shillings ; which Shil- 
 lings were to go for Twelve Pence apiece by Tale, of 
 which the Merchant', for every Pound Weight of Fine 
 Silver, Received Three Pounds Four Shillings, and the 
 King above Four Pounds Gain, by a Commission to 
 Sir Edmund Peckham and others. 
 
 4 E. 6. A Pound Weight of Gold of the Old Standard, of 
 
 Twenty three Carats, and Three Grains and a Half 
 Fine, was Coin'd into Twenty eight Pounds Sixteen 
 Shillings by Tale, to wit, into Sovereigns at Twenty 
 four Shillings a piece, Half- Sovereigns at Twelve Shil- 
 lings a piece. Angels at Eight Shillings apiece, and 
 Half- Angels at Four ShiUings apiece, by a Commission 
 to Sir Edmund Peckham and others. 
 
 26 A 
 
of the Silver Coins. 195 
 
 A Pound Weight of Silver of Three Ounces Fine, 6 E. 6. 
 and Nine Ounces AUay, was Coined into Seventy two 
 Shillings at Twelve Pence apiece ; And the Merchant 
 Received for every Ounce of Fine Silver which he 
 should bring to the Mint, Ten Shillings of such Money, 
 by which means Twelve Ounces of Fine Silver was 
 exorbitantly Raised to Fourteen Pounds eight Shillings, 
 by a Commission to Sir Edmund Peckham and others. 
 
 A Pound Weight of Gold, of the Old Standard 6 K 6. 
 aforesaid, was Coined into Thirty six Pounds by Tale, 
 to wit. Twenty four Sovereigns at Thirty Shillings 
 apiece. Seventy two Angels at Ten Shillings apiece, or 
 One hundred fourty four Half- Angels : And a Pound 
 Weight of Crown Grold of Twenty two Carats Fine, and 
 Two Carats Allay, was Coined into Thirty three Pounds 
 by Tale, viz. Thirty three Sovereigns at Twenty Shil- 
 lings apiece, or Sixty six Half- Sovereigns at Ten Shil- 
 lings apiece, or One hundred thirty two Crowns, or 
 Two hundred sixty four Half-Crowns : And a Pound 
 Weight of Silver, consisting of Eleven Ounces, One 
 Penny Weight Fine, and Nineteen Peny Weight 
 Allay, was Coined into Three Pounds by Tale, viz. 
 Twelve Crowns, or Twenty four Half-Crowns, or Sixty 
 Shillings, or One hundred twenty Six-pences, or Two 
 hundred fourty Three-pences, or Seven hundred twenty 
 Pence, or One thousand four hundred and fourty Half- 
 Pence, or Two thousand eight hundred and eighty 
 Farthings. 
 
 A Pound Weight of Gold, of the Old Standard, was 1 M. 
 Coined into Thirty six Pounds ; and a Pound Weight 
 of Silver Eleven Ounces Fine, was Coined into Three 
 Pounds by Tale : And Thomas Egerton was Master and 
 Worker. 
 
 A Pound Weight of Gold, of the Old Standard, of 2 Bliz. 
 Twenty three Carats three Grains and an Half Fine, 
 was Coined into Thirty six Pounds by Tale; to wit, 
 
 27 into 
 
196 An Essay for Amendment 
 
 into Twenty four Sovereigns at Thirty Shillings apiece, 
 or Forty eight Rialls at Fifteen Shillings apiece, or 
 Seventy two Angels at Ten Shillings apiece, or One 
 hundred fourty and four Half-Angels at Five Shil- 
 lings apiece : And a Pound Weight of Crown Gold of 
 Twenty two Carats Fine, and Two Carats Allay, was 
 Coined into Thirty three Pounds by Tale (to wit, 
 Thirty three Sovereigns at Twenty Shillings apiece, or 
 Sixty six Half- Sovereigns at Ten Shillings' apiece, or 
 One hundred thirty two Crowns at Five Shillings 
 apiece, or Two hundred sixty four Half-Crowns). And 
 a Pound Weight of the Old Sterling Silver, to wit. 
 Eleven Ounces Two Peny Weight Fine, and Eightedii 
 Peny Weight Allay, was Coined into Three Pounds hy 
 Tale, of Half- Shillings, Groats, Quarter-Shillings, Half- 
 Groats, Three-half-peny Pieces, Pence and Farthings, 
 by Indenture between the Queen, Sir Thomas Standly 
 and others. 
 
 19 Eliz. John Lonison, Master and Worker, Covenanted to 
 
 Coin a Pound of Gold of the Old Standard into Seventy 
 two Angels at Ten Shillings apiece. One hundred fourty 
 four Half-Angels at Five Shillings apiece, or Two 
 hundred eighty eight- Quarter-Angels, amounting in 
 Tale to Thirty six Pounds; and a Pound Weight of 
 Old Sterling Silver into Half-Shillings, Three- pences, 
 Three-half-peny Pieces, or Three-farthing Pieces, to 
 make Three Pounds by Tale. 
 
 25 Eliz. Richard Martin Covenanted to Coin Gold, as in the 
 
 last; and a Pound of Silver into Sixty Shillings, or 
 into Three Pounds by Tale, in any of the Denomina- 
 tions mentioned in the last Indenture. 
 
 26. A Commission to him to Coin the Pound Troy of 
 
 Old Standard Gold into Fourty eight Nobles at Fifteen 
 Shillings apiece, or Twenty four Double Nobles at 
 Thirty Shillings apiece, making Thirty six Pounds. 
 
 35. The same to Coin the Pound Weight of Gold of 
 
 28 Twenty 
 
of the Silver Coins, 197 
 
 Twenty two Garats Fine, and Two Carats Allay into 
 Thirty three Sovereigns^ at Twenty Shillings apiece, or 
 Sixty six Half-Sovereigns, or One hundred thirty two 
 CrownSj or Two hundred sixty four Half-Crowns, 
 making Thirty three Pounds by Tale. 
 
 The same to Coin the Pound Weight of Old Stan- AZ 'EAiz. 
 dard Gold into Seventy three Angels at Ten Shillings 
 apiece, or One hundred fourty and six Half-Angels, or 
 Two hundred ninety two Quarter Angels, making 
 Thirty six Pounds Ten Shillings in Tale; and. the 
 Pound Weight of Gold, of Twenty two Carats Fine, 
 and Two Carats Allay, into Thirty three Sovereigns and 
 an Half, at Twenty Shillings apiece, or Sixty seven 
 Half- Sovereigns, or One hundred thirty four Crowns, 
 or Two hundred sixty eight Half-Crowns, making 
 Thirty three Pounds Ten Shillings in Tale; and the 
 Jound Weight of Old Standard Silver into Three 
 Pounds two Shillings by Tale ; Namely, into Crowns, 
 Half-Crowns, Shillings, Six-pences, Two-pences, Pence 
 and Half-pence. 
 
 Sir Richard Martyn Knight, and Richard Martyn g j j 
 his Son, Masters and Workers, Covenanted to Coin a 
 Pound Weight of Gold of Twenty two Carats Fine, 
 and Two Carats Allay, into Thirty seven Pounds four 
 Shillings by Tale, viz., into Unites going for Twenty 
 Shillings, Double-Crowns at Ten Shillings, Britain- 
 Crowns at Five Shillings, Thistle-Crowns at Four Shil- 
 lings, and Half-Crowns at Two Shillings Six-pence 
 apiece; And a Pound Weight of Silver of the said 
 Old Standard, into Sixty two Shillings by Tale; 
 Namely, into Shillings, Six-pences, Two-pences, Pence, 
 Half-pence, Crowns and Half-Crowns. 
 
 A Pound, Weight of Gold of the Old Standard of 3 Jac. i. 
 Twenty three Carats, Three Grains and an Half Fine, 
 was Coined into Fourty Pound Ten Shillings by Tale ; 
 to wit, into Rose-Uialls at Thirty Shillings apiece, 
 
 29 Spur-Rialls 
 
198 An Essay for Amendment 
 
 Spur-Rialls at Fifteen Shillings, and Angels at Ten 
 Shillings apiece. 
 
 9 Jac. 1. There was a Proclamation for Raising Gold Two 
 
 Shillings in every Twenty Shillings. 
 
 10- A Pound Weight of the Old Standard Gold was to 
 
 be Coined into Fourty four Pounds by Tale ; to wit, 
 Rose-RiaUs, Spur-RiaUs, and Angels; and a Pound 
 Weight of Gold of Twenty two Carats Fine, was 
 Coined into Fourty Pounds Eighteen Shillings and 
 Four Pence ; to wit, into Unites at Twenty two Shil- 
 lings, Double-Crowns at Eleven Shillings, British- 
 Croons at Five Shillings and Six-pence, Thistle-Crowns 
 at Four Shillings and Four Pence Three Farthings, or 
 Half-British Crowns at Two Shillings and Nine Pence 
 apiece. 
 
 2 Car. 1. A Pound Weight of Gold, of the Old Standard of 
 
 Twenty three Carats Three Grains and an Half Fine, 
 and Half a Grain AUay, was Coined into Fourty foar 
 Pounds Ten Shillings by Tale, to wit, into Rose-Rialls 
 at Thirty Shillings apiece, Spur-Rialls at Fifteen Shil- 
 lings apiece, or Angels at Ten Shillings apiece ; and a 
 Pound Weight of Crown Gold of Twenty two Carats 
 Fine, and Two Carats Allay, into Fourty one Pounds 
 by Tale, to wit, into Unites at Twenty Shillings, Double 
 Crowns at Ten Shillings, or British-Croyfns at Five 
 Shillings apiece; and a Pound of Silver of the Old 
 Standard of Eleven Ounces, Two Peny Weight Fine, 
 into Sixty two Shillings by Tale ; Namely, into Crovms, 
 Half-Crowns, Shillings, Half-shillings, Two-pences, 
 Pence, and Half-pence, by Indenture between the 
 King and Sir Robert Harleigh. 
 
 12 C. 2. The like both for Gold and Silver Moneys, by Inden- 
 
 ture between the King and Sir Ralph Freeman. 
 
 22. ^n Indenture between the King and Henry Slingsby 
 
 Master and Worker, to Coin Crown Gold Twenty two 
 Carats Fine, and Two Carats Allay into Fourty four 
 
 30 Pounds 
 
of the Silver Coins. 199 
 
 Pounds Ten Shillings by Tale ; to wit, into Pieces to 
 run for Ten Shillings, Twenty Shillings, Fourty Shil- 
 lings, or PivB Pounds apiece ; and a Pound of Silver of 
 the Old Standard into Three Pounds Two Shillings by 
 Tale, to wit, into Crowns, Half-Crowns, Shillings, Half- 
 shillings, Groats, Half-sixpences, Half-Groats and 
 Pence. 
 
 A Pound Weight of Gold, Twenty two Carats Fine, l Jac. 2. 
 and Two Carats Allay, to be Coined into Fourty four 
 Pounds Ten Shillings by Tale ; and a Pound Weight of 
 Silver of the Old Standard into Sixty two Shillings by 
 Tale, just as the preceding Indenture : And Thomas 
 Neale, Esq. ; was Master and Worker. 
 
 The like. l W. & M. 
 
 By the careful observing of which Deduction here 
 made, from the Indentures of the Mint for above Pour 
 hundred years past (many of which are yet extant, and 
 have been seen and examined by me) it doth evidently 
 appear. That it has been a policy constantly Practised 
 in the Mints of England (the like having indeed been 
 done in all Foreign Mints belonging to other Govern- 
 ments) to Raise the Value of the Coin in its Extrinsick 
 Denomination, from time to time, as any Exigence or 
 Occasion required ; and more especially to Encourage 
 the bringing of Bullion into the Realm to be Coined 
 (though sometimes, when the desired End was obtained, 
 the Value has been suffered to fall again.) So that in 
 the whole Number of Years, from the Twenty eighth 
 of Edward the First, until this time, by such Variations 
 the Extrinsick Value or Denomination of the Silver is 
 Raised in about a Triple Proportion ; that is to say. In 
 the Reign of the said King Edward the First (as is 
 plain by this Narrative) a Pound Weight Troy of 
 Sterling Silver was shorn at Twenty Shillings and 
 Three Pence, and consequently Two hundred fourty 
 three Pence, or Twenty ShilUngs and One Fourth of a 
 
 31 Shilling 
 
200 An Essay for Amendment 
 
 Shilling, or One Pound and One Eightieth Part of a 
 Pound by Tale, were then Coined, out of the said Pound 
 Weight IVoy : Whereas at this day, and for about 
 Ninety years past, a Pound Weight Troy of like Silver, 
 is and hath been Coin'd into Seven hundred fourty four 
 Pence, or Sixty two Shillings, or Three Pounds, and 
 One tenth of a Pound by Tale, the Pound Weight Troy 
 having then and now the same Weight and Fineness. 
 And as to the Gold, I need only to observe from the 
 foregoing Deduction, That in the Eighteenth of Edward 
 the First, a Pound Weight Fine, Twenty three Carats, 
 Three Grains and one Half, was CoinM into Fifteen 
 Pounds by Tale : Whereas at this day a Pound Weight 
 of Gold, of the Fineness only of Twenty two Carats, 
 is Coined into Fourty four Pounds Ten Shillings; i And 
 this Method of Raising the Extrinsick Value of the 
 Gold and Silver, in the Denominations of the Coins, as 
 it hath been constant almost in the Reign of every 
 King, so no Inconvenience, Disgrace or Mischief' (as 
 can be observed) has ever accrued by the doing thereof 
 at any time, when a Just, Necessary or Reasonable 
 Cause gave Occasion thereunto. 
 
 The which being Premised, and every Project for 
 Debasing the Money (by the Reason before given) 
 being Rejected as Dangerous, Dishonourable and Need- 
 less : It remains that our Nation in its present Exigence, 
 may avail it self, by Raising the Value of its Coins, 
 and this may be effected, either by making the respec- 
 tive Pieces called Crowns, Half-Crowns, Shillings, &c.> 
 to be lesser in Weight, or by continuing the same 
 Weight or Bigness, which is at present in the Unclipt 
 Moneys, and Ordaining at the same time, that every 
 such Piece shall be Currant at a higher Price in Tale.. 
 
 But before I proceed to give my Opinion upon this 
 Subject, it seems necessary for me to assert and prove 
 an Hypothesis, which is this, namely. That making the 
 
 32 Pieces 
 
o/ the Silver Coins. 201 
 
 Pieces less, or ordaininff the respective Pieces (of the 
 present Weight) to be Currant at a higher Rate, may 
 equally raise the Value of the Silver in our Coins. -The 
 former of these finds many Precedents in the Inden- 
 tures above recited, but the latter seems more suitable 
 to< our present Circumstances, as will afterwards be 
 shewed more at large. 
 
 This Hypothesis or Theorem is easily demonstrated 
 thus. Let it be granted, That a Crown Piece by the 
 present Standard contains in Sterling Silver (as it really 
 doth) Nineteen Penny Weight, and yffowl parts of a 
 Peny Weight : Or (which is the same thing) Nineteen 
 Peny Weight Eight Grains and an Half, and a very 
 small fractional part more, going at this time for Five 
 Shillings, or Sixty Pence. And let it be supposed 
 (which is practicable, and the thing aimed at) that this 
 v-ery Crown iPiece be ordained to pass for Six Shillings 
 and Three Pence, or (which is equal) Seventy five 
 Pence. Then I say by Inverse Proportion, as Seventy 
 five Pence are to Sixty Pence, so Sixty will be to 
 Fouxty eight Pence, which are equal to Four Shillings. 
 From whence I infer. That if the Extrinsick Value of 
 the Silver now in a Crown were to be Uais'd to Six 
 Shillings and Three Pence (by diminishing the Weight 
 of the Piece according to former Precedents) then such 
 Diminitive Crown must weigh only Four fifths of the 
 said 19. igg^ggg Peny Weight, that is to say, it must 
 weigh Fifteen Peny Weight, and Alllllt parts of a 
 Peny Weight, and in this case Five Three Pences to 
 be Coin'd in the same Proportion, to compleat the 
 Rais'd Value of Six Shillings and Three Pence, must 
 weigh One fourth part of the Diminitive Crown, as in 
 the Margin. Again (by direct Proportion) if 15.4838704 15.4838704 
 
 Peny Weight of Sterling Silver is to go or be Currant ; 
 
 for Five Shillings, or Sixty Pence, then 19,354838 19.3548380 
 Peny Weight of Sterling Silver (which is the Quantity 
 
 33 in 
 
202 An Essay for Amendment 
 
 in an Unclipt Grown by the present Standard, and 
 equal to the Sum or Aggregate of the other Two Quan- 
 tities) ought to go and be Currant for Six Shilhngs and 
 Three Pence, or Seventy iive Pence, and consequently 
 wiU Raise the Extrinsick Value of the Silver, as much 
 as diminishing the Pieces would do ; which was to be 
 demonstrated. 
 
 And now (having cleared my way) I humbly take 
 leave to oiFer my Opinion, That all such Silver Moneys 
 as are after Enumerated of the Lawful Coins of this 
 * Memoran- Realm of England, which are now in being, and are not 
 dum Moneys q,^ qH diminished by Clipping, Rounding, Filing, Wash- 
 clipt, are ing, or any other Artifice, be Raised by Publick Authority 
 afterwards fg ff^g j'Qgf qJ' ^j^ shillings and Three pence for the 
 certain Crown, and proportionably for the other Species, namely, 
 
 Weights, ffig Crown to go for Seventy five pence, the Half-Crown 
 to go for Thirty seven pence and an half-peny, the Shil- 
 ling for Fifteen pence, and the Half-shilling for Seven 
 pence half-peny, leaving all the other old Unclipt Pieces 
 as the Thirteen pence half-peny, the Nine pence, the 
 Groat, Two pence, &c. which are very few in Number, 
 and much worn, to go upon their present Foot, and to 
 find their Values in pence, and parts of a peny, as they 
 do at this day. And that the New Coins to be made, 
 either of the Clipt Money, as it shall be brought in, or of 
 any other Sterling Silver, be made, in their respective 
 Weights or Bigness, by the present Indenture of the 
 Mint, that is to say, One Piece which may be called the 
 Sceptre, or the Silver-Unite, or by such other Name as 
 His Majesty shall Appoint, and to be exactly of the 
 Weight and Fineness of the present Unclipt Crown Piece, 
 but to run for Seventy five Pence Sterling ; of which 
 Pieces so made, there shall be Twelve, and Two fifths of 
 such piece in a Pound Weight Troy ; and Three of the 
 said Pieces called Sceptres or Unites, or by such other 
 Name, as aforesaid, together with a Fifteen Peny Piece, 
 
 34 after 
 
of the Silver Coins. 203 
 
 after Mentioned, shall make by Tale One Pound Sterling, 
 or One Pound of Lawful Money of England, in all 
 Accounts and Lawful Payments whatsoever. Another 
 Piece which may be called the Half-Sceptre or Half- 
 Unite, or by such other Name as His Majesty shall 
 Appoint, which shall be equal in Weight and Fineness to 
 a present Unclipt Half-Crown, but to run for Thirty 
 seven Pence and an Half-peny Sterling; of which Pieces 
 last mentioned, there shall be Twenty four, and Four 
 Fifths of such a Piece in a Pound Weight Troy ; and 
 Six of the said Pieces called Half-Scejitres or Half- 
 Unites, or by such other Name as His Majesty shall 
 Appoint, together with One Fifteen Peny Piece after- 
 mentioned, shall make by Tale One Pound Sterling, or 
 One Pound of Lawful English Money, in all Accounts 
 and Legal Payments whatsoever. One other Piece 
 which may be called the Testoon, or Fifteen Peny 
 Piece, which shall be equal in Weight and Fineness to a 
 present Unclipt Shilling, but to run for Fifteen Pence 
 Sterling, of which there shall be Sixty two in a Pound 
 Weight Troy, and Sixteen of the said Pieces called Tes- 
 toons, or Fifteen Peny Pieces, shall make in Tale One 
 Pound Sterling, or One Pound of Lawful English 
 Money ; or Ten of these Testoons, together with Two 
 such Grosses or Groats, as are after mentioned, will 
 make a Mark Sterling, or Five of them, and One such 
 Gross or Groat, will make a Noble, which the Law used 
 to call the Hauf Merk, or Eight of them will make the 
 Angel, or Four of them will make the Crown, or Two of 
 them will make the Half-Crown : And they may be pro- 
 portionably varied, many other ways in all Accounts, 
 Reckonings and Legal Payments whatsoever. One other 
 Piece, which may be called the Half-Testoon, which shall 
 be equal in Weight and Fineness to the Half-shilling by 
 the present Standard, but to run for Seven Pence Half- 
 peny Sterling, of which there shall be One hundred 
 
 35 twenty 
 
204 An Essay for Amendment 
 
 twenty four in the Pound Weight Trpy ; and Thirty two 
 of the said Pieces to be called Half-Testoons, shall make 
 in Tale One Pound Sterling; or Twenty of these, with 
 Two of the Grosses or Groats, will make a Mark in 
 Tale; or Ten of these Half-Testoons, with one Gross, 
 will make a Noble : or Eight of the said Half-Testoons 
 will make a Crown by Tale; or Five of them with a 
 Half-Groat, will make the Half Noble, or Three Shil- 
 lings and Four pence by Tale ; or Four of the said Half-r 
 Testoons, will make an Half Crown ; or Thirty two of 
 them will make Twenty Shillings by Tale ; or Sixteen of 
 them will make Ten Shilling by Tale ; or Eight of them 
 will make Five Shillings by Tale ; and they may many 
 other ways be proportionably varied in all Accounts, 
 Reckonings and Legal Payments whatsoever. One other 
 piece which may be called the Gross or Five-peny piece, 
 to be equal in Weight and Fineness to a Groat by the 
 present Standard, but to run for Five pence Sterling, of 
 which there shall be One hundred eighty six in thepourtd 
 Weight Troy ; and Fourty eight of the said Grosses or 
 Five-peny pieces, will make in Tale One Pound Ster- 
 ling ; or a proportionable Number of them in many Cases 
 (too tedious here to enumerate) will answer to the said 
 Denominations of Pounds, Marks, Half-Marks, Quarter- 
 Marks, Angels, Crowns, Half -Crowns, Shillings, and 
 Pence used in Accounts, or in Acts of Parliament, 
 Records, or other Legal Instruments, which are abso- 
 lutely necessary to be continued. One other piece which 
 may be called the Quarter-Testoon, which shall be equal 
 in Weight and Fineness to a Three peny piece by the 
 present Standard, but to run for Three pence three far- 
 things Sterling, of which there shall be Two hundred 
 fourty eight in a Pound Weight Troy, and Sixty four 
 of these Quarter-Testoons will make in Tale One Pound 
 Sterling, or a proportionable Number of them will 
 answer in a greater Number of Cases to the said Deno- 
 
 36 minations 
 
of the, Silver Coins. 205 
 
 minations used in Accounts, or in the Laws of England. 
 One other Piece which may be called the Half-Groat 
 or Half-Gross, which shall be equal in Weight and 
 Fineness to a Two peny piece by the present Standard, 
 but to run for Two pence half-peny Sterling, of which 
 there shall be Three hundred seventy two in a Pound 
 Weight Troy, and Ninety six of the said Half-Groats 
 ujill make in Tale One pound Sterling, or a propor- 
 tionable Number of them will answer, in most Cases, 
 to the said Denominations used in Accounts, or in the 
 Laws of England. And one other Piece which may be 
 called the Prime, which shall be equal in Weight and 
 Fineness to a present Standard peny, but to run for 
 Five farthings, or for One peny, and the fourth part 
 of a peny Sterling, of which there shall be Seven hun- 
 dred fourty and four in a Pound Weight Troy, and 
 One hundred ninety and two of the said Primes mil 
 make in Tale One pound Sterling, or a proportionable 
 Number of them (the Combinations whereof are almost 
 infinite) will answer almost in all Cases to the said 
 Denominations used in Accounts, or in the Laws of 
 England. And because it may be convenient to have 
 the Denomination of Shillings continued, let there be 
 added One Piece to be called the Shilling, or Twelve 
 peny Piece, to be equal in Fineness, though not in 
 Weight, to any Standard Money now in being, to run 
 for Twelve pence Sterling, ("which will be a Fifth part 
 less in Weight then the present Shilling) of these there 
 shall be Seventy seven and an Half in a Pound Weight 
 Troy, and Twenty of them will make a Pound by Tale, 
 whereby every Pound Weight Troy of the Silver Moneys 
 aforesaid, will be and hold in Number and Tale, and in 
 the Value will be Rais'd from Three pounds Two shil- 
 lings, to Three pounds Seventeen shillings and Six pence 
 Sterling, by the Pound Troy : And my Reasons for this 
 Opinion are as follows : 
 
 37 First, 
 
206 An Essay for Amendment 
 
 First, The Value of the Silver in the Coin ought to 
 be Eaised to the Foot of Six Shillings Three Pence in 
 every Crown, because the Price of Standard Silver in 
 Bullion is Risen (from divers necessary and unnecessary 
 Causes, producing at length a great scarcity thereof in 
 England) to Six Shillings Five Pence an Ounce : This 
 Reason (which I humbly conceive will appear irre- 
 fragable) is grounded chiefly upon a Truth so Apparent, 
 that it may well be compared to an Axiom even in Mathe- 
 matical Reasoning, to wit. That whensoever the Ewtrin- 
 sick Value of Silver in the Coin hath been, or shall be 
 less than the price of Silver in Bullion, the Coin hath 
 been, and will be Melted down. Although the melting 
 down of Coin, for private Lucre, be done in secret 
 (because 'tis Punishable by *Law) yet no man can 
 doubt but that it has been Practised for a long time 
 past, to such a Degree, upon the "Weighty Money, as 
 that in particular, the Crowns and Half-Crowns of 
 Edward the Sixth and Queen Elizabeth are quite 
 vanished : Those of King James the First are become 
 veiy rare : Those of King Charles the First (though 
 the most numerous of all that remain) are in a great 
 measure Reduced, and will appear to be so the more 
 plainly, when they come to be distinguished from the 
 Counterfeits, which are mostly contrived to Resemble 
 these : The Crowns, Half-Crowns, and indeed the lesser 
 Coins of King Charles the Second (the far greatest part 
 whereof were Milled Money) in all Payments at the 
 
 38 Exchequer, 
 
 * 9 B. 3. & 17 B. 2. Prohibited Goldsmiths and others to Melt 
 down small Coins, under Pain of Forfeiture of the Molten Silver. 
 
 14 Car. 2. Prohibited the Mdting any the Silver Moneys, under ' 
 Pain of Forfeiting the same, and double the Volume ; if by a Free- 
 man, he is to be Disfranchised; and if not a Freeman, he is to be 
 Imprisoned Six Months. 6 & 7 W. cfe M. makes the Conviction of ' 
 Metiers more Practicable, and inflicts Six Months Im/prisonTnent for 
 the Offence. 
 
of the Silver Coins. 207 
 
 E:scliequer, and other Publick Offices^ do not, by 
 Estimation, exceed the Proportion of Ten Shillings per 
 Cent, or a Two hundreth Part. And if this Wicked 
 Fact of Melting down has been notoriously Committed, 
 at times when there was no great difference between 
 the Value of the Silver in the Coin and that in the 
 Bullion ; or when the Goldsmiths and other Artificers 
 could make no other Profit thereby, than the small 
 Overweight, which (by Weighing and Culling the Pieces 
 Coin'd at the Tower) they found to be in some of them, 
 which being Molten, might be carried back to the Mint, 
 and there Re-coin'd at the King's Charge into a greater 
 Number by Tale for their own Use : Then one may 
 easily conclude. That the temptation of Melting down, 
 is grown of late much more prevalent ; since, at this 
 day. Standard Silver in Bullion is commonly sold at 
 the said Price of Six Shillings, and Five Pence, or^for 
 Seventy seven Pence an Ounce. And in regard Twenty 
 Peuy Weight (equal to an Ounce) bears the same Pro- 
 portion to Seventy seven Pence as Nineteen Peny 
 Weight, and TolToff of O^ie Peny Weight (equal to the 
 Standard Silver contained in a Crown Piece) doth to 
 Six Shillings and Two Pence Half-peny; it is most 
 plain, that he that now Melts down (for instance) a 
 Crown Piece, which whilst it retains the Image and 
 Superscription of His Majesty, or either of the late 
 King's runs only for Five Shillings, can immediately 
 sell the Silver of it here for Six Shillings and Two 
 Pence Half-peny, and gain the Sum of Fourteen Pence 
 Half-peny upon every such Melted Piece, by such Sale 
 of the Silver here, or (by reason of the great Loss 
 which this Nation at present suffers in its Foreign 
 Exchange or Hemittances) he may make a greater 
 Profit of the same Silver, by Exporting it into Foreign 
 Parts, if he can effect the same, either by Stealth, or by 
 Eluding the late Act of Parliament, Prohibiting such 
 
 39 Exportation. 
 
208 An Essay for Amendment 
 
 Exportation. One may also foresee, that contiuuing 
 the Silver Moneys (either Old or New Coins) upon the 
 present Foot, whilst Bullion is so much dearer, will 
 inevitably produce Consequences pernicious to the 
 whole ; iu eiFect it will be nothing else but the furnish- 
 ing Offenders with a Species to Melt down at an 
 extravagant Profit, and encouraging not a necessary, 
 but a violent and exorbitant Exportation of our Silver 
 to the Foreign Parts, for the sake of the Gain only, till 
 we shall have little or none left in the Kingdom. And 
 upon an Impartial Consideration of these Matters, we 
 may be able to make a more mature Judgment upon 
 the Suggestion that has been raised by some Men; 
 Namely, That Raising the Value of our Coin, or Con- 
 tinuing it on the present Foot will be the same thing. 
 If these Gentlemen mean,- that Silver in Bullion will 
 always, during this War, be dearer than Silver in Coin, 
 because of the necessity to Export it for the Foreign 
 Expence of the War, and to answer the Ballance of 
 Trade, occasioned by the Interruption of our Naviga- 
 tion, I answer. 
 
 First, That this Necessity may be diminished ; but it 
 cannot in any Sence be Augmented, by Raising the 
 Value of our Coin. 
 
 Secondly, That supposing the worst, to wit, a further 
 Advance of the Silver in Bullion, yet even in that case, 
 the Offenders before mentioned wiU not find so much 
 Incouragement or Temptation, when their Profit, what- 
 soever it be, upon every Raised Crown, must evidently 
 be less by Fourteen Pence Half-peny than it is at 
 present, upon a Crown running in Payment for Five 
 Shillings only. 
 
 Thirdly, It is hoped that the Exchange to Holland, 
 (which by the way has risen a little of late) may by 
 the Success of some good Designs now on Foot (though 
 the War should continue) be kept at a stand, at least 
 
 40 from 
 
of the Silver Coins. 209 
 
 from falling mucli lower. In which Case I think the 
 Arguments of these Gentlemen will have little or no 
 Weight. 
 
 Fourthly, There must be a great difference with 
 regard to the Service and Disservice of the PubHck, 
 between a necessary Exportation of Bullion or Coin, 
 (perhaps the One may be as well Dispensed with as the 
 other, by Publick Authority, and to a Limited Sum 
 only for the Service of the War) and such an Exporta- 
 tion thereof, as proceeds Originally from the said 
 exorbitant Profit of the Melters, who being Goldsmiths, 
 Refiners, or other Traders, and by this Means, and by 
 the Clippings, getting great Quantities of Molten Sil- 
 ver into their Hands, know well enough (though by 
 Unlawful or Indirect Means) to convey the same beyond 
 Sea, either to buy Gold there, which is afterwards 
 brought hither and Coin'd into Guineas, passing at 
 Thirty Shillings apiece 5_ or to buy Prohibited Goods, 
 as Lace, Lustrings, Muslins, divers East-India Goo&s, 
 or other enumerated Commodities, or for other Pur- 
 poses, which, though unlawful or needless, do all help 
 or combine, at this time, to Augment and Inhance that 
 Ballance of Trade between us and our Neighbours, 
 very much to our Detriment, as will be shewM hereafter. 
 Fifthly, These Gentlemen consider only the use of 
 our Coin in England, as it hath Relation to Foreign 
 Exchanges or Remittances, whereas it serves principally 
 the Inland Commerce, and supplies many other occa- 
 sions, which will be advantaged by the Rise and Plenty 
 thereof. And whereas it is apprehended that the pro- 
 posed Advance of the Silver in the Coin, will produce a 
 proportionable loss in all Rents and Revenues, Publick 
 or Private, settled or ascertained by Antecedent Reser- 
 vations, Grants or Agreements, and in all Debts now 
 standing out upon Specialty, or without Specialty : I 
 humbly conceive these Apprehensions must entirely 
 
 41 vanish 
 
210 An Essay for Amendment 
 
 vanish, when it shall be impartially c&nsidered, That 
 this Nation is, and hath been for some time past, 
 ingaged in a necessary War, which hath not only 
 caused a great Expence of our Wealth in Foreign Parts, 
 of Europe, but hath Interrupted the Navigation, which> 
 used to Supply us from East and West Indies, and from 
 other Parts of Asia, Africa and America, with muchs 
 greater Quantities of Goods than served our own Con- 
 sumption, and consequently afforded us a large Over-, 
 plus, which, together with our own Native Product or 
 Manufacture, were Exported to our Neighbour Nations, 
 in Barter or Exchange for the Goods we received of 
 them. That reckoning on the one side the Value of 
 the Naval Stores, Linens, Silks, Salt-Petre, and many 
 other Enumerated Commodities, which we receive fifom, 
 our Neighbours, and adding thereunto our Foreign 
 Expence for the War : And on the other side the Valu^, 
 of so much of our Native Manufactures, or Produce, 
 and the small Overplus of Goods brought from iheEast 
 and West Indies, &c. as we have lately Expprted, or can 
 Export into our Neighbour Nations of Europe,, there, 
 would appear a great Difference or Excess between the 
 one side and the other of such Account or Reckoning ; 
 which Difference or Excess is or may be called the 
 Ballance of Trade. That it cannot be conceived how 
 this Ballance, Difference, or Excess hath been or can 
 be answered by us in any thing other than oui- Coin or 
 Bullion. That to answer this Ballance of Trade, there 
 hath been already Exported a great part of our Coins 
 and Bullion, namely. Clippings, which I think must 
 have been equal in Value to at least a Fourth part of 
 our whole Species of Silver Moneys, the Molten Silver 
 of a good part of our heavy Coins, part of our heavy 
 Coins themselves, our whole Stock of Foreign Silver, 
 for I am told there is little or none of that to be bought 
 in England at this time, and the Molten Silver of a 
 
 43 great 
 
of the Silver Coins. 211 
 
 great deal of our English Plate and Vessels, which 
 People have been induced to part with at a good Price. 
 That by this means Silver in Coin or in Mass is actually 
 grown very Scardfe in England. That every thing 
 having any Value or Worth whatsoever, when it be- 
 comes Scarce grows Dear, or (which is the same thing) 
 it Riseth in Price, and consequently it will serve to pay 
 more Debt, or it will buy greater Quantities of other 
 Goods of Value, or in any thing else it will go further 
 than it did before. That Silver in England being grovm 
 Scarce, as aforesaid, is consequently grown Dearer, 
 That it is Risen in Price from Five Shillings and Two 
 Pence, to Six Shillings and Five Pence an Ounce : And 
 by Daily Experience Nineteen Peny Weight and Three 
 Tenths of a Peny Weight in Sterling Silver (equal to 
 the Weight of a Crown Piece) in England, doth, and 
 will Purchase more Coined Money than Five Shillings 
 by Tale, (tliough the latter be delivered bond fide in 
 Unclipt Shillings, or in a good Bill) and consequently 
 doth and will Purchase and Acquire more Goods or 
 necessaries, or pay more Debts in England, or (being 
 delivered here) it fetches more Money in any Foreign 
 Parts by way of Exchange, than Five Shillings by Tale, 
 or the Sixth Part of a Guinea by Tale, or Goods to the 
 Value of Five Shillings in Tale only, do or can Fetch, 
 Purchase or Acquire. That this Advanced Price of the 
 Silver has been growing for some time, and is Originally 
 caused by the Ballance, Excess or Difference above- 
 mentioned, which Naturally and Rationally produces 
 such an effect. And there is no reason to expect that 
 Silver will decline in its Price or Value here, till it be 
 made more plentiful, by turning the Ballance of Trade 
 to our Advantage, which seems to be a Work that can 
 be accomplished with Success in times of Peace, or by 
 such a Protection of our Trade, as will render our 
 Expbrtations as large as they used to be in times of 
 
 43 Peace 
 
212 An Essay for Amendment 
 
 Peace. That the Raising the Value of the Silver in 
 our Coins to make it equal to Silver in Mass^ can in no 
 Sence be understood to be a cause of making Silver 
 Scarce. That there can never be ptoposM any just or 
 reasonable Foot upon which the Coins should be Cur- 
 rant, save only the very Price of the Silver thereof, in 
 case it be Molten in the same Place where the Coins 
 are made Currant, or an Extrinsick Denomination very 
 near that Price : It being most evident. That if the 
 Value of the Silver in the Coins should (by any Ex- 
 trinsick Denomination) be Raised above the Value, or 
 Market Price of the same Silver, reduced to Bullion, 
 the Subject would be proportionably Injured and De- 
 frauded, as they were formerly in the case of the Base 
 Moneys Coin'd by Publick Authority; but if the Value 
 of the Silver in the Coins be less than the Value or 
 Market Price of the same Silver reduced to Bullion, 
 then the Coins are always Melted down for Lucre, as 
 they have been, and are at this day in the Case of the 
 Unclipt Moneys, and as they will certainly be, in Case 
 of any New Coins that shall be made, to be Currant, 
 upon the Old Foot of Sixty Pence for the Silver of a 
 Crown Piece ; which sufficiently proves. That the Me- 
 dium propos'd is the true Foundation for the Course of 
 our Moneys. That for this purpose we need only to 
 consider the very Price that Silver bears in England, 
 where these Coins are to be Currant, although if we 
 will have Relation to Neighbouring Countreys, par- 
 ticularly to Holland, we shall find that the Currant 
 Price of an Ounce of Silver there, adding thereunto 
 the Difference of Exchange from London to Amsterdam 
 or Roterdam (which Difference in the Exchange, is but 
 another Effect of the Ballance of Trade beforemen- 
 tioned) wUl stiU make up the Price of Six Shillings and 
 Five Pence for the Ounce of Silver at London. And if 
 this were not so, your Lordships might be sure that 
 
 44 no 
 
of the Silver Coins. 213 
 
 no body would buy Silver at London for Six Shillings 
 and Five Pence an Ounce, carry it to Holland, and sell 
 it there perhaps for Five Shillings and Five Pence an 
 Ounce, or for so much in their Coins, the Silver wherfeof 
 is not equal to Five Shillings and Five Pence by our 
 Standard. That it ought not to be Alledged that 
 Silver has no Price ; for every Indenture of the Mint 
 (having first Ascertain'd the Extrinsick Denomination 
 of the Currant Coins) has taken care also to Determine 
 the Price or Value of the Silver to the Merchant or 
 Importer, which was to be Answered in those Extrinsick 
 Denominations; and daily Experience shews every 
 Man, in Buying or Selling of Silver, that it has a Price 
 or Value still Reckoned in those Extrinsick Denomina- 
 tions, although at present it much exceeds, as aforesaid, 
 the said Rate of Sixty two Shillings for a Pound TVoy. 
 That Five Shillings Coin'd upon the Foot hereby pro- 
 posed, will actually contain more real and Intrihsick 
 Value of Silver by a great deal, than is in the Currant 
 Moneys now commonly Applied to the Payment of the 
 said Rents, Revenues and Debts, upon which the ima- 
 ginary Loss is Apprehendfed, and in Reason will and 
 ought to go further to all Intents and Purposes, than 
 Five Shillings in Chpt Moneys, or in the Sixth Part of 
 a Guinea, doth or can go ; which will be better under- 
 stood, when the Mischiefs of these Clipt Moneys and 
 Guineas come to be Explain'd in the Third Chapter. 
 And lastly. That as the Foot or Foundation hereby Pro- 
 posed, for the Course of the Moneys, will be Just and 
 Reasonable, with regard to the Price of Silver, and 
 more Advantagious to the Receivers thereof, than Pay- 
 ment in Clipt Moneys or Gold at the present Price ; so 
 every Person that shall Receive any Money Coin'd or 
 made Currant upon this New Foot, will have the Pay- 
 ment, Issuing and Expenditure thereof at the same 
 Rate. And it is freely submitted to Impartial Judg- 
 
 45 ments. 
 
214 An Essay for Amendment 
 
 ments, whethef the propos'd Advance of Silver in the 
 Coins can infer a Real Loss upon any Persons, other 
 than such as can propose to themselves particularly the 
 Receipt of Moneys in Weighty or Unclipt Pieces only, 
 and the Conversion thereof to an Advantage, which 
 Law or Reason would not allow them. 
 
 Secondly, The Value of the Silver in the Coin ought 
 to be Raised, to encourage the bringing of Bullion to 
 the Mint to be Coined. It is a Matter of Fact weU 
 known to your Lordships, and (by the small Number 
 of the Pieces of the present King, or of His Majesty 
 and the Deceas'd Queen) it is perceivable by every 
 body else, that since Bullion hath born a greater Price 
 than Silver in the Coin, there has been none brought 
 to the Mint to be Coin'd, either by Importers or 
 others, unless some small Parcels, that were Seiz'd or 
 sent thither by Publick Authority. And it is utterly 
 against Reason for any Man to think, that any Bullion 
 of Silver will be carried thither voluntarily to be Coin'd, 
 till the Value of Silver Coin'd be Raised, at least as 
 high as the Value of Silver in Bullion. By the pro- 
 pos'd Advance to Six Shillings and Three Pence, the 
 Sterling Silver in the Coins wiU be set at Six Shillings 
 and Five Pence Half-peny per Oance, which wUl 
 exceed the present Price of Sterling in Bullion by One 
 Half-peny per Ounce, and give (though by a small 
 Profit) an encouragement to those that have English 
 Silver or Plate, and particularly to the Retailers of 
 Wine, Beer, Ale and other Liquors, (whose Tankards 
 and other Vessels are herein after propos'd to be brought 
 in) and generally to all those that have or can have 
 Silver Imported, to carry the saine to the Mint to be 
 Coin'd. And this will be agreeable to the Policy that 
 in past Ages (as hath been observed upon the aforesaid 
 Deduction) hath been Practised not only in our Mint, 
 but in the Mints of all Politick Governments, namely, 
 
 46 to 
 
of the Silver Coins. 215 
 
 to Jffaise the Value of Silver in the Coin, to Promote 
 the Work of the Mint. 
 
 ,, Thirdly, The Raising the Value of the Silver in the 
 Coin, will increase the whole Species in Tale, and 
 tl^ereby make it more commensurate to the general 
 need thereof, for carrying on the Common Traffick and 
 Commerce of the Nation, and to answer the Payments 
 on the numerous Contracts, Seciirities, and other daily 
 Occasions, requiring a larger Supply of Money for that 
 purpose. This Reason may he further Illustrated, by 
 considering that the want of a sufficient Stock of 
 Money, hath been the chief Cause of Introducing so 
 much Paper Credit (which is at best hazardous, and 
 may be carried too far) and the Setting up of Offices, 
 both in City and Country, for Bartering of Goods or 
 Permutations. 
 
 Fourthly, The Silver in the Old Unclipt Moneys, and 
 in the New Coins now Proposed to be made, ought to be 
 Raised (as I have offered) Equally, to avoid Confasion 
 and Uncertainty in Payments : For if Pieces, having 
 the same Bigness, should have different Values, it 
 might be difficult for the Common People (especially 
 those not skilled in Arithmetick) to Compute how 
 many of one kind will be equal to the Sum of another ; 
 and there might be som^e Dispute about the Lawful 
 Money of England, to be Paid upon Mortgages, Bonds, 
 Contracts, or othter Legal Securities referring there- 
 unto. 
 
 Fifthly, The Foot of Six Shillings and Three Pence 
 for the Crown, here Propos'd, will not only be suitable 
 to the present Rate of Bullion, but it happens to be 
 such a Sum as is Deviseable into a great Number of 
 ^liquot or other Integral Parts, to serve for the lesser 
 Coins before Propos'd, so that none of them will come 
 fprth in any Fractional Part of a Farthing, which will 
 obviate much Perplexity amongst the Common People : 
 
 47 And 
 
21 6 An Essay for Amendment 
 
 And I think there is scarce any other Sum near it that 
 is Deviseable in like manner. 
 
 Sixthly, By this Project, all Computations in Pouiads, 
 Shillings, and Pence, used in Accounts ; and the 
 Reckonings by Pounds, Marks, Half-Marks, Shillings, 
 and Pence, practised in the Law of England, and in 
 the Records, Contracts and other Instruments, relating 
 thereunto, will be Preserved as they ought to be. 
 
 Seventhly, By this Method, the bringing in of the 
 present Unclipt Coins, to be cut into lesser Pieces, are 
 rendered needless; which Species being at present (for 
 the most part) Hoarded, will, upon Raising their Value, 
 come forth, and go a great way towards Supplying the 
 Commerce and other Occasions, whilst the New Money 
 is making. And I think it will be Granted to be utterly 
 impossible, in this time of War, to Re-Coia the Clipt 
 Moneys, if at the same time the Unclipt shall be 
 brought in to be new Cut ; or if the Unclipt Pieces 
 should not (by such an Encouragement) be brought 
 forth to Supply the Commerce, Pay Taxes, and serve 
 other Occasions in the mean time. 
 
 Eighthly, It is difficult to Conceive, how any Design 
 of Amending the Clipt Moneys can be compassed, 
 Avithout Raising the Value of the Silver remaining in 
 them, because of the great Deficiency of the -Silver 
 Clipt away ; which (upon Re-Coining) must necessarily 
 be Defrayed or Born one way or other. 
 
 Ninthly, As our Unclipt Moneys, and the New Coins 
 here Propos'd to be made, will, by the former Proposi- 
 tion, retain the Ancient Sterling, or Old Right Standard 
 of the Mint for Fineness and Purity (the Alteration of 
 which could never be Justified by any Necessity ;) so 
 by this Proposition they will both Continue the Present 
 Standard of the Mint in the Weight or Bigness of the 
 respective Pieces, without being cut into Less, as they 
 have formerly been (the New Shilling only excepted :) 
 
 43 These 
 
of the Silver Coins. 217 
 
 These Propositions indeed, dealing with nothing but 
 the very Value of the Silver in the CoinSj to make it 
 equal to the Currant Price of our own Bullion or Silver 
 in Mass, with a very little Excess, to wit, of an Half- 
 peny in an Ounce, . to encourage the Coinage, and to 
 make it bear the like Reason or Proportion to the Price 
 of Foreign Moneys now Currant amongst us : Namely, 
 the Pillar Dollars, which go at Seven Shillings and a 
 Peny per Ounce, and Sevil arid Mexico Dollars at Seven 
 Shillings per Ounce, and to effect an equality in all 
 Pieces, having the same Extrinsick Denomination, and 
 thereby to cure such Mischiefs relating to our Coin, as 
 are not to be ParalleFd in the Records of former Ages : 
 Which Raised Values may be Lowered again by the 
 Wisdom and Authority of Parliament, when the Wealth 
 of the Nation shall (by God's Blessing) be Re-establisht 
 without Trouble or Charge of Re-coining or Cutting 
 the Silver Pieces into other Sizes. 
 
 As to the Gold Coins which are now almost wholly 
 Reduced or Converted into the Pieces called Guineas 
 and Half -Guineas, they were first Coined, by King 
 Charles the Second, not long after the Restauration j 
 and were ordained to go at the Rates of Twenty Shil- 
 lings for the Guinea, and Ten Shillings for the Half- 
 Guinea ; but I do not remember that they ever passed 
 at so little, as the Prices which were then set upon 
 them, because our Nation has been always too apt to 
 overvalue its Gold. And at this time the Gninea runs 
 for Thirty Shillings, although the Gold of it (if it were 
 carried to Spain, Italy, Barbary, and some other Places 
 of the World) would not Purchase so much Silver 
 there, as is equal to the Standard of four of our Crowns, 
 or Twenty Shillings. And here it is necessary for me 
 to Observe, That if the Gold had Advanced propor- 
 tionably with the Silver, then because as Five Shillings 
 (the Standard Value of the Silver in a Crown) is to Six 
 
 49 Shillings 
 
218 An Essay for Amendment 
 
 Shillings and Two Pence Halfpeny, the present Value 
 of the same Silver in MasSj so Twenty Shillings (the 
 Standard Value of the Gold in Guinea) is to Twenty 
 four Shillings and Ten Pence; It should follow hy 
 Reason that a Guinea at this day should go for about 
 Twenty four Shillings and Ten Pence, but it apparently 
 runs for about Five Shillings more, so that in the; tiine 
 that the Silver in a Crown is Risen about a Fifth part, 
 the Gold in a Guinea is Risen in a much greater pro- 
 portion, namely, a compleat Third part. Which 
 Advance of Five Shillings in a Guinea (over and above 
 the proportionable Rise which it should have had to 
 make it keep pace with the Silver) is exceedingly detri- 
 mental to our Nation at this Day (as will be hereafter 
 shewed more at large.) And seeing it can be attributed 
 to nothing but the present Badness of our Silver Coins, 
 which are so exceedingly Counterfeited, and Clipt, that 
 the Common People will take Guineas almost at any 
 Rate, rather than stand the hazard and vexation of such 
 Silver Moneys as are now Currant amongst them : I am 
 therefore humbly of Opinion, That altering the present 
 Standard of our Gold Coins (which prescribes Twenty 
 two Carats Fine, and Two Carats AUay, and that Fourty 
 four Guineas and an Half shall be cut from a Pound 
 Weight of such Gold) would avail nothing. And that 
 the only remedy to fix these Gold Coins upon a right 
 Foot, will be the Re-establishment of the Silver Coins, 
 which (as soon as Atchieved according to these Proposi- 
 tions) will in all likelihood and probability, presently 
 reduce the Guineas to about Twenty five Shillings 
 apiece by the most Natural and Easie way, without 
 fixing any limited Price thereupon by Publick Authority, 
 which (if one were to judge by past Experience) would 
 never be observed, at least for any time. 
 
 A Corollary : The abovementioned Ballance of Trade 
 being (as is before observed) the Original Cause of the 
 
 50 scarcity 
 
of the Silver Coins. 219 
 
 scarcity of Silver va. England, and of the Loss by the 
 Foreign Exchange or Eemittances, he that can propose 
 any proper Expedients, either to lessen that Ballance, 
 or convert it to our Advantage, ought to be well heard. 
 But any Proposal which supposes the Ballance of Trade 
 must be Rectified before our Coins be Amended, or a 
 Reasonable Foundation can be fixed for the Course of 
 the same, does hvA postpone the Cure of a Disease which 
 may destroy us before such a Remedy can take efi^ect. 
 
 The True and Reasonable Adjustment of that which 
 is called by the Ffench, Pied de Monoye, and by others 
 Anciently Pes Monetce, was and is of principal conside- 
 ration in this whole Affair : And therefore I hope your 
 Lordships wiU excuse me for having been so prolix in 
 the subject of the Standards. 
 
 51 The 
 
220 An Essay for Amendment 
 
 The Second General Head concerning the present State 
 and Condition of the Gold and Silver Coins. 
 
 IT cannot be thought improper before the Enter- 
 prizing of a Work of so great importance as the 
 Re-establishment of the Moneys, and Determining a 
 New Foot for the Course of the same, to be instructed 
 (with as much certainty as is possible in things of this 
 Nature) in the present State, Plight, or Condition of 
 the Coins of this Eealm ; wherein one must necessarily 
 consider several Matters of Fact, whereof some can be 
 known or found out, and others can only be estimaited 
 or guessed at. I have endeavoured, as much as I could 
 in a little time, to Inform and Satisfie my self in the 
 Particulars following : 
 
 First, The several Forms or Fashions which have been 
 used in the Fabrication of the Moneys, and which of 
 them have been and are most likely to be most Secure 
 against Chpping and Counterfeiting. 
 
 Secondly, The Quantities of Silver Coins Clipt and 
 Unclipt, that may be reasonably thought or imagined to 
 remain in the Kingdom at this day. 
 
 Thirdly, How far the Clipt Pieces now in being may 
 be Conjectured to have been diminished in their Weight. 
 And upon Consideration of these Articles, I have endea- 
 voured to Compute the Loss, which (upon Re-coining 
 the Chpt Moneys) must be born either by a Publick 
 Aid, or by Particular Persons, or by both ; and to make 
 such other Remarks and Inferences as may be suitable 
 to the present Occasion : In all which, my Sence and 
 Opinion are humbly presented to your Lordships in the 
 manner following. 
 
 52 As 
 
of the Silver Coins. 221 
 
 As to the Particulars ; All the Moneys we have now 
 in England, both Gold and Silver, are reducible to Two 
 Sorts ; the one Stampt with the Hammer, and the other 
 Prest with an Engine, called the Mill. The Gold or 
 Silver of the Hammered Money is first Cast from the 
 Melting Pot into long Bars, those Bars are cut with 
 Sheers into several square Pieces of exact Weights, for 
 Sovereigns, Angels, Crowns, Half-Crowns, Shillings, &c. 
 Then with the Tongs and Hammer they are forged into 
 a round shape ; after which they are Blanched (that is, 
 made White, or refulgent by Nealing or Boiling) and 
 afterwards Stampt or Impressed with an Hammer to 
 make them perfect Money. This Method of making 
 Money with the Hammer (as appears in the said Red 
 Book) was practised in the Reign of King Edward the 
 First; who (amongst other great Atchievements of his 
 most Prudent Government) left that of Restoring and 
 Establishing good Moneys for the Use of his People, to 
 recommend his Name to subsequent Generations. He 
 sent for Mr. William de Turnemire, and his Brother 
 Peter, and others from Marseilles, and one Friscobald, 
 and his companions fcom Florence, and Employed them 
 in the Working this kind of Money, and the Buying 
 and Exchanging of Silver for that purpose, for which 
 he bad Thirty Furnaces at London, Eight at Canterbury 
 (besides Three the Arch-Bishop had there) Twelve at 
 Bristol, Twelve at York, and more in other great Towns, 
 in all which' Places they made the said Hammer'd 
 Money of Silver, supply'd by the Kings Changers 
 Established at the same Places, who (according to 
 certain Rates or Prices prescribed to them) took in the 
 Clipt, Rounded and Counterfeit Moneys to be Re- 
 coined, and Bought Gold and Silver of the Merchants, 
 and others, to be Fabricated into New Money ; at the 
 same time Ordaining, Quod Proclametur per totum 
 Regnum quod nulla fiat tonsura de Nova Moneta sub 
 
 53 periculo 
 
222 An Essay for Amendment 
 
 periculo Vitm et Membrorum et amissionis omnium Ter- 
 rarum et Tenementorum, S^c. And this kind of Ham- 
 mer'd Money continued through all the Reigns of 
 Succeeding Kings and Queens, till about the Year of 
 our Lord 1663. when by several Warrants, and Com- 
 mand of King Charles the Second, to wit, by One 
 Warrant Dated the Fifth of November, 1662. One 
 Warrant Dated the Eighth of April, 1663. And a 
 Third Warrant Dated the Twenty fourth of December, 
 1663. The other sort called Milled Money was first 
 Fabricated to be Currant in England in this manner : 
 First, The Gold or Silver is cast out of the Melting 
 Pot into long flat Bars, which Bars are drawn through 
 a Mill (wrought by a Horse) to produce the just Thick- 
 ness of Guineas, Half-Guineas, Crowns, Half-Crowns; 
 Shillings, &c. Then with forcible Engines, called 
 Cutters, which answer exactly to the respective Sizes or 
 Dimensions of the Money to be made, the Round 
 Pieces are cut out from the Flat Bar, shaped as afore- 
 said (the Residue whereof, called Sizel, is Melted again) 
 and then every Piece is Weighed, and made to agree 
 exactly with the intended Weight, and afterwards carried 
 to other Engines (wrought secretly) which put the 
 Letters upon the Edges of the larger Silver Pieces, and 
 Mark the Edges of the rest with a Graining. The next 
 thing is the Blanching performed, as above ; and at last, 
 every Piece is brought to the Press, which is called the 
 Mill (wrought by the Strength of Men) and there 
 Receives the Impression, which makes it perfect Milled 
 Money. 
 
 By duly reflecting upon these diflferent Kinds, and 
 Considering that the Principal Ofl^ences against- the 
 Coins of the Realm, have been, and are either Clip- 
 l)ing, Counterfeiting or Melting down. It may be proper 
 to Remark, 
 
 First, That the Crime of Clipping has been Practised' 
 54 upon 
 
of the Silver Coins. ,1523 
 
 upon the Hammer'd Money in all Ages more or less, 
 but most exorbitantly of late Years ; notwitks'tanding 
 the many Examples of Justice : For that thi^}ffenders 
 make an excessive Profit by doing a thir^^ ™^ie in 
 it self, that even Women and Children (as*ft . ,-■ **fei)v 
 are capable of the Act of Clipping or Eounffing. But'^ 
 this Practice of Clipping has never been Exercised upon 
 the Mill'd Money, and I think never can be, because of 
 its Thickness and Edging, although no further Provi- 
 sion against the same should be made by Law. 
 
 Secondly, That as to Counterfeiting, the Hammer'd 
 Money is liable thereunto, because the Tools for 
 Resembling the same, are cheap, and easily made and 
 procured, and the Fabrication thereof may be performed 
 in a, little Room, and with less Art ; so that Smiths 
 and other Artificers can readily attain thereunto. But 
 the Engines for the Mill'd Money are many and very 
 costly, not easie to be procured. The Makers or Users 
 of, such Engines cannot be conceaFd without great 
 difficulty, and the Mill'd Money it self, being of a 
 much Finer Print than the other, requires more Solem- 
 nity, Skill, and curious Workmanship in its Fabrica- 
 tion; and when it's finished, shews better the true 
 Colour of the Silver, to distinguish its Grenuine from 
 its Counterfeit Pieces : Which latter could never be 
 brought to Perfection. So that Reckoning only since 
 the said Year 1663 (without any regard to the Prece- 
 dent time) I verily believe for every single Piece of 
 Mill'd Money, that has been Counterfeited, or rather 
 been attempted to be Resembled, there have been more 
 than One thousand of the Hammer'd Moneys not only 
 Counterfeited, but actually Impos'd upon the People, 
 who have been defrauded therewith, and are now likely 
 to, suffer greatly thereby. 
 
 Thirdly, That as to the Crime of Melting down, it 
 has plainly affected both the Hammer'd and MiU'd 
 
 55 Moneys 
 
224\ ^'^ Essay for Amendment 
 
 Moneyk™ their respective turns very fatally j insomucli 
 that the' i^ammer'd Gold Coins which were made in 
 the Reiga^of the several Kings and Queens, from 
 Edway^ ^^irst inclusivelyj till the beginning of the 
 Rpits#»'^ 166^:iig Charles the Second (which would 
 "ambunt to an incredible sum, if they were all in berag) 
 are almost totally vanished, having been Molten (as I 
 suppose) from time to time, either to make Vessels or 
 Utensils, or to Export for Lucre, or to Convert into 
 Gold Coins of more Modern Stamps (in which last 
 Case the same Metal came to be Coined over and over 
 again) it being evident that we have now in England 
 only the Pieces called Guineas, and Half -Guineas, or 
 few other of Gold Coins, as is before observed. And I 
 think the like must have been done with all the Ham- 
 mer'd Silver Moneys that were made before the Reign 
 of Queen Elizabeth, a very few only excepted ; although 
 the latter would amount to many Millions, if they were 
 all now in being. As to the coins of that Queen, and 
 her Two immediate Successors (though they make the 
 Bulk of our present Cash) the Numher of them must 
 needs have been extreamly diminished by Melting, 
 especially whilst they were weighty, and not much 
 worn. But since the Milled Money came into Play, 
 because of its Intrinsick Weight and Worth, I believe 
 the Crime of Melting hath been chiefly practis'd upon 
 that kind, which has apparently reduced it to a small 
 Quantity. Nevertheless, when both kinds come to 
 have the same Weight and Fineness, and to be currant 
 at the same Price, I think the one will not be more 
 liable to this Mischief than the other ; and I hope both 
 will be Secured against the same, when the Silver in 
 the Coin will fetch as much as the Silver in the 
 BuUion. 
 
 Secondly, The Quantities of Silver Coins Clipt and 
 Unclipt that may be reasonably thought or imagined to 
 
 56 Remain 
 
of the Silver Coins. 
 
 225 
 
 Remain in the Kingdom at this day, cannot with any 
 certainty be Computed. I know several conjectures 
 have been made thereof, very differentj and (as I think) 
 without any Grounds at all, and I confess my self to 
 have none but such as follow. 
 
 First, To Compute all the Silver Moneys Coin'd in 
 the Three Reigns of Queen Elizabeth, James the First, 
 and Charles the First. 
 
 Secondly, To Guess how much thereof may have 
 been Molten or Lost. 
 
 Thirdly, To Substract the Latter from the Whole. 
 And, 
 
 Fourthly, To the Difference to add something for 
 the small Remainder, as well of Moneys Coined before 
 the Reign of Queen Elizabeth, as of those Coined since 
 the Reign of Charles the First. 
 
 The Silver Moneys Coin'd "^ 
 in the Reign of Queen Eliza- 
 beth (as I am inform'd by 
 the Master of the Mint) did 
 Amount to Four Millions Six 
 hundred thousand Pounds : 
 But by a Copy which I took 
 some time since from the 
 Archives at Westminster, of 
 an Account which was Com- 
 piled by Arch-Bishop Wil- 
 liams, which I take to be more 
 exact (which Archives, with 
 the Choice Collections thereof 
 are since Burnt) all the Silver 
 Sterling Moneys Coin'd in 
 the Reign of the said Queen, 
 (excluding some base Irish 
 Moneys that were then made) 
 did amount to . . ■ / 
 
 57 The 
 
 I. 
 
 d. 
 
 4632933. 3. 2f. 
 
226 
 
 An Essay for Amendment 
 
 The Silver Moneys Com'd in 
 the Reign of King James the 
 First (as the OfScers of the 
 Mint inform me) cannot be 
 known at their OfBce^ because 
 their Memorials thereof are 
 either Imperfect or Lost : But 
 by the abovesaid Copy I find. 
 That in the first Twelve Years 
 of his Reign there was Coin'd 
 in Silver Sterling Moneys, One 
 Million Five hundred fifty 
 eight thousand and Fourteen 
 Pounds, Nine Shillings and 
 Nine Pence ; and I find. That 
 in the last Seven years of his 
 Reign, the Silver Moneys 
 Coin'd did amount to One 
 hundred and two thousand 
 Nine hundred and eighty one 
 Pounds Nine Shillings and 
 eight Pence, and then adding 
 39004Z. Os. 7d. by estimation 
 for the Two or Three interme- 
 diate years of the same Reign, 
 the whole of the Silver Ster- 
 ling Money CoinM by King 
 James the First, was 
 
 And it appears by an Ac- 
 count from the Officers of the 
 Mint, That there was Coined 
 of Silver Moneys in the Reign 
 of King Charles the First 
 
 1700000. 
 
 d. 
 
 8776544. 10. 3. 
 
 I. s. 
 
 In all 15109476. 13. 
 
 58 '~ 
 
 d. 
 
 5f 
 
 Now 
 
of the Silver Coins. 227 
 
 Now considering how far this Sum is to be abated. 
 
 First, By the want of the Crowns, Half-Crowns, 
 Groats, Quarter- ShiUings, Half-Groats, Three-half- 
 peny Pieces, Three-farthing Pieces, and Half-pence of 
 Queen Elizabeth, which are wholly sunk. 
 
 Secondly, By the Diminution of the Number of the 
 Shillings, and Six-pences of the same Queen, many of 
 which may be supposed to be Melted down. Re-coined, 
 or Lost. 
 
 Thirdly, By the Loss of the Crowns, Groats, Two- 
 Pences, Pence, and Half-Pence of James the First, and 
 Charles the Krst, which seem to be quite gone, and 
 by the Melting, Re-coining, or Loss of many (if not 
 most) of the Half-Crowns, Shillings, and Six-Pences of 
 those Two Kings, one can hardly believe there is now 
 in being, of the Coins of the said Three Reigns, above 
 One Third Part, which Amounts to Five Millions Thirty 
 six thousand Four hundred ninety two Pounds : to 
 which if there be added Five hundred Sixty three 
 thousand Five hundred and eight Pounds more, for the 
 Unmelted -Silver Coins of Charles the Second, James 
 the Second, King William and Queen Mary, and for 
 the small Quantities which remain of those which were 
 made before the Reign of Queen Elizabeth ; then the 
 whole of the Silver Sterling Coins Clipt and Unclipt, 
 Hoarded and Currant now in England, will be Com- 
 puted at Five Millions and Six hundred thousand 
 Pounds. And if it be Granted that Four Millions of 
 this Sum consists of Pieces that are Diminished, some 
 more, some less, by Clipping, then it will follow, that 
 there remains in the Kingdom about One Million, and 
 Six hundred thousand Pounds of Heavy Money, a 
 great part of which is supposed to lie in Hoards, and 
 the rest Currant chiefly in the Counties most remote 
 from London. 
 
 Thirdly, I am to Compute, as well as I can. How far 
 59 the 
 
228 An Essay for Amendment 
 
 the Clipt Pieces, now in being, may have been Diminished 
 ■in their Weight. In reference to which, your Lordships 
 may be pleased to be Reminded, That when the Earl of 
 Rochester was Lord Treasurer, several Good Orders 
 were Established by him for the Exchequer ; One of 
 which was, to have all the Bags of Money there Re- 
 ceived to be Weighed. And I have Extracted from the 
 Books of One of the Tellers, the Weight of Five hun- 
 dred seventy two Bags of One hundred Pound each, 
 which were brought to the Receipt promiscuously, in 
 the Months of May, June and July last. Now, whereas 
 the Weight of One hundred Pounds Sterling in Silver 
 Moneys, according to the Standard of the Mint, ought 
 to be Thirty two Pounds, Three Ounces, One Peny 
 Weight, and Twenty two Grains Troy, and consequently 
 See the An- the said Bags, containing Fifty seven thousand Two 
 ^f^^.f"'*' hundred Pounds by Tale, ought to have Weighed Two 
 hundred twenty one thousand Four hundred and 
 Eighteen Ounces, Sixteen Peny Weight, and Eight 
 Grains Troy : It was found that the said Fifty seven 
 thousand and Two hundred Pounds by Tale (comprizing 
 some Weighty Pieces, though few) Weighed only One 
 hundred and thirteen thousand Seven hundred and 
 Seventy one Ounces and Five Peny Weight Troy. So 
 that if all the said sum of Fifty seven thousand and 
 Two hundred Pounds by Tale were good Silver, yet it 
 was Deficient in Weight, One hundred and seven thou- 
 sand six hundred fourty seven Ounces, Eleven Peny 
 Weight and Eight Grains Troy ; from whence I infer. 
 
 First, That the Moneys commonly Currant are 
 Diminished near one Half, to wit, in a Proportion 
 something greater than that of Ten to Twenty two. 
 
 Secondly, That going by the Medium of the said 
 Number of Bags, and making but a very small Allow- 
 ance for the Unclipt Pieces in the said Bags, and for 
 the Difference of Money brought to the Exchequer, and 
 
 60 that 
 
of the Silver Coins. 229 
 
 that which passes amongst the Common People (the 
 former being in most Payments the best of the Clipt 
 Moneys) every one must be convinced^ That if all the 
 Clipt Pieces of Silver Moneys in England could be 
 weighed together, they would be found Deficient a full 
 Half of their Standard Weight. Again, 
 
 Thirdly, If all the Pieces in England that are more 
 or less Clipt, do Amount by Tale to Four Millions (as 
 is before supposed) then I infer, That by Re-Coining 
 the same upon the Old Foot, it will make but Two 
 Millions, and the Loss would be as much : But by Re- 
 Coining the same upon the Foot of Six Shillings and 
 Three Pence for the present Crown Piece, as is above 
 proposed, the same Quantity of Clipt Money will make 
 Two Millions, and Five hundred Thousand Pounds, and 
 the Loss will be Fifteen hundred thousand Pounds, to 
 be born either by Publick Aid, or by the Particulars 
 interested in the Clipt Moneys, or by both. 
 
 61 The 
 
230 An Essay for Amendment 
 
 The Third General Head Discusses this Question, Whi- 
 ther it be or be not absolutely Necessary at this time 
 to Re-establish the Coins. 
 
 IT will readily be Granted, That the Melting and 
 New Fabricating the much greater Part of all the 
 Silver Moneys of the Realm (as the Clipt Pieces are) 
 would be a Work very improper to be Enterprized in 
 the heat of an Important and Expensive War ; if the 
 doing thereof were not indispensibly necessary, to ren- 
 der effectual the very Ways and Means, which in Par- 
 liament may be Resolved upon, in reference to Aids or 
 Supplies for Carrying on of the same War, and to 
 produce a Species of Money that may be Useful and 
 Serviceable for the Upholding of the Commerce, and 
 for answering not only of the Publick, but also of all 
 Private Revenues, Rents, Debts, and other Occasions, 
 which concern the very Existence of the great Political 
 Body. 
 
 It were enough for me upon this Occasion, to say. 
 That the House of Commons judg'd it necessary to 
 have the Clipt Moneys Re-Coin'd, having Resolved 
 thereupon, after many long and mature Deliberations, 
 in the last Session of Parliament. But the Evils which 
 for some time past have been growing upon us, in 
 respect of the Coins, being at length actually Arrived, 
 and more sensibly Felt, I shall take leave humbly to 
 State the same according to the best of my Understand- 
 ing, and submit the Judgment thereof to Publick 
 Authority., 
 
 First, Because such of the Silver Coins as are usually 
 62 Currant. 
 
, of the Silver Cqitis. 231 
 
 Currantj or offer'd in Payments, are very Bad and 
 Defective; the Common People (without any visible 
 Reason, other than to avoid the Danger and Vexation 
 of such Moneys) by almost an Unanimous Consent and 
 Agreement, do take Guineas at Thirty Shillings apiece, 
 little more or less, which Raises the Gold here (as hath 
 Ijeep observed) to a much higher Price in Proportion 
 than Silver in Bullion now goes at, or than Silver in 
 Coin will go for, when it shall be Raised to the Foot of 
 Six Shillings and Three Pence for the Crown Piece 
 according to this Projection. And this exorbitant Price 
 of Gold here, hath encouraged Foreign Merchants to 
 Import it upon us in great Quantities : And in Return 
 for the same. 
 
 They either Export our Silver in Coin or Molten; 
 which lying in a little Room, the Exportation thereof 
 cannot easily be Prevented. Or, 
 
 Secondly, They Buy our Native Commodities (the 
 Interruption of the Navigation, not allowing us such 
 an Overplus of Goods, brought from our Colonies in 
 America, ?ind other Foreign Parts, wherewith England 
 in times of Peace could at least Ballance its Trade with 
 its Neighbours.) Or, 
 
 Thirdly, They draw back the aforesaid Value of their 
 (gfold, by Bills of Exchange or Remittances. In every 
 one of these Cases, they make an unreasonable Profit 
 by their Gold, which must needs, in a little time. 
 Exhaust a great part of the Real Stock and Wealth of 
 our Nation; But particularly in the first Case, the 
 Bullion or Coin in Silver that is Exported, is really 
 worth much more than the Gold Imported for it ; and 
 the/Difference becomes a Dead Loss to England, which 
 Labours too much already under the Scarcity of Silver, 
 apd will inevitably find it much Scarcer and Dearer 
 than it is, if this Golden Trade continues. In the 
 S,econd, Case, they can Furnish Foreign Markets with 
 
 63 our 
 
232 An Essay for Amendment 
 
 our Native Commodities, which would be carried thither 
 by our own Merchants, who want the aforesaid Profit 
 of the Gold, to enable them to Buy those Goods as 
 Dear, and Sell them as Cheap as the Foreigners can. 
 And in the Third Case, by the great occasion they have 
 for Bills to draw back the Value of their Gold to the 
 Places from whence it came, they have Contributed in 
 a great measure towards Lowering the Exchange to 
 Low Countries : which from divers causes (whereof the 
 Importing of Guineas is none of the least) is sunk so 
 very Low, that the Publick loses about Four Shillings 
 in the Pound upon all the Moneys Remitted thither; 
 which Loss Amounts to a great deal in the Charge of 
 the Army. And the Exchange to Hamburgh and the 
 East Countreys for all Naval Stores, and other Goods, 
 is Lower, and to all Places in the Mediterranean (where 
 our Fleet is at present) the Exchange is yet more to 
 our Prejudice. And in regard the aforesaid excessive 
 Advance of the Guinea Pieces, at least a great part 
 thereof, can be Attributed (as has been before observed) 
 to nothing else but the Baseness and Defects of the 
 White Moneys, there is no Prospect of Reducing the 
 Gold to a more moderate or reasonable Price, by any^ 
 means consistent with the Interest of the Nation, other 
 than the Amendment, and Restoring of the Silver 
 Coins. 
 
 Secondly, In the present Condition and Circum- 
 stances of our Silver Money, this Nation and the Trade 
 and Dealings thereof, are in a great measure Deprived 
 of the Use and Benefit of the whole Species now in 
 being, as well the Heavy Pieces as the Light; the 
 former of which (especially since the Parliament in the 
 last Session appeared desirous of making a Reformation 
 or Amendment) have been for the most part Hoarded 
 by the particular Persons Possessed thereof, in Prospect 
 that the Silver contained in those Weighty Pieces will 
 
 64 be 
 
of the Silver Coins. 233 
 
 be Raised to a Value suitable to the Bullion thereof if 
 Melted, which they may think will turn more to their 
 Profit than Lending at Interest, Purchasing or Trading 
 therewith in the mean time ; or at least they may think 
 these Hoarded Moneys (when the Mischiefs of Corrupt- 
 ing and Diminishing their Coins, come to their last 
 Extremity) will particularly stand those Men in stead 
 that have them ; however it be, its certain the Weighty 
 Moneys at present do very little appear Abroad, and it 
 is not likely they will soon be brought to Light, without 
 Raising their Value, and Re-Coining the Clipt Moneys ; 
 and as for the latter, a great Part thereof, when offered 
 in Payments, is utterly Refused, and will not Pass, and 
 consequently doth not serve to the end or Purpose for 
 which it was made : so that both the one and the other 
 (for the greatest part) are become as it were a Dead 
 Cash in the Kingdom. 
 
 Thirdly, In Consequence of the Vitiating, Diminish- 
 ing and Counterfeiting of the Currant Moneys, it is 
 come to pass. That great Contentions do daily arise 
 amongst the King's Subjects, in Fairs, Markets, Shops, 
 and other Places throughout the Kingdom, about the 
 Passing or Refusing of the same, to the disturbance of 
 ■ the PubUck Peace ; many Bargains, Doings and Deal- 
 ings are totally prevented and laid aside, which lessens 
 Trade in general ; Persons before they conclude in any 
 Bargains, are necessitated first to settle the Price or 
 Value of the very Money they are to Receive for their 
 Goods ; and if it be in Guineas at a High Rate, or in 
 Clipt or Bad Moneys, they set the Price of their Goods 
 accordingly, which I think has been One great cause 
 of Raising the Price not only of Merchandizes, but 
 even of Edibles, and other Necessaries for the suste- 
 nance of the Common People, to their great Grievance. 
 The Receipt and Collection of the PubUck Taxes, 
 Revenues, and Debts (as well as of Private Mens 
 
 65 Incomes) 
 
234 An Essay for Amendment 
 
 Incomes) are extreamly retarded, to the Damage of His 
 Majesty, and to the Prejudice of a Vigorous Prosecu- 
 tion of the War; so that there were never (at least 
 since I had the Honour to serve the Crown) so many 
 Bonds Given, and lying Unsatisfied at the Custom- 
 Houses, oi- so vast an Arrear of Excises. And as for 
 the Land Tax, your Lordships know how far 'tis affected 
 with the Bad Moneys, by the many Complaints trans- 
 mitted daily from the Commissioners, Receivers, and 
 Collectors thereof, and by Comparing the Sum brought 
 into the Exchequer this Year, with the timely Payments 
 of the like Tax in preceding Years. In fine, the Mis- 
 chiefs of the Bad Money (too many to enumerate) are 
 so sensibly Pelt, that (I humbly conceive) they are suffi- 
 cient to Confute all the Arguments against the Re- 
 Coining the same in this time of War, and even the 
 Objections against Raising the Silver in our Coin, to the 
 Propos'd Value. Which Arguments and Objections 
 (how Plausible or Weighty soever they have been here- 
 tofore) have not at this time sufficient Ground or 
 Reason to Support them, especially when the doing of 
 these things is not Projected for the particular G^in or 
 Profit of the Crown (which formerly Received a Duty 
 of Seigniorage upon Coining or Re-coining of Moneys) 
 but for the Common Good and Utility of the King and 
 his People. But whether all the Evils and Mischiefs 
 before mentioned, and the Increase thereof, which the 
 Nation must undergo, tiU a Remedy be Applied, do 
 infer, or are tantamount to an absolute Necessity for 
 the present Enterprising the Work aforesaid, must be 
 and is with all Humility submitted to a better Judgment 
 than my own. 
 
 66 The 
 
of the Silver Coins. 235 
 
 The Fourth General Head is to propose the Means that 
 mvft be Obtained, and the proper Methods to be used 
 in and for the Re-establishment of the Silver Coins. 
 
 IN Case his Majesty (taking into His Princely Con- 
 sideration the great Inconveniencies which the 
 Nation Labours under by the badness of the Moneys) 
 shall be pleased to Direct, That all such Silver Coins 
 called Crowns, Half-Crowns, Shillings or Testers, as 
 have been formerly Coin'd in the Royal Mint, or Mints 
 of England with the Hammer, and are more or less 
 Diminished by Clipping, Rounding, Filing, or any other 
 Artifice, shall be Melted and Re-Coin'd, my humble 
 Opinion is, That the General Cautions following are to 
 be Observed; 
 
 First, That the Work ought to be Performed and 
 Finished in as little time as may be, not only to Obviate 
 a further Damage by Clipping in the interim, but also 
 that the needful Advantages of the New Money may 
 ' be the sooner Obtained for the Service of the Nation. 
 
 Secondly, That the loss, or the greatest part of it 
 ought to be born by the Publick, and not by Particu- 
 lars, who being very Numerous will be prejudiced 
 against a Reformation for the Publick Benefit, if it is 
 to be Effected at the Cost of particular Men, and who 
 have great hopes of being Indemnified by the Votes 
 Passed in their favour in the last Session of Parliament. 
 
 Thirdly, This whole Affair must be rendered Easie, 
 and very Intelligible to the Common People, so that 
 they must not be compelled to Travel very far when 
 they part with their Clipt Money, or when they receive 
 back the Value of it in the New Coins; and in the 
 ^ 67 mean 
 
236 An Essay for Amendment 
 
 mean time they must be furnished with a Useful and 
 Transferrable Credit that must take Place in Course of 
 Repayment, as fast as the New Coins can be made. 
 
 Fourthly, That no room must be left for JealoUsie. 
 And therefore aU the Clipt Moneys in the several Coun- 
 tieSj far or near, are not to be brought entirely to 
 London, to be Minted there ; which would leave all the 
 Countries very bare, and create great Suspicions tiU its 
 Return. 
 
 Fifthly, That as soon as the King's Officers begin to 
 take in the Clipt Moneys, or presently after, the Course 
 for Repaying the Stated Value thereof in New Moneys 
 ought to begin also, and to be Carried on by the New 
 Moneys, which shall be Coin'd from the Silver of the 
 Old, so far as it wiU Extend ; And that an Aid be given 
 in Parliament to Supply the residue, in such time and 
 manner, as that there be no Interruption or Intervals 
 in the Course of Repayment, till such times as the 
 Registers for the Clipt Moneys to be brought in shall 
 be fully satisfied. 
 
 According to these General Propositions, and some 
 other Requisites which have Occurred to me, I have 
 imployed my Thoughts to Reduce this whole Affair into 
 Practice, and do humblj- Oifer to your Lordships Con- 
 sideration the Particulars following, as the Scope and 
 Design of my Report : That is to say. 
 
 First, That an Aid be granted in Parliament, and 
 strictly Appropriated for or towards the making good 
 of the Loss by the said Clipt Moneys, or so much 
 thereof as shall be thought Reasonable to be Defrayed 
 by the Publick, and the incident Charges which shall 
 be necessary in the Performance of this Service. 
 Which Aid, if it be Commensurate to the whole Loss, 
 will, by Estimation, as above. Amount to Fifteen 
 hundred thousand Pounds ; and if it be Resolved that 
 the Publick shall bear but half the Loss, or any other 
 
 68 part 
 
of the Silver Coins. 237 
 
 part of it, then the Aid (in the grant thereof) may be 
 proportioned accordingly. And the said Aid is humbly 
 proposed to be either by a Land Tax of Twelve Pence 
 in the Pound, or by a yearly Sum to be Answered out 
 of the continued Impositions upon Goods imported, or 
 some other certain Fund, to take Effect within a year 
 to come at the farthest. 
 
 Secondly, That all the New Moneys, whether they be 
 Gold or Silver, shall in the Coining thereof be made in 
 Fineness or Purity, according to the present Standard, 
 that is to say, the Gold to be Twenty two Carats Fine 
 and Two Carats Allay: And the Silver Coins to be 
 Eleven Ounces Two Peny Weight Fine, and Eighteen 
 Peny Weight Allay, for the Reasons above given. 
 
 Thirdly, That every Pound Weight Troy of such 
 Gold, shall be cut into Eighty nine Half Guineas,- or 
 Fourty four Guineas and an Half, or proportionably 
 for greater Pieces, as the same ought to be by the 
 present Indenture of the Mint ; with a Remedy for the 
 Master, of the Sixth Part of a Carat, in Case the Gold 
 be found too strong or too feeble in Weight, or in Fine- 
 ness, or in both. And that every Pound Weight Troy, 
 of the New Silver Moneys, to be made as aforesaid, be 
 cut into such Numbers of Pieces as will correspond in 
 Weight with the Undiminished Crowns, Half-Crowns, 
 Shillings, Six-pences, Groats, Three-pences, Two-pences 
 and Pence, Coin'd by the late Indentures, except the 
 Twelve Peny Pieces, all which may be performed, as is 
 above offered. And that the Master be allowed a 
 Remedy of Two Peny Weight in every Pound Weight 
 Troy, of the Silver Moneys, in case they be found too 
 strong or too feeble in Weight, or in Fineness, or in 
 both. 
 
 Fourthly, That by Authority of Parliament, or by a 
 Royal Proclamation to be Grounded on an Act of Par- 
 liament, the Silver Crowns, Half-Crowns, Shillings 
 
 69 and 
 
238 An Essay for Amendment 
 
 and Six-pences of the Lawful Coins of this Realm now 
 in being, and not Diminished by Clipping, Rounding, 
 Filing, Washing, or other Artifice, be Publifcly Cried 
 up, and Raised to the Foot of Seventy five Pence for 
 the Crown, and proportionably for the rest, as I have 
 also proposed ; and that the other small Pieces of the 
 Old Coins (which are few in mimber) go as they do at 
 present. And that the New Coins to be called the 
 Sceptre, or Unite, the Half- Sceptre, or Half -Unite, the 
 Testoon or Fifteen Peny Piece, the Shilling or Twelve 
 Peny Piece, the ffa^f-yestoow, the Gross ov Five Peny 
 Piece, Quarter-Testoon, the Half- Gross and Prime be 
 made Currant upon the same Foot, as I have also 
 proposed, Pag. 61, SfC. 
 
 Fifthly, That Coin, as well as English Bullion, not 
 exceeding a limited Sum yearly, may be Exported for 
 the Service of the present War by His Majesty^s War- 
 rant and Command, and not otherwise ; which wiU. help 
 to keep down the Price of Silver. 
 
 Sixthly, That all the New Moneys be made by the 
 MiU and the Press, and not by the Hammer. 
 
 Seventhly, That all the present Silver Pieces called 
 Crowns, Half-Crowns, Shillings and Six-pences of the 
 Hammer'd kind, which are Diminished by -Clipping, 
 Rounding, Filing, Washing, ur other Artifice, be Cried 
 down, so as not to be Currant after a Day to be pre- 
 fixed. And that no Person whatsoever shall hereafter 
 be obliged to accept in Legal Payment any Money 
 whatsoever that is already Clipt, or may hereafter be 
 Clipt or Diminished ; and that no Person shall Tender 
 or Receive any such Money in Payment under some 
 small Penalty, to be made easily Recoverable; the 
 Passing, Selling, or Changing of such Clipt or Dimi- 
 nished Moneys, in Order to the Re-Coining thereof, as 
 is herein after mentioned, only Excepted. 
 
 Eighthly, That no Crown Piece (of Old Hammer'd 
 70 Money 
 
of the Silver Coins. 239 
 
 Money) phall be said or alledged to be Clipt or Dimi- 
 nished, or be Refused as such in any Payments what- 
 soever if it hold Eighteen Peny Weight ; and proportion- 
 able Weight shall render the Half-Crowns, Shillings and 
 Six-pences of the said Hammer'd kind to be Currant 
 in, all Payments; which seems necessary, because of 
 the wearing of the Old Pieces, though they are not 
 Clipt. 
 
 Ninthly, That besides the Principal Mint within the 
 Tower of London (where Six Presses can be wrought at 
 the same time) there be Settled and Established Nine 
 other Mints within England and Wales, to Work with 
 Two Presses in each. Namely, One at Newcastle upon 
 Tyne, to serve principally for the Counties of Durham, 
 Northumberland, Cumberland, and Westmoreland : One 
 at York to serve for the Counties of York and Lan- 
 caster • One at Nottingham to serve for the Counties of 
 Nottingham, Lincoln, Derby and Leicester : One at 
 Chester to serve for Cheshire, Staffordshire, Salop, and 
 North Wales: One at Hereford to serve for the Counties 
 of Hereford, Gloucester, Worcester, and South Wales : 
 One at Exeter to serve for Cornwall, Devon, and Somer- 
 set : One at Salisbury to serve for the Counties of 
 Wilts, Dorset, and Hantshire : One at Oxon, to serve 
 for the Counties of Oxon, Bucks, Warwick, and Berks ; 
 And One at Cambridge to serve for Norfolk, Suffolk, 
 Huntingdon, Cambridge, and Bedfordshire : and that at 
 London will serve for the rest. Nevertheless these 
 several Mints are not intended to be so Restrained but 
 that a Man may carry his Money to any of them that 
 lies most in his way; whereby there may be Coined 
 Weekly (as I am informed) about Fifty or Sixty thou- 
 sand Pounds easily, which wiU finish the whole Work 
 in .much less than a Years time. And. that the Dyes, 
 Presses and other Implements may. be providing with 
 
 71 as 
 
240 An Essay for Amendment 
 
 as much haste as is possible^ so as to be all fit for Use 
 by or before Christmas next. 
 
 Tenthly, That the Warden, Master Worker, Comp- 
 troller, and Assay-Master of the Mint do continue at 
 the Tower, and take the immediate Care of the Work 
 there : And that they Substitute Mt and Skilful Per- 
 sons as their Deputies (such as the King, or the Lotd 
 Treasurer, or Commissioners of the Treasury for the 
 time being, shall approve of, and such as must be 
 Answer'd for by their respective Superiors) to Carry 
 on the Works of the said Nine Mints in the Countrey ; 
 which Substitutes shall be all Sworn, for the faithful 
 Discharge of their respective Trust; and that the 
 Members of the Corporation of the Moneyers, and 
 other Ministers, Officers, and Servants, be distributed 
 accordingly, and small Private Marks (if thought fit) 
 may be made to distinguish the Money that shall be 
 Coin'd at the respective Mints. 
 
 Eleventhly, That the Charge of making every Pound 
 Weight Troy of Silver Moneys, which at present is One 
 Shilling and Four Pence Half-peny, be made more 
 Reasonable, now so much is to be Coin'd and Re- 
 Coin'd. 
 
 Twelfthly, That at or near every Town or Place where 
 there shall be a Distinct Mint Established, as aforesaid, 
 there shall be also Settled and Fixt an Office, which 
 shall be, and be called An Office of the Kings Change ; 
 and the Chief Officer therein (to be Named by His 
 Majesty, or the Lord Treasurer, or Commissioners of 
 the Treasury for the time being) shall be called The 
 Kings Changer; and that these Changers shall have 
 Tellers or Substitutes under them. And they, as well 
 as their Substitutes, shall be Sworn for the Due and 
 Just Execution of their respective Trusts, with regard 
 not only to the King, but also to every Person that 
 shall have to do with them in respect of their places. 
 
 72 Thirteenthly, 
 
of the Silver Coins. 241 
 
 Thirteenthly, The said Officer called The Changer, 
 with such Tellers or Substitutes as shall be necessary, 
 shall daUy and every Day {Sundays only excepted) 
 attend at the Publick Office whereunto he or they shall 
 be Assigned, or at some other Market Town within the 
 Counties of his District ; and when he is to attend at 
 such other Market Town, he shall cause the same to be 
 Publickly Notified there, by Affixing a Paper in some 
 open Place in the Market next preceding ; and at the 
 said Publick Office, or at such other Market Towns, as 
 aforesaid, the said Changer by himself, or by his Tellers 
 or Substitutes, shall Receive and Take in all such Clipt 
 or Diminished Money as are beforementioned, as any 
 Person or Persons shall bring to him in order to be 
 Re-coin'd ; and in Performance of his Office or Duty, 
 he or they shall be holden to Observe the Rules 
 following. 
 
 RULE I. 
 
 " T'T'E or they shall carefully View and Examine 
 1 M " by the Sight every Piece or Parcel of the 
 " said Moneys as shall be so brought in; and if he 
 " or they shall Observe any Piece or Pieces, which 
 " shall seem to be so "Weighty, as that by the Eighth 
 " Proposition, the same ought to be Currant upon the 
 " New Foot (of Six Shillings and Three Pence for 
 " the Crown) abovementioned, he or they shall forth- 
 " with cause the Weight thereof to be Tried in the 
 '' Scale ; and if he or they do thereby find, that such 
 " respective Piece or Pieces are of such Weight, as 
 " that the same ought to be Currant upon the said 
 " New Foot, without being Melted down, the same 
 " shall be immediately Marked (with some Impression) 
 " by a Hammer, and Redelivered to the Bringer 
 " thereof to be Currant at the Raised Value, intended 
 
 73 as 
 
242 An Essay for A-mendment 
 
 "as aforesaid. The Marking is Design'd chiefly to 
 " prevent his being troubled with it again at the 
 " Office. 
 
 RULE II. 
 
 " TP the Changer, or his Teller or Substitute, 
 1 " shall suspect any Piece or Pieces of Money, 
 " brought in as aforesaid (either Alone or in a Sum) 
 " to be Counterfeit, or to be such money as was not 
 " Originally Coin'd in the Royal Mint of England, 
 " that then, and in every such Case, he or they shall 
 " and may cause such Suspicious Piece or Pieces (in 
 " the Presence of the Bringers) to be Divided by 
 " Shears for that Purpose to be kept and used in the 
 " Office. And if upon Dividing the same, it shall 
 " Appear by the Grain or the Touch, that such Piece 
 " or Pieces are of the goodness of Sterling Silver, 
 " that then and in every such Case, he or they shall 
 " retain such Silver (as if it were not divided) in order 
 " to be Re-coin'd. But if upon such Division, the 
 " Silver shall appear to be worse than the Goodness of 
 " Sterling, every Piece so divided shall be delivered 
 " back to the Bringer thereof, who in that case must 
 " be contented with his own again, in such a Condi- 
 " tion that it will not serve to Defraud any Body else. 
 
 RULE III. 
 
 " A S to all the said Clipt or Diminished Moneys, 
 l\ " which shall consist of the Old Crown, 
 " holding any Weight less than Eighteen Peny 
 " Weight ; the Half Crown holding any Weight less 
 " than Nine Peny Weight ; the Old Shilling holding 
 " any Weight less than Three Peny Weight, and Six 
 
 74 Tenth 
 
of the Silver Coins. 243 
 
 " Tenth Parts of a Peny Weight; and the Old Tester 
 " or Six-pence holding any Weight less than One 
 "Peny Weight, and Eight Tenth Parts of a Peny 
 " Weight, which shall be so brought in to be Melted 
 " down and Ee-Coined -, whereupon the loss above- 
 " mentioned is to be Born either by the State or by 
 " particular Persons, or Both ; It is not certain at 
 "present, how much of the said Loss, by the Resolu- 
 ", tion of the Parliament, shall fall upon the one or 
 " the other. Nevertheless, for the Explanation of this 
 " Project, and to shew how far it is practicable, one 
 " may (as I humbly Conceive) Assume any certain 
 " Part of this Loss, to be born by the Publick, as 
 " if it were Resolved. And Considering that One 
 " hundred Pounds by Tale of all these Clipt or 
 "Diminished Moneys, if they were in One Heap, 
 " would not (by the Estimation which I have made 
 " thereof under the Second General Head) hold above 
 " Sixteen Ponnd Weight Troy, or thereabouts, one 
 " with another (which the King's Subjects dealing 
 " therein, do also find by daily Experience) I do from 
 " thence infer, that if the said Sixteen Pounds Weight 
 " Troy (which now Runs for One hundred Pounds by 
 "Tale) be brought to the Changer, to be by him 
 "Received at Eight Shillings per Ounce; then the 
 " said Eight Shillings per Ounce, when it comes to be 
 " Paid in the New Money, will Amount to Seventy six 
 " iPounds and Sixteen Shillings, which will plainly cast 
 " about Half the Loss upon the State and the rest 
 " upon the Owner of the Money (who will also find 
 " some Recompence in the Raised Value of his Unclipt 
 " Moneys, if he has any such.) Therefore let Eight 
 " Shillings per Ounce in the New Money be the 
 "Assumed or Stated Price, to be Computed by the 
 '' Changer, for all the real Silver which he shall find 
 "to be remaining in these Clipt Moneys; which Method 
 ! 75 of 
 
244 An Essay for Amendment 
 
 " of making good part of the Loss to the Subject by 
 " Allowing him a large Price for every Ounce of the 
 " real Silver remaining in his Clipt Money, seems 
 " to me to be much more secure, and to be (in all 
 " respects) a better way, than by Allowing him a 
 " Market Price only for the said Silver remaining, 
 " and Contributing to his Loss in Proportion to the 
 " Deficiency or Silver Clipt off; because in the latter 
 " Case it wUl be in his Power before he brings in his 
 " Money to Clip it over again, and Reduce it so low, 
 " as that the deficient Weight (if it were to be made 
 " good at the Charge of the PubUck) might be Twice, 
 " Thrice, Four times. Five times, &c. as much as the 
 " real Silver brought in by him would amount to. 
 " Whereas by this Third Rule, the danger of farther 
 " Clipping is perfectly obviated, for no Man will Clip 
 " off Silver to Sell at Six Shillings Five Pence an 
 " Ounce by the Market Price, when he may carry 
 " it to the King's Change, and there Receive Eight 
 " Shillings per Ounce for it. 
 
 RULE IV. 
 
 " "WXTHEREAS the said Clipt Moneys, so to be 
 T T " brought in, do retain very different and 
 " uncertain Weights and Sizes, as they are more or 
 " less Clipt ; and it is evident that a Clipt Crown, 
 " holding more than Twelve Peny Weight and Twelve 
 " Grains, will produce more than Five Shillings in 
 " New Money if it should be Changed by it self at 
 " Eight Shillings an Ounce ; and an HaJf-Crown 
 " holdihg more than Six Peny Weight and Six Grains, 
 " will (if it were Changed by it self for Eight Shillings 
 " an Ounce) produce more than Two Shillings and 
 " an Half in the New Money ; and the like may 
 " be said of the Old Shillings and Six-pences not 
 
 76 " Clipt 
 
of the Silver Coins. 245 
 
 " Clipt to a lower Degree in Proportion. I have Con- 
 " sidered (although the Government would not suffer 
 " in this Case) that Goldsmiths and other Subtil Dealers 
 " in Money, will be very apt (if an effectual Remedy 
 " be not Provided against their Artifices) to Cull out 
 " the Heaviest of their Clipt Pieces, and to get such 
 " into their Hands from their Neighbours, to Change 
 " them at Eight Shillings an Ounce, and thereby 
 " Gain for them more New Moneys in Tale than ever 
 " they Amounted to in their old Denominations. And 
 " in regard One hundred Pounds by Tale of the said 
 " Clipt 'Moneys, holding in Weight Two hundred and 
 " fifty Ounces Troy, when it is Changed at the said 
 " Rate of Eight Shillings an Ounce, will produce One 
 " hundred Pounds in Tale of the said New Moneys ; 
 " therefore it is Proposed, That every Person who 
 " brings any Clipt or Diminished Moneys to be 
 " Changed, as aforesaid, shall be obliged to mingle so 
 " many of his lighter Pieces with his heavier Pieces, as 
 " that upon the Draught or "Weighing of them toge- 
 " ther, they may not at the said Rate of Eight Shil- 
 " lings an Ounce fetch more of the New Moneys in 
 " Tale than the said Chpt Money was Coined for in 
 " its Old Denominations, that is to say. One hundred 
 " Pounds by Tale of such Clipt Moneys, shall be so 
 " mingled with heavier and lighter Pieces as that it 
 " shall not exceed Two hundred and fifty Ounces in 
 " "Weight ; and every other Sum of Clipt Money shall 
 " be restrained to the same proportion : This will 
 " effectually prevent the said trick of Culling, and 
 " create httle or no Difficulty in Practice, because 
 " amongst all the Clipt Moneys, those which might be 
 " converted to the Advantage above-mentioned are few 
 " in comparison of the rest, and a Sum consisting only 
 " of such "Weighty Pieces will not in probability ever 
 " be brought to the Changers by any, but by Crafty 
 
 7.7 " or 
 
246 An Essay for Amendment 
 
 " or Designing Men. And by this device your Lord- 
 " ships may be pleased to take notice that there will be 
 " no need of Weighing every individual Piece, which 
 " (as I think) would render the Work endless and 
 " impossible. The Changer, or his Substitute, when 
 " he shall have carefully Counted and Weighed the 
 " said Clipt Money (observing the Caution aforesaid) 
 " shall compute the Value to be paid for the same, at 
 " the said Rate of Eight Shillings an Ounce, and 
 " enter into a Leger Book to be kept for this purpose, 
 " the Day, Month and Year of his Receipt thereof, 
 " the Name of the Person that brings it, the Sum of 
 " the Clipt Money told, the exact Weight thereof, and 
 " the said Value which is to be paid for the same in 
 " New Moneys in several Columes to be made for 
 " that purpose, for which Value a Bill or Ticket is to 
 " be given, as is after-mentioned. 
 
 RULE V. 
 
 " fTlHE Changer, or his Substitute, shall from time 
 I " to time deliver over the Clipt or Diminished 
 " Moneys, by him or them received or taken in, as 
 " aforesaid, to the proper Officer of the respective Mint 
 " for that District where it was Received, in Order to 
 " be Re-Coined, taking Receipts for the same, by the 
 " Weight and Tale of every- Quantity so delivered 
 " over ; which Receipts are to be the Vouchers for 
 " the Account of the Changer, and the same, together 
 " with his Leger, will serve to Charge the Accounting 
 " Officer of the Mint. 
 
 RULE VI. 
 
 '' rr^HAT there shall be provided for every Changer 
 
 M "a Book or Books, in which every Leaf 
 
 " shall be divided into Two Columes by a Figure 
 
 78 " or 
 
of the Silver Coins. 247 
 
 " or Cypher to be Printed therein, and shall be 
 " so drawn with Lines cutting the Cypher at Eight 
 " Angles, as that Six Pair of Bills may be contained 
 " in every Leaf, and so that every Counter part 
 " may be separated from its Principal Indent-wise, by 
 " cutting through the Cypher or Flourish, all which 
 " Bills shall be numbred in Pairs Arithmetically (1, 2, 
 " 3, &c.) as far as th^e shall be occasion, and there 
 " shall be Printed thereupon the Name of the Place 
 " (where it is at last to be satisfied) and other Words 
 " to this Effect : 
 
 No. 1. Nottingham. This Bill Intitles the Bearer to 
 the Sum of to be paid with Interest, after 
 
 the Rate of Five Pounds per Centum per Annum out of 
 the Fund Settled by Parliament for Satisfaction of the 
 Register for Clipt or Diminished Money kept at the 
 Place aforesaid. 
 
 " And the said Changer, or his Substitute, upon 
 " Adjusting (by the Third and Fourth Rules afore- 
 " said) the Value of which is to be paid in New 
 " Money for any Parcel of Clipt or Diminished Moneys 
 " brought in, as aforesaid, shall dehver to the Party 
 " bringing the same, an Indented Note (to wit, one of 
 " those of the Extream Colume) cut out from the said 
 " Book, and Signed, by himself for the said Value, to 
 " be paid in Course as is hereafter mentioned, taking 
 " Care that the Sum Expressed in the Note so deli- 
 " vered be also Written in Words at length in the 
 " Counterpart remaining in the Book, which Book by 
 " this means will not only be useful and ready in the 
 " City or Countrey to Cheque the Principal Bill, if 
 " there should be occasion for so doing, but will also 
 " well serve for an Exact Register (without making 
 " any other) to Guide and Govern the Payment of the 
 " Principal in the due Course intended, and the just 
 
 79 Computation 
 
248 An EsscCyfor Amendment 
 
 " Computation and Payment of the Interest upon every 
 " such BUI. 
 
 EULE VII. 
 
 ^HAT no such Bill shall be given, or asked for 
 any Sum less then Twenty Shillings in Tale 
 " of the New Money ; and if several Pieces be brought 
 " to the Change for any Sum or Sums smaller than 
 " Twenty Sh,illings, several of them may be joyned in 
 " One Bill, which may be taken in such Name as the 
 " Owners of the Money shall desire ; and if they can- 
 " not agree, it may be in the Name of the Mayor, 
 " Bailiff, or other Chief Magistrate of the Place or (if 
 " there be no Magistrate) in the Name of the Minister 
 " of the Parish, in Trust for the several Owners of 
 " such small Sums. 
 
 The Seven Eules before going concern the Duty and 
 Office of the Changer only. 
 
 Fourteenthly, That all the Silver which will arise from 
 the said Clipt or Diminished Moneys, or from the Plate 
 of the Vintners and Victuallers, or that shall be 
 brought to be Coined by the Merchants, or by any 
 other means, shall be Coined into Moneys, according 
 to these Propositions. In the doing whereof the Chief 
 Officers of the Mint, and all their Substitutes, Officers 
 and Servants shall be subject to the same, or the like 
 Constitutions and Orders touching Assaying, Melting, 
 Refining, Trying, Charging, Discharging, or any Matters 
 or Things relating to the Fabrication of these Moneys 
 as are already Established for Moneys made at the 
 Tower of London : And that the respective Substitutes 
 shall be Accountable to their respective Superiours, and 
 that the Superiour Officers shall be answerable to the 
 King, as now they are. 
 
 Fifteenthly, That the aforesaid Bills for the Values of 
 80 the 
 
of the Silver Coitis. 249 
 
 the Clipt or Diminished Moneys shall be payable to the 
 respective Bearers, who shall shew forth, and bring in 
 the same Bills, whereby the Property thereof will be 
 easily Transferrable without writing ; and the Voluntary 
 Acceptance thereof in payment shall be a good Dis- 
 charge, as if the Payment were made in Money. And 
 the better to Encourage the Currancy of these Bills, it 
 is Proposed, That they bear an Interest after the Rate 
 of Five Pounds per Centum per Annum from the Date 
 thereof (which will plainly appear not only in the Bill 
 it self, but in its Counter-part, remaining in the Register 
 Book) until its full Satisfaction. So that it cannot be 
 doubted, but these Bills being Charged upon so good a 
 Fund, in so near a Course, and made Profitable by the 
 Interest, will be preferrable to the Bills of any Banks, 
 or Goldsmiths,, or private Persons whatsoever, and serve 
 as well (to aU intents) as so much Cash, whilst the 
 Clipt Money is Converting into Sterling Money ; and 
 for the sake of the Interest those that have the Clipt 
 Moneys wiU bring them in the more speedily. 
 
 Memorandum, As soon as the Bill becomes payable in 
 Course, although the Owner do not fetch his Money, 
 it must be reserved for him, only the Interest must 
 cease from that time. 
 
 Siseteenthly, That the time for taking in of the Clipt 
 Moneys be limited to Six Months. 
 
 Seventeenthly, For Settling and Establishing an ample 
 and SuflScient Fund and Security for the Payment and 
 Satisfaction of the Principal and Interest, to be con- 
 tained in the aforesaid BUls, in such due Course and 
 Order, as that every Person who parts with his Clipt or 
 Diminished Moneys, may plainly see and be satisfied, 
 That he or his Assigns shall certainly receive the Value 
 thereof; and that the Course of the Payments will 
 Commence in a very little time, and be continued with- 
 
 81 out 
 
250 An Essay J^or Amendment 
 
 out any Interruption till the whole be compleated (which 
 will very much influence this whole Affair) It is humbly 
 proposed that it may be Enacted as follows, 
 
 Ist, " That all the New Moneys which shall be Coin'd 
 "in every distinct Mint of the Silver of the Old CHpt 
 " or Diminish'd Moneys brought into the Office of 
 " Change, to be particularly Assigned to or for the 
 " same Mint, shall be Appropriated to the Payment 
 " of the Bill standing in the Register belonging to 
 " that Office, and shall be applied thereunto de die 
 " in diem, as fast as the said old Moneys can be 
 '' Re-Coin'd. And as the Kings Changer shall be 
 "obliged in the giving out his Numbred Bills, to 
 "observe and have regard to the Day or Time upon 
 "which the Party brings his Clipt or Diminish'd 
 " Money ; so in the paying ofl" the said Bills he shall 
 " keep a due course, as they shall be Numbred and 
 " Stand in the Book of the said Register, without 
 " giving an undue Preference, under pain of Forfeiting 
 " double the Value to the Party grieved. 
 
 2ndly, " That it shall and may be lawful to or for any 
 "Person or Persons, Bodies Politick or Corporate to 
 " Advance or Lend at the Exchequer, in such Unclipt 
 " Moneys as will be Currant by this Project, any Sum 
 " or Sums of Money not exceeding. Eight hundred 
 "thousand Pounds (which by Estimation will make 
 " good so much of the loss as is to be born by the 
 " State, or Publick, if the Clipt Moneys are taken in 
 " at the said assumed Rate of Eight Shillings an 
 " Ounce) and such Loans will consequently be accepted 
 " in Money at the Raised Value abovementioned. And 
 "the same, together with Interest after the Rate of 
 " Seven Pounds per Centum per Annum, may be Charged 
 " upon the aforesaid Aid, in the same manner as Loans 
 " at the Exchequer have usually been Charged upon 
 " other Aids. And that the Weighty Moneys that 
 
 82 " shall 
 
of the Silver Coins. 251 
 
 " shall be so Lent, be also Appropriated, and be made 
 "Auxiliary to the Paying off the said Bills in the 
 " several Registers thereof, and be Applied, Distributed 
 "and Transmitted ..to and amongst the same, by the 
 " Commissioners of the Treasury, and the Lord Trea- 
 " surer for the time being, in such Proportions as 
 " they shall find to agree with the Sum, that shall be 
 " Due and Owing from time to time upon those Regis- 
 " ters respectively. 
 
 Srdly, " That any Merchant, or other Person what- 
 " soever, having, or that shall have any Silver Bullion 
 "whatsoever, whether it be Foreign Silver, Plate in 
 " Vessels, the Silver of Counterfeit Moneys, or any 
 " other kind of Bullion whatsoever, shall have liberty 
 "to carry the same to any of the said Mints, and 
 " have it in his own Election, either to have it Coined 
 "into New Money, upon the New Foot to his own 
 "use; in which case he must receive his Coin'd 
 " Money according to the present Course of the Mint ; 
 " or else to declare that he will Lend the Value of it 
 "at the Exchequer, as part of the said Sum, not 
 " exceeding Eight hundred thousand Pounds. In 
 " which Case last mentioned, the OfScers of the Mint 
 " shall Certifie to the Officers of the Exchequer the 
 " Quantity of Sterling Silver, or Silver reduced to Ster- 
 " ling, that shall be so delivered to them, and the 
 "Value thereof, after the Rate of Six Shillings and 
 " Five Pence Halfpeny an Ounce, and the Officers of 
 "the Exchequer, upon producing these Certificates 
 " shall give to the Party Tallies and Orders, Charged 
 " upon the said Aid, for the Values so Certified, as if 
 "it were Lent in the said Currant Money at the 
 " Receipt, in part of the said Sum not exceeding Eight 
 "hundred thousand Pounds, and for the Interest 
 " thereof. And in this Case the New Moneys which 
 " shall proceed from the Bullion so Lent, shall be 
 
 83 " Appropriated 
 
252 An Essay for Amendment 
 
 "Appropriated, and be Transmitted, and Distributed 
 " to and for the satisfaction of the said Eegisters, in 
 "the like manner as the other Moneys which shall 
 " be lent, as aforesaid. 
 
 4thly, " In Case the Silver of the Clipt Moneys, and 
 " such Loans, as aforesaid, shall not suffice to clear all 
 " the Registers, then the Remainder must be paid by 
 "the Overplus Moneys, to be Collected for the Aid 
 "it self J and in Default thereof (which is not very 
 "likely) the last Deficiency ought to be paid out of 
 " the then next Moneys to be Raised by Parliament. 
 
 Eighteenthly, That the present Coinage Duty may be 
 AppUed towards the Charge of the said Mints in general. 
 
 Nineteenthly, That the Commissioners of the Treasury, 
 or Lord Treasurer for the time being, and such Person 
 as the King shall Appoint to be the Under Treasurer, 
 or Supervisor for this purpose, shall have the Oversight, 
 Rule, Order and Government of this Affair, according 
 to the Laws that shall be Enacted for the same, and 
 shall have power to administer the Oaths, and take 
 sufficient Securities in the Kings Name, from all the 
 Officers belonging to the Change, and such of the 
 Officers of the Mint as ought to give Security, and to 
 require Weekly, or other Accounts from the several 
 Offices, and particularly to cause the general Accounts 
 of the said Changers, and of the Accompting Officers 
 of the Mint, to be Passed in the Exchequer, in such 
 due Eorm as they ought to be, and to allow such Sala- 
 ries, and Incident Charges as shall be reasonable for 
 the performance of this Service, and also to allow the 
 reasonable wast in the Coinage. 
 
 Twentieth, That all Persons Concerned may have free 
 Access to the several Legers and Registers before- 
 mentioned ; and no Pee or Charge shall be asked or 
 taken of them, for any Matter or Thing which is to be 
 done by any Officer in Execution of this Project. 
 
 84 Twenty first, 
 
oj the Silver Coins. 253 
 
 Twentyfirst, That at the first Session of Parliament 
 after Michaelmas, 1696^ the said Commissioners of the 
 Treasury, or Lord Treasurer for the time being, and 
 the said Under-Treasurer or Supervisor General for this 
 Affair, shall deliver fairly Written to each of the Two 
 Houses of Parliament, a True and Exact Account of all 
 the Chpt or Diminish'd Moneys which shall have been 
 brought in to be Re-coin' d, by the Tale and Weight 
 thereof, appearing in the respective Offices of the 
 Changers; and of all the New Moneys which shall 
 have been Coin'd in the said several Mints, distinguish- 
 ing those proceeding from the Silver of the Old Moneys 
 from the Coins made of any other Bullion, and shewing 
 particularly the Plate of the Retailers of Wine, Beer, 
 and other Liquors, and the Quantities of Money made 
 thereof; also the Totals of the said Registers for the 
 Values of the Clipt Money, and the Discharging of the 
 same, and how much (if any part) shall then remain 
 Unsatisfied, and the like Account shall be Presented to 
 His Majesty. 
 
 85 The 
 
254 An Essay for Amendment 
 
 The Fifth General Head Considers what must Supply 
 the Commerce, Pay Taxes, &c. whilst the Clipt Money 
 is under its New Fabrication. 
 
 THIS Question is to be Answered, by Eeminding 
 your Lordships of several Particulars which have 
 already occurred in this Report, with a small Addition, 
 as follows. 
 
 First, The Weighty Money (both Mill'd" and Ham- 
 mer'd) now Hoarded, wiU come forth at a Raised Value, 
 which (according to the above Estimation) may make 
 One Million and Six hundred thousand Pounds more 
 or less ; besides the Guineas and Half- Guineas, which 
 are but too numerous at their present Rate. 
 
 Secondly, The Bills for the Clipt Money will be so 
 Profitable and Certain, and have such a quick Course 
 of Payment, as aforesaid, that they will serve as so 
 much Running Cash : and in the coming forth, the 
 Number of them will encrease from day to day ; that 
 from First to Last, they will by Estimation amount to 
 above Three Millions. 
 
 Thirdly, As those Bills are Paid off, the New Moneys 
 Coin'd, with the Silver of the Clipt, will come in their 
 stead, the Fabrication whereof will begin presently, and 
 the Work will be Carried on with as much Expedition 
 as can be made by Ten Mints. 
 
 Fourthly, Importers of Bullion, and all others that 
 have or can have any Foreign or English SUver (even 
 the Silver of Counterfeit Moneys) in their Hands, will 
 have a visible Encouragement to carry the same forth- 
 with to the Mint to be Coin'd. 
 
 Fifthly, It may be Enacted, That all Persons that 
 86 Sell 
 
of the Silver Coins. 255 
 
 Sell Wine, Strong-waters, Bear, Ale or other Liquors 
 by Retail, shall by a Pretixt Day, bring their Tankards, 
 Cups, Dishes and other Plate to some or one of the 
 Mints, to be Coin'd into New Money, at the Rate of 
 Six Shillings and Five Pence Half-peny an Ounce, 
 under Pain of Forfeiture thereof, and that the New 
 Money proceeding from the same shall be Delivered to 
 them according to the present Course of the Mint. 
 
 I have (my Lords) in this difficult Matter Considered 
 and Digested as many things as were possible for me 
 in so short a time ; and I cannot forbear (before I end) 
 to Alledge, that if the Coins are to be Amended and 
 Established according to these Propositions (which may 
 be Rectified and Improved by Men of greater Judg- 
 ment and Skill) I cannot foresee that even whilst the 
 "Work is Carrying on, there will Accrue such Publick 
 Disorder, Damage or Distress, as the Nation Labours 
 under before the Work is put in hand. 
 
 All which is most humbly submitted to Your 
 Lordships great Wisdom and Judgment. 
 
 12 Septemb. WILLIAM LOWNDES. 
 
 1695. 
 
 87 In 
 
256 An Essay for Amendment 
 
 In quodam libra vocato nigra scripta tempare Regis 
 Henrici Secundi, per Gervasium Tilburiensem, de 
 Necessariis Scaccarii, remanents in Curia Receptee 
 Scaccarii, inter alia sic cantinetur. 
 
 Cap. 31. Officium Militis Argentarii & Fusoris. 
 
 PORRO Miles Argentarius ab inferiare Scaccaria 
 ad superius differt Laculum examinandi Argenti, 
 cujus supra meminimus, quern cum intulerit Signatt^m, 
 Sigillo Vicecomifis, sub amnium aculis effundit in Scac- 
 caria xxiiii. Salidos quos de Acervo Sumptas prims 
 Signaverit, factaque Commixtione eosdem, ut ponderi 
 respondeant, mittit in unum Vasculum trutina libram 
 ponderis, in alterum vera de Denariis quod Oportu^t, 
 Quo facta, numerat eosdem ut ex numero canstare possitj 
 si legitimi ponderis sint, cujuscunque vera panderis 
 inventi fuerint, seorsum mittit in Ciffum libram unam, 
 hoc est XX. Salidos, ex quibus examen fiat, reliquos vera 
 xxiiii. Salidos mittit in Laculum. Item duo Denarii 
 prater libram examinandam dantur Fusori, nan de 
 Fisco, sed de parte Vicecamitis, quia in prcemium sui 
 laboris. 
 
 Tunc eliguntur a Prasidente vel a Thesaurario, si 
 ille absens fuerit, alii duo Vic. ut simul cum Argentario, 
 Necnan et Vicecomite, cujus examen faciendum est, pra- 
 cedant ad Ignem, ubi Fusor ante prcemonitus, prmparatis 
 Necessariis, earum praestalatur adoentum. Ibi iterum 
 prmsente Fusore et Mis qui a Baronibus missi sunt, 
 diligenter computantur, et Fusori traduntur. Quas ilk 
 Suspiciens manu propria numerat, et sic disponit eos 
 in Vasculum ignitarum Cinerum quod in Farnace est- 
 
 88 Tunc 
 
of the Silver Coins. 267 
 
 Tunc igitur Artis Fusorue lege servata, redigit eos in 
 Massam, conflans et emundans Argentum : Cceterum 
 cavendum est ei, ne citra perfectionem subsistat, vel 
 importunis eestuationibus vexet illud atque consumat. 
 Illud propter Regis, hoc propter Vicecomitis Jacturam, 
 set Modis omnibus provideat et quanta procuret indus- 
 tria ut non vexetur, set ad purum tantum excoquatur, 
 hoc autem ipsivm providere dicunt hii qui ad idem missi 
 sunt a Majoribus. Facto igitur examine defert illud 
 Argentarius ad Barones, Comitantibus illis, et tunc in 
 omnium Oculis ponderat illud cum libra prcedicta pon- 
 deris, supplet autem mow quod ignis consumpsit, appositis 
 denariis ejusdem loculi, donee cequilibriter se habeat 
 examen cum pondere. Tunc inscribitur idem examen 
 desuper ducta Creta Mis verbis, Everwicscir, libra arsit 
 tot vel tot denarios, et tunc illud Essaium dicitur. Non 
 enim inscribitur nisi prceconcessio quod sic stare debeat. 
 Quod si Vicecomes, cnjus est, Calumpniatus fuerit, illud 
 quasi plus justo consumptum fuerit ignis scilicet excestua- 
 tione vel plumbi infusione, vel et Fusor ipse, qualibet 
 Occasione defecisse fateatur examen, iterum numerentur 
 XX. Solidos, qui residui sunt in loculo prtedicto, coram 
 Baronibus sicut demonstratum est, et eadem ratione Ser- 
 vata, fiat examen. Hinc igitur constare potest, qua 
 consideratione de acervo magna proposit/s pecuniae xliiii. 
 Solidos seorsum ab initio mittantur in Loculum, apposito 
 Vicecomitis Sigillo. Notandum vero est, quod Fusor 
 duos percipit denarios pro Examine, sicut diximus. 
 Quod si quovis Casu aliud faceret, et si tertio examina- 
 verit, non percipiet quicquam, set contentus erit semel 
 susceptis duobus. 
 
 Discipulus. Miror a tantis tantam adhiberi diligen- 
 tiam in unius librcB examinatione, cum nee magnus ex ea 
 qutestus nee multa jactura proveniat. 
 
 Magist. Non propter hanc tantum fiunt hac, set 
 propter omnes illas qua ab eodem Vicecomite sub eodem 
 
 89 nomine 
 
258 An Essay for Amendment, kc. 
 
 nomine firme simul cum hac persohmntw. Quantam 
 enim ah hac libra per ignem purgatorium decidit, tantun- 
 dem ex singulis aliis libris Noverit Vicecomes de summa 
 sua substrahendum, ut si centum libras numeratas solve- 
 nt, et libra examinis Hi. denarii exciderint, Non compu- 
 tentur ei nisi nonaginta quinque. 
 
 A Computation of the Common Weight of a Hundred 
 Pounds by Tale, in Ordinary Silver Money at this 
 Day, taken from a Medium of the Bags, Weighed 
 at the Receipt of Exchequer, in May, June, and 
 July last. 
 
 Memorandum, The Weight of One hundred Pounds by 
 Tale in Silver Moneys, according to the Stan- 
 dard of the Mint, ought to be Thirty two Pounds 
 Three Ounces, One Peny Weight and Twenty 
 two Grains Troy. 
 
 No. 
 
 What they ought 
 
 Weight at the 
 
 Deficiency. 
 
 Bags. 
 
 to Weigh. 
 
 Exchequer. 
 
 
 oz. dw. gr. 
 
 oz. dw. gr. 
 
 oz. dvj. gr. 
 
 40 
 
 15483 16 16 
 
 8095 5 
 
 7388 11 16 
 
 74 
 
 28645 1 20 
 
 14373 5 
 
 14271 16 2 
 
 133 
 
 61483 14 22 
 
 27318 
 
 24166 14 2 
 
 120 
 
 46451 10 
 
 23496 15 
 
 22954 16 
 
 105 
 
 40645 1 6 
 
 20899 16 
 
 19746 6 6 
 
 100 
 
 38709 11 16 
 
 19588 6 
 
 19121 6 16 
 
 672 
 
 221418 16 08 
 
 113771 05 
 
 107647 11 08 
 
 oz. dw. gr. 
 The Medium of the Weight of each Hundred ) ,„„,„„„ 
 Pounds 198 18 OOi fere. 
 
 Pounds 
 The Medium of the Deficiency 
 
 188 03 21f 
 387 01 22 
 
 FINIS. 
 
 90 
 
NOTE 
 
 ON THE 
 
 RE - C 01 N AGE 
 
 1696-99. 
 
NOTE 
 
 RE-COINAGE OF 1696-99. 
 
 THE proposal of Mr. Lowndes for degrading the 
 Standard of the Currency by Raising the Nominal 
 Value of the Crown, or 5s. piece, to 65. 3d. (25 per cent.) 
 and so in proportion with other Coins, was chiefly defeated 
 through the vigorous resistance of Mr. Locke. To op- 
 pose it that great philosopher published his celebrated 
 tracts on "Raising the Value of Money,"* in which he 
 examined and refuted the various arguments by which 
 Mr. Lowndes and others had endeavoured to vindicate the 
 policy of such a proceeding. But, though the Old Stand- 
 ard was happily preserved in its integrity, some of the 
 principles that should have been kept in view in settling 
 the basis on which the Currency was henceforth to be 
 placed appear to have been all but wholly overlooked. 
 
 The regulations under which Gold and Silver Coins 
 were circulated in England previously to 1663 differed at 
 
 3 different 
 
 * The first of these tracts, entitled " Some Considerations of the 
 Consequences of the Lowering of Interest and Raising the Value of 
 Money,"' was published in 1691. 
 
 The second tract written in answer to the Report of Mr. Lowndes, 
 and entitled " Further Considerations concerning Raising the Value- 
 of Money," appeared in 1695. They make together a pretty con- 
 siderable volume. 
 
262 Note on the 
 
 different periods. In that year the Guinea* was first 
 coined, and its value (though fixed by the Mint regula- 
 tions at the low rate of 20s. in silver) and the values of 
 the other Gold Coins then in circulation, varied according 
 to the fluctuations in the market values of Gold and Silver, 
 the latter being in effect the only legal tender. Gold, 
 however, had, for a lengthened period, been coming more 
 and more into circulation; and, owing to a variety of 
 causes, the principal perhaps being its greater aptitude to 
 serve as Currency, combined with the worn, clipped, and 
 extremely unsatisfactory state of the Silver Coins, it was 
 used in the reign of Charles II. in preference to Silver in 
 all large payments. Previously to the great Re-Coinage 
 of 1696-99, Silver Coins were so much degraded that the 
 Guinea passed current for 28s. and 30s. 
 
 When, therefore, the subject of the Re-Coinage came to 
 be considered, the first questions to be examined were, 
 whether Gold or Silver should be selected as the Standard 
 of the Currency ? or whether both metals should be used 
 as Standards? 
 
 Both Lowndes and Locke agree in considering Silver 
 as having hitherto been in fact the only Standard of the 
 Currency; and the latter was impressed with a strong 
 (though we believe ill-founded t) conviction of its great; 
 superiority in that respect to gold. Such being their 
 opinion, it is plain that the proposal of Lowndes was 
 neither more nor less than a proposal to degrade the 
 Standard to the extent of 25 per cent. And we are under 
 the greatest obligations to Locke and his supporters in 
 Parliament by whom so nefarious a project was successfully 
 opposed. 
 
 4 But 
 
 » So called from its being partly coined of gold brought from the 
 coast of Guinea. — Snelling's Oold Coins, p. 29. 
 
 t See on this subject some conclusive remarks in Liverpool On 
 Coins, p. 145. 
 
Ee-Coinage of 1696-99. 263 
 
 But Parliament, wholly engrossed by the Re-Coinage of 
 Silver, does not appear to have ever considered what was 
 to be done with Gold. And yet it is plain that if it was 
 intended that Gold Coins should continue in circulation, 
 and be legal tender indifferently with Silver, the future 
 state of the Currency would depend on the Mint valuation 
 of Gold and Silver, or on the rate at which the one was to 
 be received for the other. If this valuation had been 
 made so as to correspond pretty exactly with the real 
 values of the metals then, as little or nothing would have 
 been gained by using the one rather than the other. Coins 
 of both might have continued to circulate together. But 
 it is difficult at any time to make such an accurate adjust- 
 ment of the values of the two metals ; while, supposing it 
 were made, it could not, owing to changes in their real 
 values, be maintained for any considerable period. And 
 whenever a change takes place in their comparative values, 
 it becomes the obvious interest of everybody to use that 
 metal in preference which is over-valued, the other being 
 employed in the arts, or exported to places where it passes 
 at its fair value. 
 
 But though sufficiently obvious, and set in a clear light 
 by Mr. Locke, these considerations were completely lost 
 sight of in 1696-99. After the Re -Coinage had been 
 effected, the rates at which Gold and Silver Coins were to 
 be interchanged were not fixed by authority — that is, the 
 rule laid down in the Proclamation of 1663 was not 
 interfered with. But this rule had fallen into desuetude, 
 and after the Re-Coinage the value of the Guinea was 
 estimated by the Public at 31«. 6d., and it was readily 
 received at that rate in all payments.* 
 
 It appears, however, from the best attainable informa- 
 tion, that this valuation of 21s. 6d. was really equivalent 
 
 5 to 
 
 * Snelling'B Oold Coins, p. 31, 
 
2S4 Note on the 
 
 to a premium of lOd. in favour of the Guinea, it being 
 worth only about 20s. 8«?. of the new Coins. And in con- 
 sequence of this marked, though unintentional preference 
 of Gold, it was used, to the exclusion of silver, in all con- 
 siderable payments; while the new Coins of the latter, 
 being not only under-valued but in excess, immediately 
 began to be exported. 
 
 The growing scarcity of Silver consequent on this ex- 
 portation being in the end productive of considerable 
 inconvenience, an attempt was made to stop it in 1717, 
 by reducing by Proclamation the value of the Guinea from 
 21*. Gd. to 21s.j Gold and Silver being respectively made 
 legal tender in that proportion, or in the ratio of 1 lb. of 
 Gold to IS-j^jVt Ih. of Silver. But notwithstanding this re- 
 duction, which was made pursuant to the advice of Sir 
 Isaac Newton (see post), the Guinea was still over-valued 
 as compared with Silver. This over-valuation was esti- 
 inated at the time at about 4«?. in the Guinea, or lif per 
 cent.* And as the value of Silver compared with Gold 
 continued to increase for most part of last century, it 
 afterwards became considerably greater; a circumstance 
 which rendered it more and more the interest of all parties 
 to pay in Gold rather than in Silver. Hence Gold became 
 in practice, what Silver had formerly been, the sole legal 
 tender; and during the lengthened period from 1717 down 
 to 1816, no Silver Coins of the legal weight and purity 
 would remain in circulation, but were either melted down 
 or exported, the Silver Currency consisting entirely of 
 light worn Coins. 
 
 It is evident from these statements that Locke and 
 those who effected the Re-Coinage of 1696-99 should, to 
 he consistent, and prevent the immediate exportation of 
 the new Coins, have reduced the Mint value of the Guinea 
 
 6 to 
 
 * Liverpool On Coin, pp, 68 — 85. 
 
Re-Coinage of 1696-99. 265 
 
 to 20s. 8d. at 20s. 6d., or have made it optional merely to 
 take Gold at its market price.* But it is probably better 
 that they did not. The over-valuation of Gold gave us 
 a Gold Currency which^ besides being incomparably more 
 commodious, is, despite the dictum of Locke, in most 
 respects preferable, especially in a country like this, to a 
 Silver Currency.f 
 
 Had Lowndes, instead of an excessive reduction of 
 25 per cent, in the value of the Silver Coins, contented 
 himself with proposing a reduction of 3 or 4 per cent., 
 and his proposal been agreed to, it is probable that 
 Gold would, notwithstanding, have continued to be pre- 
 ferred by the Public, and Silver been used only in small 
 payments; and if so, the system of 1816 would have 
 been to some extent anticipated. But the degrada- 
 tion which he proposed was so very great that, unless the 
 ratio of Gold to Silver had been at the same time very 
 largely raised, or the Gold Coins been called in and their 
 weight proportionally reduced, they would have been 
 entirely banished from circulation. It is quite impractica- 
 ble, where two sets of Coins are equally legal tender, to 
 degrade the one without at the same time degrading the 
 other, or forcing it abroad. 
 
 In the system established in 1816, Silver is reteeived at 
 the Mint at the rate of 5*. 2d. per oz. and issued at the 
 rate of 5s. 6d. per do. the 4d. being retained as a seignor- 
 age to defray the expense of Coinage. Silver was then, 
 also, made legal tender to the extent of 40«. only in any 
 one payment. In consequence, it has become a merely 
 subsidiary currency. This system, which was suggested 
 by the first Earl of Liverpool, has answered extremely 
 well. 
 
 7 
 
 * This latter alternative was proposed by Locke, 
 t Liverpool On Coins, p. 145. 
 
REPRESENTATIONS 
 
 OF 
 
 67i? ISAAC NET^rON 
 
 ON THE 
 
 SUBJECT of MONEY, 
 
 I712-I717. 
 
REPRESENTATION EIRST 
 
 TO THE 
 
 Right Honourable the Earl of Oxford and Earl of 
 Mortimer, Lord High Treasurer of Great Britain. 
 
 May it please Your Lordship, 
 
 ACCORDING to your Lordship's Order, signified to 
 me by Mr. Secretary Harley, in his Letter of Feb- 
 ruary 36th last, I have considered the Letter of his Grace 
 the Duke of Ormond, Her Majesty's Lieutenant General 
 and General Governor of Ireland, sent to your Lordship, 
 together with the Representation sent to his Grace from 
 the Lords of Her Majesty's Most Honourable Privy 
 Council of that Kingdom, mentioning a late Proclamation 
 for making current in that Kingdom some Pieces of 
 Foreign Gold and proposing to make current there, by 
 farther Proclamation, several other Pieces of Foreign 
 Gold therein named, to prevent the Counterfeiting 
 thereof: and as to the Value of the Pieces, I humbly 
 represent, that the Spanish Pistoles, one with another, as 
 they are brought hither by the Merchant, weigh 103 
 Grains each at a Medium, and are in Fineness half a 
 Grain worse than Standard, and after the Rate that a 
 Guinea is valued in England at 1/. Is. 6d. are here worth 
 17s. Id. and in Ireland, where the Silver Money is raised 
 a Penny in the Shilling, if the Gold be raised in the same 
 Proportion, become worth 18*. 6d. And in Proportion 
 to the Quadruple Pistole weighs 412 Grains, the Double 
 Pistole 306 Grains, and the Quarter Pistole 35f Grains : 
 But in the Representation the Quadruple Pistoles are said 
 to weigh 408 Grains, the Double Pistole 204 Grains, and 
 
 3 the 
 
270 Newton's Representations on 
 
 the Quarter Pistoles 25 and an half Grains, whence I 
 gather, that in the former Proclamation the Weight of 
 the Pistole was but 102 Grains, which is a Grain lighter 
 than the just Weight, this Grain, as I conceive, being 
 abated to give a legal Currency to such lighter Pieces as 
 want not above a Grain of their just Weight ; and upon 
 this Consideration the Quadruple, Double, and Quarter 
 Pistoles may be put in Weight and Value as is expressed 
 in the Representation; and so may the Double and 
 Quarter Luidores, they being of the same weight. Fine- 
 ness and Value with the Double and Quarter Pistoles. 
 
 The Moydores of Portugal, one with another, as they 
 are brought hither by the Merchant, weigh 165|^ Grains 
 at a Medium, and a Quarter of a Grain better than Stan- 
 dard, and in England are worth 27s. %d. Half-penny, and 
 being raised a Penny in the Shilling, become worth 30». 
 in Ireland : In the Representation their Weight is put 
 168 Grains, which is certainly too much; and thence it 
 comes to pass, that they are therein valued at 1/. 10s. 6d. 
 which is 6d. too much. I have examined the Weight of 
 30 Parcels of Moydores, containing a Thousand Moydores 
 in each Parcel, and thereby found, that the Moydore, at 
 a Medium, weighs only 165|- Grains ; if in Favour of the 
 lighter Pieces the Fraction be abated, their Weight and 
 Value, in a new Proclamation, may be put as follows. 
 The Portugal Piece of Gold, called a Moydore, and weigh- 
 ing 165 Grains, to pass at 1/. 10s. the Half Moydore 
 weighing 82 Grains and an half, at 15s. and the Quarter 
 Moydore, weighing 41 Grains and a Quarter, at 7s. 6d. 
 
 Gold is over-valued in England in Proportion to Silver, 
 by at least 9c?. or lOd. in a Guinea, and this Excess of 
 Value tends to increase the Gold Coins, and diminish fhe 
 Silver Coins of this Kingdom ; and the same will happen 
 in Ireland by the like over-valuing of Gold in that King- 
 dom. But it's convenient that the Coins should bear the 
 same Proportion to one another in both Kingdoms, to 
 
 4 prevent 
 
the Subject of Money. 271 
 
 prevent all fraudulent Practices in those that Trade 
 between them, and that the Proportion be ascertained by 
 Proclamation. 
 
 All which is most humbly submitted to your 
 Lordship's ffr eat Wisdom. 
 
 Mint- Office, Srd March, Is.. Newton. 
 
 1711-12. 
 
 REPRESENTATION SECOND. 
 
 TO THE 
 
 Right Honourable the Earl of Oxford and Earl of 
 
 Mortimer, Lord High Treasurer of Great Britain. 
 May it please Your Lordship. 
 
 IN Obedience to Your Lordship's Order of Reference 
 signified to me by Mr. Taylor in his Letter of June 
 16 inst. I have perused the Representation from the 
 Lords of the Privy Council of Ireland, touching a late 
 Order of Council here for giving Currency in that King- 
 dom by Proclamation to some Foreign Coins, which were 
 omitted in a former Proclamation, a printed Copy of 
 which they have sent, desiring a Clause to be added to 
 the said Order, for making such Allowance for light 
 Pieces as was made in the said Proclamation; and that 
 the Order may comprehend also the foreign Coins men- 
 tioned in that Proclamation, because the Original thereof 
 under the Great Seal was destroyed by the late Pire that 
 happened there at the Council-Chamber, so that the 
 Clark of the Council cannot now certify that the printed 
 
 5 Copy 
 
272 Newton s Eepresentations on 
 
 Copy agrees with the Original verbatim as the. late Act of 
 Parliament requires for the Conviction of Counterfeiters 
 of those Coins. And upon comparing the said Represen- 
 tation with the said late Order of Council and printed 
 Proclamation, I humbly represent, that the Weight of the 
 single Pistole and Luidore, being in the said Proclamation 
 put 4 Penny-weight 8 Crrains ; the Weight of the Double 
 Pistole and Double Luidore ought in Proportion to be 
 put in a new Proclamation 8 Penny- weigbt 16 Grains, 
 and that of the Quadruple Pistole, or Double Doubloon, 
 17 Penny- weight 8 Grains. And that the Moydore of 
 Portugal (which as the Merchants bring them hither a 
 little worn, weigh one with another 6 Penny-weight 21f 
 Grains, and before wearing may be a Quarter of a Grain 
 heavier or above) may be put in Weight 6 Penny-weight 
 22 Grains in the same ProclamatioUj and valued at 30s. 
 For in Ireland, where an English Shilling passes for \Zd. 
 the Moydore of this Weight is worth 29s. \l\d. reckoning 
 Gold 22 Carats fine at M. per Ounce, as is usually done, 
 and 30*. is a Medium, and the nearest round Number. 
 And a Grain being allowed for Wearing, this Piece will 
 be current till it weighs but 6 Penny-weight 21 Grains, as 
 was stated in the late Order of Council, and after that it 
 will be still current by abating 2d. per Grain in its Value 
 for what it wants of the Weight of 6 Penny-weight 22 
 Grains. For the latter Part of the printed Proclamation, 
 concerning the Allowance for light Pieces, and concern- 
 ing the Scales and Weights for weighing them, I am 
 humbly of Opinion, should be continued in the next 
 Proclamation. 
 
 I humbly beg leave to represent further to your Lord- 
 ship, that the Weights and Values of the Silver Coins in 
 the printed Proclamation would answer better to one 
 another, and to the Coins themselves, if 2d. were taken 
 from the Value of the Crusado of Portugal, and 18 or 
 20 Grains added to the Weight of the Dollars, for the 
 
 6 Crusado 
 
the Subject of Money. 273 
 
 Crusado is reckoned in Portugal to be the lOth part of the 
 Moydore in Value, and the Moydore is worth 305. in 
 Ireland as above, and yet the Crusado is valued in the 
 Proclamation at 3*. 2d. It's Weight before Wearing is 
 11 Penny- weight 4 Grains, and a Crusado of this Weight 
 is worth but 3s. 
 
 Rix-Dollars, Cross-Dollars, and other Dollars, are in 
 the Proclamation put of the same Weight and Value of 
 the Pieces of Eight and Lewises, and ought, to be 18- or 
 20 Grains heavier to be of the same Value. Rix-DoUars 
 are of several sorts, and before Wearing Weighed about 
 18 Penny-weight and 6, 8, or 10 Grains, and Cross- 
 Dollars 18 Penny-weight 1 Grain. That they may be 
 worth 4s. 9d. which is the Value in the Proclamation, 
 they should weigh at least 17 Penny-weight 18 Grains. 
 
 I am humbly of Opinion thei'efore, that the Gold Coins 
 should be of the Weight and Fineness expressed in the 
 Paper hereunto annexed,* and the Silver ones, as in the 
 printed Proclamation, unless for the Reasons above men- 
 tioned, it should be thought fit to take 2d. from the Value 
 of the Crusadoes, and add 18 Grains to the Weight of 
 the Dollars. 
 
 All which is humbly submitted to your Lord- 
 ship's great wisdom. 
 
 Mint-Office, 23 June, Is. Newton. 
 
 1712. 
 
 7 REPRE- 
 
 * A Table of the weight, fineness, and value of different coins was 
 added to this Representation, which it has not been thought neces- 
 sary to reprint. 
 
274 Newton's Representations on 
 
 REPRESENTATION THIRD. 
 
 TO THE 
 
 Right Honourable the Lords Commissioners of His 
 Majesty's Revenue. 
 
 I 
 
 May it please your Lordships. 
 N Obedience to your Lordships Order of Reference of 
 
 August \2th, that I should lay before your Lordships 
 a State of the Gold and Silver Coins of this Kingdom in 
 Weight and Fineness, and the Value of Gold in Proportion 
 to Silver, with my Observations and Opinion, and what 
 Method may be best for preventing the Melting down of the 
 Silver Coin; I humbly Represent, That a Pound "Weight 
 Troy of Gold, 11 Ounces fine, and 1 Ounce AUay, is cut 
 into 44 Guineas and Half, and a Pound Weight of Silver, 
 11 Ounces, 2 Penny Weight fine, and 18 Penny Weight 
 AUay, is cut into 62 Shillings; and according to this 
 Rate, a Pound Weight of fine Gold is worth 15 Pounds 
 Weight 6 Ounces, 17 Penny Weight and 5 Grains of fine 
 Silver, reckoning a Guinea at \l. Is. 6«?. in Silver Money. 
 But Silver in Bullion exportable is usually worth 2«?. or 
 Zd. per Ounce more than in Coin. And if at a Medium, 
 such Bullion of Standard Allay be valued at 5s. 4«?. Half- 
 penny per Ounce, a Pound Weight of fine Gold will be 
 worth but 14 Pound Weight 11 Ounces, 12 Penny Weight 
 9 Grains of fine Silver in Bullion. And at this Rate, a 
 Guinea is worth but so much Silver as would make 
 20s. %d. When Ships are lading for the East-Indies, the 
 Demand of Silver for Exportation raises the Price to 
 
 8 ^ 5s. Qd. 
 
the Subject of Money. 275 
 
 5s. 6d. or 5s. 8d. per Ounce, or above : but I consider not 
 those extraordinary Cases. 
 
 A Spanish Pistole was coined for 32 Reas, or 4 Pieces 
 of Eight ReaSj usually called Pieces of Eight, and is of 
 equal Allay, and the 16th Part of the Weight thereof. 
 And a Doppio Moeda of Portugal was coined for 10 Cru- 
 sadoes of Silver, and is of equal Allay, and the 16th Part 
 of the Weight thereof; Gold is therefore in Spain and 
 Portugal of 16 times more Value than Silver of equal 
 Weight and Allay, according to the Standard of those 
 Kingdoms; at which Rate, a Guinea is worth 22«. \d. 
 But this high Price keeps their Gold at Home in good 
 Plenty, and carries away the Spanish Silver into all Europe, 
 so that at Home they make their Payments in Gold, and 
 will not pay in Silver without a Premium. Upon the 
 coming in of a Plate-Fleet, the Premium ceases, or is but 
 small; but as their Silver goes away and becomes scarce, 
 the Premium encreases, and is most commonly about 6 per 
 Cent, which being abated, a Guinea becomes worth about 
 20s. 9d. in Spain and Portugal. 
 
 In France a Pound Weight of fine Gold is reckoned 
 worth 15 Pound Weight of fine Silver; in raising or 
 falling their Money, their King's Edicts have sometimes 
 varied a little from this Proportion, in Excess or Defect ; 
 but the Variations have been so little that I do not here 
 consider them. By the Edict of May 1709, a new Pistole 
 was coined for 4 new Lewises, and is of equal Allay, and 
 the 15th Part of the Weight thereof, except the Errors of 
 their Mints. And by the same Edict, fine Gold is valued 
 at 15 times its Weight of fine Silver, and at this Rate a 
 Guinea is worth 20s. %d. Half-penny. I consider not 
 here the Confusion made in the Monies in France, by 
 frequent Edicts to send them to the Mint, and give the 
 King a Tax out of Them ; I consider the Value only of 
 Gold and Silver in Proportion to one another. 
 
 The Ducats of Holland and Hungary, and the Empire, 
 
 9 were 
 
276- Newton's Representations on 
 
 were lately currant in Holland among the common People 
 in their Markets and ordinary Affairs, at 5 Guilders in 
 Specie, and 5 Stivers, and commonly changed for so much 
 Silver Monies in three Guilder-Pieces, and Guilder Pieces 
 as Guineas are with us for 21«. 6d. Sterling; at which 
 Rate a Guinea is worth 20s. Id. Half-penny. 
 
 According to the Rates of Gold to Silver in Italy, Ger- 
 many, Poland, Denmark, and Sweden, a Guinea is worth 
 ahout 20*. and 7d. 6d. 5d. or Aid. for the Proportion varies, 
 a little within the several Governments in those Countries. 
 In Sweden, Gold is lowest in Proportion to Silver, and 
 this hath made that Kingdom, which formerly was con- 
 tent with Copper Money, abound of late with Silver, sent 
 thither (I suspect) for Naval Stores. 
 
 In the End of King William's Reign, and the first 
 Year of the late Queen, when Foreign Coins abounded in 
 England, / caused a great many of them to be assayed in 
 the Mint, and found by the Assays, that fine Gold was to 
 fine Silver in Spain, Portugal, France, Holland, Italy, 
 Germany, and the Northern Kingdoms, in the Proportion 
 above mentioned. Errors of the Mints excepted. 
 
 In China and Japan, one Pound "Weight of fine Gold 
 is worth hut 9 or 10 Pounds Weight of fine Silver, and 
 in East-India it may be worth 12. And this low Price of 
 Gold in Proportion to Silver, carries away the Silver from 
 all 'Europe. 
 
 So then, by the Course of Trade and Exchange, betweea 
 Nation and Nation in all Europe, fine Gold is to fine 
 Silver as 14^, or 15 to one ; and a Guinea at the same 
 Rate is worth between 205.- 5rf. and 20s. %d. Half-penny, 
 except in extraordinary Cases, as when a Plate-Fleet is 
 just arriv'd in Spain, or Ships are lading here for the 
 East-Indies, which Cases I do not here consider. And it 
 appears by Experience as well as by Reason, that Silver 
 flows from those Places where its Value is lowest in Pro- 
 portion to Gold, as from Spain to all Europe^ and from all 
 
 10 Europe 
 
the Subject of Money.. 277 
 
 Europe to the East-Indies, China axiA Japan ; and that 
 Gold is most plentiful in those Places, in whidh its Value is 
 Mffhest in Proportion to Silver, as in Spain and England, 
 : It is the Demand for Exportation which hath raised 
 the Price of exportable Silver about Zd. or 3(?. in the 
 Ounce above that of Silver in Coin, and hath thereby 
 created a Temptation to export or Melt down the Silver 
 Coin, rather than give 2d. or 3d. more for Foreign Silver ; 
 and the Demand for Exportation arises from the higher 
 Price of Silver in other Places than in England, in Pro- 
 portion to Gold, that is, from the higher Price of Gold in 
 England than in other Places, in Proportion to Silver, 
 and therefore may be diminish'd by lowering the Value 
 of Gold in Proportion to Silver. If Gold in England, or 
 Silver in East-India, could be brought down so low as to 
 bear the same Proportion to one another in both Places; 
 there wou'd be here no greater Demand for Silver than 
 for Gold to be exported to India ; And if Gold were 
 lowered only so as to have the same Proportion to the 
 Silver Mojaey in England, which it hath to Silver in the 
 rest of Europe, there would be no Temptation to export 
 Silver rather than Gold to any other Part of Europe. 
 And to compass this last, there seems nothing more 
 requisite, than to take off about lOd. or 12d. from the 
 Guinea, so that Gold may bear the same Proportion to 
 the Silver Money in England, which it ought to do by 
 the Course of Trade and Exchange in Europe ; but if only 
 6d. were taken oif at present, it would diminish the 
 Temptation to export or melt down the Silver Coin^ and by 
 the Effects, would shew hereafter better than can appear at 
 present, what further Reduction would be most convenient 
 for the Publick. •> 
 
 In the last Year of King William, the Dollars of Scot- 
 land, worth about 4s. &d. Half-penny were put away in 
 the North of England for 5s. and at this Price began to 
 flow in upon us ; I gave Notice thereof to the Lords Com- 
 
 11 missioners 
 
278 Newton's Representations on 
 
 missioners of the Treasury, and they Ordered the Collectors 
 of Taxes to forbear taking them, and thereby put a Stop 
 to the Mischief. ' 
 
 At the same time the Lewidors of France, which were 
 worth but 1 7s. and 3 Farthings a Piece, passed in England 
 for 175. 66?. I gave Notice thereof to the Lords Com- 
 missioners of the Treasury, and his late Majesty put out a 
 Proclamation, that they should go but at 17s. and there- 
 upon they came to the Mint, and 1400000/. were coined 
 out of them; and if the Advantage of 5d. 1 Farthing a 
 Lewidor sufficed at that Time to bring into Engla,nd so 
 great a Quantity of French Money, and the Advantage of 
 3 Farthings in a Lewidor to bring it to the Mint, the 
 Advantage of 9d, Half-penny in a Guinea, or above, may 
 have been sufficient to bring the great Quantity of Gold 
 which hath been coined in these last 15 Years without 
 any Foreign Silver, 
 
 Some years ago the Portugal Moydores were received 
 in the West of England at 28s. a Piece ; upon Notice 
 from the Mint, that they were worth only about 27s. 7d. 
 the Lords Commissioners of the Treasury ordered their 
 Receivers of Taxes to take them at no more than 27s. 6d. 
 Afterwards many Gentlemen in the West sent up to the 
 Treasury a Petition, that the Receivers might take them 
 again at 28s. and promised to get Returns for this Money 
 at that Rate, alledging. that when they went at 28s. their 
 Country was full of Gold, which they wanted very much. 
 But the Commissioners of the Treasury considering that 
 at 28s. the Nation would lose 5c?. a Piece, rejected the 
 Petition. And if an Advantage to the Merchant of Zd. in 
 28s. did pour that Money in upon us, much more hath an 
 •Advantage to the Merchant of Qd. Half -penny in a Guinea 
 or above, been able to bring into the Mint great Quan- 
 tities of Gold without any Foreign Silver, and may be able 
 to do still, 'till the Cause be removed. 
 
 If Things be let alone 'till Silver Money be a little 
 
 1 2 scarcer, 
 
the Subject of Money. 279 
 
 scarder, the Gold will fall of it self; for People are 
 already backward to give Silver for Gold, and will in a 
 little Time, refuse to make Payments in Silver without a 
 Premium, as they do in Spain ; and this Premium will be 
 an Abatement in the Value of the Gold : And so the 
 Question is. Whether Gold shall be lowered by the 
 Government, or let alone 'till it falls of it self, by the 
 Want of Silver Money? 
 
 It may be said, That there are great Quantities of 
 Silver in Plate, and if the Plate were coined, there would 
 be no Want of Silver Money : But I reckon that Silver 
 is safer from Exportation in the Form of Plate than in the 
 Form of Money, because of the greater Value of the 
 Silver and Fashion together ; and therefore I am not for 
 coining the Plate till the Temptation to export the Silver 
 Money (which is a Profit of 2d. or Zd. an Ounce) bg 
 diminished : For as often as Men are necessitated to 
 send away Money for answering Debts Abroad, there will 
 be a Temptation to send away Silver rather than Gold, 
 because of the Profit, which is almost 4^ per Cent. And 
 for the same Reason Foreigners will choose to send hither 
 their Gold rather than their Silver. 
 
 All which is most humbly submitted to Your 
 Lordships great Wisdom. 
 
 Mint-Office, Sept. Isaac Newton. 
 
 21, 1717. 
 
 FINIS. 
 
 ■r- 
 
TABLES 
 
 ILLUSTRATIVE OF THE 
 
 Successive Changes in the Standard, 
 
 IN THE 
 
 WEIGHT OF THE COINS, 
 
 AND IN THE 
 
 Relative Values of Gold and Silver 
 
 IN ENGLAND, 
 
 From the Conquest down to I7l7. 
 
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 Tables of Coins. 
 
 283 
 
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284 
 
 Tables of Coins. 
 
 
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 n 
 
NOTE 
 
 ON 
 
 SCOTCH MONEY, 
 
 WITH TABLES 
 
 Showing the Successive Changes in the Standard 
 
 IN THE 
 
 WEIGHT OF THE COINS, 
 
 AND IN THE 
 
 Relative Values of Gold and Silver, 
 
 From 1107 to 1707, 
 
 WHEN SCOTLAND CEASED TO HA YE A PECULIAR COINAGE. 
 
NOTE 
 
 ON 
 
 SCOTCH MONEY. 
 
 The English derived their system of coinage from the 
 French, and the Scotch theirs from the English. From 
 1107 to 1355, the coins of hoth divisions of the island 
 were of the same size and purity. But, at the last men- 
 tioned period, it was attempted to fill up the void occa- 
 sioned by the remittance of the ransom of David II. to 
 England, by degrading the coins. Till then the money 
 of Scotland had been current in England, upon the same 
 footing as the money of the latter; and the preserva- 
 tion of this equality is assigned by Edward III. as a 
 reason for his degrading the English coins. But this 
 equilibrium was soon afterwards destroyed. In the first 
 year of Robert III. (1390), Scotch coin passed only for 
 half its nominal value in England ; and, in 1393, Richard II. 
 of England ordered that its currency as money should 
 entirely cease, and that its value should thenceforth depend 
 on the weight of the genuine metal contained in it. " To 
 close this point at once," says Pinkerton, "the Scottish 
 money, equal in value to the English till 1355, sunk by 
 degrees, reign after reign, owing to succeeding public 
 calamities, and the consequent impoverishment of the 
 kingdom, tUl, in 1600, it was only a twelfth part of the 
 value of English money of the same denomination, and 
 remained at that point till the union of the kingdoms 
 cancelled the Scottish coinage." * 
 
 3 The 
 
 * Essay on Medals, vol. ii. p. 124. 
 
288 Note on Scotch Money. 
 
 The annexed tables exhibit the successive degradations 
 of the Scotch Silver and gold coins. 
 
 At the Union, in 1707, it was ordered that all the 
 silver coins current in Scotland, foreign as well as 
 domestic, except English coins of full weight, should be 
 brought to the Bank of Scotland, to be taken to the mint 
 to be recoined. In compliance with this order, there 
 were brought in. 
 
 Of foreign silver money (sterling), . . £132,080 17 9 
 
 Milled Scottish coins, .... 96,856 13 
 
 Coins struck by hammer, . . . 142,180 
 
 English milled coin, .... 40,000 
 
 Total . . ^411,117 10 9 
 
 Ruddiman conjectures, * apparently with considerable 
 probability, that the value of the gold and silver coins not 
 brought in, amounted to about as much more. Much sus- 
 picion was entertained of the recoinage. And that large 
 portion of the people who were hostile to the Union, and 
 did not believe in its permanence, brought very little 
 money to the Bank, A few only of the hoarded coins 
 have been preserved, the far greater part having either 
 been melted by the goldsmiths, or exported to other 
 countries. 
 
 4 Account 
 
 * Introduction to Anderson's "Diplomata," p. 176. 
 
Note on Scotch Money. 
 
 289 
 
 Account of the number of pounds, shillings, and pennies Scotch, 
 which have been coined out of one pound weight of silver at 
 diflferent times ; with the degree of purity of such silver or its 
 fineness, from the year 1107 to the year 1601. (From Buddiman's 
 Introduction to Anderson's " Diplomata.") 
 
 A.D. 
 
 Anno Begnl. 
 
 Purity. 
 
 Alloy. 
 
 Value of 
 
 money coined 
 
 out of a lb. of 
 
 silver. 
 
 L. S. D. 
 
 1 
 
 1 1 
 
 1 5 
 
 19.4 
 
 1 9 4 
 
 1 12 
 
 1 17 6 
 
 3 4 
 
 . 4 16 
 
 7 4 
 
 7 
 
 7 
 
 9 12 
 
 9 12 
 
 13 
 
 18 
 
 18 
 
 16 14 
 
 16 14 
 
 22 ,0 
 
 24 
 
 30 
 
 86 
 
 Prom 
 ,1107 
 
 to 
 
 1296 
 From 
 1306 
 
 to 
 1329 
 1366 
 1377 
 From 
 1371 
 
 to 
 1390 
 1393 
 1424 
 1451 
 1456 
 1475 
 1484 
 1488 
 1489 
 1529 
 1544 
 1566 
 1665 
 1667 
 1671 
 1576 
 1579 
 1581 
 1597 
 1601 
 \ 
 
 Alexander I.. . 
 
 David I 
 
 William 
 
 Alexander II.. 
 Alexander III. 
 John Baliol . . . 
 
 James V, 
 Mary 
 
 James VI 
 
 Oz. Pw. 
 
 11 2 
 
 11 2 
 
 11 2 
 11 2 
 
 11 2 
 
 11 2 
 11 2 
 11 2 
 11 2 
 11 2 
 11 2 
 
 11 2 
 
 11 
 11 
 11 
 11 
 11 
 9 
 8 
 11 
 11 
 11 
 11 
 
 Oz. Pw. 
 
 18 
 
 18 
 
 18 
 18 
 
 18 
 
 18 
 18 
 18 
 18 
 18 
 18 
 
 18 
 
290 
 
 Note on Scotch Monej/. 
 
 Account of the number of pounds, shillings, and pennies Scotch, 
 which ha-ve been coined out of one pound weight of gold, with 
 the degree of their purity, and the proportion that the gold bore 
 to the silver. (From Ruddiman's Introduction to Anderson's 
 "Diplomata.") 
 
 
 
 
 
 Value of the 
 
 
 
 
 
 
 
 coin coined 
 
 Pound of pure 
 
 A.D. 
 
 Anno Begni. 
 
 Fineness. 
 
 Alloy. 
 
 out of one 
 pound of 
 
 gold weighed 
 of pure silver. 
 
 
 
 
 
 gold. 
 
 
 
 
 
 oz. pw. gr: 
 
 oz.pw.gr 
 
 L. 8. D. 
 
 lb. 
 
 oz. pw. gr. 
 
 1371, etc. 
 
 Robert II. . . . 
 
 11 18 18 
 
 16 
 
 17 12 
 
 11 
 
 1 17 22 
 
 1390, etc. 
 
 Robert III. . . 
 
 11 18 18 
 
 16 
 
 19 4 
 
 11 
 
 1 17 22 
 
 1424 
 
 James I. . .19 
 
 11 18 18 
 
 1 6 
 
 22 10 
 
 11 
 
 1 17 22 
 
 1451 
 
 James II.. . 15 
 
 11 18 18 
 
 1 6 
 
 33 6 
 
 9 
 
 8 4 14 
 
 1456 
 
 20 
 
 11 18 18 
 
 16 
 
 50 
 
 9 
 
 8 4 14 
 
 1475 
 
 James III.. 16 
 
 11 18 18 
 
 1 6 
 
 78 15 
 
 10 
 
 2 20 
 
 1484 
 
 24 
 
 11 18 18 
 
 16 
 
 78 15 
 
 10 
 
 5 7 9 
 
 1488 
 
 James IV. . . 1 
 
 11 18 18 
 
 1 6 
 
 78 15 
 
 10 
 
 5 7 9 
 
 1629 
 
 James V. . . 16 
 
 11 18 18 
 
 16 
 
 108 
 
 10 
 
 5 7 9 
 
 1556 
 
 Mary 14 
 
 11 
 
 1 
 
 144 
 
 10 
 
 5 8 6 
 
 1677 
 
 James YI.. 10 
 
 11 
 
 1 
 
 240 
 
 10 
 
 5 8 6 
 
 1579 
 
 13 
 
 10 10 
 
 1 10 
 
 240 t) 
 
 11 
 
 5 2 20 
 
 1697 
 
 31 
 
 11 
 
 1 
 
 360 
 
 12 
 
 
 
 1601 
 
 35 
 
 11 
 
 1 
 
 432 
 
 12 
 
 
 
 1633 
 
 Charles I. . . 9 
 
 11 
 
 10 
 
 492 
 
 13 
 
 2 7 11 
 
OBSERVATIONS 
 
 ON 
 
 COIN 
 
 IN 
 
 GENERAL. 
 
 WITH SOME 
 
 PROPOSALS 
 
 For REGULATING the 
 
 Value of Coin 
 
 IN 
 
 IRELAND, 
 
 By the Author of the Lift of the Absentees of 
 IRELAND. 
 
 BU B LIN: 
 
 Printed by A. Rhames, for R. Gunne, in Caple- 
 Jireet. m dccxxix. 
 
OBSERVATIONS 
 
 ON 
 
 COIN in General, 
 
 WITH 
 
 Some Proposals for Regulating the Value of Coin in 
 IRELAND. 
 
 HAVING in a Treatise lately published, taken Notice 
 of the great and constant Drains of Money out of 
 this Kingdom, for the Support of our Gentlemen abroad, 
 and of the Scarcity of Money among us occasioned 
 thereby : I shall now beg Leave to take into Considera- 
 tion the Inconveniences we labour under, for want of a 
 due Regulation of our Coin. Por 'tis our Misfortune not 
 only to have little Money current among us, but even 
 that Little to consist of such Sorts, as are the most unfit 
 for the Management of our Domestick Dealings. This 
 Evil arises from the Want of a due Proportion in the 
 Values of our several Species : For not only the Value of 
 our Gold in Proportion to Silver, is different from the 
 Proportion observed by all other Countries we deal with, 
 but also the Value of Gold is different in the several 
 Species current among us, no just Regard being had to 
 the intrinsick Value thereof; Gold in a Moydore is valued 
 higher than Gold in a iMtdore or Pistole, and Gold in a 
 LMidore or Pistole higher than in a Guinea, and all of 
 them higher in Proportion than Silver in other Countries. 
 The Consequence of these Disproportions has been, that 
 
 3 the 
 
294 Observations on 
 
 the greatest Part of all our Silver Species, and of those 
 Gold Species, which are under-rated, have been carried 
 out of the Kingdom, and little left among us but Moy- 
 dores, which are highest valued. 
 
 This Disproportion in our Coin has given all those, who 
 traflSck in Money, a Temptation to carry out one Species, 
 in Order to bring in another, to their own Advantage 
 indeed, but to the Prejudice of the Kingdom ; And as the 
 Demands of our Absentees upon us have of late over- 
 ballanced all our Profit by Trade, there was a Necessity 
 of sending away that Ballance in Specie ; which our 
 Remitters and Exchangers did not fail to do in those 
 Sorts of Coin, which they could get or save most by : on 
 this Account it was that our Silver was carried off first, as 
 being the lowest valued, then our Guineas and Luidores, 
 so that at length we are reduced to Moydores, the most 
 inconvenient Coin of all others in our present Circum- 
 stances : For since we are in great Want of Half-pence 
 and Farthings, are almost stripped of all Sorts of Silver 
 Coin, and have very little of the small Gold Species left 
 among us, it is become very difficult to change Moydores, 
 in Order to buy or sell any Commodity : This Want of 
 Change greatly embarrasses the Dealings of poor People, 
 and is a great Obstruction to all Sorts of Business ; so 
 that at present we not only labour under a great Scarcity 
 of Money, but even the little we have, is not of half that 
 Use to us, as it would be, if it was divided into small 
 Pieces, which could easily be changed. 
 
 The Affair of our Coin is now grown of great Impor- 
 tance to us, and as we every Day are more sensible of the 
 Inconveniencies we suffer for want of a Regulation thereof 
 it is high Time to think of some Measures which may 
 remove them. Very few Gentlemen have made it their 
 Business, or have had Opportunities of being rightly 
 informed of the Nature of Coin and Exchange, and 
 generally reckon it to be an intricate and abstruse Affair : 
 
 4 And 
 
Coin in General. 295 
 
 And they who make dealing in Money their Profession, 
 are either unable or unwilling to give such Light therein, 
 as may be of Use to those, whose Desire and Intention it 
 is to make just Regulations of our Coin, which are so 
 much wanted for the Ease of the People, and Benefit of 
 Trade. 
 
 Having for my own Amusement, and Information, 
 spent some leisure Hours on this Subject, I shall presume 
 to offer my Thoughts to the Publick : judging it may be 
 of some Use to give any Light, how small soever, in a 
 Matter of this Consequence, wherein so many are in the 
 Dark : And as a Subject of this Nature, ought to be 
 treated with all possible Clearness to be of any Service, I 
 shall endeavour to trace it from its first Principles, and 
 put it in as clear a Light as so intricate an Affair will 
 allow of. 
 
 In Order to this I shall throw my Thoughts into the 
 following Method. \st, I shall lay down certain Prin- 
 ciples, Rules and Observations, which as they will be 
 easily understood and assented to, will serve as a Founda- 
 tion to form a right Judgment in these Matters. 
 
 2dly, I shall particularly set forth the Inconveniencies 
 we suffer for want of a due Regulation in our Copper, 
 Silver, and Gold Species, and the Causes from whence 
 such Inconveniencies arise. 
 
 And ^dly, I shall mention several Schemes for the 
 Regulation of our Coin, taking Notice of the Advantages 
 and Disadvantages of each, and shall leave it to others to 
 make Choice of such, as they shall judge to be most 
 expedient for us in our present Circumstances. 
 
 In treating on the first Head I shall explain the Nature 
 of Coin, and Exchange, shew the Consequences of raising 
 or lowering Money, give several Rules for ascertaining 
 the Values of Coins, with a Table of the Values of foreign 
 Coins in England, and Ireland, and exhibit some Reports 
 of Sir Isaac Newton relating to Coin, with such other 
 
 5 Observatious 
 
296 Observations on 
 
 Observations as I. shall judge necessary for the right 
 understanding this Matter.* 
 
 Of COIN. 
 
 FIRST then I am to Observe^ that Men in Order to 
 relieve one anothers Wants with Ease and Justice, found 
 it necessary to fix on one or two Things, and agree, by 
 giving them Values, to make them universal Commodities, 
 which all trading Nations may take as Equivalents, in Ex- 
 change for all other Commodities they have to part with. 
 
 The Things agreed upon, by the Consent of all Nations, 
 for this Purpose are Gold and Silver, two Metals which 
 are well fitted for this End, by their being beautiful, 
 durable, scarce, not easily counterfeited, of equal Good- 
 ness in all Places when free from the Mixture of other 
 Metals, and by their being easily divided into small Pieces 
 of different Sizes and Weights. 
 
 All which Qualities taken together, make small Quan- 
 tities of these Metals of great Value, when compared with 
 other Things ; and therefore fit to be chosen as Equiva- 
 lents to pass in Exchange for them : By this Means 
 Gold and Silver are the Measures of the Value of all 
 other Commodities, which are dear or cheap, as they can be 
 exchanged for greater or lesser Weights of these Metals. 
 
 As these Metals are naturally soft, it was found con- 
 venient to mix certain Proportions of some baser Metal 
 with them, to give them such a Hardness as may hinder 
 their wearing too fast. And to prevent their being adul- 
 terated with too great a Mixture of baser Metals, every 
 Nation took Care to ascertain the Proportion which the 
 baser Metals should bear to the Gold or Silver in their 
 Coins ; and to avoid the Trouble of proving every Piece, 
 afi&xed certain Stamps thereon, as publick Vouchers of 
 
 6 their 
 
 * The Representations of Sir Isaac Newton here referred to have 
 been already given ; and it has not been thought necessary to 
 reprint the table of coins. 
 
Coin in General. 297 
 
 their Fineness and Weight ; and this obtained the Name 
 of Money or Coin. 
 
 The Values of these Metalsj as of all other Com- 
 modities, are proportional to their Scarcity and Demands 
 for them, or rather to their Scarcity alone, for since they 
 are made Equivalents for all other Commodities, we may 
 suppose the Demands for them to be everywhere much 
 the same. 
 
 All the Uses and Conveniences of Money could not so 
 conveniently be answered by any one Metal alone : But 
 required several Metals of very different Values to make 
 all Payments easy, and without Trouble. For the great ' 
 Scarcity of Gold, as it made it of great Value, and .fit for 
 the Payment of large Sums, so at the same Time rendered 
 it unfit to be divided into Pieces small enough for the 
 Conveniencies of low Commerce : and though Silver by 
 Reason of its Plenty, may be parcelled out into Pieces of 
 small Value, yet too great a Weight and Bulk thereof 
 would be required to make large Payments with any 
 tolerable Conveniency. It was therefore found necessary 
 to introduce both those Metals into Coin, especially when 
 Trade increased ; the first to answer large, and the second 
 small Payments ; and also to bring Copper into Coin, for 
 making Payments for Commodities under the Value of 
 the lowest Silver Pieces, and for the more convenient 
 Change of the Coins of the finer Metals. 
 
 Gold and Silver being agreed upon, as Equivalents for 
 all things which Men want from one another : they very 
 well answer this Intention without occasioning any Con- 
 fusion or Disturbance in Commerce ; nay will be much 
 more convenient than either Metal alone ; provided a just 
 Proportion be preserved in their respective Values. For 
 in Order to constitute a Measure in Commerce, ^tis not 
 necessary to confine that Measure to one Thing, or to 
 make that one Thing invariable in its Value ; since several 
 Things may at the same Time, by general Consent, be . 
 
 7 equally 
 
298 Observations on 
 
 equally Measures of the Value of all Commodities, and 
 it may be altogether indifferent which of them are used 
 for that Purpose. And in Fact we find that Gold and 
 Silver, and even Copper in some Places, are equally 
 Measures of the Value of Things, for as much as all 
 Things can be exchanged for them. And there is no 
 other Difference in these Metals considered as Measures, 
 but that a greater Weight of Copper, than of Silver, of 
 Silver than of Gold, is required to equal the Value of one 
 and the same Thing. In like Manner an Inch, Foot and 
 Yard are all Measures of Length, with this Difference 
 only, that more Inches than Feet, and more Feet than 
 Yards, are required to measure the same Length. 
 
 Herein I differ from Mr. Lock, who in his Further 
 Considerations concerning the raising the Value of Money, 
 pag. 20. of the Octavo Edition, says. Silver therefore, and 
 Silver alone, is the Measure of Commerce. Two Metals, 
 as Gold and Silver, cannot be the Measure of Commerce 
 both together in any Country ; because the Measure of 
 Commerce must be perpetually the same, invariable, and 
 keeping the same Proportion of Value in all its Parts. But 
 so only one Metal does or can do to it self: So Silver is to 
 Silver, and Gold to Gold, an Ounce of Silver is always of 
 equal Value to an Ounce of Silver, and an Ounce of Gold to 
 an Ounce of Gold. But Gold and Silver change their 
 Value one to another. This Assertion, if I understood 
 him right, carries this Sense with it, that one Metal only, 
 and that Silver, can be the Measure of Commerce, and 
 the same must be perpetually of the same Value. 
 
 With Submission to so great an Authority, I think it to 
 be quite otherwise in Fact ; for unless we should suppose 
 an extraordinary Interposition of Providence to prevent the 
 Silver current among us from being diminished, or increased, 
 I do not see how it is possible that Silver should continue 
 always of the same Value, since its Value must vary as 
 its Quantity, and Demands for it vary. 'Tis Certain that 
 
 8 by 
 
Coin in General. 299 
 
 by the vast Importation of Silver into Europe, since the 
 Discovety of the West-Indies, the Value thereof has 
 greatly lessened among us : In the Reign of Henry the 
 VII. a Bushel of Wheat was sold in England for Sixpence, 
 which then had as much Silver in it, as Nine Pence of our 
 present Money, and the said Bushel now sells for about 
 4«. 'tis very probable that the Quantity of Corn, raised 
 yearly in those Days, bore the same Proportion to the 
 Number of People then in England, that the Quantity of 
 Corn now raised, bears to our present Number ; and if so, 
 it follows, since one Ounce of Silver could purchase five 
 times as much Wheat in that Reign as it can at present, 
 that therefore Silver was five times more valuable then, 
 than it is now. 
 
 If two Metals cannot be the Measure of Commerce 
 both together, because they may at different Times change 
 their Value one to another ; the same Argument will hold 
 good against one Metal, which at different Times may 
 also vary in its Value ; for though one Ounce of Silver 
 will always be equal in Weight to another Ounce of Silver, 
 yet it may differ in its Value at different Times, if com- 
 pared with the Value of other Commodities, for which it 
 is Exchanged. 
 
 There is a Change in the Values of these two Metals, 
 as often as there is a Change in their Quantities, and yet 
 this does not hinder them from being Measures of the 
 Values of Things. If there be five or six times as much 
 of these Metals in Europe now, as there was 200 Years 
 ago, this Increase of Quantity will lessen their Value, and 
 by Consequence cause more of them to be given for other 
 Commodities, than when they were scarcer. For they are 
 not Measures by their Weights alone, but by their 
 Weights and Scarcities taken together, to which their 
 true Values are proportional. And the not attending to 
 this, was the Cause of Mr. LocKs Mistake in his Reason- 
 ings on this Subject ; which however did not affect his 
 
 9 Argument 
 
300 Observations on 
 
 Argument against Mr. Lowndes, which he maintained 
 with great Strength and Clearness. 
 
 Grold and Silver, which are pure and without any 
 Mixture of baser Metals, are called Fine Gold, and Fine 
 Silver. 
 
 The Gold and Silver, out of which the Coins of Nations 
 are made, are Mixtures of Fine Gold and Fine Silver with 
 certain Proportions of baser Metals, called Allays ; which 
 Mixtures, appointed by Law in each Nation, make the 
 Standard Gold and Standard Silver of it. 
 
 A Pound "Weight of the Standard Gold of England 
 contains 23 Carrats of fine Gold, and two Carrats of 
 Allay, or 11 Parts of fine Gold and one Part of Allay, and 
 is cut into 44 Guineas and an half: And a Pound Weight 
 of Standard Silver contains 1 1 Ounces 2 Penny- weight of 
 fine Silver, and 18 Penny -weight of Allay, and is coined 
 into 62 Shillings.' 
 
 In estimating the Weight of G old and Silver Pieces, we 
 make use of the Troy-Pound, and divide it into 12 Ounces, 
 each Ounce into 20 Penny- weight, and each Penny-weight 
 into 24 Grains : And in Assaying Silver, we use the same 
 Division of this Pound : But in Assaying Gold we divide 
 the same Pound into 24 equal Parts, called Carrats, and 
 each Carrat into 4 equal Parts called Carrat Grains, so 
 that a Carrat is half an Ounce, or Ten Penny-weight, and 
 a Carrat-Grain is Two Penny-weight and a half, or 60 
 ordinary Grains. 
 
 Any one that desires to know the Standards of the 
 Coins of other Countries, may satisfy himself by looking 
 into the Tables of the Assays, Weights and Values of 
 foreign Coins herein published; where in the Column of 
 Assays, he will see the Fineness of several Gold Coins, 
 expressed in Carrats and Carrat-Grains, either Worse or 
 Better than the English Standard : For Instance, if he 
 would know the Standard of the Old Zdiidore, he will find 
 in the Table that it is half a Grain in a Pound Weight 
 
 10 worse 
 
Coin in General. 301 
 
 worse than our Standard, and to express the same in 
 Numbers, he may make Use of the small Table of Carrats 
 and Carrat-Grains inserted here ; for by substracting .125 
 (which is half a Carrat-Grain in Decimails) from 32 Carrats 
 (the English Standard) there will remain 21.875 Carrats, 
 the Standard of the Old Luidore. 
 
 It would be a great Advantage to Commerce, if Gold 
 and Silver bore the same Proportion in Value to one 
 another in all Parts of the World ; for where this Propor- 
 tion fails, there wiU be a Want of a sufficient Quantity of 
 one or other of these Metals to carry on Trade in an easy 
 and convenient Manner : For 'tis observed that these 
 Metals constantly follow the best Market, and conse- 
 quently every Country will lose all those Coins that are 
 undervalued with Respect to other Countries, and abound 
 with such as are over-rated, which in Time will become 
 the only current Species. 
 
 We have a remarkable Instance of this in Spain, where 
 Gold is higher valued in Proportion to Silver than it is in 
 other Parts of Europe ; hence it follows, that Spain pays 
 all its Ballances of Trade to other Nations in Silver, 
 rather than Gold; and other Nations make their Pay- 
 ments to Spain in Gold, rather than in Silver ; nay, will 
 send their Gold thither to purchase Silver. By this 
 Means Spain, which furnishes Europe with most' of its 
 Silver, is frequently overstocked with Gold, and wants a 
 sufficient Quantity of Silver to carry on its Trade with 
 Ease, and when this Scarcity happens, a Prsemium of near 
 6 per Cent is given for Payments in Silver, which Prse- 
 mium continues till a new Plate-Fleet comes in, and then 
 it ceases, till the flowing away and Scarcity of Silver make 
 it necessary again. 
 
 This may in some Measure account for the sending of 
 great I Quantities of Gold at this Time from all Parts of 
 Europe to Spain ; for the gi-eat Treasure brought from the 
 West-Indies being lately distributed among the Proprie- 
 
 1 1 tors. 
 
302 Observations on 
 
 tors. Silver may now be had there for Gold without a 
 Prsemium, or rather a Prsemium may be expected for 
 Payments in Gold; this Silver being carried to other 
 Countries, will give a Profit of above 6 per Cent; for since 
 Gold in Spain is of 16 Times more Value than Silver, and 
 but of 15 Times more Value in other Countries, Traf-^ 
 fickers in Money will get above 6 per Cent by sending 
 Gold to Spain, to purchase Silver, and carrying it thence 
 to other Countries where 'tis of more Value : And there 
 may be a farther Profit of about 4 per Cent, which may be 
 got from the East-India Companies for Silver in Bullion ; 
 and therefore 'tis no Wonder that Gold now flows in great 
 Quantities to Spain, and that the Value of it has risen of 
 late very considerably among us. 
 
 As long as Gold in Proportion to Silver is produced in 
 greater Plenty in Asia, Africa, and Brazil, than in the 
 Spanish West-Indies it will follow, that the Value of Gold 
 in Proportion to Silver wiU be different in those Countries. 
 And farther, these Metals being scarcer in the East-Indies 
 than in Europe, the Prices of Labour and Manufactures 
 will consequently be lower there than with us, and for this 
 Reason we export very few Manufactures to that Part of 
 the World ; but to purchase their Commodities are obliged 
 to send Specie thither : And Silver in Proportion to Gold 
 being higher valued there by above 40 per Cent than with 
 us, we yearly export thither Silver in great Quantities : 
 And the Demands of the East-India Company's for this 
 Exportation being at certain Times very great, the Price 
 of Silver in Bullion at those Times rises considerably 
 above the Value of Silver in Coin. But when the usual 
 Supplies of Silver from the West-Indies are yearly im- 
 ported into Europe without Interruption, we then find 
 little Difference in the Value of Bullion and coined Silver. 
 Whenever there is a Stop put to the coming Home of the 
 Plate-Fleet, the price of Silver in Bullion rises 2, 3, or 4 
 Pence in an Ounce above Silver in Coin, and the Price of 
 
 12 Gold 
 
Coin in General. 303 
 
 Gold; Bullion to 8, 10, or 14 Pence an Ounce above 
 coined Gold; so that the Exportation of Silver to the 
 East-Indies never failing yearly, and the Supply from the 
 West-Indies having been of late Years frequently inter- 
 rupted ; 'tis no Wonder that the Value of Bullion is much 
 raised above that of Coin. And when this happens to be 
 the Case we find that no Laws, how severe soever, are 
 suflBcient to prevent the melting down our new or heavy 
 Coin, and turning it into Bullion ; for where there is a 
 strong Temptation to violate a Law, and the Violation of 
 it can be performed with great Secrecy and Safety, no 
 Penalty can be sufiicient to secure the Observation of it. 
 
 The Values of Gold and Silver being, as I have ob- 
 served, proportional to their Weight and Scarcity, it 
 plainly follows, that at one and the same Time, in which 
 we can suppose no Change to be made in the Scarcity, the 
 Value of each will be proportional to its Weight ; or to its 
 Quantities of fine Metal, in Case any baser Metal be mixt 
 with it. But as, at different Times, there happens to be 
 a considerable Difference in the Scarcity of these Metals, 
 their Values will become different on this Account, and 
 the same Weight of each, will in Proportion as its Scarcity 
 is increased or lessened, become more or less valuable 
 than, it was before, and this is the Market Value, which is. 
 the Price that a given Weight can sell for. 
 
 The Legal, Nominal, or Mint -Value of Gold and 
 Silver, is the Value put upon it by the Laws of each 
 Country. 
 
 It is very probable that when the legal Values were 
 first established, they were the same with the Market 
 Values. The legal Values of the English Coins are such, 
 that Silver is worth 5«. 2d. an Ounce in England, and 
 something more than 5s. 7d. in Ireland ; and the Market 
 Values of Silver in Bullion in England and Ireland are at 
 present about 5*. 5d. and 5s. lOd. an Ounce. 
 
 In former Ages, the Eastern Parts of the World sup- 
 
 13 plied 
 
304 Observations on 
 
 plied the rest with most of their Gold and Silver: And 
 during the Time of the Roman Empire^ and before. Gold 
 was generally ten or eleven times more valuable, than the 
 same Weight of Silver ; and in the Eastern Countries the 
 same Proportion very nearly still continues ; but the 
 Discovery of the West-Indies about 240 Years ago, and 
 the Importation from thence of vast Quantities of Silver, 
 altered that Proportion in these Parts of the World ; and 
 made Gold to be about 15 Times the Value of Silver. 
 And the late Discovery of Gold Mines in Brazil, and 
 Importations from thence of about a Million of Gold 
 yearly has a little lowered that Proportion ; and in Time, 
 in all Probability, will reduce it much lower ; especially 
 when we consider that about one Million in Silver is 
 yearly exported from Europe to the East-Indies, which is 
 much more than we formerly used to do ; so that Silver 
 becomes scarcer, and consequently of more Value among 
 us. From hence 'tis evident that no certain Standard or 
 Proportion between Gold and Silver can be settled, or 
 continue long, since it must fluctuate and vary by the 
 Increase or Decrease of either of those Metals. 
 
 It is observed, that near equal Values of Gold and 
 Silver are brought yearly from the West-Indies to Europe, 
 when Trade is free and open ; and by Consequence since 
 Gold at a Medium in Europe is worth about 15 Times its 
 Weight of Silver, 15 Pounds Weight of Silver are brought 
 from thence for every Pound Weight of Gold : Hence 
 arises the Foundation in Nature for this Proportion ; for 
 since all Things are valuable in Proportion to their Scar- 
 cities, and the Demands for themj Gold from its being 15 
 Times as scarce as Silver, in the Mines from whence we 
 have it, ought to be 15 Times as dear, if we suppose the 
 Demands for these Metals to be equal. 
 
 This Proportion of Gold to Silver has of late Years 
 been considerably altered by the Trade to the East-Indies, 
 which carries thither near a Million yearly in Silver, and 
 
 J 4 thereby 
 
Coin in General, 305 
 
 thereby creates a Scarcity of it in Europe. And if so 
 much Treasure shall flow for any considerable Time in the 
 same Channel, it may put an End to that Trade : For 
 such large Remittances in Silver, must in Time make this 
 Metal plenty in those Parts, and as its Quantity increases, 
 its Value will lessen : so that by Degrees Silver may come 
 to bear the same Proportion to Gold in the East-Indies, 
 as it does in Europe, and their Commodities will rise in 
 Proportion. 
 
 In England the Proportion of the Value of a Pound 
 Weight of Gold to a Pound Weight of Silver at the Mint, 
 is 15.072 to 1. but at present a Pound of Silver in Bullion 
 sells for 66s. which Pound in Coin is worth but 62s. and 
 by Consequence, the Proportion of Gold in Coin to Silver 
 in Bullion is only 14.159 to 1. This Difference in the 
 Value of BuUion and coined Silver, creates a Temptation 
 to melt down the weighty Coin, prevents Bullion from 
 being coined, and occasions a Scarcity of Silver Money. 
 
 This Scarcity will be farther increased by the Wear of 
 Silver Coins, which has lessened their Weights consider- 
 ably. It has been found 'here by Trials, that lOOZ. in 
 Six-pences has lost 10/. 17s. Zd. in Shillings 8Z. 10s. in 
 Half Crowns Zl. 7s. Id. and in Crowns 11. 17s. \d. and 
 consequently, that 100/. in 25Z. of each Species has lost 
 6/. Is. Now if we suppose all the Silver Money in Eng- 
 land, concerned in Trade, to have lost so much of its 
 Weight by wearing, as to be 6 per Cent, worse now, than 
 when it was first coined, then if the whole Quantity be 
 fi^ye Million, as ^tis reasonable to suppose, the Loss will 
 be 300000Z. and if we suppose farther the Silver of 
 England to be 25 Years old at a Medium, it then has lost 
 about 5s. p&r Cent, in a Year j and by Consequence, if it 
 was to wear equally every Year the Silver Coin of Eng- 
 land would be worn out quite in 400 Years, half worn out 
 in 200 Years, and quarter worn out in 100 Years. 
 
 Coins are according to the real Value, when the legal 
 
 15 or 
 
306 Observations on 
 
 or nominal Values thereof are equal to the Values of pure 
 Metal in them at Market, or only differ from them by the 
 small Charge of Coinage. 
 
 The real or natural Values of Gold and Silver cannot 
 be raised or lowered by the Authority of a Prince, being 
 always governed by their Weights, Scarcities, and De- 
 mands for them. 
 
 Money may be raised by Law two Ways, either by 
 giving higher Denominations to Coins, without alteriiig 
 their Weights of Gold or Silver ; or the same Denomina- 
 tions to less Weights of those Metals. And on the con- 
 trary may be lowered, either by giving lower Denomina- 
 tions to the same Pieces, without altering their Weights ; 
 or the same Denominations to Pieces containing greater 
 Weights of those Metals. 
 
 Nations which Trade with one another, regard only the 
 Quantity of Gold and Silver, they give or take for their 
 respective Commodities : If one Nation should raise or 
 lower its Money, it cannot be imagined, that another 
 -Country will on that Account give more Gold or Silver 
 for their Commodities, or take less for their own. 
 
 A Change made in the legal Value of Money will cause 
 a proportional Change in the Values of Commodities j foV 
 Money is really and truly the Measure of the Values of 
 Commodities, and Equivalent to them by its true and not 
 its legal Value, and by Consequence the Value put upon 
 it by Law will not affect it, considered as an Equivalent 
 or a Measure. 
 
 Suppose, for Instance, all the Coins of Ireland raised 
 2Q per Cent, so that 100 Moydores which now make 150?. 
 ■will make 180/. the Irish Merchant who pays 100 Moy- 
 dores for a Parcel of Foreign Goods, must after such 
 Raising still pay the same Number of Moydores for the 
 same Goods, which Moydores now make 180/. whereas 
 before they made only 150/. and consequently the Price 
 
 of 
 16 
 
Coin in General. 307 
 
 of Foreign Goods must rise in the same Proportion that 
 the Coin is raised. 
 
 The Value of Goods at home must likewise rise in the 
 same Proportion, because our Merchant who got at a 
 Foreign Market one hundred Moydores for 100 Pieces of 
 Linnen-Cloath, will after such raising of our Coin, still 
 get the same Number of Moydores at the same Market 
 for the same Quantity of Cloath, and consequently can 
 afford the Farmer or Manufacturer the same Number of 
 Moydores which he gave him formerly, which now after 
 the supposed Change are worth 180?. and consequently 
 the Price of those Goods wjU rise at home : For if our 
 Goods did not rise in Proportion with our Coin, Fo^ 
 reigners would not fail to carry them off at 20 per Cent. 
 less than their Value, and tho' on such raising of the 
 Coin, our Commodities may not immediately rise in the 
 same Proportion, yet in a very little Time they will not 
 fail to do it. 
 
 On the contrary, suppose our Coin lowered 20 per Cent. 
 in which Case 100 Moydores will make only 120/. The 
 Prices of all Goods in which we Trade with other Nations 
 will fall; for all Goods carry'd to Foreign Markets or 
 bought up there, will still sell for the same Number of 
 Gold and Silver Pieces, as before, and by Cpnsequenee 
 their nominal Values will be 20 per Cent, less than they 
 were before. 
 
 The Irish Merchant who pays 100 Moydores for a 
 Parcel of Foreign Goods must still pay the same Number 
 of Moydores for the same Goods, which Moydores after 
 the Reduction make but 120/. whereas before they made 
 150/. aiid therefore the Price of Foreign Goods will be 
 less in, the reduced Coin, tho' they cost abroad as much 
 (^pldjiandi Silver as before : The Price of all Goods must 
 d\so fall at home, for a Foreigner, who gives 100 Moy- 
 dores for 100 Pieces of our Cloath, will still give the same 
 ISTumber of Moydores and no more for the same Goods, 
 
 17 and 
 
308 Observations on 
 
 and those Moydores after such Reduction being worth 
 but 1201. which before were worth 150Z. it is evident, the 
 Price of those Goods must fall at home, in Proportion to 
 the lowering of the Money. 
 
 Another general Effect of raising the Coin of any 
 Nation is this : all Landlords, Creditors, and others, who 
 by Contract are to receive any certain legal Sums, will by 
 such raising lose in Proportion to the Alteration made. 
 For suppose Money rais'd 20 per Cent, so that a Moydore 
 shall pass for 36*. 'tis manifest that a Tenant who pays 
 1201. yearly Rent, can after such raising pay the said Rent 
 with 66 Moydores and two thjrds of a Moydore, whereas 
 before, it required 80 Moydores to do it ; by which, the 
 Landlord who receives it, loses above 13 Moydores or 
 Twenty per Cent, and the Tenant gets 30 per Cent, be- 
 cause his Goods will advance in Price as the Money is 
 raised, and the Landlord must pay 201. per Cent, dearer 
 for all Commodities he has occasion for. 
 
 On the contrary, if we suppose the legal Value of Coins 
 to be lowered 20 per Cent, so that a Moydore shall pass 
 for 24s. we shall find the Effects to be the direct contrary, 
 for the Tenant who now pays his yearly Rent of 1201. 
 with 80 Moydores must after such Reduction pay 100 
 Moydores to discharge the said Rent, and to enable him 
 to procure the 20 Moydores extraordinary, he must part 
 with more of his Commodities to purchase so much more 
 Gold ; the Prices of all Things falling in Proportion as 
 Money is lowered : By this Means the Tenant, Debtor, 
 and all Persons who are obliged to pay any certain legal 
 Sums, must lose 201. per Cent, and so in Proportion for 
 any other Reduction ; and the Landlord or Creditor will 
 gain 201. per Cent, more than he ought, and at the same 
 time may buy all Commodities so much the cheaper. 
 
 I shall now lay down some Rules for ascertaining the 
 Proportion of the Value of Gold to Silver, and the English 
 Values of foreign Coins. 
 
 18 The 
 
Coin in General. 309 
 
 The General Rule for determining the Proportion of 
 the Mint or Market Value of allayed or fine Gold, to 
 allayed or fine Silver, is this. 
 
 EULE I. 
 
 THE Mint or Market Value of a given Weight of allayed 
 or fine Gold, being divided by the Mint or Market Value 
 of the same Weight of allayed or fine Silver, will give the 
 Proportion of the first to the last. 
 
 For Instance. A Pound Weight of Standard Gold is 
 cut into 4<4 Guineas and a Half, and each Guinea passing 
 for 21s. the legal or Mint Value of the said Pound Weight 
 in England is 934.5 Shillings and the Value of a Pound 
 Weight of Standard Silver is 62s. but 934.5 divided by 
 62, gives 15.072. Therefore the Proportion of the Value 
 of Standard Gold to Standard Silver is 15.072 to 1. 
 
 Again. To find the Proportion of the Value of a Pound 
 of Gold in Coin, to a Pound Weight of Silver in Bullion, 
 supposing Silver in Bullion to be worth 66 Shillings a 
 Pound Weight at Market ; let 934s. .5 the Value of a 
 Pound of Gold in Coin, be divided by 66, and it will give 
 14.159. Therefore the Proportion of a Pound of Gold 
 Coin to a Pound Weight of Silver at Market is 14.159 
 to 1. 
 
 And by the same Rule the Proportion of the Value of 
 any Sp;rt of Gold to any Sort of Silver, knowing their 
 Allays, may be found. 
 
 The English Values of foreign Gold and Silver Coins 
 may be found by these Rules. 
 
 RULE II. 
 
 AS the, Weight efpure Gold in the Guinea, is to the Value 
 of the Gpinea in England, so is the Weight of pure 
 Gold in any Foreign Coin, to the Value of that Coin in 
 England. 
 
 .HT 19 The 
 
310 Observations on 
 
 The Quantity of pure Gold in any Piece is had/ by 
 knowing the Weight of the Piece, and the Weight of 
 Allay in a given Weight of the Goldj out of which that 
 Piece is made : for Instance, in the Standard Gold of 
 England, a Pound Weight, or 34 Carrats, contains 32 
 Carrats of tine Gold, and the same Weight of Portugal 
 Gold, from the Column of Assays in the Table, being a 
 Quarter of a Carrat Grain, or the .0635 Part of a Carrat, 
 better in a Pound than English Gold, will contain 32,0635 
 Carrats of fine Gold. Then, as 34 is to 23, so is 139.438 
 Grains, the Weight of the Guinea, to its Weight of fine 
 Gold; and as 34 is to 23.0625, so is 166 Grains the 
 Weight of the Moydore, to its Weight of fine Gold. 
 The Weight of fine Gold in the Guinea wiU therefore be 
 
 22 z 129 .438, ^^^ ^^^^ Weight of fine Gold in the Moy- 
 24 
 
 , .„ , 22 .0635 X 166, , . ^. ^, 
 
 dore will be : and rejecting the common 
 
 Denominator, will be expressed by 32 x 129 .438, and 
 
 22 .0625 X 166. 
 
 Then as 33 x 129 .438 is to 31 Shillings, the Value of 
 the Guinea, so is 32.0625 x 166 to the Value of the 
 Moydore in England, which Value is therefore equal to 
 
 23 .0625 X 166 x 31, ,, , ■ i i. nw n^ £)t.-it 
 that IS, equal to 27.04 Shillings. 
 
 22 X 129.438 ^ ^ 
 
 RULE III. 
 
 AS the Weight of fine Silver in the Shilling, is to its Value 
 in England, so is the Weight of pure Silver in any Foreign 
 Coin, to its Value in England. 
 
 The Quantity of fine Silver in any Piece is had, by 
 knowing the Weight of the Piece and the Weight of 
 
 20 Allay 
 
Coin in General. 311 
 
 Allay in a given Weight of Silver, out of which that Piece 
 is made. 
 
 For Instance. In the Standard Silver of England a 
 Pound Weight, or 240 Penny-weights, contains 232 
 , Penny- weights of fine Silver, and the same Weight of 
 Spanish Silver out of which the Mexico Piece of Eight is 
 formed, contains 221 Penny-weights. Then as 240 is to 
 222, so is 92.9 Grains, the Weight of the Shilling, to its 
 Weight of fine Silver ; and as 240 is to 221, so is 418.5. 
 Grains the Weight of the Mexico Piece of Eight, to its 
 Weight of pure Silver. The Weights of fine Silver in the 
 
 222 « 92 9 
 
 Shillings and Mexico Piece will therefore be 1- 
 
 ^ '240 
 
 , 221 X 418.5 J • 4. ,.1. Ti ■ 
 
 and and reiectmg the common Denomi- 
 
 240 ■' ^ 
 
 nator, will be expressed by 222 x 92.9 and 221 x 418.5. 
 
 Then as 222 x 92.9 is to 12 Pence, the Value of the 
 Shilling, so is 221 x 418.5 to the Value of the Mexico 
 Piece of Eight in England ; which Value is therefore 
 
 equal to 1^ ^ 221 x 418.5 ^j^^^ ■ ^ ^^^ ^^ gg g^ -p^^^^^ 
 222 X 92.9 
 
 which is near 54 Pence. 
 
 When the Weights and Allays of Coins are known, it is 
 easy to determine by these Rules, at what Value they 
 ought to pass in any other Country. 
 
 21 EXCHANGE 
 
312 Observations on Coin in General. 
 
 EXCHANGE. 
 
 I SHALL now proceed to consider the Nature of 
 Exchange. 
 
 The Intercourse and Dealings between the People of 
 different Nations, having made it necessary to make fre- 
 quent Payments of Money to one another for the Pur- 
 chase of Commodities ; the Method of Drawing and 
 Remitting Money by Bills of Exchange was found out, to 
 avoid the Hazard and Trouble of carrying Money from 
 one Country to another. 
 
 Exchange is the paying or receiving Money in one 
 Country, to receive or pay it in another, the Remitter is 
 he, who pays Money in one Country, to receive its Value 
 in another ; the Banker or Exchanger is he, who receives 
 the Money in one Country to pay it in another. 
 
 When the Remitter is to receive an equal Value, that 
 is, an equal Quantity of Gold or Silver, in the Money of 
 one Country, for what he paid in another, the Exchange 
 is at Par, arid he neither gains nor loses by it. 
 
 When the Money he is to receive is of less Value, than 
 what he paid, the Exchange is high or above Par, and he 
 loses by it. 
 
 And when the Money he is to receive is of greater 
 Value, than the Money he paid, the Exchange is low or 
 under Par, and he gains by it. 
 
 The Necessity that trading Nations were under to pay, 
 and receive Money in different Countries, and the Hazard 
 of sending Specie forward and backward, to answer those 
 Demands, made them have Recourse to the Method of 
 discharging their mutual Obligations by Bills of Ex- 
 
 22 change 
 
Exchange. "' ' ' 313 
 
 change ; for hereby People were mutually served, the one 
 paying his Money to the Person who wanted it at Home, 
 to receive from him the Value thereof abroad, where Kis 
 Occasions required it. And to make this Aifair of Ex- 
 change more convenient and easy, some Merchants have 
 made it their Business to have Stocks of Money or Credit 
 in different Countries, to answer the Demands of all 
 People. 
 
 By this Means, while the Demands of the People of 
 one Country, are equal to the Demands of those of another 
 Country, these Demands can be mutually answered, with- 
 out either Country's sending any Money to the other : 
 But when the Demands of one Nation exceed those of 
 another, and cannot be paid by Commodities, then there 
 arises a Necessity of sending out Specie to make good the 
 Ballance ; and this Necessity always raises the Exchange, 
 in Proportion to the Ballance to be paid. 
 
 For the better Explanation of the Nature of Exchange, 
 I shall suppose that a Banker of Ireland, has 20000? Stock 
 in Dublin, and 20000 more in his Correspondent's Hands 
 in London ; if the Remittances on both sides are equal, 
 then the Exchange will be at Par, or within one per Cent. 
 of it, which the Banker always has for his Trouble ; in 
 this Case the Banker's Stock on both sides wiU stiU be the 
 same, he and his Correspondent having received on eaph 
 side as much as they pay'd. 
 
 But if the Remittances from Dublin to London should 
 amount to 30000Z. and the Remittances from London to 
 Dublin in the same Time to 10000?. then the Banker will 
 have 30000Z. of his Stock in Dublin, and only 10000?. in 
 London; and in that Case he will raise the Exchange 
 upon the the Remitters for his Bills, in Regard a greater 
 Number of Buyers always raise the Market. And if the 
 Remittances should still increase in the same Proportion, 
 the Banker will still raise his Exchange higher, and be 
 under the Necessity, when most of his Stock is drawn to 
 
 23 one 
 
314 Observations on Coin in General. 
 
 one Side^ to send over Specie, that his Correspondent may 
 be enabled to answer his Bills ; and for the Charge and 
 Hazard of doing this, the Banker will require 3, 3, or 4 
 per Cent, above his usual Profit ; which Profit of Exchange 
 can seldom rise higher, or even continue long at this 
 Heighth, because in this Case, Gentlemen and Merchants 
 generally choose to send over the Specie themselves, and 
 thereby save all the high Exchange, excepting the Charge 
 of sending it. 
 
 Whenever Exchange is at or near Par, then none of our 
 Money is exported, because all Remittances are then 
 negotiated cheaper, and with less Trouble by Bills of 
 Exchange ; but when Exchange runs high, on Account of 
 great Demands upon us, either to pay for Foreign Com- 
 modities, or to maintain our Gentlemen Abroad, then 
 Specie must be sent by one Hand or other : And in that 
 Case we find by Experience, that not only Bankers send 
 off Money to their Correspondents to support their Credit, 
 but Merchants, private Gentlemen, and Agents, and per- 
 haps these are the Persons who chiefly carry it 00^, to 
 avoid the Loss of high Exchange, especially when the 
 Sums to be remitted are large. 
 
 And if we have Cause to complain of the Loss of our 
 Money by these Means ; ^tis plain, since the Ballances of 
 our Trade with most Countries are in our Favour, that 
 this Loss is wholly owing to the Remittances made to 
 support our Gentlemen Abroad. 
 
 Exchange runs high against a Country that becomes in 
 Debt to another, and for the same Reason, when One 
 Country has Occasion to buy up at certain Season of the 
 Year great Quantities of the Commodities of another, and 
 for the Purchase thereof must lay out larger Sums of 
 Money than usual at those Times, the Exchange will rise 
 in Disfavour of the Country that buys, and in Favour of 
 that which sells those Commodities. 
 
 Thus in Ireland, between June and December, when the 
 
 24 Demands 
 
Exchange. 315 
 
 Demands from England and other Countries are great for 
 our Linnen, Wooll, Beef, Butter, Tallow, and Hides, 
 ■vrhich then come to Market, the Exchange falls often to 
 near Par, and sometimes below it : which at other Seasons 
 of the Year is commonly above it considerably. 
 
 When a Nation is under a Necessity of sending out 
 Specie to pay the Ballances in its Disfavour, the raising 
 of its Coin will not prevent the sending out one Farthing 
 less, for Foreigners will regard only the Quantity of Gold 
 and Silver we pay them, and not any arbitrary Values we 
 give them by Law. 
 
 Trading Nations make it their Business to settle the 
 Par of their Coins, and in Order to this they Assay their 
 Coins, and by their Assays and Weights know how many 
 Pieces of the Money of one Country, are equal in Value 
 to any certain Number of Pieces of another, and by that 
 Means they fix the Par of Exchange among themselves. 
 For Instance 37 Dutch Skillings nearly being equal to one 
 Pound English, the Par between England and Holland 
 is 37. 
 
 The Par continues constantly the same between two 
 Nations, until one or other of those Nations alters the 
 Value of their Coin, and then the Par changes, and will 
 be adjusted again according to the intrinsick Values of 
 their respective Coins. But this Alteration of the Par, 
 has no Effect on Foreign Trade, since Foreigners regard 
 only the real Value or Weight of Gold or Silver in 
 Coin. 
 
 The Coins current in Ireland being raised above their 
 Value in England SI. Qs. 8d. in .English Silver, and 
 111. 2s. 2d. in Moydores. This Difference of their Values 
 is commonly called Exchange. And when Silver was in 
 great Plenty among us, and most Payments were made 
 therein, the Par of Exchange was said to be 81. 6s. 8d. 
 per Cent ; and for the same Reason, because we have but 
 little Money current at present but Moydores, Par is now 
 
 25 said 
 
316 Observations on Coin in General. 
 
 said to be at 11 per Cent, that is, Wll. Irish is equal to 
 100^. English Money. 
 
 The Rate of Exchange being the Sum or Prsemium 
 given on paying any certain Sum in the Coin of one 
 Country, for receiving an equal intrinsick Value in the 
 Coin of another, the Value of that Prsemium above or 
 under Par, determines the Rate of Exchange. 
 
 The Course of Exchange above or under Par, constantly 
 attends the BaUance of Trade, so as to run high in a 
 Country when the BaUance of Trade lies against it ; and 
 low, when it is for it. 
 
 Exchange is then only a Loss to any Person, when it 
 is above Par, and when it is so, is attended with this 
 Effect, that all Persons, who have Occasions to remit 
 Money abroad by Bills of Exchange, will lose so much 
 per Cent, as the Exchange is above Par ; and all Foreign 
 Commodities bought with such BiUs, will in the same 
 Proportion be imported the dearer. 
 
 HAVING premised thus much in General in Relation 
 to Money, which I thought proper to lay down 
 as a Foundation, for the better understanding of any 
 Schemes, which may be proposed for the Regxilation of 
 our Coin; 
 
 I shall now proceed to consider the second Head. 
 Under which I propose to shew the Inconveniences we 
 suffer on Account of our Coin, and the Cause from whence 
 those Inconveniences arise. And first as to the Copper 
 Money current among us. 
 
 'Tis certain that at present we are far from having a 
 sufficient Quantity of Halfpence, which we are very sensi- 
 ble of in all our Domestick Dealings, wherein we labour 
 under great Difficulties for small Change in Copper 
 Money. This Scarcity is a general Complaint all over 
 
 26 the 
 
Exchange. 317 
 
 the Kingdom, and throws poor People into Distress, dis- 
 abling them in a great Measure from carrying on their 
 small Dealings with one another ; and their Grievance is 
 much heightened by an absolute Want of Farthings, of 
 which we have hardly any left in the Kingdom. There is 
 not a Country in Europe, besides our own, but what has a 
 sufficient Quantity of Copper Money current among them 
 to answer all small Payments, whatsoever Want they may 
 otherwise have of Cold and Silver ; this Species being so 
 useful, and every where easily procured from the Plenty 
 and cheapness of this Metal. 
 
 About Twenty Years ago, we had too great a Stock of 
 Half-pence and Farthings current among us, and suffered 
 our Traders to carry them off in great Quantities to New- 
 England, Pensilvania, and other Parts of the West-Indies, 
 where they passed at a higher Value ; this we did not 
 think fit to oppose at the Beginning, when we were too 
 much loaded with them at Home, but then we should 
 have put a Stop to this pernicious Traffick in some reason- 
 able Time, which might have prevented all the Incon- 
 veniences we now labour under on that .\ccount; but no 
 Care being then taken to prevent this Export, it did not 
 cease till there was no more Halfpence to be got to send 
 off : And thus we have been reduced to a total Loss of 
 our Farthings, and to a great Scarcity of Halfpence, which 
 has created a Temptation to coin a vile Sort of Halfpence, 
 of little or no intrinsick Value, which could not have been 
 obtruded upon us, or received by us, but for the great 
 Want we lie under of small Change. 
 
 And as to the Value of our Halfpence, ^tis certain, we 
 never had any coined in Ireland of a sufficient intrinsick 
 Value. All Copper coined in a Nation should have no 
 more Value put upon it than what arises from the Value 
 of the Metal and the Charge of Coinage : If a Pound of 
 Copper sells for \Sd. and the Charge of Coinage amounts 
 to Qd. it ought not to be coined into more than 48 Half- 
 
 27 pennies. 
 
318 Observations on Coin in General. 
 
 pennies^ or 2 Shillings. Giving this Value to the Coins, 
 is the 'Only effectual Remedy to prevent other People 
 coining upon us, because they will not find it turn to any 
 Account to do so. Those who have hitherto obtained 
 Patents for coining Halfpence and Farthings for the Use 
 of this Kingdom, were not obliged to give a sufficient 
 Quantity of Copper in the Pieces, and very rarely com- 
 plied with the Rules prescribed to them,, either as to the 
 Quantity or Quality of the Copper : and they never ceased 
 coining still on, till they glutted the Market, and loaded 
 us so much beyond all our Demands, that great Quantities 
 lay upon their Hands : Some of them entered into Cove- 
 nants to give Gold or Silver for any Quantities of their 
 Halfpence that should be returned to them : But these 
 Covenants were easily eluded, by the Impossibility of 
 proving that such Halfpence were of their Coinage, and 
 not of the Coinage of others, who did not fail to be pri- 
 vately at the same Work, when a considerable Profit was 
 to arise to them thereby : And sometimes when the 
 Patentees had coined as much as they could dispose of, 
 they disappeared, and left no Body to make good their 
 Engagements to the Publick. 
 
 There is no safe and effectual Way to prevent our being 
 incumbered with too great a Quantity of Halfpence, and 
 abused by a vile Sort of them, but by making Irish Half- 
 pence bear the same Proportion in their intrinsick Value 
 to English Halfpence, as the Gold and Silver of Ireland 
 does to that of England, English Halfpence have such a 
 Quantity of Copper in them, that 'tis not worth any one's 
 While to coin privately any of that Sort. 
 
 2d. In like Manner the Inconveniences we labour under 
 for want of a sufficient Quantity of Silver Species, for the 
 common Occasions of buying and selling are extremely 
 great, and universally felt. All Foreign Silver Coins, 
 with which we formerly so much abounded, and also the 
 greatest Part of the English Silver have been carried off, 
 
 28 so 
 
Exchange. 319 
 
 so that we are now reduced to a small Proportion of the 
 latter ; what the Quantity thereof still remaining among 
 us may be^ cannot easily be ascertained, perhaps it may 
 be 30 or 40000/. but whatever the Quantity is, 'tis alto- 
 gether insufficient for the Management of our Domestick 
 Dealings, and for the making of small Payments with any 
 tolerable Ease; it has been judged by those who have 
 entered into Computations of the Proportion of Gold and 
 Silver Species necessary for carrying on the Inland Com- 
 merce of any Country with Ease and Conveniency, that 
 where a Million and a Half is wanted, the Silver should 
 be about one Third, and the Gold two Thirds. 
 
 If we suppose the circulating Cash of the Kingdom to 
 be 400,000/. and that our Silver makes but 40000/. then 
 it will follow that our Silver is but a 10th Part of our 
 present Coin ; whereas by the above Rule it ought to be 
 133333/. 6s. %d. which is a Third of our whole Species, 
 
 If the current Money of England amounts to 15 Mil- 
 lions, and 10 Millions thereof be Gold, and 5 Millions 
 Silver ; and if the Number of People be 7 Millions, then 
 there are above 40 Shillings for every Head, 13s. 4</. in 
 Silver, and the rest in Gold. And if the Cash of Ireland 
 be 400,000/. and but 40000/. of it Silver, and the People 
 of Ireland be in Number 1800,000, then it will follow, 
 that there is but 4s. 5c?. \ for each Head, 5</. in Silver, 
 and the rest in Gold ; this plainly shews that our present 
 Stock of Money of all Sorts, especially Silver, is alto- 
 gether insufficient for carrying on that Variety of Busi- 
 ness, which must every Day be negotiated among so many 
 People, which Business must of Consequence frequently 
 stand still in some Branches, and move very slowly and 
 heavily in all the rest. And were it not for Bankers 
 Notes, which we have passing in good Plenty, it would be 
 impossible to manage our Domestick Traf&c half so well 
 as we do. 
 
 This Want of Silver Coin is more sensibly observed in 
 
 29 the 
 
320 Observations on Coin in General. 
 
 the North of Ireland, where the buying of Linnen-Yarn, 
 and single Pieces of Cloth^ requires Payments to be made 
 in SumSj much below the Value of Moydores which are 
 almost our only current Species of Gold : And the Diffi- 
 culty to get Change to answer these Payments, throws 
 the Buyers and Sellers into great Streights, and puts 
 either one or other to the Necessity of paying four, or six 
 Pence in the Pound or more, to get Change to answer the 
 Sum agreed for on the Sale : In so much that it has been 
 observed, that in the Space of one Day at a Fair, the same 
 Moydore has been traced, and found to have been changed 
 for Silver 5 or 6 Times, with a Loss of 6 Pence at each 
 Time : This hinders the Sale of our Commodities, is the 
 Occasion of spending many idle Hours, perhaps at Ale- 
 Houses, makes our Linnen come dearer to Foreign Mar- 
 kets, and thereby prevents the Sale of it in so great a 
 Quantity as it might otherwise be disposed of. 
 
 'Tis very easy to account for the Loss of our Silver 
 Coin, and to shew from what Cause this arises. Our 
 Silver Coin being valued above 3i per Cent below our 
 Moydores, 'tis not to be wondered at, that when ever we 
 were under a Necessity of exporting Specie to answer the 
 Ballance of Trade, or Demands from Abroad, which for 
 some Time past have amounted to great Sums; our Re- 
 mitters or Exchangers, should always do it in that Species 
 they lost least by : For this Reason our Silver went off 
 first, and continued to be exported in great Quantities, till 
 at last it was not possible to get any Quantity of it to send 
 abroad ; aiid our Traffickers in Money found it for their 
 Advantage, even when there was no Necessity of sending 
 out Specie to answer Demands upon us, to send out Silver 
 which was valued low, to buy up Moydores abroad, and 
 import them to us at 2-|- per Cent Profit; and by making 
 several Returns in the Year, made perhaps 15 per Cent 
 Profit by this Trafi&ck in Money. And as the East-India 
 Company frequently gave ^d. an Ounce for exportable 
 
 30 Silver, 
 
Exchange. 321 
 
 Silver, above its Value in Coin, wlxieh is about 5 per Cent, 
 this tempted our People to send all our Foreign Silver to 
 London, to take the Benefit of such an advanced PricCj 
 and also to melt down all our weighty English Silver, and 
 send it off as Bullion^ or work it up at HomCj when 2 or 
 3 Pence per Ounce extraordinary could thus be got or 
 saved by it. 
 
 The English Silver current among us, is so much worn 
 by the Quickness of its Circulation, that every Body must 
 lose by melting it down; there is not perhaps any Country 
 in the World, where so small a Quantity of Silver passes 
 so swiftly from one to another, as in Ireland, by Reason 
 of our Necessities; and this makes it wear faster than the 
 Coin of any other Nation. 
 
 The English and Scotch Colliers also, as they carried off 
 very little in Exchange for their Coal, but Specie, and 
 that to the Value of 60000 Pounds yearly, they always 
 did it in Silver, when that could be got ; and even now 
 when Silver is so scarce, that a Premium of 4 or 6 Pence 
 is given for the Change of a Moydore ; they choose to 
 give this Discount, rather than carry off Moydores, which 
 seldom pass for above 'il. 6s. Gd. with them at Home : For 
 all the Reasons above mentioned, we may easily account 
 for the Loss of our Silver, and that it is owing altogether 
 to the Disproportionate Value given to it, in Respect to. 
 the Gold Species current among us. 
 
 ^dly. As to our Gold Species, we find, that Moydores 
 passing for 30s. are, as to their intrinsick Worth Valued 
 about 2^ per Cent above our Silver, and about 1\ per Cent 
 above our Guineas and Luidores; this Over- Value has 
 been the Occasion that we have been deprived of our 
 Silver, and most of all our other Species of Gold Coin, so 
 that we have little left but Moydores, the most inconve- 
 nient sort of all others in our present Circumstances, 
 since w;e have neither a sufficient Quantity of Halfpence, 
 nor of Silver Coin, nor of the small Species of Gold Coins, 
 
 31 to 
 
322 Observations on Coin in General. 
 
 to change Moydores with : if we had a due Proportion of 
 Guineas and half- Guineas^ Luidores and Pistoles, and 
 half Luidores, and half Pistoles, or even of half and 
 quarter Moydores, they would in some Measure supply 
 the Want of Silver, and make Change easy : But all these 
 being carried off also, we are greatly embarrassed in all 
 our Dealings, and cannot with any tolerable Conveniency 
 buy or sell in our Markets, for want of fit Species to pass 
 in Exchange for Commodities. All this Disturbance in 
 our Affairs is principally owing to the disproportionate 
 Value set upon our several Coins, for not only the Value 
 of Gold to Silver among us is different from the Propor- 
 tion observed by other Countries we deal with, but also 
 the Value of Gold is different in the several Species 
 thereof current among us, which must needs create a 
 Confusion in our Dealings, and give Foreigners, and our 
 own Cunning People an Opportunity of taking an Advan- 
 tage of these Disproportions in our Coin, to the great 
 Loss of the Kingdom. 
 
 Having thu» laid down the Inconveniencies we lie under 
 with Respect to our Coin, and the Causes from whence 
 they arise. I shall now, 
 
 IN the third Place, mention several Methods and 
 Schemes for the Regulation thereof; and shew the 
 Conveniencies and Inconveniencies of each. 
 
 In Order to this we must observe, that the greatest 
 Part of all our Dealings is negotiated with England 
 directly, and that the Business we have with other Coun- 
 tries is mostly transacted by the way of London ; and for 
 this Reason in all Regulations to be made in our Coin, 
 particular Care should be taken, that our Gold and Silver 
 Coins may bear the same Proportion to one another in 
 Ireland, as they do in England. 
 
 If we had all along governed our selves by this Rule, on 
 
 32 settling 
 
Exchange. 323 
 
 settling the Values of our Coins by Proclamation, we 
 should have prevented all the Inconvenienciesj we now 
 labour under j and there would have been no Temptation 
 to carry out, or bring in, one Specie more than another ; 
 but we should have had a due Mixture and Variety of 
 each, to enable us to make all Payments with great Ease 
 and Exactness. 
 
 A just Proportion in the Values of our several Coins, 
 may be settled either by raising the Silver, or lowering 
 all the Gold Coins, or by lowering some of the Gold 
 Coins, and raising others. 
 
 But we ought to take Notice, that whether we raise or 
 lower our Coin, whether we make a Hundred Pounds 
 English to pass in Ireland for 108, 110, 112, or 1001. 
 whatever we make the Par to be, such Alteration will 
 have no Manner of Effect upon our Trade with other 
 Countries : Eor Foreigners in that Case will not sell 
 their Commodities to us, one Farthing the cheaper, or 
 give one Grain of Gold or Silver more for our Goods 
 exported to them : The Values of all Commodities will 
 stiU be governed by the Quantity of Gold and SUver paid 
 or received for them, without any Regard had to any new 
 Denomination we give to our Coin at Home. 
 
 But then such an Alteration of our Coin will have a 
 great Effect on Payments and Contracts to be made good 
 among our selves. For in the Case of raising our Specie, 
 His evident that Tenants, Debtors, and Others, who are 
 under Obligations to pay any certain Legal Sums, will 
 after such raising pay the said Sums in a less Quantity of 
 Gold and Silver, and therefore Landlords and Creditors 
 will be hurt by such a Change. For instance, if 66 Moy- 
 dores and 20s. pay 1001. and those were raised and made 
 to pass for 3ls. each, then 64 Moydores and 16s. will dis- 
 charge the said 100/. by which Landlords and Creditors 
 will really receive 31. 4s. less than they ought to receive 
 in the Payment of an 100/. And on the contrary, if all 
 
 33 our 
 
324 Observations on Coin in General. 
 
 c 
 
 our Species be lowered^ all Tenants and Debtors after 
 such, lowering must pay greater Weights of Gold and 
 Silver, in Order to discharge the said Sum. For Instance, 
 66 Moydores and 20s. now pay lOOZ. but if Moydores were 
 reduc'd to 29s. each, then 69 Moydores, wanting one 
 Shilling would be required to answer the said Sum of 
 100/. and the Tenant must part with a greater Quantity 
 of his Commodities, to enable him to purchase so much 
 more Gold as will make it up. 
 
 For it must always be remembered, that the Prices of 
 Commodities, will be higher or lower in the altered Coin, 
 as the Coin is raised or lowered; for in the Trade of 
 Nations, or the buying and selling Commodities to one 
 another. People have no Regard to the nominal Values 
 put on the several Species of Coin, but consider only the 
 Weights of pure Gold and pure Silver contained in them. 
 For Instance, if a Crown Piece, which passes in England 
 for Five Shillings, and contains near an Ounce of Silver, 
 can now purchase a Bushel of Wheat there, and if the 
 said Crown should be lowered to Four Shillings, it cannot 
 be imagined, that a Foreigner will still give Five Shillings 
 in the reduced Value for the same Bushel, by which he 
 must pay a Fourth Part more than he did before the 
 lowering : And in Case the said Crown should be raised 
 to Six Shillings, the English wou'd be great Losers, if 
 they should sell their Bushel of Wheat to a Foreigner for 
 Five Shillings in the advanced Coin ; for at that B,ate the 
 Foreigner wou'd purchase the same Commodity for a 
 Fifth Part less in Bullion than he did before. 
 
 But tho' the Rates of Commodities may not always 
 immediately rise or fall in the same Degree, that Money 
 is raised or lowered, in Time they wiU not fail to come to 
 the same nominal Values of the Coins. In this Interval 
 indeed the Cunning Men will be the first to sell their 
 Goods, on the Reduction of the Coin, and the first to buy 
 on the Raising of it, Of this we had a remarkable In- 
 
 34 stance 
 
Exchange. 
 
 325 
 
 stance in the Messisippi Times, when the French raised 
 their Money to an extravagant Height, but did not 
 advance the Rates of their Groods at, first in the same 
 Proportion ; for the Dutch laid hold of the Opportunity, 
 and by pouring a great deal of French Money at that 
 Juncture into France, bought up its Commodities about a 
 Third or Fourth Part below their true Value, and thereby 
 were able for some Time to undersell the French in their 
 own Goods 20 per Cent, in all Foreign Markets. 
 
 We find by Experience, that in all Trading Countries 
 the Values of Commodities are always governed by the 
 Bates which Foreigners give for them. 
 
 The Value of a Moydore in England compared with the 
 Value of Gold in a Guinea at the Mint, is 27s. and the 
 Value of a Luidore and Pistole at the Mint of England 
 is 16«. 9d, .32. 
 
 The following Table shews, what Number of the several 
 Species therein mentioned make 100^. in England, and 
 what their Values amount to in Ireland, and at the same 
 Time shews the Differences ^e»" Cent, of those Values. 
 
 400 Crowns ... 
 
 95 Guineas and 5s. 
 
 74 Moydores and 2s. 
 119 Pistoles and 3s. 2d. 
 
 
 I. 
 
 
 I. s. d. 
 
 ""makel 100 
 
 " and ~ 
 
 108 6 8 
 
 in 
 
 100 
 
 in 
 
 109 10 6 
 
 Eng- 
 
 '100^ 
 
 Ire- 
 
 "ill 2 2 
 
 land, J 
 
 100 
 
 land, ^ 
 
 110 5 
 
 It is to be observed, that Moydores being almost the 
 only current Species of the Kingdom, the Par of Ex- 
 change, is at present regulated by them, and is about 11 
 per Cent. 
 
 In all Schemes for the Regulation of our Coin, these 
 three Things ought to be principally in our View, and 
 carefully observed. 
 
 ]st. That whatever Alteration we make in our Coin, 
 
 35 we 
 
326 Observations on Coin in General. 
 
 we should preserve tte same Proportion between 
 Gold and Silver in Ireland as is observed in Eng- 
 land, so that it shall be equal, which Sort we send 
 out of or bring into the Kingdom. 
 
 2d. That we should so regulate the Value of Foreign 
 Silver, so as to encourage the Importation thereof, 
 to relieve our present Want, without making a 
 TrafiBck of it. 
 
 Sd. That we should take great Care to avoid hurting 
 Landlord or Tenant, Creditor or Debtor, as much 
 as possible by such Regulation. 
 
 I shall now mention several Schemes for the Regula- 
 tion of our Coin. 
 
 FIRST SCHEME. 
 
 THE first Scheme, I shall take Notice of is that which 
 is for raising the English Crown to 5s. 7d. y, and 
 the other Coins in Proportion. 
 
 If the Crown should be thus raised, then to preserve 
 the English Proportion between the Crown, and our Gold 
 Species, as near as conveniently we can ; 
 
 I. s. d. 
 
 The Guinea must be raised to 13 8 
 
 The Moydore to 1 10 5 
 
 And the Pistole and Luidore to 18 10a 
 
 as will appear by the following Table, wherein the 7mA 
 
 Values of 100/. English in each Species so raised are set 
 
 down, 
 
 I. s. d. 
 
 fin Crowns so raised, make 113 10 0~ 
 
 lOO;. J in Guineas 112 13 10 
 
 English 1 in Moydores 112 13 
 
 I in Pistoles and Luidores 112 9 7 
 
 in 
 Ire- 
 land. 
 
 This Scheme has this to recommend it, that it preserves 
 
 36 a 
 
Exchange. 327 
 
 * 
 a pretty just Proportion in the Values of the several 
 
 Species ; but then by raising all our Species so high, 'tis 
 manifestly injurious to all Landlords, Creditors, and other 
 Persons, who are by Agreement, pay or salary, to receive 
 any certain legal Sums ; for in the Discharge of the said 
 Sums, they will receive less Gold and Silver by 2 or 3 per 
 Cent, than they would have done before the Raising, and 
 consequently will feel the Loss in the Price of all Com- 
 modities, they shall have occasion to buy, which will 
 always rise in Proportion as Money is raised. 
 
 As to the Merchants Scheme, which proposed to raise 
 the Crown to 5s. 7d. |, and the Pistole to 18«. %d. and to 
 leave the Guinea and Moydore as they are at present ; it 
 is so much out of all due Proportion in every Species, 
 especially between the English Gold and Silver, that it 
 would only serve to introduce in another Manner the 
 same Disproportion and Evil, and the same Traffick in 
 Money which we have already suffered by. 
 
 This Disproportion appears by the following Table 
 wherein the Irish Value of 100^. English in each Species 
 so raised are set down. 
 
 I. s. d. 
 
 fin Crowns so raised, make 112 10 01 . 
 100^. J in Guineas, 109 10 Q\'^ 
 
 English i in Moydores, 111 2 2 \ [^^'^ 
 
 [in Pistoles so raised. 111 4 10 J 
 
 SECOND SCHEME. 
 
 THE second Scheme, I shall consider, is that, which 
 is for reducing all our Gold Species to the Value 
 of English Silver current here, and for raising the Mexico 
 Dollar to 5s. 
 
 In this Case, if Regard be had to the Value of our Gold 
 Coins at the Mint of England, mentioned in the Table of 
 Foreign Coins. 
 
 37 The 
 
328 Observations on Coin in General. 
 
 I. s. d. 
 
 The Guinea must pass for 12 9 
 
 The Moydore for 19 3 
 
 The Pistole and Luidore for 18 3 
 
 'Tis certain that by this Scheme the due Proportion of 
 the Values of our several Coins are preserved; and it 
 must he acknowledged, that if Ten Years ago, when the 
 Guinea was reduced in England from \l. \s. Qd. to \l. \s. 
 we had at the same Time reduced all our Gold Coin in the 
 same Proportion (as in true Policy we ought to have done) 
 we should not have lost our Silver and smaller Species of 
 Gold, and have been reduced as we are at present, to 
 one large Species of Moydoresj we should then have 
 continued in the Possession of such a Variety, and equal 
 Mixture of every Kind, as would have answered all our 
 Payments and Dealings with the greatest Ease. 
 
 But it may be said, if a Reduction of our Gold would 
 have been an Advantage to us 10 or 12 Years ago, it wiU 
 be the same now. But I am humbly of Opinion, that the 
 Case is very different now from what it was then, for the 
 following Reasons. 
 
 \st. 'Tis well known that 15 Years ago the greatest 
 Part of our current Species was Silver ; that it was very 
 difficult to get any large Payments in Gold, and that 
 even Premiums were given then, to get Gold for Silver ; 
 that the Gold we then had was mostly Pistoles and Lui- 
 dores ; and that Moydores made the least Part of our 
 Cash. 
 
 2d. Our Government in 1712 or 1713, some Time after 
 Moydores began to flow in great Quantities from Brazil 
 into Europe, settled their Values here by Proclamation at 
 so high a Rate, that they were raised about 2^ per Cent 
 above Silver, and much higher than any other Gold 
 Species. ' As we then had a great Quantity of Silver 
 among us, we were glad to get Gold in Liew thereof; our 
 
 38 Traffickers 
 
Exchange. 329 
 
 Traffickers in Money laid hold of this Opportunity, ' and 
 made great Advantage by sending out first our Silver, 
 and after that our other Species, and importing Moydores 
 in their Stead; and they continued to do this, till no 
 more could be got to send abroad. By this Means Moy- 
 dores are become almost the only current Cash of the 
 Kingdom, and have been so for some Years. This Over- 
 value of the Portugal Gold having thus Spirited away all 
 our other Species, has in Effect, though not originally 
 .designed by the Government, been a Raising of our whole 
 Species, since we have hardly any other left among us 
 besides this, which has been highest raised. 
 
 3«?. We must consider, as our Money has been raised, 
 that in Consequence thereof the Prices of all Commodities 
 and Lands have risen also. We are all very sensible that 
 the Lands of Ireland" huve been generally set very high of 
 late Years, and perhaps higher, with Respect to the Profit 
 to be got by the Tenant than any other Lands in Europe, 
 and that Rack- Rents have taken Place, since the Time 
 that Moydores became our common Cash, and therefore 
 may in some Measure be ascribed to the high Value of 
 that Coin. 
 
 Now if our Moydores, which are almost our only 
 Species, should be reduced Two and a half per Cent, it 
 must be an Injury to all Tenants, who have taken Lands 
 at high Rates, since Moydores have been so common 
 among us, and also to all Debtors, and other Persons, 
 who have of late Years entered into Contracts to pay 
 certain legal Sums, which cannot be answered but by 
 giving two and a half per Cent more in Moydores than 
 they do at present : And since the Government has 
 fixed this high Price on Moydores, and that, under that 
 Value, and Presumption of its Continuance, People have 
 entered into Contracts and high Rents ; such a Reduction 
 will in Effect fix an additional Rent, on all those, who are 
 to pay any certain legal Sums of Money : And what is 
 
 39 this, 
 
330 Observations on Coin in General. 
 
 this, but to oblige great Numbers of innocent Persons, 
 who had no Hand in raising the Coin, to pay yearly more 
 than they ought to do to others, without any Appearance 
 of Reason for it. 
 
 Besides, such a Reduction must be a manifest Loss to 
 the Kingdom, for if our Absentees now draw yearly out of 
 the Kingdom 600,000/. at Two and a Half per Cent Loss 
 by Exchange ; on such a Reduction they will save that 
 Two and Half per Cent, and consequently must carry out 
 of the Kingdom yearly 15000Z. more than they can at 
 present. This is an Indulgence, not due to them, who 
 pay no Part of the Taxes of their Country, and cannot in 
 Reason expect that we should enter into Measures, which 
 may enable them to carry more out of the Kingdom, who 
 carry off vastly too much already. 
 
 If our People had of themselves raised the Price of 
 their Moydores, without the Governments interposing 
 therein, they must have done it at their own Peril, and 
 could have no Reason to complain, if the Government 
 shoTild think fit at any Time to fix another Value on 
 them : But as all has hitherto been done by publick 
 Authority, the said Authority no doubt wiU avoid hurting 
 great Numbers of People, without a pressing Necessity 
 for the same, which does not appear in this Case. 
 
 Perhaps it may be said, if Moydores are reduced Qd. a 
 Piece, that this Loss can affect those only, who have them 
 in their Possession, which will be but a small Loss to the 
 whole Kingdom, and for once only. 
 
 But I conceive the Case to be quite otherwise, and that 
 this will be a Loss not only to those, who shall hare Moy- 
 dores in their Possession at the Time of the Reduction, 
 but a constant yearly Loss to all Tenants and others, who 
 are bound to pay any certain legal Siims, for and during 
 the remaining Terms of their Leases and Contracts : for 
 in order to pay the said Sums, they will be obliged to pay 
 more Pieces, or greater Weights of Gold, which cannot be 
 
 40 done 
 
Exchange. 33 1 
 
 done but by parting with more of their Commodities to 
 purchase them. 
 
 It may be asked what Effect the Raising or Falling of 
 Money has upon Exchange and Trade. 'Tis evident that 
 on raising the Money of a Country, the Par of Exchange 
 will rise, and will fall as Money is lowered. But this 
 changing of the Par, as it arises only from a change made 
 in the Nominal Values of equal Weights of Gold and 
 Silver, in the Coins of two Countries, and not from any 
 real Change made in those Weights, so it has no Effect 
 on Trade ; which regards only the Weights of Gold and 
 Silver, and not any Nominal Values put upon them ; for 
 Commodities will still be bought and sold for the same 
 Quantity of those Metals, notwithstanding a Change made 
 in the Nominal Values of the Money of either Cotmtry. 
 
 But the raising of Exchange above Par, is occasioned 
 by one Nation's becoming in Debt to another, for in this 
 Case Specie must be sent by one Hand or other to pay 
 the Debt or BaUance, and this Necessity raises the Ex- 
 change. So that the Par of Exchange depends on the 
 Nominal Values of the several Species, and varies with 
 such Values. But the Exchange aboye or under Par 
 depends entirely on the BaUance of Trade, and not on the 
 raising or lowering of Money. 
 
 But it may be said, an Enfflishman, who comes into 
 Ireland to buy Goods, and takes the Benefit of the high 
 Exchange, will trade to more Advantage by having the 
 Benefit of such Exchange, than an Irishman can : But I 
 think they are both in this Respect on an equal Foot : for 
 tho' the Englishman on paying 100/. in London, can 
 receive 111/, in Dublin, when Exchange is at 11 per Cent. 
 and thereby has an Advantage in buying our Commodi- 
 ties; yet an Irishman who lays out 111/, here in the 
 same Commodities, and has the Value of them returned 
 to him from Abroad, will, upon the Return thereof into 
 
 41 Ireland, 
 
332 Observations on Coin in General. 
 
 Ireland, have the same Benefit of high Exchange^ which 
 the Englishman had before. 
 
 But if we are not to raise our Silver, or lower our Gold, 
 in the Manner already mentioned : it may be asked. What 
 must be done ? since some Regulation of our Coin seems 
 to be absolutely necessary. 
 
 It must indeed be owned, that a Regulation is much 
 wanted, and yet 'tis very difficult to make it in such a 
 Manner as could be desired ; This Difiiculty arises from 
 several causes; first from our Coin's being made up of 
 the Money of several Countries, each of them of different 
 Allays, Weights, and Values. 2d, From our reckoning 
 our Money by Pounds, Shillings, and Pence, without 
 having any one Species, that answers any of those Deno- 
 minations, bd. From our Coin's being divided into such 
 cross and unequal Parts, that it is almost impossible to 
 make Alterations in their Values, without running into 
 inconvenient Fractions, especially consideriug we have but 
 few Farthings, and no Denominations under them. 
 
 I shall now propose a Scheme, which is a Medium 
 between the other two Schemes, and though not such as 
 I could desire, because of the Difficulties above men- 
 tioned, yet, I believe will be found to have much fewer 
 Inconveniencies than the others, and to be attended with 
 these Advantages, \st. That a pretty just Proportion in 
 the Values of our Coins is observed therein. 2d, That 
 neither Landlord nor Tenant, Creditor nor Debtor, is 
 injur'd thereby, or but very inconsiderably. 3rf, That 
 some Encouragement is given to import Foreign Silver 
 without making a Traffick of it. 
 
 THIRD SCHEME. 
 
 IN this Scheme it is proposed to raise the Crown a 
 If enny, and to settle the Values of the Gold Species 
 as near as may be, to the Proportion of Gold to Silver in 
 
 42 England. 
 
Exchange. 333 
 
 England. And the Values of the several Gold and Silver 
 Coins will stand thus. 
 
 Pieces. 
 
 The Crown - - . - 
 
 Half-Crown - 
 
 Shilling 
 
 Sixpence ... 
 
 Mexico Piece of Eight 
 
 ^ - f either 
 
 G-uinea ■< 
 
 l^or ... 
 
 Tv/T J feither 
 Moydores -i 
 
 Pistole and Luidore 
 
 The following Table shews the Difference per Cent of 
 the foregoing Values of the several Species. . 
 
 I. s. d. 
 
 Crowns will be 110 O-i 
 
 Mescico Dollars 111 2 2 
 
 at \l. 3». 109 10 6 
 
 Values. 
 
 I. 
 
 s. d. 
 
 
 
 5 6 
 
 
 
 2 9 
 
 
 
 1 H 
 
 
 
 6i 
 
 
 
 5 
 
 1 
 
 3 
 
 1 
 
 3 2 
 
 1 
 
 9 10 
 
 1 
 
 9 8 
 
 
 
 18 6 
 
 lOOZ. 
 Eng. 
 lish in 
 
 Eng. \ Gtuineas ^^^ ^^ g^ ^^ 110 6 4 [- 
 
 ,, , fat \l. 9s. \0d. 110 9 10 
 
 Moydores-^^^ U. Qs. 8d. 109 17 6 
 
 . Pistoles and Luidores 110 5 0- 
 
 In Ire- 
 land. 
 
 In this Scheme I have observed the same Proportion 
 between the English Silver and all our Gold Species, 
 which is observed in England, as far as the Crossness of 
 our Coins will allow of, without giving any Temptation to 
 import and export one Species more than another, except 
 the Spanish Silver, which is valued about 1 per Cent. 
 higher than the rest, in order to supply our present Want 
 of Silver. 
 
 By this Scheme the Par of Exchange, or Difference 
 between English and Irish Money, will be a little above 
 10 per Cent, at a Medium, which is something less than it 
 is at present ; and for that Reason Landlords and Credi- 
 
 43 tors 
 
334 Observations on Coin in General. 
 
 tors will have an Advantagej and Tenants and Debtors 
 a Disadvantage, but the Advantage of the one, and 
 Disadvantage of the other, are small, and hardly worth 
 considering. 
 
 Thus all the Ends we propose to ourselves in regula- 
 ting our Coins, will be answered, which are, to settle a 
 due Proportion of their Values, to avoid hurting any one 
 as much as possible by such Regulation, and to give some 
 Encouragement for importing Foreign Silver. 
 
 The greatest Inconveniency of this Scheme is this, that 
 the Shilling is to pa?s for \^d.\ and yet we have no Par- 
 things to change it. 'Tis true, we have very few at pre- 
 sent, but 'tis hoped we shall not continue long without 
 them. For this Purpose I shall suggest, in what follows, 
 a Way to be immediately supplied with a Stock of them. 
 
 Raising the Crown a Penny, cannot hurt any Body, 
 since we have but little Silver among us, and ample 
 Amends is made for that in the Reduction of the Moy- 
 dore, which is almost our only current Specie. 
 
 It may be said, if the English Six-pence shall pass but 
 for 6\d. there will be a Loss in all those Pieces of half a 
 Farthing. But to this it may be answered, that as every 
 one will pay them, as he receives them, no Body wiQ lose 
 by them : And if two of those Pieces be made to pass for 
 13(3?.^ there can be no Loss but in the single Six-pence. 
 It may be also said, that Five single Shillings wiU be 
 worth a Farthing more than the Crown; 'tis true this 
 Disproportion happens, but this is the same Inequality we 
 formerly had, when the Crown-Piece passed for Six Shil- 
 lings, and the Shilling but for \4>d. in consequence of 
 which 5 of them made but 5s. \Qd. this indeed encouraged 
 the importing of Crown-Pieces, rather than Shillings, into 
 the Kingdom ; and if the small Disproportion here taken 
 notice of can have any Effect, it will be bringing in 
 Shillings rather than Crowns, which would be more for 
 our Service. 
 
 44 In 
 
Exchange. 335 
 
 In the Values here exhibited of our several Coins, I 
 have Regard only to the Standard Value of Gold and 
 Silver at the Mint of England, because I think we ought 
 to govern ourselves therein by the same Rule that Eng- 
 land does : If England should think proper at any Time 
 to raise the Silver in Respect of Gold, we ought to follow 
 their Example, but to make no Alteration till then. 
 
 But after all that has been said for regulating our Coin, 
 when we consider that almost all our Money is made up 
 of Foreign Coins, of different Weights, Standards, and 
 Values ; that Foreign Nations often change the Standard 
 and Weights of their Pieces, and that on these Accounts 
 it must ever be diflBcult accurately to adjust the Values, 
 which the several Species, great and small, ought to bear 
 to one another ; I say, when these Things are duly con- 
 sidered, it will be found that there is no other Way of 
 freeing us from these Inconveniences, but by having either 
 a Mint established in Ireland, or Money of our own coined 
 in the Mint of England. 
 
 AH these Difficulties would be effectually removed by 
 Coining several Species of Copper, Silver and Gold Coins, 
 of such Standards, Weights, and Values, compared with 
 the English, as shall be thought proper and most conve- 
 nient for us. Then we should be so happy, as to have 
 Coins, which would pass without weighing, which would 
 be a great Blessing to all our People j Foreign Coins 
 would pass only as Bullion, and we should not then be 
 imposed upon by counterfeit, dipt, or base Money, as we 
 always were, when we had a Multitude of Foreign Coins. 
 
 'Tis not to be doubted, but His Most Gracious Majesty, 
 out of his Affection for his Faithful People of Ireland, 
 will be pleased to gi-ant them this Favour, which does not 
 in the least interfere with the Interest of any other of his 
 Subjects, since it wholly relates to our selves, and is de- 
 sired only to remove the many Inconveniencies we suffer 
 in our Domestick Commerce, by the Disproportion of our 
 
 45 Coin : 
 
336 Observations on Coin in General. 
 
 Coin: Nay will it be ah Advantage to Great-Britain, 
 for when we have Coin of our own passing among us^ we 
 shall not be tempted to draw out of England any of their 
 Species. 
 
 In Case it should be thought proper to establish a Mint 
 here, since it must take a considerable Time before we 
 could be furnished with Money from thence, it may, in 
 the mean Time, be adviseable to make some Regulation 
 in the Values of our Coins, either upon the Plan of the 
 last Scheme, or any other that may be thought better; 
 and not to fail to give Encouragement to the Importation 
 of Spanish Silver, especially at this Time, when the Effects 
 of the Galleons are distributed, and we may well expect 
 that a good deal of Silver will be imported, if we give it 
 such a Value, as shall encourage People to bring it, and 
 to keep it here ; and it will have this good Effect also, 
 that when we shall come to coin Silver Species, we shall 
 then have Silver in the Country to keep the Mint at 
 Work. 
 
 I do not see any Apprehensions we need fear of our 
 being over stocked with Silver, I am sure we are in great 
 Want of it at present ; and if we shou'd find at any Time 
 too great a Quantity pour in upon us, which is not 
 likely to be our Case, 'tis an easy Matter to stop this 
 Glut, by lowering the Dollar a Penny or Two Pence by 
 Proclamation. 
 
 But in Regard we cannot have Half Pence, or Par- 
 things, which we want so much, in any convenient Time 
 from our own Coinage : It may be adviseable to endea- 
 vour to get from the Tower of London (with his Majesty's 
 Leave) a Supply of 10000/. worth of Half Pence and 
 Farthings : The Mint-Masters are now at Work in the 
 Tower, and employ five Presses in coining Half Pence for 
 England; and when this Work is over, they may be 
 employed in coining Half Pence and Farthings for Ireland 
 
 46 at 
 
Exchange. 337 
 
 at 10 per Cent, less Value than English Half Pence, and 
 be paid by us for the Copper and Coinage. 
 
 Thus without any Loss to England and some Gain to 
 the Mint, we might be furnished with a sufficient Quan- 
 tity of Half Pence and Farthings of more intrinsick Value 
 than any we have hitherto had, and which wou'd of course 
 prevent any new Half Pence of less Value from being 
 coin'd upon us. 
 
 If we shou'd be favoured with a Mint here, it wou'd be, 
 adviseable to divide the new Silver aud Gold Coins, into 
 one, two, and four Pieces, which Division of the Coin is 
 best suited for reckoning, and is observed by most other 
 Nations, and by the English in their Gold Coins ; for 
 they divide their Silver Coins into one, two, five, and ten 
 Pieces, which are not commensurate with the Pieces of 
 other Coins. 
 
 Our Gold Species may be coined into Pieces of \0s. 
 20s. and 40s. and the Silver into Pieces of 6, 13, 24, and 
 48 Pence, and will thereby be well fitted for reckoning, 
 and if the Difference between English and Irish Money be 
 settled at 10 per Cent, then 1 Is. Irish will be equal to 
 10s. English. 
 
 As long as Poreign Coins passing among us must be 
 weighed, it would be convenient in that Case, to order 
 that a Penny only should be abated, when half a Grain 
 in Gold is only wanted ; whereas now, if a Piece wants 
 the least Thing to make it standing TV eight. Two Pence is 
 allowed for it when perhaps there is Three Half Pence 
 more Gold in it than it passes for. This gives our Cunning 
 Men an Opportunity in such Cases to file off Three Half 
 Pence worth of Gold ; but if only a Penny was allowed 
 when a half Grain was wanting, no Body could lose more 
 than a Penny with very bad Scales. If it be said, that a 
 half Grain is too small to be handled with Ease, this may 
 be remedied by adding a new Weight of a Grain and a 
 half. 
 
 47 In 
 
338 Observations on Coin in General. 
 
 In weighing Silver Coins, it would be proper to have a 
 Weight of Four Grains, and to allow a Half Penny for 
 the "Want of it. Whereas at present we have no less 
 Weight than 12 Grains or half a Penny Weight, which is 
 worth Three Half Pence : For want of such a Weight we 
 must at present allow, as much, when a Piece wants only 
 one Grain as when it wants twelve. This gives a Temp- 
 ~ tation of clipping Foreign Coins, and to take of a Penny 
 or more of their Value, so that the Piece may just turn 
 upon the Scale ; and if a Person imported from Abroad 
 Four Quarter Dollars, and each of them wanted a little of 
 Weight, perhaps not a Half Penny or Four Grains in the 
 Whole; then there was abated Six Pence for Want of 
 Weight. And this was likely the Reason that we had 
 formerly but few of the small Foreign Silver Pieces cur- 
 rent among us, our Merchants judging it better not to 
 import them at all, or to melt them down, because they 
 were likely to lose considerably by the Manner of weigh- 
 ing them. 
 
 FINIS. 
 
 48 
 
AN 
 
 ESSAY 
 
 UPON 
 
 MONEY and COINS. 
 
 PART I. 
 
 The Theories of Commerce, Money, and 
 Exchanges. 
 
 LONDON, 
 
 Printed : Sold by G. Hawkins, at the Middle Temple 
 Gate, Fleet-ftreet. M.dcc.lvii. 
 , 1 ^~\ 
 
To the Honourable 
 
 Richard Arundell, Efq; 
 
 As a testimony of Esteem for his great "Worth 
 and Abilities, and as a grateful acknowledge- 
 ment for many Marks of his Favour and 
 E,egard, during a long course of years ; this 
 Tract 
 
 Is humbly Inscribed and Dedicated, by 
 
 His most faithful 
 
 and obedient Servant, 
 
 The Author. 
 
PREFACE. 
 
 THE main part of the following essay, was drawn up many 
 years since for a truly great and good man; one who, if it 
 had pleased God to have continued his life but a little longer, 
 intended, amidst his other great designs for the good of this 
 country, to have made such regulations in regard to our 
 coins, as probably would have obviated all complaints about 
 them for the future. The chief design of this first part, is 
 to unfold the true nature and theory of money : A subject 
 wherein every one is interested, and that in some measure in 
 proportion to his property ; and yet, a subject it seems, that 
 very few understand ; and concerning which, many, and 
 those too of some note, are under grbss mistakes. 
 
 In order to clear the way, and for the better settling of 
 things upon their first and true principles, it hath been 
 thought necessary to take a general view of wealth and com- 
 merce, which is the subject of the first chapter ; and the 
 third, concerning exchanges, is not quite foreign to the 
 main design. 
 
 Some of the points here touched upon, deserved to have 
 been discussed more at large, if the designed brevity of the 
 whole would have permitted. The author is clear as to the 
 goodness of his intention, and hopes that his ill state of 
 health, while these sheets were printing, will be admitted as 
 an apology for such faults as may have happened in the 
 execution. 
 
 THE 
 
THE 
 
 CONTENTS. 
 
 CHAP. I. Of the nature and origin of wealth and 
 commerce. 
 
 XAND and labour, the sources of wealth; and in countries 
 deemed wealthy, labour hath the greatest share, page 9 <o 1 1 
 
 Things in general are valued, according to the land, labour and 
 skill required to produce them 12 
 
 Natural products less permanent in their value, than artificial, 13 
 
 The price of labour, the chief standard that regulates the values 
 of all things 14 
 
 Some estimate of the value of labour 14 <o 16 
 
 That charitable contributions are necessary 16 
 
 Different professions have a right to better wages or stipends, 
 in proportion to the cost of education, the genius, skill and 
 confidence required in them 17 
 
 Origin and usefulness of arts and commerce; usefulness of 
 keeping to distinct trades, and of the various classes cf deal- 
 ers. The excellency of many of the English artists, and the 
 great advantages thence accruing to their country... 17 to 25 
 
 Of the comparative riches or wealth of nations. Great Britain 
 possessed of many natural and peculiar advantages 25 to 27 
 
 In a commercial country, sumptuary laws might prove hurt- 
 ful 28 
 
 The good effects of industry, and some of the means of pro- 
 moting it. Public spirit a great source of national hap- 
 piness 28 to 30 
 
 CHAP. II. Of Money and Coins. 
 
 The inconveniency and insufficiency of mere barter 30 
 
 Money a standard measure of the values of all things, and an 
 equivalent for them 31 fo 34 
 
 How money differs from other measures 34 
 
 and from bills 36, note 
 
 6 Of 
 
The Contents. 345 
 
 Of some requisite properties in the material of money, 35 to 86 
 
 Metals the fittest materials of money ; and of these only silver 
 
 and gold, these metals being universally of equal goodness, 
 
 37 to 40 
 Usefulness of coins: Their names, and those of integral sums 
 
 of money, have been taken chiefly from weights 40 
 
 Of our present weights, and divisions of money 41 
 
 Tlie coins in most countries have been, at different times, 
 
 debased; but the same names still continued 42 
 
 Standard of monies, particularly explained 43 to 45 
 
 Why coins and plate have alloy 45 
 
 That there can be but one standard of money 46 
 
 Silver the money or standard measure of all Europe; the fittest 
 material hitherto known for money; a fit standard, though 
 its plenty varies. Gold too dear for a standard... 47 to 50 
 Gold coins should pass as money, but under certain restric- 
 tions 50 
 
 Of Tokens, or base coins 51 
 
 Money finds its own value, according to the whole quantity of 
 it in circulation; and this value is not controulable by any 
 
 laws 52 to 56 
 
 Price of bullion not according to the prime cost at the mines, 
 
 56 
 
 Money alters its value by slow degrees 57 
 
 Why the effect of an increase of money, is not more sensibly 
 felt; and why the prices of commodities have not rose in 
 
 proportion to the increase of money 6% to 60 
 
 A nation having no foreign commerce, will not stand in need 
 
 <^ any specific quantity of money QO to 62 
 
 Any sudden fluctuation of money would be pernicious, 60 to 65 
 
 Ballance of trade, what 65 <o 67 
 
 The quantity of money everywhere, naturally finds a certain 
 
 level or proportion 67 to 70 
 
 Any artificial methods of increasing tale money, pernicious, 
 
 70 to 72 
 Hoarding the precious metals, beneficial; and hence the use- 
 fulness of encouraging a fashionable use of plate 72 
 
 Of Banks: Instituted chiefly to prevent the abuses from bad 
 coins, and legal adulterations of money: Bank money, and 
 
 Aggio, what 73 to 75 
 
 Complaints of the want of money, whence 75 to 77 
 
 7 CHAP. III. 
 
 K 
 
346 The Contents. 
 
 CHAP. III. Of exchanges. 
 
 Bills of exchange, what: Of vast advantage to commerce, 
 
 77 to 82 
 Par of exchange, what : This par difficult to be ascertained, 
 
 82 to 84 
 
 Course of exchange, what 85 
 
 Price of bullion, how infiuenced 86 
 
 National interest how influenced by the course of exchange, 
 
 87 to 88 
 
 The course of exchange influenced by various causes, 88 to 89 
 
 Bullion not exported till the exchange is at a certain limit from 
 
 par ,89 to 91 
 
 PART I. 
 
PART I. 
 
 The Theories i?/" Commerce, Money, and 
 Exchanges. 
 
 CHAPTER I. — Of the nature and origin of wealth 
 and Commerce. 
 
 I. Of wealth, what, and wherein it consists. 
 
 1. ri^HE earth abounds witt an infinite variety of 
 1 materials^ for the comfortable subsistence of hu- 
 man life : Besides the great dirersity of food, vegetable 
 and animal, more than sufficient to satiate the most 
 gluttonous appetite; how admirably are wood, stones, 
 metals, ^c. adapted to their various uses ! What is there 
 left unprovided, and of what kind is that other material 
 that could have added to human conveniency? But 
 amidst this vast profusion of things, the earth spontane- 
 ously produces but few that are ready fitted for our use : 
 Some pains and industry are required on our part, without 
 which our condition upon this globe would, perhaps, be 
 the most forlorn and uncomfortable of any of its inhabi- 
 tants. But of this we have no cause to complain : Labour 
 or bodily exercise, in a certain degree, is not only easy 
 but pleasant to us, conducive to our health, and every way 
 suited to our nature; and we are endued with ample 
 powers for adopting and fitting the materials about us, 
 according to our various exigencies and occasions. Land 
 and lahour together are the sources of all wealth ; without 
 a competency of land, there would be no suhsistence ; and 
 
 9 but 
 
348 0/ M O N E Y, Part I. 
 
 but a very poor and uncomfortable one^ without labpu.r. 
 So that wealth or riches consist either in a propriety in 
 land, or in the products of land and labour. 
 
 In wealthy countries, the value of the labour is much greater 
 than that of the land. 
 
 2. The proportional values of land and product, differ 
 very much in different countries ; as the soils are respec- 
 tively more or less fertil, and the inhabitants more or less 
 industrious, and skilful. Without some kind of tillage, 
 much land will be requisite to maintain a few inhabitants ; 
 and a small field of wheat will afford nourishment to more 
 people, than a large forest yielding nothing but acorns and 
 wild fruits. The annual produce of labour in England, I 
 imagine, is of much greater value than the rent of the 
 land; but their exact proportion to each other, cannot be 
 easily assigned. It is commonly supposed that a farmer, 
 to be enabled to live comfortably, must make three rents 
 of his land ; and when we consider the coarseness of those 
 commodities, that are commonly expended in a farmer's 
 house, in comparison of many others consumed by those 
 of more affluent fortunes ; the value of labour to that of 
 land, must be with us greater than that of 3 to 1. Wool 
 wrought into cloth is much advanced in its value ; thread 
 may be of above 100 times the value of the flax whereof it 
 was made. The value of the materials in * watches, and 
 innumerable other things made of metals, is but small in 
 comparison of the value of the workmanship. But we 
 must not pursue this notion too far : The numbers em- 
 ployed about these costly things, may not bear a large 
 proportion to those who are either idle, or occupied about 
 
 10 tillage. 
 
 * The balance spring in a good watch is worth above a million of 
 times the value of the steel. 
 
Part I. a7id COINS. 349 
 
 tillage, buildings, or other manufacturies ; where the raw 
 materials are worth near as much, or soriaetimes more, 
 than the labour bestowed upon them. The British mer- 
 chant computes- the value of labour to that of land in 
 England to be as 7 to 2*. He supposes the people of 
 England to be 7 millions, and each man at a medium to 
 expend 7 pounds each, which makes the whole annual 
 consumption of England 49 millions ; 45 millions of which 
 he supposes to be our own product, 4 millions foreign 
 commodities; and the rents of the lands he makes 14 
 millions. 
 
 11 II. Values 
 
 * This shews the great value of arts and industry. But their 
 usefulness doth not terminate in the mere value of their productions ; 
 their benign influence extends much farther. By furnishing em- 
 ployment, at the same time, both to the mind and body ; they tend 
 to improve the understanding, to humanise mankind, and to preserve 
 them fi'om that brutal barbarism, which is ever the attendant of 
 stupid indolence and inactivity. Bach individual, by a laudable 
 industry, striving to benefit himself ; the whole community share the 
 fruits, and peace and good order is every where maintained. 
 
 But here occurs a difiBoult question ; how to employ usefully all 
 that are fit and able to work, and to maintain comfortably such 
 as cannot help themselves ? Our indulgent parent hath so ordered 
 things, that it should not be necessary for all to work : Some com- 
 pute, that the labour of one-fourth of the people is sufficient to 
 maintain the other three-fourths ; that one-fourth, as infants, old 
 people, Sc. are quite helpless : that one-fourth live upon their lands; 
 whence one-fourth are left for the learned professions, state offices, 
 and for being merchants, shopkeepers, soldiers, (&c. Here then are 
 three parts that are mere consumers ; and as a country grows in 
 wealth, the candidates for genteel employments may become more 
 numerous in proportion to the rest, perhaps too much so for the 
 land and labour to maintain : And thus, too many expecting a live- 
 lihood without labour, murmurs, complaints of the decay of trade, 
 want of money, &;c. will be loud. Amongst the lower class, some 
 professions at times will be naturally overstocked : But if there be 
 want of employments upon the whole, there must be some defect in 
 our police ; as the produce of England is undoubtedly sufficient, 
 to employ and maintain comfortably, a much greater number of 
 inhabitants. 
 
350 0/ M O N E Y, Part I. 
 
 II. Values of things, how estimated. 
 
 3. Things in general are valued^ not according to their 
 real uses in supplying the necessities of men ; but rather 
 in proportion to the land, labour and skill that are requi- 
 site to produce them : It is according to this proportion 
 nearly, that things or commodities are exchanged one for 
 another; and it is by the said scale, that the intrinsic 
 values of most things are chiefly estimated. Water is of 
 great use, and yet ordinarily of little or no value ; because 
 in most places, water flows spontaneously in such great 
 plenty, as not to be with-held within the limits of private 
 property ; but all may have enough, without other expence 
 than that of bringing or conducting it, when the case so 
 requires. On the other hand, diamonds, being very 
 scarce, have upon that account a great value, though they 
 are but of little use. A quicker or slower demand for a 
 particular commodity, will frequently raise or lower its 
 price, though no alteration hath happened in its intrinsic 
 value or prime cost ; men being always ready to take the 
 advantage of one another's fancies, whims or necessities ; 
 and the proportion of buyers to sellers, or the demand for 
 any particular commodity in respect to its quantity, will 
 always have an influence on the market. The intrinsic 
 value of a particular commodity may be also enhanced, 
 though its quality is debased ; as a bushel of musty grain 
 at one season, may be worth much more, than the like 
 quantity of good grain at another. 
 
 Cheapness, how estimated. 
 
 4. Commodities are called bulky or said to be * cheap, 
 which bear but a small proportion of value to others of 
 
 12 equal 
 
 * Things are also said to be cheap or dear, in respect to the prices 
 they bore at some former market. 
 
Part I. ctnc? C O I N S. 351 
 
 equal bulk ; and these are natural productSj either grow- 
 ing spontaneously^ or requiring no great art and lahour in 
 their cultivation; as grain of all sorts, cattle for food or 
 labour, timber and stone for building, fuel, ^c. The good- 
 ness of Providence having so ordered things, that those 
 main supports of life should abound every where, accord- 
 ing to the exigencies of different climates. And of metals, 
 that most useful one, iron, is in our happy dime the 
 cheapest. 
 
 Natural products, &c. subject to a greater variation in their 
 value, than artificial. 
 
 5. The quantity of corn, ^c. produced from the same 
 number of acres, and from the same quantity of labour, 
 being sometimes very different, according to the difference 
 of seasons; grain of all sorts, as also cattle from mor- 
 tality amongst them, or other casualties, are subject to 
 much greater variations in their values, than artificial 
 products ; and a bushel of corn may be worth twice or 
 thrice as much cloth, at one time as at another. Corn 
 must be had ; and the farmers will endeavour to make as 
 much of their small stock, as when they had a greater 
 plenty ; on the other hand, when the market is full, they 
 must lower their price ; till, after reckoning the value of 
 the land, the labour bestowed in raising a bushel of com, 
 and in fabricating the thing for which it is exchanged, are 
 on both sides nearly equal. Things of a more limited 
 vent, are subject to vary yet more from their usual price, 
 than corn, as apples, hops, S^c. 
 
 Tilings are the more valued, the farther they are from the 
 place where they were first produced. 
 
 6. Things near the place where they are produced, 
 whether by nature or art, have naturally a less value in 
 proportion to other things, than they have in places more 
 
 13 remote ; 
 
352 0/ M O N E Y, Part I. 
 
 remote ; and this in proportion to the risques of all sorts, 
 and expences of carriage. Silver is naturally cheaper in 
 Mexico than in Spain, and in Spain than in the rest of 
 Europe. Things that are rare, or for which there is no 
 great demand, are generally dearer than in the above 
 proportion : For, when there are but few dealers in any 
 commodity, they seldom fail to enhance its price, and that 
 sometimes very exorbitantly. One great mystery of trade, 
 is to keep oif new adventurers, by concealing its profits ; 
 and whilst that may be done, the gains wiU be large. 
 
 III. The price of labour, the chief standard that regulates 
 the values of all things. 
 
 7. The values of land and labour do, as it were of them- 
 selves, mutually settle or adjust one another; and as aU 
 things or commodities, are the products of those two ; so 
 their several values are naturally adjusted by them. But 
 as in most productions, labour hath the greatest share; the 
 value of labour is to be reckoned the chief standard that 
 regulates the values of all commodities; and more espe- 
 cially as the value of land is, as it were, already allowed 
 for in the value of labour itself. 
 
 Men's various necessities and appetites, oblige them to 
 part with their own commodities, at a rate proportionable 
 to the labour and skill that had been bestowed upon those 
 things, which they want in exchange : If they will not 
 comply with the market, their goods will remain on their 
 hands ; and if at first, one trade be more profitable than 
 another, skill as well as labour and risques of all sorts, 
 being taken into the account ; more men will enter into 
 that business, and in their outvying will undersell one 
 another, till at length the great profit of it is brought 
 down to a par with the rest. 
 
 Some estimate of the value of labour. 
 
 8. It may be reasonably allowed, that a labouring man 
 
 14 ought 
 
Fart I. and C O I N kS. 353 
 
 ought to earn at least, twice as much as will maintain 
 himself in ordinary food and cloathing ; that he may he 
 enabled to breed up children, pay rent for a small dwell- 
 ing, find himself in necessary utensils, ^c. So much at 
 least the labourer must be allowed, that the community 
 may be perpetuated : And as the world goes, there is no 
 likelihood that the lowest kind of labourers will be allowed 
 more than a bare subsistence ; if they will not be content 
 with that, there will be others ready to step into their 
 places ; and less, as above observed, cannot be given them. 
 And hence the quantity of * land that goes to maintain a 
 labourer, becomes his hire ; and this hire again becomes 
 the value of the land; the expences of manuring and 
 tilling it, being also included. There is a difference in 
 the proportion of the value of an acre of land to a given 
 quantity of labour, all over the world; and this ariseth, 
 not only from the different goodness of the land, but also 
 from the different ways of living of the peasants in diffe- 
 rent places. For, where labour is very cheap, that is, where 
 the labourers live very poorly, land will be also cheap ; as 
 the poor, from their numbers, are the principal consumers 
 of the grosser products of the earth. So that every where, 
 I think, the price of land is influenced by the price of 
 labour ; that is, by the quahty of food and raiment coii- 
 simied by the labourers ; for of some sort, they must have 
 a sufficient quantity : It seems then to be no good policy 
 in the rich to deal too hardly with the poor; besides, 
 that such treatment must needs greatly check arts and 
 industry, discourage matrimony among the lower class, 
 and inspire them with thoughts of quitting their homes, 
 in hopes of bettering their state elsewhere. But the 
 benevolence here hinted at, is to be tempered with dis- 
 
 15 cretion : 
 
 * Lands yielding uncommon products, as mines, ^o. are not here 
 considered ; the uncommonness of them gives an opportunity to the 
 owners of making more than ordinary profit by such products. 
 
354 0/- M O N E Y, Part I. 
 
 cretion ; The children of the poor should be brought up 
 and inured, as early as may be, to some useful labour j 
 and be taught with due care, the great principles of re- 
 ligion and morality. But all are not agreed that reading 
 and writing, are qualifications necessary for the obtaining 
 of those ends; some think, that these accomplishments 
 are useful only in higher stations ; and that to instruct at 
 a public expence the youth of the lower class in reading, 
 writing, ^c. is a kind of intrusion upon the class next 
 above them; that these qualifications, instead of being 
 advantageous to the poor who possess them, serve only to 
 render their state more irksome, and to inspire them with 
 notions subversive of society. There must be labourers ; 
 and that most useful class of men should be duly cherished 
 and taken care of : But books and pens will not alleviate 
 the weight of the spade, or at all contribute to dry the 
 sweat ofi^ the labourer's brow. 
 
 Charitable contributions necessary. 
 
 9. The price of labour being fixed, so that one labourer 
 can earn about twice as much, or something more, than 
 what will maintain himself; if he has several young chil- 
 dren, a sickly wife, an aged and helpless parent, or is 
 himself disabled ; he will want, and will have a right to 
 ask, the charitable aid of some of his opulent neighbours : 
 It is therefore almost unavoidable, but that some of the 
 lowest class will be destitute of subsistence, who must or 
 ought to be maintained and taken due care of, by public 
 contributions or establishments *. If a man be single, he 
 will earn as much as the married man ; for no regard to a 
 man's circumstances will be had in the price of his labour ; 
 
 16 and 
 
 * Great care should be taken that all charitable contributions are 
 duly applied to their proper objects, and are not embezzled or wan- 
 tonly squandered. 
 
Parti. and COINS. 355 
 
 and so the single man may feed and clothe himself better 
 than the other ; and if he is frugal, he will save somewhat 
 against he is married, which little savings may enable him 
 to live more comfortably all the rest of his hfe. 
 
 Mechanics earn more than labourers, &c. 
 10. To bring up a child to a trade, there is not only an 
 expence in fitting him out, and during his apprenticeship, 
 but also a risque of his dying before he is out of his time; 
 from which considerations a mechanic is entitled to better 
 wages than a common labourer : And as any given trade 
 is attended with greater risques of any sort, requires more 
 skill, more trust, more expence in setting up, Sfc. the 
 artificer will be entitled to still better wages. In like 
 manner those professions that require genius, great con- 
 fidence, a liberal education, S^c. have a right to be rewarded 
 proportionably. And thus, the prices of labour and ser- 
 vices of difi'erent sorts, have a considerable difi'erence 
 founded in the nature of them: But the wages of the 
 lower class, wherein is to be included, as well the common 
 artificers as the husbandmen, seems to be the main and 
 ultimate standard that regulates the values of all^com- 
 modities : and if those wages be regulated by and paid in 
 bullion, that specific bullion will be the true and real 
 money of the country where it is so applied, notwithstand- 
 ing what else may pass in greater transactions. 
 
 IV. Of trade or commerce. 
 
 11. By the wise appointment of divine Providence, a 
 mutual intercourse and commerce amongst men, is both 
 conducive and necessary to their weU being. Every man 
 stands in need of the aid of others ; and every country 
 may reap advantages, by exchanging some of its super- 
 fluous products, natural or artificial, for those which it 
 wants of foreign growth. 
 
 The first employments that a colony of people, newly 
 settled in an uncultivated country, would naturally fall 
 
 17 upon, 
 
356 O/' M O N E Y, Part I. 
 
 upon, would be to clear, till and sow, or plant the ground 
 with seeds and roots proper for their nourishment ; and to 
 provide themselves with some kind of dwellings and gar- 
 ments, to shelter and protect them from the inclemencies 
 of the weather : In order to obtain which, they would soon 
 find themselves under the necessity, and feel the com- 
 forts, of associating together, and of establishing a cer- 
 tain mode or form of government. For, all the labour 
 and skill of any one man, or of any one family unconnected 
 with others, would scarce be able to procure them the 
 common necessaries of food and cloathing ; and much less 
 would they be ever able to furnish themselves with those 
 various conveniences, which we now so plentifully enjoy. 
 
 Men are endued with various talents and propensities, 
 which naturally dispose and fit them for dififerent occupa- 
 tions; and are, as above observed, under a necessity of 
 betaking themselves to particular arts and employments, 
 from their inability of otherwise acquiring all the neces- 
 saries they want, with ease and comfort * : This creates a 
 dependance of one man upon another, and naturally unites 
 men into societies. In like manner, as all countries differ 
 more or less, either in the kinds or goodness of their pro- 
 ducts, natural or artificial ; particular men find their 
 advantages, which extend to communities in general, by 
 trading with the remotest nations. 
 
 It was the necessities of men that gave birth to the 
 arts, and long experience hath brought many of them to 
 a surprising degree of perfection. The most curious arts 
 now subsisting are the growth of Europe, and chiefly of 
 the last and present age; and herein, our own country 
 hath much to boast of -I*. 
 
 18 Usefulness 
 
 * The mutual conveniencies accruing to individuals, from their 
 betaking themselves to particular occupations, is perhaps the chief 
 cement that connects them together ; the main source of commerce, 
 and of large political communities. 
 
 The name of Newtok, to omit many others of great eminence in 
 
Part I. and C O I N S. 357 
 
 Usefulness of distinct trades, farther illustrated. 
 
 12. The advantages accruing to mankind from their 
 betaking themselves severally to different occupations, are 
 very great and obvious: For thereby, each becoming 
 expert and skilful in his own particular art; they are 
 enabled to furnish one another with the products of their 
 respective labours, performed in a much better manner, 
 and with much less toil, than any one of them could do 
 of himself*. And the world now abounds with vastly 
 
 19 greater 
 
 different kinds of knowledge, will d6 honour to this nation, whilst 
 men continue civilized, and preserve the sciences among them. We 
 have lately lost a mechanic, whose assistance on many occasions was 
 eagerly courted, even by our vain and rival neighbours ; a man well 
 known, and, being known, admired, in all the principal courts, and 
 learned academies of Europe. I need not say that I here mean the 
 late Geoboe Gkaham, whose eminent skill in mechanics, by which he 
 was known to the world, was yet known to his friends to have been 
 but a small part of his merit. We have yet several artists who excel 
 "intheir respective professions, all that went before them. What Mr. 
 Harbison hath done about clocks, is truly admirable ; and mucihe- 
 matical instrumerds were never made so perfect and exact, as they 
 have been and still are by Mr. Bibd : These men stand unrivalled. 
 I have many more very excellent artists in my eye, but I forbear 
 naming any, lest I should do injustice to others who might have an 
 equal share of merit. 
 
 Whilst I am celebrating the superior skiU of some of our most 
 eminent artists, I am not very wide from my subject : And I wish it 
 was duly considered, by those who ought to consider it, what coun- 
 tenance and encouragement is due to such men ; what great bene- 
 factors they are to their country, what great reputation and wealth 
 they bring to it, who by their fame and example create emulation in 
 others, and so raise and support a reputation of our artificial pro- 
 ducts in distant countries. 
 
 * When our great load of taxes, reaching down to the meanest 
 artificer, is considered ; it would seem that labour is cheaper in 
 "England than in other countries ; that is, that our artificers are 
 rhore skilful, and produce more and better goods in a given time, 
 than is usually done elsewhere : For, in comparing the price of 
 labour, the mere consumptions or earnings of the labourers, are not 
 
358 0/MONEY, Parti. 
 
 greater quantities and varieties of artificial products, than 
 could ever have been effected by the utmost efforts of 
 small and unconnected societies. The farmer is the most 
 likely person to be able to subsist of himself; but he 
 would find it very difiicult to get even implements for his 
 husbandry, without the aid of the smith and the carpenter ; 
 and they again, find it their interest to truck with him for 
 what they want, instead of tilling the ground themselves. 
 In building and furnishing a house, the business becomes 
 still more complex ; and more variety of arts are necessary. 
 And should any one undertake to provide a coat only, by 
 going himself through the various operations of shearing 
 the wool, carding, spinning, weaving, tucking, ^c. half the 
 labour and toil in his own particular profession, would 
 not only have equipped him with a better garment, but 
 also procured him other necessaries *. Besides the great 
 incumbrance of tools, that would be requisite for the 
 finishing of most things from the beginning ; it would be 
 next to impossible for any one man, either to find time, 
 or to acquire skill sufBcient, for the making of all those 
 tools ; he would soon find himself at a loss, and under a 
 necessity of seeking the aid of others. 
 
 Usefulness of dealers. 
 
 13. The usefulness of people betaking and confining 
 themselves to particular arts, is very manifest. And from 
 
 20 hence 
 
 alone sufficient ; what their labour produces, must also be taken into 
 the account. Without supposing that labour, in eflfect, is really 
 cheap with us, it would be difficult to account how such large quan- 
 tities of our artificial products could be vended abroad. But how 
 long this supposed superiority of our workmen, can be able to balance 
 our other disadvantages, deserves seriously to be considered. 
 
 * Agreeable to this is the old adage, " Jack-of-all-trades will never 
 be rich." And those smattering geniuses who will be meddling in 
 various arts, rather than employ others in their proper callings, are 
 but poor oeconomists, as well as bad neighbours. 
 
Part I. and COIN S. 359 
 
 hence naturally arise employments for another class of 
 men ; I mean, dealers of all sorts, from the meanest shop- 
 keeper to the merchant : These, without applying them- 
 selves to any of the manual arts, are busied in collecting, 
 and afterwards in distributing, the various sorts of pro- 
 ducts or commodities ; and by their arts and industry, the 
 products of the remotest places are collected, as it were, 
 into grand store-houses ; where every one may be readily 
 supplied, according to his desires. 
 
 The dealers, like the artificers, are subdivided into dis- 
 tinct trades, and so, become mutually serviceable to each 
 other. Without this subdivision, commerce would have 
 been strangely embarrassed; many parts of it must have 
 been' totally neglected; and a monopoly here would have 
 like bad effects, as if men tried themselves to make all the 
 things they wanted. 
 
 Usefulness of commerce farther exemplified. 
 
 14. To exemplify the nature of commerce a little more 
 particularly : Amidst the farmers, which we will suppose 
 are dispersed at convenient distances over the whole 
 country, there will be villages of different sizes, dispersed 
 at yet greater distances. In these villages, besides some 
 farmers, and some poor husbandmen ; there will be most 
 likely a smith, a carpenter, an alehouse-keeper, perhaps a 
 butcher ; if not a shoe-maker, at least a cobler, a petty 
 grocer, &c. In larger villages, there will be more of these 
 trades, and some others besides : All these have their food 
 of the neighbouring farmers, and are supported by what 
 they earn of them, and of one another. Their overplus, 
 the farmers carry to the adjacent market-towns ; wherein 
 are a greater number, and a greater variety of artificers ; 
 more shops, and better sorts of goods; more publicans, 
 and better entertainments, than are in the villages. Tbe 
 several shopkeepers here, fetching many or most of their 
 goods from remote places, in large quantities at a time, 
 
 21 can 
 
360 0/ M O N E Y, Part I. 
 
 can afford to furnish their respective customers at a much 
 cheaper rate^ than they could furnish themselves ; as they 
 save each of them the trouble, risque, loss of time, and 
 expence of a long journey. These shop-keepers know 
 also, how to procure their goods at the best hand ; and 
 they take care to furnish themselves, with whatever is 
 necessary for the consumption of the adjacent country. 
 The farmers, likewise, find it their advantage to dispose of 
 their superfluous cattle, butter, cheese, ^c, to drovers and 
 chapmen, that come to meet them at known appointed 
 fairs; and they again, know where to drive and carry, by 
 wholesale, those commodities to a better market. 
 
 The trade of large towns, is again branched out into 
 greater varieties; these not only supplying the lesser 
 towns, as they do the villages, but also affording many 
 curiosities, fit only for the gentry and people of affluent 
 fortunes. In like manner, manufacturers and dealers, find 
 it their interest to seek each other : Knowing before-hand 
 where and how to dispose of his goods ; the one, is enabled 
 to pursue and cultivate his art, without that loss of time 
 and interruption, to which he would be otherwise liable ; 
 and the other, having in his warehouse various sortments 
 of different goods, bought at the best hand from different 
 manufacturers, furnishes not only the petty shop-keepers 
 or chapmen of his neighbourhood, but also many others 
 in remote places, with all the sorts they want; which 
 would have been endless and too expensive for them to 
 have done, by going themselves for their little quantities 
 to the several manufacturies, which might be dispersed at 
 great distances. 
 
 Thus, as in the manual arts, it is the interest of each 
 dealer, to confine himself within a certain district ; and 
 this, likewise, is of mutaal advantage to the whole : By 
 this ceconomy, each particular trade becomes better under- 
 stood, better cultivated, and carried on easier and cheaper ; 
 the whole community is, as it were, thereby linked together 
 
 22 in 
 
Part I. and COINS. 361 
 
 m one general commerce ; and by a daily intercourse and 
 correspondenccj a large country becomes in effect as one 
 great city ; greater numbers^ creating more employmentSj 
 and contributing to each other's better subsistence: It 
 being a constant observation, that the poorest living is in 
 thin inhabited countries. Indeed, it is trade that makes 
 countries populous, as well as what procures the inha- 
 bitants a comfortable subsistence. Again, by the diligence 
 of the merchant, in investigating and dispersing the pro- 
 ducts of different countries ; all nations become, as it 
 were, connected together in a commercial interest; and 
 all enjoy the benefits of the various productions of different 
 climates. 
 
 Of foreign commerce. 
 
 15. In a nation skilful in arts, and abounding in pro- 
 ducts for the necessaries of life ; the due ordering of its 
 own internal trade, must be its greatest concern : But yet 
 foreign commerce is advantageous, in many respects. By 
 the great and almost inexplicable circuit and labyrinth of 
 trade, the peculiar riches of each respective country, are 
 dispersed every where, to the mutual benefit of all man- 
 kind ; and the whole world becomes, as it were, one 
 community or great trading city ; every climate, by the 
 means of commerce, enjoying the peculiar fruits of the 
 rest : By commerce, not only commodities natural and 
 artificial, but the arts themselves are also communicated, 
 improved, and extended; industry promoted, and useful 
 employments found for a greater number of hands. There 
 is perhaps no nation in the world, but what might subsist 
 of itself; most countries abounding with means, of sus- 
 taining life, suitable to their respective climates ; and yet, 
 perhaps, there is no country so fertil, or nation so polite, 
 but what may be greatly benefited by a foreign commerce. 
 In the West Indies, where labour is toilsome, a small 
 degree of it suffices to procure plenty of roots for bread ; 
 
 23 and 
 
362 0/- M O N E y, Part I. 
 
 and a suflSciency of flesh, fish, and fowl, are easily ob- 
 tained. But the artificial products of Europe, are a bene- 
 ficial exchange for the produce of the cane ; and this again 
 is convenient and acceptable to the Europeans. 
 
 Every nation should have a watchful eye over its foreign 
 commerce; for it might so happen, that a trade which 
 enriches the merchant, might impoverish the public. That 
 trade is most beneficial, which exports those commodities 
 that are least wanted at home, and upon which most 
 labour hath been bestowed ; and which brings in return 
 the reverse sort ; that is, simple products, either necessary 
 for immediate consumption, in the form they are im- 
 ported ; or as materials to be wrought into commodities, 
 wanted either for home use or exportation. In few words, 
 that trade is best, which tends most to promote industry 
 at home, by finding employment for most hands; and 
 which furnishes the nation with such foreign commodities, 
 as are either useful and necessary for our defence, or more 
 comfortable subsistence. And that trade is the worst, 
 that exports the least of the product of labour ; that fur- 
 nishes materials for manufacturies in other countries, 
 which afterwards might interfere with some of its own ; 
 and which brings home unnecessary commodities, either 
 soon perishable, or of a precarious value. But no nation 
 can in all cases chuse for itself: The immediate disadvan- 
 tages of some trades are to be overlooked, if in the long 
 run and great circle of commerce, they at last turn out to 
 be beneficial. Natural alliances, and natural rivalships, 
 for such there are, and ever will be, betwixt particular 
 nations, are also subjects of great moment to the states- 
 man, though not to the merchant, in the consideration of 
 a beneficial commerce. And to a maritime country, the 
 increase of shipping and of mariners, is an object of great 
 importance. 
 
 I am unwarily entered upon a large field ; but my view 
 under this head, being only to give a general idea of the 
 
 24 nature 
 
Part I. , anc^ C O I N S. 363 
 
 nature and benefit of trade, by sketching out some of the 
 principal lines, I must here proceed no farther : To treat 
 this subject with tolerable accuracy, would be a large, 
 curious and useful undertaking*. 
 
 V. Of the comparative riches or wealth of nations. 
 
 X 16. The comparative riches and strength of nations, are 
 not to be reckoned from the extent of their dominions, or 
 simply from their numbers of people ; but rather from the 
 fertility and aptness of the soil, for furnishing useful and 
 necessary products ; from the industry of the inhabitants, 
 and their skilfulness in arts ; and besides all this, from 
 their having a well-modelled, and well-administered 
 government : For a good government is itself a most 
 valuable treasure, a main source of riches, and of all tem- 
 
 25 poral 
 
 * This would be no less than the taking a general view of the 
 whole political oeconomy of established communities ; it would be 
 shewing how the several parts are necessarily connected, mutually 
 dependent on and subservient to each other, and to the whole : 
 Such a work might be of singular use to the statesman, by pointing 
 out to him, what parts are growing too luxuriant, and what parts 
 want further nourishment and countenance ; and perhaps, in the 
 whole system of politics, if the whole doth not ultimately terminate 
 there, no part is of that importance as the preserving of a due order 
 in all things at home. 
 
 How trades beget and nourish each other, is beautifully described 
 in a book, containing many judicious observations upon that subject, 
 entitled A plan of the Ehglish commerce, page 20 to 27. The author, 
 after supposing fifty farmers, each with two hundred pounds stock, 
 settled in a kind of circle of a convenient extent in some uninhabited 
 part of England, shews how in a little time a town with various 
 trades, would be naturally built and settled in the midst of them ; 
 and how these farmers and their families, which he supposes to con- 
 sist of 360 persons, would bring to them and find maintenance for at 
 least 1000 persons more. The whole detail is too long for this place, 
 and to abridge would be to maim it. This book was printed for 
 C Rivington, in St. Paul's Church-yard, anno 1718. 
 
364 0/ M O N E Y, Part I. 
 
 poral blessings. The Russian map, takes in a larger 
 extent of country than all Europe ; and yet that nation 
 till of late, made no great figure upon the stage of the 
 world. I am inclined to think that the territory of Great 
 Britain, is more * valuable, though less extensive, than 
 Prance ; and the English artists upon the whole, take the 
 lead of all the world. The French are much more nu- 
 merous than we are, and perhaps also more skilful in the 
 arts of war ; and their government, for sudden enterprises, 
 is, t better framed than ours : But the English commonalty 
 are more robust, brave and intrepid when roused ; and 
 have from their soil and skill in arts, such great resources 
 and advantages, that if they do but preserve their % con- 
 stitution entire, maintain a public spirit, with union and 
 concord amongst themselves; they may continue their 
 independency upon other nations, to the latest times. But 
 futurity is not ours : Let us, whilst we are, each in his 
 place, act our parts like men, and all will be well. 
 
 The stock of a nation in all sorts of productions, natural 
 and artificial, is to be included in the idea of its riches ; 
 and more especially its stock of those things that are 
 necessary for the support of life, and for defence against 
 enemies: For as men are cirfiumstanced, this last also is 
 a necessary ingredient. An industrious and skilful nation, 
 having the land well stocked ; the houses well furnished ; 
 
 26 the 
 
 * Besides having of our own growth, plenty of all sorts of provi- 
 sions, materials for buildings, apparel, &c. we have also lead, tin, 
 copper, iron, calamy, coal, culm, allom, copperas, fullers earth, and 
 sundry other minerals ; some of which are in a manner the peculiar 
 growth of this country, and very desirable abroad : But I do not 
 recollect to have heard, that France yields any one natural product 
 wanted by us. 
 
 + This advantage is, in many other respects, much overbalanced 
 by the milder and more temperate frame of our government. 
 
 t The freedom of this nation, is the true parent of its grandeur : 
 If ever it becomes enslaved, its august and mighty monarch, will 
 dwindle into an inconsiderable and petty tyrant. 
 
Part I. and CO I'^ S. 365 
 
 the shopSj warehouses, granaries and magazines of all 
 sorts, well filled ; may with great propriety be said to be 
 rich : To this estimate, must be also added all the goods 
 in foreign warehouses, that are the property of its mer- 
 chants. When the riches of a country, are considered 
 under this extensive view ; the whole amount of its cash 
 or JjuUion, cannot make so considerable a part, as people 
 are apt to imagine. We shall consider more particularly 
 hereafter, in what sense, and how far, gold and silver are 
 riches : But we are not to form an idea of the riches of 
 past ages, from the abundance they had of those metals. 
 The Inca's of Peru were not the richer, for the immense 
 masses of gold they possessed ; and its being so greedily 
 coveted, proved the cause of the loss of their country : 
 Could they have changed their gold into iron, it would 
 have been vastly more serviceable to them ; and with it, 
 they might probably have defended their country, against 
 those merciless invaders, that used them so barbarously. 
 We should not yet perhaps, reckon those people so very 
 despicable and poor, because they had but few of the arts 
 amongst them : They were in possession of a goodly coun- 
 try ; had plenty of sustenance ; of such apparel and build- 
 ings, as gave them content : If they had no learning, they 
 yet had good manners, probity, and a regular government ; 
 worthy, in many respects, the imitation of the politest 
 Europeans. But we, having tasted the sweet fruits of 
 arts, could not part with them, without feeling the utmost 
 reluctance ; without being in a high degree sensible of the 
 calamitous distresses of poverty. It is in the product of 
 arts, that riches chiefly consist ; and if we reckon by this 
 standard, the present age is probably richer than any of 
 the past ; and our own nation is herein, not inferior to 
 any of its neighbours. 
 
 Of sumptuary laws. 
 
 17. The desire of increasing in wealth and riches, is 
 
 27 universal ; 
 
366 0/ M O N E Y, Part I. 
 
 universal; many cry out against luxury, and wish to have 
 it stopped by sumptuary laws. But this is a matter of 
 great delicacy, and requires a nice judgment : Such laws, 
 if not well considered, might be productive of effects, con- 
 trary to their intention. The curious arts of all sorts, are 
 beneficial to a country ; and the discouraging any of them, 
 will, instead of begetting riches, bring on poverty. If 
 men had contented themselves with bare necessaries, we 
 should have wanted a thousand conveniencies, which we 
 now enjoy J and many of the talents given to us, would 
 have been quite useless, for want of opportunities of exert- 
 ing them. The word luxury hath usually annexed to it, 
 a kind of opprobious idea j but so far as it encourages the 
 axts, whpts the inventions of men, and finds employments 
 for more of our own people ; its influence is benign, and 
 beneficial to the whole society. But if luxury, or fashion, 
 tend to discourage the arts and industry at home; to 
 stock the nation too much with costly trifles from abroad, 
 of no real use; or with consumable commodities, not 
 really wanted; thereby transferring the employments 
 from our own poor, to those of other nations ; to nations, 
 it may be, not our friends; luxury then, degenerates into 
 evil, and should be suppressed in time. Vanity, though it 
 ruins many individuals, is yet perhaps beneficial to the 
 community ; and the ways of indulging it, should not be 
 too much straightened : Prevent its leading to any 
 intemperances, that may aficct either the healths, morals, 
 or industry of the people, and no harm will be done. 
 
 VI. Industry the source of wealth, and good order that of 
 industry: Public spirit the great fountain of national 
 grandeur, and happiness. 
 
 18. I shall conclude this chapter, with observing again; 
 that labour, skill, and industry, are the true sources of 
 wealth ; and the means of distributing it, in a due pro- 
 
 28 portion. 
 
Part I. anc^ C O I N S. 367 
 
 portiouj among all the members of the body politic. It is 
 not any specific quantity of money, but the due distribu- 
 tion of it, that renders that body healthy and vigorous in 
 all its parts. Idleness is the bane of society ; the great 
 source of vice and confusion ; the fore-runner of public 
 distress and calamity. Industry produces the contrary 
 effects ; and is to be promoted by aU possible methods : 
 These are various; they are chiefly good laws, speedily, 
 righteously, and cheaply executed ; wise regulations of 
 commerce, as well internal as foreign ; good examples ; a 
 watchful care in the magistrates, to suppress in the first 
 instances, vice, sloth, and all kinds of immoralities ; a due 
 care of the indigent and feeble, that none perish from 
 want, when there is more than sufficient for all ; the 
 securing of private property; a due disdain of all chi- 
 canery, quibbling and sophistry, more especially, in schools 
 and courts of justice; ability, uprightness and dispatch in 
 public offices ; the countenancing of probity, of plain deal- 
 ing, of arts and sciences ; and in all cases, an inviolable 
 maintenance of public faith. These, are some of the ways, 
 to breed and cherish a public spirit, among all ranks of - 
 people ; without which, no nation can be happy ; no com- 
 munity can long subsist. 
 
 A nation skilful in arts, abounding in products, un- 
 tainted in its morals ; where public spirit prevails, above 
 local and personal interests ; and under a wise and righte- 
 ous government, duly tempered, so as to be secure itself, 
 and all under it secure ; a nation, I say, under these cir- 
 cumstances, must needs within itself, be rich, flourishing 
 and happy. But power, grandeur, and influence abroad, 
 depend chiefly on the numbers of industrious inhabitants 
 at home.' A limited number, cannot acquire above a 
 limited degree of wealth, or strength : The way to increase 
 both, is to break down the barricadoes of local enfranchise- 
 rnents ; to encourage matrimony among the lower class, 
 by giving some privileges to those who have children; 
 
 39 finding 
 
3(j8 0/ M O N E Y, Part I. 
 
 finding employments for those who are able ; and supply- 
 ing with necessaries, the helpless and indigent. Moreoyer;, , 
 if you please, you may invite hither foreign Protestants j 
 by giving the privileges of free denisons, to all that are 
 desirous of incorporating themselves under the banner of 
 our laws, and enjoying the benefits of our happy constitu- 
 tion. But some better regulations should be made with 
 regard to our own poor, before strangers can be induced 
 to come among us. 
 
 CHAPTER II.— Of Money and Coins. 
 
 I. Of Barter. 
 
 19. fTHHE first commerce amongst men, was undoubt- 
 1 edly carried on by barter, or the exchange of one 
 commodity for another ; and indeed, this is the true and 
 ultimate end of all commerce, whether foreign or domes- 
 tic. But as men and arts increased, a mere barter of 
 commodities became inconvenient, and insufficient, in 
 abundance of instances. For it must needs frequently 
 happen, that one man would want goods of another, that 
 wanted none at the present, of those goods which he had 
 to give him in exchange; and therefore to him, these 
 goods would be but of small value; and it might be a 
 tedious and intricate course, before the goods of the first 
 man could be so often bartered, till at length they became 
 exchanged into that particular commodity, which the 
 second wanted. The same inconvenience would attend 
 private bills, or promissory notes ; for the note could not 
 well be discharged, tiU the man who gave it, met with a 
 customer, that had goods which suited him, to whom the 
 said note had been given. Add to this, that contracts 
 payable in goods were uncertain; for goods even of the 
 same kind, diS'er in value. One horse is worth more than 
 
 30 another 
 
Part I. and CO I'N S. 369 
 
 another horse : Wheat off one field, is better than wheat 
 off another. Cows, horses, swine, §-c. wheat, barley, oats, 
 8fc. might differ greatly in their value ; a great disparity 
 also would frequently happen, between artificial things of 
 the same sort, as one workman excelled another. So that 
 in this state of barter, besides the endless difficulties 
 people were under to suit one another; there was no 
 scale, or measure, by which the proportion of value which 
 goods had to one another, could be ascertained*. 
 
 II. Money, what, and whence it arose. 
 
 20. To avoid the great inconveniencies of mere barter, 
 a material or commodity that should be universally ac- 
 cepted in exchange for all other things, was soon agreed 
 upon ; and this is what we call f money. As soon as this 
 
 31 invention 
 
 * In a state of barter, there can be but little trade, and few 
 artizans. For want of a ready exchange for their goods, people 
 would look little farther than to get food, and some coarse rai- 
 ment : The landed men would till only so much land, as sufficed 
 their own families ; and to procure them those few rude necessaries 
 which the country affiarded. Hence, without some kind of money, 
 the arts can make no progress ; and without the arts, a country 
 cannot flourish or grow populous. Ignorance and idleness wiU natu- 
 rally beget trespasses, incroachments, wars and contentions, ever 
 destructive to the growth of people. Does not this account for what 
 we daily see, even amongst nations reckoned polite ? And how 
 important is it, that the riders of the earth should be more liberally 
 educated ? 
 
 t The first step from mere barter to the invention of money, was 
 probably hj pledges or deposites, which the owner was to redeem. 
 Aijd metals being durable, divisible without loss, and easy of car- 
 riage ; and having from their usefulness a value set upon them, like 
 other things ; men coveted to have metals for their pledges, and 
 some one metal preferable to the rest ; and this desire becoming 
 universal, that metal, from being used as a mere pledge, soon became 
 money. Suppose this metal was silver : " He who had more goods 
 " than he had occasion for, would chuse to barter them for silver, 
 " though he had no use for it ; because silver would not decay upon 
 
370' 0/ M N E Y, Part I. 
 
 invention became established, men reckoned tbe value of 
 their goods by money ; and the terms prices, buying, and 
 selling came in use ; a greater or less quantity of money 
 going to the purchase of aU things, in proportion to the 
 respective values which before had been set upon them, 
 as well in respect of that commodity now made money, as 
 of one another. 
 
 Thus, MONEY is a standard measure, by which the 
 values of all things, are regulated and ascertained ; and is 
 it self, at the same time, the value or equivalent, hy 
 which, goods are ewchanged, and in which, contracts are 
 made payable. So that money, is not a pledge, to be 
 afterwards redeemed, but is both an equivalent and a 
 measure ; being in all contracts, the very thing usually 
 bargained for, as well as the measure of the bargain : Or, 
 if one thing be bartered for another, the measure of the 
 bargain is usually the quantity of money, which each of 
 the things bartered, are conceived to be worth. 
 
 32 To 
 
 " his hands, or he of any expence to him in keeping ; and with it he 
 " could purchase other goods as he had occasion, in whole or in part, 
 " at home or ahroad ; silver being divisible without loss, and of the 
 " same value in different places. Ex. If A had 100 sheep, and 
 " desired to exchange them for horses : B had 10 horses, which were 
 " equal to, or worth the 100 sheep, and was willing to exchange : 
 " But A not having present occasion for the horses, rather than be 
 " at the expence of keeping them, he would barter his sheep with C, 
 '' who had the value to give in silver, with which he could purchase 
 " the horses at the time when he had occasion. Or, if C had not 
 " silver, but was willing to give his bond for the silver, or the horses, 
 " payable at the time A wanted them : A would chuse to take the 
 " bond payable in silver, rather than in horses ; because silver was 
 " certain in quality, and horses differed much. So silver was used 
 " as the value in which contracts were made payable." And thus 
 the transitions from bartering to pledging, and from pledges to 
 mono/, were very natural and obvious. 
 
 The above extract is taken from an ingenious piece, tho' not free 
 from some grievous mistakes, of the celebrated Mr. John Law's, 
 entitled, Money and trade considered, printed at London in 1720. 
 
Part I. and CO 11^ S. 371 
 
 To illustrate this subject farther, let us suppose OTfoer 
 to be that commodity, which was fixed upon as money. 
 Silver had before a known value, from its uses as a metal ; 
 and being durable, portable, divisible without loss, and of 
 equal goodness every where, as will be explained hereafter, 
 was found every way convenient for the purpose of money ; 
 and having been applied to that use, silver received an 
 additional value to that which it had before, as a mere 
 metal, from the greater demand for it thence arising. As 
 soon as silver was made money, it was used, both as^the 
 value in which contracts were made payable, and also as 
 the measure, by which goods were valued; and con- 
 sequently, of the proportion of value of different goods to 
 one another. Thus, as Mr. Locke observes, " the value of 
 " lead to wheat, for instance, and of either of them to a 
 " certain sort of cloth, is known by the prices of each, or 
 " their value in silver or money. As if a yard of cloth be 
 " worth or sells for half an ounce of silver, a bushel of 
 " wheat for one ounce, and a hundred weight of lead for 
 " two ounces ; any one presently sees and says, that a 
 " bushel of wheat is double the value of a yard of that 
 " cloth, and but half the value of an hundred weight of 
 "lead." And according to these proportions, any quan- 
 tity of the above commodities will exchange, either for 
 money, or for one another. So that, as before observed, 
 money is always the standard that * measures the values 
 
 33 of 
 
 * In like manner, money is used as the measure by which goods 
 to be delivered at different places, are valued. &. If a piece of 
 wine was to be delivered at London by A, merchant there, to the 
 order of B, vintner at Brecknock ; and the value to be delivered in 
 butter at BrecJenoch, by B to the order of A. The wine is not to be 
 valued by the quantity of butter it is worth at London, nor the 
 butter by the quantity of wine it is worth at Brecknock. The way 
 to know what quantity of butter is equal to the wine, is, by the 
 quaiitity of money each is worth at the places where they are to be 
 delivered : Thus, supposing as before, silver to be money ; if the 
 
372 0/ M O N E Y, Part I. 
 
 of commodities ; and, most commonly, is also what is 
 given for them, or the equivalent with or for which they 
 are purchased. 
 
 How money differs from other measures, and also from 
 commodities. 
 
 21. In the idea of money, the quality of the material is 
 supposed to be unchangeable, and to be universally or 
 every where the same : And therefore, the material being 
 once fixed or agreed upon ; all that is to be included in 
 the idea of money, is the quantity only of that; material, 
 as in other standard measures, whether of weight or ex- 
 tension : And the only essential difference betwixt them, 
 is this ; that money is not only a measure, but also an 
 equivalent, and as such passes from one to another ; whilst 
 other measures, may rest indifferently in the buyer's or 
 seller's, or a third person's hands, it matters not whose 
 they be. 
 
 Money also differs from all commodities in this, that, 
 as such, its value is permanent or unalterable ; that is, 
 money being the measure of the values of all other things, 
 ■ and that, like all other standard measures, by its quantity 
 only ; its own value is to be deemed invariable : And all 
 contracts or engagements, are to be deemed fully dis- 
 charged and satisfied, by the payment of the specific 
 quantity or sum of money, agreed upon ; without having 
 any regard to the value of money, with respect to other 
 things, at the different times of contracting and dis- 
 charging of debts. 
 
 This is a fundamental characteristic of money, without 
 which, it would lose its use as such ; nor can money, with 
 
 34 any 
 
 piece of wine be worth at London 20 ounces of silver, and 20 ounces 
 of silver be worth 24 stones of butter at Brecknock ; then 24 stones 
 is the quantity of butter to be given there, in return for the wine. 
 
Part I. anc^ C O I N S. 373 
 
 any propriety, be considered as being subject to vary in its 
 value, without referring it to something else as a stand- 
 ard ; and thereby, departing from its use as money, and 
 making it a mere commodity. 
 
 Of some requisite properties in the material of money. 
 
 22. That money may continue in esteem, and preserve 
 the public estimation, as an equivalent, and a standard 
 measure ; it is necessary that it be made of a material or 
 commodity, which is not too common, not too cheap or 
 bulky, not growing spontaneously, or to be found without 
 a valuable consideration in laboiir or land ; not very subject 
 to be consumed with use, or to be spoiled for the want of 
 use, nor subject to expence in keeping. For money, like 
 other things, whatever pains may be taken to shew, or 
 some may think to the contrary ; will soon find a value, in 
 proportion to the labour and skill, that are necessary to 
 acquire itj or in a reciprocal proportion to its plenty. 
 Though we reckon by money ; yet labour and skill, are 
 the main * standards, by which, the values of all or most 
 things are ultimately ascertained ; and there will require a 
 greater or less bulk of money, to purchase the very same 
 thing, according as there is a greater or less quantity of 
 money in circulation; that is, according as the material of 
 money is cheaper or dearer, or in greater or lesser plenty. 
 
 The use of money is very general, as well as antient ; 
 and many poor states, that had scarce any arts or traffic 
 kmongst them, had yet a sort of money. In some parts 
 of Africa, the small shells called by us cowries, passed as 
 money; and in some other parts of that barbarous con- 
 tinent, salt, being very scarce, and therefore much valued, 
 was used as money : In the one place, a certain number 
 of shells ; and in the other, a certain measure or weight 
 
 35 of 
 
 * Art. 7. 
 
374 0/ M O N E Y, Part I. 
 
 of salt ; going to the purchase of such and such a com- 
 modity. But among trading and polite nations, such 
 common materials or commodities, would not do for 
 money ; their money must be such as hath an intrinsic 
 value, and thence, an universal esteem among those they 
 traffic with. 
 
 A nation secluded from the rest of the world, might 
 indeed, fall upon various methods of supplying the use of 
 money : And we see that some of our plantations, make a 
 shift without any money, properly so called ; using only 
 bits of stamped paper, of no real value. But, wherever 
 that material, which passeth as or instead of money, hath 
 no intrinsic value, arising from its usefulness, scarcity, 
 and necessary expence of labour in procuring it; there, 
 private property will be precarious ; and so long as that 
 continues to be the case, it will be next to impossible for 
 such people, to arrive at any great degree of power and 
 splendour*. 
 
 36 Metals 
 
 * There is a very wide and essential diiference betwixt money and 
 bills : The one, having an intrinsic value, is in all contracts and 
 dealings, the equivalent, as well as the measure. Bills are nothing 
 but mere promises or obligations of payment : And even public bills, 
 for such only usually pass as money, have only a local credit, being 
 limited to the territories of the state that issued them ; and depend- 
 ing merely upon their faith, those that are in private hands are, to 
 say no worse, subject every day to be debased by the creation of 
 more new bills. For biUs, whilst they pass as money, partake so far 
 of its nature, that the more, or for a greater sum, there are of them 
 in currency, the less will be the value of any given bill, or a bill for 
 a given sum. 
 
 Some of our plantations have severely felt the iU effects of those 
 weak, unjust and destructive measures, of increasing the quantities 
 of bills ; whilst the Philadelphians, by keeping sacredly to a certain 
 number or sum total of bUls, have not only preserved their credit 
 amongst themselves ; but even extended it, to some of the neigh- 
 bouring provinces ; where, I am informed, a Philadelphian bill will 
 fetch more than one of their own, made for the same or a like sum. 
 
Parti. and COINS. 375 
 
 Metals, the fittest materials of money. 
 
 23. For the purpose of universal commerce, metals 
 seem the fittest materials for a standard measure, or 
 money; as copper, silver, or gold; they having all the pro- 
 perties ahove required : They are moreover divisible into 
 .minute parts, which parts retain nevertheless an intrinsic 
 value, in proportion to their quantity or weight ; because 
 those parts may, without injuring the metal, be again 
 united together in a greater mass. These metals are 
 durable, and also susceptible of any form, mark, or impres- 
 sion; and are convertible from money or coins, into 
 utensils of various kinds; and from these, into money 
 again. These properties are what give money, which is 
 generally made of one or other of the above metals, a real 
 and intrinsic value. There is scarce room to imagine, 
 that money, made of a material good for no other purpose, 
 would long continue in esteem, as such ; the usefulness 
 and scarcity of the materials, are both considered in the 
 common estimation of money. 
 
 Base metals not fit materials of money. 
 
 24. Again, it is requisite that that metal which is made 
 money, or the standard measure of commerce, should be 
 either of equal goodness every where, according to its 
 quantity or weight ; or, that there should be some certain 
 criterion, by which might be ascertained, the true pro- 
 portional value of any given mass of that metal, when 
 compared with any other given mass of the same metal. 
 Money cannot be a proper or exact measure of the values 
 of other things, if its own value is questionable ; for if it 
 could be doubted, whether my ounce of money, be pre- 
 cisely of the same value with any other person's ounce 
 
 ; of money ; it would create such a distraction in all kinds 
 of traffic, that would frustrate the very end and design of 
 
 money. 
 
 37 The 
 
376 0/ M O N E Y, Part I. 
 
 The base metals, as copper, tin, lead, and iron, have none 
 of them the above quality, or that precise certainty of 
 value, required in money. For, although the artists 
 employed about them, can soon find that this mass of 
 copper, for instance, is better or worse than that other 
 mass, at least for their particular purposes ; yet, there is 
 no method of ascertaining, to any exactness, what is their 
 respective pureness; or what is the specific difference 
 betwixt, or what is the true proportional value of, different 
 masses of that metal in respeCt of one another. And 
 therefore * copper, is not a fit material for money : And 
 the other base metals, are still more unfit ; for the like, 
 and other reasons, that are sufficiently obvious. Their 
 great plenty and cheapness, is a farther objection to the 
 making money of any of the baser metals. 
 
 III. Fine silver and fine gold, of equal ffoodness every 
 
 where. 
 
 25. Silver and gold, when pure and unmixed with base 
 metals, are called fine, or fine silver, and fine gold. And 
 these, called the precious and noble metals, when thus 
 pure, have every where the same characteristics, and in 
 all respects the same qualities, so far as hath hitherto been 
 discovered ; that is, an ounce of any fine silver, is exactly 
 of the same intrinsic worth or value, with an ounce of any 
 other fine silver : And the same of fine gold, with respect 
 to fine gold. 
 
 But these precious metals are seldom found pure, till 
 they are made so by art for particular purposes ; and when 
 they are not pure, the metal commixed with them is called 
 alloy. This alloy is reckoned of no value ; that is, if to 
 an ounce of fine silver be superadded, suppose, an ounce 
 
 38 of 
 
 * Copper coins with us are properly not money, but a kind of 
 toiens passing by way of exchange instead of parts of the smallest 
 pieces of silver coin ; and as such, very useful in small home traflSc. 
 
Part I. and COIN S. 377 
 
 of copper ; this addition of copper, ttough it increases the 
 mass to double the quantity, yet gives that mass no ad- 
 ditional value : So that one ounce of fine silver, is of 
 as * great value as the two ounces of this mixed mass. 
 And the reason of it is, because these metals cannot be 
 again separated, either without a total loss of the copper, 
 or without more cost than profit. In like manner, not 
 only copper, but silver also, is an alloy to gold ; and when 
 they are commixed together, the silver is reckoned of no 
 value, unless it be in such proportion 'to the gold, as to 
 make it worth the refiner's while to separate them f. 
 
 Silver and gold, when alloyed, are said' to be of such a 
 fineness, according to the proportion there is of fine silver 
 or fine gold, to the whole mass. Thus, a mass of silver, 
 containing eleven parts of pure or fine silver, and one part 
 of alloy, is said to be W fine ; or with us in England, 
 eleven ounces fine ; because our pound for weighing gold 
 and silver, is subdivided into twelve ounces. 
 
 IV. Silver and gold the only proper and fit materials of 
 
 money. 
 
 26. The degrees of fineness of both silver and gold, are 
 discoverable, by skilful assay-masters, to great exactness j 
 and these metals, being universally of equal goodness, 
 
 39 according 
 
 * A certain proportion of copper will even depreciate the value of 
 the silver mixed with it ; if this proportion be so great, as to make 
 the sUver not fit for common purposes, without refining. 
 
 + For the same reason, a proportion even of gold mixed with 
 silver, that is less than a penny weight in a pound Troy, doth not 
 add to the value of the silver, excepting so far as it increases the 
 mass ; the gold, in this case, being reckoned only as silver, and not 
 considered as increasing the value of that silver, with which it is 
 mixed. And I am informed, that a penny weight of gold in a pound 
 weight of silver, is the least proportion of gold, that will pay for 
 refining ; this being reckoned a profit only, of about one farthing per 
 ounce. 
 
378 0/ M O N E Y, Part I. 
 
 according to their purity, they are proper materials of 
 moaey. And indeed, they have manifestly a peculiar 
 fitness for that purpose, above any other material hitherto 
 known; and accordingly, these metals only are used as 
 such, by all the polite and tradmg nations of the world. 
 
 V. 0/ Coins. 
 
 27. As the intrinsic qualities, or degrees of fineness of 
 given masses of silver and gold, are not discoverable with- 
 out art, trouble and expence ; the expediency of coining 
 was soon discovered. The public stamp upon coins, is a 
 voucher and security to every one, that the coins that 
 wear it, are of a certain fineness, and intrinsic value, 
 according to their size or weight : And coins also, being 
 more distributive than bullion, are, upon that account 
 likewise, more convenient for trade, and in the common 
 affairs of life. 
 
 Names of coins, and of integral sums of money, taken chiefly 
 from weights. 
 
 28. In antient times, the names of given sums of money, 
 do not seem to have been properly the names of any spe- 
 cies of coin, but of diflFerent proportions of weight : As the 
 talent, shekle, mina, drachma, &c. and in later times, 
 pound, mark, &c. The mark is now disused by us ; but 
 in several of the neighbouring countries, it is still their 
 integer for weighing metals, and is subdivided into eight 
 ounces. And when the art of coining became established, 
 the coins took their names from certain weights, used in 
 the respective countries ; to which weights, the coins at 
 first exactly corresponded. The integral sums of money, 
 were also denominated, from integral weights ; as the livre 
 in France, and the pound in England and Scotland: and 
 so many of the coins as made the sum of one pound, or 
 a money pound, made also exactly a pound in weight. At 
 
 40 present 
 
Parti. and COINS. 379 
 
 present, we have only the names pound and penny, that 
 are common both to money and weights : Antiently a 
 shilling was here the name of a given weight ; and 340 
 pennies made the sum, as at present, of one pound, and a 
 pound weight. But now, a silver penny is only the ^ of 
 a penny-weight Troy ; which is a little more, than a third 
 of what a penny weighed at the conquest. 
 
 Of our present weights, and divisions of money. 
 
 29. It is thought that the livre, or pound weight, of 
 silver, was instituted as the money integer, by Charle- 
 magne : And this he subdivided into sols, and deniers, 
 which bore exactly the same proportion to the pound, as 
 our shillings and pence, now do, to oUr money pound, or 
 pound sterling. I have not met with any distinct account 
 of the Saxon weights ; but it is very probable, that the 
 weight called the pound of the Tower of London, was the 
 old Saxon pound. This pound contained 11 1- ounces 
 . Troy ; and did not very sensibly differ, from 12 ounces of 
 the weight still used in the money affairs of Germany ; 
 and there known, by the name of Colonia weight. The 
 Tower weight continued in use at the mint there, from the 
 conquest till the 18th year of the reign of Henry YIII; 
 at which time it was laid aside, and the Troy weight intro- 
 duced in its stead. The Saxon or Tower pound weight, 
 was divided, as our money pound now is, into shillings, 
 pennies and farthings; and it seems very probable that 
 antiently, the weights answering to these names and sub- 
 divisions, were those in common use. 
 
 I was obliged to my late learned friend Martin Folkes, 
 Esq., for this account of the Saxon weight, 8fc. long before 
 he published his curious Table of English silver coins, 
 "where the same is to be met with : A work which none, 
 who are desirous of having an exact history of our coins, 
 should be without ; and from which, as a farther illustra- 
 
 41 tion 
 
380 0/ M O N E Y, Part I. 
 
 tion of this subject, I beg leave to make the *i following 
 extract. ^ '■ 
 
 That coins in all or most countries have, at different times, 
 been debased ; but the same denominations still continued. 
 
 30. The antient denominations given to money, in the 
 
 43 several 
 
 * Paffe 1, 2. The Troy weight, Pondus Trecense, from Troyes in 
 Champagne, is generally supposed to have been introduced here by 
 the Normans , but does not seem to have been immediately estab- 
 lished. It is most probable that the pound of the Tower, or the 
 monyers pound, was also the pound in common use before the con- 
 quest ; and that it continued to be so for a considerable time after, 
 till the Troy pound, perhaps from its greater weight, got the prefer- 
 ence by degrees. It is observable, that in the old statute called 
 Assisa panis et cerevisice, 51 Ifen. III. and which it self refers to 
 " older ordinances made in the time of the king's progenitors," the 
 weights of the several quantities of bread, do. therein mentioned, 
 are not expressed in Troy but in money weights, that is, in pounds, 
 shillings, pennies, and farthings. " When a quarter of wheat is sold 
 " for xii d. then wastel breade of a ferthing shall weigh vi H. and xvi s. 
 " Breade cocket of a ferthing of the same come and bultel, shall 
 " weigh more than wastel by ii s. Oocket breade made of come that 
 " is of less price, shall weigh more than wastel by v s. A simnel of a 
 " ferthing shall weigh ii s, less than wastel, do." 
 
 Our learned author goes on, and brings several more authorities to 
 shew, that the money or Tower weights, known also in France, were 
 those antiently used in England. But I shall trespass no fkrther 
 upon him here, thaii in adding the following extract of a verdict 
 relating to the coinage ofSOth October, 18 Hen. VIII. remaining in the 
 Receipt of the Exchequer at Westminster, in which are the following 
 words. " And whereas heretofore the merchaunte paid for coynage 
 " of every pounde Towre of fyne gold, weighing xi oz. quarter 
 " Troye, ii«. vid. Nowe it is determyned by the king's highness, and 
 " his said oouncelle, that the foresaid pounde Towre, shall be no 
 " more used and occupied, but al maner of golde and sylver shall be 
 " wayed by the pounde Troye, which exceedith the pounde Towre in 
 " weight iii quarters of the oz." 
 
 The above citation shews the precise time when the Tower or old 
 Saxon weight, was laid aside, viz. 30th Oetob. 1527 ; and that the 
 proportion of the Tower pound to the Troy pound, was exactly as 
 15 to 16. 
 
Part I. and COINS. 881 
 
 several countries, have been still continued ; but the coins 
 wbich made up the sums so denominated, have been since, 
 at different times, greatly debased or diminished in their 
 value.* Aud now coins, are so far from being serviceable 
 as weights, which they once were ; that, with us, as well 
 as in the neighbouring countries, the weight of each piece 
 is not readily known ; being very different, from any of 
 the weights in common use. 
 
 The original standards of coins, having been once im- 
 paired; and the same names still remaining, after the 
 substance had been diminished, people did not know 
 where to stop ; and they seem to have thought, that coins 
 had their value, some how, from the stamp they bore. 
 And hence, for no better reason can be assigned, sprang 
 those t adrdterations of the coins, and the distractions 
 and complaints consequent thereupon, that are to be met 
 with in the histories of most countries. 
 
 VI. Standard of monies. 
 
 31. Coins being so very convenient, they only, are 
 commonly considered and used, as money ; whilst bullion, 
 or gold and silver unwrought and unstamped, are reckoned 
 mere commodities. And in all countries, there is estab- 
 lished a certain standard, both as to fineness and weight, 
 
 43 of 
 
 * Our money pound is at present only If-o^xD or- about one-third 
 of what it was at the conquest ; for then it contained 11^ ounces of 
 Qur present Troy weight, and now it is ff of a Troy pound. By this 
 rule, the readers of Mr. Lowndes and of some other authors, may 
 correct the accounts which he gives of our coins. At the accession 
 of King James I. to this throne, the Scotch money pound was but 
 equal to the -^ of ours ; and the French livre is at present, only 
 about half the value of the &o<cA ^OMm?. 
 
 ,t The English, to their great honour, have adulterated their coins 
 less than most of their neighbours. A summary account of these 
 adulterations with us, will be given hereafter. 
 
382 0/MONEY, Parti. 
 
 of the several species of their coins. In England, the 
 silver monies are to contain 111 parts of fine silver, and 9 
 parts alloy ; and 63 of those coins called shillingSj are to 
 weigh a pound Troy : That is, the pound Troy with us, 
 contains 11 ounces 2 penny-v^eights of fine silver, and 18 
 penny-weights of alloy; and of a pound Troy of this 
 standard silver, our money pound called the pound * ster- 
 ling, contains ff parts ; or the pound sterling is = If of 
 -1^-1 of a pound Troy of fine silver. And this standard 
 hath continued with us invariably, ever since the 43d year 
 of the reign of Queen Elizabeth. 
 
 The standard of our present gold coins, is 1 1 parts of 
 fine gold, and 1 part of alloy ; and 44|- guineas are cut 
 
 out of a pound Troy ; so that a guinea is = of 1 1 
 
 414 
 
 ounces of fine gold. The fineness of gold is not with us, 
 reckoned by the common weights, but by imaginary ones, 
 called t carats : The highest degree of fineness, or pure 
 gold, is called 24 carats ; so that our standard is 22 carats 
 of fine gold, and 2 carats of alloy. The carats are sub- 
 divided into 4 parts called grains, and these again into 
 quarters ; so that a carat grain, with respect to the com- 
 
 44 mon 
 
 * The silver monies of England, are now known by the name of 
 sterling or sterling money: A name supposed to be derived from some 
 Netherlanders, who were formerly here employed in coining money, 
 and then called here Easterlings. 
 
 t Mr. Roberts, in his map of commerce, page 24, 199, takes notice, 
 that at Venice they have a real weight called carat ; whence we had 
 the name carat, and also the weight so caUed by jewellers ; and that 
 the Venetians had this weight from the Indians or Moors. This 
 author says, that 150 Venetian carats, make one ounce Troy ; so that 
 one carat is equal to 3^ grains Troy, which is nearly the weight of 
 the carat used by our jewellers. The late learned and curious 
 Mamin Folkes, Esq; found by a nice examination when he was at 
 Venice, that a Ve7i£tian carat doth weigh as above, or that 150 of 
 those carats do make pretty exactly one ounce Troy. 
 
Part I. anc^ C O I N S. 383 
 
 mon divisions of a pound Troy, is equivalent to 2^ penny- 
 wfeights. 
 
 The standard of money farther explained. 
 
 32. It is carefully to be remembered, that by tbe stan- 
 dard of money, is always meant, the quantity of pure or 
 fine metal contained in a given sumj and not merely 
 the degree of purity or fineness of that metal; but the 
 fineness and gross weight are both included. Thus, the 
 standard of a pound sterling, is 3 oz. 11 dwt. 14|f grains 
 Troy of fine silver; which is equal to 3 oz. 17 dwt. 10| 
 gr. of silver 11 oz. 2 dwt. fine, which is our standard of 
 fineness. The standard of a shilling, is 73fY grains Troy 
 of fine silver, or 80|4 grains of silver y^- fine. 
 
 The standard of our money, strictly speaking, remains 
 the same, so long as there is the same quantity of pure 
 silver in the respective coins having the old or given deno- 
 minations; though the coins may be varied, by making 
 them, either of finer silver and lighter, or of coarser silver 
 and heavier. But such deviations from the old method of 
 coining, would be imprudent ; as it might create suspicion 
 of some unfair dealings, and would answer no good pur- 
 pose. On the other hand, the standard may be debased 
 or lowered, either by coining the several species lighter, 
 but of the old fineness ; or by retaining the old weights, 
 and making them of coarser silver; or without altering 
 the respective coins, by making a smaller number of them 
 go to the pound sterling, which is our Unit or money 
 standard. And by debasing the standard, I every where 
 mean, the lessening of the quantity of pure silver in the 
 pound sterling, or in the respective specie which by law is 
 ordained to make up that sum; without regarding the 
 particidar manner, in or by which, this may be done. 
 
 Why coins and plate have alloy. 
 
 33. As the alloy mixed with silver and gold> is reckoned 
 
 45 of 
 
384 0/ M O N E Y, Part I. 
 
 of no value ; it may be askedj why any alloy is put into 
 coinSj and plate ? The reasons are these : 1. It is seldom 
 or ever, that silver or gold, are found pure in the mines ; 
 and the trouble of refining to make them so, would be 
 very great and expensive : And 2. a certain proportion of 
 alloy, renders these metals harder, and fitter for the uses 
 to which they are commonlj' applied. The standard of 
 about \^ fine, is very convenient : For, if it be much 
 coarser, both silver and gold will lose of their colour, beauty 
 and ductility ; and if the standard be much finer ; those 
 metals will be too soft for many purposes, and a great 
 expence of refining will be unavoidable. 
 
 VII. There can be but one standard of money. 
 
 34. Hitherto, we have considered both silver and gold, 
 as being either of them a fit material to be made, or used 
 as money. But although there may be good reasons for 
 coining each of them ; yet it is very certain, that one only 
 of these metals can be the money or standard measure of 
 commerce, in any country. For the standard measure 
 must be invariable, and keep the same proportion of 
 value, in all its parts ; Such is silver with respect to 
 silver, and gold to gold; that is, an ounce of silver is 
 always worth just an ounce of silver ; and two ounces of 
 the one or the other of these metals, is just double the 
 value of one ounce of the same. But silver and gold, with 
 respect to one another, are, like other commodities, vari- 
 able in their value ; according as the plenty of either, may 
 be increased or diminished ; and an ounce of gold that is 
 worth a given quantity of silver to-day, may be worth 
 more or less silver, a while hence. And therefore it is 
 impossible, that both these metals can be a standard 
 measure of the values of other things, at the same time; 
 and one of them must be a mere commodity, with respect 
 to the other. 
 
 46 Silver 
 
Part I. and CO IN S. 385 
 
 Silver the money or standard measure of the greatest part, 
 if not of all Europe. 
 
 35. Silver coin is, and time immemorial hath been, the 
 money of accompt of the greatest part of the world ; and 
 in all countries where it is so, silver is truly the standard 
 measure of commerce ; and all other metals, gold as well 
 as lead, are but commodities rateable by silver. 
 
 In England, accounts are kept or reckoned by the 
 pound sterling ; which, as hath been before observed, is a 
 certain quantity of fine silver appointed by law for a 
 standard. It is according to this standard, that the public 
 revenues are established ; lands are let ; salaries, stipends, 
 and wages settled ; and universally, all sorts of contracts 
 both public and private, are made and governed by this 
 standard. And altho' it be supposed, that with us, more 
 payments, or of greater value, are made in gold than in 
 silver coins ; yet that doth not alter the standard, whilst 
 the accounts are kept in silver ^ so long, in all our internal 
 dealings at least, the gold can be only a commodity, sup- 
 posed to be worth so much silver as it passeth for * : And 
 the case would be the same, although our silver coins 
 should grow yet scarcer. 
 
 VIII. Silver the fittest material, hitherto known for 
 money. 
 
 36. All nations having, for so many ages, made use of 
 silver for the standard measure of the values of other 
 things; that alone, seems to be a sufficient reason for 
 continuing, the same standard ; and the altering it now, 
 from silver to gold, was the thing it self practicable, would 
 beget great perplexities in all kinds of dealings and ac- 
 corapts. But farther, silver being of a more moderate 
 
 47 value 
 
 * This whole matter relating to the standard of our money, shall 
 be farther discussed hereafter. 
 
386 0/MO.NEY, Parti; 
 
 value than gold, is * for that reason, better suited for the 
 purpose of money. For the integer and its several parts, 
 should bear an exact and due proportion of value to each 
 other ; and this would be impossible, if they were made of 
 different materials. There must be coins of about the 
 values of shillings, and six-pences ; and it would be better, 
 if we had some that were still smaller : Those sorts of 
 coins are the most frequently wanted ; and there is no 
 doing without them, or some substitutes in their stead. 
 But these substitutes, being made of a different material 
 from the standard money, are not themselves to be 
 reckoned money ; for the using such, would be a devia- 
 tion from the true use and intent of money ; and would 
 subject the people where they passed, to losses and per- 
 plexities. A coin of a shilling, or even of half a crown 
 value, would be too small in gold ; and therefore at pre- 
 sent, gold is much too valuable for a standard of money. 
 And it would be a ridiculous and vain attempt, to make a 
 standard integer of gold, whose parts should be silver ; or 
 to make a motly standard, part gold and part silver. 
 These different materials could not long agree in value ; 
 and silver being the most common and useful coin, would 
 soon regain its antient place of a standard measurer. 
 
 Silver, I think, is less subject to variation in its value 
 than gold. For silver having been distributed in great 
 quantities over all Europe, as well in coin as in plate of 
 various sorts; a sudden influx, or efflux of it, by a quicker 
 or slower production of the mines, doth not so soon affect 
 the whole mass. The wages of day-labour, being also 
 
 48 usually 
 
 * It is also for the same reason, better suited for the making of 
 various sorts of utensils ; and money, as hath been before observed 
 is intrinsically valuable, because, by melting, the material is conver- 
 tible into something useful. And it may be questioned, whether 
 coins had preserved their value, and been continued as money, if 
 silver and gold had not been applicable to other purposes. 
 
Tart I. and COIN S. 387 
 
 usually paid in silver, may be another great reason, of a 
 more even and permanent value of this metal. But with- 
 out laying much stress, upon the greater variations in the 
 value of gold ; which perhaps may he also partly owing, 
 to its being every where in the eyes of the laws a mere 
 commodity ; I think, it is sufficiently evident that silver 
 at present, is a much fitter standard to measure with, 
 than gold. 
 
 Silver a fit standard, though its plenty varies. 
 
 37. It may be here objected, that as the value of silver, 
 like all other commodities, must needs be variahle, accord- 
 ing as the plenty of it is increased or diminished ; silver 
 cannot be a * fixed standard, like that of mere extension 
 as a yard or a bushel, for measuring the values of other 
 
 49 things. 
 
 * Mr. Locke well observes, that that grain which is the most 
 constant and general food of any country, as wheat in England, and 
 rice in Turkey, is the most likely thing to keep the same proportion 
 to its vent for a long course of time ; and therefore the fittest thing 
 to reserve a rent in, which is designed to be constantly the same in 
 all future ages ; and the fittest measure whereby to judge of the 
 altered values of things in any long tract of time. For in England, 
 and in this part of the world, wheat being the constant and most 
 general food, not altering with the fashion, not growing by chance ; 
 but as the farmers sow more or less of it, which they endeavour to 
 proportion, as near as can be guessed, to the consumption ; it must 
 needs fall out that it keeps the nearest proportion to its consumption 
 (which is more studied and designed in this than other commodities) 
 of any thing, if you take it for seven or twenty years together : 
 Though perhaps the plenty or scarcity of one year, caused by the 
 accidents of the season, may very much vary it from the immediately 
 precedent or following. But wheat, or any other grain, cannot serve 
 instead of money ; because of its bulkiness, and too quick change of 
 its quantity. For had I a bond to pay me 100 bushels of wheat next 
 year, it might be a fourth part loss or gain to me ; too great an 
 inequality, to be ventured in trade : Besides the different goodness 
 of several parcels of wheat in the same year. But money is the best 
 measure of the altered value of things in a few years ; because its 
 veut is the same, and its quantity alters but slowly. Lockers works, 
 vol. II. p. 23, 24. 
 
388 0/ M O N E Y, Part I.' 
 
 things. It probably cannot; and perhaps silver is now 
 quantity for quantity^ of three or four times less value, 
 than it was two or three centuries ago. But yet, silver 
 being durable, well known, esteemed, distributed in con- 
 siderable quantities over all Europe ; and its growth, 
 plenty, goodness or intrinsic qualities, not immediately 
 depending upon seasons of weather and other casualities ; 
 the alteration of its value hath been, for the most part, 
 gradual ; and is not likely hereafter to be very consider- 
 able of a sudden, though it may in a long course of time. 
 And therefore, silver is as good a standard measure or 
 money, as the present state of things will admit of; and 
 very fit and useful to be continued as such. 
 
 We are at present but little concerned, with what might 
 be the value of silver in former times ; and as little, with 
 what may be its value hereafter. The prices of things 
 will naturally conform to the standard, whilst the altera- 
 tions in it are slow and gradual, and not forced. But, 
 from the nature of things, the proportion of money to 
 goods, is ever subject to some variations; and all that can 
 be done, to prevent the inconveniencies that might thence 
 arise, is to limit contracts within a moderate term of 
 years : For, in contracts, quantity only is to be con- 
 sidered; and no regard can be had to the future value of 
 money, without deviating entirely from its use as such, 
 and rendering all contracts uncertain. 
 
 IX. Gold coins should pass as money. 
 
 38. Although silver is the only standard measure of all 
 our contracts ; yet gold having every other quality fitting 
 it for money, excepting its being too dear; it may be 
 very fit and useful to coin gold, to ascertain its fineness ; 
 and to let these coins pass in lieu of money, at some * 
 
 50 given 
 
 * As there can be but one standard of money, and silver is and 
 ought to be that standard ; Mr. Locke was, and others are, of the 
 
"Parti. and GO I'N S. 389 
 
 given rate : For gold coins are very convenient, in large 
 payments. But it should not be said or understood, that 
 a guinea, for instance, should be always an equivalent for 
 the same quantity of silver. For as gold, like other com- 
 modities, must be ever subject to alter in its value, with 
 respect to silver ; the price of this dazzling metal can be no 
 otherwise settled, than pro tempore. And in all contracts, 
 the price of gold at the time of payment is only to be 
 considered ; and not what price it might bear, at the times 
 when the contracts were made. 
 
 X. Of TOKENS, or base coins. 
 
 39. Although silver, bulk for bulk, is now about 26 
 times cheaper than gold; yet silver is too dear to be 
 coined into specie of the lowest denominations of our 
 money. A silver penny is too small for common use; 
 and yet pence, and their halfs, and quarters, enter daily 
 into accounts. To supply the want of very small silver 
 coins, a kind of tokens or substitutes have been insti- 
 tuted ; these, are now with us, all made of copper, and of 
 two species only, called half-pence, and farthings ; and 
 these are a legal tender in all sums below six-pence, which 
 now is our smallest current silver coin. 
 
 The use of copper coins should be strictly confined 
 within the above limit ; and therein they are very conve- 
 nient : But these base coins should never be thrust upon 
 the public in too great abundance ; or be made to pass 
 for more than the value of the copper, and the necessary 
 expence of workmanship ; otherwise, they will be counter- 
 
 51 feited, 
 
 opinionj that gold coins should be left to find their own value, with- 
 out having any established legal rates. But this is a matter, I think, 
 of too much importance to be entrusted to private judgment ; and, 
 if left at large, might subject the nation in general to great imposi- 
 tions, by a combination of the traders in coins. But of this subject, 
 and also of copper coins, more hereafter. 
 
390 0/ M O N E Y, Part I. 
 
 feitedj notwithstanding any laws to the contrary. And to 
 lessen the call for copper coins, it were to be wished that 
 we had in common currency, either silver three-pences, or 
 silver groats, and two-pences. 
 
 XI. Money finds its own value, according to the whole 
 quantity of it in circulation. 
 
 40. The quantities of all commodities are proportioned, 
 as near as may be, according to the demand or vent for 
 them ; and their ultimate prices include the prime cost, 
 and the profits taken by the several dealers, thro^ whose 
 hands they pass : If the quantity of any commodity 
 exceeds, or falls short of that proportion, its price will fall 
 or rise accordingly ; and sometimes, a change of fashion, 
 or humour, may reduce the price of a particular commo- 
 dity, almost to nothing. The prices of things in general 
 are proportioned sufficiently near, according to the above 
 rule ; or, according to their prime cost to the manufac- 
 turer, and the progress they make from him to the con- 
 sumer. But some things, as above observed, are subject 
 to be reduced by caprice much below this standard ; 
 whilst others are raised much above it, by the arts and 
 avarice of monopolizers. And although the silver and 
 gold mines, are in few hands; yet, perhaps, there is 
 nothing whose value is so little in the power of men to 
 regulate, or that keeps so even a pace with the quantity 
 sent to the great market of the world, as bullion. For, 
 
 Money, exchanging universally for all commodities, the 
 demand for it is without any limits ; it is every where 
 coveted, and never out of fashion : And therefore, on the 
 one side, the whole quantity of money, caimot exceed the 
 whole demand ; and on the other side, the whole demand 
 must not exceed, or it must rest satisfied with, the whole 
 quantity. For money, is not like food, cloaths, and other 
 things, that must be proportioned to our bodies. 
 
 52 Therefore, 
 
Parti. and COINS. 391 
 
 Therefore, as soon as money becomes properly diffused 
 throughout any community ; the value of the sum total 
 of it in circulation, will be equal to the whole quantity of 
 commodities in traffic, in that country : For so much 
 money and goods as lie dormant, or are out of currency 
 and traffic, fall not within the present consideration*. 
 And so far as gold and silver, make the money of the 
 world ; so far, the whole quantity of these metals in cir- 
 culation, may be said to be equal in value to all the com- 
 modities of the world, exchangeable by them : And as 
 the total of the one, is to the total of the other ; so will 
 any given part of the one, be to a like part or proportion 
 of the other. 
 
 And hence, the value of a given quantity or sum of 
 money, in any country, will be less or more, according as 
 the sum total, or the whole quantity of money in cur- 
 rency, is greater or less, in proportion to the whole of the 
 commodities of that country, exchangeable for money : 
 Or, the value of a given sum of money will be always, pretty 
 exactly, in a reciprocal proportion to the sum total, or the 
 whole quantity in circulation; that is, the more money 
 there is in currency, the less will be the value of a given 
 sum in proportion to other things ; and vice versd. Hence 
 again, it naturally follows, that, if, in any country, the' 
 whole quantity of money in circulation, be either increased, 
 or diminished ; the value of a given sum will be accordingly 
 lessened or increased f ; and that in proportion, as the said 
 
 53 sum 
 
 * There is always a great part of the property of mankind, lying 
 dormant, or out of traffic : But as things are continually shifting,- 
 and those commodities, and those sums of money, which are out of 
 trade to-day, may be in trade to-morrow ; the prices of things 
 always fundamentally depend upon the above rule ; that is, on the 
 proportion of the total of things to the total of money. 
 
 t Thus, if in any country, a given sum A he the hundredth part 
 of the total money of that country : If that sum total be doubled, 
 the value of the sum A will be thereby reduced to one half, as being 
 now but a two hundredth part of the whole ; and had the sum total 
 been reduced to a half, the value of A would have been doubled. 
 
392 0/ M O N E Y, Part I. 
 
 sum becomes thereby, a lesser or a greater part, of the whole 
 stock in currency. 
 
 The above * proposition^ is a very fandamental one as 
 to the property of money ; and the doctrine it contains is 
 undoubtedly proved, as far as the nature of the thing will 
 admit of, by universal experience : Nor is there room for 
 any doubt to remain, when it is considered that money, 
 by its very institution, is an exchange for all commo- 
 dities; and applicable, as money, to no other purpose 
 whatsoever. Money being universally diffused, no one 
 hath the power to command the market, or to settle the 
 prices of things ; and every one being desirous to have 
 his share of things, according to his income ; all the 
 money, in the long run, will be brought into the great 
 market of the world ; and its value, or the prices of 
 things, will naturally be adjusted, notwithstanding any 
 efforts to the contrary, according to the proportions above 
 explained. 
 
 By way of farther illustration of this subject : Let us 
 suppose that in a certain district, there is ordinarily con- 
 sumed a thousand bushels of corn a weekj and that, 
 (after their money is duly proportioned for the purchasing 
 of all other necessaries, according to the ways of living of 
 the inhabitants,) the weekly allotment for the purchase 
 of corn, is a thousand ounces of money : The price of a 
 bushel of corn, at an average of the several markets 
 within this district, will be an ounce of money. Let us 
 suppose again, that within the said district, the ordinaryf 
 
 54 consumption 
 
 * From this proposition, all the following ones in this chapter, 
 naturally flow as corollaries ; but on the account of their importance, 
 they are treated and illustrated severally. 
 
 t The way of living of the lower class of people, will be naturally 
 best and most comfortable, in the happy regions of Eberty ; where 
 property is duly diffused ; where there is a gradual and an easy 
 transition from rank to rank ; without that ghastly aud fearful void 
 between peers and peasants, betwixt tyrants and slaves, which is 
 ever the baneful fruit of arbitrary governments. 
 
Part I, and COINS. 393 
 
 consumption of a labouring man," or rather of a poor 
 family, is about tbe value of a bushel of corn a week ; 
 part of which is expended in bread, part in other food, 
 and the remainder is reserved for the purchase of cloaths, 
 fuel, for the payment of rent, §v . Here then, the price 
 of labour will be at the rate of about an ounce of money 
 per week; the lowest kind of labourers having a little 
 less, and the common artificers a little more, than in the 
 said proportion. And hence, labour becomes naturally 
 settled, in a certain proportion to the whole stock of 
 money in circulation ; and this price again becomes, as 
 hath been before observed, a natural standard of the 
 values or prices of most commodities. 
 
 XII. Laws cannot regulate or alter the value of money. 
 
 41. Silver being made money, and thereby becoming, 
 as it were, a commodity universally coveted ; wherein 
 every one deals, and to which every one hath a right, 
 according to his respective share of property : No set of 
 men have it in their power to settle, alter, or in any wise 
 regulate the value of money ; nor can laws do any thing in 
 the case, otherwise than as by their influence, they may 
 increase or diminish, the whole quantity in circulation; 
 and so affect the value of a given sum, or the prices of 
 things. 
 
 The prices of particular commodities are every day 
 subject to change, from natural causes; and the same 
 may be brought about, by artificial means. But to alter 
 the value of money, would be to alter uniformly and 
 universally, the prices of all commodities j a thing mani- 
 festly out of the reach of laws, and no other way to be 
 accomplished, than by altering the proportion between 
 the sum total of the one, and the sum total of the other ; 
 and this, perhaps, is continually done, though gradually 
 and insensibly, by the common course of things. 
 
 55 [t 
 
394 (y M O N E Y, Part I. 
 
 It is the business of laws to establish rules for coining ; 
 that is, to fix a standard, both as to weight and fineness, 
 for coins having certain denominations; and a standard 
 being fixed, it would be difficult to shew, why it should be 
 afterwards deviated from. For, do what you can ; coins, 
 as soon as they are out of the mint, are quite free 
 throughout their whole progress, to find their own value, 
 according to the quantity of pure metal they contain; 
 that is, to purchase as much of any thing, as the market- 
 price will allow. And it seems quite a paralogism to say, 
 which yet I have often heard said, that in any country, 
 money is either too cheap or too dear ; or, that its value 
 is in any wise subject to legal restraints or regulations, 
 otherwise than as such regulations might afi'ect the quan- 
 tity of the whole stock in currency. 
 
 Value of bullion not according to the prime cost at the 
 mines. 
 
 43. The value of bullion doth not, like most other 
 things, keep pace with the prime cost, at the mines. If 
 the mines continue working, so that the quantity of bul- 
 lion is increased beyond the consumption; altho' the 
 expence to the proprietor of the mine continues the same, 
 or even be increased ; yet, if the additional quantity of 
 bullion be thrown as money into circulation, and is not 
 hoarded, or worked up into plate, ^c. the value of a given 
 part of this bullion will be diminished ; and that in pro- 
 portion, as it is now a less part of the whole, than it was 
 of the old stock in circulation. The owner of the mine, 
 must either take less profit, or proportion his works more 
 adequately to the consumption of his products. 
 
 An increase of any commodity beyond the consumption, 
 will, after the same manner, depreciate the value of a 
 given part ; but perhaps in no case so uniformly, as in 
 that of bullion or money. 
 
 56 As 
 
Part I. and COINS. 395 
 
 As the profits from the American mines, have, more 
 than probably, been continually decreasing, ever since the 
 time of their first discovery ; it may be wondered, that 
 they have hel^ out so long to yield profit sufficient to 
 tempt the owners to work them. This is to be accounted 
 for, by supposing, what is very natural to suppose, that at 
 first, the profits of these mines, were exorbitantly great : 
 Suppose that the first cargo of bullion, brought from 
 thence into Europe, yielded a profit of 100 to 1 : If -this 
 cargo was sufficient to double the quantity of bullion 
 before in Europe, the profits of the next would be reduced 
 to one half, or as 50 to 1 ; and so on, the value of a given 
 part would be decreased, as the sum total was increased. 
 
 But as the navigation to the East-Indies, was discovered 
 much about the same time, and a vent was found there 
 for a considerable quantity of bullion; this hath prevented 
 its value from decreasing, in the proportion that the quan- 
 tity brought into Europe hath increased; and sufficient 
 profits may yet arise from those mines, for a considerable 
 time to come. But, although we should suppose those 
 mines to be inexhaustible ; yet, if no new vent be found 
 for their products, they must in time be left to rest ; that 
 is, as soon as they cease to yield a profit. 
 
 XIII. Money alters its value by slow degrees. 
 
 43. It is very manifest, that many commodities are 
 subject to considerable variations in their prices, from 
 natural causes ; as dearth, plenty, 8fc. and the prices of 
 others, may be enhanced or debased by artificial methods, 
 by taxing them, or by a change of fashion, &;c. But 
 money being universally coveted, and its vent in no wise 
 depending upon fashion ; its value, in respect of other 
 things, will be, as before observed, in proportion to the 
 whole quantities of the one and the other in the market ; 
 that is, in a reciprocal proportion to the whole quantity of 
 
 57 money 
 
396 0/ M O N E Y, Part I. 
 
 money in circulation. If one commodity be cried down, 
 another will arise in its stead ; and people will, according 
 to their means, part with their money for such things, 
 and in such proportion too, as they like^best, notwith- 
 standing any laws to the contrary. Buyers and sellers 
 must be left free to make their own bargains ; and there 
 are natural causes that regulate the market. 
 
 But money is less subject to a sudden rise or fall of its 
 value, than other commodities, and is therefore so far the 
 safest treasure for hoarding ; because its value is greatly 
 affected by settled establishments of revenues, rents, 
 stipends, Sj-c. and it must have time also to penetrate 
 throughout the whole community. Yet nevertheless, an 
 increase or decrease of money will operate as surely, 
 though by slower and more insensible degrees, as an in- 
 crease or decrease of any commodity. 
 
 Why the effect of an increase of money, is not more sensibly 
 
 felt. 
 
 44. As there hath been a great quantity of bullion 
 annually imported from America, besides what is fur- 
 nished by the European mines ; it may be reasonably 
 concluded, that the quantity of money in Europe, hath 
 been increasing for many years; and the present prices of 
 things in general, compared with what they' bore a good 
 while ago, very manifestly shews that it hath increased. 
 'But if we take a short space, as a year or two, the effects 
 of the increase of money in that time, are not usually per- 
 ceptible ; b ecause the superadded quantity, though in its 
 self a lar ge sum, may yet bear but a small proportion to 
 the whole stock, real or imaginary, in circulation ^and it 
 may be in a manner dissipated, before it hatb reacEed to 
 all sorts of commodities. Yet, if there be no obstructions, 
 the effects of an increase or decrease of money, will in 
 time reach to the remotest parts ; though by reason of 
 
 58 their 
 
Part I. a7id COINS. 397 
 
 their slowness or smallness, those effects may not be 
 sensible. 
 
 The natural and frequent alterations in the prices of 
 many commodities, arising from their greater plenty or 
 scarcity, in proportion to the demand for them ; take off 
 our attention from the share that belongs *to money, and 
 render the effects of an increase or decrease of its quan- 
 tity, the less conspicuous. But yet these effects, in the 
 long run, will not be the less certain : And we may safely 
 repeat here, what hath been before advanced, viz. 
 
 Any given sum or quantity of money, will have its value 
 in a certain proportion, as it is a part of the whole stock 
 or quantity in currency ; and any increase or diminution 
 of the whole, will in proportion, lessen or increase the 
 value of any given sum. 
 
 Why the prices of commodities, have not rose in proportion 
 to the increase of money. 
 
 45. It is next to impossible to ascertain, to any exact- 
 ness, the proportion between what is the present cash of 
 Europe, and what it was two or three centuries ago ; for 
 one of the Indies, drains away a great part of the super- 
 fluous buUion of the other. Nor will the price of any 
 particular commodity, or of even labour it self, which is 
 perhaps the best standard of all, enable us to make a true 
 estimate. For, the improvements of arts, lessen the values 
 or prices of particular commodities; and the improve- 
 ments of husbandry, in particular, lessen the prices of 
 corn and cattle; and thence again, the price of labour 
 will be lessened. 
 
 From all these considerations, it is natural to suppose 
 that the quantities of goods in Europe, have increased, 
 since the discovery of the Indies, far beyond the people ; 
 and therefore, the value of any given commodity hath 
 lessened, in proportion as the sum total or whole stock of 
 
 59 commodities 
 
398 0/ M O N E Y, Part I. 
 
 commodities hath been increased. And if all the above 
 circumstances could be accurately ballanced ; I make no 
 doubt but it would be found, that the prices of things are 
 agreeable to the rule before laid down ; that is, the value 
 of any particular commodity, will bear nearly the same 
 proportion to the sum total of commodities, disposed of 
 within a given term ; as the said value bears to the sum 
 total of money, circulating within that term. The totals 
 on both sides, being always equal, or nearly equal, in 
 value ; so that either can purchase the other. 
 
 But, without considering the increase of commodities ; 
 there may be another cause of preventing the value of 
 money from decreasing, in the same proportion that the 
 quantity of bullion brought to Europe is increased. If 
 the annual consumption of bullion in Europe, both by the 
 East-India trade, and by the conversion of it into plate, 
 be equal to what the American mines annually supply ; 
 the value of money taken abstractedly, or without refer- 
 ring it to commodities, wiU remain invariable : But if 
 the said consumption be less, or more, than the said pro- 
 duce of the mines; the whole quantity of money will be 
 accordingly increased, or diminished ; and the value of a 
 given part or sum, will be lessened, or increased, in that 
 proportion. 
 
 It is the real quantity of coins, or of their substitutes, 
 that affects the value of money. And this, together with 
 the improvements of arts and increase of commodities ; is 
 the reason, why things in general have not raised in their 
 prices, in proportion to the supposed increase of bullion in 
 Europe, during the last 300 years. 
 
 XIV. A nation having no foreign commerce, will not stand 
 in need of any specific quantity of money. 
 
 46. In a country having no foreign commerce, any 
 quantity of money will, in a manner, be sufiScient for all 
 
 60 purposes ; 
 
Part I. and COIN S. 399 
 
 purposes ; and any increase or diminution of the original 
 stock, if it be but gradual and slow, will scarce be attended 
 with any consequences of moment. This, although to 
 many it may seem a paradox, yet clearly follows from 
 what hath been already shewed. But as a farther illus- 
 tration of this subject : 
 
 Let us suppose that many ages ago, a certain nation 
 consisted of half a million of people, and that they had in 
 the whole a million of pounds sterling; and that after- 
 wards the mines or the mint were no farther worked, than 
 to keep the money exactly to the same or the original 
 quantity of a million. We may suppose also, that a 
 regular government, and all the necessary arts, were 
 established amongst them ; and likewise that all the 
 money was distributed betwixt them, in due proportion 
 according to their several ranks ; so that the hire of a 
 labourer, we will suppose, was ten-pence a day. By de- 
 grees, they increase in number one tenth ; and with the 
 people, all sorts of commodities, naturally increase in pro- 
 portion : But the whole quantity of money remaining the 
 same, its value increased also one-tenth ; and nine-pence 
 now going as far as ten-pence would before, the wages of 
 a day-labourer is reduced one penny : But this he doth 
 not feel the want of; and he hath as much plenty of all 
 sorts of necessaries now, as he had formerly. 
 
 In process of time, and that before they had any foreign 
 commerce^ the people are increased to five millions ; and 
 the price of labour, which at first was ten-pence, is now 
 reduced to a penny a day. And all this while, there were 
 no complaints of the want of money, though every one's 
 share came to but a tenth part of what his ancestors pos- 
 sessed. On the contrary, by the improvements of the 
 arts they had set out with, and the inventions of many 
 new ones; all ranks of people lived more comfortably, 
 with more ease and afiluence than their fore-fathers had 
 done. 
 
 61 By 
 
400 0/ M O N E Y, Part I. 
 
 By these improvements of the arts, the whole stock of 
 commodities was increased beyond the increase of the 
 people; and each particular commodity bore less than a 
 tenth part .of its antient price : More people in proportion 
 could be spared from labour, for particular services and 
 professions ; for in many of the arts, one man could per- 
 form now, more than two men could formerly. With the 
 increase of the people, the taxes on each individual grew 
 naturally lighter; and yet the government grew daily 
 more powerful and splendid : Altho' rents and all other 
 things, sunk in their nominal values ; yet a greater afflu- 
 ence and splendor of living, was every where to be seen. 
 So true it is, that numbers of industrious people, and not 
 money, is what enriches a country. 
 
 Had the paoney increased with the people, that would 
 have made no manner of difference in the values of things 
 with respect to one aiiother ; nor would it have been very 
 material, if the original stock of money had decreased 
 upon their hands ; the only difference which that would 
 have created, would have been in the nominal prices of 
 things with respect to money. Had the money increased 
 faster than the people, suppose 34 times; the price of 
 labour would have become then 30 shillings a day, and 
 yet the workman would have been no ways benefited by 
 that greatness of wages. 
 
 The case above supposed of the quantity of money 
 remaining invariable, whilst the people increased, is the 
 very same in effect, as if we had supposed the number of 
 people to have continued the same, whilst the original 
 stock of money had continually decreased. 
 
 XV. Any sudden fluctuation of money, would be pernicious. 
 
 4,7. Money as such, though very useful and necessary 
 in all sorts of traffic, yet scarce falls within the idea of 
 
 62 riches. 
 
Part I. and COIN S. 401 
 
 riches*. Money in its very institutionj is professedly of 
 no use, but to measure the value of, and as an exchange 
 for, things that are useful : It is so much coveted, not for 
 its own sake, but for what it will bring; and it is very 
 manifest, that in a regular and well-established com- 
 munity, a greater or less stock of money doth scarce at all 
 affect its wealth and prosperity f. The greatest effect of 
 money is in its fluctuation, and this if it be sudden will be 
 generally pernicious in its consequences. 
 
 If money be a flowing in, some branches of trade will 
 be enlivened, and in reality great numbers of individuals 
 will grow richer; as what they pay in taxes, rents, and 
 for X natural products, will be less or of less value than 
 before; till you come to the lowest class, who, though 
 their wages are raised, will yet find little or no advantage 
 by this torrent of money. On the other hand, the govern- 
 ment will grow weaker, the nobility, and in general all 
 who live upon estates and established stipends, will become 
 poorer ; till by an increase of taxes, advancement of rents, 
 ifc. things can be re-established. But before this can be 
 accomplished, many and great alterations wUl naturally 
 happen : The government being thus weakened and dis- 
 tressed, disorders will inevitably arise ; as peace and good 
 order cannot be preserved, unless the strength of the 
 government bears a due proportion to that of the governed : 
 
 63 The 
 
 * Money is here considered in the ab'stract ; but as it is reducible 
 into bullion, plate, (&c. in that sense it is wealth like other com- 
 modities. 
 
 t This hath been shewed in thfe preceding, as to a nation having 
 no foreign commerce ; how far such a corhmerce alters the case, wiU 
 be considered a little farther on. 
 
 I It will be some time before this supposed additional money can 
 penetrate through all the branches of trade, and whilst some traders 
 have exorbitant gains, others will grow poorer, because of their p ddi- 
 tional expence in many articles ; however by degrees all dealers will 
 help themselves, and grow rich at the expence of those who are mere 
 consumers. 
 
402 0/ M N E Y, Part I. 
 
 The nobility must change their fashion of life, and abate 
 of their antient splendor ; new debts will be Contracted, 
 increased, lands mortgaged ; and before the antient own- 
 ers have a right understanding of the cause of their 
 distresses, many must part with their estates, and give 
 place to new comers. 
 
 And this is a natural consequence of a sudden flux of 
 money ; * the enriching of one part of the community, at 
 the expence of the other ; a change of manners amongst 
 all ranks, some perhaps fqr the better, and some for the 
 worse ; until, this tide having spent itself, things are again 
 resettled, tho' perhaps in quite a new form. 
 
 On the other hand, if the tide of money is a running 
 out ; during this ebb, trade will stagnate, some merchants 
 and shopkeepers will break, some manufactures will be 
 laid aside, many hands will be unemployed, and murmurs 
 and complaints will be heard among all sorts of people con- 
 cerned in trade. These distresses will continue, tiU by an 
 abatement of taxes, lowering of rents, of wages, of stipends, 
 ^c. a due equilibrium among the different ranks of people is 
 again restored ; and then, altho' a great part of the money 
 is gone, riches, plenty, and good order, will again abound. 
 
 Thus it is manifest, that a sudden fluctuation of money, 
 would be pernicious whilst it lasted, and for some time 
 afterwards ;t and that whether the tide be flowing in or 
 going out. But whilst it glides and circulates smoothly 
 and freely, in its natural course and channels, money is 
 
 64 not 
 
 * How far this may have been the case of some particular country, 
 I do not here consider. But I think it is manifest enough, that an 
 overflow of money in one place, may be the cause of poverty and dis- 
 tresses in another ; and that a government may be declining, whilst 
 duties and customs are increasing. 
 
 t The effects of the imaginary increase of money in the year 
 1720, and of the real increase of factitious money at different periods 
 since, do greatly illustrate and corroborate what hath been here 
 advanced. 
 
Part I. ancZ C O 1 N S. 403 
 
 not only a harmless but a beneficial thing; it cherishes 
 and invigorates the whole community, and this equally, 
 whether the stream be large or slender. 
 
 XVI. Ballance of trade, what, 
 
 48. The ultimate ballance of trade is reckoned in 
 money ; and it is by this scale that the profits of trade 
 are usually computed. But as money in it self is of no 
 farther use, but merely as a kind of instrument for the 
 circulation of products or comtaodities ; a very beneficial 
 commerce may be carried on between different nations, 
 without any of them having any money to receive at the 
 «lose of their accounts. Not only the mariners navigating 
 the ships, but also the whole train of artificers em- 
 ployed in the various branches of manufactures, bred and 
 nourished by such a commerce, innumerable brokers, ^c^ 
 gain all of them a comfortable subsistence : Each country 
 is accommodated, with what it wanted of the products of 
 ■the other ; and the * merchants on aU. sides increase in 
 wealth, though at last their accounts are even as to money, 
 or yet though one pays a ballance in money to the other. 
 
 If bullion be the sole or chief end of commerce ; why 
 are ships sent to any other parts, besides Cadiz and Lis- 
 bon? Silver and gold are in a manner, the peculiar com- 
 modities of Spain and Portugal; and in the usual phrase, 
 these nations must pay a ballance upon their trade to all 
 the world. And yet they, as well as the rest of the world, 
 are gainers by trade ; they obtain various necessaries and 
 conveniences, which their bullion could not have procured 
 them, whilst they kept it at home ; and so long as they 
 
 65 keep 
 
 * That is, each merchant is a gainer, if his returns, after paying 
 all his expences of the voyage, are worth at home more, or will pur- 
 chase again a greater quantity of goods than he had exported : This 
 overplus is the merchant's profit, without which he would no longer 
 trade. 
 
404 0/ M O N E Y, Part I. 
 
 keep working the mines, so long probably they will stand 
 in more need of the aid of foreign commerce, than other 
 nations. 
 
 A ballance paid in money, doth not necessarily infer a 
 loss by trade: Suppose that last year, Great Britain paid 
 a ballance upon the whole of its foreign trade, of a hun- 
 dred thousand pounds in specie; but that the national 
 stock of necessaries, in naval stores of various sorts, &;c. 
 were increased to double that value : By the usual reckon- 
 ing, we must have lost the last year, an 100,000/. by our 
 trade; but by mine, we were gainers by it to the net 
 value of that whole sum. But had the above supposed 
 additional stock of foreign commodities, been in wines, 
 brandies, fine linnens, toys, or even jewels, S^c. which were 
 to be all consumed at home, I should readily have joined 
 in the common estimation, of our having been losers by 
 our trade. Gold and silver are valuable commodities, 
 because they are neither perishable, nor over bulky ; and 
 because the monies of the world are made of these metals, 
 tliey retain a more even and permanent value, and are 
 more universally coveted than other things. But the 
 Spaniards are an instance, that a nation may be injured, 
 weakened and impoverished, by an over-stock of these 
 metals. 
 
 However, any nation having gained upon the whole 
 of its commerce a ballance in bullion, may be truly said 
 to be a gainer for that time of so much as that bullion 
 amounts to; and if it can keep that bullion as a dead 
 stock, either by turning it into plate or by any other 
 method, so as to prevent its getting into trade as money ; 
 it may continue to go on increasing in more bullion, 
 which in this case will be a real increase of wealth. For 
 as bullion hath little or no workmanship bestowed upon 
 it, and is every where after it hath once got from the 
 miner's hands, a kind of dead stock, applied to no use like 
 other commodities; a nation that pays ultimately upon 
 
 66 its 
 
Part I. and COINS. 405 
 
 its trade a ballance in bullion^ is a loser of so much of its 
 dead stock; and a loser also, if its exports maintained 
 fewer of its own inhabitants, than its imports did of those 
 of foreign nations. Let an increased stock of biaUion get 
 out again into trade, and it will soon turn the ballance the 
 other way. 
 
 XVII. 7%e quantity of money every where, will naturally 
 find a certain level or proportion. 
 
 49. It is a received opinion, at least with many people, 
 that a certain specific quantity of money, is necessary for 
 the carrying on of foreign commerce ; and that any nation 
 not abounding in money, wiU trade to a great disadvantage 
 with the rest of the world : Were this the case, those 
 nations who have most money, should reap most advan- 
 tage by trade ; and Spain and Portugal ought to carry the 
 prize from alhthe world. But if this matter be examined, 
 ever so slightly, it will appear in a different light ; and it 
 will appear also, that no trading nation can be long in 
 want of money, or be able to keep above a certain quantity 
 of circulating cash, in proportion to its trade. What is 
 hoarded and kept out of the market, either in cash, bul- 
 lion, plate or furniture of any sort, is out of the present 
 question. 
 
 Suppose that the present stock of circulating cash in 
 England, was at once reduced to one half, by each person's 
 losing a moiety of his own share. This would strike a 
 great consternation in all, and be matter of real calamity 
 to many; as the prices of things would not at once abatCj 
 in proportion to this great loss of money. But those dis- 
 tresses would not last long : The prices of all commodities, 
 and of labour, would fall by degrees ; this cheapness would 
 give them a quicker vent in all foreign markets, and all 
 sorts of manufactures would be carried on here brisker 
 than ever; whilst at the same time, and for the same 
 
 67 cause. 
 
406 0/ MONEY, Parti. 
 
 cause, the consumption of foreign commodities with us 
 would be greatly diminished. By the cheapness of labour, 
 England becoming the best market for bullion ; that is, 
 bullion fetching more labour and commodities here than 
 in other countries, it would naturally be sent hither pre- 
 ferable to other things ; and bullion would not cease flow- 
 ing in upon us, till it became as cheap, that is, in as great 
 plenty here, in proportion to our traffic, as in other places. 
 
 This supposed sudden loss of money would at first, as 
 hath been before illustrated, create many disorders: By 
 the sudden change it would cause in the proportion of 
 property, a damp would be thrown upon manufactures, 
 until the price of labour could be duly reduced ; and the 
 nation would be under a great disadvantage, in the pur- 
 chasing of foreign commodities for ready cash. But these 
 disadvantages would not last long; and whilst things 
 were advancing towards their former state, it is probable 
 that people in general, especially the lower class, who are 
 the most numerous, would abound more in affluence than 
 at any other period. Labour would be more valuable here, 
 in proportion to commodities ; because of the great de- 
 mand for those commodities, in those countries where 
 money was cheaper, and labour dearer j until at length 
 the equilibrium of money was again restored. Had we 
 supposed the loss of money to have been less, as only, for 
 instance, the tenth part;- the consequences thiereupOn, 
 though less perceptible, would have been, upon the whole, 
 the same in a proportionable degree. 
 
 Let us suppose our former stock of money to be now 
 completely restored to us, and it would not be long before 
 it returned again : If we think to increase this stock much 
 farther, we shall be disappointed ; the causes that brought 
 it to a certain level, will prevent its rising much above that 
 level. Where money is grown into great plenty, whatever 
 be the causes of that over-plenty ; labour, and all sorts of 
 manufactures will grow dear, too dear for foreign markets : 
 
 68 And 
 
Pai:t T. mid COINS. 407 
 
 And at the same time that the exportation of home- 
 coounodities is decreasing, that of bullion for foreign 
 goods wUl be increasing; till at length the tide of the 
 over-plenty of money hath spent its self; leaving behind it 
 perhaps, too much the marks of profusion, and disorders 
 qf various kinds. 
 
 In order to illustrate this subject, I have supposed cases 
 that are not likely to happen ; the state of things, altho^ 
 ever fluctuating, yet change by slow degrees. Riches are 
 comparative things ; and one nation's growing or declining 
 in wealth, is to be reckoned either with respect to its 
 former state, or the present state of its neighbours. But 
 the question before us being solely about money, which 
 ever way that is turned, it seems to me evident, that com- 
 merce will settle the due proportion of money every where; 
 I mean the proportion in respect to the whole wealth and 
 trafiSc of any country, and not the proportion between one 
 country and another; for this last will be ever different 
 and ever variable. Every one sees that an increase of his 
 own cash would be an advantage to him, and hence money 
 ' is universally coveted ; but no one sees or considers, that 
 his own peculiar advantage would cease, if every body's 
 cash was increased in the same proportion with his own. 
 Another hath in his eye some beneficial trade, which he 
 could enter into if he had but money * : It is none of his 
 business to consider, that the trade of the world is limited; 
 that his entering into it, would not extend trade in gene- 
 ral. It is the want of vent, and not the want of money, 
 
 69 that 
 
 * The common trite saying, " that if a merchant had a larger 
 "stock, he could' afford to sell cheaper," answers itself : If his stock is 
 hut smallj-he, should himself consume less. If a rich galleon was to be 
 divided among a certain number of our merchants, this would enable 
 them indeed to buy dearer and to sell cheaper ; but this would be detri- 
 meiltal both to their cotemporaries and successors, and I think, in 
 •the long run, to their country in general. For so far as it went, it 
 wpuld enhance. the price of commodities at home, and lessen their 
 vent at foreign markets. 
 
408 Cy M O N E Y, Part I. 
 
 that limits trade; and sometimes also the want of able 
 and skilful workmen removes trade from one province or 
 kingdom into another. 
 
 All that hath been here advanced^ is well illustrated 
 and corroborated^ by the course that manufacturies have 
 taken in our own country. They have been first erected 
 in parts that had but little money in common currency ; 
 tliat is, in places where labour, provisions, and all the 
 necessaries of life were cheap : By degrees they enriched 
 those provinces, till at length provisions of all sorts, and 
 consequently labour, became very dear; too dear to sus- 
 tain, or to be sustained by those manufacturies any longer. 
 This naturally carried them to other places, where money 
 was in less plenty : And this will ever be the case, unless 
 part of the increased stock of money is kept out of the 
 common circulation, and is either hoarded or directed into 
 some new channel ; without this, not only trade will move 
 to different provinces of the same country, but it will move 
 also into different countries. 
 
 XVIII. Any artificial methods of increasing tale-money, 
 pernicious. 
 
 50. Any artificial methods of increasing the quantity of 
 tale-money in circulation, beyond its natural bounds, will 
 be attended with pernicious consequences ; and this effect 
 is perhaps not the least evil of our great national debt. 
 As the values of all things are measured by money, it is, 
 I think, by this time sufficiently manifest, that their prices 
 wiU. be in a certain proportion to the whole quantity of 
 cash in circulation, If this quantity be greater in pro- 
 portion to the trade of the nation, than in foreign coun- 
 tries ; things manufactured at home will become too dear 
 for foreign markets, as is the case of Spain and Portugal. 
 As we have no mines, trade will keep, as before observed, 
 real money to a proper level ; but yet this level may be 
 exceeded by artificial substitutes, as jiaper-bills^ having no 
 
 70 bullion 
 
Part I. and COINS. 409 
 
 bullion locked up in their stead, and light coins having 
 less value than what they pass for; and by both these 
 methods the nation is injured ; By making all things 
 dearer at home, the public is not only defrauded of so 
 much bullion as these substitutes amount to ; that is, to 
 the whole amount of the paper above the bullion locked 
 up in its stead ; but it also suffers by the loss of the whole 
 deficiency upon the light coins. 
 
 Although this subject hath been in effect illustrated 
 before, yet is it of that importance as to deserve to be 
 farther exemplified. Let us suppose that one tenth of the 
 whole stock of circulating cash in this country, and 'tis 
 not material to our argument what the specific sum 
 amounts to, is some way lost or destroyed : If no artificial 
 substitutes be made to intervene; it has been before 
 shewed, that trade will gradually restore this supposed 
 loss of bullion ; as, till this be accomplished, bullion will 
 be dearer or fetch more commodities here, than in other 
 countries. 
 
 On the other hand, supposing the sum total of money, 
 real and fictitious, now annually circulating in this coun- 
 try, to be 100 millions ; 20 millions of which is in cash, 
 and the rest in paper credit both public and private : If 
 this paper credit be increased, by the creating of more 
 bilk, suppose to the amount of ten millions ; one of the 
 following will necessarily be the consequence : Either all 
 our commodities will rise ten per cent, in their nominal 
 value, which will render them too dear for foreign mar- 
 kets ; or, this addition of paper bills will drain away ten 
 millions of our cash, and so impoverish us in reality to 
 that whole amount; or, the effect most likely will be, 
 partly the one, and partly the other ; but which ever it is, 
 the nation will be equally endamaged. May this be ever 
 a caution to statesmen, how they listen to projects that 
 must clog our trade, banish our coin, and in the end 
 bring on a general bankruptcy. 
 
 71 Let 
 
410 - 0/MONEY, Parti. 
 
 Let us suppose agaiiij that the same quantity of tale or 
 nominal money continues, but that the real substance of 
 the current coin is diminished one tenth. So long as the 
 people pay no regard to this diminution, the prices of 
 things will continue the same as before, and the i nation 
 will be a loser of this tenth part of its treasure. For, if 
 the currency of the light coins had been stopped ; or, 
 which is the same thing, if they had been restrained from 
 passing otherwise than by weight ; trade would have fur- 
 nished the same quantity of tale in heavy money, as there 
 is now of light ; as it is manifest that in both cases, the 
 nominal prices of things would be the same; and every 
 oue would receive for the same service or commodity, the 
 same number of heavy coins in the one case, as he would 
 of light coins in the other. Foreign exchange may make 
 some difference here ; but as the ballance of foreign tiade 
 is but small in comparison of fixed establishments at 
 home, the difference upon that account will not be \ery 
 considerable, till things come towards an extremity. 
 
 What hath been said of the national loss by the passing 
 of light coins, will hold the very same, if bills be passed 
 to a greater value than there is bullion in their stead. All 
 private securities also are productive of equal evils, and 
 frequently of more. To close this subject, I would observe 
 here one essential difference there is between bills and 
 light coins. Every one hath a right to call upon the 
 issuer of a bill, to make it good in standard or lawful 
 money. But he that hath light coins iu his possession, is 
 liable to bear the whole loss that there may be upon them, 
 he took them in full consideration of a given sum, and if - 
 they prove deficient, he hath no body to blame but him- 
 self; and he merits the less compassion, as by his unwari- 
 ness he was a sharer in, and a promoter of, a public evil. 
 
 Hoarding the precious metals, beneficial. 
 
 51. Gold and silver, for many reasons, are the fittest 
 
 72 
 
Parti. and COIN S, 411 
 
 materials hitherto known for hoarding : They are dur- 
 able ; convertible without damage into any form ; of great 
 value in proportion to their hiilk ; and being the money 
 of the world, they are the readiest exchange for all things, 
 and what most readily and surely command all kinds of 
 services. In the days of prosperity therefore, it would be 
 prudent to lay up a kind of dead stock of the precious 
 metals, against any emergencies that might happen. This 
 stock must be kept out from the circulating cash ; for an 
 increase there, would not answer the end ; and indeed an 
 overflow of money in circulation, would spend it self, by 
 draining up the som-ces that produced it. But people in 
 general will not hoard up cash ; all like to display their 
 wealth, and to lay out. their superfluities in some costly 
 things. There seems then no method so effectual for the 
 securing of a dead stock of treasure, in any country, as 
 the encouraging the use of plate ; by making it fashion- 
 able, preferable to more brittle or more perishable * com- 
 modities. Plate would be a national resource in case of 
 emergency, and not the less so, because the precious 
 metals had not as yet received the shape of coins. But 
 this dead stock, whilst it remained such, would not be 
 without its use ; real wealth is ever accompanied with 
 credit, and the influence of credit is frequently of the 
 greatest moment. He that is ready armed, is less liable 
 to be assailed; and silver and gold are keen and dcvStruc- 
 tive weapons. 
 
 XIX. Of Banks. 
 
 52. The several banks now subsisting in Europe, are of 
 
 73 
 
 * I have epoke before in favour of the arts, and I would not here 
 be understood to mean, that any of those whereby some of our own 
 people gain a livelihood, should be discouraged ; nor yet that those 
 of narrow circumstances, should aim at having plate : But those of 
 afiSuent fortunes might save themselves the expence of many super- 
 fluities, without affecting labour with us ; and these savings laid out 
 in plate would be of more benefit to their country, and to their own 
 posterity. 
 
412 0/MONEY, Parti. 
 
 a modern date j but it is not my intention here to meddle 
 either with their histories or particular constitutions. In 
 great trading cities, a public bank that issued no bills with- 
 out an equivalent in real treasure, whether in cash or bullion 
 it matters not much, must needs, I think, be very conve- 
 nient ; as therein, merchants and others may safely depo- 
 site large sums, and thence again draw their money out 
 at such times, and in such small parcels, as may suit with 
 their several occasions. Such a bank may be also of 
 some support to national credit, as the great sums known 
 to be there locked up, would be ready upon an emergency. 
 Bills of undoubted credit, are of great conveniency in 
 large payments, and besides, save the wear of coin. But 
 their extent should be restrained within due bounds : 
 Should they increase much beyond the real stock of 
 bullion that ought to be in their stead, they would prove 
 mischievous two ways ; by increasing in effect the quan- 
 tity of circulating cash beyond its natural level ; and by 
 endangering, in a cloudy day, their own credit. But the 
 profits to be made by lending, as I may say, of credit, are 
 temptations too strong to be resisted; and it may be 
 questioned, if any of the banks now subsisting, keep 
 exactly within the above rule, tho' some of them are 
 formed upon the very model here laid down. 
 
 Banks instituted to prevent the abuses from bad coins, and 
 from adulterations in the standards of monies. 
 
 53. The oldest bank now in Europe, I think, is that of 
 Venice; and the chief, if not all, of the rest, were insti- 
 tuted in the last century, and much upon the same model. 
 The bank of Amsterdam was established in 1607 ; that of 
 Hamburgh in 1619, and that oi Nuremburgh in 1631.* 
 
 74 It 
 
 * See more upon this head, in the Universal Merchant, a work 
 containing some judicious observations concerning trade. 
 
Parti. and COINS. 413 
 
 It appears, that tlie main if not the sole design of 
 erecting these banks, was for the fixing a kind of an 
 indelible standard of money; and thereby, to secure 
 merchants and others from losses by bad coins, whether 
 base or light; and from the dire effects of adulterating 
 the standards of monies, either at home, or by the neigh- 
 bouring states. These banks have answered admirably 
 well the ends of their institution; and it were to be 
 wished, that those ends had been more regarded in the 
 establishment of our own. At the times of establishing 
 the above banks, certain known coins of given weights 
 and firiteness, then current at certain rates in the respec- 
 tive places, were fixed upon as a perpetual standard, 
 which from thenceforward were called bank money. As 
 the current coins became afterwards diminished, either by 
 legal adulterations at the mints, or by wear, or otherwise, 
 a distinction was made between current and bank money, 
 called AGGio; and according to the real difference be- 
 tween these two sorts of money, the aggio amounted to 
 more or less per cent. These wise establishments contri- 
 buted greatly, towards stopping those baneful measures 
 of adulterating the standards of money, that had been so 
 frequently and so generally practised, in the dark preced- 
 ing ages. The genius of trade breathes and requires a 
 certain degree of security and freedom ; and banks, such 
 as we have been speaking of, can hardly ever take place 
 under arbitrary governments. 
 
 Complaints of the want of money, whence. 
 
 54. The doctrine that we have been inculcating is so 
 contrary to the common notions, that a want of money is 
 a common cry. All the scramble is for money ; few think 
 they have enough, and many complain. This probably 
 will be ever the case, nor would setting the mint to work 
 cure the evil ; and perhaps there is no where more want, 
 
 75 than 
 
414 0/ M O JS" E Y, Part I. 
 
 than where there is most money. The beggar hath no 
 property, nothing to exchange for money ; and if he will 
 not work, none would come to his share, if the common 
 stock was ever so much increased; a greater plenty of 
 money would be so far from being advantageous to him, 
 that he would run the greater risk of starving, as bread 
 and provisions of all sorts would then be so much the 
 dearer. The farmer complains, and thinks that if there 
 was more money in the country, his corn and cattle would 
 fetch a better price : They would fetch more money, but 
 not more of, any thing else that he wants ; and he would 
 not be at all bettered by this higher price, unless so far as 
 a sudden increase of money might ease him in his rent, 
 by lessening the intrinsic value of the specific sum which 
 he had agreed to pay. The same may be said to the mer- 
 chant, shop-keeper, 8fC. while all commodities keep the 
 same proportion of value in respect of one another, no one 
 reaps any advantage by the raising of the price in respect 
 of money, of his particular commodity. The complaints 
 of particular persons arise, not from a deficiency of money 
 or counters in circulation ; but from their own want of 
 property, want of skill, address, or opportunity of getting 
 more money ; or perhaps only for want of frugality, in 
 spending more than their income or proper share. Anti- 
 cipation is the grand source of distress and poverty, and is 
 an evil that takes ofi' much from the use of credit. 
 
 There is a limit to the vent and consumption of all sorts 
 of commodities. If, from an uncommon prolific season, 
 or because of a great demand at some late market, or 
 from any other cause, as a new cour'se of trade, Sfc. more 
 of any specific commodity be produced, than what the 
 usual or necessary consumption requires ; the price of it 
 will fall, and some will be left on the owner's hands. 
 Things growing out of fashion will frequently undergo the 
 same fate; and in both cases, the manufacturers and 
 dealers in those commodities will be complaining, the 
 
 76 workmen 
 
Parti. and COINS. 415 
 
 workmen will be turned adrift, and all imputing their 
 losses and disappointments to the want of money in the 
 country. But a greater plenty of money would not mend 
 or better their condition ; those who have it, will not be 
 persuaded to purchase more of this or that commodity, 
 than what their own wants, conveniency, or fancy prompt 
 them to ; and those who cannot make so much profit in 
 their respective professions as formerly, must either turn 
 themselves some other way, or be content to live more 
 frugally. But all will not be wise in time ; emulation in 
 show is a powerful incentive ; few can bear the thoughts 
 of retrenching while it is yet time, and many finding 
 themselves upon the decline, will grow desperate and pre- 
 cipitate themselves the faster. In all great towns, bank- 
 ruptcies wUl happen, and perhaps no where more frequent 
 than where wealth and money most abound. These evils, 
 if upon the whole they be evUs, are what the mines cannot 
 cure, but are rather what have been introduced and fos- 
 tered by them. 
 
 CHAPTER III. 
 
 Of Exchanges. 
 
 AS the accounts of particular persons living in remote 
 places, are frequently liquidated and discharged 
 by bills of exchange, without the intervention of money ; 
 and this being a subject of importance, and not generally 
 understood, excepting by particular merchants, it may not 
 be amiss in this place to give a brief account of the nature 
 and use of exchanges. 
 
 I. Bills of exchange) what. 
 
 55. It hath been before observed, that the chief end or 
 
 77 object 
 
416 O/MONEY, Parti. 
 
 object of commerce betwixt nationSj is a mutual exchange 
 of commodities one with another ; and this may be^ and 
 frequently isj carried to a great extent without the inter- 
 vention of money. But nevertheless the accounts are 
 every where kept and stated in money ; and it is almost 
 unavoidable, but that in all great trading towns, there 
 will be merchants, some having bullion owing to them in 
 one place, some in another ; some or other again that are 
 indebted to all those places, or to some other place which 
 is indebted to some one of those ; and so, by a kind of 
 chain, all trading countries become in some sort accompt- 
 ants with each other. 
 
 To avoid the charge, trouble and hazard of transporting 
 bullion backwards and forwards, for the supplying of these 
 different occasions ; the method of discharging debts, by 
 bills of exchange was introduced. This was an excellent * 
 
 78 invention ; 
 
 * This was the greatest security to merchants both as to their 
 persons and effects, and consequently the greatest encouragement 
 to commerce, and the greatest blow to despotism, of any thing that 
 ever was invented. For, by this sort of correspondence, merchants 
 can imperceptibly convey away their effects when and wherever they 
 please ; tod this they will never fail doing,- if they are in any wise 
 molested or threatened with danger. But at the same time, that 
 this is so beneficial to commerce, and to liberty, both in certain 
 degrees, inestimable blessings ; it weakens the attachments, and, as 
 I may say, the allegiances of tradesmen to their mother-country. 
 And I should not, for many reasons, chuse to have my abode where 
 the chief property and the chief rule was in mercantile hands. For, 
 as an alloy to its very great advantages, there is something selfish, 
 ungenerous and illiberal in the nature and views of trade, that tends 
 to debase and sink the mind below its natural state. Somewhat of 
 this must be allowed to be the natural genius and bent of trade. 
 Labourers or working people of aU sorts, are quite excluded out of 
 the present consideration ; and what is here said is not intended as 
 any reflection upon or disparagement to the other ranks of trades- 
 men : We live happily in a country, where various classes of men 
 by their daily intercourses do, as it were, humanize, and benefit one 
 the other a thousand ways, and correct those errors and notions, 
 which men confined to a particular sphere, are but too apt to fall 
 into. 
 
Part I. and CO I'tf S. 417 
 
 invention; these bills being as subservient in foreign 
 commerce, as coins are in home traffic ; for by shifting of 
 debts and credits from one place to another, they so far 
 answer all the purposes of money. Bills drawn betwixt 
 places in the same country, are called Inland bills; as 
 those drawn between different countries, are called Foreign 
 bills of exchange. 
 
 In all countries there are peculiar laws and customs, 
 relating to this business of exchanges, which merchants 
 and others immediately concerned should be well versed 
 in. It is not my design here to meddle with the practical 
 part of this useful commerce, but to explain its theory or 
 principles as briefly as I can, A part of what I here pro- 
 pose is so very well done to my hands in the * British 
 Merchant, thatl cannot do better in this place, than giving 
 the following extract from that useful work. 
 
 " Suppose the tenant in Wiltshire is to pay for rent 
 " lOOZ. to his landlord in London ; and the woollen-draper 
 " in London is to pay the like sum to his clothier in Wilt- 
 " shire : Both these debts may be paid, without transmit- 
 " ting one farthing from the one place to the other, by 
 " bills of exchange, or by exchanging one debtor for the 
 " other, thus : That is, the tenant may receive his land- 
 " lord's order to pay 100^. to the clothier in the country; 
 " and the woollen-draper may receive his clothier's order 
 " to pay the like sum to the landlord in town. These two 
 " orders are properly call'd bUls of exchange; the debts 
 " are exchanged by them, that is, the woollen-draper in 
 " town, instead of the tenant in the country, is become 
 " debtor to the landlord ; and the tenant in the country, 
 " instead of the woollen-draper in town, is become debtor 
 " to the clothier ■ And when these orders are comply'd 
 " with, the two debts between London and the country 
 " are discharged, without sending one shilling in specie 
 " from the one to the other." 
 
 79 " In 
 
 * Vol. III. small edition, p. 97, 98, 99. 
 
418 0/MONEY, Parti. 
 
 " In like manner, the warehouse-man in London is in- 
 " debted in 100/. for stuffs, to the weaver in Norwich ; 
 " and the linen-draper in Norwich is indebted in the like 
 " sum to the Hamborough merchant in London; both 
 " these debts may be paid by bills of exchange, or by the 
 " exchange of one debtor for the other, by placing one 
 " debtor in the other's stead ; that is, the warehouse-man 
 " may receive the order of his weaver, to pay lOOZ. to the 
 "Hamborough merchant; and the linen-draper may re- 
 " receive the order of the Hamborough merchant to pay 
 " the like sum to the weaver. These orders are bills of 
 " exchange ; the debtor in one place, is changed for the 
 " debtor in the other; and thus both debts may be paid, 
 " without sending one single shilling in specie from the 
 " one city to the other." 
 
 " If the debts reciprocally due between London and 
 " Norwich, are equal ; whether they are lOOL or 10,000Z. 
 " they may be all discharged in this manner by bills of 
 " exchange, without sending any money in specie from 
 " the one to the other." 
 
 " But if the debts due from both places are not equal, 
 " then only the same quantity of debts on both sides, can 
 " be paid by bills of exchange. The ballance must be 
 " sent in money from the city, from whence the greatest 
 " sums are due. For example : If by the trade between 
 " London and Norwich, the former owes 10,000Z. to the 
 " latter, and the latter no more than 9000Z. to the former, 
 " it is manifest, that only the debts of 9000/. on each side 
 " can be discharg'd by bills of exchange ; the ballance of 
 " 1000/. must be sent either from London or some other 
 " place indebted to London, to even the accompt between 
 " both the cities." 
 
 " Let us suppose then, that to send and insure 1000/. 
 " in specie to Norrwich, would cost 5/. or 10s. per Cent. 
 " which of the debtors in London would be willing to be 
 
 80 "at 
 
Parti. and COINS. 419 
 
 "■ at this charge ? It is natural to believe that every one 
 " will endeavour to shift it off from himself, that every 
 " one will endeavour to pay his money hy a bill of ex- 
 " change ; it is natural to believe that every one, rather 
 " than stand the cost and hazard of sending lOOZ. in 
 " specie, would pay lOOZ. 5s. in London for a debtor in 
 " Norwich, upon condition that the Norwich debtor should 
 " pay 100/. for him in that city. By which means the 
 " Norwich debtor would pay his debt of 100/. in London 
 " with less than that sum, while the London debtor would 
 " be obliged to give more than that sum for the payment 
 " of lOOZ. in Norwich. And if such for years together 
 " were the course of exchange between London and Nor- 
 " wich, there could be no question to which of the two 
 " cities a sum must be sent in specie to pay the ballance ; 
 " that city undoubtedly pays the ballance that gives more 
 " than the par, that undoubtedly receives the ballance 
 *' that gives less than the par for the bills of exchange. 
 ■" The course of exchange in this case would sufficiently 
 " decide, that the ballance of trade is on the side of that 
 " city that procures bills of exchange upon the most easy 
 " terms." 
 
 Foreign exchanges further explained. 
 
 56. The above example taken between two English 
 towns, explains the theory of exchanges very distinctly. 
 And from hence it may be easily conceived, how the busi- 
 ness of exchange may be carried on between any number 
 of foreign towns. As, suppose that London is indebted to 
 Paris in a sum of 100,000 ounces ; Paris in a like sum to 
 Hamborowgh ; Hamborough in the same sum to Leghorn ; 
 Leghorn to Amsterdam ; Amsterdam in the like sum to 
 London. All these several debts may be cancelled and 
 discharged by bills of exchange, without the transportation 
 
 81 of 
 
420 0/ M O N E Y, Part I. 
 
 of one ounce of bullion or one penny of money. For 
 instance, London discharges its debt at Paris, by a bill 
 drawn upon Amsterdam; Amsterdam pays this bill by 
 another drawn upon Leghorn ; Leghorn again draws upon 
 Hamhorough ; and lastly, by this rotation the debt from 
 Paris to Hamhorough becomes likewise discharged ; and 
 all the above named towns respectively are cleared of all 
 accounts with each other. And the several debts above 
 supposed being equal, the debts of the respective places 
 will be discharged with the exchange at par, or without 
 loss or gain to either. But as all the above towns may 
 have mutual accounts, each with all the rest, and with 
 many others ; the real practice of exchange branches out 
 into an immense labyrinth, not easily unfolded without 
 much experience and application. 
 
 II. Par of exchange, what. 
 
 57. The exchange is said to be at par or even, between 
 two places, when a given sum paid in the one, will pur- 
 chase a bill for the like or a sum of the same intrinsic 
 value, to be received in the other. To avoid all ambiguity, 
 the several accounts in the preceding article were stated 
 in ounces. But as all countries keep and state their 
 accounts in their own money, and most places have pecu- 
 culiar coins of their own; this makes it necessary that 
 merchants, who are citizens of the world in a stricter sense 
 than any other, should know exactly the true proportional 
 values of the monies of all countries in respect of one 
 another ; that is, how much fine silver, or fine gold, if the 
 accompts are kept in gold, are contained in the respective 
 standards or monies of the several countries to or with 
 which they traffic. These proportions being known and 
 stated, the monies of the world are thereby in effect reduced 
 
 82 to 
 
Part I. an<? C O I N S. 421 
 
 to one common standard ; and it may be readily seen, how 
 much of the money of one country is an equivalent to, or 
 contains an equal quantity of silver with, a given sum in 
 another country. 
 
 The equality of silver, expressed by different denomina- 
 tions of coins, constitutes what is usually called the par of 
 exchange betwixt any two countries. In stating this par, 
 some particular specie or sum of the money in one country, 
 is usually made the unit or integer, which always remains 
 fixed and unalterable ; and the proportion or equality is 
 expressed in specie of a smaller value of the other country ; 
 and it is in these specie that the price is expressed as the 
 exchange varies : As if the exchange betwixt London and 
 Paris be reckoned in pence and ecu's, and a French ecu 
 contains as much silver as there is in 29^ pence sterling ; 
 then the ecu is the unit, and %9\ is the par of exchange 
 betwixt London and Paris. In the mercantile language 
 of exchange, that country wherein the unit is established, 
 as in the above instance Paris in respect of London, is said 
 to give the certain for the uncertain; as London again 
 gives to Paris the uncertain for the certain. London gives 
 the certain for the uncertain, that is, the pound sterling for 
 their schillings, to Holland, Flanders and Hamborough; 
 and to France, Spain, Portugal and Italy, London gives an 
 uncertain number of pence, as the exchange governs, for a 
 certain sum in their money. 
 
 Those who are not accustomed to this business, are apt 
 to be in doubt whether the exchange rising, for instance, 
 be in our favour or against us. This doubt may be always 
 cleared by this short rule: The higher the exchange 
 between any two countries is, the more it is in favour of 
 that wherein the unit or invariable sum is established; 
 and the lower, the more in its disfavour. Thus, the higher 
 is the exchange betwixt London and Amsterdam, the more 
 is it in favour of London, as then the more Dutch schillings 
 are given for the pound sterling. On the contrary, the 
 
 83 higher 
 
422 0/ M O N E Y, Part I. 
 
 higher is the exchange between London and Paris, the- 
 more is it against London, as then the French ecu ex- 
 changes for a greater number of pence sterling. 
 
 III. The true par of the exchange between different coun- 
 tries, difficult to he ascertained. 
 
 58. Those who have made the proper experiments, find 
 that most of the foreign mints are very inaccurate ; and 
 this makes it difficult to ascer<>ain what are the precise 
 values in respect of one another, of the legal monies of 
 different countries ; and this is all that is usually aimed at 
 by the calculators of the far of exchanges. But this 
 knowledge, if it could be obtained with ever so much pre- 
 cision, would be of very little service to the merchant, as 
 the state of the coins in most places now stands. What 
 the merchant must regard, is, the amount in bullion of 
 what he usually receives in consideration of a given sum 
 of money. 
 
 If the ballance due from any country, be usually re- 
 mitted in coins, and those coins be wore or otherwise 
 diminished below the legal standard; this will make a 
 seeming difference in the true par, and the exchange in 
 appearance will be against that country when it is really 
 even. 
 
 If in any country, gold be over-rated with respect to 
 silver, this will naturally drain . away its silver coin, and 
 gold coins will become most current in large payments ; 
 In this case, the merchant will make gold his standard, 
 and rate the exchange accordingly. This will create a 
 difference from the nominal par of the exchange, which 
 will be more or less, according as gold is more or less 
 over-rated ; and with this cause of over-rating gold, the 
 lightness of the coins both gold and silver will also co- 
 operate, in proportion to the quantities of them exported ; 
 
 84 from 
 
Part I. and COINS, 423 
 
 from both whicli causes the difference between the true 
 and nominal par may be very considerable. 
 
 These observations may serve to dispel the gloomy 
 apprehensions which some are apt to entertain, from the 
 course of exchange in general appearing so much against 
 England ; and they also plainly shew that the course of 
 exchange betwixt different countrieSj is not so critical and 
 exact a rule for measuring the ballance of trade, as is 
 commonly imagined ; since it is hardly possible tb ascertain 
 what is the true par. But the exportation of bullion, is a 
 certain sign of the exchange being really in favour of that 
 country to which it is sent; and the variations in the 
 exchanges, point also the variations in the ballance of 
 trade; though, in general, the rate of the exchange at a 
 particular time, is scarce sufficient for determining on 
 which side the ballance then turns. 
 
 IV. Course of exchange, what. 
 
 59. The price at a certain time and place, of bills of 
 exchange for given sums drawn upon another place, is 
 called the course of exchange between those two places at 
 that time ; and this is frequently different from the pae, 
 and more or less than an equivalent in fine silver or fine 
 gold is to be paid in one place, for a given sum to be 
 received in the other. Thus, supposing the par of ex- 
 change betwixt London and Paris to be 29i pence sterling 
 for a French ecu ; it might happen at one time that a bill 
 upon Paris might be purchased at London, at the rate of 
 28 pence for an ecu; and that at another time no bill 
 could be had under 30^ or 31 pence. 
 
 As the ballance of accounts between the several trading 
 nations of the world, must be continually varying, and 
 frequently shifting to different sides; so the course of 
 exchange will be ever fluctuating, and it will be more 
 advantageous to make remittances through certain chan- 
 
 85 nels 
 
424 (y M O N E Y, Part I. 
 
 Eels at one time, and by different ways at another. But 
 as it would be difficult for the gross body of merchants to 
 unravel these intricate clues, and to find out and supply 
 each other's wants and conveniences ; particular persons 
 apply themselves to this business, and drawing and remit- 
 ting by bills of exchange is it self a distinct trade. The 
 remitter * or trader in bills of exchange, must have a real 
 stock or credit in the several places with which he cor- 
 responds ; for bills, strictly speaking, pay no debts ; they 
 only transfer credit from one place to another; and when- 
 ever the demand for bills to one place, are greater than 
 the remitters can answer by their credit or stock in other 
 places, they must then transport as much bullion as will 
 satisfy their correspondents. But the principal skill of a 
 remitter consists in finding where and when bullion will 
 fetch most, or where credit or bills are to be had cheapest, 
 and where and when to transfer this credit to most ad- 
 vantage. For bills of exchange being substitutes for 
 bullion, are themselves as much a commodity as bullion, 
 or any thing else ; and the dealers in them make their 
 profits in the very same way that other merchants do, by 
 observing the advantages of different markets. 
 
 V. Price of bullion, how influenced. 
 
 60. A demand for bills upon a particular place, raises 
 their prices, as in other cases ; and when these prices have 
 got up to a certain degree above par, the price of bullion 
 wUl be also advanced above the standard of the country. 
 For, dearness of bills causes a demand for bullion to be 
 exported, and in proportion of the demand to the stock in 
 
 86 the 
 
 * Dealers in bills of exchange are in general terms usually called 
 remitters : But with respect to a particular transaction, he who sells 
 a bill, to be paid by his correspondent in another place, is called the 
 drcmer ; and he who buys the said bill, and sends it abroad to have 
 the value received by a fourth person, is called the remitter. 
 
Part I. and COIN S. 425 
 
 the market, the price of bullion will be raised. To take 
 advantages when and wherever they offer, is the object 
 and business of commerce. Again, by transporting of 
 bullion the price of bills will be lowered ; that again will 
 gradually lower the price of bullion, until the prices of 
 each are again brought to a par. The price of bills may 
 be reduced below par ; but bullion can never be lower than 
 the established standard, the mint being always open to 
 receive it at the standard or mint price. 
 
 VI. National interest, how influenced by the course of 
 exchange. 
 
 61. It seems, upon the first view of the thing, that a 
 country which oweth a ballance to another, must pay a 
 prsemium upon all the bills that pass between them. As, 
 supposing that in the accounts betwixt England and Hol- 
 land, we owe the Dutch an 100,000 ounces ; and that they 
 owe us 90,000 ounces ; and supposing also that this bal- 
 lance of 10,000 ounces which we owe to them, brings the 
 exchange against us one per cent. It seems, I say, as if 
 we must pay this one per cent, not merely upon the bal- 
 lance of 10,000, but upon the whole 100,000; and on the 
 other hand, that we shall receive short from them one per 
 cent, upon the whole 90,000 which they owed us ; that is, 
 that we must pay the Butch 101,000, whilst they vrill dis- 
 charge their debt to us with 89,100; so that our whole 
 loss, upon the above suppositions, amounts to 1,900. This 
 at first view seems to be the exact state of the case; but 
 upon examining this matter a little closer, I think, it will 
 appear that the loss to England by the exchange, is or- 
 dinarily no more than what falls upon the ballance of 
 10,000. Suppose the whole account at London to stand 
 betwixt two persons, both Englishmen ; B at London oweth 
 D at Amsterdam an 100,000; C another Dutchman at 
 Amsterdam oweth A at London 90,000. B pays to A 
 
 87 91,000 
 
426- 0/MONEY, Parti. 
 
 91,000 for a Mil upon C to pay D 90,000; by this trans- 
 action the 90,000 Dutch debt at London is quite cleared, 
 and what 5 lost was gained by A. If the affair had been 
 transacted at Amsterdam, the gain would have fallen to 
 the share of the debtor C, and the loss on the creditor D ; 
 for C with 89,100 would have purchased of D a bill for 
 90,000 upon B. But although affairs of this kind are 
 always transacted between several persons, yet at last it 
 comes to the same thing; and the whole gains, so far as 
 bills will reach in liquidating the accounts, falls to the 
 creditors on one side of the water, and to the debtors on 
 the other. In the case above supposed, if some of the 
 Dutch creditors reside at London, or some of the English 
 creditors at Amsterdam, this will turn the scale to the ^ve,- 
 jniice of England. These observations plainly shew, that 
 any calculations of national profit or loss from the course 
 of exchange, must needs be very precarious. Yet is it 
 almost certain that by these transactions, that country 
 will sustain some loss against which the exchange bears ; 
 and there is no other way of bringing the ballance even, 
 but by the exportation of goods or bullion. 
 
 VII. The course of exchange influenced by various causes. 
 
 63. A demand for bills upon a particular place, may 
 proceed from various causes; but these are chiefly re- 
 ducible to the baUance of trade upon the whole, or between 
 particular places. Bullion, like other commodities, tra- 
 verses through different climes, and is ever of least value 
 where it most abounds. Spain and Portugal being the 
 chief sources from whence this commodity is drawn to the 
 rest of Europe, it is there cheapest and their chief staple ; 
 and hence, in the usual phrase, the ballance of trade and 
 the course of exchange will be every where against them. 
 This is natural, and is no more to their prejudice, than it 
 would be to the English to have the ballance against them, 
 
 88 if 
 
Part I. and COINS. 427 
 
 if the money of Europe was tin ; as would then he the 
 casej because we have the most considerable mines of that 
 metal. In like manner^ and for the same cause, it is 
 natural that the ballance of trade, and with it the course 
 of exchange, between the more southern and the northern 
 parts of Europe, should be in favour of the latter; and 
 this in general is the matter of fact. 
 
 The business of exchange between England and Ger- 
 many, and the northern countries, is chiefly transacted at 
 London and Amsterdam. The course of exchange then 
 between us and Holland, indicates how the state of 
 accounts stands between us and all those countries in 
 general, but not in respect of any one in particular. The 
 ballance of our trade to Holland may be greatly in our 
 favour, and yet the exchange to Amsterdam be generally 
 against us ; both which are supposed to be matters of fact. 
 Our debt to foreigners operates in the same manner as a 
 ballance of trade against us, to the whole amount of the 
 dividends owing to them ; and the same is true as to all 
 foreign subsidies. If those dividends paid to foreigners 
 contribute to enlarge our manufacturies and exports, our 
 loss is thereby alleviated ; but if they do not, that is, if 
 our commerce remains in statu quo, we are losers to their 
 whole amount, and that equally whether their produce is 
 exported in goods or bullion ; if they are sent in goods, 
 they prevent so much bullion from coming to us. This is 
 an affecting consideration, and the sources of this country 
 must be prodigious great to be enabled to sustain so great 
 a burden. But let us not be too secure, and neglect a 
 matter of so much importance. 
 
 VIII. Bullion is not exported till the exchange is at a 
 certain limit from par. 
 
 63. Merchants always prefer bills of exchange, whilst 
 they are to be had at moderate rates, before buUion. or 
 
 89 cash. 
 
428 0/ M O N E Y, Part I. 
 
 cash, which with them is the same thing ; and bullion is 
 never transported from one place to another, till the 
 exchange is at a certain distance from par ; and this dis- 
 tance is again limited by the expence of transporting 
 bullion, wherein is included, besides the freight, com- 
 mission and insurance. And hence, the whole fluctuation 
 in the course of exchange is very different between dif- 
 ferent places. Betwixt London and Paris, the exchange 
 must vary about | per cent, from par, before bullion, at 
 least in any quantity, will be sent from either side. The 
 freight of bullion from London to Calais is about ^ per 
 cent, from thence to Paris about ^, insurance in the whole 
 to Paris about f, which make altogether | per cent. ; and 
 so much at least the exchange must be against us, before 
 any bullion will be sent from London to Paris; and it 
 must be as much in our favour, before any bullion will be 
 brought hither from thence. By this reckoning, the ex- 
 change betwixt London and Paris may vary 1 J per cent. 
 before gold or silver will move towards either side. To 
 Amsterdam, the expence of transporting bullion from 
 London, is less than to Paris ; to some other places, this 
 expence is greater, and accordingly the exchange varies 
 less or more between different countries ; because, as hath 
 been before observed, the transportation of bullion keeps 
 the course of exchange within a certain limit. 
 
 Bills are frequently drawn, and bullion carried, between 
 two places that are even in their accounts, to pay debts in 
 a third place. If the exchange betwixt Calais and Paris 
 be against Calais, and it be at par directly between Calais, 
 London and Paris; a merchant at Calais will pay his 
 debts at Paris by a bill upon London : And if .the 
 exchange betwixt him and Paris and betwixt London and 
 Paris will permit, our Calais merchant wiU purchase a 
 London bill by sending gold thither, instead of sending 
 it directly to Paris. It is yi finding and taking the 
 
 90 advantages 
 
Part I, anc? C O I N S. 429 
 
 advantages of the several markets, that the mystery of 
 this traflBc by exchange doth principally consist. 
 
 This short account may sufBce to explain the general 
 theory of exchanges ; a theory curious in it self, and the 
 practical part is extreamly useful for the purposes of 
 foreign commerce. But to meddle with that, doth not 
 fall within the compass of my design. 
 
 The End of the Fiest Part, 
 
 91 
 
AN 
 
 ESSAY 
 
 UPON 
 
 MONEY and COINS, 
 
 PART II. 
 
 WHEREIN IS SHEWED, 
 
 That the established Standard of 
 MONEY fhould not be violated or 
 altered, under any pretence what- 
 foever. 
 
 'by Ma'-'->s 
 
 LONDON, 
 
 Printed : Sold by G. Hawkins at Milton's Head, by 
 
 the Middle 1'emple-Gate, in Fleet-Jireet. 
 
 M.DCC.LVIII. 
 
 J 1 ^V 
 
TO THE RIGHT HONOURABLE 
 
 HENEY BILSON LEGGE, 
 
 One of the Lords of the Treasury, Chancellor and 
 Under-Treasurer of the Exchequer, and one of the 
 Lords of His Majesty's Most Honourable Privy- 
 Council. 
 
 SIR, 
 
 THE subject of the following sheets, pecu- 
 liarly requires and deserves the protection 
 of an able and honest patron ; for, important as 
 it is to the public welfare, few men perfectly 
 understand it, and too many have industriously 
 perplexed it, some perhaps, for private views of 
 their own. 
 
 The free access which your friendship hath 
 allowed me, hath given me many opportunities 
 of observing the close application you are always 
 ready to give to every subject, in which the in- 
 terest of your country is concerned ; and of admi- 
 ring the happy talent you possess of explaining 
 those which are of the most intricate nature, with 
 the greatest clearness, strength, and precision. 
 
 3 Permit 
 
434 
 
 Permit me therefore, Sir, to inscribe the follow- 
 ing tract to you, as a token of the affection I bear 
 to your private as well as of the respect I pay to 
 your public character. 
 
 / am, 
 SIR, 
 
 Your most faithful 
 
 and obedient servant, 
 
 The Author, 
 
 THE 
 
THE 
 
 PREFACE. 
 
 IN the preceding part of this essay, I have 
 endeavoured to explain the theory and nature 
 of money, in such a manner, as to leave no room 
 for any doubts or difficulties concerning it. But 
 notwithstanding all my care, T do not expect 
 universal approbation : Such are the infinite 
 diversities and warpings of the human mind ; and 
 such are the inadvertencies, perversenesses and 
 prejudices of many, that unanimity in any one 
 point is hardly to be expected. And unfortu- 
 nately, money is a subject wherein men in general 
 have given themselves the least trouble of enquiry; 
 and yet a subject upon which they think them- 
 selves best qualified and best entitled to decide : 
 A subject upon which, more jejune, incoherent 
 and dangerous positions have been held, and more 
 glaring absurdities advanced, than, perhaps, upon 
 any other whatsoever. But truth is mighty ; and 
 to as many as can think freely for themselves, and 
 have considered what I have already laid before 
 them, I hope that what is here offered will appear 
 evident and incontestible. 
 
 5 The 
 
436 
 
 The design of this second part is a very arduous 
 and important one : It is to defend and preserve 
 every man's right and property ; to preserve un- 
 sullied the national faith, honour and credit ; to 
 preserve a reign hitherto distinguished by equal 
 laws and equal administration of justice, from a 
 blot that would remain to all posterity : To vin- 
 dicate and defend aU these, I say, from an assassi- 
 nation in the dark, by a debasement of the long 
 established standard of property. Some of our 
 opponents in this question, no doubt, mean well ; 
 and persist in their errors for want of understand- 
 ing the subject, and that perhaps too, only from 
 their not having duly considered it. Others, it is 
 to be feared, seek only their own private gain ; in 
 competition with which, it is not to be expected 
 that with such men, either the dishonour or dis- 
 tresses of their country, should have much weight. 
 
 Towards the close of the last century, this 
 country swarmed with projectors, who were for 
 debasing the standard of money. These were 
 fully answered, if they would have taken an 
 answer, by the great Mr. Locke, as to the point 
 then in debate. The very ill state of our coin at 
 that time, might mislead many well meaning 
 people into wrong notions, as to the means of 
 redressing that great evil, which the nation then 
 labour'd under : But, after what was then said 
 and done, to have the same false doctrine main- 
 
 6 tained 
 
437 
 
 tained and propagated at this day, is truly matter 
 of astonishment. 
 
 Mr. Locke seems to ha,ve been called to this 
 work, before he had considered the subject at 
 large ; and although he was perfectly right as to 
 the main point then in debate ; yet it must be 
 owned that his tracts upon this subject, though 
 x^oluminous, if considered as a system of the 
 theory of money, are very deficient and imperfect, 
 if not in some places bordering upon mistakes. It 
 is with much reluctance, but it is with a very 
 honest design, that I say thus much to the dis- 
 paragement of this truly eminent author : It is 
 to guard the reader against trusting too far to a 
 guide, that would scarce be able to conduct him 
 clear of many obstacles that might fall in his way. 
 
 I have endeavoured to supply this defect, to 
 remove all those diflSculties which seem to have 
 misled people upon this delicate, complex, and 
 important subject, and to frame the whole struc- 
 ture upon self-evident principles. It should not 
 be here concealed that we have on our side of the 
 question, some of the most distinguished names 
 that this or any other country hath produced : 
 No less than the great Lord Burleigh, Lord 
 Halifax, Lord Sommees, Sir Thomas Bowe, Mr. 
 Locke, Sir Isaac Newton, Martin Folkbs, Esq ; 
 8fG. Some of these are quoted, in their own words, 
 in the first ensuing chapter ; and it is but fair and 
 
 7 equitable, 
 
438 
 
 equitable, that those who will not or cannot think 
 for themselves, should pay a due regard to such 
 venerable and great authorities. 
 
 Before I conclude, I ought in justice to acquaint 
 the reader, that this tract was not undertaken from 
 any apprehension, that our government now hath 
 or is likely to have any design of altering our 
 standard ; it is rather with a view to the quiet of 
 those in power from the importunities of wrong- 
 headed politicians,- as well as to the safety of the 
 whole from the intrigues of wily projectors. 
 
 THE 
 
THE 
 
 CONTENTS. 
 
 CHAP. I. 
 
 A Summary account of all the alterations that have been 
 
 -^-'- made in our standard of money, from the Norman 
 conquest to the present time ; with the opinions of some very 
 eminent men, touching any alteration in the standard of 
 money page 13 to 20 
 
 Extracts from Maetin Folkes, Esq., his Table of English 
 silver coins, on the debasing of the money in Edwakd VI. his 
 time : Also extracts from two sermons preached before the 
 King, by the truly excellent prelate bishop Latimer, on the 
 same subject 14 to 18 
 
 Observations on what was done by Q. Mart and Q. Elizabeth 
 in relation to the standard 18 
 
 Reference to an excellent speech relative to this subject, made at 
 the council table in July 1640, by Sir Thomas Rowe, kt., 
 (Sib Eobeet Cotton) . . 19 
 
 The several ways by which the standard of money might be 
 debased 20 to 22 
 
 CHAP. II. 
 
 THE established standard of money, should not be violated or 
 altered, under any pretence whatsoever 22 
 
 Standards of all sorts of measure, necessary ... 22 to 2^ 
 
 Established standards should be inviolably kept, and more 
 especially that of money 24 to 25 
 
 Observations on our laws relating to the standard of money 
 
 25 to 27 
 
 9 The 
 
440 The Contents. 
 
 The effects of debasing the standard of money, more particularly 
 explained; and who they are that would be the principal 
 sufferers by such a scheme .27 to 34 
 
 Trade requires, and in effect will have, an indelible standard of 
 money 27 to 29 
 
 Debasing the standard of money — 
 
 —^^— Would prove very injurious to the government 29 <o 3 1 
 
 Would invalidate all preceding contracts ; and yet by 
 
 its affecting credit, might prove injurious to debtors, and all 
 in distressed circumstances ... ... ... ... ..j 31 to 32 
 
 Would be mostly injurious to those who live on thfir 
 
 own established properUes 32 
 
 Would be productive of many evils that could not be 
 
 remedied even by a contrary law 33 
 
 Would occasion culling, and transporting of the old 
 
 coins at an undervalue 33 
 
 Causes vf debasing the standard of money, enquired into ; and 
 who, most probably, were the promoters of that pernicious 
 scheme 34 to 36 
 
 The various pretences for debasing the standard of money, 
 stated " 36 to 38 
 
 Why coin and bullion of the same metal and fineness, are not 
 always of the same value, or will not exchange in equal 
 quantities one for the other 38 
 
 Bullion can never be lower, but may be frequently higher, than 
 mint-price 39 to 41 
 
 The not rating gold and silver coins in a due proportion to each 
 other, as they are at a medium in the neighbouring countries, 
 will heep that metal which is lowest rated from coming into 
 the mint 41 to 44 
 
 Difference between, money and mere bullion, farther illus- 
 trated 44 to 45 
 
 The various pretences for debasing the standard of money, are 
 all answered under the several heads following. 
 
 Coinages should in no wise be forced 46 
 
 Purchasing bullion at an advanced rate for coining, a weak 
 
 and insignificant measure 46 to 48 
 
 Curtailing the standard, will not lengthen out the coin ; but, on 
 
 the contrary, will occasion a greater scarcity in common 
 
 currency 48 to 49 
 
 Debasing the standard would not prevent coins from being 
 
 melted, or exported 49 tg 50 
 
 10 Foreign 
 
The Contents. 441 
 
 Foreign slates debasing th eir coins, not a reason for the debasing 
 of ours 50 to 52 
 
 The lightness of our coins not a reason for altering the stan- 
 dard 53 to 53 
 
 The effects of diminishing coins by law, and what they suffer 
 in private hands, very different. Currency by tale, regards 
 chiefly the standard 53 to 55 
 
 Any infringement of the standard of money, however small, 
 would be proportionably injurious 55 
 
 All the species of coins made of the same metal, should be rated 
 in a just proportion to each other 55 to 57 
 
 Silver only, and not Gold, is the standard of our money ; and 
 not the less so, because gold coins have a fixed rate by 
 law 57 to 60 
 
 Gold being made a standard by merchants, doth not make gold 
 to be the national standard 61 to 64 
 
 Lowering the price of gold would be of no loss to the nation ; 
 and the lowering it directly, by lessening its rate, would be of 
 less loss to individuals than if the same was done indirectly, 
 by debasing the silver or standard of motley ... Si to 67 
 
 The nation being in debt to foreigners, is not a reason for 
 altering the standard 68 to 70 
 
 Former transactions have no relation to the present value of 
 money 70 to 73 
 
 Of debasing or raising the nominal values of coins in 
 general 73 to 74 
 
 An extract out of a late book concerning the amazing effects of 
 debasing the coins in Fiitace 74 to 76 
 
 Answered 77 to 78 
 
 The several species of coins made of the same metal, should be 
 all of the same ^neness 78 to 79 
 
 Reference to Mr. Rice Vaughan concerning base coins 79 
 
 Postscript, of standard measures 80 to the end. 
 
 11 
 
PART II. 
 
 CHAPTER I. 
 
 A summary account of all the alterations that have been 
 mxide in our standard of money, from the Norman con- 
 quest to the present time, with the opinions of some very 
 eminent men upon those kinds of measures. 
 
 THAT the reader may comprehend at one view, the 
 several alterations that have been made in our 
 money standard, ever since the Norman conquest ; I have 
 inserted the following table, computed to my hand by the 
 late learned Martin Folkes, Esq.; and printed in his 
 curious Table of English silver coins, &c. p. 143 ; to which 
 I have added the proportion which, in our coins, fine gold 
 bore to fine silver, at the respective times therein specified, 
 fine silver being reckoned unity or 1. 
 
 13 1. A 
 
444 
 
 0/ M O N E Y, 
 
 Part II. 
 
 1. A Table shewing at one view, the several alterations that have 
 been made in the standard and weight of our silver money, from 
 the Norman conquest to this time (1758). 
 
 
 
 Fineness 
 
 Weight of 
 
 Value in 
 
 
 Einegold 
 
 Tears of the kings 
 
 of the 
 
 20 sh. in 
 
 present 
 
 Propor- 
 
 to fine - 
 
 reign, and A.B. 
 
 silver 
 
 tale. 
 
 money. . 
 
 tion. 
 
 silver. 
 
 
 
 
 Troy wt. 
 
 
 
 
 
 oz. dwts 
 
 oz. dwts. gr. 
 
 £ s. d. 
 
 
 
 Conquest 
 
 1066 
 
 11 2 
 
 11* 5 
 
 2 18 li 
 
 2.906 
 
 l No 
 J gold. 
 
 28 Bdw. I. 
 
 1300 
 
 
 11 2 5 
 
 2 17 5 
 
 2.87i 
 
 18 Edw. III. 
 
 1344 
 
 
 10 3 
 
 2 12 5J 
 
 2.622 
 
 12.583 
 
 20 ditto 
 
 1346 
 
 
 10 
 
 2 11 8 
 
 2.583 
 
 11.571 
 
 27 ditto 
 
 1353 
 
 
 9 
 
 2 6 6 
 
 2.325 
 
 11.158 
 
 13 Hen. IV. 
 
 1412 
 
 
 7 10 
 
 1 18 9 
 
 1.937 
 
 
 4 Bdnr. IV. 
 
 1464 
 
 
 6 
 
 1 11 
 
 1. 65 
 
 10.331 
 
 18 Hen. VIII. 
 
 1627 
 
 
 5 6 16 
 
 1 7 6f 
 
 1.378 
 
 11.267 
 
 3i ditto 
 
 1548 
 
 10 
 
 5 
 
 1 3 3i 
 
 1.163 
 
 10.436 
 
 36 ditto 
 
 1545 
 
 6 
 
 5 
 
 13 Hi 
 
 0.698 
 
 6.818 
 
 37 ditto 
 
 1546 
 
 4 
 
 5 
 
 9 3| 
 
 0.466 
 
 5. 
 
 3 Edw. VI. 
 
 1549 
 
 6 
 
 3 6 16 
 
 9 3J 
 
 0.466- 
 
 6.151 
 
 5 ditto 
 
 1551 
 
 3 
 
 3 6 16 
 
 4 7f 
 
 0.232 
 
 2.011 
 
 6 ditto 
 
 1552 
 
 11 1 
 
 4 
 
 1 6f 
 
 1.028 
 
 11. 05 
 
 IMaiy 
 
 1553 
 
 11 
 
 4 
 
 1 5J 
 
 1.024 
 
 11. 05 
 
 2Eliz. 
 
 1560 
 
 11 2 
 
 4 
 
 10 8 
 
 1.033 
 
 11. 1 
 
 43 ditto 
 
 1601 
 
 11 2 
 
 3 17 10 
 
 1-. 
 
 1. 
 
 10.005 
 
 Observations on the foregoing Table. 
 
 2. From the above table, it appears that the standard 
 of money remained unaltered here, for the space of 234 
 years after the conquest ; during which period, a pound in 
 money was also a pound in weight. After the old stand- 
 ard had been once broke upon, it was again and again 
 curtailed ; however, they observed some measure, and the 
 old standard of fineness was preserved, tiU the 34 Hen. 
 VIII. This king afterwards reduced the standard to less 
 
 14 than 
 
 ■Tfr^. 
 
 The Saxon or Tower pound, which was then the common 
 weight, and continued to be the money weight tiU the 18th year of 
 Henry Jin. was but II oz. 5 dwt. troy, so that 20 shillings in tale 
 was then exactly a pound in weight. 
 
Part II. and COINS. 445 
 
 than one third of what it had been for 63 years, before he 
 began to tamped with it ; and in the fifth year of the reign 
 of his son young king Edward, the money standard was 
 reduced to less than one fourth of what it is at present ; 
 and they were so extravagant as to raise up silver at the 
 mint to about half the value of gold. What were the 
 immediate effects of those wild measures, historians have 
 not been particular in informing us ; but they must needs 
 have been calamitous in a thousand respects: That the 
 evils were very grievous, may be conjectured from the 
 bold step taken the very next year, of increasing at once 
 the standard betwixt four and five times : A measure so 
 extraordinary, that it must have been attended with 
 infinite disorders, if the people in their dealings, during 
 that short dark period of debasing the money, had not 
 endeavoured to have kept to the standard, as it was in the 
 preceding times. Besides the unavoidable evil of hoard- 
 ing, or transporting of the old coins at under rates, and 
 more especially the gold ones, to the very great loss of the 
 nation ; it appears by the following proclamation, that the 
 people either refused to bring their goods to market, or 
 not to sell them but at very high rates. 
 
 " 3. * In 1550, Sept. 22. A proclamation was set 
 " forth, by which it was commanded, 1. That no kind of 
 " victual, no wax, tallow, candles, nor no such thing 
 " should be carried over, except to Calais, putting in 
 " sureties to go thither. 2. That no man should buy or 
 "sell the self-same things again, except broakers, who 
 " should not have more than ten quarters of grain at once. 
 " 3. That all parties sTiould divide themselves into hun- 
 " dreds, rapes, and wapentakes, to look in their quarters 
 " what superfluous corn were in every barn, and appoint 
 
 15 " it 
 
 * FoLKEs's table of Bnglisli silver coins, page 35. We are mucli 
 obliged to this learned author for the great pains he took in gather- 
 ing many curious anecdotes relating to this subject. 
 
446 0/ M O N E Y, Part II. 
 
 " it to be sold at a reasonable price. Also that one of 
 
 ^ " them must be in every market to see the corn brought. 
 " Furthermore, whoever shipped over any thing aforesaid, 
 " to the parts beyond sea, or Scotland, after eight days 
 " following the publication of the proclamation, should 
 " forfeit his ship, and the ware therein, half to the lord of 
 " the franchize, and half to the finder thereof; whoso 
 " bought to sell again after the day aforesaid, should for- 
 " feit all his goods, farms, and leases, to the use, one hall 
 " of the tinder, the other of the king ; who so brought not 
 " in com to market as he was appointed, should forfeit 
 " lOZ. except the purveyors took it up, or it were sold to 
 " his neighbours." King's Journal. 
 
 " It further appears also, by the king's journal,* that 
 " on the 19th of October, 1550, prices had been set of all 
 " kind of grains, butter, cheese, and poultry ware, by a 
 " proclamation ;" and that, on the 20th of the following 
 
 / November, " there had been letters sent down to the gen- 
 '' tlemen of every shire, for the observation of the last 
 " proclamation concerning corn, because there came none 
 " to the markets, commanding them to punish the oflFen- 
 " ders :"JBut that upon letters written back by the same, 
 
 ""^ the second proclamation had been abolished, on the 
 
 '■'■-." 39th of the same month." 
 
 To these authorities collected by this learned gentle- 
 man, I beg leave to add some of his sentiments upon this 
 subject, in his f own words. 
 
 " 4. All ways had before this been tried, and all means 
 " had been found ineffectual, for the keeping up the value, 
 " and supporting the currency of the base money : — " 
 " { It was now found by experience that gold and silver 
 " had, by the common consent of all people throughout 
 
 16 " the 
 
 * Edw. VI. 1631. 
 
 f FoLKEs's tabu of English silver coins, p. 35. 
 
 t Ibid. p. 36. 
 
Part II. anc^ O I N S. 447 
 
 " the civilized parts of the world, acquired certain real 
 " and proper values : and that in such a nation as this, 
 " not destitute even then of all commerce with strangers, 
 " it was impossihle that the arbitrary value set upon pieces") 
 " of base metal could, for any considerable time, supply 
 " the want of the silver that used to be contained in the 
 " pieces of the same denominations. Whatever names 
 " were given to those pieces of base metal, or by whatever 
 " authority their imaginary value was supported ; the i 
 " people would either not bring their provisions at all to 1 
 " the markets, to exchange them for such money, or , 
 " would there sell them at much higher rates than before : J 
 " as the nominal sums they received for their goods^ would 
 " not now purchase the same conveniencies elsewhere, as 
 " the same nominal sums of better money had formerly 
 " done. It was therefore judged absolutely necessary to 
 " reform and to amend the coin ; the affair was very 
 " seriously considered, and the work was undertaken and 
 " carried on, with so miuch diligence and vigour, that 
 " within a few months a reformation of the money was 
 " brought about, truly memorable, and no less remarkable 
 " than the former abuses of it had been : for the new 
 " pieces that were coined before the end of this year 1551, 
 " were of more than four times the value of those of the 
 " same denominations, that had been coined in the former 
 " months of the same.*'' 
 
 17 5. The 
 
 * In p. 30, 31, of the above work, are two remarkable passages 
 relating to this subject, extracted out of two sermons preached before 
 the king, by the truly excellent bishop Latimer, in March 1549. In 
 the first he says, " We have now a pretty little shilling, indeed a 
 " very pretty one. I have but one I think in my purse, and the last 
 " day I had put it away almost for an old groat, and so I trust some 
 " will take them. The fineness of the silver I cannot see : but therein 
 " is printed a fine sentence, Timor Domini fons vitce vel sapientice." 
 In the next sermon, he says, " Thus they burdened me ever with 
 " sedition. And wot ye what ? I chanced in my last sermon to 
 
448 0/" M N E Y, Part II. 
 
 5. The mischiefs occasioned by these base coins could 
 not be fully subdued tUl queen Elizabeth's time ; and the 
 conquering of that monster, as she called it, was deemed 
 by that illustrious queen, as one of the most glorious acts 
 of her reign. Queen Mary settled the standard at 11 oz. 
 fine, and 60 shillings were cut out of the pound troy. 
 Queen Elizabeth, in her second year brought the standard 
 into its antient fineness of 11 oz. 2 dwts. and cut as before, 
 just 60 shillings out of the pound troy. But in the 43rd 
 year of her reign, the standard was debased once more, by 
 cutting the said pound into 63 shillings, 
 
 6. The above last alteration remains yet to be regretted, 
 as now none of our coins are aliquot or even parts of our 
 
 18 weights. 
 
 " speak a merry word of the new shilling, to refresh my auditory, 
 " how I was like to put away my new shilling for an old groai. I 
 " was therein noted to speak seditiously. — I have now gotten one 
 " fellows more, a companion of sedition, and wot you who is my 
 " fellowe ? Egay the prophet. I spake but of a little prettie shil- 
 " ling, but he speaketh to Jerusalem after another sort, and was so 
 " bold as to meddle with their coynes. Thou proud, thou haughty 
 " city of Jerusalem : Argentwm, tiiwm versum est in scoriam,, thy 
 " silver is turned into, what ? into testions 1 scoriam, into dross. 
 " Ah seditious wretch, what had he to do with the mint ? Why 
 " should he not have left that matter to some master of policy to 
 " reprove % thy silver is dross, it is not fine, it is counterfeit, thy 
 " silver is turned ; thou hadst good silver. What pertained that 
 " unto Esay 1 marry he espied a piece of divinity in that policy, he 
 " threatneth them God's vengeance for it. He went to the root of 
 " the matter, which was covetousness ; he espied two points in it, 
 " that, either it came of covetousness, which became him to reprove : 
 " or else that it tended to the hurt of poore people ; for the naughti- 
 " ness of the silver was the occasion of dearth of all things in the 
 " realm. He imputeth it to them as a crime. He may be called a 
 " master of sedition indeed. Was not this a seditious fellow ; to 
 " tell them this even to their faces V I have cited these passages 
 at large, because they not only shew in the clearest manner, this 
 good bishop's own sentiments of the pernicious consequence of the 
 base money then current, but what most probably was also the com- 
 mon notions and talk at that time. 
 
Part II. and 1 N S. 449 
 
 weights. For about 50 years before, whilst the pound 
 weight troy of silver, was cut into 60 shillings ; the money 
 pound being exactly 4 ounces, the crown-piece was one 
 ounce, the shilling 4 dwts. and the penny 8 grains. Had 
 this standard been continued, every one would have 
 readily known, how much silver each piece of money ought 
 to contain ; and would naturally have led people to com- 
 pare coins with weights, which probably would have pro- 
 duced long ago, some of the regulations now so much 
 wanted in regard to money, and which would have saved 
 this nation from great loss and perplexity. It were to be 
 wished also, that our silver and gold coins were of the 
 same fineness one with another ; for then their respective 
 values might have been the easier compared. This would 
 now have been the case, if the silver standard of 11 oz. 
 fine had been continued, as it was settled by queen Mary. 
 But these things cannot now be remedied, without risquing 
 a much greater inconvenience ; as it is dangerous to med- 
 dle in any wise with the standard of money. 
 
 It is no wonder if amidst the various schemes for sup- 
 plying the necessities of king Charles I. that also of 
 debasing the coin should be taken into consideration : 
 But the ministry seem to have been fully convinced of the 
 vanity of such projects, by a speech made at the council 
 table in July 1640 by Sir Thomas Rowe* of which I have 
 made the following extract. (See ante pp. 125 — 131.) 
 
 8. The above excellent speech is so clear and full to 
 the point, as to need no remarks. It shews that the 
 nature of money, however it came to be so much mistaken 
 since, was formerly well understood; and by a passage 
 in it, and in the f Report of a committee appointed by the 
 
 19 privy-council 
 
 * This speech was really made in 1626, by Sir Robert Cotton. See 
 ante p. 123. 
 
 + This Report is printed in the forecited speech of Sir Robert 
 Cotton. See ante p. 132. We therefore omit the extract from it 
 which Mr. Harris has here inserted. 
 
450 0/ M O N E Y, Part II. 
 
 privy-council to examine into the project of debasing the 
 coin, we learn that the said project came from some 
 oflBcers of the mint, with whom were also joined certain 
 goldsmiths or money-mongers ; And to facilitate the 
 scheme, it appears, that these gentlemen did not scruple 
 to make allegations that were false in point of fact. It 
 will be shewed hereafter, why mint-masters have an in- 
 terest in promoting any alteration in the standard of 
 money: And although nothing that hath been here or 
 elsewhere said, is intended as a reflection upon any per- 
 sons of the present age, as I do not think that they 
 deserve such a censure; yet it may serve as a standing 
 caution to those in power, not to trust too far to the 
 opinions or glosses of those, who may be interested in 
 deceiving them. 
 
 10. The several ways by which the standard of money might 
 be debased. 
 
 What the standard of money is, hath been already 
 fully * explained : But to prevent mistakes, I shall here 
 recapitulate the several ways by which this standard may 
 be debased, lowered, or curtailed ; for all these words here 
 are synonimous, and with these, the phrase raising the 
 money, hath also the same signification. 
 
 First, By altering the denominations of the coins, with- 
 out making any alteration at the mint, or in the coins 
 themselves ; as suppose nine-pence, or as much silver as 
 there is now in nine-pence, should be called a shilling ; 
 then a shilling would be called sixteen-pence, and so pro- 
 portionably of all the other coins ; and three crown pieces, 
 or fifteen of our present shillings, would be called a pound 
 sterling, which is our money integer. The same loss 
 would descend down to the penny, and by this reckoning, 
 the real penny must be called 1^ penny. 
 
 20 Or 
 
 * § 31 & 32, Part I. 
 
Part II, mit^ COINS. 451 
 
 Or the alteration may be made at the mint,' by either of 
 the following methods. " 
 
 'Secondly, By continuing the same names and' the same 
 weights to the coins, but making them baser, or with less 
 silver and more alloy. 
 
 Thirdly, By preserving the same fineness of the metal, 
 but making the coins smaller or lighter. 
 
 Lastly, the two last methods, or all the three methods, 
 might be compounded together. 
 
 And here it may not be amiss to repeat again, that by 
 debasing th&.standard of money, I every where mean, the 
 lessening of the quantity of pure silver in our rridney 
 integer or pound sterling, or in the respective specie which 
 by law is ordained to make up that sum, without regard- 
 ing the particular manner, in or by which, this may be 
 done. 
 
 Each of the preceding schemes for debasing the stan- 
 dard, have had their abettors. The first of these was Mr. 
 Lowndes's plan, and it must be owned that this is by far 
 the least mischievous , of them aU. ; for by this means a 
 recoinage is avoided, and all the old coins are continued 
 to be useful under new names : but this is so glaringly 
 foolish at first sight, that our modern projectors : do not 
 think it would. afford them any countenance. 
 
 Those who are for debasing the metal without lessening 
 the weights of, the coins, say, that this would preserve the 
 coin from wear : but this is saying either too much, or 
 what is false ; for were it true, the argument would bring 
 us down to mere copper: But those who have been 
 c|irious enough to make the experiment, know, that fine 
 silver aud fine gold, are less liable to wear than when 
 alloyed. . 
 
 The greatest number of the enemies to our standard,, 
 ar^ to be ranged under the head of clippers, and perhaps 
 this profitable trade is not quite out of their view ; they 
 are for reducing the coins to a less size, without altering 
 
 21 the 
 
452 0/ M O N E Y, Part II. 
 
 the fineness of the metal ; and with a grave air they 
 shamelessly tell us, that this is not altering the standai^rd 
 of money. 
 
 CHAPTER IT. 
 
 The established standard of money should not be violated 
 or altered, under any pretence whatsoever. 
 
 THE several citations in the foregoing chapter, are so 
 ' full and direct to the point before us, that, one 
 would almost think, the whole argument might be safely 
 rested upon them. But notwithstanding all that hath 
 been hitherto said, the subject is still misunderstood by 
 many; and it must be confessed, that some points want 
 to be better explained, than they have as yet been. For 
 the better clearing it of all diificulties, I have in this 
 chapter discussed the whole argument, independently of 
 what hath been said by others ; and however that might 
 be deemed to derogate from my own merit, j am the 
 better pleased, the oftner I find myself in the company of 
 those eminent authors already quoted. I have aimed 
 throughout at brevity ; bnt the many attacks I had to 
 encounter with, however frivolous they truly are, have 
 unavoidably drawn this chapter into some length. 
 
 I. Standards of all sorts of measures, necessary ; and in 
 . the establishment of these, it is indifferent what are the 
 specific quantities or measures taken. 
 
 11. In all regular governments or communities, it is 
 very necessary to have certain standard measures estab- 
 lished, both as to weight and extension ; that so by these, 
 the true proportion between things as to quantity, may be 
 ascertained, and all dealings regulated with ease and c6f- 
 tainty ; and it is very obvious, that a standard of money 
 
 22 is 
 
P^rf; II. and COINS. 453 
 
 is not less necessary, than the others. Without these 
 standards, most bargains would be vague and indetermi- 
 nate ; and a door would be left open for abuses, mistrusts, 
 endless strifes and controversies. 
 
 It would have been of great conveniency in reckonings, 
 if all nations having mutual intercourses and commerce 
 together, had happened to have fixed and agreed upon the 
 same standard measures ; but in all other respects, this 
 matter is quite indifferent : Nor can it be said, with any 
 kind of propriety, that the standard measures of any one 
 country, are either better or worse than those of another; 
 those measures being either longer or shorter, heavier or 
 lighter, in one place than they are in another, creating no 
 manner of difference, when their respective quantities and 
 proportions to each other are once known. The Flemish 
 ell and the English yard, though differing considerably in 
 lengths, are yet as good standard measures, one as the 
 other. In like manner, coins bearing the same names, 
 being made either finer or heavier in one mint than they 
 are in another, create no manner of difference in the case, 
 because these coins are every where rated accordingly. 
 iEvery nation compares the measures of all other countries 
 with its own standards ; and np advantage can ensue, by 
 departing from those already established. 
 
 13. This may sufiice as a full answer to those, who 
 are for debasing our standard, because -say they it is too 
 good. If our crown piece is finer and heavier than a 
 Spanish dollar, doth it not proportionably fetch more ? or 
 if it doth not, is there not some other cause to be assigned 
 for the disparity, besides the quantity of metal in each ? 
 These gentlemen might as well say that our yard is too 
 long, and should be curtailed ; and assign as a reason for 
 it, if they please, because our consumption of cloth hath 
 increased, since that standard was made and placed in 
 t^ie exchequer. Or, that our bushel should be lessened, 
 because some past year our crops of grain fell short. Of 
 
 23 a 
 
454 0/" M O N E Y, Part II. 
 
 a piece with these, when thoroughly sifted, will appear 
 most of the reasons that have b^en given for debasing the 
 standard of money. 
 
 II. Established standards should be inviolably kept, and 
 more especially that of money. 
 
 13. The standard measures of a country being once 
 established and known, any deviations from these after- 
 wards could answer no good purpose ; but, on the con- 
 trary, they, must needs be attended with mischievous 
 consequences ; they would disturb the arithmetic of the 
 country, confound settled ideas, create perplexities in 
 dealings, and subject the ignorant and unwary to frauds 
 and abuses. 
 
 I3,ut of all standard measures in any country, that of 
 money is the most important, and what should be most 
 sacredly kept, from any violation or alteration whatsoever. 
 The yard, the bushel, the pound, &^c. are applied only to 
 particular commodities; and should they be altered, the 
 people would soon learn to accommodate themselves in 
 their bargains to the new measures ; and it is but rare, 
 that these have any retrospect to preceding contracts. 
 But money, is not only an universal measure of the values 
 of all things ; but is also at the same time, the equivalent 
 as Tyell as the measure, in all contracts, foreign as well as 
 domestic. 
 
 The laws have ordained, that coins having certain 
 denominations, well known to every body, should contain 
 certain assigned quantities of pure or fine silver. Thip 
 makes our standard of money ; and the public faith is 
 guaranty, that the mint shall faithfully and strictly ad- 
 here to this standard. It is according to this standard, 
 and under this solemn guaranty, that all our establish- 
 ments are fixed ; all our contracts, public and private, 
 foreign and domestic, are made and regulated. 
 
 24 Is 
 
Part II. a«ci COINS. 455 
 
 Is it not self-evident tken, that no alteration can be- 
 made in the standard of money, without an opprobrious 
 breach of the public faith with all the world; without 
 infringement of private property ; without falsifying of all 
 precedent contracts ; without the risque at least of pro- 
 ducing infinite disorders, distrusts and panics amongst 
 ourselves ; as all men would become thereby dubious and 
 insecure as to what might farther be done hereafter; 
 without creating suspicions abroad, that there is some 
 canker in the state ; without giving such a shock to our 
 credit, as inight not afterwards be easily repaired ? These 
 wild and unjustifiable measures, have ever been and evisr 
 will be considered, as a kind of public declaration of some 
 inward debility and decay ; and the discredit occasioned 
 thereby, has ever proved injurious to those who used 
 them. All payments abroad are regulated by the course 
 of exchange, and that is founded upon the intrinsic values, 
 and not on the mere names of coins. But having once 
 broke the public faith, and curtailed the settled and long 
 established measure of property ; foreigners will make 
 ample allowance for what we may do of this kind here- 
 after ; and however we may cheat and rob one another, 
 they will not only secure themselves, but make an advan- 
 tage of our discredit, by bringing the exchange against us 
 beyond the par. If we think to avert this evil by 
 transporting our coin, our having debased it will avail u8 
 nothing. 
 
 Why our laws are not more explicit in specifying the quan- 
 tities of silver that ought to be contained in given sums 
 of money. 
 
 14. As it is a matter of that very great importance, to 
 keep up inviolably the standard of money; it may be 
 asked, how comes it that our laws are so silent in that 
 respect, as not to declare explicitely what that standard is, 
 
 35 or 
 
456 OfM O N E Y, Part II. 
 
 or whatiquantities of pure silver ought to be contained'in 
 given sums of money; but rest satisfied^ as it were^ with 
 annexing their sanctions to mere names only ? 
 
 But the case is not so : For, although our statute-books 
 are silent, the indentures of the mint are very express upon 
 this head ; and the forming of these indentures, hath been 
 always considered as part of the royal prerogative. But it 
 may be said with truth, that this is a part of the preroga- 
 tive that never was, and never can be, exerted to the 
 altering of the standard, but with infinite detriment to the 
 crown itself, as well as to the subject. In former times, 
 the coins agreed exactly in quantities with the common 
 weights of the country, and had the same names with 
 them ; as pounds, shillings, and pence, were the names of 
 the common weights, as well as those of specific coins and 
 sums of money : At those times, the bare names of coins 
 and of given sums of money, did manifestly specify or 
 define the precise quantity of silver which they ought to 
 contain; and then every one could readily judge for him- 
 self, without the assistance of a law-book, and prevent any 
 fraud or imposition. But although, by the strange pranks 
 that were afterwards played in the dark succeeding ages 
 with money, this business is now become somewhat more 
 obscure; yet it is to be understood, that our laws now 
 mean, as well as formerly, that sums of money under cer- 
 tain names, shall contain certain specific quantities of 
 silver ; otherwise their sanctions are merely verbal, and in 
 a matter of such great importance, we are left in effect 
 without any security or law at all : But whatever those of 
 the long robe might determine upon the matter, the com- 
 mon sense of mankind hath determined in our favour; 
 and the long respite we have had, of above a cehtiiry and 
 a half, from any abuses in the standard of our money, 
 hath given us a kind of prescriptive right, at least, to the 
 having of that standard kept unaltered. 
 
 There can be no scheme so weak or wicked, but there 
 
 26 will 
 
Part IT. and" C '0 I N S. 457 
 
 wilt be private men who willhavSj or fansy they have, an 
 interest in pushing it on ; and when that is the case, we 
 have too often seen all considerations of public faith and 
 private justice, sacrificed to the idol of private advantage. 
 But any debasement, however small, of the standard of 
 money, is such an outrage against common sense, as well 
 as common honesty, and such a manifest violation of pro- 
 perty ; that it may be wondered how men having large 
 possessions, and more especially ministers of state, could 
 ever be brought to concur in measures so pernicious and 
 destructive to themselves, to the public revenues, and to 
 the public faith and credit. But although the ignorance' 
 of former times, fell into the snares of wily projectors; it 
 is to be hoped that in this enlightened age, we are secure 
 from being deceived into a scheme, that would be attended' 
 with such infinite mischiefs : And indeed in a reign re- 
 markably distinguished by equal laws, and an equal dis- 
 tribution of them ; we need no other security against this 
 enormous measure, than the bare shewing the enorriiity 
 and injustice of it, 
 
 III. The effects of debasing the standard of money, more 
 particularly explained, and who they are that would, be 
 the principal sufferers by such a scheme. 
 
 15. Trade requires an indelible standard of money ,' and 
 will bear no part of the loss by an adulteration of the 
 coins. 
 
 What hath heeu before * observed about the invention 
 of what they call bank-money, in some of the neighbouring 
 states,, shews very plainly, the folly and vanity, to give, it. 
 no harsher names, of adulterating coins ; it shews that 
 trade requires, and will have in effect, an indelible stand- 
 ard of money ; it shews that, do what you can, trade will 
 
 27 shift 
 
 * § 53, Part I. 
 
458 Of M O N E Y, Part II. 
 
 shift the burden off itself. Arid as in those places where 
 bank-fnoney is established, in contradistinction to the cur- 
 rent coin, the aggio always rises whenever these coins 
 are debased; so with us, where, (because the standard 
 having continued uniformly the same, almost as long as 
 we have been a trading nation,) no such distinction hath 
 yet obtained; if you alter the standard, the tradesman 
 will accordingly alter his reckoning, and raise the nominal 
 prices of his goods; or perhaps this wild measure would 
 introduce amongst us, that aukward but necessary con- 
 trivance of bank-money ; that is, a distinction in dealiugs 
 betwixt the old standard and the new; and so this scheme 
 would be defeated, though not without laying hardships 
 on many, and creating general disorders and confusion. Or, 
 if you should suppose that our tradesmen are so short- 
 sighted, and such bad accomptants, as not immediately to 
 see that 20, for example, is less than 21, foreign trade will 
 soon open their eyes ; they will find that all sorts of com- 
 modities will cost, at least, as much as they did before; 
 that is, they will be sold according to the old standard, or 
 for so much more according to the new reckoning, as the 
 standard had been debased. The course of exchanges 
 would immediately set this matter even ; the exchange will 
 go yet farther, and take advantage of the discredit, which 
 ever accompanies these aukward and ill-conditioned 
 schemes. 
 
 " But granting all this, say you, all men are not foreign 
 " dealers, and those tradesmen who do not buy from 
 " abroad, will have no pretence for raising their commo- 
 " dities." 
 
 In answer to this, I say, that all men are in some degree 
 consumers of foreign commodities ; and every one that 
 hath the staff in his own hand will defend himself, though 
 he will give no further indulgence to his neighbour, than 
 what the law secures to him. All tradesmen are in some 
 sort connected, and have mutual dealings and dependen- 
 
 28 cies 
 
Pajrt II. and COIN S. 45.9 
 
 cies one upon another; and foreign commodities enter 
 deeply into all branches of commerce. The necessary 
 advancement in the nominal prices of so great a part of 
 our commoditieSj will naturally affect the nominal prices 
 of all the I'est ; and were there no other reason for it, 
 tradesmen of all sorts would endeavour to keep up to the 
 same proportion, one as the other : And all sorts of goods, 
 being thus once nominally raised, it would be difficult 
 afterwards to bring them down to their old nominal prices, 
 though the cause that raised them be removed. But all • 
 the stock in hand must be sold at the former price, that ' 
 is, nominally at a higher, according as the standard hatli 
 been debased ; and goods even of our own manufacturing- 
 could not be replaced, without paying nominally for them 
 more than formerly. For, the farmer finding all sorts of 
 goods he buys in the shops, advanced upon him ; he will 
 also, though perhaps not immediately, raise the prices of 
 his corn, butter, cheese, ^c. and so the piice of labour, 
 and thence the pieces of all goods manufactured at home, 
 as well as those bought from abroad, must be nominally 
 raised, at least, proportionably to the debasement of the 
 standard. 
 
 Thus, I think, it is in a manner self-evident, that a 
 debasement of money, would be so far from laying any 
 hold on tradesmen, that it would rather turn to their 
 private advantage ; and therefore, in this debate, they are 
 properly to be, considered as being not very impartial 
 advocates : Yet the unavoidable discredit and convulsions 
 attending such a measure, would prove injurious to trade 
 in general, as well as to the nation many ways. Let us 
 next see who would be mostly affected, and how, by the 
 scheme before us. 
 
 Debusing the standard of money, would prove very injurious 
 to the government. 
 
 16. If the money-standard be curtailed, suppose one 
 
 29 twentieth 
 
460 0/ M O N E Y, Part IT. 
 
 twentieth part, and this by many projectors would be 
 reckoned a moderate alteration; the king from thence- 
 forwardj would lose a twentieth part of his whole revenue. 
 " G-ranted, says our projector; but this will be no loss to 
 " the crown, because its disbursements will be also dirni- 
 "nished a twentieth part." Not so, say I: It is very 
 evident, and I think absolutely undeniable from what hath 
 been above shewed, that all foreign stores will cost, at the 
 least, as much as thesy did before, that is, they will cost 
 nominally one twentieth part more ; and not only these^ 
 but likewise all sorts of goods furnished by our own trades- 
 men. There will be then a deficiency of, at the least, one 
 twentieth, in a very considerable part of the public 
 disbursements. 
 
 How far those who receive salaries and stipends from 
 the crown, might be compelled to submit to this reduction, 
 or how far a reduction would in that case affect the com- 
 munity, I do not take upon me to determine. But whilst 
 many would be crushed by this indiscriminate scheme, it 
 is to be feared too many others would make it a handle 
 for enlarging that dark, gnawing tax upon their country, 
 called by the delusive name of * perquisites; a tax, as 
 well from its enormous bulk, as from its indirect, occult, 
 and undermining operations, though less perceived, per- 
 haps infinitely more grievous to the public, than the whole 
 list of salaries in the court-calendar. 
 
 But admitting that persons in civil offices, might bear 
 to have their salaries or stipends reduced ; what would you 
 do with those upon the military establishment, both land- 
 men and seamen? Is not their pay, officers as well as 
 private men, scanty enough already ? Or, could the offi- 
 cers quietly submit to this reduction of their pay, and be 
 kept from clamour by good words instead of realities ; 
 
 30 what 
 
 • By perquisites, I do not here mean known and settled fees. 
 
P^rt II. and C O I N S. 461 
 
 what would you do with the common soldier and sailor ? 
 would you render their state more abject and miserable 
 than it now is, was it in your power ? But instead of 
 tamely submitting to these hardships, you would put upon 
 them ; would you not run the risque of provoking a gene- 
 ral mutiny ? And how is all this disorder to be rectified? 
 No otherwise, than by raising nominally all taxes 5 per 
 cent, and so raising murmurs, which though groundless, 
 would yet be loud. Try what methods you will to deceive 
 them, every one will see and understand that 19 is less 
 than 20 ; and your scheme, after creating an universal dis- 
 turbance throughout the land, will, as to the effect you 
 proposed by it, vanish into smoke. 
 
 Debasing the standard of money would invalidate all pre- 
 ceding contrasts ; and yet, by its affecting credit, might 
 prove injurious to debtors, and all in distressed circum- 
 stances. 
 
 17. As our laws do not directly specify the quantities of 
 silver that ought to be contained in certain coins and sums 
 of money, but annex their sanctions, as it were, to the 
 names only of coins; should our coins be legally debased, 
 all contracts whatsoever now subsisting among us, would , 
 be so far vacated or annulled, as this debasement amounted 
 to ; every creditor would lose in that proportion of his just 
 right, and every man of property might be greatly injured, 
 before he could have it in his power to right himself. 
 Supposing, as before, the adulteration in the coin to be 
 one twentieth part; the lawyers would stand to it, that 19 
 shillings, or so much silver as used to be contained in 19 
 shillings, would be a full discharge for a debt of a pound 
 sterling ; and so proportionably of all debts whatsoever. 
 
 There are a thousand cases, wherein creditors should 
 show compassion to their distressed debtors, and take 
 such compositions from them, as they are enabled to 
 
 31 make 
 
462 0/ M O N E Y, Part II. 
 
 make. But to make a kind of an universal composiltipn 
 for debts, without any distinction of cases, is the ready 
 way to the ' destruction of all credit ; and such a law, 
 instead of beirig advantageous to those whom it wpuld 
 seein to favour, might prove the very means of their utter 
 ruin : Their being disengaged from a part of their debt, 
 would be but a poor consolation in the distresses they 
 would be likely to be thrown into, by their exasperated 
 creditors. , 
 
 By debasing the standard of money, the greatest loss would 
 fall upon those who live on their own established 
 properties. 
 
 18. It hath been already shewed, that, should , the 
 standard of money be altered, tradesmen of all sorts would 
 help themselves ; and they would probably ward off some 
 of the inconveniencies they would otherwise be subject 
 unto, by continuing to reckon in the old money, which it 
 is likely they would call old sterling. The deficiency to 
 the government must be made good, by a nominal increase 
 of taxes; otherwise, some of the wheels must stand still. 
 But all men who live upon their own estates, or upon 
 established stipends ; that is, all men who are not some 
 how concerned in trade, would have no way of helpilig 
 themselves, but would be obliged to submit to the whole 
 loss, which the law in this case would throw up6n them. 
 At the same time, that taxes, wages, and commodities of all 
 sorts were raised, at least, in proportion to the debasement 
 of the coin; rents, interest of money, ^c. would be paid 
 short of the original contracts; that is, they would be paid 
 and legally discharged in the new money. The landlord 
 could not help himself, till the leases were expired ; and 
 the monied^man would be a loser for ever, as he would 
 be * defrauded in both his principal and interest. 
 
 33 Labourers 
 
 * And yet some have been daring enough to use this very fraud, 
 as an argument for committing it : But of this more hereafter. 
 
I^art II. and, COIN S. 463 
 
 Labourers and workmen of all sorts, would , at first.be 
 defrauded in their wages ; but this would not last long ; 
 necessity would soon teach them to right themselves ; and 
 those that threw them under this necessity, would be 
 answerable for all the tumults and convulsions, which it 
 might occasion. 
 
 Some of the evils above enumerated, might and ought to be 
 provided against ; but many of them would remain irre- 
 mediable, otherwise than by time, the great leveller of all 
 things, ' 
 
 19. Some of the above evils might indeed, and un- 
 doubtedly should, be provided against, by enacting that 
 all preceding contracts, settlements and establishments 
 whatsoever, shall remain good ; that is, that they shall be 
 all satisfied according to the old standard. But this would 
 be enacting two laws destructive of one another, at the 
 same time ; creating new accounts to no sort of purpose, 
 and involving all classes of people in needless perplexities. 
 And however this last act might repair our honour j I am 
 afradd the two acts together, would not give a very advan- 
 tageous idea of our wisdom. Whilst we were repairing 
 one breach, and the nations around staring at our 
 folly, there would be a thousand inlets left for abuses ; 
 whilst the crafty evaded the laws, and made their advan- 
 tage of the confusion occasioned by them ; the ignorant 
 and unwary would be defrauded and distressed, and many 
 of; them utterly ruined : Nor would it be in the power of 
 this healing act to allay, in a long time, the inevitable 
 distrusts, discredit, murmurs and complaints, raised by 
 the other. 
 
 Debasing the standard of money, will occasion culling, and 
 transporting of the old coins at an undervalue. 
 
 2().. Trade is quick sighted, and no restraint of law can 
 hinder its pursuit of gain, wherever the game stands fair ; 
 
 33 and 
 
464 0/ M N E Y, Tart II. 
 
 and herein the uncircumcised are just as good marksmen, 
 as the sons of circumcision. In the present case, a tempta- 
 tion will be laid, and accordingly a new trade will be 
 opened, for culling, and transporting all the good old 
 coins, perhaps to purchase others coined abroad in imita- 
 tion of our new standard. Of the profits made by this 
 new commerce, foreigners will have some share, at our 
 manifest expence : In this respect, trade is very generous, 
 and readily divides some of its spoils on all sides. But 
 you will say, this evil may be prevented by opening the 
 mint, and purchasing there all the old coins at their full 
 value. And so you will save the nation harmless, at the 
 moderate expence of a general recoinage : A wonderful 
 expedient truly ! But after the mint hath engrossed all 
 the old coins, and whilst it is coining the new ; how will 
 the internal traffic of the country be carried on? And 
 will not the distresses of the people, and the uncertainties 
 you have thrown them into, by your new standard,, be an 
 invitation to foreigners to coin and import upon you, even 
 worse coins than you are a making at your own mint. I 
 am weary of the subject ; and it would be an endless pur- 
 suit to go through all the inconveniencies, that would 
 attend this rueful project of debasing the standard of 
 money. 
 
 IV. Causes of debasing the standard of money, en- 
 quired into. 
 
 21. The mischiefs occasioned by debasing the standard 
 of money, being so glaring and so great ; it may be asked, 
 how was it possible that such a scheme should be ever 
 entered into, and who could have an interest in bringing 
 it about? 
 
 In da,rk times, weak princes and weak counsellors, for 
 such in this respect they were, might promise themselves 
 mighty advantages from this device : They might think to 
 impose upon the understanding of the subject, and by this 
 
 34 trick 
 
Part II. aTO(^ C O I N S. 465 
 
 trick lengthen out the ready cash in the exchequer. But 
 they did not, it seems, foresee, that this could be only the 
 sport of a day; that the whole revenue would for the 
 future be defrauded; that the deficiency could not be 
 made good without new imposts, which would create mur- 
 murs, discontents, and perhaps insurrections, amongst the 
 people, §-c. 8fc. 
 
 But I do not know how to think that these schemes 
 really sprang from court, however the courtiers might be 
 bubbled into them. There were others, whose prospect 
 of gain by such a scheme was much clearer and better 
 founded, and whose influence and credit in these matters, 
 are usually very great; as bankers, scriveners, and all 
 sorts of money-jobbers. For by debasing the standard of 
 money, they were not only enabled to cheat all their cre- 
 ditors; but also furnished with opportunities of making 
 large gains, by taking advantages of the fears and ignorance 
 of the many ; buying up the old coins at an undervalue, 
 and culling and transporting or sending into the mint all 
 the heaviest of them. 
 
 But nobody had so clear and so great an interest in 
 those mischievous projects, as the mint-masters ; and it is 
 to be suspected, that, by their credit and influence, they 
 had the greatest hand in bringing about the several adul- 
 terations, that, time after time, have been made in coins : 
 They had an -interest in keeping the mint constantly at 
 work ; and nothing could perpetuate this gainful trade so 
 efi'ectually, as adulterating the standard of money ; this, 
 in effect, reduced all the old coins into mere bullion, and 
 created an absolute necessity of a re-coinage : By virtue of 
 their places, those gentlemen were supposed to be the 
 most competent judges, and the most to be relied upon in 
 those matters. If, besides theirs, the opinions of the 
 money-mongers were asked, supposing they staid to be 
 asked, they would be sure to join with the mint; and the 
 seignorage formerly paid to the crown for coinage, would 
 
 35 be 
 
466 0/ M O N E Y, Part II. 
 
 be used as a soothing argument for facilitating the project. 
 By way of auxiliaries^ there are at all times troops of 
 writers ready to be entertained, and ready to blow and 
 propagate any scheme they are set upon. When we con- 
 sider these circumstances, need we wonder if in former 
 times, princes and their ministers have been over-reached 
 in this business, to their own very great loss and disgrace ? 
 
 V. The various pretences for debasing the standard of 
 money, stated. 
 
 22. I imagine I have, in the preceding, detected the 
 causes of the several adulterations that have been made in 
 our coins ; but the real motives for this baneful measure, 
 were cloaked under various pretences ; and all that I have 
 ever heard or read in its support, I shall under this head 
 lay down before the reader, and afterwards endeavour to 
 answer all these assertions or pretences, severally. 
 
 1. I have often heard it asserted, and that by men who 
 thought themselves very wise and knowing in these matters, 
 that our standard of money was too good, and should be 
 debased. This ridiculous assertion hath been answered* 
 already; and nothing like an argument can be urged in 
 its support, but what will fall under some one of the 
 following heads. 
 
 2. Increasing the coinage, and also increasing the quan- 
 tity of tale money, by giving the old names to smaller 
 pieces of silver; are both urged as arguments for debasing 
 the standard of money. 
 
 3. The keeping our coin from being melted or exported ; 
 also the examples of former times and of foreign states ; 
 are all brought as arguments for the same purpose. 
 
 4. The lightness of our coins from long wear, §•«., is 
 
 36 urged 
 
 • § 11, 12, <te 13. Part II. 
 
Part II. and COINS. 467 
 
 urged as an argument for altering the course of the mint, 
 so as to make the new coins no better than the old in 
 common currency. 
 
 5. It is said that debasing the coin, provided it be done 
 gradually, a little at a time, would not be perceived, and 
 therefore no injury to any body. 
 
 6. Some confine the standard to the fineness only of the 
 metal ; and if that be but preserved, you may clip or 
 diminish the coins as you please. 
 
 These are all common-place thread -bare arguments, 
 I'eady upon all occasions; and founded only upon this 
 supposition, that as good money may be coined at the 
 stamp-office, as at the mint : But our modern projectors 
 have found out new arguments, and, as they think, very 
 formidable ones. 
 
 7. Some say that gold is our standard as much as silver ; 
 and therefore that no argument can be used as to the one, 
 but will hold equally with respect to the other. 
 
 8. Others go yet farther ; and say that gold only is our 
 standard ; that you may debase silver coins as you please, 
 and treat them as mere tokens, without giving any one a 
 right to complain. This is making short work of it indeed, 
 and with one stroke demolishing our poor old standard : 
 And in support of this it is said, that gold is the standard 
 of merchants; and therefore is, or ought to be, the 
 national standard. 
 
 There is an obvious necessity of bringing the rates of 
 gold and silver coins, to a juster proportion to each other, 
 than they bear at present ; and as something should be 
 speedily done, it is said in favour of gold, 
 
 9. That, as we have greater plenty of gold coins, and of 
 far greater value than we have of silver ; should we lower 
 the price of gold, we should undervalue our own treasure j 
 therefore say they curtail the silver standard. 
 
 10. Some more modest than the rest, are for debasing 
 some of our coins only, as shillings and six-pences: And 
 
 37 leaving 
 
468 0/ M O N E Y, Part II. 
 
 leaving the crowns and half-crowns upon their present 
 footing ; they think that would be sufficient to secure them, 
 from the odium of having debased the standard. 
 
 Lastly, As we are a nation indebted to foreigners ; should 
 we lower the price of gold, we should pay our foreign 
 creditors more than we borrowed from them; therefore, 
 we should debase the silver, 8fc. 
 
 This is very artfully put, and hath really in it more of 
 argument, than all the preceding put together. But the 
 whole weight of that argument, lies upon a fraud couched 
 under it ; a fraud that could not well be avowed, and yet 
 would be glaring and obvious to all the world. 
 
 Before I enter upon the merits of these several pre- 
 tences, for debasing the standard of our money ; I shall 
 endeavour to remove an obstacle out of the way, which, I 
 believe, hath proved a stumbling block to many well mean- 
 ing people. 
 
 VI. Why coin and bullion of the same metal and fine- 
 ness, are not always of the same value, or will not 
 exchange in equal quantities one for the other. 
 
 23. Silver and gold with us, are measured by the ounce 
 troy; and the legal rate of an ounce of either of these 
 metals in coin, is called the mint price ; that is, silver 
 being the standard, and the coinage with us being free ; 
 the number of pence that an ounce troy of standard silver 
 is cut into, is called, though perhaps improperly, the mint 
 price of silver ; and the number of pounds, shiUings and 
 pence, with such a fraction as may happen, that falls to the 
 share of the ounce troy of gold, according to the legal 
 rates of guineas, is called the mint-price of gold. Thus, 
 because 62 shillings are cut out of a pound troy of silver ; 
 62 pence, or 55. 2d. is said to be the mint price of silver : 
 And 44i guineas being, by the indentures of the mint, cut 
 out of a pound troy of gold, and guineas now passing at 
 
 38 the 
 
Part II. and COINS. 469 
 
 the rate of 21 shillings ; this makes the present mint price 
 of gold with us, to be 3Z. 17s. lO^d. the ounce. In both 
 cases, the fineness is understood to be according to the 
 established standard; viz., the silver to be 11 oz. 2 dwts 
 fine, and the gold 11 oz. or 23 car. fine. 
 
 If the importers of bullion into the mint, pay a certain 
 rate for the coinage, as in other countries ; the rate which 
 they pay is to be deducted from the mint-price above stiated, 
 and the residue is then the mint-price. Ex. gr. If the 
 importers of bullion into the mint paid, suppose, two- 
 pence an ounce for coining silver ; the mint price of silver 
 bullion, would be then five shillings an ounce ; and at this 
 rate it would frequently be in our market, if no other 
 cause interfered. 
 
 Bullion can never be lower, but may frequently be higher, 
 than mint price. 
 
 24. Whether the coinage be free or otherwise, if the 
 mint be always* ready to make its returns in coin; 
 neither silver nor gold bullion, can fall in our market 
 below mint price ; for the mint is always open to receive 
 them both, at those respective rates: But one or both 
 these metals, may be frequently higher than mint price. 
 
 1. If the bullion is exportable by law, and the coin is 
 not, without some penalty; this, whenever we want to 
 make any considerable remittances abroad, may somewhat 
 advance the price of bullion; and that in proportion to 
 the demand for, or scarcity of, bullion. But the advanced 
 price of bullion, on account of the mere inexportability of 
 coins, I think, must be very inconsiderable; as coins may 
 be reduced into bullion, at a small risk of discovery, and 
 
 89 at 
 
 * This is a necessary condition ; for a delay here might oblige the 
 merchant to sell his bullion at an undervalue, to those who could 
 better stay to have it coined. 
 
470 0/ M O N E Y, Part II. 
 
 at a small expence. For, the demand for bullion upon 
 this account, is chiefly in great towns, where the melting- 
 pot is always at work ; and it is very easy to conceal the 
 contents, from the knowledge cf any servant or by-stander. 
 
 2. Although both coins and bullion were legally export- 
 able ; yet the market price of bullion, might be frequently 
 above the mint price. For, the remitter might not have 
 by him, or be able readily to procure, a sufficient quantity 
 of* weighty coins to answer his present purpose; in that 
 case, he will not scruple giving some advanced price for 
 bullion ; and he will be reimbursed with profit, by those 
 who want his bills upon that place, to which the bullion is 
 to be sent t : Or, if he himself be the debtor abroad, he 
 may find it cheaper to give an advanced price for bullion, 
 than the purchasing of bills of exchange. But upon the 
 present supposition also, of coin being exportablej the 
 advanced price of buUion cannot be considerable or per- 
 manent, unless there be some other cause co-operating. 
 
 3. If the coins pass by tale, and are by wear or other- 
 wise become sensibly lighter than their just standard, at 
 their first coming out of the mint ; this, when there is a 
 demand for exportation, will naturally raise bullion above 
 mint price. Bat the difference between coin and bullion 
 upon this account, cannot exceed the average of the whole 
 deficiency upon the coins ; and it will fall something short 
 of that average, because the heaviest coins will be first 
 sent abroad ; and by being sent, keep down the price of 
 bullion : And when the demand for exportation is satisfied, 
 bullion will again faU to mint-price. 
 
 4. If the current coins are heavy, or pass by weight, 
 and the merchants or importers of bullion into the mint 
 
 40 pay 
 
 * For all coins in foreign dominions are mere bullion, and treated 
 as such. 
 
 t See more upon this head, in the first part of this Essay, chap 
 III. 
 
Part II. and CO I'i^S. 471 
 
 pay a certain rate for coinage, as the case is in all other 
 countries j bullion at times, will fall as much below coin, 
 as this rate amounts to; that is, a given quantity of 
 bullion, might be purchased for so much less quantity of 
 coin, as the coinage of that bullion would cost at the mint. 
 
 These different causes may concur, to vary a little the 
 price of bullion; and to raise it, sometimes more and 
 sometimes less, above mint-price, as exigencies vary ; 
 whilst it can never be lower than that price: But the 
 eifects of these causes are only temporary, and never very 
 considerable. 
 
 5. The arrival of plate fleets from America, and the 
 departure or fitting out of fleets for the East-Indies; 
 have, perhaps, greater influence upon the market price of 
 bullion, than all the preceding causes put together : But 
 because those incidents upon the arrival and departure of 
 the said ships, are irregular, and usually of short con- 
 tinuance ; no great stress need be laid upon them in thi-s 
 place. 
 
 Some of the causes, above enumerated, of the disparity 
 between coin and bullion, occurred to Mr. Locke; but, 
 having missed of the principal cause for his purpose, 
 which here comes next to be considered ; he brought him- 
 self under some embarrassments, by laying a greater stress 
 upon the others, than they were able to support. 
 
 VII. If gold and silver coins are not rated in due propor- 
 tion to each other, as they are at a medium in the neigh- 
 bouring countries ; that metal in bullion, which is lowest 
 rated, will raise and keep constantly above mint-price, till 
 that cause be removed. 
 
 25. It hath been shewed in the preceding, that coin and 
 bullion wiU not always exchange in equal quantities one 
 for the other, although we had only one sort of coins, as 
 silver, for instance, in currency ; and the case would not 
 
 41 be 
 
472 0/ M O N E Y, Part II. 
 
 be very different, though we had both silver and gold 
 coins, if the legal rates of these were established in a due 
 proportion, as they are at a medium in the neighbouring 
 countries. For, bullion being a commodity, its price will 
 fluctuate a little, so as sometimes to be above coin ; and it 
 hath been shewed that it can never be lower than mint 
 price. But the difference upon the above accounts, can 
 only be at partictdar times, and then not very considerable. 
 
 Silver bullion in England hath been for above half a 
 century past, constantly higher than mint price, excepting 
 only at a very few intervals of a short continuance. This 
 hath been chiefly, and in a manner wholly, owing to gold 
 being higher rated at our mint in proportion to silver, than 
 it is in other countries : For, the causes considered in the 
 preceding, affect equally both gold and silver; and their 
 influence upon both, may be deduced from the share they 
 have had upon gold. For, gold only coming into our 
 mint, the deviations of gold bullion from mint-price, shew, 
 accurately enough, the effects of the several concurring 
 causes before-mentioned, upon the price of bullion both 
 gold and silver ; and they shew also, that these effects are 
 but small, and usually of no long continuance. 
 
 To iUustrate the case before us : Let us suppose that in 
 England, gold coins are rated * five per cent, higher in pro- 
 portion to silver ; or if you would rather consider it so, 
 that silver coins are rated so much lower in proportion to 
 gold, than in the neighbouring countries. This supposed 
 disparity of five per cent, is three-pence upon a crown- 
 piece, and about a shilling upon a guinea ; that is, gold 
 coins with us are rated a shilling in the pound sterling too 
 high ; or, which is the same thing, silver coins are rated a 
 shilling in the pound sterling too low, in respect to guineas. 
 
 42 But 
 
 • I do not take upon me, in this place, to state how much it is 
 that we over-rate gold ; the exact proportion between gold and 
 silver, not affecting thei present argument. 
 
Part II. and COINS. 473 
 
 But the law reaching only to coins, and bullion being free ; 
 the market will adjust the disproportion which the law had 
 made ; and either, silver bullion will rise above coin, or 
 gold bullion will fall below the rate of guineas; till, as 
 abovesaid, the legal disproportion between gold and silver 
 is adjusted. But no bullion can fall below the rate of 
 coin, whatever that rate be ; the mint being always ready 
 to exchange coin for bullion, at the legal or mint-price. 
 Therefore the difference, in the present case of silver being 
 lowest rated, wiU fall entirely upon the silver; that is, 
 whilst the mint becomes a standard for the price of gold 
 bullion, silver will rise in our market the above supposed 
 difference of five per cent, or to about 65 pence the ounce, 
 or to five shillings and three-pence, for as much silver as 
 there is in a crown-piece. For, the merchant will always 
 make that metal his standard, which is highest valued at 
 the mint ; and, in the present case, he will not part with 
 his silver at a less rate in proportion to gold, than it will 
 fetch him in other countries. 
 
 Both gold and silver in the eye of commerce, are com- 
 modities ; and that equally, whether they be in the shape 
 of coins or bullion ; and the market prices of both with 
 respect to one another, wiU be nearly the same everywhere, 
 without regarding the mint prices in different places. 
 Gold, as above instanced, being highest rated with us, will 
 be brought here in great plenty ; especially, whilst any 
 heavy silver coins are to be had in exchange for it : But 
 no silver can be brought in here, or worked into plate, till 
 the market price of it hath rose, so as to make it equally 
 profitable to import either silver bullion or gold ; and silver 
 being excluded from our mint, by the higher valuation 
 there of gold, no more silver can stay here, than what is 
 wrought into plate. For, a guinea fetching here as much 
 of any thing, as can be purchased for 21 shillings ; and in 
 Holland, suppose, fetching no more than may be purchased 
 with 20 of the same shillings ; a merchant here will not 
 
 43 part 
 
474 0/ M O N.E y. Part II. 
 
 part with a silver ingot, at a less rate than that of a guinea 
 for 20 shillings : If the refiner or silversmith will not give 
 him at that rate ; he will send his ingot to Holland, and 
 there purchase with it, either gold, a biU of exchange, or 
 some other commodity, that will fetch him here as much 
 as the money he had asked for the said ingot j all charges 
 being paid, which are pretty nearly equal, for the trans- 
 portation of both gold and silver. 
 
 Trade is too quick-sighted to be over-reached by laws ; 
 and gold and silver bullion are too universally known and 
 coveted, to suffer any disparity in respect of one another : 
 The European markets are never glutted with either, and 
 they will fetch proportionably every where. Gold then 
 being over-rated at our mint, silver bullion will get up as 
 much above coin, as this over-rate amounts to; and, in 
 like manner, should gold coins be undervalued, gold bul- 
 lion would rise as silver had done before. These metals 
 have every where a reference one to the other ; and with- 
 out this, the terms higher or lower rated, could have had 
 no place. 
 
 VIII. Difference betwixt money and mere bullion, farther 
 illustrated. 
 
 26. Foreign commerce, as hath been before observed, 
 treats gold and silver as commodities, both alike; and 
 they are subject to fluctuate in their value, not only with 
 respect to one another, but also with respect to all other 
 commodities, according to their greater plenty or scarcity. 
 But nevertheless, in all home establishments and transac- 
 tions whatsoever, one of these metals is money, or a 
 standard measure of the values of all other things; and 
 this standard cannot be altered, without incurring all the 
 mischiefs before enumerated. 
 
 As bullion occurs much more than coin, in the transac- 
 tions of merchants; some of them have been induced 
 from thence to think, that the price of bullion is what 
 
 44 governs 
 
Part II. anc? C O I N S. 47r> 
 
 governs and measures, the values of all other things. But, 
 from what hath been already delivered, it is very manifest, 
 that the price of bullion is governed as well as measured, 
 by coin or the established standard of money ; and not 
 suffered to deviate much, from that standard. With mer- 
 chants" indeed, any commodity they deal in, may be said 
 indifferently to be a standard for all the rest, as well as 
 gold or silver ; for they consider all things, as they will 
 purchase more or less of each the other, in this place or 
 in that ; and coins, which with the rest of the world is 
 money, is with them thrown into the general hotch-potch, 
 and no otherwise distinguished from other commodities, 
 but from the proportion that certain quantities of one or 
 the other, will fetch of the rest; and they join with us 
 rather in language than in idea, as to the use of coins. 
 No wonder then, if these gentlemen treat the standard of 
 money so slightly, and so disdainfully, as some of them do. 
 But although we are all agreed, that gold and silver, like 
 all other things, have their values increased or depreciated, 
 according as they grow scarcer or in greater plenty ; and 
 that the coins made of them, do, in this sense, share the 
 same fate with the bullion : Yet coins as such, or as 
 money, escape the fluctuations of markets ; and the stand- 
 ard coins, which are the measures of all contracts, are to 
 be considered as having their value remaining permanent 
 and unalterable j the above slow alteration brought about 
 by time in the value of money, being not to be admitted 
 into consideration, in the temporary dealings of men with 
 one another. 
 
 Having thus explained, as clearly as I could, the several 
 causes of the different prices of coin and bullion; the 
 essential differences there is between them; and also the 
 effect which the over-rating of gold hath upon sUver bul- 
 lion : Let us now proceed to consider, the several pre- 
 tences that are urged for debasing the standard of money. 
 
 45 • IX. Coinages 
 
476 0/ M O N E Y, Part II. 
 
 IX. Coinages should in no wise deforced. 
 
 27. The keeping of the mint perpetually at work, seems 
 to be the main drift of all the common maxims about 
 coins ; and the feeding of this oflBce, is professedly urged 
 as one of the reasons, for debasing the standard of money : 
 And it must be owned indeed, that nothing could be more 
 effectual for the compassing of that end. But this is pro- 
 posing one evil, as a reason for committing another. The 
 evils attending a general re-coinage, which this scheme 
 would inevitably bring about, are many and great; but 
 without entering into a detail of these evils at present ; 
 let it here suffice, to examine into the merits of that 
 notion, which is very generally entertained, that coinages 
 are by all means to be encouraged. 
 
 In one sense, coining is a neutral, harmless, and indif- 
 ferent act ; for if it be left free, it neither inriches nor 
 impoverishes the nation, one single penny ; the coins just 
 pay for the bullion whereof they were made, and the 
 profits to the mint are spent amongst ourselves. But.it 
 deserves well to be considered, that coining is nevertheless 
 an act of very great importance : That a very great trust 
 is thereby lodged in the mint ; that it requires very great 
 care, and great skill too, in those intrusted, to keep 
 exactly to the standard; that a small deviation from it 
 upon each piece, would soon amount to a large sum ; that 
 coins are universal pledges ; and that the credit of nations 
 is greatly concerned, in the exactness and faithfulness of. 
 their mints. When these things are considered, will it 
 follow that coinages are to be promoted unnecessarily? 
 That coins once faithfully made of their due fineness, are 
 to be melted into the unattested state of bullion, for no 
 other purpose than to be recoined again ? 
 
 Purchasing bullion at an advanced rate for coining, a very 
 weak and insignificant measure. 
 
 28. Besides debasing the standard, another expedient 
 
 46 hath 
 
Part II. and COINS. 477 
 
 hath been hit upon for feeding the mint ; and that is, the 
 purchasing of bullion at an advanced price for coinings or 
 the giving more per ounce for the bullion, than it would 
 be afterwards worth in coin. But although this measure 
 is very harmless, as to any consequence attending it, 
 excepting to those immediately concerned ; yet it cannot 
 be reckoned a very wise one. For, whatever be the cause 
 that prevents bullion from coming into the mint "5 whilst 
 that cause subsists, and coining will not remove it, the 
 new coins wiH be melted into bullion again, and again 
 coined ; and so round in a circle, as long as a pramium to 
 the importer of bullion into the mint, is continued. And 
 after all this expence, and all the expectation raised from 
 it, no new coins will be to be seen ; the same cause that 
 created a scarcity before, will carry all these away ; and 
 nothing will be left, but the gains that had been made at 
 the mint. 
 
 After what hath been said here, and in the preceding; 
 it might be asked, of what use then is the mint? To 
 which I answer, that a mint, rightly established, is a very 
 useful, necessary, and important office; an office, that 
 those at the head of our finances should have due cog- 
 nizance of, as being answerable to the public, that its 
 operations are faithfully performed. The natural waste 
 and dissipation of coins, require frequent supplies : This, 
 trade naturally and abundantly furnishes ; and this vent 
 for its bullion, when other markets do not invite, is also 
 of very great advantage to trade ; it prevents a stagnation 
 and uncertainty, in a very considerable branch of com- 
 merce. No mint can be kept constantly at work, unless 
 coining becomes a kind of manufactury for foreign com- 
 merce ; which is not the case here, nor could it be, without 
 very great loss to us, upon our present mint establishment. 
 But the mint, if left free to its own natural course, cannot 
 fail of keeping up the national coins to their due quantity ; 
 what it does more, may be truly said to be labour lost ; 
 
 47 and 
 
478 0/ M N E Y, P^rt 11. 
 
 and would prove mischievous^ if trade did not step in and 
 sweep away the superfluous coin. 
 
 What hath been here said, regards coining in general ; 
 without respecting the disparagements, which either silver 
 or gold coins may lie under in particular, at the mint; 
 and it may serve as a full answer to those, who are for 
 promoting coinages, by forced and unnatural methods. 
 
 X. Curtailing the standard will not lenghten out the coin : 
 but, on the contrary, will occasion a greater scarcity in 
 common currency. 
 
 29. Some say, that if the standard of money was cur- 
 tailed, the quantity of money in tale would be thereby 
 proportionably increased; which they think would be a 
 notable benefit to the country : As if the standard was 
 curtailed a tenth part, we should immediately have a tenth 
 part more money, than we had the moment before. 
 According to this maxim, we have a very short and easy 
 method of becoming rich ; for if it holds in any one pro- 
 portion, as here a tenth part, it will hold in any other; 
 and whilst we are about it, why not take off a good piece, 
 and leave only suppose one hundredth part behind? By 
 this expedient, with one million of the old money, we 
 could not only pay off all our old debts ; but have enough 
 left for carrying on the war, at least for a year or two 
 longer; and all this, without raising one penny of taxes 
 upon the subject. A very fine device truly ! 
 
 I have already * shewed that all artificial methods of 
 increasing tale-money, are, so far as they extend, per- 
 nicious. But the scheme before us, will not reach the 
 end proposed by it : If the method be by calling a shilling, 
 suppose thirteen-pence ; although this would be attended 
 with the mischiefs before enumerated ; yet, in the common 
 traffic of the country, a shilling, notwithstanding the law, 
 
 48 would 
 
 * § 50. Part I. 
 
Part II. amrf C O I N S. 479 
 
 would be called a shilliug still ; and fetch and go, just at 
 the same rate as it did before. If you give us new coins 
 debased according to the new standard, this will rather 
 make the matter worse. All things will advance in their 
 nominal prices, at least, proportionably to the debasement 
 made in the standard : This is a point wherein the under- 
 standings of men, cannot be imposed upon by mere 
 sounds; so that were all the old coins new minted, they 
 would go not one jot the farther, than they would before 
 this alteration. But, from the alarms, fears, and sus- 
 picions, which this woeful project would naturally raise in 
 the minds of the people; many of the coins would be 
 hoarded, and many transported : So that the mint would 
 be left gaping with little to do, and the country distressed 
 for want of coin. All this, I think, upon even a slight 
 view of the case, must needs appear very evident ; but I 
 do not wish to see it confirmed, by so pernicious an 
 experiment. 
 
 XI. Debasing the standard, would not prevent coins from 
 being melted, or exported. 
 
 30. There are many well-meaning people, who think it 
 the interest of their country, to keep the national coins 
 from going abroad; and that this end might be accom- 
 plished, by debasing the standard of money. I shall not 
 at present enter into the merits of this conceit of keeping 
 our cash at home; nor inquire what influence such a 
 scheme, if it could be effected, would have upon our com- 
 merce and credit ; but I think that a very slight reflection 
 is sufficient to convince any one, that the means proposed 
 would not answer the end. An adulteration of our coin 
 cannot remove or aflect any one of those causes, whatever 
 those may be, that bring foreign demands upon us for 
 money : These demands must be satisfied, to the full 
 weight of fine silver or fine gold. Foreigners will not be 
 
 49 imposed 
 
480 0/ M O N E Y, Part 11. 
 
 imposed upon by names, or by false measures ; if our coins 
 are adulterated, by being made either baser or lighter, 
 they must have more of them ; and probably even some- 
 what more than their due, from the unavoidable discredit 
 attending any debasement of money. Foreign coins are 
 every where treated as mere bulUonj and should we 
 debase ours, as much pure silver or pure gold, at least, 
 would be carried abroad in these new coins, as now goeth 
 in those of the present standard. Our own coins indeed, 
 because of the free coinage, are in effect even at home, as 
 much bullion as whilst they were in the mass ; and the 
 stamp of itself, is too weak to save them from the 
 melting pot. 
 
 If the proportion between gold and silver coins, was 
 brought and kept to a just par ; this would prevent either 
 of these coins from being melted or exported, preferable 
 to the other ; but it would not lessen the exportation upon 
 the whole, excepting so far as coins made of one of these 
 metals, as silver, for instance, might be sent abroad to 
 purchase gold for coining. This is an evil we have laboured 
 under, and the remedy is obvious, without medling with 
 the standard of money. 
 
 XII. Foreign states debasing their coins, is not a reason for 
 the debasing of ours. 
 
 31. Some people are so fond of the project of tampering 
 with the standard of money, that any thing will serve them 
 as a plea for that purpose ; and, I think, nothing can well 
 be poorer than the following, which yet I have heard urged 
 with some vehemence, viz. "that certain foreign states 
 " having debased their coins, we should therefore debase 
 " ours." This empty plea, for it cannot be called an argu- 
 ment, hath been spoken to, in the preceding chapter. 
 It might, in truth, as well be said, that we ought to 
 
 50 change 
 
Part II. ancZ C O I N S. 481 
 
 change our language, as change our standard; the plea 
 here brought for the one, being equally conclusive for the 
 other. 
 
 It hath been before * shewed, that it is out of the power 
 of laws directly, either to augment or diminish the values 
 of coins in general, otherwise than as by their oblique 
 influence, they may increase or diminish the whole quan- 
 tity of them in circulation. But states may set a higher 
 value upon one sort of coins, in proportion to others, than 
 is done by their neighbours ; as we have done by gold 
 coins in respect to silver : The consequence of which, 
 always hath been, and always will be, the draining away 
 of the coins that are undervalued. States may, if they 
 please, go yet farther, and set a higher value upon 
 some specie of coins, than they do upon others made of 
 the same metal ; and the consequence will be as before, 
 the draining away of those that are least valued, and leav- 
 ing them always poorer upon the whole ; for the coins that 
 are undervalued, will always go away at some undervalue. 
 But of this more hereafter. 
 
 There are, perhaps, no greater instances of human weak- 
 ness, than the various and contradictory measures that 
 have been pursued, almost all the world over, about coins. 
 And even, in the same country, opposite measures have 
 been taken, without any difference of circumstance to 
 occasion them : But, an opinion it seems prevailed, that, 
 since one method had not the desired effect, the contrary 
 must needs succeed; and this again failing, some new 
 course was again taken, and so on. The effects of aU the 
 various tamperings that have been made with coins, have 
 ever proved, and ever will prove, that no alteration can be 
 made in the standard of money, but what will be injurious 
 many ways to those who make it ; and it may be pre- 
 
 51 sumed, 
 
 * § 41, Part I. 
 
482 0/- M O N E Y, Part II. 
 
 sumedj that no argument can be brought for that wild 
 measure, either from what hath been done here or else- 
 where, but what will conclude strongly on the other side 
 of the question. 
 
 XIII. The lightness of our coins, not a reason for altering 
 the standard, 
 
 32. It is well known that a great part of our current 
 coins, what by long wear, and what by fraudulent practices, 
 are become much lighter than the legal standard. Some 
 argue from hence, "that the standard itself should be 
 " lessened accordingly ; and say, that this would be doing 
 " no injury to individuals, if the new coins be made no 
 " worse, than the generality of those that are now in com- 
 " mon currency." 
 
 This is an old plea, and which in any other case but 
 that of money, would appear sufficiently ridiculous to every 
 body : To diminish the standard upon this motive, would 
 be such a vague pursuit as could have no end : and what 
 would, in effect, leave us without any standard. If this 
 argument had been admitted; our standard, and our 
 coins, would ere now have been in a manner annihilated ; 
 and in trying to follow after them, the price of a shoulder 
 of mutton would now be reckoned at as many millions, 
 as would pay off the whole national debt in our present 
 coin. 
 
 But this scheme, upon the plan proposed, is in fact 
 impracticable : What particular piece or bag of light coins, 
 is to be taken for the new standard ? And when this is 
 fixed upon, what is to be done with the other coins, that 
 are either heavier or lighter than these ? Are the weighty 
 coins to be clipped, and the light ones to be new minted 
 to the new standard? Who does not see the absurdity 
 and evil consequences of such a scheme? Should the 
 measures iu common use, some by wear and some by 
 
 52 fraudulent 
 
Part II. and COINS. 483 
 
 fraudulent diminutions^ become many of them less than 
 the standards at the exchequer; and it were proposed to 
 diminish those standards accordingly ; would not such pro- 
 posal be manifestly very ridiculous ? And are not the cases 
 nearly parallel of money, and other measures ? Or, doth 
 not what difference there is, turn entirely on the side of 
 the mioney standard, as money is both an equivalent and 
 a measure ? 
 
 The effects of diminishing coins by law, and what they 
 suffer in private hands, very different. Currency by tale, 
 regards chiefly the standard, or original value at the 
 mint. 
 
 33. The consequences of what the coins suffer in private 
 hands, are widely different from those that would fol- 
 low their debasement by legal authority. In the one 
 case, every man's right is left unviolated; for he may 
 refuse coins unlawfully diminished, if he pleases ; and he 
 hath no body to blame but himself, if he doth not : And 
 as for those coins that are become light by long wear ; so 
 long as all sorts of coins, light and heavy, continue indis- 
 criminately to exchange one for the other; the damage 
 from the lightness of coins, doth not, as yet, fall upon 
 individuals. But should the coins be debased by authority, 
 every man's property would be invaded ; all sorts of goods 
 would rise, at least, to the new standard ; and all the evil 
 consequences before enumerated, would inevitably follow. 
 
 It is to be observed, that in the currency of coins by 
 tale, no regard at all is had to their lightness, or deficien- 
 cies arising from mere wear ; but all pass, as if they were 
 of their due standard or full weight, as they first came out 
 of the mint. All fixed establishments, being really made 
 and governed by the legal standard ; have a great influ- 
 ence, especially that of the public revenue, in keeping up 
 the current values of coins towards that standard, notwith- 
 
 53 standing 
 
484 0/ M O N E Y, Part IL 
 
 standing their dimintitions by long wear. And although 
 foreign commerce contributes its share, towards bringing 
 the current values of coins, nearer to the real value ; yet, 
 as the coins that go abroad, and they only are to be con- 
 sidered in the present argument, bear but a small pro- 
 portion to those passing in all our internal transactions; 
 their effect in accounting for the lightness of our coins, 
 must needs be very inconsiderable. 
 
 The above observations cut off at once all pretences for 
 debasing the standard, from the lightness of the current 
 coins : since that lightness, is in no wise considered, in any 
 of our internal dealings with one another. Currency by 
 tale refers only to the legal standard, as currency by weight 
 doth to the coins themselves; and there is this farther 
 notable difference between them; that by the one, the 
 coins are perpetually kept up to the real standard, or so as 
 to pass only for their real value ; whilst by the other, the 
 deficiency upon the coins is so much dead loss to the 
 public; which loss must, sooner or later, reach to indi- 
 viduals, however they may ward it off for the present. 
 
 To conclude this head, let us put a case the most favour- 
 able possible to our opponents in the present argument ; 
 Suppose that all our coins were equally deficient in value> 
 according to their respective current rates, as one twentieth 
 part ; and it were to be declared by legal authority, that 
 the coins, as they now stand, are of the due standard. 
 This declaration would cut off one twentieth part of every 
 man's property, though all contracts would continue to be 
 discharged and paid, in the very same coins that they were, 
 before this new declaration. The plea of not having 
 debased the standard, below the value of the actual coins 
 in common currency, would be no justification of this 
 measure ; and with respect to the alienation of property, 
 this proceeding would have the very same effect, as if aU 
 the current coins were now of their full weight, according 
 to the present standard, and were called in to be diminished 
 
 54 one 
 
Part II. and COINS. 485 
 
 one twentieth part ; wliether by clipping, or new minting, 
 would alter not the case. 
 
 XIV. Any injringement of the standard of money, however 
 
 small, would be proportionably injurious. 
 
 34. There are some who readily allow, that a great 
 debasement of the standard at onc'e, would be very inju- 
 rious ; " and yet insist, that if you do it gently, a little at 
 " a time, no harm will be done ; they say, such a gentle 
 " touch would not be perceived, and therefore none would 
 " complain." 
 
 Strange indeed! You say it would be injurious .to 
 debase the standard much at once, and yet that it would 
 be no injury to do the same thing at several times. But 
 strange as this logic may seem to be, it must be owned to 
 be very ingenuous, and to aiford perhaps as good an argu- 
 ment for the purpose, as any we have yet met with : It 
 iairly owns that debasing the standard would be a fraud, 
 and only aims at shewing how you might commit this 
 fraud without being perceived. It would be in vain to 
 argue with these gentlemen upon moral principles ; but 
 here we can answer them upon their own : The law must 
 be promulged, before such a project could be executed j 
 and by that previous notice, the whole design would be 
 frustrated. 
 
 XV. AU the species of coins made of the same metal, should 
 
 be rated in a just proportion to each other. 
 
 35. There are some who readily agree, that the debasing 
 of all our coins would be attended with evil consequences ; 
 and yet think, that " these evils might be averted, and the 
 " standard sufficiently secured, by the largest specie of our 
 " coins only, as crowns and half-crowns ; whilst the lower 
 " specie, as six-pences and shillings might be debased; 
 " and the debasing of these they think would be advah- 
 
 55 " tageous, 
 
486 0/MONEY, Part 11. 
 
 " tageousj as it would be a means of preventing their 
 " exportation, and of keeping them entirely at home for 
 " our own circulation." 
 
 I shall say nothing here to the notion of keeping our 
 coins from being* exported; and it hath been shewedf 
 elsewhere, that there cannot be a wdnt of coins for home 
 circulation, unlessj substitutes be placed in their stead : 
 In that case, indeed, there may be frequently a want of 
 coins for the circulating of the substitutes ; and the only 
 effectual way of curing the evil, is by gradually destroying 
 those substitutes. Remove the cause, and the effect will 
 cease. But the notion of having two sorts of coin, one 
 passing for more than it is worth, or at a greater rate than 
 the other, is a most dangerous one ; and could it be brought 
 to effect, would not only be injurious according to the 
 proportion of value, which the sum total of these base 
 coins may bear to all the rest ; but also be attended with 
 another fatal consequence peculiar to itself; the draining 
 us of all our good specie. The mint at the Tower, would 
 soon be eased of its labour of making these bad coins ; 
 and not only private hands amongst ourselves, would have 
 a share in this beneficial trade ; but foreigners also would 
 not let slip so fair an occasion of minting, and importing 
 upon us these base coins, so long as we had any good ones 
 to give them in exchange. For example, if you were to 
 coin shillings, having in them only nine penny-worth of 
 silver ; so long as a crown-piece could be had for five of 
 these base shillings, you might be sure that plenty of them 
 
 56 would 
 
 * This notion, which is a very general one, I fansy was first 
 broached and propagated by the bankers ; they might think, if the 
 quantity of circulating cash could be increased, it would be brought 
 the faster into their shops, and be suffered to stay there the longer 
 before it was again recalled. 
 
 + § 49 & 50. Part I. 
 
 X Gold, copper, or paper-money, may either jointly or separately, 
 be the means of draining away silver coins. 
 
Part II. and COINS. 487 
 
 would be coined, both at Birmingham and abroad. This 
 consequence is natural ; and every nation ought to guard 
 carefully, that all its several specie of coins, be rated in 
 their due and just proportion; otherwise, those that are 
 highest rated, must needs in time drain and swallow up 
 all the rest. 
 
 But it is not probable that such a scheme, if it was 
 attempted, could with us be brought to effect ; and yet it 
 might be attended with such perplexities in all dealings 
 and contracts, both home and foreign, as for a long time 
 back we have been free from in this country : It is most 
 likely, that in all future contracts, it would be distinguished 
 in what sort of money the contracts were made, and the 
 bargains regulated accordingly ; for it is to be hoped that 
 all preceding contracts, would be left to be satisfied in the 
 old money : Or, the people would take and pass the new 
 coins for their real worth ; and in either case, the whole 
 scheme would be frustrated. As supposing the new six- 
 pence should be worth the old groat ; the people would 
 either reckon in the different proportions of two and three 
 in all their dealings, according as they contracted in old or 
 new money : Or, to avoid this perplexity, they would call 
 the new six-pence, a groat ; and fifteen of them would as 
 currently exchange for a crown-piece, as ten old ones do 
 at present. 
 
 XVI. Silver only, and not gold, is the standard of our 
 money ; and not the less so, because gold coins have a 
 fixed rate by law. 
 
 36. It hath been before* shewed, that there can be but 
 one standard of money ; that in these parts of the world, 
 silver is, and time immemorial hath been, the money 
 standard; and that it is the fittest material, hitherto 
 known, for a standard. 
 
 57 We 
 
 * § 34, 35, 36, (fe 37. Part I. 
 
488 0/ M O N E Y, Part II. 
 
 We never heard till lately, a word mentioned of gold 
 being the standard of money: Former projectors saw 
 the absurdity of calling any thing the standard, besides 
 that by which all the accounts of the country were kept, 
 and all contracts measured. But their successors are 
 grown desperate ; and such is their fondness for gold, that 
 any thing will serve them as a plea both for debasing 
 silver, and for making gold the standard ; at least, they 
 would have it bear a share jointly with silver : And, for 
 this, gold coins having a stated price by law, they think is 
 a sufficient argument. However this fact, at first sight, 
 might mislead some people ; yet, it is very certain, that 
 the argument built upon it, is overthrown by the very 
 words'of the law itself. Is not a declaration that a guinea 
 shall pass for twenty-one shillings, a plain reference to 
 shillings, as a standard measure of the value of a guinea ? 
 But, it cannot be said, on the other side, that a guinea is a 
 measure of the value of shillings; it is impossible that 
 any whole, should be made up of the parts of a material 
 different from itself. The laws, the language of the 
 country, the common consent, and common sense of aU 
 men, have unanimously concurred in making silver our 
 only standard. Every body knows that pounds, shillings, 
 and pence, denote certain specific quantities of pure silver j 
 and whilst all contracts whatsoever are measured by these, 
 it would be a strange perversion of language, to call any 
 thing else the standard. My receiving a certain number 
 of guineas, in consideration for a certain sum, or number 
 of pounds sterling, doth not make gold money, or a 
 standard ; any more than if I had received to the same 
 value in lead, wheat, cloth, Sfc, would these commodities 
 have thereby become money. Gold being coined, alters 
 not the case ; the coining only ascertains the quantity of 
 metal, contained in the several pieces, at their utterance 
 out of the mint ; and we have proper measures at hand, 
 for determining the quantities of other commodities. 
 
 58 There 
 
Part II. and COINS. 489 
 
 There is a necessity of, coining gold to ascertain its fine- 
 ness j otherwise, it would be a commodity too precarious 
 to be meddled with in common dealings ; a difference of 
 fineness imperceptible to the eye, making a very great one 
 in the real value. 
 
 But you will say, that gold coins, excepting the differ- 
 ence of colour, and of some other properties of the metals, 
 have as much the appearance of money as silver coins : 
 Granted ; and so have copper coins too; and so might 
 pewter ones, ^c, but this is nothing to the purpose; it, is 
 not the mint, but the laws, and the universal concurrence 
 of mankind, that make money. You will say again, that 
 the lasFs oblige me to take gold, as, or instead of money; 
 whereas, I am at liberty to refuse any other commodity, 
 that may be offered me instead of money. True ; and I 
 have before shewed* the propriety and conveniency of 
 ~ ordaining that gold coins, should pass at certain rates, jsro 
 tempore, as or instead of money ? But still, this doth not 
 make gold money : These rates are not to be fixed arbi- 
 trarily, but are to be regulated by the price which gold 
 then bears, in respect to silver as a standard ; and these 
 rates are, and always have been, considered as being subject 
 to this rule, and so to be altered again and again, whenever 
 the case may so require. Under this limitation, it is veiy 
 convenient, that gold coins should pass as or instead of 
 money, but not as being themselves money, or the standard 
 ineasure of the values of all other things. It is a funda- 
 mental characteristic of money, that, as a measure, it con- 
 tinues invariable ; that is, that a payment in the standard 
 coins, of any specific sum or quantity of money agreed 
 upon, is, whenever made, a full discharge of that contract ; 
 without regarding at all, how silver may have varied in its 
 value with respect to commodities in general, by an 
 
 59 increase 
 
 * § 38. Part I. 
 
490 0/ M O N E Y, Part II. 
 
 increase or decrease of its quantity. But gold coins are 
 to be considered in another view : Payments in them, may 
 not be by quantity for quantity ; it is by the rates only, 
 which gold coins bear in respect to silver as a standard, at 
 the time of payment, that contracts are discharged ; and 
 not according to the rates, which these coins might have, 
 at the time when the contracts were made. In this view 
 only, gold coins are to be considered ; and, in this view, 
 they are upon a footing with any other commodity; 
 though less liable to a sudden and great change in their 
 value, than most other things. 
 
 Much of the difficulty upon this subject hath arose, 
 from the not attending to the difference between money 
 and commodity; and again, by confounding with the 
 standard the lightness of the coins passing by tale, and 
 making every coin, as it were, to be itself a standard. But 
 this is bringing into the argument, what the common 
 sense and common practice of men, never thought of. 
 The nature and condition of tale-money hath been already 
 explained ;* and, I think, it is sufficiently manifest, that 
 all contracts and the prices of commodities, are measured 
 by the standard, and not by the intrinsic value of coins, 
 in countries where they pass by tale: Nor, where they 
 both pass promiscuously, is there any difference in regard 
 to payments made either in gold or silver coins ; in aU 
 cases, the silver standard is alike the measure referred to. 
 I do not here enter into the merits of passing coins by 
 tale ; I have only aimed at shewing what it is that con- 
 stitutes tale-money. But gold coins, although they passed 
 only by weight, would so far partake of the nature of tale- 
 money, as not to have the prices of things, §■£. regulated 
 by their rates or intrinsic value; but only, as above 
 observed, by the established silver standard. 
 
 60 XVII. Gold 
 
 * § 33. Part II. 
 
Part II. and COINS. 491 
 
 XVII. Gold being made the standard by merchants, doth 
 not make gold to be the national standard. 
 
 37. It hath been before * observed, that merchants will 
 reckon by that metal which is most common in large pay- 
 ments ; all coins are with them, in effect, mere bullion ; 
 they have no regard to names, or local institutions ; the 
 real quantity of pure silver or pure gold, which they give 
 and take in exchange for other commodities, is what they 
 reckon by. And it is very manifest, by the course of 
 exchange between us and all the world, that gold here is 
 the standard of merchants; and this for them is most 
 profitable, because gold here goes farthest in the purchase 
 of our commodities; but with what loss to the nation, 
 doth not fall within our present consideration. 
 
 But the transactions of t merchants, do not nfake a 
 standard for the rest of the world ; and indeed, as hath 
 been before observed, they have in effect no money, as 
 they do not consider it in the same light that others do ; 
 coins with them being mere merchandise, as much as 
 cloth, iron, or any other commodity. And therefore no 
 considerations from the practices of merchants, or from 
 the course of exchanges, have absolutely any thing to do 
 in the present debate. In all countries, the business of 
 settling the standard of money, is purely a national con- 
 cern, which the rest of the world have nothing to with ; 
 and merchants, as such, are of no country. If you alter 
 the standard, whatever effect it may have among your- 
 selves, the course of exchange will set the matter even as 
 to the rest of the world. If you lower the price of gold, 
 
 61 the 
 
 * § 68. Part I. 
 
 t I consider merchants here and elsewhere, solely as foreign 
 dealers, without regarding their private transactions with shop 
 keepers, dc. in the places where they dwell : in this last light, they 
 are upon the the same footing with all other private dealers. 
 
492 0/" M O N E Y, Part II. 
 
 the exchange in appearance will turn proportionably in 
 your favour ; if you debase your silver standard, it will go 
 seemingly against you, to the full amount of this debase- 
 ment : That is, in both cases, the exchange will really set 
 the matter even; and therefore, as above observed, the 
 consideration of exchanges hath nothiag to do in the 
 present argument. 
 
 The great inland commerce or business of this country, 
 is chiefly carried on, scarce as it is, by silver. Labourers, 
 handy-craftsmen, and manufacturers of all sorts, are paid 
 their day wages in silver : What they receive is palpably, 
 and manifestly their standard ; and as labour is the main 
 foundation of all riches, what goes to pay the price of it, 
 will be the real standard of the nation, even though laws 
 were enacted to the contrary. Laws, though they may, and 
 perhaps too often do, perplex, yet they cannot eradicate 
 settled ideas. Workmen of all sorts here, have fixed ideas 
 annexed to shillings ; they do not know, perhaps, the pre- 
 cise quantity of silver which they ought to contain; yet 
 they know that there is an old established law, that hath 
 settled this matter : Whilst this law is not abrogated or 
 tampered with, they think themselves safe ; they are con- 
 tent with their usual wages, without scrutinizing into the 
 precise quantity of silver in the respective coins; whilst 
 the same laws subsist, they expect these coins will fetch 
 them as much necessaries as usual, and they look no far- 
 ther. You may raise or lower the price of guineas, as the 
 case may require, without affecting the price of labour ; 
 and therefore without affecting the price of any home 
 commodity, in the first iastance. 
 
 It hath been observed before, and the thing is suflSci- 
 ently manifest, that the ideas of silver are annexed to 
 pounds and shillings ; and no law can transfer those ideas 
 to gold, or to to any thing else. The farmer understands 
 that he hath contracted to pay a certain number of pounds 
 sterling for rent : This rent may be satisfied or discharged 
 
 62 with 
 
Part It anc^ G O I N S. 493 
 
 with gold, barley, horses, ^c. these commodities respec- 
 tively, being supposed at the time to be worth so much 
 silver, or so many pounds and shillings, as they reckon 
 for. And what reason is there for fixing the idea of 
 standard, to any one of these commodities, preferably to 
 the rest ? The same reasoning may be extended to all 
 other things; for all things may, and often do, answer 
 the purpose of money ; but yet this doth not mate com- 
 modities to be money, nor money a commodity. The rent 
 is equally discharged with gold or barley, according to 
 the respective rates, which certain quantities of these com- 
 modities have at the time of payment. Nor does the 
 more uniform and certain quality of the one, make any 
 difference in the present argument ; it preserves indeed 
 the price of a given quantity, at a more equable rate ; but 
 it is subject nevertheless to have that price altered, as the 
 great market of the world may govern; and for such an 
 alteration, no one can have just cause to complain : But 
 the case is very different with respect to silver. 
 
 Thus, I think, it is very manifest that silver, and only 
 silver, is the standard of the country, of all contracts and 
 establishments there, whatever may be the standard at the 
 Royal Exchange : And, I think, that it would be impos- 
 sible at present, to transfer the standard from silver to 
 gold. Enact what laws you please ; what measures and 
 pays the price of labour, will be ultimately the real stand- 
 ard of the nation ; and gold is at present too dear for the 
 payment of day wages, and for the purchase of small 
 necessaries. Enough hath been said before, to shew the 
 iniquity of altering the standard of money ; and, I think, 
 that enough also hath been said, to shew the vanity and 
 folly of such an attempt. But to instance again, only in 
 the case of labour : If shillings be debased, suppose a -fifth, 
 or any other given part, either by changing their usual 
 rate of 12 pence, or the -jV of a pound sterling, or by put- 
 ting less silver in them; the workman will soon under- 
 
 63 stand, 
 
494 0/ M N E Y, Part II. 
 
 stand, that he must have the part lopped off made good 
 to him, by increasing his nominal ■wages. This matter is 
 so obvious, that he cannot be imposed upon, and the very 
 attempt of doing it, might be attended with fatal con- 
 sequences. 
 
 XVIII. Lowering the price of gold would be of no loss to 
 the nation; and the lowering it directly, by lessening 
 its rate pet ounce or per guinea, would be of less loss to 
 individuals, than if the same was done indirectly, by 
 debasing the standard, or lessening the quantity of silver 
 in the pound sterling. 
 
 38. It is, in effect, agreed on aU sides, that the price of 
 gold should be reduced j but for debasing the standard, or 
 as they call it, raising the value of silver, it is said : " That 
 " as our stock is chiefly in gold, should we depreciate or 
 " lessen the rates of guineas, it would be undervaluing our 
 " own treasure, and bringing a great loss both upon the 
 " nation and upon individuals ; but, as we have a scarcity 
 " of silver coins, the debasing of these would be so little 
 '' felt, as not to be worth regarding." 
 
 We have already met with many pretences for debasing 
 the standard; which, upon examination, appeared suffi- 
 ciently weak and frivolous: But amongst them all, I 
 think, there is not one quite so vague and ridiculous, as 
 this before us. Let us suppose that the reduction, wanted 
 to be made in the rate of a guinea, is one shilling ; for it 
 is nothing to the argument, what the precise quantily 
 really is ; and that will come to be considered in another 
 place. You say, that if the rate of a guinea be reduced 
 one shilling, there would be a loss of the one and twentieth 
 part, upon all the guineas in the nation ; but that there 
 would be no loss at all upon guineas, if they were ordered 
 to pass for twenty one shillings, having in them no more 
 silver, than there is at present in twenty shillings. 
 Strange, very strange indeed, that there should be such 
 
 64 magic 
 
Part II. a7id COINS. 495 
 
 magic in the word shilling, and in the number twenty, 
 one, as to make the same thing, only calling it by dif- 
 ferent names, have such different effects ! It is scarce 
 necessary to take any farther notice of such a mere jingle 
 of words ; but out of tenderness to these young logicians, 
 but more out of regard to those who may be deceived by 
 them, if any such there can be : I shaU endeavour to shew, 
 that our scheme is more favourable to them, than their 
 own. 
 
 1. It is self-evident, that the nation would not lose one 
 farthing upon aU the gold it exported, by a reduction of 
 the mint price of gold. For this reduction, would not in 
 the least debase the intrinsic quality of the gold; and 
 every guinea that went into foreign parts, would fetch 
 there as much afterwards, as it doth at present ; imless, 
 perhaps, there is now a trade abroad for purchasing 
 guineas, and re-exporting them to us again ; and if there 
 be such a trade, it is much to our disadvantage. 
 
 2. Let us suppose, that the reduction is made, by call- 
 ing twenty of our present shillings, by the name of twenty- 
 one shillings ; or, which is the same thing, by a new coin- 
 age wherein tweuty-one pieces, called shillings, are cut 
 out of the same quantity of silver, as before used to be put 
 into twenty shillings. ^ Here, it is self-evident, that every 
 one will lose a shilling upon a guinea ; and that his loss 
 will be in the same proportion, upon all the silver coins 
 which he hath to receive. For, it hath been shewed, that 
 the prices of all things at home, are regulated by the 
 silver standard; and therefore they would soon raise 
 against us, in proportion as that standard had been 
 debased; unless you think, that sounding the words 
 twenty-one in their ears, would luU men asleep, and deprive 
 them of their understanding. By this scheme then, the 
 one and twentieth part of all their cash, gold as well as 
 silver, would be taken away from, and irrecoverably lost 
 to, every body ; and this loss would fall, not only upon 
 
 65 the 
 
496 0/ M O N E Y, Part 11. 
 
 the present stock in hand, but also upon all that they had 
 to receive for the future, in consideration of any contracts 
 already made. 
 
 3. Let us suppose, that the rate^f a guinea is, without 
 using any other indirect means, directly reduced to 
 twenty * shillings. Here then, whilst this property in 
 general is left -f* un violated, both now and in future; the 
 only loss any one can sustain, is upon his present stock in 
 hand of guineas, and this loss cannot exceed, one shilling 
 upon each. But, it is not improbable, that by the falling 
 of commodities, there might be some abatement of this 
 loss : For, by the concessions of those who abett the con- 
 trary measure, they making gold to be the standard of 
 merchants, foreign exchanges will altet in our favour, pro- 
 portionably to our reduction upon gold; and with the 
 exchanges, it is likely, the prices of all foreign commodi- 
 ties, would in some degree likewise alter, which would also 
 cause an abatement in the prices of our own. 
 
 It is difficult to state to any exactness, what influence 
 foreign exchanges or the dealings of merchants, have upon 
 the prices of goods in general ; that is, how far our high 
 valuation of gold, and so the mercantile trade, may clash 
 with the legal standard, in measuring the values of con- 
 tracts and of commodities ; I admit, that this may have 
 some effect ; but, I think, for the reasons which have been 
 already given, that this effect is very inconsiderable. 
 
 But to bring this whole debate, as far as it any way 
 
 66 relates 
 
 * The conceit of a late writer, of reducing the price of guineas by 
 a general recoinage of them into a larger size, and his arguments 
 drawn from the inconveniencies that would thence arise, require no 
 answer. 
 
 t It hath been clearly shewed in divers parts oi this essay, that the 
 rates of gold coins are, from their very institution, subject to altera- 
 tion ; and the making of this alteration as often as the case may 
 require, is in all respects just, prudent, and necessary. 
 
Part II. and COINS. 497 
 
 relates to our present ijibjeet, to a short issue : If it be 
 admitted that contracts, and the prices of all things, are 
 governed whoUy by the established silver standard ; then, 
 it is manifest, that if you alter that standard, the prices of 
 all things wUl raise, at least, in that proportion : On the 
 other hand, if you insist that gOld is the standard ; then, 
 I say, that if you lower its price, and that will be equally 
 done by either of the preceding methods, the prices of all 
 things will fall proportionably. But whether gold hath 
 any share jointly with silver, in settling and measuring 
 the prices of things; or, whether gold takes all upon 
 itself; it is as clear as the day, that, according to which 
 method is taken in adjusting the present disproportion 
 between the legal rates of gold and silver, there will fol- 
 low a diflPerence, at least, in the prices of things in general, 
 to the full amount of that disproportion: And, it is as 
 clear, that our method of reducing them, would be by 
 much the most favourable to the present possessors of 
 guineas, as well as a security to them of their full pro- 
 perty for the future ; which, by the other method, would 
 be invaded and taken from them, to the whole amount of 
 the reduction or debasement of the standard. But is 
 there need of balancing, so exactly, the immediate profits 
 and loss, between these two different methods, of reduc- 
 ing the price of gold ? The one, all the world knows, is 
 fair,' equitable, and perfectly agreeable to public faith ; 
 whilst the other, would be reproachful, unjust, and a 
 thousand ways injurious, both to the state and to indi- 
 viduals. The case of men as they are mere debtors and 
 creditors, hath been already considered; and so far as 
 they are equally so, it hath nothing to do with the present 
 argument; and we shall have again occasion to speak 
 more to this point a little farther on. In its proper 
 place, the cases of bankers, and public receivers, shall 
 be duly considered. 
 
 67 XIX. The 
 
498 Of MO N'E Y, Part II. 
 
 XIX. The nation being in debt toj%reigners, is not a reason 
 for altering the standard. 
 
 39. I am now come in the last place, to consider a pre- 
 tence for debasing the standard of money, on which' much 
 stress is laid by some persons, viz. 
 
 " As we are a nation indebted to foreigners, have great 
 " plenty of gold coins, and no silver coins but what are 
 " much below the standard ; should we lower gold, we 
 " should undervalue our own treasure, and pay our foreign 
 "creditors more than we received from them; and no 
 " injustice would be done, should we make gold the stan- 
 " dai-d, and raise the silver." 
 
 In this argument, many diiferent things are artfully 
 blended together, that the main design of cheating our 
 foreign creditors might appear the less conspicuous, and 
 the less shocking. All the above various pretences have 
 already, in effect, been fally answered ; but because of the 
 importance of the subject, I shall here speak again to 
 some of these points. 
 
 1. If the intention be simply to transfer the standard 
 from silver to gold, why are the silver coins to be altered >* 
 Doth not the altering of them, etjualiy alter the size of the 
 standard, commit equally the same injustice with respebt 
 to property, whether you call the new sta;ndard by the 
 name of gold, or by the name of silver? And hath all 
 the pother made about gold being a standard, any other 
 aim or design, than to deceive us by a mere jingle of 
 words : Or, is it possible, that any can be so hoodwinked 
 as to believe themselves, that gold either is Or ever can be 
 the standard, whilst it continues to be so dear, and 
 whilst all men do and continue to reckon by silver? 
 
 2. It is a fact too notorious, that we have no silver coins 
 left, but what are wore much below the standard; and 
 that even these are at length grown so scarce, as to call 
 aloud 'for a speedy supply. But one part of the argument 
 
 68 grafted 
 
Part II. and G I,N S. 499 
 
 grafted upon this misfortunes viz. " that by lowering 
 " directly the price of gold, we should undervalue our own 
 " treasure," hath been fully answered in the preceding; 
 and there it hath been also shewed, that the lowering of 
 gold directly or openly, would be easier or less detrimental 
 to individuals, than the doing it, as it were covertly, and 
 clandestinely, by debasing the silver standard; and 
 enough hath been already * said, to shew the vanity, 
 injustice, and enormity of such a measure. Those also, 
 who would persuade us that in reality and practice, gold 
 is our standard, because with us more payments, or to a 
 much greater value, are made in gold than in silver coins; 
 have been likewise. I think, fully f answered. And I 
 might go yet farther, and insist, that although our silver 
 coins were grown yet scarcer, or were even annihilated; as 
 long as silver continued to be plenty in the rest of the world, 
 and as long as we continued our old method of reckoning 
 in pounds sterling ; those old abolished coins would con- 
 tinue still to be our standard; and their substitutes, 
 whether they be gold, copper, or whatever else, would 
 have their value according to that proportion, which given 
 quantities of them bore to the quantity of silver formerly put 
 into those old coins, into whose places they had succeeded. 
 .Nothing, could be really the standard, but that which all 
 men called the standard ; and there could be no other way 
 of estimating the value of the substitute, than by the value 
 of the thing to which it was referred. Settled ideas, 
 annexed to the names of known things, are not to be 
 eradicated, or even altered, whilst the things themselves 
 continue unaltered. If circumstances did so require,, 
 which is not the case at present, nor likely to be so in 
 ages yet to come, the standard of money might be trans- 
 ferred, from silver to some other material ; but, to make 
 
 69 this 
 
 * § n to 20. Part 11. t § 36, 37. Part 11. 
 
500 0/ M O N E Y, Part II. 
 
 this transfer complete and effectual, it would be necessary 
 to lay aside the old names used in reckonings and accounts, 
 and to substitute new ones in their stead : To transfer the 
 standard of money from one material to another, was the 
 thing itself proper and requisite, is not so easy to be 
 accomplished, as some late projectors seem to imagine. 
 But to proceed. 
 
 Former transactions have no relation to the present value 
 of money. 
 
 40. It hath been before * shewed, that money is a 
 standard measure by its quantity only, without regarding 
 in the least the fluctuating value of its material with 
 respect to other things. This restriction to quantity 
 only, is essential to the nature and very being of money, 
 as without which it would lose its place as such, and 
 dwindle into mere commodity : How could that be called 
 money, the value or price of whiph was fluctuating ; and 
 at all markets, and in aU contracts to be bargained for, 
 like other commodities ? But should we admirt money to 
 be a commodity ; those who would infer from thence, 
 that the standard of money should be debased, are very 
 unlucky in the choice of their argument, for it proves 
 directly against them ; as it is notorious that in Europe, 
 both gold and silver have been gradually, and, I might 
 say, continually sinking in their value for a long time 
 past, from the continual increase of their quantity ; And 
 upon this principle, the standard of money should be 
 inlarged, and not curtailed ; and all creditors, both public 
 and private, would have an undoubted right to demand 
 back a greater quantity, than they had lent. But how 
 could the several claims be adjusted, according to the 
 different times of the respective loans? What infinite 
 
 70 contests, 
 
 * § 21. Part I. 
 
Part IT. and COINS. 
 
 501 
 
 contests, distractions, and confusions, must needs follow 
 any departure from the true nature and use of money ? 
 
 It hath been also abundantly proved, both in this and 
 the preceding part of this essay, that silver only and not 
 gold, is, and time immemorial hath been, the measure of 
 all our contracts: And therefore the inference in the 
 preceding, viz. " As we have great plenty of gold coins, 
 " should we lower the price of gold we should undervalue 
 " oi;r own treasure, and pay our foreign creditors more 
 " than we received from them ;" this inference, I say, is 
 fallacious, and nothing to the purpose. But before I pro- 
 ceed any farther, I cannot help taking notice of the artifice 
 used, in making the application to our foreign creditors 
 only : How could this distinction be supported in prac- 
 tice ; and if it could, where would be the justice of it, and 
 what would become of the public faith ? Was not that 
 faith given, or which is the same thing, understood to be 
 given, to all sorts of creditors indiscriminately, that they 
 should be paid again by the same scale that the loans 
 were measured with ? And was this scale anything else 
 than sterling money, or our present silver standard ? 
 
 That assertion, that lowering the price of gold would be 
 undervaluing our own treasure, hath been before suffi- 
 ciently * answered : And almost every part of this whole 
 chapter, is a full answer to the application above made to 
 our public creditors; and indeed, creditors of all sorts 
 would be the greatest of sufferers by a debasement of 
 money, as their losses would be irretrievable and past a,ll 
 redemption. But to speak more particularly to the point 
 before us: Admitting, what is hardly to be admitted, 
 that all our loans have been made in gold coins ; and that 
 these coins at the several times of borrowing, were, as at 
 present they manifestly are, over-rated : This over-rating 
 
 71 of 
 
 * § 38. Part II. 
 
502 0/ M O N E Y, Part' II. 
 
 of gold was undoubtedly prejudicial to us; and this pre'- 
 judice we shall continue to sustain^ till the cause is re- 
 moved. But this hath nothing to do in the present 
 debate : The scale by which we borrowed, was silver ; 
 and it must have been understood, that we engaged to 
 pay by the same scale, whenever the day of payment 
 came. The due proportion of value of gold to silver, or 
 the just rates which gold coins ought then to have, was 
 not considered by either side ; nothing was regarded but 
 the current rates, at which on the one side they were 
 given, and on the other taken, in fall consideration of 
 certain specific quantities of silver ; which silver, was on 
 both sides understood to be, and for ever to continue to 
 be, the true and only measure of the contracts. 
 
 Again, our loans were made for present use ; and the 
 money, in the same specie, and at the same rates, as we 
 received it ; -was, soon after the borrowing, dispersed into 
 other channels, for such things, services, and considera- 
 tions, as were then deemed an equivalent. And by these 
 dispersions, the public escap'd the immediate loss from 
 receiving gold at too high a rate. But in truth, our 
 over-rating gold, is a consideration to be referred wholly 
 elsewhere ; and from which, nothing can be fairly drawn 
 that may affect the present argument. 
 
 Every true patriot wishes to see oar public debt re- 
 duced 5 and grievoas as the burden at present is, there is 
 great room to hope, that the time is not far off, whein our 
 expences may be lessened, and our debts gradually dis- 
 charged, in a manner that shall be consistent with the 
 faith, honour and renown of the nation 5 and of this we 
 need not despair, if the wise, just, and solid maxims of 
 our present administrators, will be imitated and followed 
 by their successors. But whatever may be the fate of 
 future times, and whatever the exigencies of affairs may 
 require ; it is to be wished that that aukward, clandestine, 
 and most direful method of cancelling debts, by debasing 
 
 72 the 
 
Part Hi and €01 'i^ Si. 503 
 
 the standard of money, will be the last that shall be 
 thought of ^ as that method would make a havock alike of 
 all property, and create universal pa,nics and distrusts, not 
 easily to be afterwards repaired. 
 
 XX. Of debasing, or raising. the nominal values of, coins 
 in general. 
 
 41. "We have now gone through the several pretences, 
 that have been urged for debasing the standard of money; 
 and they were chiefly founded upon the disproportion 
 between the rates of gold and silver coins with us, in 
 respect to what they bear at a medium, in the neighbour- 
 ing countries : But there are some so extravagant, and 
 so lost to all common sense, who not content with debas- 
 ing the standard coins only, would have us debase, both 
 gold and silver at the same time ; and they are so precise 
 as to tell us, to a grain, how much per ounce they would 
 debase both the one and the other : But as these grave 
 computists, do not offer us any reasons in support of their 
 notion ; mine is, that they be left to themselves to cora- 
 pute on, as they please. 
 
 By the proclamations, Sfc, cited in the preceding chap- 
 ter, the mischiefs that had been occasioned here by adul- 
 tei-ating the coins in some former reigns, appear very 
 manifest. Besides the infinite confusion, distrusts, ,an,d 
 panics, created by those measures throughout the realm ; 
 they were ineffectual as to the end proposed by them : 
 The people would part neither with their old money, nor 
 their goods, according to the new standard ; and having 
 lost their old scale, were forced upon the primitive me- 
 thod of trucking one commodity against another. France 
 affords us a more recent instance, of the bad effect^ of 
 these measures j these are plainly set forth by an inee. 
 nious French author, in a, book entitled, PoUticaJ, reflec- 
 
 73 tions 
 
504 0/ M O N E Y, Part II 
 
 tions upon the finances and commerce of France.^ This 
 piece enters necessarily too much into a detail of those 
 bad effects, to have any part of it inserted here ; it fully 
 answers and confutes, by plain and undeniable matters of 
 fact, another French piece, wrote professedly in justifica- 
 tion of the adulterations, that had been made at different 
 times in the French coins. 
 
 But notwithstanding that both experience and the 
 reason of the thing, are so evidently and strongly on our 
 side, against all tamperings with money ; yet, is there but 
 little prospect of quite silencing the contrary doctrine. I 
 was not a little surprised to see it insinuated, in f a work 
 containing many excellent observations relative to trade, 
 that the prosperity of France, was greatly owing to the 
 pranks that had been played with coins, by Lewis XIV. 
 I do not know whether I should-have taken notice of the 
 above passages, if the same doctrine was not now again 
 revived, and delivered in much plainer terms by Mr. 
 Postlethwayt, in his late work entitled, Britain's commer- 
 cial interest explained and improved, vol. II. page 354. I 
 have no doubt of this laborious gentleman's good inten- 
 tion ; but as the doctrine insinuated in the passage 
 referred to, is so directly contrary to all, that I have been 
 inculcating, it would be unfair not to lay it before the 
 reader, at full length. 
 
 " Labour in Prance is but Zd. per day of 14 hours, or 
 " from five to seven o'clock, in the cheapest countries, and 
 " about 7d. half-penny in the dearest : in manufactures, 
 " at but half the price as in England. Sailor's wages 
 " a-board the French navy, but from 8s. to 12«. per 
 " month ; whereas in England, a sailor has 20*. per month 
 " a-board king's ships. Must not this render their com- 
 
 74 " modities 
 
 * This piece is translated into English, and was printed for A. 
 Miller in the Strand, anno 1739. 
 t British Merchant, vol. I. p. 6, 7, 10, 16, 17. Small Edition. 
 
Part II. and COINS. 505 
 
 " iriodities exceeding cheap in comparison to ours at 
 " foreign markets ? 
 
 " And here it may be observed, that this cheapness of 
 " labour, provisions, and commodities, was, at first brought 
 " about by the sole artifice of the enhancement of their 
 " money from 27 livres, to 50 livres the mark of eight 
 " ounces of silver troy-weight ; and this has been done 
 " since the beginning of the confederate war in 1 702. 
 " It is true, this caused great convulsions in the kingdom 
 " at first, but in the issue, it has been the instrument by 
 " which they have sapped the foundations of our trade ; 
 " and, if a remedy be not applied, this artifice of the 
 " French will worm out British manufactures by gentle 
 " degrees in every market in the world : and thai no less 
 " in time of war than peace, by virtue of neutral powers 
 " carrying on their trade for them ; which they cannot do 
 " to such advantage by British commodities, by reason of 
 " their greater dearness. 
 
 " By this artifice they have rendered their labour so 
 " cheap, that they reap a plentiful harvest in every coun- 
 " try, where they pay but the same customs as the English, 
 " whilst the English merchant is obliged to wait for the 
 " gleanings of the market, after the Frenchman has 
 " finished his sales. 
 
 " The project of the enhancement of money, has given 
 " an undue preference in France to money, above land 
 " and commodities : but where lies the disadvantage at 
 " present, if the gentleman receives but a hundred pound 
 " weight of silver for his lands, where he used to receive 
 " two hundred pound, if, at the same time, he can purchase 
 " as many commodities with a hundred pound, as before 
 " the enhancement he could with two ? It is certain it 
 " would only affect his foreign consumption. By this 
 "scheme the French have restrained the bulk of the 
 " people to the consumption of their own manufactures, 
 " and commodities, and have prodigiously extended their 
 
 75 " commerce, 
 
506 (y M O N E Y, Part Hi 
 
 " commerce^ by underselling all nations. This has enaljled 
 " their islands to send home sugars, indico, Sfc, so cheap, 
 " as to rival us in all the European markets, and in the 
 " Levant : and all this they do, though their manufactures 
 " pay six times as much in taxes on the necessaries of life 
 " as they do in England. 
 
 " DuTOT says, the price of bread, corn, and provisions, 
 " is no greater now than in 1683 ; though in this last year 
 " the mark of silver was but 27 livres,* and now 50 are 
 " coined out of it. This circumstance, as observed, has 
 " rendered their commodities so cheap, that they undersell 
 " us, and engross all the markets in the world from our 
 " merchants. It is likewise this enhancement of their 
 " coin, and the consequent cheapness of their commodities, 
 " which_ has enabled our smugglers to carry on such an 
 " advantageous trade with them. If but 201. 5s. were 
 " now coined out of their mark of silver of eight ounces 
 " troy weight, which was the case in the year, 1660, the 
 " French would not be able to sell a gallon of brandy 
 " under 5s. sterling, which now they can sell for 2s. ; nor 
 " a pound of tea under 7s. 6d. sterling, which they now 
 " sell for 3 shillings; nor a yard of silk damask under 
 " 12s. 6d. which they now sell for 5 shUHngs ; nor a yard 
 " of cloth under 15«. which they now sell for 6 shillings, 
 " abating only in the manufactures, the difference made 
 " in the price of those manufactures, with regard to the 
 " raw-materials, which cost both French and English men 
 " much the same, though the raw silk comes to them 
 " cheaper from the Turkey-traders ; and their wool used 
 " in their tine woollen stuffs dearer from our smugglers 
 " than to us.'' A little farther on Mr. P. seems to lament 
 our case, because, " Our constitution and public faith will 
 " not admit us to play such tricks with our money as the 
 " French have done." 
 
 76 The 
 
 " * When the mark was at 20 livres about 1660, labour was clearer 
 " in France than in England." 
 
Part II; and CO I^ S. 507 
 
 The whole of this gloomy tedious tale^ is so marvelous 
 and visionary ; that were it not so gravely and circumstan- 
 tially told, one could scarce have believed the author to be 
 really in earnest. It would be needless here to enter into 
 particulars ; but from the whole, I think, it clearly follows, 
 that if the case was as it is above stated, our condition 
 would be, as Mr. P. seems to dread, a most deplorable one 
 indeed. We should be every hour at the mercy of our 
 enemies, as by the simple artifice only of splitting their 
 coins into halves, they might, as by a magic wand, at once 
 double their force against us; and if that would not be 
 sufficient to crush and utterly destroy us, they need but 
 keep splitting on, till at length their coin be annihilated, 
 and by that simple expedient, obtain that universal domi- 
 nion, which it is said they have been so long in, quest of. 
 
 But from their adherence to the same standard of 
 money, for so many years back, it seems that the French 
 have quite another notion of this business ; it seems as if 
 ±hey had opened their eyes at last, and seen, from woeful 
 experience, the folly and mischief of debasing the standard 
 of money ; and whatever reception this debasing doctrine 
 may meet with at London, it is very probable that at Paris, 
 it would be treated with that contempt and indignation, 
 which it so well deserves. Mr. P. laments nothing so 
 mUch as the greatness of day-wages in England; but 
 there seems to be no other natural remedy for this evil, 
 than a general poverty; and we have politicians, that, 
 could they but once get at the helm, would soon bring this 
 about • and perhaps the debasing of money would be as 
 effectual for the purpose, as any one scheme that could be 
 thought of But from the poor, tattered and starved con- 
 dition in general, of the commonalty of France, it seems 
 very evident that there, the lowness of wages, of soldiers 
 pay, S^c, is forced and not natural. Despotic power can 
 do this ; can draw to itself what share it pleases of every 
 op,e',s property, and spread miseiy and despair throughout 
 
 77 the 
 
508 0/ M O N E Y, Part II. 
 
 the whole extent of its dreary dominion. But may 
 Britons for ever keep out the horrid monster; and main- 
 tain unblemishedy from age to age, that happy constitu- 
 tion, so justly admired and envied by the nations round 
 them. 
 
 XXI. The several species of coins made of the same metal, 
 should be all of the same fineness. 
 
 43. There are some well meaning persons, who allow 
 all the preceding arguments against debasing the stand- 
 ard, their full force ; and yet propose the coining of small 
 species of money of a baser alloy than the present stand- 
 ard, but having in them the same quantity of fine silver 
 that the law now directs. This expedient, they think, 
 would be a means of preserving those coins from wear, 
 and from being melted or exported. 
 
 As to the wear, it is not clear that this scheme would 
 answer the end : For, as the bulk and weight of the pieces 
 would be both increased, their wear must also proportion- 
 ably increase ; besides, this composition would be more 
 liable to wear than purer metal, as it would be more brittle 
 and less tenacious. But this consideration is too minute, 
 in comparison of the many inconveniences, that might 
 attend any deviation from the common standard. As to 
 the increase of bulk, I do not see any conveniency worthy 
 of' such an alteration, that could arise from thence. There 
 was a time, when the largest piece of coin in this country, 
 was no bigger than our present silver three-pence ; and 
 they had silver farthings, or the quarters of these : And 
 were our three-penny pieces now current, I do not appre- 
 hend there would be any complaints of their want of bulk. 
 
 There may be a better and a neater scheme than this 
 is, for preserving coins from the melting-pot ; but I do 
 not chuse to enter into that consideration at present. 
 There is an inconvenience in having too great a variety of 
 coins; and without manifest necessity, no alterations 
 
 78 should 
 
Part II. and COINS. 509 
 
 should be made in the course of the mint, lest any sus- 
 picions of some unfair dealings should be raised amongst 
 the people. 
 
 The base coins here spoke of, M'ould probably be the 
 last that would be exported; as the silver in them, by 
 being commixed with so much copper, would really be 
 lessened in its value ; and the public would not only sus- 
 tain this loss, but it would also lose the whole value of the 
 additional copper. But in the present case, either the 
 people would refuse taking these new coins at the mint 
 rates, and make distinctions between them and other 
 coins, as hath been before observed; or, if they passed 
 current, a door would be immediately opened for false 
 coining. For, when the standard of fineness is much 
 baser than ours is at present, different degrees of devia- 
 tions from it, are not conspicuous to the eye; and the 
 precise fineness cannot be so well ascertained, even by 
 skilful assay-masters. By this scheme of coining base 
 money, besides furnishing opportunities to counterfeiters 
 amongst ourselves ; we should lay a temptation in the way 
 of foreigners, to commit the same frauds. 
 
 Mr. Rice Vaughan in his discourse * of coin and coin- 
 age chap. VI. hath so well handled this subject of base 
 money, that I cannot help making the following extract 
 from this ingenious author. He says, the pretences for 
 making base coins, were these following. (See ante 
 pp. 30-35.) 
 
 I have now gone through all the arguments, or rather 
 pretences, that I have met with, for debasing the standard 
 of money. The combating of so many vulgar errors and 
 prejudices, as I had to encounter with, was to me a task 
 sufficiently irksome and disagreeable; but if my honest 
 endeavours towards removing those pernicious mistakes, 
 
 79 should 
 
 * This was published in the year 1675, and contains many useful 
 observations relative to this subject. 
 
510 0/ M O N E Y, Part II. 
 
 should be attended with success, I shall think my labour 
 well bestowed. The subject certainly deserves the nicest 
 discussion ; and in the handling of it, I have been the 
 more particular, as it seems to be a matter of no smaU 
 moment, that people in general should understand the 
 true nature of money : This would keep them upon their 
 guard against any bad projects that might be offered; and 
 dispose them readily to receive any such regulations about 
 coins, as would be for the public and their own benefit ; 
 for in truth, and it were to be wished more people under- 
 stood it, these two interests are inseparable. 
 
 POSTSCRIPT. 
 
 Of standard MEASURES. 
 
 THE utility and necessity of having standard measures, 
 are very evident ; and at the first establishing of 
 these, it is quite indifferent what are the specific quantities 
 assumed : The first round pebble, and the first strait stick 
 that came to hand, would make as good standard measures, 
 the one of a pound, and the other of a yard, suppose, as 
 any that could be fixed upon. But I do not know whether 
 it hath been duly attended to, that all standard measures, 
 whether of weight or extension, must, in the nature of 
 things, be units ; that is, a standard properly so called, 
 must be one determinate individual thing. The parts and 
 multiples of this standard, wherever made by art, can only 
 be considered as approximations to the truth, or to those 
 parts and multiples, which they are supposed to represent ; 
 and these will be more or less accurate, according to the 
 skill and care of the artists employed in making them. 
 Those artificial parts and multiples of the true standard, 
 when made with due care, might be kept in proper places 
 
 80 as 
 
Part II. a>nd> CO I N S. 511 
 
 as standards, for the comparing of others with them. But 
 the true original standard, to which these artificial parts 
 and multiples are referred, must be, as above observed, one 
 individual thing, not subject to doubts and scruples, 
 arising from human inaccuracies in the forming of it. 
 Upon this principle, there can be in the exchequer but one 
 standard weight ; suppose this to be the Troy -pound ; then 
 the ounces, and their multiples there to be met with, are 
 to be deemed only as artificial approximations to the just 
 weights, intended by them respectively ; and this may be 
 deemed sufficient for all common purposes. A law then 
 should declare explicitly, what piece, or pieces taken con- 
 junctly, of metal now in the exchequer, is the real standard 
 weight of the kingdom. *No more than this is necessary 
 to make the standard unit we have been speaking of; and 
 if we have no such thing, it is a reproach to this enlight- 
 ened age. 
 
 It is a pity that we have two sorts of weights, Troy and 
 Avoirdupois ; but one of these being made the standard, 
 and. I think for many reasons that that should be the 
 pound troy ; it may be sufficient,, after comparing the 
 weights we have of each together, to declare in parts not 
 less than grains, what proportion a pound of the one bears 
 tp the other made the standard. The law, by only naming 
 the different parts of e"ach, and .declaring the proportions 
 
 8J - which 
 
 * The standard should be -one clean piece of metaJ," kept under the 
 locks' of some of the principal officers of state ; and, I think, it 
 should not be accessible to any one, without their personal presence, 
 if not of a certain number of other privy-counsellors. AU the use 
 that there need be made of this standard, would be for the adjusting 
 of duplicates or representatives of it, which might be kept in the 
 several offices, as those things called standards are at present. These, 
 being adjusted with due care and exactness, together with their 
 artificial parts and multiples, the law might declare to be sufficiently 
 exact, or near to the true standard, for common use. And to these 
 all persons might have recourse at such proper seasons as the law 
 should direct, upon paying of very moderate fees. 
 
512 0/MONEY, <&c. Part II. 
 
 which they severally bear to the whole, will settle their 
 quantities exactly, without leaving or creating those doubts 
 that the inaccuracies of human art are liable to. 
 
 In like manner, if a yard be our standard of extension ; 
 this should be a clean strait metalHne rod, with its ends 
 smooth and of a proper figure ; or that extension laid 
 betwixt two points upon a rod of a greater length. This 
 rod being for conveniency divided as accurately as can be 
 into parts ; the feet and inches there expressed, are to be 
 deemed nevertheless only as artificial approximations to 
 the true standard. The longitudinal standard, as here the 
 yard, must be the real and only standard of all other 
 measures, whether superficial or soUd. Suppose a gallon 
 is our standard measure of capacity; if we would avoid 
 difficulties and absurdities, the way of making this stand- 
 ard is, by declaring how many cubic inches make a gallon, 
 and not by appointing a certain vessel to be that measure; 
 but it might be declared with propriety enough, that such 
 a vessel is sufficiently near to the true gallon. It would 
 be a greater absurdity still to say, that such a vessel, as a 
 bushel for instance, shall contain or measure so much, and 
 also weigh so much of any thing. For weights, and mea- 
 sures of extension, are utterly incomparable. But it would 
 be no absurdity to call a certain weight of corn, for 
 instance, by the name of bushel, provided that at the 
 same time all reference to measure be excluded. 
 
 These observations about standard weights and mea- 
 sures, may perhaps be deemed foreign to our subject, but 
 they are of consequence, and I could not. expect a fitter 
 opportunity of ofi'ering them to the public. 
 
 The End of the Second Part, and of the WORK. 
 
 82 
 
REFLECTIONS 
 
 ON 
 
 COIN IN GENERAL 
 
 ON THE 
 
 Coins of Gold and Silver in Great Bri- 
 tain in particular ; 
 
 ON THOSE 
 
 METALS AS MERCHANDIZE, 
 
 And also on 
 PAPER paffing as MONEY, 
 
 L O ND ON: 
 
 Printed for J. Waugh at the Turk's Head in 
 Lombard Street. 1762. 
 
THE BOOKSELLER TO THE READER. 
 
 w 
 
 HEN these Reflections were given me, I was 
 directed, whenever published, to print. 
 
 \ To the Right Honorable George Granville, one of His 
 Hon " ^ (Majesty's most Honorable Privy Council. &c. &c. &c. 
 
 
 are these Reflections most humbly inscribed. 
 
 ! Principles founded in Truth will ever be Just ; there- 
 fore any Rise or Fall in the Market Price of Gold and 
 Silver cannot change such Principles. 
 
 )As at the Beginning of a Reign, a new Coinage may 
 be thought of, it has made me resolve to present these 
 Reflections to the Public; whose Weal and Prosperity 
 the Author ardently wishes, as doth kind Reader, 
 
 Your humble and devoted Servant, 
 
 J. W. 
 
 December, 1761. 
 
REFLECTIONS 
 
 ON 
 
 COIN in GENERAL, 
 
 c. 
 
 November 1760. 
 
 COINS are Pieces of Metal on which an Impression 
 is struck ; which Impression is understood by the 
 Legislature to ascertain the Weight, and the intrinsick 
 Value, or Worth of each Piece. 
 
 2. The real Value of CoinSj depends not on a Piece 
 being called a Guinea, a Crown, a Shilling ; but the true 
 worth of any particular Piece of Gold or Silver, is what such 
 Piece contains of fine or pure Gold or Silver. 
 
 3. Copper being mixed with Gold and Silver is, generally 
 understood, to render those Metals more durable when 
 circulating in Coins ; yet Air and Moisture evidently affect 
 Copper, whether by itself or mixed with other Metal; 
 whereas pure Gold or Silver are much less affected 
 thereby, or corroded. 
 
 4. Leaving the Durability to be as it may, certain it is, 
 that Copper is mixed in Gold and Silver Coin, and called 
 Alloy. The quantity of Copper so mixed is fixed by the 
 Legislature. When melted with the pure Metal, or added, 
 or extracted to make a lawful Proportion, both Gold and 
 Silver are brought to what is called Standard. This Alloy 
 of Copper is never reckoned of any Value. The Standard 
 once fixed, should be ever invariable ; since any Alteration 
 would be followed by infinite Confusion, which must be 
 hurtful in a State. 
 
 5 5. It 
 
518 Reflections on 
 
 5. It is for publick Convenience, and for facilitating tte 
 bartering between Mankind for their respective Wants, 
 that Coins were invented and made. 
 
 For were there no Coins, Gold and Silver might be 
 made or left pure ; and what we now call a Guinea! s-worth 
 of any thing, might be cut off of Gold, and a Crown' s- 
 worth from Silver, and serve, tho' not so commodiously 
 as Coin. 
 
 6. Hence it is is evident that in whatever Shape, Form, 
 or Quality, these Metals are, they are brought to be the 
 most common Measure between Man and Man ; as serving 
 to barter against, or exchange for, all kinds of Commodi- 
 ties; and consequently are no more than an universal 
 accepted Merchandize : for Gold or Silver in Bullion (that 
 is to say in an uncoined Mass) and Gold or Silver in Coin, 
 being of equal Weight, Purity, and Fineness, must be of 
 equal Value, the one to the other : for the Stamp on 
 either of these Metals (duly proportioned) neither adds to, 
 or takes from, their intrinsick Value. 
 
 7. The Prices of Gold and Silver as Merchandize, must 
 in all Countries, like other Commodities, fluctuate and 
 vary according to the Demand; and no Detriment can 
 arise therefrom, more than from the Rise and Fall of , any 
 other Merchandize. But if when coined, a due Propor- 
 tion of these Metals, the one to the other, be not esta- 
 blished, the Disproportion will be felt and proved, and 
 that Metal wherein the Excess in the Proportion is 
 allowed, will preferably be made use of, either in Ex- 
 portation, or in Manufacture ; as is the Case now, in this 
 Kingdom, in regard to Silver Coin, and which, in some 
 Measure, is the Occasion of its Scarcity. 
 
 For so long as 15 Ounces and about \ of pure Silver in 
 Great-Britain, are ordained, and deemed to be equal to 
 one Ounce of pure Gold, whilst in neighbouring States, as 
 France and Holland, the Proportion is fixed only 14^^ 
 Ounces of pure Silver, to one Ounce of pure Gold, it is 
 
 6 very 
 
Coin in General. 519 
 
 very evident, that our Silver when coined, will always be 
 the most acceptable Merchandize by near five in the Hun- 
 dred, and consequently more liable to be taken away, 
 or melted down, than before it received the Impression at 
 the Mint. 
 
 8. 62 Shillings only are ordained by Law- to be coined 
 from 12 Ounces of Standard Silver: now following the 
 Proportion abovementioned of 15-1- to 14i (no regard 
 being necessary as to Alloy) 65 Shillings should be the 
 Quantity cut out of those 12 Ounces. 
 
 9. No everlasting invariable Fixation for coining, can 
 be made from a Medium of the Market Price of Gold and 
 Silver (though that Medium with ease might be ascer- 
 tained) so as to hinder either coined Gold or SUver from 
 becoming a Merchandize: for whenever the Price shall 
 rise above that Medium, so as to give a Profit, whatever is 
 coined will be made a Merchandize. This in the Nature 
 of Things must come from the general Exchangings, Cir- 
 culation, and Fluctuation in Trade, and cannot be hindered ; 
 but assuredly the false Proportions may be amended by 
 the Legislature, and settled as the Proportion between 
 Gold and Silver is in other Nations, so as not to make, as 
 now is the Case, our coined Silver a Merchandize so much 
 to be preferred to the same Silver uncoined. 
 
 10. What has been said seems to be self-evident; but 
 the following Calculations made on the present current 
 Price of Silver and Gold may serve to prove, beyond all 
 Doubt, that the Proportion now fixed between Gold and 
 Silver should be altered and fixed as in other Countries. 
 
 By Law, 62 Shillings are to be coined out of One 
 Pound, or 12 Ounces of Standard Silver. — This is 62 
 pence an Ounce. Melt these 62 Shillings, and in a Bar 
 this Pound Weighi; at Market, will fetch 68 pence an 
 ounce, or 68 Shillings. The Difference therefore between 
 coined and uncoined Silver in Great-Britain is now 9| 
 per Cent. 
 
 7 Out 
 
520 Reflections on 
 
 Out of a Pound of 12 Ounces of Standard Gold 44 
 Guineas and \ are ordained to be coined. This is 
 3/. 17*. 10fi?i an Ounce. Now the current Market Price 
 of Standard Gold is 3Z. 195. an OuncCj which makes not 
 quite \^ per Cent diflFerence between the coined and 
 uncoined Gold. 
 
 11. It may be urged, that should the Legislature fix 
 the Proportion of Silver to Gold as in other Countries, by 
 ordering 65 Shillings instead of 63 to be cut out of a 
 Pound of Standard Silver; yet still would there be 4| 
 per Cent difference between coined and uncoined Silver, 
 whereas there is but about li per Cent difierence in 
 Gold. 
 
 On this we shall observe that the Course of Trade (not 
 to mention extraordinary Accidents) will make one Metal 
 more in Request at one Time than another, and the 
 Legislature in no one particular Country, can biass or pre- 
 scribe Rules or Laws to influence such Request, which 
 ever must depend on the great chain of Things, in which 
 are linked all the Operations of this World. Freedom 
 and protection are alone wanted in Trade : nor does Coin 
 require more, if only a just Proportion in the Metals be 
 settled. The rest, Mankind as their Interest and Under- 
 standing prompt them, will ever do. 
 
 12. To return to Gold; it is Matter of Surprize, that 
 the Division of the Piece called a Guinea, has not been 
 made smaller than just one half as it now is; that is into 
 Quarters, Thirds, and two Thirds. In Portugal, where 
 almost all their Coin is Gold, there are Divisions of the 
 Moedas, or 37 Shilling Pieces into Tenths, Eighths, Quar- 
 ters, and Halves. Of the Moeda and one Third or 36 
 Shilling Piece into Eighths, Quarters, and Halves. Hereby 
 the want of Silver Coin, might be greatly provided for, and 
 those Pieces, together with the light Silver Coin, which 
 now only can remain with us, would suiRciently serve the 
 Uses in Circulation. 
 
 8 13. That 
 
Coin in General. 521 
 
 13. That to the Lightness of the Silver Coin now 
 remaining in Great Britain, we owe what we have, any 
 Person with Weights and Scales, may prove, as upwards 
 of 70 Shillings coined in the Reign of King William, or 
 dextrously counterfeited by false Coiners, will scarce weigh 
 12 Ounces, or a Pound Troy. 
 
 14. All the Art of Man can never hinder a constant 
 Exportation and Importation of Gold and Silver, to make 
 up for the divers Calls and Balances that may happen in 
 Trade : for were Silver to be coined as above, 65 Shillings 
 out of a Pound Troy Weight of Standard Silver, if at Mar- 
 ket, it would seU for a price that will make it worth while 
 to melt it down or to export it, it must, and will, be made 
 Use of as a Merchandize, as it really is, and the same will 
 hold as to Gold. 
 
 15. That the Welfare of any State depends on its keep- 
 ing all its Gold and Silver, either in BuUion or in Coin, is 
 a very narrow Principle ; all the Republicks we know of, 
 wisely think otherwise. It is an utter Impossibility, nor 
 should it ever be aimed at : for Gold and Silver are as 
 clearly a Merchandize, as Lead and Tin ; and consequently 
 should have perfect Freedom and Liberty coined and 
 uncoined, to go and to come, pass and repass from one 
 Country to another, in the general Circulation and Fluctua- 
 tion of Commerce, which will ever carry a general Balance 
 with it : for we should as soon give our Lead, our Tin, or 
 any other Product of our Land or Industry, to those who 
 want them, without an Equivalent in some Shape or other, 
 as we should Gold or Silver; which it would be absurd to 
 imagine ever can be done by our Nation, or by any Nation 
 upon Earth. 
 
 16. From Spain and Portugal come the greatest Part of 
 Gold and Silver : and the Spanish Court very wisely per- 
 mits the Exportation of it, paying a duty as in Great 
 Britain Lead and Tin do, when exported ; whereas hereto- 
 fore (and as it still continues in Portugal) penal Laws were 
 
 9 enacted 
 
522 Reflections on 
 
 enacted against the sending it out of the Country. Surely 
 Princes by enacting such Laws, could not think they had 
 it in their Power to decree and establish, that their Sub- 
 jects or themselves should not give an Equivalent for what 
 was furnished to them ! 
 
 17. It is not our intention to descend into, or to dis- 
 cuss minutely, particular Notions or Systems, such as 
 
 " That Silver, and not Gold should be the Standard-Money 
 
 " or Coin." 
 
 " That Copper is an unfit Material for Money." 
 
 And " That Paper circulating as, and called artificial 
 
 " Money is detrimental." 
 
 Yet as these Doctrines seem to proceed from considering 
 
 Bullion and Money or Coin in a different Light to what 
 
 we apprehend and have laid down, we will observe, 
 
 18. That it matters not whether Silver or Goldhe called 
 Standard-Money ; but it seems most rational that the 
 most scarce and precious Metal should be the Unit or 
 Standard. 
 
 19. That as to Copper, it is as fit for Money or a Counter 
 as Gold and Silver, provided it be coined of a proper 
 Weight and fineness : and just so much will be useful as 
 will serve to make up small Parts in Exchanges between 
 Man and Man, and no more. 
 
 20. That as to Paper Money it is far from being detri- 
 mental ; on the contrary^ it is highly profitable as its quick 
 passing between Mankind instead of telling over, or 
 weighing Metal in Coin or Bullion, is a Gain of what is 
 most precious in Life, which is Time. And we may ven- 
 ture to call it Assistant towards an Augmentation of 
 People; inasmuch as those who would be employed in 
 telling and weighing, gain that time for other Purposes. 
 Gold and Silver in themselves, either in Bullion or Coin 
 neither serve to clothe or feed Mankind ; nor can Paper. 
 The Idea of the too great Extension of Credit by the Cir- 
 culation of Paper for Money is evidently as erroneous, as 
 
 10 the 
 
Coin in General. 523 
 
 the Doctrine of the Non-exportation of Gold and Silver in 
 Bullion or Coin ; for were it not certain^ that Paper could 
 command the Equivalent of its agreed-for Value ; or the 
 Gold and Silver in Bullion or Coin exported be returned 
 in the Course of Trade in some other Merchandize; 
 neither Paper would be used, or the Metals exported. 
 It is the Produce of the Land, through the happy situation 
 of this Island, joined to the Industry of its Inhabitants, 
 that those much adored Metals, Gold and Silver, have been 
 procured : and so long as the Sea does not overflow the 
 Land, and Industry continues, so long will not those 
 Metals be wanting. And Paper in the general Chain of 
 Credit and Commerce, is as valuable as they are ; since 
 the Issuers or Coiners of that Paper have some Equivalent 
 to answer for what the Paper is valued at : nor more can 
 any Metal or Coin do, than finds its Value. 
 
 Moreover, as incontestable Advantages of Paper, we 
 must add, that the Charge of coining or making it, is by 
 no Means proportionate to that of coining of Metals .- nor 
 is it subject to waste by long Use, or impaired by Adul- 
 teration, Sweating, Tileing, or other roguish Arts as 
 Coins may. 
 
 21. We shall by way of Note conclude, by observing, 
 that whenever Gold, Silver, or Copper-Coin may be worn 
 too light, the Publick Purse should repair, or restore, 
 what it may have suffered by constant Use ; nay, if by 
 the Wisdom and Vigilance of the Legislature, the above- 
 mentioned roguish Arts cannot be hindered, it seems pru- 
 dent that the Publick should make it good ; since the very 
 Creation and Existence of Coin is for the Utility of the 
 Community in General. 
 
 G. W. 
 
 FINIS. 
 
 11 
 
AN 
 
 I N QJJ I R Y 
 
 INTO THE 
 
 Value of the Ancient Greek and Roman 
 
 MONEY. 
 
 By MATTHEW RAPER, Esq^ F.R.S. 
 
 FROM THE 
 
 " Philosophical 'Transactions" Vol. LXI., 
 For 177 1. 
 
AN I N QJJ I R Y 
 
 INTO THE 
 
 Value of the Ancient Greek and Roman 
 
 MONEY. 
 
 Introduction. 
 
 THE first writers, who, after the revival of learning in 
 Europe, made the Greek and Eoman money an 
 object of their inquiries, took great pains to collect and 
 explain such passages in antient authors as related to it ; 
 but very little to discover its true value. In so much, 
 that some of them have supposed the Roman A-ureus to 
 have been heavier than the Greek Philippic*; and 
 others, that the Denarius was heavier than the Attic 
 Drachm ; but most of them agreed in this, that the two 
 last mentioned coins were exactly equal. All which 
 opinions are proved to be erroneous by the coins them- 
 selves now in being. 
 
 Our learned countryman John Greaves, was, I believe, 
 the first who discovered that the Attic Drachm was heavier 
 than the Denariusf. He seems to have examined a 
 
 3 greater 
 
 * See Gronovius, de pecunia vetere, 1. ii. c. 8. 
 
 t See the dedication of his Discourse of the Roman Foot and 
 Denarius, printed in the year 1647, and reprinted, with other of his 
 works, by Dr. Birch, in 1736. I quote the original edition, which 
 contains 134 pages numbered after the dedication. That of Dr. 
 Birch, begins at p. 181 (excluding the dedication), and ends at p. 
 356. 
 
528 An Inquiry into the Value of the 
 
 greater number of Greek and Roman Coins than any 
 other writer on the subject. His balance turned with the 
 80th part of a grain * ; and his weights were correctly 
 adjusted to the English standardf, as appears from the 
 comparison the Royal Society of London caused to be 
 made, in the year 1742, of the Troy Ounce with that of 
 Paris, which was found to agree precisely with what 
 Greaves had so long before determined J. 
 
 His care and diligence in weighing the coins, and his 
 fidelity in reporting them, have never bfeen doubted ; but 
 he is not always sufficiently explicit ; as, where he says he 
 had perused many hundred Denarii Consulares, and found 
 the best of them to amount to 63 grains English § ; it is 
 probable he found many such, for there are many of this 
 weight and upwards in that noble repository the British 
 Museum ; but when he says in the same paragraph, that, 
 weighing many Attic Tetradrachms, he found the best of 
 them to be 368 grains, he, may mean only one, for very 
 few come up to that weight. Nor hath he given a par- 
 ticular description of -this heavy Tetradrachm, but seems 
 to think the weight of that coin was in all ages the same, 
 which prohably it was not. 
 
 He allows that silver is more liable to be oversized at 
 the mint than gold || ; yet he determines the weight of the 
 Attic Drachm from the Tetradrachm to be 67 grains, 1[ 
 though no gold coin, he ever saw, comes up to it by a 
 quarter of a grain in the Drachm **. 
 
 He hath likewise made his Denarius above half a grain 
 heavier than any he had perused, to agree withVillalpandus's 
 weight of the Congius ft ; which led him to suppose, that 
 
 4 the 
 
 * Ibid. 
 
 + See his Discourse, p. 61. 
 
 t Philosophical Transactions, No. 465. § p. 61. 
 
 II p. 103 ir p. 66. ** p. 72. 
 
 tt Compare p. 94 and 120, with p. 61. 
 
Ancient Greek and Roman Money. 529 
 
 the Roman Aureus was just double the weight of the 
 Denarius,* contrary to the ' express testimony of Pliny. 
 And he hath not given a clear account of the Consular 
 Aureus. 
 
 In the year 1708, John Caspar Eisenschmid, of Stras- 
 burgj published his book de ponderibus & mensuris vete- 
 rum, &c. He is an accurate and a faithful writer, but 
 wanted materials. He used Paris weights, which seem to 
 have been correctly sized to that standard. Having seen 
 no Roman gold older than the reign of Tiberius, which 
 was not too imperfect to discover its original weight,t and 
 finding the most perfect Consular Denarii to be very 
 unequally sized, he took a mean from a pretty large heap 
 of such as he thought unexceptionably perfect, rejecting 
 some, which, though apparently so, were very deficient in 
 weight, and thence determined the weight of the Consular 
 Denarius to be 74f- Paris grains, equal to 60\^ Troy. J 
 But, as he hath not told us what number of pieces his 
 large heap contained, nor the weight of the heaviest and 
 lightest of them, his conclusion is not satisfactory. 
 
 Having no perfect Greek coins, either gold or silver, 
 except one very ancient Attic Tetradrachm weighing 333 
 Paris grains, he derived the weight of the Attic Drachm 
 from his Denarius, by a proportion between the Ronian 
 Pound and the Attic Talent, mentioned in the 38th book 
 of Livy's History, which happened to agree with the 
 weight of his ancient Tetradrachm, giving a Drachm of 
 83| Paris grains, equal to almost 68-3^ Troy.§ 
 
 Neither he nor Greaves has taken notice of the Roman 
 Scrupular gold coin, nor made such use of the Con- 
 stantinopolitan Solidus, as might be expected, from the 
 great number now remaining in the most perfect pre- 
 
 5 servation. 
 
 * p. 103. + Eisenschmid, p. 34. 
 
 X p. 33. § P- 40 and 42. 
 
530 An Inquiry into the Value of the 
 
 servation, though the latter hath given the weights of 29 
 of them. 
 
 Greaves, very justly, observes, that, "gold coins are not 
 " subject to be consumed by time and rust, but only ex 
 " intertrimento ; and therefore we may the safelier give 
 " credit to them. And because the difference, though 
 " but of a grain, is of some consideration in gold, the mas- 
 " ters of the mint use to be more circumspect about 
 " them : whereas, in silver coins, since it is hardly worth 
 " the pains to stand precisely on the excess or defect of a 
 " grain, there are few of these so exact, but either exceed 
 " or want in the very mint one or two grains, and some- 
 " times more." * 
 
 I found, the heaviest of twenty new guineas, of the 
 year 1768, fresh from the mint, to outweigh the lightest 
 1-1 grains. The didrachmal gold of Philip and Alexander 
 is about 4 grains heavier than our guinea ; and I never 
 found the difference between any two of them, that ap- 
 peared to be perfect and unworn, amount to two grains. 
 The silver, likewise, of these two Princes is more correctly 
 sized, than any other ancient silver money I have seen. 
 
 The Roman Consular Aureus is between 3 and 4 grains 
 lighter than a guinea, and is not so correctly sized as the 
 Greek gold; but much more so than the Denarius, which 
 is so unequal, that the Roman mint-masters seem to have 
 contented themselves, with striking a certain number of 
 pieces out of the pound of silver, with very little regard to 
 their equality. Therefore, as far' as the discovery of the 
 weight of the Roman pound depends on their coin, it must 
 be obtained from the gold alone. 
 
 Eisenschmid supposes, that gold coins may have lost a 
 sensible part of their original weight, though no appear- 
 ance of wear can be discovered on them, even with a 
 
 6 glass. 
 
 * Greaves, p. 103. 
 
Ancient Greek and Roman Money. 531 
 
 glass.* On the contrary^ I have found guineas of 
 George II, and Ann, whose wear, on the most prominent 
 parts of the head, was visible at the first glance of the 
 naked eye, which were above standard weight ; therefore, 
 where no appearance of wear, or other diminution, can be 
 discovered on a coin, I see no reason to suppose it hath 
 lost any sensible part of its original weight. 
 
 In the following discourse, I have collected the most 
 authentic evidence I could find, of the weights of the Attic 
 Drachm and the Roman Denarius j part of which I have 
 taken from that very valuable publication of the Pembroke" 
 collection of coins. But, valuable as it is, it would have 
 been more satisfactory to the accurate peruser, if the 
 Noble Editor had distinguished the degree of preservation 
 the several coins were in, and given the weights of the 
 most perfect, nearer than to half a grain. 
 
 In the year 1759, by the favour of the learned and 
 ingenious Dr. Growin Knight, Principal Librarian of the 
 British Museum, I weighed a considerable number of the 
 most perfect Greek and Roman coins in that noble 
 Repository. 
 
 The scales I used were good workmanship, of the com- 
 mon construction, made by Read; the beam 8 inches, and 
 they turned freely with less than the 20th part of a grain. 
 To avoid any error, I weighed each piece in both pans. 
 My weights were most accurately sized; and, upon com- 
 paring the Troy ounce I used, with that in the archives of 
 the Royal Society, in an exquisite balance of my late 
 much esteemed friend. Dr. Henry Pemberton, it was 
 foimd to be -f of a grain heavier, which I have allowed for 
 in the following discourse. 
 
 This essay hath received very considerable additions 
 from the inestimable treasury of ancient coins, in the pos- 
 
 7 session 
 
 * Bisenschmid, p. 34, 35. 
 
532 An Inquiry into the Value of the 
 
 session of the learned Matthew Duane, Esq; who most 
 obligingly assisted me in taking the weights of such as 
 were for my purpose. And it was from the coins in this 
 collection only, that I discovered the Eginean Talent to 
 have been the money standard of Macedon, before Philip 
 changed it for the Attic. 
 
 Dr. Hunter, likewise, very politely favoured me with the 
 inspection of his curious cabinet of ancient coins, some of 
 which I shall have occasion to mention in the following 
 discourse ; as well as some brought from Greece, by my 
 learned friend James Stuart, Esq ; who, it is hoped, will 
 soon favour the Public with the second volume of his 
 Antiquities of Athens. 
 
 § 1.0/ the Attic Drachm. 
 
 THE Greek coins were not only money, but weights. 
 Thus their Drachm was both a piece of money, and a 
 weight; their Mina was 100 Drachms as a sum, and the 
 same number as a weight ; and their Talent contained 60 
 Minas, or 6000 Drachms, both by weight and tale. 
 
 This way of reckoning 100 Drachms to the Mina, and 
 60 Minas to the Talent, was common to aU Greece ; and 
 where the Drachm of one city differed from that of 
 another, their respective Talents differed in the same 
 proportion.* 
 
 Of all the Greek cities and free states, both in Europe 
 and the lesser Asia, Athens was the most famous 
 for the fineness of its silver, and the justness of its 
 weight t : Xenophon tells us, that whithersoever a man 
 
 8 carried 
 
 * Pollux, L. IX. 0. 6. § 86. 
 
 t See Aristophanes, Ranse ver. 733. Polybius, in Excerpt. Leg. 
 § 28. AoTcao-av 8e AiraXoi dpyvpiov fir) x^'povovs 'Attikov k. < . X. and 
 § 35. 'Apyvpiov 8e 8ora> 'Ayrioxovs 'Attikov 'Pcoiiaiois dpi(rov. K, r. X. 
 
Ancient Greek and Roman Money. 533 
 
 carried Attic silver, he would sell it to advantage.* And 
 their money deserves our more particular attention, both 
 because we have the most unexceptionable evidence of its 
 standard weight ; and what little we know of the money 
 of other Greek cities, is chiefly by comparison with this. 
 
 The current coin of Athens, was the silver Drachm, 
 which they divided into 6 Oboles, and struck silver pieces 
 of 1, 2, 3, 4, and 5 Oboles, of half an Obole, and a quarter 
 of an Obole.f Their larger coins above the Drachm 
 were, the Didrachm, the Tridrachm %, and the Tetra- 
 drachm ; which last they call Stater, or the standard. 
 
 It does not appear that they coined copper till the 26th 
 year of the Peloponnesian war, when CalHas was a second^ 
 time Archon.§ It was soon after publickly cried dowil; 
 and the conclusion of the proclamation was to this effect, 
 that, silver is the lawful money of Athens. || But they 
 seem to have had copper money not long after ; for Theo- 
 phrastus, Demosthenes, and some of the Comic Poets, 
 quoted by Athenseus and Pollux, mention the Chalcus, 
 which was the name of the copper coin.^ Many pieces of 
 Attic copper are now in being **; and Vitruvius says, they 
 coined copper Oboles, and quarter Oboles.ft 
 
 9 Authors 
 
 * Xenophon jrepi npocroSav, c. 3. Kai 6i apyvpiov i^ayovres, Kd\^v 
 i/iTTopiav i^dyov<riV ottov yap &v waKSxrw dvTo, ■7ravTa)^ov wXeiov rov 
 apxaiov Xa/ifdvova-iv, 
 
 t The piece of 50 gr. in P. II. T. 48. of the Pembroke collection, 
 seems to be a Pentobolon ; and the first in that plate a Hemiobo- 
 lion. Mr. Stuart brought both half and quarter Oboles of silver from 
 Athens. 
 
 t PoEux, L. IX. c. 6. 5 60. There is a half Tridrachm of Alex- 
 ander in the British -Museum. 
 
 § See the Schol. on ver. 737 of Aristophanis Ranse. 
 
 II Aristoph. Ecoles. ver. 810 and the following. 
 
 T Theophrast. n-epl dirovotas, and irepl ^SeXvpias. Demosthenes c. 
 Midiam. Athenseus, L. III. c. 32. and elsewhere. Pollux, L. IX. c. 6. 
 
 § es- 
 
 ** Pembroke Coll. P. II. T. 48. 
 ft Vitruv. L. III. c. 1. 
 
534 An Inquiry into the Value of the 
 
 Authors differ in the value of the Chalcus; some say, 
 it was the sixth part of an Obole,* others the 8th f J Pliny 
 (speaking of it as a weight) the 10th J ; and Vitmvius, in 
 the place hefore quoted, says, some called the quarter of 
 an Obole Dichalcon, others Trichalcon. According to 
 Polybius, it seems to have been the 8th part, for he makes 
 a quarter of an Obole equal to half a Koman As § ; but 
 the Denarius passing for 16 Asses, and the Drachm for 
 6 Oboles, if a quarter of an Obole was equal to half an 
 As, the Denarius should be greater than the Drachm, 
 which it never was. Polybius, therefore, gives this for the 
 nearest value of half an As in Greek money, as it was if 
 the Obole passed for 8 Chalci; but had it passed for 10, 
 he would have said one 5th of an Obole, which is nearer 
 to the true value of half an As; or had it passed for 6, he 
 would have said one sixth, which is still nearer j in either 
 case, he would not have said one fourth, as neither 10 nor 
 6 admits of that division. But though, when Polybius 
 wrote, the Obole" might pass for 8 Chalci, it is not impos- 
 sible that at different times, or in different places, it may 
 have passed for 6, 10, and 12. 
 
 It is a common opinion, that the Athenians coined gold, 
 for which I can find no good authority; and from the best 
 information I have been able to get, there does not appear 
 to be any Attic gold coin now remaining, that was struck 
 while they were a free and flourishing people. 
 
 The lexicographers, indeed, teU, us, the Xpvaov'i 
 
 10 ATTlKO<i 
 
 * Siiidas, V. 'OtoXos. v. ToKavrov. and one of the fragments in the 
 appendix to Stephens's Greek Thesaurus, col. 217. 
 
 t Pollux L. IX. c. 6. § 65. 67. Suidas v. TcTapTij/iopiov. The 
 fragments ascribed to Galen and to Cleopatra in Stephens's Greek 
 Thesaurus, col. 216, 217. That ascribed to Dioscorides says, the 
 third part. These fragments speak of it as a weight, not a coin. 
 
 t Phny, Nat. Hist. L. XXI. near the end of the last chapter. 
 
 § Polybius, L. II. p. 103. of Casaubon's edit. 
 
Ancient Greek and Roman Money. 535 
 
 Attlko<; was equal to the DariCj* aad speak of gold mines 
 at Laurium f j but no ancient writer mentions such a coin, 
 and all agree that the mines at Laurium were silver, f 
 
 A passage in the Frogs of Aristophanes is, I believe, 
 the only positive proof that can be produced from any 
 ancient author in favour of this opinion. In ver. 733 of 
 that comedy, he mentions a new gold coin. The scholiast 
 on this passage tells us, that in the Archonship of Anti- 
 genes, the Athenians coined their golden images of Vic- 
 tory; and the author of the treatise JJepl ipfiTjveias, 
 § 298, praises an orator for the happy choice of his expres- 
 sion, when he proposed this expedient; but he neither 
 mentions the orator's name, nor the time when this hap- 
 pened, oor whether the Athenians followed his advice; 
 though the scholiast's short quotation from Philochorus 
 seems to imply that they did. But if in ver. 732. above 
 mentioned, for ■)^pva-iov, we read ■yaXiciov, it will agree 
 better with ver. 737. where the Poet calls this money 
 TTovtjpa ^(aXKla; and the scholiast on these words says, 
 perhaps the Poet means the copper money of CalUas ; and 
 this comedy was acted in his second Archonship, when 
 that copper money was coined. 
 
 That they had no gold coin at the beginning of the 
 Peloponnesian war, appears from the account Thucydides 
 gives of the treasure then in the Acropolis, which con- 
 sisted of silver in coin, and gold and silver bullion § ; but 
 he would certainly have mentioned gold in coin, had there 
 been any. 
 
 1 1 Therefore 
 
 * Pollux, L. IX. c. 6. § 53. Suidas, v. rXau|. v. AapeiKos. Harpo- 
 cratio, v, AapeiKos. 
 
 f Suidas, V. T\av§. Hesychius, v. Aavptia. 
 
 J Thuoyd. L. II. § 55. and L. VI. § 91. Xenoph. nepl Trpoa-ohmv. 
 Strabo L. IX. p. 399, and Pausaniaa at the beginning of his first 
 book. 
 
 5 Thuoyd. L. II. § 13. 
 
536 An Inquiry into the Value of the 
 
 Therefore the apxalov vo/j,ia-fia of Aristophanes could 
 not he goldj nor the base icaivov Kpva-lov of equal value 
 with the Daric ; whence I concludCj kuivov ■xoXkIov to be 
 the true reading ; and that it was the copper money above 
 mentioned, which was afterward cried down. 
 
 Athenseus tells us that gold was extremely scarce in 
 Greece, even in the time of Philip of Macedon ; but that, 
 after the Phoceans had plundered the Pythian temple, it 
 shone forth among the Greeks.* Philip conquered these 
 Phoceans, and put an end to the holy war, as it was called. 
 
 About the time this war broke out, he took the city 
 Crenides, on the borders of Thrace, which he enlarged, 
 and called Philippi, after his own name; and he so 
 improved the gold mines in its district, which before were 
 of small account, that they produced above A thousand 
 talents yearly, and enabled him to coin gold, which he 
 called PhiUppics.f 
 
 What Athenseus says of the scarcity of gold, may be 
 true, if confined to Macedon, and the poorer states of 
 Greece ; but must not be extended to Corinth or Athens ; 
 for though Thucydides does not specify the quantity of 
 gold that was in the Athenian treasury at the beginning 
 of the Peloponnesian war, it was, probably, not inconsid- 
 erable ; for the gold about the statue of Minerva weighed 
 40 talents, which valued (according to Herodotus) at 13 
 times its weight in silver, will be found to amount to above 
 120,000 pounds sterling. 
 
 There is a gold coin in the British Museum, of elegant 
 workmanship, with the head of Minerva on one side, and 
 the owl and oil bottle on the other, the inscription A@E 
 and under the oil bottle the letters MH. It weighs 109^ 
 Troy grains; but being a little worn, it probably, when 
 
 13 new, 
 
 • Athenseus, L. VI. p. 231. See Diodorus, L. XVI. p. 527. Stephens's 
 edit. 
 
 t Diodorus, L. XVI. p. 514. 
 
Ancient Grreek and Roman Money. 537 
 
 new, came up to the just weight of the Roman Imperial 
 Aureus. "Whence we may conclude, that, when this piece 
 was struck, the Athenians had reduced their money to the 
 Roman standard, and that their Drachm was then equal 
 to the Denarius. But I cannot find there is any Attic 
 gold now extant, that was coined before Greece became 
 subject to the Romans. 
 
 The Persian Daric seems to have been the gold coin 
 best known at Athens in ancient times. This they called 
 Stater,* probably because it was the standard to which 
 their Drachm was originally adjusted, which the Lexico- 
 graphers tell us was half its weight.f 
 
 Though Greaves says, the Daric is still found in Persia, 
 it is certainly very scarce, and perhaps of doubtful 
 antiquity. 
 
 For want, therefore, of the Daric, we must have recourse 
 to the gold of Philip, who took either that coin or the 
 Attic Drachm for his standard; as will appear, when I 
 come to compare his money, and that of his son Alexander, 
 with the Attic silver. This he probably did, with a view 
 to his intended invasion of Asia ; for the ancient standard 
 of Macedon was very different from that of Athens, as I 
 shall shew hereafter. 
 
 Philip and his son Alexander coined gold of 4, 2, 1, and 
 half an Attic Drachm. Mr. Duane hath a coin of Bere- 
 nice, the wife of the second Antiochus, weighing a quartei- 
 of a Drachm. In the Pembroke collection is a gold 
 medal of Lysimachus, of 8 Drachms; and Mr. Duane 
 hath another of the like weight. But the Daric or jffvaovs 
 was didrachmal, and there are more of that species now 
 remaining, than of any other. 
 
 13 In 
 
 * Herodotus, L. VII. § 28. and Thucyd. L. VIII. § 28. call it 
 'Srarfip SapeiKos. 
 t Pollux, L. IV. c. 24. Hesycliius, v. Xpva-ovs. 
 
538 An Inquiry into the Value of the 
 
 In the British Museum are three gold coins of Philip, 
 which have all the sharpness of new money fresh from the 
 mint. The heaviest of them weighs above 133f Troy- 
 grains. A fourth, in the same collection, hath a hole 
 punched through it ; but in other respects, seems as per- 
 fect as the rest, and is the heaviest but one, of the four. 
 There is likewise, a double Philippic of Alexander, perfect 
 and unworn, which weighs 265-^ grains. 
 
 There are two more of Philip, in this collection, each 
 weighing 133 grains, one of Alexander, of 132-^, and 
 another of 131-|j but these are all a little worn, therefore 
 I shall make no use of them. 
 
 Mr. Stuart brought home a Philippic, which, though 
 not so fair in appearance as the best in the British 
 Museum, weighed 133^0 grains. 
 
 Out of seven of the most perfect gold coins of Philip 
 and Alexander, in Mr. Duane's collection, four weighed 
 133 grains each. He hath a most beautiful coin of 
 Alexander of Epirus, brother to Olympias, the mother of 
 Alexander the Great, weighing 133^ grains ; the work- 
 manship is exquisitely fine, and as perfect as when it was 
 first struck. 
 
 Greaves tells us, he bought at Alexandria a Philippic of 
 Alexander, which he thought the fairest in the world, 
 weighing exactly 133i English grains. But, to bring it 
 up to the standard of his Tetradrachm of 368 grains, he 
 supposes it might want half a grain, either by time, or 
 the mint.* His mentioning the mint shews, he could not 
 discern any appearance of wear upon it, therefore I suppose 
 it was perfect. 
 
 He found two of the same weight in the possession of 
 Sir Simonds D'Ewes. 
 
 He bought another at Constantinople, which weighed 
 
 14 133 grains 
 
 * Greaves, p. 72. 
 
Ancient Greek and Roman Money. 539 
 
 133 grains j with which comparing one of Sir John 
 Marshanij he found the latter a grain deficient. 
 
 He quotes Snellius for two gold coins, one of Philip, the 
 other of Alexander, each weighing 179 Dutch grains, 
 which, he says, answer to 134^ English.* But in this he 
 is mistaken, for they answer to no more than 133|^.t 
 Snellius, to favour an ill founded hypothesis of his own, 
 supposes they had lost somewhat of their first weight,J 
 but does not say they had any such appearance ; and as 
 they outweigh the heaviest in the British Museum, it is 
 probable they were perfect. 
 
 In the Pembroke collection are two gold coins, one of 
 Philip, weighing 134 grains, the other of Alexander, 
 weighing 266, which, by their weights, should be perfect. 
 
 The difference between the heaviest and the lightest of 
 these pieces supposed to be perfect, does not amount to 
 two grains in the Philippic j and a mean, taken from such 
 a number of coins, so equally sized, must be very near 
 their original standard weight. 
 
 In the following table, I have not inserted any piece, 
 that I had reason to believe was sensibly deficient of its 
 original weight. Therefore I have omitted Sir John 
 Marsham's coin of 133 grains, which being deficient of 
 the least weight I have found in any perfect piece, it is 
 
 15 most 
 
 * P. 71. 
 
 + Bisensohmid. p. 16, says, Budelius, who was master of the mint 
 at Cologne, found the money-ounce used in Flanders and the United 
 Provinces, to weigh 679J^ Paris grains (equal to 475J- Troy) and that 
 Gassendus found it but 677. See also the Memoires of the Royal 
 Academy of Science, for the year 1767. pp. 364, 370. I weighed the 
 Dutch half marc of 4 ounces, from Amsterdam, in an excellent 
 balijioe, and found it to weigh 3 ounces, 19 p. weight, and 4 grains 
 Troy ; which divided by 4, gives 19 p. weight, 19 grains, or 475 
 Troy grains, for the weight of the Dutch ounce. This ounce con- 
 tains 640 Dutch grains ; and 
 
 As 640 to 179, so are 475 to 132|4, the weight of Snellius's coins. 
 
 t See Snellius de re nummaria. Vol. IX. of the Thesaurus Anti- 
 quitatum Graecarum, col. 1683. 
 
540 An Inquiry into the Value of the 
 
 most probable it was a little worn. I have likewise omitted 
 three coins in the Pembroke collection, of 132 grains 
 eachj for the same reason. 
 
 The pieces under the letter M, are from the British 
 Museum; those under D, from Mr. Duane's collection; 
 that marked S, Mr. Stuart's; G, is the mark for those 
 mentioned by Mr. Greave's ; Sn. for the two of SneUius ; 
 and Pj for two from the Pembroke collection. The parts 
 of a grain are given in decimals, for the convenience of 
 adding them. 
 
 Troy grains. 
 PhiUp . M. 132,62 
 132,23 
 132,08 
 with a hole 132,46 
 Alexander. . 265,3 
 Philip . D. 133 
 
 
 133 
 
 
 133 
 
 Alexander. 
 
 . 133 
 
 
 132,5 
 
 
 132,5 
 
 
 265,5 
 
 Philip . S. 
 
 133,7 
 
 Alexander 6. 
 
 133,5 
 
 
 133,5 
 
 
 133,5 
 
 
 133 
 
 Philip . Sn. 
 
 132,85 
 
 Alexander. . 
 
 132,85 
 
 Philip . P. 
 
 134 
 
 Alexander . 
 
 266 
 
 24')3190,09 
 
 Mean Philippic 132,92 
 As none of these pieces can have increased their 
 original weight, but, on the contrary, some may have lost 
 a small part of it, we may fairly conclude, that the standard 
 weight of the Philippic was not less than 133 Troy grains ; 
 but probably somewhat greater. 
 
 In the Pembroke collection is a gold coin, or rg,ther 
 16 medal, 
 
Ancient Greek and Roman Money. 541 
 
 medal, of Lysimachus, weighing 540 grains. Mr. Duane 
 hath another of them, which wants but 2^ grains of the 
 same weight. This piece should weigh 8 Drachms, and is 
 of great importance on that account, as large weights and 
 measures are more to he depended on, in. inquiries of this 
 kind, than smaller. According to this coin the Philippic 
 should weigh 135 grains, and the double Philippic 370 : 
 but none have yet been found to come up to these weights. 
 Some few silver Tetradrachms exceed 370 grains, but they 
 are very uncommon, and far the greatest number of such 
 as seem most perfect, fall short of 366. Neither is the 
 ancient silver so correctly sized, as to stand in competition 
 with the gold of Philip and Alexander. Therefore, either 
 the mint-weights of Lysimachus were heavier than the 
 Philippic standard, or his money was less carefully sized : 
 or, lastly, this piece, being intended rather for a medal 
 than a coin, was purposely, over sized. 
 
 The silver coins of Philip and Alexander confirm what 
 the lexicographers tell us, that the golden Stater of Philip, 
 weighed two Drachms. 
 
 In the British Museum is a Drachm of Philip, weighing 
 67^ grains, and another of Alexander of 66f, both 
 perfect. In the Pembroke collection is one of Alexander, 
 which weighs 67 grains. These give a didrachm of 134f, 
 133t, and 134 grains. 
 
 367^ Seven perfect tetradrachms of Alex- 
 366 ander, out of a much greater number, 
 365^ in Mr. Duane's collection, give a mean 
 264i Didrachm of a little more than 132| 
 364i grains, as iji the margin ; which answers 
 264 near enough to the gold coins, to prove 
 263|- that the Drachm was the common 
 
 standard, both for the gold and silver 
 
 14) 1855i money. 
 
 Mean 1331 + 
 
 17 
 
542 An Inquiry into the Value of the 
 
 I shall now shew, that this was the Attic Drachm. 
 
 The silver Stater, or Tetradrachm, is the most common 
 Attic coin now remaining, and some of them are in very 
 perfect preservation. They all have the head of Minerva 
 on one side, and an owl on the other, with the inscription 
 A0E. Eisenschmid observes, that they appear, by the 
 workmanship, and other circumstances, to be of different 
 ages.* 
 
 The most ancient are very rude work,t of a small 
 diameter and thick. He had one of them in the most 
 perfect preservation, weighing 273^ Troy grains ; and 
 there is one like it in the British Museum of 272 J^- grains. 
 
 The second sort is somewhat better work, though rude, 
 and the owl stands in a square ; but in other respects is 
 like the former. The eighth and ninth coins P. II. T. 48. 
 of the Pembroke collection, seem to be of this sort. The 
 eighth weighs 266 grains ; and by having the weight put 
 to it, and not to either of the other two in the same plate, 
 I suppose it is well preserved, and perhaps perfect. These 
 and the above mentioned have an olive branch coming 
 from the edge to the owl ; and both, by the rudeness of 
 the work, should be older than the time of Pericles, under 
 whose administration sculpture flourished at Athens. 
 
 The work of a third sort is more elegant, though not 
 highly finished. Its diameter is equal to that of an 
 Enghsh half crown. The face of Minerva is beautiful; 
 the owl stands on an oil bottle, and is encompassed by two 
 olive branches, and, besides the inscription A&E, hath 
 some monograms and symbols near the owl. 
 
 A fourth sort, of the same size, is generally higher 
 finished; and besides the inscription A&E, hath instead 
 of the monograms, a name or names about the owl, 
 
 1^ perhaps 
 
 * Eisenschmid. p. 44. 
 
 + See Eisenschmid's figure, and c. 7. of P. II, T. 48, of the Pem- 
 broke collection. 
 
Ancient Greek and Roman Money. 543 
 
 perhaps of the mint-masters, or, as Mr. Stuart conjectures, 
 of the owners of the mine that produced the silver. 
 These likewise have commonly some symbol near the owl. 
 Some of them have a letter on the belly of the oil bottle, 
 and two letters under it, as it were in an exergue. They 
 seem to be of a later date than the last mentioned ; for 
 none that I have .seen have the E for H, or the O for £1 
 in the names, though they retain the E in A@E ; but 
 the long vowels did not come into use at Athens till after 
 the Peloponnesian war, as appears by inscriptions now 
 remaining,* therefore, these must have been struck after 
 that time ; and if any now remain, that were struck during 
 that war, they must be those with monograms. 
 
 The Attic money is not so equally sized as the Philippic 
 silver. Mr. Duane hath a Tetradrachm with the letter K 
 on the oil bottle, and JI under it, inscribed MENTIIP 
 MOSXIflN, which weighs 271|^ grains, and another 
 with the same letters on and under the oil bottle, inscribed 
 KAEO0ANHS EnieETHS, in as perfect preservation, 
 which weighs but 265 grains. 
 
 An Attic Tetradrachm in the British Museum, which 
 appears to be but little worn, and not otherwise diminished, 
 weighs but 2474- grains. We can hardly suppose, that this 
 was struck to the same standard as Eisenschmid's ancient 
 Tetradrachm of above 273 grains. That in the Pembroke 
 collection, of 207 grains, hath probably been filed on the 
 edge. 
 
 There are, however, a considerable number of Attic 
 Tetradrachms, that answer in weight to those of Philip 
 and Alexander, as nearly as can be expected, from coins 
 
 19 so 
 
 * See Montfaucon's Pateographia Graeca, p. 135, and the Marmor 
 Atheniense, lately published by Mr. Chambers. The Scholiast on 
 ver. 688 of Buripides's Phoenissae dates the introduction of the long 
 vowels into Athens, in the Archonship of Euolides. 
 
544 Jin Inquiry into the Value of the 
 
 so unequally sized. Mr. Stuart brought a very ancient 
 one from Greece, weighing 265^^ grains ; Mr. Duane hath 
 one of the like age, which weighs 265ij they are both 
 well preserved, and can have lost very little of their 
 original weight: one, with a monogram and symbol, of 
 266f grains J another, inscribed -^-ANI of the same 
 weight, two of 265 grains, and one of 265^. These 
 answer so nearly to the weights of Alexander's Tetra- 
 drachms, that we cannot doubt of the equality of his 
 standard to that of Athens. And the gold Philippics of 
 him and his father are so correctly sized, and so perfect, 
 that the mean Didrachm derived from them, of 133 Troy 
 grains, must be very near its just weight; and its half, 
 661, that of the Attic Drachm. 
 
 § II. Of the Eginean and Eubo'ic Talents. 
 
 THE Attic was not the only money-talent used in 
 Greece. Historians and others mention the Eginean and 
 the Eubo'ic Talents. The former weighed 10000 Attic 
 Drachms, but, like other Talents, contained only 6000 of 
 its own ; which being so much heavier than the Attic, the 
 Athenians called it Trw^^eiav Bpaxfiijv, or the thick 
 drachm.* This Talent was used at Corinth, as appears by 
 a passage in A. GeHius, where the Corinthian Talent is 
 valued at 10000 Attic drachms t : and as Corinth was a 
 place of great trade, it was probably used in most of the 
 cities of the Peloponnesus. 
 
 If the Attic Drachm weighed 66^ Troy grains, the 
 Eginean should weigh 110|- j which, to avoid fractions, and 
 because our Attic Drachm is rather undersized than other- 
 wise, I shall call 111. 
 
 There are Macedonian coins, struck before Philip coined 
 
 20 gold, 
 
 * See PoUux, L. IX. c. 6. § 86 and 76. 
 t A. Gellius, L. I. c. 8. 
 
Ancient Greek and Roman Money. 545 
 
 gold, that answer to this standard. One of Philip, in the 
 Pembroke collection, weighs 224 grains. Mr. Duane hath 
 a silver coin, of either the first or second Alexander, which 
 weighs 4474- grains ; three of Philip, of 221 each ; another 
 of Philip, of 223i j and a fifth, 223f. The mean Drachm 
 from these six coins is 111^ grains, which comes as near 
 to the Eginean drachm, as can be expected from so small 
 a number of silver coins. Therefore, the Eginean Talent 
 must have been the standard of the Macedonian money, 
 till Philip changed it. 
 
 It appears likewise to have been the standard of the 
 Ptolemaic money in Egypt. Mr. Duane hath a gold coin 
 of the Ptolemies, like c. i. T. III. of the Pembroke collec- 
 tion, weighing nearly 27\ grains ; Mr. Stuart another, 
 weighing 27-^; supposing each was a quarter of the 
 Drachm, the former wiU give it almost 110 grains, the 
 latter 108i; but they are both a little worn. Mr. Duane 
 hath a gold coin of Arsinoe, like c. 3. T. III. of the Pem- 
 broke collection, which weighs 430 grains ; and Dr. 
 Hunter hath another of the same weight, which give a 
 Drachm of 107^ grains. Dr. Hunter hath likewise a per- 
 fect silver coin of one of the Ptolemies, weighing 221 
 grains, another of 220, and a third of 109^ ; but the two 
 last are a little worn. The Ptolemaic gold coins in the 
 Pembroke collection give the Drachm from 107 to 108 
 grains. As the piece of 221 grains wants but half a grain 
 in the Drachm of the Eginean standard, and that of 107 
 but four grains, we may fairly conclude that Talent to 
 have been the money standard of the , Ptolemies. And 
 not only so, but that it was originally Egyptian. For 
 what should induce Ptolemy, to relinquish the standard 
 established by Alexander, and used all over Asia and the 
 greater part of Greece, but that he found the Eginean 
 Talent established in Egypt, when he possessed himself of 
 that opulent kingdom. 
 
 Yet so imperfect are the accounts now remaining, of the 
 
 21 ancient 
 
546 An Inquiry into the Value of the 
 
 ancient weights^ that no writer hath mentioned this Talent, 
 or one like it, as used in Egypt. On the contraryj Pliny- 
 tells us, on the authority of Varro, that the Egyptian 
 Talent weighed 80 Roman pounds.* But this is undoubt- 
 edly a false reading, and for ^gyptium we should read 
 Eubdicum; for Pliny is speaking of the riches of Asia, 
 where the Euboic Talent was used for weighing gold ,• and 
 we know the weight of that Talent was settled at 80 
 Roman Pounds, by the treaty between the Romans and 
 Antiochus. 
 
 The fragment of weights and measures ascribed to 
 Gralen, makes the Egyptian Mina to weigh 16 ounces t; 
 and consequently, the Talent 80 Roman pounds. But 
 this Talent could not be the standard of the Ptolemaic 
 coins. 
 
 There is a passage in Pollux which makes the Egyptian 
 Talent contain 1500 Attic Drachms. J But this is an 
 injudicious interpolation in the last edition of that author. 
 
 The fragment ascribed to Cleopatra, and one that fol- 
 lows it, mention a Ptolemaic Mina of 18 Ounces, whose 
 Drachm should weigh 754 Troy grains; and Cleopatra 
 says, there was an Egyptian Drachm, which weighed but 
 the sixth part of the Attic. 
 
 Galen§ and the fragment ascribed to Dioscorides say, 
 the Mina of Alexandria weighed 20 Ounces, or 120 
 Drachms. By Drachms, Galen certainly meant Denarii 
 of 8 in the Ounce ; for he tells us, that, in his time, a 
 Drachm was always understood to mean what the Romans 
 caU a Denarius. II The Drachm of this Mina should 
 weigh 84 grains. 
 
 22 Lastly, 
 
 • Nat. Hist. L. XXXIII. c. 3. 
 
 t Stephani Thea Graeo. t. IV. col. 25. 
 
 J L. IX._c. 6. § 86. 
 
 § See the word Mra in the index to Stephens's Greek Thesaurus. 
 
 II UpohrjKov OTi Spaxfirjv Xeyo/iev vvv Iv To'is ToiovTois &7ra(Tiv, oTrep 
 p'anaioi Srjvdpiov ovopd^ovcnv. Galen L. VIII. De compos, medioam, 
 as quoted by Gronovius, L. II. c. 6. De Pecun. Vet. 
 
Ancient Greek and Roman Money. 547 
 
 Lastly, Festiis says, the Alexandrian Talent contained 
 12000 Denarii * If by Denarii he meant Attic Drachms, 
 this Talent should be just double the Attic. 
 
 None of these Talents could be the standard of the 
 Ptolemaic money. Though, if Galen's Alexandrian Mina 
 -weighed 160 ancient Attic Drachms, its Drachm would 
 weigh 106f Troy grains, which comes near to the Ptolemaic 
 standard. But the coins require a greater weight, and 
 the Eginean Mina should weigh 166| Attic drachms. 
 
 The Euboic Talent certainly came from Asia; for, 
 Herodotus tells us, the Kings of Persia weighed their gold 
 by that Talent.f In the same place he informs us, that 
 the Babylonian Talent weighed 70 Euboic Minas. Pollux 
 says, it weighed 70 Attic Minas. J Therefore the Euboic 
 Talent should be equal to the Attic. But -^lian tells us, 
 it weighed 73 Attic Minas ;§ and if so, the Euboic Talent 
 should be heavier than the Attic, in the proportion of 72 
 to 70. 
 
 An article in the treaty between the Romans and Eto- 
 lians, recorded by Polybius,|| whereby the latter were to 
 pay a certain number of Euboic Talents, in silver of Attic 
 fineness, seems to favour this inequality of the two Talents : 
 for, had they been equal, there would have been no occa- 
 sion to specify the quality of the silver by the standard of 
 one country, and its weight by that of another. 
 
 But, if the Euboic Talent was the standard used in the 
 commerce between Greece and Asia (as it seems to have 
 been) both countries were concerned to keep it up to its 
 just weight j which was a sufficient reason for the pre- 
 ference given to it by the Romans, on account of its 
 authenticity, whether the Attic Talent was equal to it or 
 not. 
 
 23 And 
 
 * Festus, De Verborum Signif. v. Talentum. 
 
 t Herod. L. III. § 89. J PoUux, L. IX, c. 6. S 8fi, 
 
 § Var. Hist. L. I. c. 22. || Polyb. Excerpt. Legat. § 28 
 
548 An Inquiry into the Value of the 
 
 And there is a circumstance very strongly in favour of 
 their equality, which is, that if Philip changed the money- 
 standard of his own country, with a view to the invasion 
 of Asia, (as is highly probable), he certainly adopted the 
 standard of the Daric, which was the Euboic Talent, by 
 which the Kings of Persia weighed their gold. But his 
 money answers to the Attic talent, as I have shewn above. 
 
 Pollux no where mentions the Euboic Talent; and if 
 he took his estimate of the Babylonian Talent from Hero- 
 dotus, he certainly thought the Euboic Talent was equal 
 to the Attic. 
 
 But the numbers in the account Herodotus hath given 
 of the revenue of Darius, as they now stand, disagree with 
 each other, and must be faulty in more places than one ; 
 and as probably in his value of the Babylonian Talent as 
 elsewhere. 
 
 He tells us, the King of Persia weighed his silver by 
 the Babylonian Talent; therefore, that must have been 
 reckoned the silver Talent of the empire, and was probably 
 the standard of their silver coin. 
 
 Xenophon, in his account of the expedition of Cyrus, 
 says, the Asiatic Siglus was worth 7\ Attic Oboles.* This 
 coin seems to have been the Drachm of the Babylonian 
 Talent ; and if that Talent weighed 73 Attic Minas, the 
 Siglus was really worth but 7\ oboles; but the place 
 Xenophon here speaks of was near Babylon, where the 
 Attic money was unknown and consequently undervalued 
 in common currency. This however shews, that, if the 
 Babylonian Talent was the standard for the silver coinage 
 in Persia, its weight probably exceeded 70 Attic Minas. 
 
 The same author tells us, that Cyrus paid Silanus the 
 Ambraciot 3000 Darics for ten Talents. Therefore, the 
 Talent of silver was worth 300 Darics. And if 3000 
 
 24 Darics 
 
 • Xenoph, Exped. L. I. 
 
Ancient Greek and Roman Money. 549 
 
 Darics were coined out of the Euboi'c Talent of gold, 300 
 weighed six Euboi'c Minas : and supposing the Babylonian 
 Talent to weigh 72 such Minas, the price of gold, at that 
 time, was twelve times its weight in silver, as Plato, who 
 w.as Xenophon's contemporary, tells us it was.* 
 
 JBy the former of these passages, it appears probable 
 that the Babylonian Talent weighed above 70 Attic Minas ; 
 by the latter, that it weighed above 70 Euboi'c Minas; 
 and if Pollux took his value of the Babylonian Talent from 
 Herodotus, as the text now stands, and ^lian his value of 
 the same, from a more correct copy of that author, or 
 from some better authority, the Eubo'ic Talent must have 
 been equal to the Attic. 
 
 § III. Of the Roman Money. 
 
 PLINY hath given the following historical account of 
 the Roman coinage : " Silver was first coined at Rome in 
 " the 485th year of the City, when Q. Ogulnius and C. 
 " Fabius were Consuls, five years before the first Punic 
 " war. And the denarius was made to pass for ten pounds 
 " of copper ; the quiuarius, for five ; and the sesterce, for 
 " two and a half. But the weight of the As was reduced 
 " in the first Punic war, when the republic, being unable 
 " to defray its expences, resolved to coin six Asses out of 
 " the pound; whereby they gained five parts, and paid 
 " their debts. The stamp of the As was a double-faced 
 " Janris on one side, and the prow of a ship on the other : 
 " on the triens and quadrans a boat. After this, when 
 " they were pressed by Hannibal, Quintus Eabius Maxi- 
 " mus being dictator [about the year 537], the As was 
 " reduced to one ounce, and the silver denarius made to 
 " pass for 16 Asses ; the quinarius, for eight ; and the 
 " sesterce, for four. And the republic gained one half 
 
 35 " [upon 
 
 * Plato, ill his Hipparchiis. 
 
550 An Inquiry into the Value of the 
 
 " [upon the copper money] . But in the pay of the army, 
 " the soldier always received a silver denarius for ten 
 " Asses. The stamp of the silver moii'ey was a chariot and ■ 
 " a pair, or a chariot and four horses ; whence they were 
 " called Bigati and Quadrigati. The As was soon after 
 
 " reduced to half an ounce, hy the Papirian Law. What 
 
 " is now called the Victoriat, was coined by the Clodian 
 " Law J before which, it was imported from lUyricum as 
 " merchandize : its stamp is a Victory, whence it takes its 
 " name. The gold money was coined sixty two years 
 " after the silver, and the scruple passed for twenty ses- 
 " terces, which, as the sesterce was reckoned at that time 
 " [2^ Asses'], made the pound of gold worth nine hundred 
 "silver denarii* [of 16 Asses each]. It was afterward 
 " thought proper to coin forty pieces out of the pound of 
 " gold. And our Princes have, by degrees, diminished 
 " their weight to 45 in the pound.''^ f 
 
 Thus far Pliny, whose date of the first coinage of silver 
 is confirmed by Livy.f 
 
 The Denarii now remaining are of various kinds. The 
 most ancient are the Bigati and Quadrigati, having on 
 one side the - head of a woman in a helmet, with the 
 inscription ROMA, and the mark of the Denarius X or 
 X, and some few XVI, and a Biga or Quadriga on the 
 other. The next to these in antiquity have the head of 
 Roma, or some other Deity, on one side, and on the 
 
 26 reverse, 
 
 * The common reading is sestertios DCOCC, which I shall con- 
 sider hereafter. 
 
 + Plin. Nat. Hist. L. XXXIII. c. 3. In most editions of Pliny 
 before Hardouin, the numbers 40 and 45, are thus written X. XL. 
 M. and X. XLV. M. whence Agricola and Snellius have supposed the 
 M. after the former number, to be a mistake of the transcriber for 
 II. and that after the latter for III. But Hardouin in his note on 
 this passage hath shewn the M. in both places, to be superfluous. 
 In the last clause, I read minutissimA vera not minutisdmi Nero. 
 
 t See the epitome of L. XV. 
 
Ancient Greek and Roman Money. 551 
 
 reverse, the name of the mintmaster, or mintmasters, with 
 historical or emblematical figures. Many of these have 
 the X or X, which continued to be the mark of the Dena- 
 rius long after it passed for 16 Asses ; whence some have 
 concluded that it was reduced again to ten Asses, contrary 
 to the express testimony of Vitruvius*; and Tacitus tells us 
 that the mutinous legions in Pannonia demanded, to have 
 their pay raised from ten Asses, to a Denarius. A third 
 sort hath the head of a Consul or a General on one side, 
 with an historical or emblematical reverse. Few, if any, of 
 these have the mark X or S upon them. These three sorts 
 are called Consular Denarii, as having been struck during 
 the republican government by Consuls. The Imperial 
 Denarii have commonly the head of the reigning Emperor, 
 with his name and titles on one side, and some emble- 
 matical figures on the reverse, with a suitable inscription. 
 
 The Romans coined their first gold money by the Scru- 
 ple, as appears from Pliny's account, which is confirmed 
 by the coins; for he tells us the Scruple passed for twenty 
 Sesterces, and there are gold coins now remaining with the 
 numerals XX, and XXXX, which answer to the weight pf 
 one, and two ancient Roman Scruples. These have the 
 head of Mars on one side> with the numeral letters denot- 
 ing their value, and, on the reverse, an Eagle standing on 
 a Thunderbolt. The latter coins of this scrupular standard 
 are like the Denarii of the age in which they were struck j 
 as was the gold of the different standards that succeeded it. 
 
 The Romans did not use the Denarius for a weight, as 
 the Greeks did their Drachm ; till the Greek physicians 
 coming to Rome, and finding the two coins nearly equal, 
 prescribed by it, as they had been accustomed to do by 
 the Drachm in their own country. Neither did the Roman 
 Pound depend on the weight of the Denarius, as the Greek 
 
 37 Mina 
 
 * Vitruvius, L. III. c. 1. So likewise Volusius Msetianus. Taciti 
 Annal. L. 1. § 17. <fc 26. 
 
552 An Inquiry into the Value of the 
 
 Mina did on that of the Drachm ; but the weight of the 
 Denarius depended on the Pound. 
 
 The antient Roman Pound was divided into 12 Ounces, 
 and the Ounce into 24 scruples.* And we learn from 
 Celsus and Pliny, that 84 Denarii were coined out of the 
 Pound of silver f ; therefore, if we knew the true weight 
 of the Roman Pound, we should thence know that of the 
 Denarius. 
 
 There are many antient Roman weights now remaining, 
 from under an Ounce to 100 Pounds % ; some of them with 
 inscriptions have the appearance of standards. 
 
 Lucas Psetus, from an antient weight of 10 Pounds, 
 another of 4 pounds, and a third of 1 pound, inscribed 
 EX. AVC.D.CAS. in letters of silver, besides three smaller 
 of 3, 6, and 9 ounces, all six perfect and agreeing together, 
 determined the antient Pound to contain 11 ounces, 10 
 scruples, modern Roman weight. § But where he gives 
 the weight of Vespasian's Congius, || he makes ten antient 
 Roman Pounds to weigh 9 pounds 6 ounces 10 scr. 10 gr. 
 modern weight. The modern Roman ounce contains, like 
 the antient, 24 scruples, the scruple 24 grains. Therefore, 
 according to this determination, the antient Roman Pound 
 should weigh 11 ounces, 10 scr. 15-| gr. modem weight, 
 which is equal to 5012^ Troy grains, if the exact weight of 
 the modern Roman ounce be 438 Troy grains, as Greaves 
 reckons it. But Psetus used a steelyard, which is a very 
 fallacious instrument. 
 
 Gruter hath exhibited a considerable number of ancient 
 Roman weights.T[ Such of marble, from 1 to 10 pounds, 
 28 as 
 
 * Varro de Re Rustica, L. I. c. 10. Collumella, L. V. c. 1. and 
 Volusius Maeoianus. 
 
 t Celsus de Medicina, L. V. c. 17. Pliny, Nat. Hist. L. XXXIII. 
 c. 9. 
 
 % See Thes. Antiq. Roman. Vol. XI. col. 1661. 
 
 § Thes. Antiq. Roman. Vol. XI. ool. 1619. 
 
 II Ibid. col. 1635. ^j Gruter's Inscriptions, p.ooxxi. 
 
Ancient Greek and Roman Money. 553 
 
 as were intirej have neither mark nor inscription. His 
 two heaviest weigh 9 pounds 8 ounces each, modern 
 Roman weight, which give an antient Pound of 5081 
 Troy grains. Such of the rest as are supposed to be 
 intire, make it under 5000. His lesser weights vary con- 
 siderably. The Triens of Rusticus gives a pound of 5092 
 Troy grains ; his Sextans one of 5246. Among the brass 
 weights are two inscribed AD. AVGVST. TEMP. C.P. 
 One of five Pounds, weighing 5 pounds 2^ ounces, makes 
 the ancient Pound equal to 5475 Troy grains ; the other is 
 a Triens, and weighs 3 ounces, 19 scr. 4 gr. which gives 
 4992 Troy grains for the Roman Pound. 
 
 Fabretti blames Psetus for making the ancient Roman 
 Pound lighter than the modern,* and produces ten ancient 
 weights to prove the contrary. Three of them are of 
 brass, and by their inscriptions have the appearance of 
 public standards. One, with the mark X, weighs 10 
 pounds 5 oz. 14 scr. modern Roman weight, which, 
 reduced to Troy grains, give 5500^ for the antient Pound. 
 Another, marked V, weighs 5 pounds, 2| oz. and gives 
 5475 Troy grains for the antient Pound. A third marked 
 II, weighs 2 poimds, 1 oz. 9 scr. which makes the ancient 
 Pound amount to 5557 Troy grains. His white marble 
 weight hath no other inscription but the mark I, for one 
 pound, and weighs 13 ounces, 1| scr. equal to 5721 Troy 
 grains. The rest of his weights are from five ounces to 
 three scruples, and give an ancient Roman Pound from 
 almost 5500 Troy grains to above 5780. 
 
 At the end of Eisenschmid^s preface, we find two Asses 
 librales, one equal to 5407^ Troy grains, the other to 
 5315|-j and a Quadrussis of 21351 Troy grains, which 
 gives a pound of 5337f. 
 
 According to Fabretti's weights, the ancient Roman 
 
 29 Pound 
 
 * Fabretti Inscript. p. 523. 
 
554 An Inquiry into the Value of the 
 
 Pound could not weigh less than 5475 Troy grains, which 
 is much greater than can be derived from any other 
 evidenceSj as I shall shew hereafter. But, as many of the 
 ahovementioned weights have the appearance of public 
 standards, I have thought proper, to take more particular 
 notice of them, than writers on this subject have commonly 
 done. 
 
 Both Villalpandus and Greaves relied on the Congius 
 of Vespasian for the standard weight of the Roman Pound, 
 not doubting its authenticity, though the note in Gruter 
 says, some have suspected it.* What foundation they had 
 for such suspicion, does not appear ; but it is very diificult, 
 to counterfeit the genuine cracks and corrosions of anti- 
 quity, in a vessel of this kind ; and Greaves tells us, that 
 while he was in Italy, there was found, among the ruins 
 at Rome, a Semicongius in brass, of the same figure with 
 this of Vespasian, the sides much corroded with rust. 
 This he also measured, and found it to be half of Vespa- 
 sian's Congius.f But weights are easily counterfeited; 
 and when the remains of antiquity were so eagerly sought 
 after, that artists found it worth their while to counterfeit 
 the ancient coins, others might counterfeit the weights. 
 
 The Roman Congius contained ten Pounds weight of 
 wine.f Vespasian's standard is of brass ; Psetus, Villal- 
 pandus, and Greaves, have given drawings of it; and 
 Gruter tells us, the inscription was in letters of silver. 
 
 Psetus filled this vessel to the narrow part of the neck 
 with rain water, and weighed it with a steelyard. But 
 this instrument is liable to great errors ; therefore his 
 weight, which wants 5\ modern Roman ounces of what 
 Villalpandus found it, is of small authority. 
 
 Villalpandus filled it to the same height with spring 
 30 water 
 
 * Gruter's Inscriptions, p. ccxxiii 
 
 t Greaves, p. 92. in a note. 
 
 i Pestus de verb, signif. v. publica pondera. 
 
Ancient Greek and Roman Money. 555 
 
 water, and found it to contain just ten modern Roman 
 poundSj which are equal to 52560 Troy grains. 
 
 Auzoutj filling it likewise to the same height with spring 
 water, weighed its contents twice; and the near agree- 
 ment of its capacity deduced from his weights, with 
 Greaves's measure, by MiUet,* is a proof of their being 
 very near the truth. 
 
 Auzout's greater weight was 63034 Paris grains, equal 
 to 51699|-Troyj his lesser, 62760 Paris grains, equal to 
 514821^ Troy.f It is not said, at what time of the year 
 either of these weights was taken ; but the heat in summer, 
 and the cold in winter, might have made a much greater 
 difference between them. " 
 
 The mean between both^is 51591-ro Troy grains, which, 
 divided by 10, give 5159tV such grains for the weight of 
 the ancient Roman Pound. 
 
 Fabretti insists, that this vessel ought to have been fiUed 
 up to the brim J ; but the part above the neck seems to 
 have been designed, either to prevent the liquor from spill- 
 ing when poured out, or for a security against the diminu- 
 tion of the standard, which such a finishing rendered 
 impracticable. 
 
 Several objections have been made to this Pound derived 
 from the Congius, of which the following are the most 
 material. 
 
 First, whereas the side of the Quadrantal containing 
 8 Congii, should be equal to the Roman foot ; the side of 
 a cube, containing 8 times this vessel, exceeds the most 
 authentic measures of that foot now remaining. But, as 
 this relation of the two standards to each other was of an 
 ancient date, when all workmanship was probably very 
 rude and inaccurate at Rome, we cannot wonder at such a 
 
 31 disagreement ; 
 
 * See Philosoph. Trans. Vol. LI. p. 790. 
 
 + Divers ouvrages d6 Mathematique & de Physique par Mess, de 
 I'Academie Eoyale, Paris, 1693, in folio, p. 366. 371. 
 I Fabretti Inscript, p. 527. 
 
556 An Inquiry into the Value of the 
 
 disagreement ; especially as both the shape of this vessel 
 and the inscription shew it was not adjusted by the foot 
 measure, but by weight. 
 
 Secondly, the same bulk of any liquor being found to 
 weigh more in winter than in summer, we cannot deter- 
 mine the precise weight of the Roman Pound from the 
 contents of this vessel, unless we knew the season of the 
 year in which it was originally adjusted. 
 
 Thirdly, Villalpandus seems to have made his experiment 
 carefully ;* but his weight exceeds Auzout's lesser weight 
 by above 1000 Troy grains; though both used spring 
 water. Now if two curious persons, who endeavoured to 
 discover the exact weight of the antient Roman Pound, 
 could differ so much in weighing the contents of the same 
 vessel, can it seem improbable, that the Roman ofiBcer, to 
 whose department the adjusting this standard might happen 
 to belong, should differ as much from its just weight? 
 But if he happened to be a person of accuracy, he would 
 take care, that the standard of a measure of capacity 
 should not fall short of its ancient dimensions, which is 
 extremely unpopular ; and, though he might endeavour to 
 be exact, he would rather chuse to err in excess than 
 defect. Therefore, this vessel is more likely to give too 
 great a Roman Pound, than too small a one. 
 
 Fourthly, this vessel was by law to contain ten Pounds 
 weight of wine ; which being lighter than water, the 
 weights above-mentioned must be too great. But probably 
 the Romans of that unphilosophical age when this standard 
 was first established were ignorant of this difference ; and 
 it might not be generally known, or not attended to, even 
 in Vespasian's time ; for Remnius Pannius, who lived long 
 after, treating of the weights of various liquids, supposes 
 the weight of wine to be equal to that of water, 
 
 Nam librae, ut memorant, bessim sextarius addet, 
 Seu puros pendas latices, seu dona Lysei. 
 
 32 And 
 
 * See Greaves, p. 92. 
 
Aiicient Greek and Roman Money. 557 
 
 And though he afterward tells us that some wines and 
 some waters are heavier than others^ he does not say that 
 water is in general heavier than wine. And even at this 
 day, when the specific gravities of diiferent liquors are so 
 generally known, our books of Pharmacy call a wine pint 
 of any liquor a pound. Therefore it is not improbable 
 that this standard was adjusted by spring water in the 
 reign of Vespasian.' 
 
 But if it was really adjusted by wine, the difference may 
 be considerable ; for, according to Eisenschmid's table of 
 the specific gravities of various liquids,* that of pump- 
 water is to Burgundy wine in the proportion of 371 to 
 355; and Auzout's mean weight of 5159 Troy grains 
 diminished in this proportion, gives but 4936-5- such grains 
 for the antient Roman Pound. 
 
 All the above circumstances considered, it seems more 
 probable that this standard should give too great a Bom an 
 Pound, than too small a one. But as nothing certain can 
 be determined from it, we must have recourse to the coins, 
 especially the gold, which though not so correctly sized as 
 the Greek Philippics, are much more so than the silver 
 Denarii. 
 
 Pliny tells us, that when the Bomans first coined gold, 
 they made the Scruple pass for 20 Sesterces. 
 
 In the tables VI. VII. and X. of the Pembroke collec- 
 tion, we find nine pieces, weighing 17 grains, 36i, 33i, 
 51^, 53, 105, 107 twice, 107i. 
 
 That this was the scrupular coin mentioned by Pliny 
 appears from the numeral letters XX for 30 Sesterces, on 
 the smallest, and XXX on that of 33i grains, which should 
 be its double ; and all the rest are multiples of somewhat 
 between 17 and 18 grains, except the second, which is a 
 Scruple and half. What the mark xj' X on that of 51^ 
 
 33 grains 
 
 * Eisenschmid, p. 174, 175. 
 
558 An Inquiry into the Value of the 
 
 grains denotes, I cannot tell. Savot, and Hardouin* call 
 this figure i a V, and say VX stood for 15 ; but though 
 the Greeks often placed their numerals from right to left, 
 I cannot find that the Romans ever did. 
 
 These nine pieces should contain 34i Roman scruples : 
 Their weight amounts to 608 Troy grains, which, divided 
 by 34i, give 17^ for the Scruple; whence the Roman 
 Pound should weigh 5075ii. 
 
 But these pieces are too small, and too few in number, 
 to determine this point. Mr. Duane hath that of one 
 Scruple, in fine preservation, weighing almost 17y grains. 
 Mr. de la Nauze hath given the weight of the piece of 
 3 scruples with the mark ^^ X in the French king's 
 cabinet, which he says is exactly 64 Paris grains,t equal 
 to 53i Troy, and gives 1 7^ grains for the Scruple. 
 
 This scrupular standard seems to have continued tiU 
 Sulla introduced one which Pliny hath not mentioned, on 
 account, perhaps, of its short duration. It was probably 
 occasioned by the rise of the value of gold ; for when the 
 scrupular standard was first established, gold was worth 
 but about ten times its weight in sUver, as I shall shew 
 hereafter ; but in Sulla's time it was much dearer. 
 
 Cicero plainly alludes to this alteration in the coin, 
 when, speaking of his kinsman Marius Gratidianus, he 
 says. At that time the money was in sucfi a fluctuating state 
 
 34 that 
 
 * Savot. P. III. c. 7. Ilardouin's note on Pliny. This piece is 3 
 Eoman Scruples, which valued at 60 Sesterces of 2,l Asses to the 
 Sesterce, was worth 150 Asses, or 9 silver Denarii and 6 Asses, want- 
 ing but 2 Asses of 9J Denarii. Now in Ptolemy's geographical 
 tables, where the degree is divided unciatim, after the Roman 
 manner; this character \^ stands for one half; therefore being 
 placed before the X (as on the coin) it might denote 9^, as I before 
 the X stands for 9. But Mr. Duane hath a gold coin with the same 
 mark, and of the same impression as this, which weighs but 45. j 
 grains, though it seems to be perfect. 
 
 t Memoires de TAoademie des Inscriptions, Vol. XXX. p. 359. 
 
Ancient Greek and Roman Money. 559 
 
 that no man. knew what he had:* and both he and Pliny 
 relatCj that the law Gratidianus made in Sulla's absence 
 from Romej for the regulation of the coin, was so popular, 
 that statues were erected to him in every street, and 
 incense burnt before them.f The intent of this law seems 
 to have been, to restore the ancient standard in opposition 
 to Sulla J for it so provoked him, that, on his return to 
 Rome, he caused aU the statues to be thrown down, J and 
 Gratidianus to be cruelly butchered by the hand df 
 Catiline. § 
 
 Three coins in the Pembroke collection bear the name 
 of Sulla, and weigh 166, 167, and 168 grains || . Bou- 
 teroue mentions one of 204 Paris grains 1, equal to 167i 
 Troy. If thirty of these were coined out of the Roman 
 Pound, the heaviest of the four pieces gives a Pound of 
 5040 grains. 
 
 The standard of forty in the pound, mentioned by Pliny, 
 seems to have succeeded to this of SuUa, and continued 
 to the establishment of the monarchy under Augustus; 
 for Pliny says, Principes imminuere pondus ; and the two 
 heaviest pieces I can find of this standard, are, one of 
 Pompey, in whose time it seems to have been introduced, 
 the other of Antony and Octavius, struck after the expi- 
 ration of the Triumvirate, which differ but the tenth 
 part of a grain in weight. They are both in the British 
 Museum, in fine preservation. The former is like coin 4 
 Tab. XI. of the Pembroke collection ; the latter like coin 
 11. Tab. XII. But such as bear the name Augustus, 
 which he assumed with the iponarchy, are lighter than 
 those of the Triumvirate. 
 
 35 Pompey's 
 
 * Cicero de Officiis, L. III. § 20. 
 t Cicero, ibid. PHny, Nat. Hist. L. XXXIII. c. 9. 
 t PUny, L. XXXIV. c. 6. 
 
 § Seneca de Ira, L. III. o. 18. H Tab. VIII. 
 
 "Il Recherohes curieuses des monnoyes de France. Paris, 1666. 
 in folio. 
 
560 An Inquiry into the Value of ike 
 
 Pompey's coin weighs 128i Troy grains^ the other 
 128|.. Mr. Duane hath both these coins in fine preserva- 
 tion^ the former weighing 126| grains, the latter 137. 
 Those in the Pembroke Collection weigh 125 grains each. 
 
 There are besides, in the British Museum, two of 125 
 grains, like c. 2, and 4 in Tab. IX. of the Pembroke col- 
 lection ; one of 1241 like coin 3. all very little worn ; and 
 a fourth of 124|- grains, like c. 4. Tab. VII. which seems 
 to be perfect. Dr. Hunter hath two perfect gold coins, 
 one like c. 3. Tab. VIII. weighing 125f grains ; the other 
 like c. 3. Table IX. which weighs 125i. 
 
 These ten coins give a mean Aureus of 126^5- grains. 
 
 The Pembroke collection contains forty Aurei, from 
 Pompey to the end of the Commonwealth. One of them 
 weighs 127 grains ; two \2Q\; six 136 ; and the rest from 
 125^ to 123 ; except two of 121, which, being probably 
 somewhat worn, or otherwise diminished, may safely be 
 rejected. The remaining 38 added to the ten above- 
 mentioned, give a mean Aureus of 135^ grains. 
 
 But considering that thirteen of the forty-eight weigh 
 from 138i to 126 grains, and that many of the rest are 
 probably somewhat worn, we may fairly take 126 grains 
 for the standard weight of this coin; and the number of 
 pieces under 125 grains, that are vouched for perfect, will 
 not allow it to be greater. 
 
 Bouteroue mentions two perfect Aurei of Julius Caesar, 
 each weighing 152 Paris grains, equal to 134yo- Troy. 
 And Greaves in his first Table hath marked three of 
 Julius for perfect, which weigh 122|, 133,^, and 134^ 
 grains. 
 
 If the Aureus of forty in the Pound weighed 136 Troy 
 grains, the Roman Pound must weigh 5040. 
 
 The weight of this coin was gradually diminished by 
 the Emperors, till in Pliny's time forty-five were struck 
 out of the Pound. He died in the reign of Titus ; and 
 the mean Aureus of Greaves's table from Nero to that 
 
 36 Prince, 
 
Ancient Greek and Roman Money. 561 
 
 Prince^ inclusive, is under 11*2 grains. That of the Pem- 
 broke Collection for the same period amounts to 113 ; but. 
 Nero's coins (contrary to Hardouin's reading of Pliny's 
 text) appear to have been heavier than those of Vespasian 
 or Titus. 
 
 Snellius, in his book De re numaria, hath given the 
 weights of eleven Aurei, from Nero to Commodus, which 
 he says were aU as perfect as when they came from the 
 mint. The lightest weighed 149 Dutch grains, the heaviest 
 153 : which answer to 110^ and 113^ Troy. The mean 
 taken from all the eleven, is almost 113 Troy grains. 
 
 Bouteroue found the Aureus from Nero to Septimius 
 Severus, to weigh from 133 Paris grains to 138 ; that is, 
 from 109-^ to 113i Troy. The mean of these two weights 
 is 111^ grains. 
 
 This standard continued beyond the reign of Septimius 
 Severus; and the Pembroke coins from Nero to that 
 time, give a mean Aureus of almost 113 grains. But we 
 cannot suppose all of them to be perfect. Greaves's 
 tables make it 113f for the same period; but four of his 
 pieces of Hadrian and the Antonines weigh from 117|- to 
 131 grains ; which is an uncommon weight for that age, 
 and might possibly proceed from an alteration of the 
 standard, which did not continue long. Excluding these 
 four, the rest give a mean Aureus of 113y grains. 
 
 Eisenschmid weighed a great number of such as seemed 
 perfect to the naked eye, and found the best of them to 
 exceed 136 Paris grains, or 11 If Troy. But, upon ex- 
 amiriing them with a glass, they all appeared somehow 
 damaged; which, says he, in so heavy a metal, might 
 amount to the loss of a grain or two.* But the loss of 
 less than a grain is very discernible, without the help of a 
 glass. 
 
 37 Upon 
 
 * Eisenschmid, p. 34.. 
 
562 An Inquiry into the Value of the 
 
 Upon the whole, if the standard weight of the imperial 
 Aureus of forty-five in the Pound, did not exceed 112 
 grains, the Eoman Pound wiU weigh -5040 Troy grains, as 
 we found it from the consular Aureus. 
 
 Alexander Severus coined pieces of one half and one 
 third of the Aureus, called Semisses, and Tremisses*; 
 whence the Aureus came to be called Solidus, as being 
 their integer. 
 
 Soon after the reign of this prince, the coinage became 
 very irregular, till Constantine entirely new modeled it, 
 by coining 72 Solidi of four Scruples, out of the Pound of 
 goldf, and for the Denarius substituting the MUiarensis, 
 of which I shall give some account hereafter. 
 
 Greaves's second table exhibits twenty-nine of these 
 Solidi from Constantine to Heraclius, weighing from 67^ 
 grains to 70i. The mean from the twenty-nine pieces is 
 
 69 grains, which, multiplied by 72, gives but 4968 grains 
 for the weight of the Roman Pound. But if the standard 
 weight of this coin amounted to 70 grains, the Pound 
 will weigh 5040, agreeable to what we found it from the 
 Aurei. 
 
 The Pembroke Collection contains 57 of these pieces 
 from Constantine to Justinian. Five of them amount to 
 
 70 grains, and 29 to 69 ; the rest are lighter, even to 64 
 grains. But we do not know what preservation they are 
 in. And unless the standard weight of this coin amounted 
 
 38 to 
 
 * Lampridius, in Alex. Severo. 
 
 ■f- Siquis solidos appendere voluerit, auri cocti VI solidos quater- 
 norum scrupulorum, nostris vultibus figuratos, adpendat pro singulis 
 unciis, XII. pro duabus : eadem ratio servanda & si materiam quia 
 inferat, ut solidos dedisse videatur. Cod. Theod. de Ponderatoribus, 
 § 1. Again, lUud autem cautionis adjicimus, ut quotiescunque carta 
 summa solidorum pro tituU quantitate debetur, & auri massa trans- 
 mittitur, in LXXII solidos libra feratur accepta. Cod. Justin. L. X. 
 Tit. 70. de Susceptoribus, § 5. 
 
Ancient Oreeh and Roman Money. 563 
 
 to 70 Troy grains, Constantine's Pound must have been 
 somewhat deficient of the ancient standard. 
 
 Having thus given as compleat an account of the 
 Roman gold, as I have been able to collect from authors of 
 credit, and my own observation, I shall proceed to examine 
 the evidence we have of the weight of their silver money. 
 
 The Consular silver is so unequal, that the Romans 
 must have been very negligent in sizing their pieces. 
 Villalpandus tells us, that weighing many Denarii of the 
 same form, inscription, and apparent magnitude, and so 
 like to each other, that they seem to have been struck, 
 not only in the same age, but even on the same day, he 
 found them to differ in weight, 5, 9, or 10 grains from 
 each other.* 
 
 There is a piece in the Pembroke Collection, Coin 2. P. 
 3. Tab. 18, with the head of Roma, and X, the mark of 
 the Denarius, on one side, on the other Castor and PoUux, 
 ^ith ROMA in the exergue, which weighs 81 grains. 
 Another with the like impress on each side, and V. the 
 mark of the Quinarius behind the head, which weighs 33 
 grains. A third in the same page hath the mark XVI. 
 behind the head of Roma, a biga on the reverse, with 
 ROMA in the exergue, which weighs but 54 grains. As 
 these pieces seem to be exhibited chiefly on account of 
 their uncommon weight, we must suppose the lightest to 
 be perfect. 
 
 In the British Museum is a coin like the tenth in P. 3. 
 Tab. 2. of the Pembroke Collection, which weighs above 
 73 grains. Another like the second in P. 3. Tab. 18. 
 
 39 which 
 
 * Cum plures Denarios appenderemus ejusdem formse, inscrip- 
 tionis, <fe pen§ magnitudinis, atque ita similes, ut non solum eodem 
 tempore, sed eodem prorsus die, percusses fuisse oonjieeres, tamen 
 eos deprehendimus quinis, noveniB, aut denis granis pondere a 
 se iavicem distare. Villalp. De apparatu urbis & templi, p. 357. Ten 
 Roman grains are equal to about 7| Troy. 
 
564 An. Inquiry into the Value of the 
 
 which weighs 66|- grains ; and a third, which seems jierfect 
 in all respects, with the head of Roma and X on one side, 
 on the other a Quadriga with the inscription CN.GE, 
 which weighs but 55 grains. 
 
 It is difiBcult to account for these differences in the 
 weight of the same coin, especially as Pliny seems to have 
 been ignorant of such inequalities ; for he tells us of an 
 Eastern King, that wonderfully admired the justice of the 
 Romans in coining all their Denarii of the same weight, 
 though the impresses shewed them to be the money of 
 different Emperors.* Perhaps the King only admired 
 the invention of coining, which was not known in his 
 country; but Pliny, who tells the story, certainly sup- 
 posed all the Denarii were of equal weight. 
 
 Perhaps the heavy pieces of 73 and 81 grains were 
 struck at the mint for private persons, to give away in 
 presents on Birth-days, and New-years, as was the cus- 
 tom at Rome J and some of them may be modern 
 forgeries : but the light pieces of 54 and 55 grains, must 
 have been owing to the negligence or roguery of the 
 coiners ; thoagh some of these too may be counterfeits. 
 
 The following Table exhibits the weights of forty-six of 
 the fairest Denarii in the British Museum. Such of them 
 as are marked with two dots, are a little worn, though 
 very little. The Bigati and Quadrigati are distinguished 
 by the letters B. and Q. 
 
 Troy grains. 
 
 66,5: 
 
 61,15 
 
 
 66,1 ' 
 
 61,12 : 
 
 
 64,15 : 
 
 61,12 
 
 
 63,33 
 
 61,1: 
 
 Q 
 
 63,15 : 
 
 61,07 : 
 
 B 
 
 63,07 : 
 
 60,85 : 
 
 
 63,05 
 
 60,75 
 
 
 62,7 
 
 60,5: 
 40 
 
 B 
 
 62,43: Q 
 
 » Pliny, Nat. Hist. L. VI. o. 22. 
 
Ancient Greek and Roman Money. 565 
 
 62,43 : 
 
 Q 
 
 60,33 
 
 B 
 
 62,27 
 
 
 60,3 : Q 
 
 61,95 
 
 
 60,2: B 
 
 61,93 ; 
 
 
 60,05 
 
 61,8: 
 
 
 59,95 
 
 
 61,8 
 
 B 
 
 59,15 
 
 B 
 
 61,73; 
 
 
 58,92 
 
 Q 
 
 61,73: 
 
 
 58,86 
 
 
 61,55 : 
 
 Q 
 
 68,67 
 
 Q 
 
 61,52 
 
 Q 
 
 68,2 Q 
 
 61,5: 
 
 
 58,15 
 
 61,5 
 
 
 67,37: 
 
 61,35 
 
 
 56,87 : 
 
 61,33 
 
 
 66,55 Q 
 
 61,2 
 
 
 55,0 
 
 Q 
 
 Sum total. 
 
 
 46)2803,86 
 
 
 
 60,95 Mean Denarius 
 
 The mean weight of the Denarius from all these pieces' 
 is 60,95 Troy grains; therefore, had all of them been 
 perfect, it might have exceeded 61 grains. But the mean 
 from the twenty-one that are so, amounts but to 60,92. 
 Either of them comes very near to what Eisenschmid 
 found it by the like method; though he rejected some 
 pieces for no other reason but because he thought them 
 too light. 
 
 But a mean from pieces so unequally sized is not to be 
 relied on. And it may be questioned whether those of 
 above 63 grains ever passed as common coin. Greaves, 
 who had examined many hundred Denarii Consulares, 
 says the best amounted to 62 grains; but had he met 
 with any of 63, or even of 62^, it cannot be doubted that 
 he would have mentioned them in support of his Denarius 
 of 62f grains from the Congius. Therefore the pieces of 
 63 grains and upward must be very uncommon, whereas 
 they make above a seventh part of the number in this 
 table. 
 
 Hence I conclude, that the mean derived from this 
 table is of very small authority^ 
 
 41 But 
 
566 An Inquiry into the Value of the 
 
 But if we take 5040 Troy grains for the weight of 
 the Roman Pounds as determined from the Gold coins; 
 the scruple will weigh 17-7 grains; the Consular Aureus, 
 126; the Imperial Aureus, 112; and the Solidus, 70: all 
 which are probable weights of the several coins ; and the 
 Consular Denarius of 84 in the Pound will weigh just 60 
 Troy grains. 
 
 And this must be very near its true standard weight ; 
 for were we to add only half a grain to it, the Consular 
 Aureus would exceed 127 grains, which is certainly too 
 great a weight for that coin. 
 
 Though Pliny gives no particular account of any altera- 
 tion in the weight of the Denarius, it was undoubtedly 
 diminished by the Emperors as well as the Aureus, though 
 by what degrees is uncertain ; for Galen tells us, that the 
 writers on weights and measures differed in the number of 
 Drachms {jDenarii] they assigned to the Ounce ; most of 
 them making it to -contain 7^, some but 7, and others 
 8.* The later writers make it contain 8 Denarii, of 3 
 scruples each.t 
 
 Greaves " found by examining many Imperial Denarii, 
 " that from Augustus's time to Vespasian they continiially 
 " almost decreased, tiU, from being the seventh part of 
 " the Roman Ounce, they came now to be the eighth part : 
 " and therefore 96 were coined out of the Roman Libra, 
 " whereas before, under the Consuls, 84. From Vespasian 
 " to Alex. Severus, as far as he had observed, the Silver 
 " continued at a kind of stay in respect of weight, except- 
 " ing only such coins as upon some extraordinary occasion, 
 " both then, and in the first Emperors time, were stamped, 
 " either in honour of the Prince, or of the Empress and 
 " Augusta familia, or else in memory of some eminent 
 
 42 " action. 
 
 * Galen, de med. comp. sec. genera, L. III. c. 3. 
 t Rhemniua Fannius, Cleopatra, Dioscorides, ifco. 
 
Ancient Greek and Roman Money. 567 
 
 " action. These last most usually were equal to the 
 " Denarii Consulares, and many of them had these cha- 
 " racters EX. S. C, or else S. P. Q. R. Under Severus 
 " and Gordianus, the Denarii began to recover their primi- 
 " tive weight, but most commonly with a notable debase- 
 " ment, and mixture of allay."* Eisenschmid hath given 
 the like account of the Imperial Denarius, and says he 
 found its weight from Nero to Sep. Severus, to be to the 
 Consular Denarius in the proportion of 7 to 8,t 
 
 Having determined the weight of the ancient Roman 
 Pound from the gold coins, to be 5040 Troy grains, it 
 seems requisite to say something concerning the heavy 
 weights exhibited by Gruter and Fabretti, which are irre- 
 concileable to every other evidence. 
 
 Those with inscriptions are not older than the reign of 
 Augustus ; but neither his coins, nor those of his succes- 
 sors, will by any means answer to such standards. 
 
 Fabretti's mean pound of 5500 Troy grains, exceeds 
 Auzout's mean Pound from the Congius by above three 
 fourths of the antient Roman Ounce, though that vessel 
 is greater than can be derived from the greatest probable 
 measure of the antient Roman foot. 
 
 The weight of spring- water contained in the cube of 
 half that foot (which was the legal measure of the Con- 
 gius) is thus determined. 
 
 According to Eisenschmid'sTable of specific gravities,^ 
 a cubic Paris inch of spring-water should weigh 374 
 Paris grains in winter, when liquors are heaviest. There- 
 fore the cube of half the Paris foot (or 316 cubic Paris 
 inches) must weigh 80784 such grains. 
 
 The greatest probable measure of the antient Roman 
 foot, does not exceed 974 such parts as the Paris foot con- 
 tains 1065|.§ 
 
 43 And 
 
 * Greaves, p. 113. t Eisenschmid, p. 33. 
 
 X Eisenschmid, p. 175. 
 § See the Discourse on the Roman Foot, Phil. Trans, Vol. LI. 
 
568 An Inquiry into the Value of the 
 
 And as the cube of the Paris foot^ is to the cube of the 
 Roman footj so are 80784 Paris grains, to 61725^ such 
 grains, the weight of the spring-water contained in the 
 cube of half the Roman foot. 
 
 But 61 725 J Paris grains, are equal to 50634 Troy; 
 therefore the Roman Pound, according to this calculation, 
 should weigh 5063|- Troy grains, exceeding that derived 
 from the coins, but by 23|- such grains. 
 
 If, on the other hand, we take Fabretti's Pound of 5500 
 Troy grains (equal to 6704f Paris) and reckon the weight 
 of a cubic Paris inch of spring- water 374 Paris grains (as 
 before), a Congius of ten such Pounds will require a Roman 
 foot of 1001 such parts as the Paris foot contains 1065|-; 
 which exceeds any probable measure of that foot. 
 
 Thus these heavy weights neither agree with the Roman 
 money nor with the Congius ; which is a circumstance not 
 easily to be accounted for, as the authorities for the larger 
 Pound are indisputable, and we do not know that the 
 Romans used two weights like our Troy and Averde- 
 poids. 
 
 The Denarius continued to be the current silver money 
 of the Empire, till Constantine substituted the Miliarensis 
 in its stead. 
 
 The price of gold had been increasing a considerable 
 time before his reign, which made a new regulation of the 
 money necessary. For this purpose, Constantine divided 
 the Pound of gold into seventy-two solidi,* which was a 
 more commodious number than either 40 or 45, as it 
 divided the Ounce and half Ounce without a fraction. He 
 likewise altered the weight of the silver coin, and fixed the 
 price of the Pound of gold at 1000 pieces of his new silver, 
 which were thence called Miliarenses.t This he seems 
 
 44 to 
 
 * See the Theod. and Justinian Codes quoted in p. 562. 
 
 t Glossse nomicse, quoted by Gronovius, L. IV, o. 16. de pecunia 
 
 vetere. 
 
Ancient Greek and Roman Money: 569 
 
 to have done in imitation of the ancient coinage ; ' for 
 when the Aureus of forty in the Pound passed for 25 
 Denarii, the Pound of gold passed for 1000. 
 
 But it was attended with this inconvenience, that his 
 Solidus could not be exchanged for its true value in silver j 
 for 1000 divided by 72 is 13f j but it passed for 14,* 
 which was more than it was worth, and made two prices 
 of gold at the same time ; one the legal price of 1000 
 Miliarenses for the Pound ; th-e other, the current price, 
 of l4 for the Solidus, which must have occasioned dis- 
 putes in the payment of small sums. 
 
 To remedy this inconvenience, it was thought proper to 
 alter the weight of the silver money, and having fixt the 
 price of the Pound of silver at five Solidi,t to coin 60 
 pieces out of it J j which retained the name Miliarenses, 
 though the Pound of Gold was worth but 864. 
 
 A scholiast on the Basilics tells us, that " One Siliqua 
 " [of gold] is worth 12 Polles [of copper], or half a 
 " Miliarensis : therefore 12 Siliquas are half a Soli- 
 " dus, for the whole Solidus is worth 12 MiliarenseSj- 
 "or 24 Siliquas."§ The Eoman Pound contained 1728 
 Siliquas, II therefore there were 72 of these Solidi in the 
 Pound ; and each of them being worth 13 Miliarenses, the 
 Pound of silver, which was valued at 5 Solidi, must have 
 contained 60 Miliarenses. 
 
 45 How 
 
 * See the preceding note. 
 
 t Jubemus ut pro argenti summa quam quis thesauris fuerit illa- 
 turus, inferendi auri aocipiat facultatem, ita ut pro singulis libris 
 argenti, quinos Solidos inferat. Cod. Theod. De argenti pretio, & 
 Cod. Justin. L. X. Tit. 76. 
 
 X Cum publica celebrantur officia, sit sportulis nummus argenteus, 
 — ^nec majorum argenteum nummum fas sit expendere, quam qui 
 formari solet, cum argenti libra una in argenteas sexaginta dividitur. 
 Cod. Theod. De expensis ludorum. 
 
 { Xpfi yivaxTKeiv on to iv Kcpdnov (fioWeur eicrl iS', fJTOi fx-CKiapiqaiov 
 TO rjiiurv' TO. ovv if Keparia itTTi vofiicriiaTovs ^fiiirv' to 8e UKepaiov 
 vomo-fia ex^L p.i\iaprja-ta li', iJTOi KepaTia k8'. Schol. in L. XXIII. 
 Baa-iXiKai', apud Gronov. L. IV. o. 16. De pecunia vetere. 
 See Rhemnius Fannius, and others. 
 
570 Jn Inquiry into the Value of the 
 
 How many Miliarenses Constantine coined out of the 
 Pound of silver is no where said ; but if the price of Gold 
 was nearly the same in his reign, as when 5 Solidi were 
 worth a Pound of silver, the Pound must have been worth 
 14|- Pounds of silver; and 1000 divided by 14^, gives 
 69f for the number of Miliarenses coined out of the Pound. 
 Therefore it is probable Constantine's number was either 
 69 or 70. If the former, each piece should weigh 73^ 
 Troy grains; if the latter, 72^. 
 
 Eisenschmid found the larger silver of Constantine to 
 come up to 90 Paris grains, or 73 j^ Troy; but the 
 smaller (which should be its half) seldom amounted to 
 40 Paris grains, or 82f Troy ; which leaves it uncertain 
 whether 69 or 70 of these Miliarenses were coined out of 
 the Pound. If 69, the proportion of gold to silver was 
 almost 14i to 1 ; if 70, 14f to 1. 
 
 In the Glossse nomicse, quoted by Gronovius and others, 
 we have an attempt to settle the exchange between the 
 two Miliarenses and the Solidus. The Glossographer, 
 giving an account of the different sums called FoUes, 
 says, " There is likewise another FoUis, consisting of the 
 " smaller silver which was paid to the soldiers, and thence 
 " called Miliarenses, each of which is worth If Siliquas 
 " [pf ffc^d]! *^d ^^^ FolUs contains 125, which makes 218 
 " Siliquas and 9 nummi; or 109 of the Miliarenses now 
 " current and 9 nummi ; which are worth 9 Solidi, 1 Mili- 
 " arensis, and 9 nummi, and the Purse of 125 pieces of 
 " this lesser silver, was called a Follis."* 
 
 This Gloss appears to come from a different hand from 
 that before quoted, by the absurd etymology here given of 
 the word MiXiaprjo-iov ; and the author did not under- 
 stand his subject. For the Miliarensis of 60 in the 
 Pound, was undoubtedly worth 2 Siliquas of gold, and if 
 Constantine's was worth If when this Glossographer 
 
 46 wrote, 
 
 * Qlossse noraicas apud Gronov. L. IV. c. 16. 
 
Ancient Greek and Roman Money. 571 
 
 wrote, the two cojns must have been in the proportion of 
 8 to 7, and the exchange made in smaller numbers with- 
 out fraotions; for 7 Solidi being worth 84 of the new 
 Miliarenses, would exchange for 96 of Constantine's. 
 
 But this EoUis of 125 Miliarenses, seems to have been 
 intended for a more correct adjustment of Constan tineas 
 silver to his gold than 14 Miliarenses for the Solidus ; for 
 it was the true value of 9 Solidi, which, at the rate of 14 
 for the Solidus, should have exchanged for 136, which 
 was one more than they were worth. And nine was the 
 least number of Solidi that could be exchanged for their 
 true value in Constantine's silver; which this glosso- 
 grapher seems not to have known. For the Roman Pound 
 containing 1738 Siliquas, Constantine's Miliarensis was 
 worth but the thousandth part of them, or I^^Vj which 
 multiplied by 135 make just 316 Siliquas without a frac- 
 tion, which were equal to 9 Solidi. Or, supposing the 
 proportion of Gold to silver the same when the new 
 Miliarenses were coined, as when the old ones were, 1000 
 of the latter and 864 of the former, being each worth a 
 Pound of gold ; divide both numbers by 8, and we shall 
 have 135 of the old, worth 108 of the new, which passed 
 for 9 Solidi. 
 
 Having mentionod the Follis, I shall endeavour to 
 explain what it was. The word is Latin, and it anciently 
 signified a little bag, or purse ; whence it afterward came 
 to be used for a sum of money, and very different sums 
 were called by that name. Thus, the Scholiast on the 
 Basilics mentions a FoUis which was worth but the 34th 
 part of the Miliarensis ; the Glossse nomicse, one of 125 
 Miliarenses, and another of 350 Denarii (which was the 
 ancient Sestertium) ; and three different sums, of 8, 4, 
 and 2 pound of gold, were each called a Follis.* 
 
 47 The 
 
 * See the Glossae nomicse, quoted by Gronovius near the end of 
 c. 16. of L. IV. 
 
572 An Inquiry into the Value of the 
 
 The Glossographer last quoted makes 9 Nummi equal 
 to f of a Siliqua ; for If multiplied by 125, is 218|, which 
 he calls 218 SiHquas, and 9 nummi. Therefore 12 nummi 
 were equal to a Siliqua ; but the scholiast on the Basilics 
 makes 12 Polles equal to a Siliqua; consequently this 
 Nummus and the scholiast's Pollis are the same. 
 
 The Scholiast tells us, the Miliarensis was equal to 24 
 FoUes of copper, therefore the Ounce of silver contain- 
 ing 5 Miliarenses of 60 in the pound, was worth 120 such 
 Folles. 
 
 The Glossographer, describing a FoUis of 250 Denarii, 
 says, it was equal to 313 Pounds, 6 Ounces of copper*. 
 The Denarius of that age was the eighth part of an Ounce, 
 therefore an ounce of silver must have been worth 120 
 Ounces of copper. 
 
 But according to the Scholiast, the Ounce of silver was 
 worth so many Folles ; therefore the Scholiast's Follis 
 was an Ounce of copper. And this Follis being equal to 
 the Glossographer's Nummus, that Nummus was likewise 
 an Ounce of copper. 
 
 By a Rescript of Arcadius and Honorius in the Theo- 
 dosian Code, the treasury was empowered to receive a 
 Solidus for 25 Pounds of copper,t which sets the price of 
 that metal at the 125th part of its weight in silver. But 
 the same Rescript in Justinian's Code J for XXV libris 
 tBris, hath XX libris ceris. Both cannot be right, perhaps 
 neither ; and the true reading may be XXIV libris ceris, 
 agreeable to these commentators, 
 
 48 Eisenschmid 
 
 * *dXXn (TTad/ios ia-n, Xeyonei/ovs Kol fiaXdvnov eKKei 6e brjvapia 
 buiKoiTia irevTTjKovTa, tout' ean Xirpas nf, Koi ovyytas c|, as exovrovs 
 cKaa-Tov drjvapiov Xirpav a Kol ovyytas y . Glossse nomicSB, apud 
 Gronov. L. IV. c. 16, 
 
 t iEris pretia quie a provincialibus postulantur, ita excipi 
 volumus, ut pro XXV. libris seris, Solidus a possessore reddatur. 
 Cod. Theodos. de oollatione seris. 
 
 X Cod. Justin. L. X. Tit. 29. 
 
Ancient Greek and Roman Money. 573 
 
 Eisenschmid found Constantine's copper money to weigh 
 a quarter of a Roman Ounce;* therefore the Scholiast's 
 Follis, and the Glossographer's Nummus contained four 
 of them, as the ancient Nummus contained four^««es; 
 but whereas the Denarius formerly passed for four Nummi, 
 it now passed for 15, and the writers of this age say it 
 passed for 60 Asses. \ 
 
 § 4. O/' the value of Gold in Greece and Rome. 
 
 Herodotus reckons the value of gold to silver in the 
 proportion of 13 to l.| Plato, who wrote about fifty 
 years after him, 'says it was 12 times the value of silver § ; 
 and Xenophon, Plato's contemporary, relates that Cyrus 
 paid Silanus the Ambraciot 3000 Darics for the ten 
 talents he had promised him || ; which being Babylonian 
 talents, agrees with Plato's estimate, as I have shewn 
 above. 
 
 After the conquest of Asia by Alexander, the immense 
 treasures of the Kings of Persia circulating in Asia and 
 Greece, reduced the price of gold to ten times its weight 
 in silver, at which it seems to have continued two hundred 
 years, or more. 
 
 The Romans did not coin gold till above a hundred 
 years after the death of Alexander : and Pliny gives the 
 following account of its first coinage. Aureus nummus 
 post annum LXII percussus est quam argenteus, ita ut 
 scrupulum valeret Sestertiis vicenis : quod effecit in libras, 
 ratione Sestertiorum qui tunc erant, Sestertios DCCCC.IT 
 Now if the Scruple was valued at 20 Sesterces, the Pound, 
 instead of being worth 900, must have been worth 5760 
 
 49 such 
 
 * Eisenschmid, p. 141. t Hero, Epiphanius, &c. 
 
 X Herodotus, L. III. § 95. § Plato in his Hipparchus. 
 
 II Xenophon in his Expedition of Cyrus, L. I. 
 if Pliny Nat. Hist. L. XXXIII. c. 3. 
 
574 An Inquiry into the Value of the 
 
 such Sesterces: but if for Sestertios DCCCCj we read 
 Denarios DCCCC, the account will be clear and intelli- 
 gible. The words ratione Sestertiorum qui tunc erant, 
 imply that the Sesterce of that age was different from the 
 Sesterce of Pliny's time : but the quarter of the silver 
 Denarius, or Nummus Sestertius of 4 Asses, was the same 
 at both times, and we know of no other Sesterce but the 
 ancient one of 2^ Asses. Twenty such Sesterces make 50 
 Asses for the value of the Scruple of gold ; which mul- 
 tiplied by 288 (the number of Scruples in the Eoman 
 Pound) give 14400 Asses for the value of the Pound of 
 Gold. And reckoning 16 Asses to the silver Denarius 
 (which it passed for at the time of this coinage) 14400 
 Asses make just 900 such Denarii; which is Pliny's 
 number. 
 
 That the Eomans kept their accounts in copper Ses- 
 terces of 2^ Asses, long after the silver Sesterce passed for 
 4, appears not only from this passage, but from what Pliny 
 says of the pay of the Army, that notwithstanding the 
 silver Denarius passed for 16 Asses, it was paid to the 
 soldier for 10 : which implies that the Quaestor's accounts 
 were kept in copper money, as all the public accounts 
 probably were. Csesar is said to have doubled the pay of 
 the soldiers,* and it appears from the account Tacitus 
 gives of the mutiny of the legions in Pannonia,t that at 
 the accession of Tiberius to the empire, their pay was but 
 ten Asses a day ; and they demanded a Denarius, not upon 
 pretence that the legionary soldiers had ever received so 
 much, but that ten Asses were not an equivalent for the 
 dangers and hardships a soldier underwent. Hence 5 
 Asses appear to have been their pay before Csesar raised 
 it ; but if this was their pay on the Quaestor's book, they 
 actually (according to Pliny) received a Quinarius of 8 
 
 50 Asses, 
 
 * Suetonius in Julio, c. 26. + Taciti Annal. L. I. § 17. 
 
Ancient Greek and Roman Money. 575 
 
 Asses, and Csesar only nominally doubled it; wliich is 
 more probable than that their pay at the time he raised it, 
 should be under two-pence three-farthings English a day. 
 Polybius tells as, that in his time the pay of a Roman foot 
 soldier was two Oboles a day ; that of a centurion twice as 
 much; and that of a horseman a Drachm (or Denarius).* 
 This must be understood of what they received, not of 
 their nominal pay on the Quaestor's book. The foot 
 soldier, therefore, was paid at the rate of 5-J Asses a day, 
 which, in a country where a traveller might have his lodg- 
 ing and all necessaries on the road for half an As,f would 
 be great pay, had not their cloathing, arms, and tents, 
 been deducted out of it, as they were.} But both the 
 public and private riches of the Eomans were increasing 
 very fast when Polybius wrote, and the prices of all the 
 necessaries of lifd must have increased in proportion, 
 therefore it is probable that the soldier's pay was raised to 
 5 Asses on the Quaestor's book, for which tliey received a 
 Quinarius, before Caesar augmented it. 
 
 If the Pound weight of gold was worth 900 Denarii, 84 
 of which were coined out of the Pound of silver, the value 
 of gold to silver must have been in the proportion of 900 
 to 84, or as 10|- to 1. And if this was the value of gold 
 at Rome sixty-two years after their first coinage of silver, 
 it proves that no fewer than 84 Denarii were then coined 
 out of the Pound. Now by an article in the treaty with 
 the Etolians, about eighteen years after this first coinage 
 of gold at Rome, that people were permitted to pay one 
 third of their tribute in gold, at the rate of one Pound of 
 gold for ten of silver. § Therefore gold was then but ten 
 times the value of silver in Greece ; and it could not be 
 
 51 much 
 
 * Polybius, L. VI. p. 484 of Casaubon's edition, 
 t Polybius, L. II. p. 103. 
 
 t Polybius, L. VI. p. 484. TacitiAnnal. L. I. § 17. 
 § Polybius, Excerpt. Legat. § 28. Livy L. XXXVIII. 
 
576 An Inquiry into the Value of the 
 
 much higher at Rome, where silver was esteemed the more 
 useful metal, as appears by the limitation of the sum to be 
 paid in gold, to one third of the whole; and Pliny 
 observes, that the Romans always required the tribute 
 they imposed on conquered countries should be paid in 
 silver, not in gold ;* therefore it is not probable that gold 
 should bear a much higher price at Rome than elsewhere, 
 as it would, according to this account of its first coinage, 
 if fewer than 84 Denarii were coined out of the Pound of 
 silver. 
 
 There is another passage in Pliny relating to the value 
 of gold, which requires correction. Speaking of the 
 Byssine thread, he says, Quaternis denariis scripula ejus 
 permutata quondam, ut auri, reperio.-f When 96 Denarii 
 were coined out of the Pound, each of them weighed 3 
 Scruples; therefore 4 Denarii weighed 12 Scruples, which 
 was nearly the value of a Scruple of gold when Pliny 
 wrote. But Pliny knew no such Denarius'; for he says, 
 the lawful weight of that coin was the eighty-fourth part 
 of the Pound; besides, he speaks here of former times. 
 Therefore for Quaternis, we should read Ternis ; for 3 
 Denarii of 84 in the Pound weighed 10|^ Scruples, which 
 was nearly the ancient value of a Scruple of gold. 
 
 Prom a passage in Tacitus, compared with Suetonius, 
 we learn that in Galba's time the Aureus passed for 35 
 Denarii; the former says ut per speciem convivii quo- 
 ties Galba apud Othonem epularetur, cohorti excubias 
 agenti viritim centum nummos divideret ; which the latter 
 expresses thus, quoties ccend principem exciperet, Aureos 
 excubanti cohorti viritim dividebat.% But 100 Nummi 
 were equal to 35 Denarii ; therefore when 40 Aurei were 
 
 53 coined 
 
 * Pliny, Nat. Hist. L. XXXIII. c. 3. f L. XIX. c. 1. 
 
 t Taoiti Hist. L. I, § 24. Suetonius in Othone, c. 4. See also 
 Dio Cassius, L. LV. 
 
Ancient Greek and Roman Money. 577 
 
 coined out of the Pound of gold, and 84 Denarii out of the 
 Pound of silver, the Pound of gold passing for 1000 
 Denarii, was worth 11^ Pounds of silver. 
 
 When the Aureus of 45 in the Pound passed for 25 
 Denarii of 96 in the Pound, the proportional value of gold 
 to silver was as 375 to 32, or a little under 1 If to 1. 
 
 Suetonius tells us, that Csesar brought so great a quan- 
 tity of gold from Gaul, that he sold it throughout Italy 
 and the Provinces for 3000 n.immi the Pound.* 3000 
 nummi make 750 Denarii; and 750 is to 84, as 8jf to 1. 
 This was its price as merchandize, when the market was 
 overstocked, and the seller in haste to dispose of his goods ; 
 but what effect it' had on the coin, we do not know. 
 
 By the diminution of the Aureus for above half a cen- 
 tury before the reign of Constantine,t the price of gold 
 appears to have been rising, till it came to above- 14 times 
 its weight in silver; for five Solidi of 72 in the Pound, 
 being valued at a Pound of silver J, the proportion between 
 the two metals was as 14| to 1. 
 
 § V. Of the value of the ancient Greek and Roman money. 
 
 IT does not appear that either the ancient Greeks or 
 Romans allayed their money, but coined the metals as 
 pure as the refiners of those times could make them : for 
 though Pliny mentions two instances of the contrary at 
 Rome,§ the example was not followed, till the later Em- 
 perors debased the coin: and his expression, miscentur 
 (Era falsiB msnetm, shews he thought the practice illegal. 
 
 Though the ancients had not the art of refining silver, 
 in so great perfection as it is now practised, yet, as they 
 mixed no base metal with it, and esteemed what they 
 coined to be fine silver, I shall value it as such. 
 
 53 Sixty-two 
 
 * Suetonius in Julio, c. 54. 
 
 t See the Pembroke Collection, from Tab. XX. to XXIV. 
 
 X See Cod. Justinian. L. X. Tit. 76. quoted above. 
 
 § Pliny Nat. Hist. L, XXXIII. c. 3. & 0.9. 
 
578 An Inquiry into the Value of the 
 
 Sixty-two English shillings are coined out of 11 ounces 
 2 p. wt. Troy of fine silver, and 18 p. wt. allay. There- 
 fore, the Troy grain of fine silver is worth rirtlis of ^ 
 Farthing. Hence the Attic Drachm of 66^^ grains will be 
 found worth a little more than Ninepence farthing ; the 
 Obole, a Httle more than Three half-pence; and the 
 Chalcus, about |th of a Parthiag. 
 
 But, for the reduction of large sums to English money, 
 
 the following numbers are more exact. 
 
 £. s. d. 
 
 The Attic Drachm 0.0. 9,286 
 
 TheMina 3 . 17 . 4,6 
 
 The Talent 232 . 3 . 0. 
 
 Hence the Mina expressed in Pounds Sterling and deci- 
 mals of a Pound will be J3.869; the Talent £232.15. 
 
 The Romans reckoned by Asses before they coined 
 silver, after which they kept their accounts in Sesterces. 
 The word Sestertius is an adjective, and signifies two and 
 a half of any substantive to which it refers. In money 
 matters its substantive is either As, or pondus ; and Sester- 
 tius As, is two Asses and a half; Sestertium pondus, two 
 pondera and a half, or 250 Denarii.* 
 
 When the Denarius passed for ten Asses, the Sesterce 
 of 2-i- Asses was a quarter of it ; and the Romans continued 
 to keep their accounts in these Sesterces long after the 
 Denarius passed for sixteen Asses; tUl, growing rich, 
 they found it more convenient to reckon by quarters of 
 the Denarius, which they called Nummi, and used the 
 words Nummus and Sestertius, indifferently as synonymous 
 terms, and sometimes both together, as Sestertius nummus; 
 in which case, the word Sestertius, having lost its original 
 signification, was used as a substantive; for Sestertius 
 nummus was not two Nummi and a half, but a single 
 Nummus of four Asses. 
 
 54 They 
 
 * See Gronovius, De pecunia vetere, L. I. c. 4. 
 
Ancient Greek and Roman Money. 579 
 
 They called any sum under 3000 Sesterces so many 
 Sestertii, in the masculine gender; 3000 Sesterces they 
 called duo or hina Sestertia, in the neuter ; so many quar- 
 ters making 500 Denarii, which was twice the Sestertium ; 
 and they said dena, vicena, &c. Sestertia, till the sum 
 amounted to a thousand Sestertia, which was a million of 
 Sesterces. But, to avoid ambiguity, they did not use the 
 neuter Sestertium in the singular number, when the whole 
 sum amounted to no more than 1000 Sesterces, or one 
 Sestertium. 
 
 They called a million of Sesterces Decies nummum, or 
 Decies Sestertium, for Decies centena millia nummorum, 
 or Sestertiorum (in the masculine gender) omitting centena 
 millia, for the sake of brevity: they likewise called the 
 same sum Decies Sestertium (in the neuter gender), for 
 Decies centies Sestertium, omitting Centies for the reason 
 above-mentioned ; or simply Decies, omitting centena 
 millia Sestertium, or centies Sestertium; and with the 
 numeral adverbs, Decies, Vicies, Centies, Millies, and the 
 like, either centena millia, or centies, was always under- 
 stood. 
 
 These were their most usual forms of expression, though 
 for Bina, Dena, Vicena Sestertia, they frequently said, 
 Bina, Dena, Vicena millia nummum *; and Cicero, in the 
 passage quoted in the margin, hath used MiUe Sestertia, 
 for Decies Sestertium. But Gronovius says, that expres- 
 sion is not to be found elsewhere, and supposes it to be a 
 false reading. 
 
 If the Consular Denarius contained 60 Troy grains of 
 fine silver, it was worth somewhat more than Eightpenee 
 farthing and a half Sterling; and the As, of sixteen to 
 the Denarius, a little more than a Hal^eny. 
 
 To reduce the ancient Sesterces of 3i Asses, when the 
 
 55 Denarius 
 
 * Suetonius in Julio, c. 38. Cicero in Verrem, L. I. § 14. 
 
580 An Inquiry into the Value of the 
 
 Denarius passed for 16j to pounds Sterling, multiply the 
 given number by 5454, and cut off six figures on the right 
 hand for decimals. 
 
 To reduce Nummi Sestertii, or quarters of the Denarius, 
 to pounds sterling ; if the given sum be Consular money, 
 multiply by 8727, and cut off six figures on the right 
 hand for decimals ; but for Imperial money, diminish the 
 said product by one eighth of itself. 
 
 For example, Cicero says, Verres had received Vicies, 
 ducenta triginta quinqe millia, quadringentos decern §• 
 septem nummos, or 2.235.417 Sesterces : this being Con- 
 sular money, multiply by 8727, and cutting off six figures 
 from the product, £19508.484159, or J19508. 9*. B,d. wiU 
 be their value in English money. 
 
 Again, Suetonius relates, that when Vespasian came to 
 the Empire, he found the treasury so exhausted, that he 
 declared Quadringenties millies, or 40.000.000.000 nummi, 
 were wanted to support the Government.* This was Im- 
 perial money, which, multiplied by 8727, and cutting off six 
 figures from the product, gives 349.080.000 
 One eighth of which 43.635.000 
 
 being subtracted, leaves £305.445.000 Pounds Sterling. 
 
 But Budseus supposes, that for Quadringenties millies, 
 we should read Quadragies millies, which reduces it to 
 £30.544.500, and is a much more probable sum. 
 
 If the Miliarenses of 60 in the pound were fine silver, 
 and weighed 84 Troy grains, they were worth 46.918918. . 
 Earthings and decimals, or almost 11 pence 3 farthings 
 Sterling; and the Solidus passing for 12 of them, was 
 worth a little more than lis. 8c?. 3/. 
 
 The Pound of gold was worth 864 of these Miliarenses 
 amounting to 40537,94 Earthings and decimals, which, 
 
 56 divided 
 
 * Suetonius, in Vespasiano, c. 16. 
 
Ancient Greek and Roman Money. 581 
 
 divided by 1000, give 40,538, or above 10 pence and half 
 a farthing for the value of Constantine's Miliarensis in 
 English money. 
 
 The Constantinopolitans kept their accounts in Solidi, 
 which are reduced to pounds sterling, by multiplying the 
 given number by 58648, and cutting off five figures on 
 the right hand for decimals. 
 
 Conclusion. 
 
 THE Greeks had no money at the time of the Trojan 
 war ; for Homer represents them as trafficking by barter,* 
 and Priam (an Asiatic) weighs out the ten talents of gold, 
 which he takes to ransom his son's body of Achilles. f 
 
 This ponderal Talent was very small, as appears from 
 Homer's description of the Games at the Funeral of 
 Patroclus, where two Talents of gold are proposed as an 
 inferior prize to a mare with foal of a mule. Whence I 
 conclude it was the same that the Dorian Colonies carried 
 to Sicily and Calabria ; for Pollux tells us, from Aristotle, 
 that the ancient Talent of the Greeks in Sicily contained 
 24 Nummi, each of which weighing an Obole and a halfj 
 the Talent must have weighed six Attic Drachms, or three 
 Darics ; and Pollux elsewhere mentions such a Talent of 
 gold. But the Daric weighed very little more than our 
 Guinea; and if 2 Talents weighed about 6 Guineas, we 
 may reckon the mare with foal worth 12; which was no 
 improbable price, since we learn from a passage in the 
 Clouds of Aristophanes, that, in his time, a running horse 
 cost 12 Minas, or above 46 pounds Sterling. 
 
 Therefore, this seems to have been the ancient Greek 
 Talent, before the art of stamping money had introduced 
 the greater Talents from Asia and Egypt. 
 
 57 Herodotus 
 
 * Iliad H. ver. 472. t Iliad SI. ver. 232. 
 
582 An Inquiry into the Value of the 
 
 Herodotus tells us, the Lydians were reputed to be the 
 first that coined gold and silver money;* and the Talent, 
 which the Greeks called Euboi'c, certainly came from 
 Asia. ThereforCj the Greeks learned the use of money 
 from the Asiatics. 
 
 The Romans took their weights and their money, either 
 from the Dorians of Calabria, or from Sicily ; for their 
 Libra, Uncia, and Nummus, were all Doric words, their 
 Denarius was the Sicihan AeicaKtTpov; and Pollux tells 
 us, from Aristotle, that the Sicilian Nummus was a quarter 
 of the Attic Drachm ;t and the Romans called a quarter 
 of their Denarius by the same name. 
 
 The weights I have produced of the Greek and Roman 
 coins, so fully prove the ancient Attic Drachm to have 
 been heavier than- the Denarius, that it may seem super- 
 fluous to quote any authorities in support of their evidence : 
 nor should I do it here, but in order, at the same time, to 
 answer an objection which may be made to the weight I 
 have assigned to the Attic Drachm. 
 
 In the treaty between the Romans and Antiochus, 
 recorded by Polybius and Livy,J the weight of the Euboic 
 talent is set at 80 Roman Pounds. The Talent is not, 
 indeed, called Euboic, in the treaty, which was superfluous 
 when its weight was specified: but both historians, in 
 relating the terms offered by Scipio to Antiochus, on which 
 this treaty was founded, call it so.§ Therefore in Livy's 
 recital of the treaty, for Argenti probi XII millia Attica 
 talenta, we should read with Gronovius, Argenti probi 
 Attici XII millia talenta. 
 
 In § II of this discourse, I have endeavoured to prove 
 that the Euboic Talent was equal to the Attic ; and if so, 
 
 58 it 
 
 * Herodot. L. I. § 94. 
 
 t See PoUux, L. IX. o. 6. § 80, 81. 87. & L. IV. c. 24. § 176. 
 
 t Polybius, Excerp. Leg. § 35. Livy, L. XXXVIII. c. 38, 
 
 S Polyb. Exc. Leg. J 24. Livy, L. XXXVII. c. 45. 
 
Ancient Greek and Roman Money. 583 
 
 it contained 6000 Attic Drachms ; but 80 Roman pounds 
 contained 6720 Denarii; therefore, according to this 
 treaty, the weight of the Attic Drachm must be to that 
 of the Denarius, as 6720 to 6000. 
 
 And, even if the Euboic Talent was heavier than the 
 Attic, in the proportion of 72 to 70, the Attic Drachm 
 would still be heavier than the Denarius ; for in that case, 
 the Euboic talent should contain 6171 Attic Drachms, 
 and the two coins would be in the proportion of 6720 to 
 6171. 
 
 But an anonymous Greek fragment published by Mont- 
 faucon,* makes 100 Attic Drachms equal to 112 Denarii; 
 which proportion of the two coins being the same with 
 that of 6000 to 6720, seems to have been taken from this 
 treaty; and if it was, that writer certainly thought the 
 Talent therein mentioned, equal to the Attic. 
 
 This proportion, however, does not agree with the 
 weights I have assigned to the two coins; for if the 
 Denarius weighed 60 Troy grains, and the Attic Drachm 
 66^, 6650 Denarii should weigh 6000 Attic Drachms, or a 
 Talent; but this number of Denarii is deficient of 80 
 Roman Pounds, by just 10 Ounces. 
 
 Now, this adjustment of the Talent to Roman Pounds, 
 was probably occasioned by the Greeks attempting to 
 impose light weights upon the Romans, who finding the 
 Talent to exceed 79 Pounds, might take what it wanted 
 of 80 in their own favour, to punish the Greeks for their 
 unfair dealing. Or, the standard the Romans pitched 
 upon for the Euboic Talent might be somewhat over- 
 weight; and the Coin of Lysimachus above-mentioned, 
 naakes this conjecture not improbable; for that in the 
 possession of Mr. Duane weighs 537,6 Troy grains, which 
 divided by 8 gives a Drachm of 67,2, exactly the weight 
 
 59 required 
 
 * Analecta Graeoa, p. 393. Paris, 1688, in Quarto. 
 
584 An Inquiry into the Value of the 
 
 required by this treaty, supposing the Denarius to weigh 
 60 grains. But the gold coins of Philip and Alexander 
 are so perfect, and so correctly sized, that their authority 
 is indisputable ; and if the mean Drachm of 66^ grains 
 derived from them were somewhat too small, it cannot be 
 increased by above a quarter of a grain. 
 
 Therefore, I suppose the great weight given to the 
 Talent by this Treaty, may arise partly from too heavy a 
 standard, and partly from the Romans taking the turn of 
 the scale in their own favour. 
 
 After the Romans became the masters of Grreece and 
 Asia, the Athenians might find it their interest to lower 
 their Drachm to the weight of the Denarius, long before 
 they were reduced into the form of a Roman Province, by 
 Vespasian. When they did this, and whether they did it 
 gradually, as may seem probable from some Tetradrachms 
 now remaining, is uncertain ; but that they did so, sooner 
 or later, cannot be doubted. 
 
 Pliny and Scribonius Largus expressly say, the Attic 
 Drachm was equal in weight to the Denarius :* and A. 
 Gellius, who, having resided long at Athens, could not be 
 ignorant of the value of the current money of that city, 
 says 10000 Drachms were in Roman money, so many 
 Denarii. t And the Attic gold coin above-mentioned, in 
 the British Museum, is a proof of their having reduced 
 their money to the Roman standard. 
 
 These are the most authentic testimonies that the two 
 Coins ever were equal ; for though all the Greek writers 
 of Roman affairs, call the Denarius, Drachma, it is no proof 
 of their equality ; for one being the cun-ent coin of Rome, 
 as the other was of Athens, and not very unequal in 
 
 60 value 
 
 * Pliny, Nat. Hist, at the end of L. XXI. Scr. Largus, in his 
 Preface. 
 
 + A. Gellius, L. I. c. 8. Hoc facit nummi nostratis Denariftm 
 decern millia. 
 
Ancie7it Greek and Roman Money. 585 
 
 value, a Greek might consider the Denarius, as the 
 Drachma of Rome, and translate it by that word, which 
 was familiar to his countrymen ; as we call the French 
 Ecu, or the Roman Scudo, a Crown ; which hath no more 
 affinity to the French or Italian names, either in sound 
 or signification, than Drachma hath to Denarius. 
 
 But the opinion that the ancient Attic Drachm was 
 really equal to the Denarius, hath occasioned much con- 
 fusion in the writers on this subject. Hence it is, that 
 Rhemnius Fannius hath told us of an Attic Libra, or Mina 
 (for he calls it by both names) of 75 Drachms ; for the 
 Roman Pound being reckoned to weigh 75 ancient Attic 
 Drachms, Fannius, supposing them to be equal to so many 
 Denarii, concluded it must be an Attic weight, as it could 
 not, on such a supposition be the Roman Pound. 
 
 An anonymous fragment says. The Attic Mina weighs 
 12 Ounces, the other 16:* the former was the Roman 
 Pound; the latter, the ancient Attic Mina. Which makes 
 it probable, that when the Athenians reduced their money 
 to the Roman standard, they adopted the Roman Weights; 
 and this may have occasioned many mistakes in the later 
 writers. 
 
 The great disproportion between the copper and silver 
 money, when the Romans first coined the latter, hath 
 induced many to believe that the first Denarii must have 
 been heavier than the eighty-fourth part of their Pound; 
 thinking it incredible that silver should ever be valued at 
 840 times its weight of copper. But they can produce 
 no ancient author of credit, in support of this opinion. 
 
 On the contrary, Dionysius of Halicarnassus, who made 
 diligent enquiry into the antiquities of Rome, while all, 
 or most of the evidences relating to them were in being, 
 giving an account of the first institution of the Classes by 
 
 61 Servius 
 
 * See the Appendix to Stephens's Greek Thesaurus, col. 219. 
 
586 An Inquiry into the Value of the 
 
 Servius TulliuSj hath valued what the Romans called 
 centum millia eeris, or 100000 Pounds weight of copper, 
 no higher than 100 Minas,* which is at the rate of a 
 Drachm for every 10 Pounds of copper; and this valua- 
 tion he must have taken from the price of copper when the 
 Romans first coined silver, reckoning the Denarius of that 
 time equal to what it was when he wrote. But had the 
 first Denarius been Didrachmal or Tetradrachmal, so 
 well informed a writer must have known it, and would 
 have valued the copper money accordingly. Neither is it 
 probable that Pliny, who hath given so particular an 
 account of the diminution of the As, should omit that of 
 the Denarius. 
 
 But it is not impossible that silver might be so scarce 
 at Rome when it was first coined there, as to bear the 
 above-mentioned proportion to copper ; and the Romans, 
 not being a trading people, might have no regard to its 
 value elsewhere. It is likewise probable, that, through 
 ignorance and inexperience in money matters, they set too 
 high a value on it at first ; which seems to have been the 
 case, by its quick reduction from 840 times its weight in 
 copper, to 140, in less than thirty years; and again to 113 
 in between twenty and thirty years more ; and not very 
 long after to 56, at which price it remained during the 
 continuance of the republican government. 
 
 But we are little interested in the weight of the Dena- 
 rius for the first sixty years after it was coined ; and I 
 have shewn that when the Romans began to coin gold, it 
 did not exceed the eighty-fourth part of their Pound. 
 
 The learned have differed much concerning the gram- 
 matical construction and use of the word Pondo ; most of 
 them have supposed it to be a neuter indeclinable ; but 
 Gronovius hath produced many authorities to shew that it 
 
 62 was 
 
 * Compare Dionysius with Livy. 
 
Ancient Greek and Roman Money. 587 
 
 was tte old ablative case of Pondus, pondi, for which they 
 afterwards used Pondere. Livy has, Coronam auream 
 libram pondo, and the like in many places. Colutnellaj 
 medicaminis pondo unciam. Celsus, pondo denariorum 
 trium. And Plautus in Mensechmis, Pondo duum nummum. 
 In all which ^ow«?o seems to be the ablative case for pondere. 
 And Pestus tells us, Centenas pondo dicebant antiqui, 
 referentes ad libras.* Thus Livy says, sex millia pondo, 
 for, sex millia librarum pondere, and Pondo bina §■ selibras, 
 for, Pondere bina librarum pondera §■ selibras. In the 
 former of these passages, Livy seems to have valued the 
 Libra at 100 Denarii. For relating how Scipio was 
 accused of having received a bribe from Antiochus of sex 
 millia pondo auri quadringenta octoginta argenti, he calls it 
 in a round sum Ducenties quadragies, or 24,000 Sestertia.f 
 Now reckoning 100 Denarii to the Libra, and the value of 
 gold decuple that of silver, it should amount to 24192 
 Sestertia; whereas reckoning 84 Denarii to the Libra, it 
 would amount to no more than 20352. And Plutarch in 
 his life of Fabius, translates what Livy calls Pondo bina §• 
 selibras, by 250 Drachms, which is a Sestertium. 
 
 The learned Budseus, and others after him, have called 
 this sum of 100 Denarii, Libra centenaria, and Libra num- 
 maria; though he confesses he had never found either 
 the word Libra or Pondo used to signify a sum of money ; 
 but always, when applied to gold or silver, a weight of 
 Plate or Bullion; and how the Libra, which certainly 
 weighed but 84 Denarii when Livy wrote, should be valued 
 at 100, is a paradox I cannot account for. 
 
 63 
 
 * Gronovius, De pec. vet. L. I. c. 6. 
 t Livy, L. XXXVIII. § 55. 
 
 Fims. 
 
TABLES 
 
 SHOWING THE 
 
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 GEEEK AND KOMAN COINS, 
 
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Tables of Greek and Roman Money. 593 
 
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INDEX. 
 
 Absentees — alleged that their ex- 
 penditure produces a scarcity 
 of money in Ireland, 293, 294, 
 330 
 
 Academie Boyale. "Divers Out- 
 rages de Mathgmatique et de 
 Physique par Mess, de I'AcadS- 
 mie Royale," 1693, cited, 565; 
 " Mgmoires de I'Acadgmie des 
 Inscriptions" referred to, 558 
 
 Accounts, a way of decimal arith- 
 metic long desired for the ease 
 and certainty of accounts, 167 ; 
 account of the silver monies 
 coined in reigns of Elizabeth, 
 Jas. I., and Chas. I., amount- 
 ing to £15,109,476 13s. 5%d., 
 226, 226 ; computation of the 
 common weight of ^100 
 by tale in ordinary silver mo- 
 ney at this day (September, 
 1695), 258; in England ac- 
 counts are kept or reckoned 
 by the £ sterling, 385 
 
 Adulteration— (&&& Base Money, 
 Counterfeit Money, Degrada- 
 tion, Money, and Standard) 
 
 Advice of his Majesty's Council of 
 Trade concerning the exporta- 
 tion of gold and silver, 143 
 
 Julian referred to regarding the 
 weight of the Euboic talent, 
 547 
 
 Aetolians, their agreement to pay 
 the Eomans 10 talents of silver 
 in lieu of one talent of gold, 18 
 
 Africa, gold produced there in 
 greater plenty in proportion 
 than silver, 302— (See Egypt) 
 
 Agio, origin and definition of, with 
 regard to metallic currency, 
 413 — (See Exchange) 
 
 Alchemists, wonders told by them 
 of the " incorruptableness" of 
 gold, 11 ; conceit of, in regard 
 to gold and silver, illustrative 
 of the number 12 being most 
 
 suitable for the divisions of 
 money, 43 ; the foster-fathers 
 of those who counterfeit mo- 
 ney, 55 
 
 Alloy, nature and use of in the 
 preparation of money, 13, 14, 
 296, 300, 383, 384, 517 ; Lord 
 Coke's definition of, 119 ; pro- 
 portion of, in standard gold 
 and silver, 179, 180, 274-9, 
 sot), 301, 377; variations in 
 the copper used as alloy for 
 gold and silver, 179, 517; pro- 
 portion during various reigns 
 from 20 Edward III. to William 
 and Mary, 180-184; why coins 
 and plate have alloy, 383, 384, 
 517; the several species of 
 coins made of the same metal 
 should be all of the same fine- 
 ness, 508-510; doubtful whe- 
 ther alloy increases durability, 
 617 ; the quantity is fixed by 
 the legislature, ib. ; alloy never 
 reckoned of any value, ib. ; no 
 alloy used by ih.e ancient 
 Greeks and Eomans till the 
 later emperors debased the 
 coin, 577 
 
 America, productiveness of her 
 mines, 395 
 
 Amsterdam, Bank of, established 
 in 1607, 412; Amsterdam not 
 so convenient as Loudon for 
 lodging money, 146 
 
 Analecta Orceca cited as to the 
 relative values of the drachm, 
 and denarius, 583 
 
 Ancients— {See Greece and Some) 
 
 " Anderson's Diplomaia," JRud- 
 diman's Introduction to this 
 work cited, 288 ; quoted, 289, 
 290 
 
 Angels, gold money with subdivi- 
 sions into half-angels or angel- 
 lets and quarter-angels, 181 
 
 Answer of Committees of the Privv 
 
596 
 
 INDEX. 
 
 Answer : — 
 
 Council to the propoBltion of 
 some of the officers of the Mint 
 for enfeebling monies of gold 
 and silTer, 132 
 
 Archimedes, his mode of calculating 
 the silver put into Hiero's 
 crown of gold, 23 
 
 Arguments for the free exportation 
 of gold and silver in foreign 
 coin and bullion, 146-153 
 
 Aristophanes cited, 532 — note, 533 
 
 Army, number of men sent by 
 Edward III. into France com- 
 pared with his revenue, 65, 70 
 — (See Soldiers) 
 
 Artificers nourished by commerce, 
 403 
 
 Arts, great value of arts and indus- 
 try, 349-367 ; extreme cheap- 
 ness of labour acts as a check 
 on arts and industry, 353; the 
 most curious arts now subsist- 
 ing are the growth of Europe, 
 366 ; the English artists, upon 
 the whole, take the lead of all 
 the world, 364; it is in the 
 product of arts that riches 
 chiefly consist, 365; without 
 some sort of money the arts 
 can make no progress, 369 
 
 Arundell, Honov/rdMe Richard, 
 Dedication to him of Part I. of 
 Harris' Essay upon Money and 
 Coins, 314 
 
 As, nature, origin, and value of 
 this coin, 16 ; variation in its 
 value at different times, 24, 
 549, 559 ; description of, 549 
 
 Asia, gold produced there in 
 greater plenty in proportion 
 than silver, 302 
 
 Assay Mastei — (See Mint) 
 
 Assay, origin of assaying, 15; first 
 practice of assaying in this 
 country temp. Henry II., 172 ; 
 constitution called " Trial by 
 Combustion" described in the 
 Black Book of the Exchequer, 
 172,256, 258; thedegree of fine- 
 ness of both silver and gold 
 discoverable by skilful assay 
 masters to great exactness, 
 377 ; necessity for ascertaining 
 the fineness of gold, 489 ; a 
 difference of fineness imper- 
 ceptible to the eye is very 
 great in real value, 489, 509 
 
 A Ihenmus referred to regarding the 
 Greek copper coin, 533; and 
 
 regarding the scarcity of gold 
 in Greece till the Phocians had 
 plundered the Pythian Temple, 
 536 
 
 Athens, the most famous for the 
 fineness of its silver, and the 
 justness of its weight, 533 ; no 
 good authority for saying that 
 the Athenians coined gold, 
 532 ; introduction of the long 
 vowels into Athens, 543 — (see 
 Greece) 
 
 Aureus, average weight of the 
 aureus, 560, 662; its value 
 stated in Boman and English 
 money, 592, 593 
 
 Auzoui, M., referred to regarding 
 the capacity of Vespasian's 
 congius, 555 
 
 B. 
 
 Balance of Trade, definition of, 
 146, 210, 313, 403, 405; the 
 balance against this country 
 must be answered by coin or 
 bullion, 210; how the balance 
 is affected by war, 211 ; scarcity 
 and deamesB of the precious 
 metals produced by an adverse 
 balance, 211, 218, 219; a bar 
 lance paid in money does not 
 necessarily infer a loss by trade, 
 404; the rate of exchange at 
 any time is scarcely sufficient 
 to determine on which side the 
 balance of trade then turns, 
 423 ; Spain and Portugal being 
 the chief sources whence bul- 
 lion is drawn, it is natural, and 
 not to their prejudice, that the 
 balance of trade and the course 
 of exchange will be every 
 where against them, 426 — (See 
 also Trade) 
 
 Banks, the erection of a bank sug- 
 gested as a remedy for scarcity 
 of money in a country, 165; 
 materials in England for the 
 erection of a bank, 165; 
 model for a bank, 412 ; dates 
 of the institution of the banks 
 of Venice, Amsterdam, Ham- 
 burgh, and Nuremberg, ib. ; 
 main end for which they were 
 instituted, 413; such banks 
 can hardly ever take root un- 
 der arbitrary governments, ib. 
 
INDEX. 
 
 597 
 
 Banker, trade of a banker defined 
 as the buying and selling of 
 interest and exchange, 166 ; 
 his business of exchanger ex- 
 plained, 312— (See also £05- 
 change) 
 
 Bank Notes, prevalence and use- 
 fulness of, in Ireland, in conse- 
 quence of the great scarcity of 
 specie there, 319— (See also 
 Paper Currency) 
 
 Banhrwptcies are nowhere more 
 frequent than where wealth 
 and money most abound, 415 
 
 Barhary, practice there to use pure 
 gold for coins, 177 
 
 Barter of goods rendered necessary 
 by the scarcity of coin in this 
 country, 215; definition of 
 barter, 368 ; the first com- 
 merce among men carried on 
 by barter, ib, ; inconveniences 
 of simple barter, 368, 369 ; first 
 step from mere barter to the 
 invention of money, 369; 
 transition from barter to 
 pledge, and to purchase and 
 sale, 369, 370; Homer repre- 
 sents the Greeks as trafficking 
 by barter at the period of the 
 Trojan war, 581 
 
 Base Money, base money current 
 in Germany, 32, 113 ; the 
 use of it dishonourable, 33, 
 141, 186; different sorts of 
 counterfeit coins introduced 
 temp. Ed. I., 173 ; mode of 
 dealing temp. Elizabeth with 
 that issued by authority, 
 174, 182, 183; mint spe- 
 cially established for its eon- 
 version in her time, 182, 183, 
 185,186; distinction between 
 base and counterfeit money, 
 186 ; confusion created by the 
 use of base money, 186, 200. 
 
 Bills, origin of bills of exchange to 
 avoid the hazard and trouble of 
 carrying money from one 
 country to another, 312, 313, 
 416, 416 ; difference between 
 money and bills, 374 ; evils of 
 a paper currency which does 
 not represent bullion, 409, 
 410 ; difference between bills 
 and light coins, 410 ; bills of 
 exchange the greatest encou- 
 ragement to commerce ever in- 
 vented, and the greatest blow 
 
 to despotism, 416, note ; 
 alleged tendency of the system 
 to weaken the allegiance of 
 tradesmen to their mother 
 country, 416 ; inland and 
 ■foreign bills, 417; knowledge 
 of the laws and customs affect- 
 ing exchanges necessary to 
 merchants, 417; business of 
 remitters or traders in bills of 
 exchange explained, 424 ; how 
 the prices of bills and bullion 
 operate on each other, 424, 
 425— (See also Paper Cur- 
 
 Bouterotie, M., referred to regard 
 ing the weights of Roman 
 coins, &c., 569, 660, 661 
 
 Brazil, gold produced there in 
 greater plenty in proportion 
 than silver, 302 ; effect of the 
 discovery of the gold mines of 
 Brazil on the relative value of 
 gold and silver, 304 
 
 Britain, the territory of Great 
 Britain more valuable, though 
 smaller than Prance, 364 ; the 
 freedom of Britain the true 
 parent of her grandeur, ib., 
 note ; her mineral riches, ib. ; 
 in riches our own nation is not 
 inferior to any of her neigh- 
 bours, 365 
 
 " Britain's Commercial interest ex- 
 plained and improved," by 
 Mr. Postlethwayt; extract 
 from pp. 504-506 
 
 " British Merchant," quoted as to 
 bills of exchange, 417, 419, 
 referred to 504, note 
 
 British Museum, the fine collection 
 of coins in the Museum alluded 
 to and specimens described, 
 528, 631, 633, 538, 540, 641, 
 642, 543, 569, 560, 663, 565 
 
 BUdoeus cited as to the number of 
 denarii in the libra, 587 
 
 " Bvllioners" — their practice of cut- 
 ting and melting coin, 32 
 
 Bullion, inducements to melt coin 
 and convert it into bullion, 98, 
 110, 207, 209, 224, 274, 305, 
 321, 486, 487; coin viewed as 
 bullion and as a measure, 128, 
 138, 475, 500 ; dearth of corn 
 for exportation a cause of the 
 scarcity of bullion, 136; gene- 
 ral rules concerning money and 
 bullion, 138, 141, 400,408, 423, 
 
598 
 
 Sullion : — 
 
 475 ; advice of the Council of 
 Trade concerning tlie exports^ 
 tion of gold and silver in 
 foreiga coins and bullion, 143 ; 
 the balance of trade the sole or 
 principal cause of the exporta- 
 tion or importation of bullion, 
 145, 210, 403, 405, 423; the 
 whole change, exchange, and 
 re-change of money, bullion, 
 &c., formerly a royal preroga- 
 tive, 146 ; reasons and argu- 
 ments for the free exportation 
 ef gold and silver in foreign 
 coin and bullion, 146-163 ; 
 money or bullion once im- 
 ported is like a river overflow- 
 ing, it always leaves so much 
 behind, 152 ; severe penalties 
 on goldsmiths and others for 
 converting small coin from 9 
 Edward III. to 14 Charles II., 
 206 ; alleged that the extrinsic 
 value of the silver in coins 
 should he raised to bring bul- 
 lion into the mint to be coined, 
 214; paper credit and barter 
 of goods rendered "necessary 
 by the scarcity of bullion, 216 ; 
 eifect of the arrival of the plate 
 fleet from America in reducing 
 the price of bullion, 275, 276, 
 301, 471 ; effect of the export 
 of silver to the East Indies in 
 raising its price, 275, 276, 471; 
 the export of specie to pay 
 balances, raises the rate of ex- 
 change, 314, 316 ; distinction 
 between coins which are money, 
 and bullion which is a com- 
 modity, 381, 474, 475, 500; 
 little in the power of men to 
 regulate the value of bullion, 
 390, 407 ; value of bullion not 
 according to the prime cost at 
 the mines, 394, 395, 398, 424, 
 425 ; one of the Indies drains 
 away a great part of the super- 
 fluous bullion of the other, 397, 
 471 ; why prices of commodi- 
 ties have not risen in propor- 
 tion to the supposed increase 
 of bullion in Europe in the last 
 200 years, 398 ; the flux and 
 reflux of bullion illustrated, 
 405, 408 ; evils of a paper cur- 
 rency which does not repre- 
 sent bullion, 409 ; advantages 
 of hoarding, 410, 411 ; the use 
 
 INDEX. 
 
 Bullion : — 
 
 of plate should be encouraged, 
 411 ; how the price of bullion 
 is influenced, 424, 425; bul- 
 lion, like other commodities, 
 traverses various climes, and is 
 ever of least value where it most 
 abounds, 426 ; Spain and Por- 
 tugal being the chief sources 
 whence bullion is drawn, it 
 is natural and not to their 
 prejudice that the balance of 
 trade and course of exchange 
 should be against them, 428 ; 
 bullion is not exported till 
 the exchange is at a certain 
 limit from par, 427, 429; 
 this distance is limited by the 
 expense of transporting bul- 
 lion, including freight, com- 
 mission, and insurance, 428; 
 why coin and bullion of the 
 same metal and inneness are 
 not always of the same value, 
 468, 469 ; bullion can never be 
 lower, but may frequently be 
 higher, than mint price, 469, 
 471 ; in foreign countries, and 
 among merchants, all coins are 
 mere bullion and are treated 
 as such, 470, 479, 480, 491 ; 
 influence of bullion in adjusting 
 the relative value of gold and 
 silver coin, 471, 474; differ- 
 ence between money and mere 
 bullion further illustrated, 474, 
 475 ; folly of purchasing bul- 
 lion at an advanced rate for 
 coining, 476, 478 ; gold or sil- 
 ver in bullion or uncoined is 
 (where the expense of coinage 
 is defrayed by the public) of 
 equal value with gold and sil- 
 ver in coin of the same weight 
 and purity, 618— (See also, 
 Gcdn, Oold and Silver, and 
 Specie) 
 
 Lord, cited as an an- 
 tagonist of the system of de- 
 basing money, 126, 138, 437 
 
 BuiJiel — (See Measures and Stan- 
 dard) 
 
 C. 
 
 Cacao used as money in New Spain, 
 11 
 
 Calais, most of the money of Ed- 
 ward III. coined in the English 
 mint at Calais, 69 
 
INDEX. 
 
 599 
 
 CcUiooes, cheapness and growing 
 use of them, 24 
 
 Capacity, necessity for standard 
 measures both of weight and 
 extent, 462, 453 
 
 Carats, mode of computing the fine- 
 ness of gold in England and 
 France, 13 j definition of a 
 carat, 300, 382 ; carat a Vene- 
 tian weight, 382, note 
 
 Celsus de Medidna referred to as 
 to the number of denarii in a 
 lb. of silver, 552 ; quoted, 687 
 
 Cliambers' Marmor Atiieniense re- 
 ferred to, 543 
 
 Chapmen — (See Shopkeepers) 
 
 Charity, if the price of labour be 
 insufficient to support the la- 
 bourer and his family, he has 
 a right to charitable aid from 
 his opulent neighbours, 354 
 
 Charles I., proceedings as to money 
 in his reign, 183, 198 : account 
 of the silver coined in his time, 
 226 
 
 Charles II., proceedings as to money 
 iu his reign, 183, 184, 198, 199, 
 206, note 
 
 Cheapness, how estimated, 350, 
 351 
 
 China, illustration of the progress 
 of silver from Spain to China, 
 89 ; why silver is carried thither 
 from all Europe, 276 
 
 Cicero de offidis quoted as to evils 
 of debasing money, 26; re- 
 ferred to regarding the evils 
 attending alterations of the 
 coin, 559 ; cited, 579, 580 
 
 Clarendon, {Henry Hyde, 2nd) 
 Earl of, dedication to him of 
 Vaughan's Discourse of Coins, 
 &c., 3. 
 
 Clark^s Connexion of the Roman, 
 Sojxon, and English Coins re- 
 ferred to, 13, note 
 
 Clipping, milled money cannot be 
 clipped, 55; culling a greater 
 evil than clipping, 135; clip- 
 ping or rounding lemp. Edward 
 I., 173; plan of boring clip- 
 ped money adopted by officers 
 of the Mint, 173, 174; esti- 
 mate of the extent to which 
 current coin is clipped, 229; 
 different effects of reducing or 
 debasing coin by legal autho- 
 rity and by private clipping, 
 483, 485 
 
 Coal supplied to Ireland paid for 
 in specie, 321 * 
 
 Coco used as money in Pern, 11 
 Coins, Discourse of Coin and Coin- 
 age, by Eice Vaughan, Esq., 1 ; 
 origin and definition of coins, 
 
 II, 109, 296, 297, 378, 517; 
 popular error as to the power 
 of princes to enhance or re- 
 duce the value of their coins, 
 12; intrinsic or real value 
 
 ■ of coins, 12, 517; weight the 
 ancient measure of money, 14, 
 878, 532; origin of the Bomau 
 coins, 16, 549; previous use of 
 coins among the Medes, Per- 
 sians, and Greeks, 16 ; early 
 Bomaa coins cast in a mould, 
 ib.; growth of stamping, 16,17; 
 state of the English coinage 
 in various reigns from Edward 
 
 III. to Jamea I., 20-22 ; coins 
 in use among the Eomans, 24, 
 549; among the French, 25, 
 26 ; iu England, 26; Snelling's 
 work on Coins referred to, 28, 
 283, 284 ; pretences for the use 
 of base coins, 30, 35, 509; ob- 
 jeetiona to allowance for reme- 
 dies, 51, 52 ; advantages of 
 milled coins, 53, 56, 159, 
 223 ; inducements to melt and 
 transport coin, 52, 98, 110, 135, 
 207, 209, 224, 305, 321, 463, 
 
 464, 479 i Lord Coke's account 
 of coin and coining, 119 ; a 
 project for enfeebling the coin 
 trenches on the national ho- 
 nour, justice, and profit, 125, 
 138, 410, 436, 454, 463, 502, 
 503 ; no surer symptom of con- 
 sumption in a state than the 
 corruption in money, 125, 577 ; 
 coin was devised as a rate and 
 measure of merchandise andma- 
 nufactures, 127, 138, 296, 401 ; 
 justice demands that it should 
 be immutable, 127, 138, 410, 
 
 465, 457, 474, 476, 486, 502, 
 503, 677 ; princes must not 
 suffer their faces to warrant 
 falsehood, 127, 466, 577 ; coin 
 viewed as bullion and as a 
 measure, 128, 138, 401, 600 ; 
 the profit attending a degra- 
 dation of the coinage but small 
 and temporary, the loss lasting 
 and heavy, 129 ; illustration, 
 ib. ; low charge of minting in 
 
600 
 
 INDEX. 
 
 Coins : — 
 
 other oonntrles compared "with 
 ours, 130; the enfeebling of 
 coin is but a shift for a while, 
 like drink to one in a dropsy, 
 131 ; answer to the proposition 
 of some officers of the mint for 
 enfeebling the coin, 132, 137, 
 450; Lord Burleigh said, in 
 1573, that such projectors were 
 worthy of death, 138 ; advice 
 of the Council of Trade concern- 
 ing the exportation of gold and 
 silver in foreign coins and 
 bullion, 143 ; reasons and argu- 
 ments in favour of the expor- 
 tation of such gold and silver, 
 146, 153; all worn and light 
 coin should be recalled and 
 recoined at the public charge, 
 157, 235 ; the losses which the 
 coins have sustained in the 
 public service must be borne 
 by the public, 158, note, 235, 
 523; the recoinage of 1696- 
 1699, proved on the whole a 
 failure, on account of the over 
 valuation of gold as compared 
 with silver, 159, note ; objec- 
 tions to coining small pieces of 
 silver, such as penny pieces, 
 &c., 164, 389; copper coins 
 should be finely executed, 
 to make them of nearly the 
 proper intrinsic value, 164, 
 317, 318, 522; tin not so well 
 suited for coin as copper, 165; 
 reasons for the preference, ib. ; 
 remedies for an excess of coin, 
 166 ; extent of copper coin ne- 
 cessary for England, 166, 167, 
 advantages of a decimal coin- 
 age, 167 ; remarkable deceits 
 and corruptions practised on 
 the coin, temp. Edward I., &c., 
 172, 174; light, blanched, 
 plated, and rounded or clipped 
 money, 173 ; remedy for these 
 malpractices, 173 ; mode of 
 smuggling these coins into this 
 country, 173; illustrations of 
 Mr.Lowndes' plan of raising the 
 extrinsic value of coin, 201,219 ; 
 when the extrinsic value of 
 silver in coin is less than the 
 price of silver in bullion, the 
 coin will be melted, 206; an 
 alteration of the standard bf 
 fineness and purity could never 
 be justified by any necessity, 
 
 Coins : — 
 
 216, 436, 440, 452; this nation 
 always too apt to over value 
 its gold, 217, 231, 264, 270, 
 472, 474, 495, 501, 502; con- 
 dition of our gold and silver 
 coins in 1695, 220, 229 ; and 
 in 1717, 274, 279 ; objections 
 to hammered money, 222, 223 ; 
 silver coined by Elizabeth, 
 Jas. I., and Chas. I., amounted 
 to 15,109,476?. 13a. S^d., 225, 
 226 ; silver coin current esti- 
 mated by Mr. Lowndes at 
 5,600,000?., of which4,000,000?. 
 clipped more or less, 227 ; that 
 if recoined this light money 
 would not produce above 
 2,000,000?. of money of proper 
 weight, 229 ; policy of re-esta- 
 blishing the clipped silver 
 money during war considered, 
 230, 234; the heavy silver 
 money hoarded and the light 
 utterly refused, 233; Liver- 
 pool on coins referred to, 
 262, 264, 265; no silver 
 coins of legal weight and fine- 
 ness in circulatio;i from 1717 
 down to 1816, 264; rules 
 for ascertaining the English 
 values of foreign gold and 
 silver coin, 309, 3iO; examples, 
 310, 311 ; in trade people re- 
 gard only the real value of the 
 gold and silver in coins, 12, 
 315, 324, 455, 470 note, 479, 
 480, 491, 517 _; illustrations, 
 315,324; scarcity of halfpence 
 and farthings in Ireland, 316, 
 318, 321 ; abuse of patents for 
 coining copper money in Ire- 
 land, 318 ; coinage of copper 
 in Ireland by unauthorized 
 persons, 317, 318; English 
 halfpence have so much copper 
 in them that it is not worth 
 any one's while to coin them 
 privately, 318; scarcity of sil- 
 ver coin in Ireland, and causes 
 thereof, 318, 321; several 
 methods and schemes suggested 
 by Prior for the regulation 
 of Irish coin, 322-338; 
 three rules to be observed 
 in any scheme for the regu- 
 lation of Irish coin, 325, 326 ; 
 first scheme, and arguments 
 for and against it, 326, 327 ; 
 second scheme discussed, 327- 
 
INDEX. 
 
 601 
 
 Coins : — 
 
 332; third scheme, 332-338; 
 Mr. Harris' Essay on Money 
 and Coins, 339-512; copper 
 coins with us are properly not 
 money but tokens, 376, note ; 
 the public stamp on coins a 
 voucher that these coins are of 
 a certain weight and fineness, 
 378 ; coins being more distri- 
 butive than bullion, are also 
 more convenient, ib.; names 
 of coins and of integral sums 
 of money taken chiefly from 
 weights, 378; the ancient de- 
 nominations of money in most 
 countries have been continued, 
 but the coins themselves have 
 at diiFereut times been greatly 
 debased or diminished in value, 
 381 ; coins only considered as 
 money, and bullion as a commo- 
 dity, 381, 474, 475; why coins 
 and plate have alloy, 383, 384; 
 doubtful if coins would have 
 preserved their value, and been 
 constituted money, if silver and 
 gold had not been applicable 
 to other purposes, 386, note ; 
 the business of laws to esta- 
 blish rules for coining by fixing 
 a standard of weight and fine- 
 ness, 394; essential difference 
 between bills and light coin, 
 410; table showing the alte- 
 rations made in the standard 
 and weight of our silver money 
 from the Norman Conquest to 
 1758, 444 ; observations there- 
 on, 444-450 ; tyrannical restric- 
 tions laid on trade in 1550, 
 consequent on the degradation 
 ofthecoins, 445, 447; extracts 
 from Bishop Latimer's Sermons 
 against debased money, 447, 
 448 ; Jerusalem rebuked by 
 the prophet Isaiah for de- 
 basing her coin, 448, note; 
 several ways by which the 
 standard of money might 
 be debased, 450, 452 ; folly 
 and iniquity of such projects, 
 451, 453, 456, 457, 484-487, 
 493-503; why coin and bullion 
 of the same metal and fineness 
 are not always of the same 
 value, 468, 476 ; folly of unne- 
 cessary recoinages, 476 ; natu- 
 ral waste and dissipation of 
 coins, 477; the mint should I 
 
 Coins : — 
 
 keep up the due quantity of 
 national coins, and what it does 
 more is labour lost, 477; curtail- 
 ing the standard instead of in- 
 creasing the quantity of money 
 in tale would only occasion a 
 greater scarcity in common 
 currency, 478, 479; debasing 
 the standard would not prevent 
 coins being melted or exported, 
 479 ; absurd plea that because 
 foreign states have debased 
 their coins, we should follow 
 their example, 480 ; no greater 
 signs of human weakness than 
 the various and contradictory 
 measures pursued, all the world 
 over, about coins, 481 ; the 
 lightness of our coins no reason 
 for altering the standard, 482, 
 483 ; different effects of dimi- 
 nution or debasement of coins 
 by law, and of illegal clipping 
 or tampering with them, 483, 
 485 ; in currency by tale no 
 regard is had to the lightness 
 of coins from mere wear, 483, 
 484, 490: all the species of 
 coins made of the same metal 
 should be rated in proportion 
 to each other, 485 ; and should 
 all be of the same fineness, 
 508-510; the real value of 
 coins depends not on their 
 names, but on the quantity of 
 fine or pure gold or silver they 
 contain, 517; gold and silver 
 uncoined, or bullion, of equal va- 
 lue with gold and silver in coin, 
 if of equal weight and fineness, 
 518; coinage of smaller gold 
 pieces suggested, 520 ; the very 
 creation and existence of coin 
 is for the use of the community 
 in general, 523; modes of im- 
 pairing the coin by adultera- 
 tion, sweating, filing, or other 
 roguish arts, 523 ; inquiry into 
 the value of the ancient Greek 
 and Eoman money, 527-587; 
 weight of Eoman coins, denarii 
 consulares, &c., 628-530, 557, 
 666, 567; the aureus, 529, 530, 
 560, 562; gold coins are not 
 subject to be consumed by time 
 and rust, but only ex intertri- 
 mento, 530; the Greek coins, 
 not only money but weights, 
 582 ; subdivisions of the talent. 
 
602 
 
 INDEX. 
 
 Coins : — 
 
 532 ; and of the drachm, 533 ; 
 copper coin disliked by the 
 Greeks, ib. ; no good authority 
 for saying that the Athenians 
 coined gold, 634, 535, 637; 
 gold Philippic, and its average 
 weight, 536, 540 ; degradation 
 of the as by the Eoman Re- 
 public, 537, 549; the Persian 
 daric, 637; the Eginean and 
 Euboic talents, 644, 547 ; weight 
 of various Egyptian coins, 645, 
 546; comparison of the Egi- 
 nean and Attic talents, 546 j 
 Pliny's historical account of 
 the Roman coinage quoted, 
 549 ; no alloy used in ancient 
 Greek or Eoman coins, 577 ; 
 eighty-four Boman denariicoiu- 
 ed out of a lb. of silver, 562 ; 
 weight of different Eoman 
 coins, 663, 567, 560, 662, 563, 
 664, 566, 571; rules for the 
 conversion of Eoman into Eng- 
 lish money, 679-581 ; the 
 Lydiana the first to coin gold 
 and silver, 582; tables show- 
 showing the denominations of 
 the principal Greek and Eoman 
 coins, and their value in ster- 
 ling money, 592, 593— (See 
 Copper, Gold and Silver, Mo- 
 ney, and Mint) 
 Coke, Lord, his account of English 
 
 coin and coining, 119 
 Columella referred to regarding the 
 Eoman pound, 552 ; as to the 
 use of the word Pondo, 687 
 Commerce — (See Trade) 
 Common ia««— (See Laws) 
 Commodities, the value of things 
 how estimated, 350 ; how 
 money differs from commodi- 
 ties, 372, 373 ; bullion a com- 
 modity distinguished from 
 money, 381, 474, 475, 600; 
 why the prices of commodities 
 have not risen in proportion to 
 the increase of bullion, 398 — 
 (See also Manufactures, Prices, 
 and Products) 
 Confiscation consequent on debasing 
 
 the standard, 436, 463, 484 
 Contracts, confusion that would 
 arise with regard to contracts 
 if the coin be degraded or the 
 value of money altered, 100, 
 101, 138, 323, 330, 456, 457, 
 461, 463, 487, 500, 503; all 
 
 Contracts : — 
 
 contracts and the price of com- 
 modities are measured by the 
 standard, and not the intrinsic 
 value of coins when they pass 
 by tale, 490 
 Copper, one of the materials most 
 suitable for money, 11, 375 
 622 ; relative weights of gold, 
 silver, copper, &c., 22, 305; 
 copper coins should be finely 
 executed to maketheirintrinsic 
 and nominal value the same,l 64, 
 522 ; calculation of the quantity 
 of copper money necessary for 
 England, 166, 167; copper 
 used as alloy for gold and 
 silver, 179, 617; scarcity of 
 halfpence and farthings in Ire- 
 land, 316, 317; coined copper 
 should have no more value put 
 upon it than what arises from 
 the value of the metal and the 
 charge of coinage, 317, 318 ; 
 superiority of the English to 
 the Irish halfpence, 318; mi- 
 neral wealth of England, 364, 
 note ; copper coins with us are 
 properly not money but tokens, 
 376, note; very useful in small 
 home traffic, ib. ; necessity for 
 copper money or tokens, 389 ; 
 should not be legal tender 
 above sixpence, 389 ; copper as 
 fit for money as gold and silver, 
 provided it be coined of proper 
 weight and fineness, 622 ; cop- 
 per coins disliked by the 
 Greeks, 533; difference of 
 opinion as to the chalcus, 534 ; 
 compa,rative value of silver 
 and copper among the Eo- 
 mans, 572, 673— (See Coins 
 and Money) 
 Corn, cost of thrashing com, temp. 
 Edward III., &c., 59-62 ; price 
 of wheat per bushel, 63 ; in- 
 fluence of scarcity of corn in 
 this country over the scarcity 
 of bullion, 136 ; price of wheat, 
 temp. Henry VII., contrasted 
 with that of 1729, 299 
 Cotton, Sir Bobert, his speech 
 touching the alteration of coin, 
 121-141 ; note as to the author- 
 ship of this speech, 123 ; re- 
 ferred to, 183; the speech 
 erroneously attributed to Sir 
 Thomas Eowe, 123, 449, and 
 note 
 
INDEX, 
 
 603 
 
 Oounterfdt: advantages of stamping 
 coin oyer moulding to prevent 
 counterfeiting, 16; difficulty of 
 counterfeiting milled money, 
 66j 223; counterfeit money 
 temp. Edward I. viz. light, 
 blanched, plated, and rounded 
 or clipped, 173; distinction 
 between base and counterfeit 
 money, 186 ; mode of detect- 
 ing counterfeit coin, 242 
 
 CotOT-ies— (See Shells) 
 
 Credit, definition of, as a beneficial 
 trade founded on the good 
 opinion of the world, 166 ; how 
 it would be damaged by debas- 
 ing our coin, 457, 461, 463 
 
 Creditors, how they would suffer 
 by raising the nominal value of 
 money, 79, 85, 105, 308, 323, 
 327, 498, 500, 603 
 
 Crown Bents — (See Rent and Re- 
 venue) 
 
 Crusado, weight, fineness, and value 
 of this coin, 272, 273 
 
 Culling, profits made by goldsmiths, 
 &e., in culling the heavier 
 coins, 52, 135, 138, 139, 245; 
 this practice encouraged by 
 debasing the standard, 463 ; 
 in culling, the uncircumcised 
 are as good marksmen as the 
 sons of circumcision, 464 
 
 Currency, some of the principles 
 that should have settled the 
 basis of the currency were all 
 but overlooked in the recoinage 
 of 1696-1699, 261; a gold 
 currency, besides being more 
 commodious than silver, is in 
 most respects preferable in a 
 country like this, 265; sil- 
 ver but a subsidiary currency 
 since 1816, as it is legal ten- 
 der only to the extent of 40«. 
 in one payment, 265; alleged 
 that silver is the fittest ma^ 
 terial for money, 385-388, 
 487; curtailing the standard 
 instead of increasing the quan- 
 tity of money in tale, would 
 occasion a greater scarcity in 
 common currency, 478, 479; 
 in currency by tale no regard 
 is had to the lightness of coin 
 from mere wear, 483, 484 — 
 (See Coin, Money, and Paper 
 Currency) 
 
 Customs, injury to this branch of 
 
 the revenue consequent on any 
 degradation of the coin, 129, 
 460 ; a government may be 
 declining while duties and 
 customs are increasing, 402, 
 note 
 
 D. 
 
 Darius : the account given by He- 
 rodotus of the revenue of 
 Darius is faulty, 548 
 
 Dealers — (See Merchants and Shop- 
 keepers) 
 
 Debtors, how they would gain by 
 any measure for raising the 
 nominal value of money and 
 vice versd, 79, 85, 308, 323, 
 327, 329, 330; how they would 
 lose by the injury to credit con- 
 sequent on any debasement of 
 coins, 461, 462 
 
 Decimal Coinage, of all the num- 
 bers 12 is most proper for 
 money, being most clear of 
 fractions and confusion, 43 ; a 
 way of decimal arithmetic long 
 desired for the ease and cer- 
 tainty of accounts, 167 
 
 Dedication of Vaughan's Discourse 
 of Coins to the Earl of Cla- 
 rendon, 3 ; Part I. of Mr. Har- 
 ris's "Essay on Money and 
 Coins" to the Hon. Richard 
 Arundell, 341 ; of Part 11., to 
 the Right Hon. H. B. Legge, 
 433 ; of " Reflections on Coin 
 in General, &o.," to the Right 
 Hon. G. Grenville, 515 
 
 Degradation, confusion, and mis- 
 chief occasioned byadulteration 
 of the coinage, 33, 34, 79, 85, 
 105, 125, 138, 410, 436, 454, 
 46.3, 503 ; where two sets of 
 coins are equally legal tender, 
 it is impractible to degrade the 
 one without at the same time 
 degrading the other or forcing 
 it abroad, 265 ; different effects 
 of debasing the coin by legal 
 authority and by private clip- 
 ping, 483, 485 ; ridiculous pro- 
 ject for debasing the coin by de- 
 grees, and defrauding the public 
 gently, 485 ; evident absurdity 
 of the proposal to degrade 
 the smaller silver coins only, 
 486, 487 ; project for cheating 
 our foreign creditors urged to 
 
604 
 
 INDEX. 
 
 Degradation : — 
 
 sanction the alteration of the 
 standard, 498, 501, 502, 503 ; 
 degradation of their coin by 
 the Eomans, 649, 560 
 
 Demand and Supply, influence of, 
 on price, 390, 396, 518 
 
 Denarius, nature, origin, and value 
 of this money, 16, 552 ; the Attic 
 drachm heavier than the Ro- 
 man denarius, 527, 528 — (See 
 also Greece and Borne) 
 
 Deniers, mode of computing the 
 fineness of silver explained, 13 ; 
 the French name of denarii, 25 
 
 Denmark, relative value of gold 
 and sUver there, 276 
 
 Deposit — (See Pledge) 
 
 D'Ewes, Sir Simonds, his collection 
 of ancient coins referred to, 
 538 
 
 Diodorus (Stephens' Edition) re- 
 ferred to regarding the scarcity 
 of gold in ancient Greece, 536 
 
 Dionysius Halicarnasstia, referred 
 to regarding the value of the 
 aureus, 576 ; as to the value of 
 copper among the Eomans, 
 586 
 
 Discontent, popular sedition and 
 tumults caused by the degrada.- 
 tion of the current coin, 26, 
 126, 128, 138, 141, 574, 675 
 
 Discourse of Coin and Coinage, by 
 Eice Vaughan, 1-118 ; Dedica- 
 tion thereof to the Earl of 
 Clarendon, 3 
 
 Discourse on the Soman Foot, cited 
 667 
 
 Dishonour attached to a nation by 
 the issue of base money, 33, 
 34, 125, 138, 141, 501, 503 ; 
 or by the currency of foreign 
 coin, 48 : Magis Fama quam 
 Vi, 126 
 
 Display, people in general fonder of 
 display than of hoarding, 411 
 
 Dollars, prices of Pillar, Seville, 
 and Mexico dollars, 217 ; 
 weight and value of Eix dol- 
 lars, cross dollars, &o., 273 — 
 (See also Rix Dollars) 
 
 Drachm, the Attic drachm heavier 
 than the Roman denarius, 527, 
 528 ; subdivision of the drachm 
 into oboles, &c., 533 ; the 
 Egiuean or thick drachm, 644 ; 
 table of Greek coins and their 
 value in sterling money, 691 . — 
 (See also Greece and Rome) 
 
 Duatie, Mr., his fine collection of 
 ancient coins referred to, 532, 
 537, 538, 640, 541, 544, 558, 
 660, 583 
 
 Dutch, relative values of silver 
 and gold in the United Pro- 
 vinces in 1622,19; in 1717, 
 275, 276; in 1762, 518; base 
 money current there, 32 ; their 
 proceedings in raising and 
 lowering the price of money 
 should be no guide to us, 
 140 ; their country is a con- 
 tinual fair, ib.; they have no 
 mines of their own, and never 
 discouraged exportation of 
 the precious metals, and yet 
 have always abundance of 
 them, 149 ; their shrewdness 
 evinced in their dealings with 
 the French during the exist- 
 ence of the Mississippi scheme, 
 324, 325 ; comparison of Dutch 
 and English weights, 539 and 
 note 
 
 Dutot, M., cited by Postlethwayt 
 as to price of bread, &c., inl683 
 and 1768, 504 
 
 E. 
 
 Easterlings, employed as coiners, 
 and hence the name "sterling 
 money," 118— (See also Ster- 
 
 East India Company, their large 
 demands at times for silver for 
 exportation, 302 
 
 East Indies, our trade with the 
 Eaat Indies cannot be carried 
 on without exporting bullion 
 thither, 150 ; advantages of ex- 
 porting new coin thither if 
 necessary for trade, 159; illus- 
 tration, 159, 160; silver in de- 
 mand for exportation to the 
 East, 274, 304, 305, 320, 395, 
 397, 471 ; reason for this de- 
 mand, the low price of gold, 
 there as compared with silver, 
 276, 302; one of the Indies 
 draws away a great part of the 
 surplus bullion of the other, 
 397 
 
 Eden, Sir F. M., his work on the 
 poor, cited, 60 
 
 Education, the children of the poor 
 should be taught with due care 
 
INDEX. 
 
 605 
 
 the great principles of religion 
 and morality, 364 ; some do 
 not think reading and writing 
 necessary for attaining these 
 ends, ib.; books and pens will 
 not alleviate the weight of 
 the spade, or at all contribute 
 to dry the sweat off the la- 
 bourer's brow, 354 
 
 Edward I., his wisdom in settling 
 an uniform species of sterling 
 coin, 108, 125, 135, 221; state 
 of money in his reign, 119, 
 127, 172, 173, 180, 188, 221 ; 
 light and base coin smuggled 
 into England in his time, 173 
 
 Edward III., first clear record in 
 his reign of the value of our 
 money, 20, 180 ; proceedings 
 in his time as to coinage, 20, 
 
 26, 27, 28, 107, 127, 129, 180, 
 181, 188, 189, 206, note; 
 value of the precious metals in 
 his reign, 56, 67 ; wages of la- 
 bourers during his reign, 60 ; 
 revenue during his time, 66, 
 66 ; army maintained by him 
 in France, 66, 70; his efforts 
 to seduce the Flemings from 
 their allegiance, 66 ; substance 
 of the kingdom spent, in his 
 time, on these unprofitable 
 members, monks and friars, 
 and on the See of Rome, 70 
 
 Edward IV., proceedings In his 
 reign with regard to coinage, 
 21, 27, 126, 181, 190, 191; 
 purity of the standard in his 
 reign, 126 
 
 Edward VI., proceedings in his 
 reign with regard to coin- 
 age, 21, 22, 27, 138^ 186, 
 193, 195, 445, 446; his Journal 
 referred to, 446 
 
 Egypt, the Eginean talent appears 
 to have ■ been the standard of 
 the Ptolemaic money in Egypt, 
 and was originally Egyptian, 
 545 ; weights of various Egyp- 
 tian coins, 545, 546 
 
 Eisenschmid, John Caspar, his work 
 de ponderSms el metiauris 
 veterum, &c., criticised, 529- 
 531 ; referred to, 539, 542, 667, 
 561, 567, 573 
 
 Elizabeth, proceedings in her reign 
 with regard to the coinage, 22, 
 
 27, 28, 117, 119, 126, 138, 
 186,195, 197, 448; when she 
 
 had purified and restored the 
 ancient standard, she boasted of 
 having conquered the monster 
 that had so long devoured her 
 people, 126, 182, 183/ 448; 
 amount of the silver coined in 
 her reign, 225 
 Embroideries — See Gilding 
 England, mode of computing the 
 fineness and weight of gold 
 and silver in England, 13; 
 ancient English standard -of 
 sterling gold, ib. ; ancient mode 
 of paying money in England 
 by weight, 15 ; no base money 
 used in England, 30, 32, 163, 
 381 ; nor in Muscovy, 30, 32 ; 
 admirable government of Eng- 
 land, 34, 35, 416; amount of 
 our revenue in, 19th Edw. III., 
 72,826?. 11«. 5d., 66 ; amount 
 of revenue, 20 Edward III., 
 154,139?. 17s. Sd., 65; amount 
 of revenue, 21 Edward III., 
 226,113?. 5s. 5d., 66 ; a great 
 part of the wealth of England 
 engrossed by the See of Kome, 
 temp. Edward III., 70 ; in- 
 stances of the value of our 
 money being raised, 117; evil 
 effects of our strict laws against 
 the exportation of coin and 
 bullion, 149, 160 ; materials in 
 England for the erection of a 
 bank, 166; extent of copper 
 coin necessary for England, 
 166, 167 ; base and counterfeit 
 coin common in England, 
 temp. Edward I., 173 ; when 
 first coined in England, money 
 was of pure gold and silver, 
 177; list of gold and silver 
 coins coined at various periods 
 in England, 180-184 ; we have 
 been always too apt to over- 
 value our gold, 217, 231, 264, 
 270, 472, 474, 481, 494, 497, 
 501, 502, 518, 619; value of 
 Scotch coins in England at 
 various periods, 287, 381, note;, 
 the English derived their sys- 
 tem of coinage from the 
 French, and the Scotch from 
 the English, 288 ; mint price of 
 silver higher in Ireland than 
 in England, 303; variations of 
 the exchange between England 
 and Ireland, 316, 316; supe- 
 riority of the English to the 
 
606 
 
 INDEX. 
 
 Irish copper coin, 318 ; pro- 
 portion of money to population 
 in England and Ireland, 320 ; 
 English artists on the whole 
 take the lead of all the world, 
 364 ; comparison of the terri- 
 tories, governments, and people 
 of England and France, 364; 
 the freedom of England the 
 true parent of its grandeur, 
 364 ; mineral riches of Eng- 
 land, lb., note ; the English, 
 to their great honour, have 
 adulterated their coins less 
 than most of their neighbours, 
 381 ; in England accounts are 
 kept or reckoned by the pound 
 sterling, 385 ; table showing 
 the several alterations in the 
 standard and weight of our 
 money from the Norman Con- 
 quest to 1758, and the propor- 
 tion borne by fine gold to fine 
 silver during that period, 444 ; 
 comparison of Dutch and Eng- 
 lish weights, 639, and note ; 
 table showing the value of 
 ancient Greek and Eomau 
 coins in sterling money, 591, 
 593 
 
 Epiphanius, cited as to the number 
 of asses in a denarius, 573 
 
 Equivalent— {^e& Value) 
 
 Essay, for amendment of the silver 
 coins, by Mr. Lowndes, 169- 
 255 
 
 Essay, upon Money and Coins, by 
 Mr. Harris, Part I., 339-429 ; 
 Part II., 431-512 
 
 Europe, the most curious arts now 
 subsisting are the growth of 
 Europe, 356 ; sUver the stand- 
 ard of most of Europe, 385 
 
 Exchange, definition of, 10, 166, 
 312, 420, 422; exchange, the 
 usury of place, 10, 166 ; im- 
 possibility and inexpediency 
 of equalizing the exchange 
 with all nations, 94, 97, 422, 
 423 ; relation between the 
 balance of trade and exchange, 
 212, 316, 331 ; evils produced 
 by defective silver coinage, 
 and consequent over-valuing 
 of gold, 231, 232, 492; the 
 nature of exchange explained 
 and illustrated, 312, 316, 415- 
 429 ; origin of bills of ex- 
 change to avoid carrying 
 
 Exchange : — 
 
 money from one country to 
 another, 312, 313, 415, 416; 
 relations of the remitter, and 
 the banker or exchanger to each 
 other, 312 ; par of exchange 
 defined, 312, 313, 420-422; 
 cause and effect of the ex- 
 change being high or above par, 
 312, 313, 331 ; effect of the ex- 
 change being low, 312, 313; 
 raising the nominal value of 
 our coins will not prevent one 
 farthing of money from going 
 out, 315 ; influence of the 
 course of exchange on trade, 
 316, 423, 424: exchange is 
 only a loss to any person when 
 it is above par, and all foreign 
 commodities bought with such 
 bills will in the same propor- 
 tion be imported the dearer, 
 316 ; state of the exchange 
 between England and Ireland, 
 325, 331, 332 ; theories of com- 
 merce, money, and exchange, 
 347, 417-424; knowledge of 
 laws and customs affecting ex- 
 change necessary to the mer- 
 chant, 417, 420 ; illustration of 
 the theory or principles of this 
 useful commerce, 417, 419 ; 
 further explanation of foreign 
 exchanges, 419, 420; mode of 
 stating the par of exchange be- 
 tween two countries, 421 ; dif- 
 ficulty of ascertaining the true 
 par of exchange between dif- 
 ferent countries, 422, 423 ; 
 constant fluctuation of the 
 course of exchange, 423, 424; 
 business of dealers in bills of 
 exchange explained, 424 ; na- 
 tional interest, how affected by 
 the course of exchange, 425, 
 426 ; any calculations of na- 
 tional profit or loss therefrom 
 very precarious, 426; the 
 course of exchange influenced 
 by various causes, 426, 427 ; 
 the business of exchange be- 
 tween England and Germany, 
 &c., chiefly transacted at Lon- 
 don and Amsterdam, 427 ; bul- 
 lion is not exported till the ex- 
 change is at a certain limit 
 from par, 427, 429; wherein 
 the mystery of this traffic of ex- 
 change principally consists, 429 
 
 Exchequer, the Pell of the Introitus 
 
INDEX. 
 
 607 
 
 Mxcheguer : — 
 
 referred to regarding the re- 
 venue of England, 65, 66; the 
 Black Book of the Exchequer, 
 written by Gervase, of Til- 
 bury, referred to, 171, 172; 
 transcendent wisdom of our 
 ancestors in preventing frauds 
 on the exchequer, 175; cap. 
 21 of the Black Book, viz., 
 " Offidum Militis Argentariiet 
 Pusoris" quoted at length, 
 266-258 
 
 Expenditure, increased disburse- 
 ment rendered necessary in 
 soldier's pay, &c., when the 
 coin of the realm is debased, 
 129 — (See also Bevenue) 
 
 Exportation, facility of exporting our 
 money alleged to be a cause of 
 its rarity, 39 ; reasons for its 
 exportation, 39, 98, 110-159, 
 164, 165, 166, 167, 276, 277, 
 320; exportation the general 
 objection to all abasements of 
 money, 45, 464 ; great drain of 
 silver to eastern countries from 
 England, 68, 304, 305, 320; 
 No laws against the export of 
 money can be effectual, 76, 77, 
 145, 146, 149, 167, 521 ; ex- 
 port trade injured by the 
 plague, and scarcity of com, 
 136 ; advice of the Council of 
 Trade concerning the export of 
 gold and silver in foreign coins 
 and bullion, 143 ; reasons and 
 arguments for free exportation 
 of such gold and silver, 146- 
 153; the export of coin as a 
 commodity a cure for an excess 
 thereof, 166, 521 ; laws limit- 
 ing the export of money as 
 absurd, as those limiting in- 
 terest of money, 167, 521; 
 means of preventing an undue 
 export of silver, by reducing 
 the guinea to its proper pro- 
 portion to silver, 277, 619, 
 521 ; exportation of gold and 
 silver permitted by the Spanish 
 Court on duty being paid, 521 
 
 Extent, necessity of a standard mea- 
 sure both of weight and ex- 
 tent, 452, 453 
 
 P 
 
 Fabretti referred to regarding Ro- 
 man weights, 563, 555 
 
 Falsifier^ and Clippers of Money, 
 number of them in former 
 times, 171 
 
 Farmers, their relation to other 
 classes in villages, towns, &c., 
 359 
 
 Farthings, great scarcity of them in 
 Ireland and causes thereof, 
 317-336 
 
 Fashion, when it tends to evil, 366 ; 
 effect of fashion on prices, 390, 
 414 
 
 Festus De Yerborum Signif : re- 
 ferred to, 547, 554 
 
 Fineness, mode of computing the 
 fineness and weight of gold 
 and silver in France and Eng- 
 land, 13; extract from Coke's 
 Institutes as to the weight and 
 fineness of the precious metals 
 and sterling money, 119; state, 
 in 1717, of our gold and silver 
 coins in weight and fineness, 
 274, 279— (See also AJloy, As- 
 say, Gold <md Silver, Mint, and 
 
 Flanders, efforts of Edward III. to 
 seduce Van Arteveld and the 
 Flemings from their allegiance, 
 66 
 
 Folkes, Martin, his " Table of Eng- 
 lish Silver Coins" referred to 
 for an account of the Saxon 
 weight, 379; eulogy on his 
 "Table of English Silver 
 Coins," 379, 445, note; ex- 
 tracts therefrom, 380, .note ; 
 cited, 382, note; referred to 
 as hostile to the scheme for 
 debasing our coin, 437; table 
 extracted from his work show- 
 ing the changes in our silver 
 money from the Conquest to 
 1758, 444; referred to, 446, 
 note 
 
 Foreign Money — (See Money) 
 
 France, mode of computing the 
 fineness and weight of gold 
 and silver in France, 13; pro- 
 portional values of gold and 
 silver in France at various 
 times, 19, 275, 518 ; examples 
 of raising the price of money 
 there, 25, 26, 604 ; base money 
 first introduced into France 
 
608 
 
 INDEX. 
 
 France ; — 
 
 by Charles VII., 30; ancient 
 reglement of money, 44; re- 
 venue of, temp, St. Louis and 
 Louis XIII., 71; ineffectual 
 legislation and regulations in 
 Trance with regard to money 
 between 1675 and 1614, 91, 94; 
 instances of the nominal va- 
 lue of money being raised 
 excessively in Prance, 116, 
 117, 325 ; Philip le Bel termed 
 Falsificateur de Moneta, 127 ; 
 laws prohibiting the export 
 thence of coin and bullion 
 quite ineffectual, 148 ; extrava- 
 gant height to which the 
 French raised their money in 
 the time of the Mississippi 
 scheme, and advantage of this 
 taken by the Dutch, 325 ; cdm- 
 parison of the territory, govern- 
 ment, and people of Prance, to 
 those of Britain, 364; price of 
 labour in Prance, 504; the 
 French have learned, from 
 woeful experience, the folly 
 and mischief of debasing the 
 standard of money, 507 
 
 Frankfort, effect of the Dutch marts 
 on the exchange at Frankfort 
 and elsewhere, 140 
 
 Franks, practice among the Franks 
 of antiquity ,to pay money by 
 weight, 15 
 
 Free Trade, liberty of trade in the 
 West Indies should be enforced 
 despite the Spaniards, 72 ; the 
 Eomans never debarred com- 
 merce and trade into any parts 
 of their empire, 72 ; arrogant 
 exclusiveness of the Spaniards 
 and Portuguese in the East 
 and West Indies, 72, 73; 
 the genius of trade breathes 
 and requires a certain degree 
 of security and freedom, 413; 
 "Freedom and protection are 
 alone wanted in trade," 620 
 
 Friars — (See Monks) 
 
 Fusm — (See Mint) 
 
 G. 
 
 Galen, cited to show that the 
 drachm and denarius were 
 synonymous, 646, 566 
 
 Gallon— {See Measures and Stan- 
 dard) 
 
 Oellius, A ., cited as to the use of 
 Eginean talent at Corinth, 544; 
 as to the drachm and denarius 
 being synonymous, 684 
 Genoa, the Genoese succeeded the 
 Jews in the art of coining 
 money during the middle ages, 
 82, 113— (See Italy) 
 Germany, relative values of gold 
 and silver in 1610, 19 ; in 
 1717, 275, 276; base money 
 current there, 32 ; expedient 
 of coining excessively base 
 money adopted by the Em- 
 peror when hard pressed, 118; 
 the pound of the Tower of Lon- 
 don supposed to be identical 
 with the Saxon pound, and the 
 latter nearly synonymous with 
 that still used in the money 
 affairs of Germany, called the 
 Colonia weight, 379 
 Oervase of Tilhv/ry, reference to the 
 Black Book of the Exchequer 
 written by him,iemp. Hen. II., 
 171 ; cap. 21 quoted at length, 
 256-258 
 QUding, alleged waste of precious 
 metal in gilding, embroider- 
 ing, and inlaying, 40; the 
 waste not serious, 68 
 Glossce Nomicce as quoted by Gro- 
 
 novius, referred to, 670, 674 
 Goldsmiths, their interested mo- 
 tives in advocating a degrada- 
 tion of the coin, 130, 136,460; 
 system of " The 111 Patriot Gold- 
 smiths," in culling, melting, 
 and transporting, worse than 
 clipping, and worthier a heavier 
 punishment, 135, 137, 206, 209, 
 245 
 Goldsmiths' Company, their marks 
 
 for bullion, &c., 15 
 Gold and Silver, qualities which 
 render them most suitable for 
 money, 11, 296, 298, 371, 375, 
 377, 404 ; alchemists have said 
 "that it is harder to destroy 
 gold than to make it," 11 • 
 Lyourgus's system of excluding 
 both metals from his native 
 city, to strangle commerce, 12; 
 popular error, that princes can 
 give what value they list to 
 gold and silver, ib. ; intrinsic 
 and extrinsic value of, 12, 138 ; 
 mode of computing the fineness 
 and weight of gold and silver 
 
INDEX. 
 
 609 
 
 Gold and Silver:— 
 
 in Prance and England, 13 ; 
 ancient English standard of 
 sterling gold, ib. : reasons for 
 adopting a fixed price for gold 
 and silver, 14; relative value 
 of gold and silver among 
 different nations at different 
 times, 18, 19, 29, 135, 274, 
 304, 444, 570, 571, 573-677, 
 687; relative weight of gold 
 and silver and other metals, 
 22, 23, 304, 305; Spain the 
 cistern and receptacle of almost 
 all the gold and silver, 47, 
 621 ; great fall in the -value of 
 gold and silver in this country 
 during the lapse of centuries, 
 56, 57, 299 ; great quantities 
 brought from the West Indies, 
 61, 304; influence thereof on 
 the relative value of gold and 
 silver, 67, 68, 299, 301, 304 ; 
 annual imports ef, into Spain 
 and Portugal, ahout 1620, vor 
 lued at. 9,00e,000 of pezoes, 66; 
 the sphere of silver seemeth to 
 roll from the west to the east, 
 where it falls into a gulf, 8(), 
 104; illustration of its pro- 
 gress from Spain to China, 8S ; 
 different ease with gold which 
 oemes in as great abundance 
 from the east as from the west. 
 89, 104; extract from Coke's 
 Institutes regarding the weight 
 and fineness of the precious 
 metals and sterling money, 
 119; the propoi-tiou of gold 
 and silver in the coinage 
 should be wroHght to the de- 
 sirable parity by the advice of 
 artists, 131; the standard «f 
 Edward I. was of silver as 11 
 to 1 of gold, 135; precious 
 metals viewed as monies and 
 commodities, 138, 148, 474, 
 475 ; mode of enconraging the 
 import of either, by letting 
 that which is plentiful be the 
 cheaper, 139; an equivalent pro- 
 portion in both will give a pre- 
 ference to neither, ib. ; effect of 
 the balance of trade in produc- 
 ingplenty or scarcity of the pre- 
 cious metals, 139, 140, 145-; 
 advice of the Council of Trade 
 concerning the exportation of, 
 143 ; tendency of our laws to 
 discourage importation of, 145 ; 
 
 Gold and Silver:^ 
 
 reasons ,and arguments for the 
 free exportation of gold and 
 silver in foreign coin and bul- 
 lion, 146-153 ; money of gold 
 and silver the best rule of 
 commerce, and must therefore 
 be equal, 157 ; unless equal it 
 is no money, but mere metal, 
 which was money before it was 
 worn and abused into inequali- 
 ty, ib. ; worn and light money 
 should be recalled and recoined 
 at the public charge, ib ; the 
 reooinageof 1696-1699 proved, 
 rn the whole, a failure, from 
 the over-valuation of gold as 
 compared with silver, 159, 
 note ; the first money coined 
 in England was of pure gold 
 and silver, 177; list of gold 
 and silver coins coined in Eng- 
 land at various periods, from 
 20 Edward III. to 1 William 
 and Mary, showing the va- 
 riations in the standard, 189, 
 184; statement showing the 
 changes of extrinsic value in 
 English money from 28 Ed- 
 ward I. to 1 William and Mary, 
 187-199 ; scarcity .and deamess 
 of sliver, and causes thereof, 
 ^11 , 301, 304, 305, 518 ; mode 
 of ascertaining the mint price 
 of silver, 213; this nation 
 always too apt to over-value its 
 gold, 217, 231, 264, 270, 472, 
 481, 494, -197, 501, 502, 518, 
 519; conditionof our gold and 
 silver coins in 1695, 220-229, 
 231; in 1717, 274, 279; the 
 over-valuing of gold caused by 
 the baseness and defects of the 
 white money, 232, 262; in 
 Chas. II.'s time gold was used 
 in preference to silver in all 
 large payments, 262 ; whenever 
 a change takes place in the re- 
 lative value of gold and silver, 
 we prefer that which ig 
 over-valued, the other being, 
 employed in the arts, or ex- 
 ported to places where it passes 
 at its fair value, 263; great 
 exportation, and consequent 
 scarcity of silver after recoin- 
 ageofl696-1699,264;thusgold 
 became gradually sole legal 
 tender in lieu of silver, 264; 
 gold currency more commo- 
 
610 
 
 INDEX. 
 
 Gold and Silver:-' 
 
 dious, and in moat respects 
 preferable to silver, 265 ; 
 since 1816 silver legal tender 
 to the extent of 40s. only in 
 one payment. 265 ; the rela- 
 tive value of gold and silver 
 different in Ireland from that 
 in other countries, 293 ; the 
 gold in the different current 
 coins also of different value, 
 293; inconveniences arising 
 from these differences, 293, 
 322; Mr. Locke mistaken in 
 asserting that silver is the only 
 measure of commerce, 298 ; 
 there is a change in the value 
 of those two metals as often as 
 there is a change in their 
 quantities, 299 ; Jine gold and 
 fine silver free from alloy, 300; 
 causes which prevent the es- 
 tablishment of any certain 
 standard or proportion between 
 gold and silver, 304, .518, 519 ;■ 
 the real or natural values of 
 gold and silver cannot be 
 raised or lowered by the au- 
 thority of a prince, 306 ; their 
 value always governed by their 
 weight and scarcity, and the de- 
 mand for them, 306, 518 ; gene- 
 ral rulefor determining thepro- 
 portion of the mint or market 
 value of allayed or fine gold 
 to allayed or fine silver, 309, 
 323; examples, 309; rules for 
 ascertaining the English values 
 of foreign gold and silver 
 coins, and examples, 309-311 ; 
 bills of exchange invented to 
 avoid the hazard and trouble 
 of carrying money from one 
 country to another, 312; in 
 trade, people regard only the 
 real value of the gold and silver 
 incoins,315,324, 455, 470,note 
 479, 480, 484, 487, 491, 494 ; 
 scarcity of silver coins in Ire- 
 land, and causes thereof. 318- 
 321 ; to carry on the inland 
 commerce of any country with 
 convenience, silver should be 
 about one-third, and gold two- 
 thirds of the currency, 819 ; 
 fine gold and fine silver each 
 of equal goodness everywhere, 
 376; when pure they are called 
 the precious and noble metals, 
 ib. ; how the relative fineness 
 
 Oold and Silver.: 
 
 of gold is distinguished in 
 England, 377 ; tl'e degree of 
 fineness of gold and silver dis- 
 coverable by skilful assay-mas- 
 ters to great exactness, ib. 
 there can be but one standard 
 of money, either gold or silver, 
 384, 474; silver the money or 
 standard measure of the great- 
 est part of Europe. 385, 487 ; 
 alleged that silver is the fittest 
 material for money, 3 85, 487; ar- 
 gument,^^ in support of this asser- 
 tion, 385, 388; alleged that sil- 
 ver is lees subject to variation in 
 value than gold, 386 ; anil better 
 suited for making various 
 sorts of utensils, 386, note; at 
 present much fitter for a stand- 
 ard than gold, 387 ; silver a fit 
 standard, though its plenty 
 varies, 387 ; gold coins should 
 pass as money, 388, 389 ; sil- 
 ver too dear to be coined into 
 the lowest denominations of 
 money, 389 ; consequent ne- 
 cessity for tokens, such as 
 copper coins, 389 ; gold and 
 silver, in a manner, the pe- 
 culiar commodities of Spain 
 and Portugal, 403 ; a nation 
 (as the Spaniards are) may be 
 injured by an overstock of 
 these metals, 404 ; hoarding 
 the precious metals beneficial, 
 410, 411 ; silver and gold are 
 keen and destructive weapons, 
 411 ; the use of plate should be 
 encouraged, 411; tables show- 
 ing the several alterations in 
 the standard and weight of our 
 money from the Norman Con- 
 quest to 1758, and the pro- 
 portion borne by fine gold to 
 fine silver during that period, 
 444 ; observations thereon, 
 444 450 ; fine gold and fine 
 silver le.<s liable to wear than 
 when alloyed, 451 ; necessity 
 for ascertaining the fineness of 
 gold, 4S9 ; a difference im- 
 perceptible to the eye is 
 very great in real value, 489 ; 
 gold, though the standard 
 of merchants, is not therefore 
 the national standard, 491, 494; 
 It is not so easy to transfer the 
 standard of money from one 
 material to another, 500 ; go:d 
 
INDEX. 
 
 611 
 
 Oold and Silver: — 
 
 and silver are gradually sink- 
 ing in value from the con- 
 tinual increase of their quan- 
 tity, 500 ; the real value of 
 coins depends not on their 
 names, but on the quantity 
 they contain of pure or fine 
 gold 01- silver, 517 ; these 
 metals are no more th-an an 
 cnivereal accepted merchan- 
 dise, 518; reason why our 
 coined silver is so much 
 to be preferred as mer- 
 chandise to the same silver 
 uncoined, 519 ; the proportion 
 between gold and silver should 
 be settled here as in other 
 nations, 519, 520 ; the mint 
 and market prices of gold and 
 silver contrasted, ih. ; on pay- 
 ment of a duty, the export of 
 gold and silver is permitted 
 by the Spaniards, though not 
 by the Portuguese, 521 ; it 
 seems most natural that gold, 
 the most scarce and precious 
 metal, should be the unit, or 
 standard money, 522 ; copper 
 is as fit for money or a counter 
 as gold or silver, ib ; to the 
 produce of our land and the 
 industry of its inhabitants we 
 are indebted for these much 
 ^ adored metals, and so long as 
 the former last the latter will 
 never be wanting, 523 ; silver 
 more apt to be oversized at 
 the mint than gold, 528, 530 ; 
 gold coins are not subject to 
 be consumed by rust and time, 
 but only e^ interirimento, 530 ; 
 Athens most famous among 
 the Greek cities for the fine- 
 ness of its silver, 532 ; no good 
 authority for saying that the 
 Athenians coined gold, 534, 
 537; comparative value of gold 
 and silver in Greece and 
 Borne, 573, 577; the Lydians 
 the first, according to Hero- 
 dotus, to coin gold and silver, 
 682— (S-ee Bullion, Mint, and 
 Mone^/) 
 Oovernmeni, admirable government 
 of England, 34, 35, 392, note, 
 416, note, 508 ; the losses which 
 the coins sustain in the public 
 service should be borne by the 
 public, 158, note 236, 523 ; a 
 
 Governvient : — 
 
 good government is itself a 
 most valuable treasure, a main 
 source of riches, and of all tem- 
 poral blessings, 363, 364, 392; 
 governments of England and 
 France contrasted, 364 ; good 
 order the source of industry, 
 
 366 ; features in good govern- 
 ment favourable to the growth 
 of public spirit, 367 ; national 
 state which may be called riclh, 
 flourishing, and happy, 56?, 
 392, note; ability, uprightness, 
 and dispatch in pablie offices a 
 means of producing industry, 
 
 367 ; baneful fruits of arbitrary 
 government, 392, note, 507 ; a 
 government may be declining 
 while duties and customs are 
 inereaaing, 402 ; such banks ag 
 those of Amsterdam, Ham- 
 burgh, &c., can hardly ever 
 take root under arbitrary go- 
 vernments, 413 ; the inven- 
 tion of bills of exchange the 
 greatest blow ever given to des- 
 potism, 41^ ; disadvantageous 
 to have the chief property and 
 chief rule in mercantile hands, 
 416, note; debasing the standard 
 of money veiy injurious t» 
 a governmeut, 459-461 ; con- 
 sequent loss of revenue, 460; 
 neilher the prince nor his 
 minister usually to blame for 
 adulteration of the coin, the 
 mint-master and money-jobbers 
 being the chief promoters of 
 those mischievous . projects, 
 465, 466 ; those at the head of 
 our finances should have due 
 cognizance of the mint, and be 
 answerable for its operations, 
 477 
 
 Grain, prices of different sorts of 
 grain, threshing, &c., 62 
 
 Or eaves, John, his "Discourse of 
 the Soman foot and denarius" 
 referred to, 527, and note, 
 528; his merits stated, and 
 his work criticised, 528, 587 ; 
 referred to, 638, 554, 566, 
 567 
 
 6recce,.practi'ce among the ancient 
 Greeks to pay money by weight, 
 15 ; their early use of coins, 
 16; relative values of gold 
 and silver among the Greefc 
 Commonwealths, 18 ; their 
 
612 
 
 INDEX. 
 
 Greece: — 
 
 reasons for raising the value 
 of their money, 81 ; in- 
 quiry into the value of 
 the ancient Greek and Roman 
 money, by M. Eaper, Esq., 
 527-587; the Attic drachm 
 heavier than the Roman de- 
 narius, 627, 523, 683; weight 
 of Attic tetradrachms, 528, 529, 
 543; Attic talent, 529, 582; 
 didrachm of Philip and Alex- 
 ander, 530 ; Bginean talent the 
 money standard of Maeedon 
 before Philip changed it for 
 the Attic, 532, 545 ; the Attic 
 drachm, 532-544; the Greek 
 coins not only money, but 
 weights, 532 ; subdivision of 
 the talent into minsia and 
 drachms, ib. ; Athens the most 
 famous for the fineness of its 
 silver and the justness of its 
 weight, ib. ; subdivision of the 
 drachm into oboles, &c., 533 ; 
 the didrachm, tridrachm, and 
 tetradrachm, which last was 
 Stater or standard, ib. ; copper 
 coin disliked by the Greeks, 
 ib.; difference of opinion as to 
 the chalcus, 534 ; no good 
 authority for saying that the 
 Athenians coined gold, 634, 
 535, 537; proportion of the 
 .obole to the Roman as, 534 
 silver mines of Laurium, 535 
 gold mines of Philippi, 536 
 gold bullion in tlie Athenian 
 treasury at the beginning of 
 the Peloponnesian war, 536, 
 536 ; gold philippics of Philip 
 of Maeedon, 536 ; the Persian 
 daric the gold coin best known 
 at Athens in ancient times, 
 537; the ancient standard of 
 Maeedon very different from 
 that of Athens, ib. ; table show- 
 ing the average weight of the 
 philippic in troy grains, 540 
 golden stater of Philip, 641 
 tetradraihm of Alexander, ib. 
 average weight of the didrachm, 
 lb. ; the Eginean and Euboic 
 talents, 544, 547; comparison 
 of the Eginean and the Attic 
 talent, 644 ; the Eginean or 
 thick drachm, i6. ; the Eginean 
 talent seems to have been the 
 standard of the Ptolemaic 
 money in Egypt, 545 ; the 
 
 Greece: — 
 
 Euboic talent used for 
 weighing gold in Asia, 546 ; 
 equal to 80 Roman pounds, 
 ib. ; the Euboic talent cer- 
 tainly came from Asia, 647, the 
 Babylonian talent, 548, 549 ; 
 comparison of talents and Per- 
 sian darics, ib. ; comparative 
 values of gold and silver in 
 Greece, 573, 577 ; value of 
 ancient Greek and Roman 
 money, 577-581 ; no alloy 
 used in ancient Greek coins, 
 577 ; comparative value of 
 Greek and English money, 
 578, 581 ; the Greeks had no 
 money at the time of the Tro- 
 jan war, 581 ; the Romans 
 took their weight and -money 
 either from the Dorians of Ca- 
 labria or from Sicily, 582 ; 
 comparison of ancient Greek 
 and Roman money and 
 weights, 582, 587; table show- 
 ing the denominations of the 
 principal Greek coins, and 
 their values in sterling money, 
 691 
 
 Grenville, Bight Honourable 
 George, Dedication of "Re- 
 flections on Coin in General," 
 &c., to him, 515 
 
 Groats, coinage of them and of half 
 groats, 181 
 
 Gronovius de pecunia Vetere re- 
 ferred to, 627, 668, 569, 570, 
 571, 572, 578, 587 
 
 Gruter's Inscriptions referred to, 
 552, 554 
 itiea, guineas and half guineas 
 first coined by Charles II. soon 
 after the Restoration, 217 ; 
 state of this coin at various 
 periods, 217, 231, 262, 620, 
 530 ; much overvalued at dif- 
 ferent times, 217, 231, 263, 
 264 ; number coined from a lb. 
 of standard gold, 218, 620; 
 origin of the term, 262, note ; 
 its value in other countries, 
 274, 279 ; coinage of smaller 
 gold pieces suggested, 620 
 
 H. 
 
 Hales on Sheriff's Accounts, cited 
 
 177, note 
 Hal/pence, those called Britannia 
 
INDEX. 
 
 613 
 
 Halfpence : — 
 
 halfpence were hoarded in eou- 
 aequence of their beauty, 162; 
 in them materiam superabat 
 opus, ib. 
 
 Halifax, Mwrquia of, cited as hostile 
 to debasing money, 437 
 
 Hamburgh, institution of the Bank 
 of, in 1619, 412 
 
 Hammered Money —See Money 
 
 Hardouin, M., his note on Pliny 
 referred to, 658 
 
 Harris, Mr., his Essay upon 
 Money and Coins, Part I., 339- 
 429; Part II., 431-510; Post- 
 script, 510-512 
 
 Hebrews, practice among the an- 
 cient Hebrews to pay money 
 by weight, 1 5 ; relative value 
 of gold and silver among them, 
 18 
 
 Henault, " Abrigi Ohronologigue," 
 cited, 26, note 
 
 Henry II., state of the coinage in 
 his time, 171, 172, 256, 258 
 
 Henry IV., proceedings with re- 
 gard to coinage in his reign, 
 
 20, 127, 181, 189; wages of 
 labour in his time, 60 
 
 Henry V., proceedings with re- 
 gard to coinage in his time, 
 
 21, 27, 119, 127, 181, 189 
 Henry VI., proceedings with re- 
 gard to the coinage in his 
 reign, 21, 126, 181,190; wages 
 of labour in his time, 60, 61 ; 
 his corruption of the coin 
 tended greatly to his ruin, 126 
 
 Henry VII., proceedings with re- 
 gard to coinage and money in 
 his reign, 20,21, 27, 117, 119, 
 181, 191; wages of labour 
 in his time, 61 ; price of grain, 
 299 
 
 Henry VIII., proceedings with re- 
 gard to the coinage in his reign, 
 21, 27, 117, 126, 185, 192, 193; 
 wages of labour in his time, 
 61 ; his power abroad and his 
 credit at home were ship- 
 wrecked by his corruption of 
 the coin, 126, 181, 182; the 
 Tower weight abolished in his 
 reign, 379, 380 
 
 Herodotus, cited as to the relative 
 value of gold and silver in the 
 revenues of Darius, 18; re- 
 ferred to, 537, 647, 548, 673, 
 582 
 
 Hindostan, practice there to use 
 
 Hindostan: — . 
 
 pure silver for their rupees, 
 177 
 
 Hoarding, alleged that raising the 
 extrinsic value of coin will 
 bring forth hoarded money, 
 216, 233 ; the heavy coins 
 chiefly hoarded, 232, 233; 
 hoarding the precious metals 
 beneficial, 410, 411 
 
 Holland -(See Dutch) 
 
 HoUinshed, referred to for state- 
 ment of the number of men- 
 at-arms and archers main- 
 tained by Edward III., in 
 Normandy, 66 ; referred to 
 relative to the ravages of the 
 Black Prince in France, 116 
 
 Horner's Iliad, cited to prove that 
 the Greeks had no money at 
 the period of the Trojan War, 
 581 
 
 Hpveden cited by Lord Coke as to 
 the origin of the term sterling, 
 119 
 
 Hungary, practice there to use pure 
 gold for coins, 177 
 
 Hunter, Dr., his curious cabinet of 
 ancient coins referred to, 532, 
 545 
 
 I. 
 
 Idleness, the bane of society, 367 
 
 Impediments to trade, a reason of 
 the rarity of money, 38 -(See 
 Free Trade) 
 
 Importation, annual import of gold 
 and silver into Spain and 
 Portugal about 1620, valued at 
 9,000,000?., 68 ; efiFectual mode 
 of encouraging the import of 
 gold or silver as circum- 
 stances may require, 139 ; ten- 
 dency of our stringent laws to 
 'discourage the importation of 
 gold and silver, 145, 149 ; 
 evils arising therefrom, 149, 
 150 ; base coins introduced 
 into this country, temp. Ed- 
 ward I., 173 ; excessive import 
 of gold, its cause and effects, 
 231, 232 ; consequent excessive 
 exportation of silver, 231 
 
 India — (See East Indies) 
 
 Industry, necessity and advantages 
 of industry, 347 ; value of arts 
 and industry, 349, note; ex- 
 treme cheapness of labour acts 
 
614 
 
 INDEX. 
 
 as a check on art* and in- 
 dustry, 353 ; industry the 
 source of wealth, 366 ; how 
 industry is to 'be promoted, 
 3(i7 ; the number of industri- 
 ous people, and not money, is 
 what enriches a country, 400 
 Inlaying, alleged waste of precious 
 
 metals in inlaying, 40 
 Inquiry into the value of the 
 ancient Greek and Eoman 
 mo'ney, by Matthew Kaper, 
 Esq., 525-587 
 Insurrections caused by base money, 
 
 33, 108 
 Interest, exchange defined as the 
 usury of place, 10; or local 
 interest, 166 ; definition of in- 
 terest or use-money. 166 ; ab- 
 surdity of laws to limit interest, 
 167 ! illustrations, ih. ; rates 
 of interest in Ireland, ih. ; 
 rates of interest whieh are re- 
 munerative on the various 
 kinds of securities, ib. 
 " Introduction to Anderson's /Jiplo- 
 mata Scotim," tables extracted 
 from, 289, 29& 
 Invention of money, 9 
 Ireland, rejection of base money by 
 the Irish, temp. Elizabeth, 33 ; 
 price of land there at different 
 periods, 167 ; Sir Isaac New- 
 ton's Kepresentations on the 
 weight and value of the foreign 
 coins to be current in Ireland, 
 269-273 ; Mr. Prior's Pro- 
 posals for regulating the value 
 of coin in Ireland, 293,-335; 
 alleged that the expenditure of 
 Irish absentees produces a 
 scarcity of money there, 293 ; 
 the relative value of gold and 
 silver different there from the 
 proportion in other countries, 
 293 ; the value of the gold of 
 which the current coins con- 
 asts also varies, ih. ; incon- 
 venience arising from these va- 
 riations, ib. ; moydores espe- 
 cially inconvenient, 294 ; want 
 of change embarrasses the deal- 
 ing's of poor people, ib. ; com- 
 paratively high price of silver 
 in Ireland, 303 ; variations of 
 the exchange between England 
 and Ireland illustrated, 315, 
 316 ; prevalence of moydores as 
 the chief currency of Ireland in 
 
 h-eland .- — 
 
 1729, 315, 316, 320, 322, 325, 
 329 ; inconveniences suffered 
 from the state of the current 
 coins there, 316, 317, 31 9, 320- 
 322, 332, 337 ; scarcity of half- 
 pence, 316, 321, 336 ; absolute 
 ^ want of farthings, 317, 336 ; 
 no country in Europe similarly 
 situated, 317 ; scarcity caused 
 by export of Irish copper 
 money to Amevica and the 
 West Indies, ib. ; abuse of 
 patents for coining copper 
 money in Ireland, 318; coin- 
 age by unauthorized persons, 
 ib. ; scarcity of silver money 
 in Ireland, and causes thereof, 
 318-321, 323, 329 ; propor- 
 tion of money to population in 
 England and Ireland, 319 ; 
 eeosequent dependence < n 
 banker's notes, 319 ; the scar- 
 city of silver chiefly felt in the 
 North of Ireland where the 
 linen trade exists, 320 : scar- 
 city of small species of gold 
 eo-ins, 321, 322 ; several me- 
 thods and sc lemes for the 
 regulation of Irish coin, with 
 arguments for and against 
 them. 322-333 ; table showing 
 the differences per cent in the 
 value in England and Ireland 
 of the various coins current in 
 Ireland, 825 ; three rules to 
 be observed in any scheme for 
 the regulation of Irish coin, 
 325, 326 ; first scheme and ai- 
 guments for and against it, 326, 
 327 ; second scheme discussed, 
 325, 32ii, 327. 332;, third 
 scheme, 332, 338 ; proposal to 
 establish a mint in Ireland, or 
 to coin Irish money in the 
 English mint, 335, 338 
 
 Iron, unfit for money, 376 
 
 Italy, neither Venice, Tuscany, nor 
 Genoa have any min«s of 
 their own, and are not careful 
 to keep money or bullion in 
 the country, and yet have 
 abundance of both, 149; re- 
 lative value of gold and silver 
 there, 276 
 
 Ja^ofius, relative values of iacobuses 
 
INDEX. 
 
 615 
 
 Jacobus : — 
 
 and guineas at diiFerent times, 
 163 
 
 James /., state of, and proceedings 
 with regard to, the coinage in 
 his time, 22, 28, 183, 197, 198 ; 
 account of the silver coined in 
 his reign, 226 
 
 James II., proceedings relative fo 
 coinage in his time, 184, 199 
 
 Jerusalem, the prophet Isaiah's re- 
 buke to the inhabitants of this 
 city for their covetousness in 
 debasing their coin, 448, note 
 
 Jews, the art of coining revived by 
 them after the fall of the 
 Roman empire, 82, 113 
 
 John, confusion in the time of this 
 king bred partly by the va- 
 rieties in the current money, 
 108 
 
 Justice, principles founded on truth 
 will ever be just, 615 
 
 Justinian, his Code, " de Suscep- 
 torihus," quoted, 562; cited, 
 568, 569, 572, 577 
 
 K. 
 
 King's Exchangers. By old sta- 
 tutes it was provided that all 
 money and bullion imported 
 into this country were to be 
 put into the hands of the 
 king's exchangers, 147; all 
 light money, temp. Edward I., 
 was to be sold to the king's 
 changers, to be recoined, 173 ; 
 office of the king's change pro- 
 posed by Mr. Lowndes to be 
 established near every town 
 having a mint, to carry out a 
 recoinage of clipped silver 
 money, 240 
 
 Labour, necessity and advantages 
 of human labour, 347 ; land 
 and labour the sources of all 
 wealth, ib. ; in wealthy coun- 
 tries the value of labour is 
 much greater than that of 
 land, 348 ; the balance-spring 
 of a good watch is worth above 
 a million times the value of 
 the steel, 348, note ; -value of 
 labour to that of land com- 
 
 Labour ; — 
 
 puted as 7 to 2, 349 ; the price 
 of labour the chief standard 
 that regulates the value of all 
 things, 352 ; some estimate of 
 the value of labour, 352, 354 ; 
 where labour is cheap land 
 will also be cheap, 353 ; evils 
 arising from extreme cheap- 
 ness of labour, ib. ; advantages 
 of the division of labour, 356j 
 358 ; " Jack-of all-trades will 
 never be rich," 358, note ; 
 labour and skill the main 
 standards by which the value 
 of all or most things are ulti- 
 mately ascertained, 373, 393 ; 
 effect of a sudden flux of mo- 
 ney on the price of labour, 401, 
 402 ; and of a sudden decrease 
 in the quantity of money, 406 
 
 Labourers, wages of different kinds , 
 of labourers from temp, Edward 
 III. downwards, 60, 64 ; la- 
 bourers prejudiced by raising 
 the price of money, 79 ; suffer- 
 ings of labourers on statute 
 wages, incident to a degrada- 
 tion of the coin, 130, 463; 
 distribution of the population 
 into labourers and conaumei's, 
 349, note ; education of the 
 labourer, how far necessary, 
 354 J he has a right to charity, 
 if needful, in aid of wages, ib. ; 
 mechanics earn more than 
 labourers, 365'; the lower class 
 of people will live best and 
 most comfortably in the happy 
 regions of liberty, 392, note 
 
 Lampridius in Alex Severe cited, 
 662 
 
 Land, relative prices, in gold, of 
 land before and after a lapse of 
 50 years, 163; variation in 
 price of land in Ireland, 167; 
 land and labour the sources 
 of all wealth, 347 ; in wealthy 
 countries the value of labour is 
 much greater than that of land, 
 848 ; value of labour to that of 
 land computed as 7 to 2, 349 ; 
 when labour is cheap, i.e., when 
 the labourers live very poorly, 
 land will also be cheap, 353 
 
 Landlords prejudiced by raising 
 the price or nominal value of 
 money, 79, 85, 105, 128, 308, 
 323, 327 ; and by the degrada- 
 tion of the coin, ISO, 462 
 
616 
 
 INDEX. 
 
 Land-tax of lOrf. per £ proposed 
 to meet the expense of recoin- 
 ing clipped money, 237 
 
 Latimer, Bishop, extracts from two 
 of his sermons against debasing 
 the coin, 447, 448, notes 
 
 Law, Mr. John, quotation from 
 his tract, " Money and Trade 
 considered," 369, 370, note 
 
 Laws, inexpediency of laws to pre- 
 vent the exportation of gold 
 and silver, 76, 77, 145, 146, 
 149, 167, 521 ; short account of 
 6ur common law as to money — 
 absurdity of our laws for limit- 
 ing interest of money, 167 ; 
 illustrations, ih. ; good laws 
 speedily, righteously, and 
 cheaply executed, one of the 
 means for promoting industry, 
 367 
 
 Lead, unfit for money, 376 
 
 " Leake's English Moneys" referred 
 to, as to the duty of the govern- 
 ment to receive light money 
 at the public expense, 158, 
 note 
 
 Legal Tender, from the over- valuing 
 of gold, it gradually became 
 the sole legal tender in lieu of 
 silver from 1717,264; in 1816 
 silver was made legal tender 
 to the extent of 40«. only in one 
 payment, 265; advantage of 
 this arrangement, ih. 
 
 Legye, Eight Hon. H. B.. Dedica- 
 tion to him of Part II. of Mr. 
 Harris's Essay on Coins, 433 
 
 Limoood De TestamentU cited t)y 
 Lord Coke as to the origin of 
 the term sterling, 119 
 
 Litigation to which debasing the 
 standard would give rise, 453, 
 456, 461 
 
 Liverpool, 1st Earl of, his work on 
 coins cited, 262, note ; 264, 
 265, notes; at his suggestion 
 the mint price of silver was 
 lixed, in 1816, at 5s. 2d. per 
 ounce, and it was issued at 
 5«. 6d., while it was made legal 
 tender to the extent of 40s. 
 only in any one payment, 265 
 
 Livre, originally a weight, 15; 
 value of, 26, 29 
 
 Livy cited as to the relative value 
 of silver and gold, 18; referred 
 to, 550, 575, 582, 586 ; quoted, 
 587 
 
 Locke, John, his celebrated tracts 
 on "Eaising the Value of 
 Money" referred to, 261 ; he 
 was the chief cause of the 
 defeat of Mr. Lowndes' pro- 
 posal for degrading the stan- 
 dard of the currency, by raising 
 the nominal value of our coins, 
 2^5I7T36 ; J strictures on his 
 TractsrT64, 265, 298, 437, 
 471 ; quoted regarding the 
 relation of value to price, 
 371 ; referred to regarding the 
 suitableness of grain, the con- 
 stant food of the people, for a 
 reserved rent; and its un- 
 suitableness for money, 387, 
 note ; cited, 388, 389 
 
 London, Amsterdam not so con- 
 venient as London for lodging 
 money, 145 ; the pound of the 
 Tower of London supposed to 
 have been identical with the 
 Saxon pound 
 
 Louis XIII., his revenue of 
 ,x 3, 600,000, in r.ality, not 
 greater, when valued by other 
 things, than that of St. Louis, 
 amounting to 300,000 French 
 livrcs, 71 
 
 Lowndes, Mr., his report cited, 
 28, note ; given in extenso, 169- 
 255 ; his mode of treating the 
 subject of the coinage stated 
 shortly, 176, 177, 450, 451; 
 his proposal for degrading the 
 standard, by raising the no- 
 minal value of the coins, chiefly 
 defeated through the vigorous 
 resistance ef Mr. Locke, 261, 
 436; nefai'ious nature of .Vlr. 
 Lowndes' plan expesed, 262, 
 2&5 ; its glaring folly at firsts 
 sight, 451 
 
 Luidores, equal to the Spanish 
 pistoles in fineness, weight, and 
 value, 270, 272 
 
 Luxury, application of gold and 
 silver to purposes of luxury 
 not serious, 68 ; when its in- 
 fluence is benign, and when 
 evil, 366 
 
 Lycurgus, his exclusion'of gold and 
 silver from his native eity, in 
 order to strangle commerce, 
 12 
 Lydians, the first, according to 
 Herodotus, to coin gold and 
 silver, 582 
 
INDEX. 
 
 617 
 
 M 
 
 ifachinery for coining, not pecu- 
 liarly subject to damage, 54 
 Manvfactures, coin devised as a 
 rate aii'l measure of merchan- 
 dise and manufactures, and 
 must be immutable, 127 ; re- 
 lation of manufacturers to 
 dc'ilers in tlie division of la- 
 bour, 360 ; various branches of 
 manufactures bred and nou 
 rishod by commerce, 403 
 Mwijiers, to a maritime country 
 the increase of shipping and of 
 mariners is of great importance, 
 362 ; mariners bred and nou- 
 rished by commerce, 403 
 Mark, value of the mark of gold 
 and silver in France at diflfe- 
 rent times, 25, 26 
 Market value — (See Value) 
 Marks for precious metals — (See 
 
 Golds-miilis' Company) 
 Marsham, Sir John, his collection 
 of ancient coins referred to, 
 539 
 Mary, state of the coinage of 
 England and proceedings re- 
 lative thereto, in her reign, 
 22, 27, 139, 182, 195, 448 
 Masters and Workers of tjie Mint, 
 profits ot the Masters prior to 
 temp. Henry VII., 20, 51; 
 false allegations made by some 
 of the officers of the Mint 
 and money changers, 450 ; 
 interest of the Mint masters 
 and others to promote any 
 alteration in the standard, 450, 
 466; their interest in these 
 mischievous projects for adul- 
 teration, 465— (See Mint) 
 Measure of value — (See Standard) 
 Measures, standard of all sorts of 
 measures necessary, both as to 
 weight and extension, 452, 453, 
 510; great convenience if all 
 nations trading together had 
 fixed on the same standard 
 measures, 453 ; established 
 standards should be inviolably 
 kept, especially that of money, 
 454, 455; Postcript to Mr. 
 Harris' Essay on Coins, refer- 
 ring to standard measures, 
 510; all standard measures of 
 weight or extension must be 
 units, ib. ; necessity for having 
 
 them and their parts and mul- 
 tiples kept in proper places for 
 comparing others with them, 
 510, 611; plan proposed for 
 making them available to the 
 public, 511, note ; impolicy of 
 having two weights, troy and 
 avoirdupois, ib- ; standard yard, 
 gallon, &e., treated of, 512; 
 the Roman congius, 662, 654 ; 
 discourse on the Roman foot 
 cited, 567 
 Mechanics earn more than labour- 
 ers, 356 
 Medals, Roman medals cast in 
 
 moulds, 16 
 Medes, early use of coins by the 
 
 Modes and Persians, 16 
 Melting, inducements to melt and 
 - transport coirf 39, 98, 110, 207, 
 209, 224, 306, 321, 477, 518- 
 521 ; laws against melting coin 
 cited, 206, note ; when the ex- 
 trinsic value of silver in coin 
 is less than the price of silver 
 in bullion, the coin will be 
 melted, 206; alleged that the 
 inducements to melt and ex- 
 port will be diminished by 
 raising the extrinsic value of 
 money, 208-214, 224 ; the pur- 
 chase of bullion at an advanced 
 rate for coining will merely 
 lead lo melting, 477 ; debasing 
 the standard would not prevent 
 coins from being melted and 
 exported, 479, 480 
 Memoires de I'Academie des In- 
 scriptions, referred to, 568 
 MSnage Dictionnaire Etymolo- 
 
 gique, referred to, 13, note 
 Merchants, questions for the mer- 
 chants concerning the alte- 
 ration of the silver monies, 
 137; wherein the art of a 
 merchant consists, 162, 359, 
 429 ; his usefulness, 369 ; they 
 are citizens of the world in a 
 stricter sense than any other, 
 420 ; merchants as such are of 
 no country, 491 ; definition of 
 a merchant's profit, 403, note ; 
 knowledge of the laws and cus- 
 toms affecting exchange neces- 
 sary to the merchant, 417, 420 
 Metals, relative weights of gold, 
 silver, lead, tin, iron, copper, 
 &c., 22 ; the baser metals as 
 copper, tin, lead, and iron are 
 
618 
 
 INDEX. 
 
 Metals : — 
 
 not fit materials for money, 
 375, 376— (See also Gold, Sil- 
 ver, and Copper) 
 
 Miles Argentarius — (See Mint) 
 
 Mill, objections to the use of it for 
 manufacture of money, and 
 answers thereto, 53, 56 
 
 Minerals, great mineral wealth of 
 Britain, 365, note 
 
 Mines, Spain, with mines of gold 
 and silver, for three parts of 
 the year, hath scarce sufficient 
 to serve her ordinary occasions, ' 
 149; Venice, Tuscany, Genoa, 
 and the Netherlands, have no 
 mines, and are not careful to 
 keep money or bullion in the 
 country, and yet have abund- 
 ance of both, 149 : value of 
 bullion not according to its 
 prime cost at the mines, 394, 
 395 ; productiveness of the 
 American mines, 325 ; gold 
 mines in ancient Greece, 535' 
 
 Mint, origin of coins, 16, 109, 296, 
 297, 378, 518; the unequal coin- 
 age of our money, 51,66; objec- 
 tions to the allowance for reme- 
 dies, 61 ; trial of the pyx de- 
 scribed, 52, 53; objections to 
 millina: coins and answers 
 thereto, 63-66; our Mint at 
 Calais tew.p. Edw. III., coined 
 more money than the Mint at 
 the Tower, 69 ; art of coining 
 lost after the overthrow of the 
 Eoman empire, 82 ; revived bv 
 the Jews, and continued by the 
 Genoese. &c., 82, 113; low 
 charge for minting in other 
 countries compared with ours, 
 130; the foreign "Hedge min- 
 ters " of the Netherlands have 
 full trade by the degradation of 
 our money, 131 ; the mintage 
 should be decreased in propor- 
 tion to that of neighbour 
 nations, 131, 136, 137; the 
 Mint the pulse of the common- 
 wealth, 131 : answer to the 
 proposition of the officers of the 
 Mint for enfeebling the coin, 
 132-137, 476; the oflacers of 
 the Mint bound by oath to 
 discharge their several duties, 
 132; their mistakes and mis- 
 calculations regarding foreign 
 coin, 132, 137, 139; questions 
 for the Mint masters concern- 
 
 Mint : — 
 
 ing the alteration of the silver 
 monies, 137; the process of 
 assay, or Trial by Cumbuslion, 
 refeited to and described, 172, 
 256-258 ; offices of the Miles 
 Argentarius and of the Fusor, 
 172, 256, 258 ; King's changers, 
 their duties, 173; stations or 
 oflaces in different parts of the 
 kingdom allotted to them and 
 the Masters of the Mint, 173, 
 174; duties of the Under Trea- 
 surer. Tellers, Comptroller, 
 and Assay Master, temp. Eliza- 
 beth, 174 ; transcendant pru- 
 dence of our ancestors in pre- 
 venting frauds on the Crown 
 in the Exchequer and Mint, 
 176; proportion of fine metal 
 and alloy in English money, as 
 recorded in the various inden- 
 tures of the successive masters 
 and workers of the Mint from 
 20 Edward III. to 1 William 
 and Mary, 180-184; changes 
 showing increase in extrinsic 
 value of English money coined 
 by successive masters and 
 workers from 28 Edward I. to 
 1 William and Mary, 187-199; 
 mode of ascertaining the Mint 
 price of silver, 213 ; alleged 
 that the extrinsic value of 
 silver should be raised to bring 
 bullion to the Mint to be 
 coined, 214. 216; history of 
 hammered money in this coun- 
 try, and process of its manu- 
 facture described, 221 ; ham- 
 mered and milled coin con- 
 trasted favourably for the latter. 
 222, 223 ; account of the silver 
 coined in the reigns of Eliza- 
 beth. James I., and Charles I., 
 225, 226: plan for conducting 
 an exchange and roooinage of 
 clipped money, 234-241 ; esti- 
 mated loss by this recoinage, 
 1,500,000?.^ 236; remedy pro- 
 posed to be allowed to the 
 Mint master, 287 ; names of 
 the new coins proposed by Mr. 
 Lowndes, 238 ; nine new dis- 
 trict Mints, with two presses 
 each, proposed to assist in car- 
 rying out this recoinage, 239; 
 substitutes of ofiicers of the 
 Mint at the Tower, and of the 
 Corporation of Moneyers, to be 
 
INDEX. 
 
 619 
 
 Mint : — 
 
 distributed among these Mints, 
 240 ; tliat the charge for coin- 
 age should be reduced, ib. ; 
 rules for the guidance of the 
 King's chnngers in this matter, 
 241, 253 ; proposal that one 
 half the cost of recoinage of 
 clipped money should fall on 
 the state, and the other half on 
 the owner, 243, 244 ; mode of 
 supplying the vacuum while 
 recoinage of clipped money is 
 in progress, 254, 255 ; Officimn 
 Militis Argentarii et Fusoru, 
 quoted at length from the 
 Black Book of Exchequer, 256, 
 258; Miutprlceof silver fixed, 
 in 1816 at 5s. 2d. per oz., 265 ; 
 the legal, nominal, or Mint 
 value of gold and silver, is the 
 value put on them by the laws 
 of each country, 303 ; general 
 rule for determining the pro- 
 portion of the Mint value of 
 standard gold to standard sil- 
 ver, 309 ; rules for ascertaining 
 the English values of foreign 
 gold and silver coin, 309-311 ; 
 abuse of patents for coining 
 copper money in Ireland, 318 ; 
 proposal to establish a Mint in 
 Ireland, or to coin money for 
 Ireland at the English Mint, 
 335, 338; pound of the Tower 
 of London and the Saxon pound 
 supposed to be synonymous, 
 379 ; it is the business of laws 
 to establish rules for coining 
 by fixing a standard both as to 
 weight and fineness, 394 ; in- 
 accuracy of the foreign Mints, 
 and consequent difficulty in 
 ascertaining the true par of 
 the exchange between different 
 countries, 422, 423 ; interest of 
 masters of the Mint and others 
 to promote any alteration in 
 the standard of money, 450, 
 465, 467, 476, 477; the pro- 
 portion of fine gold and silver 
 in each coin fixed by the Mint 
 indentures, 456 ; iniquitous 
 proceedings of the Mint mas- 
 ters, 465; bullion can never 
 be lower, but may frequently 
 be higher than Mint price, 
 469, 470; the feeding of the 
 Mint is professedly urged as a 
 reason for debasing the ,stan- 
 
 Mint .— 
 
 dard of money, 476 ; folly of 
 promoting unnecessary recoin- 
 ages, 476 ; absurdity of pur- 
 ' chasing bullion at an advanced 
 rate for coining, 476, 477 ; uses 
 and importance of the Mint, 
 477 ; its operation should be 
 under the cognizance of those 
 at the head of our finances, 
 477 ; the Mint in its natural 
 course keeps up the due quan- 
 tity of national coins, and what 
 it does beyond that, is labour 
 lost, 477 ; it is not the Mint, 
 but the laws, and the universal 
 concurrence of mankind, that 
 make money, 489 ; the Mint 
 price of gold should be reduced, 
 494,497; the Mint and market 
 prices of gold contrasted, 519, 
 620 ; coinage of small gold 
 pieces suggested, 520 ; silver 
 more apt to be oversized at the 
 Mint than gold, 528, 530 ; the 
 masters of the Mint are more 
 circumspect about the gold 
 than about the silver coin, 530 ; 
 the l.ydians the first, accord- 
 ing to Herodotus, to coin gold 
 and silver, 582 — (See Bullion, 
 Coin, Oopper, Gold and Sil- 
 ver, Money, and Standard) 
 Mirror de Justices cited, as to the 
 power of the King with regard 
 'to coining, 127 
 "Money and Trade considered by 
 John Law," quoted as to origin 
 of sale, 369, 370, note 
 Money, first invention and use of it, 
 9, 16, 109, 296, 297, 369, 370, 
 401, 518 ; its use in trade, 9,10, 
 296, 297, 401, 518 ; usury, its 
 most unnatural use, 10 ; ma- 
 terials most suitable for money, 
 11, 296, 298, 371-374, 522; the 
 qualities that render copper, sil- 
 ver, and gold suitable formoney, 
 11, 296, 298, 371, 376, 622 ; 
 salt shells, &c., used as money 
 in certain countries in modern 
 times, 11, 373, 374 ; intimate 
 connexion of money and com- 
 merce, 12; forms of money 
 anciently and now in use, 14- 
 17 ; weight, the ancient mea- 
 sure of money, 14, 378, 632 ; 
 origin of assaying, 15, 378 ; 
 origin of the Roman moneta, 
 16 ; different shapes and figures 
 
620 
 
 INDEX. 
 
 of money, ib. ; proportions 
 held between gold and silver, 
 ancient and modern, 18-23, 
 29, 135, 274-279, 304, 444, 
 527-593 ; three modes of rais- 
 ing the price of money, 23- 
 29 ; two causes for raising its 
 price, 24; this course practised 
 by ancient and modern nations, 
 24 ; examples, 24-28,113, 115, 
 116, 118; base money, 30-35 ; 
 definition of, 30 ; the incorpora- 
 tion of silver with base metals 
 almost to the extinction of the 
 former, compared to mixing 
 wine with much water, ib ; base 
 money used by all nations ex- 
 cept England and Muscovy, ib,, 
 163, 381 ; introduced into 
 Prance by Charles VII., 30 ; the 
 various pretences for debasing 
 the standard of money stated and 
 answered, 30-35,466,468, 476- 
 486, 509 ; inconveniences re- 
 sulting from its use, 31-35, 
 509 ; use of base money by the 
 Spanish Government to raise 
 a tribute from the people, 31, 
 32 ; rejection of base money in 
 Ireland, 33 ; rarity and con- 
 fusion of money, 35 ; causes of 
 confusion, 35, 36 ; causes of 
 rarity, various and intricate, 
 36, 37-41, 56, 71, 219; want 
 of money breeds penury and 
 barbarism ; over abundance 
 luxury and wantonness, ib. ; 
 low price of our silver, 41, 46 ; 
 scarcity of our silver money and 
 effects thereof, 42, 211, 301, 
 304, 305, 445, 446 ; remedy in 
 theory and practice, 42 ; gold 
 coins are weighed while silver 
 are not, ib. ; new silver coin 
 culled and melted or exported, 
 ib ; of all the numbers 12 is 
 the most proper for money, as 
 most clear of fractions and 
 confusion, 43 ; prohibition of 
 foreign money, especially 
 Spanish, 47-51 ; arguments 
 against the prohibition, 47, 48 ; 
 inconveniences arising from the 
 currency of foreign money, 48, 
 332, 335 ; proposal to make 
 Spanish money current by 
 weight, 50 ; the unequal coin- 
 age of our money, 51-56 ; ob- 
 jections to the allowance for 
 
 remedy, 51, 52 ; advantages 
 of milled money in preventing 
 counterfeiting and clipping, 
 53-66, 159, note, 223, 238; 
 causes of the greater want of 
 money in England now than 
 formerly, 66-71, 219; reme- 
 dies for this evil, 71-73, 219; 
 the raising of the price oi- 
 nominal value of money by our 
 neighbours, 73, 74, 102,214; 
 increase of trade produced by 
 abundance of money, 74 ; bene- 
 fits accruing to a state from 
 laising the value of money and 
 the evils thereof, and vice 
 versd, 74-81 ; no laws against 
 the transportation of money 
 can prevail if profit be de- 
 rived from the export, 76, 77; 
 persons who suffer most if the 
 nominal value of money he 
 raised, 79, 85, lOS, 308, 323, 
 327, 498-503 ; examination of 
 the reasons for and against rais- 
 ing its value, 81, 87, 306; 
 whenever one material of 
 money out of two is raised in 
 value, that material will be- 
 come plentiful and the other 
 scanty in proportion, 82 ; plan 
 of contracting with foreign na- 
 tions to keep their money at a 
 certain standard, specious but 
 impossible, 88-90 ; solid pay- 
 ments explained and Illus- 
 trated, 90; example of Prance 
 between 1575 and 1614, 91, 94 ; 
 impossibility and inexpediency 
 of equalizing the exchange, 94- 
 9o ; illustrations, 96, 97 ; evils 
 and confusion that would arise 
 from reducing money, either 
 gradually orimmediately,to the 
 lowness of ancient values, 97, 
 101 ; endless confusion that 
 would follow the raising- of our 
 money . in proportion to our 
 neighbours, 102, 105; or the 
 introduction of two diflerent 
 sorts of money, 105-108 ; il- 
 lustrations, 106; explanation 
 of the proposition to coin 
 money without distinction of 
 weights, 108; arguments in 
 favour of paying money by 
 weight, 109 ; people can never 
 be brought to weigh silver 
 money, 112; account of 
 
INDEX. 
 
 621 
 
 Money: — 
 
 the most memorable occasions 
 in wliich the value of money 
 has been raised by different 
 nations, 115-118; no surer 
 symptom of consumption in a 
 state than the corruption of its 
 money, 125, 455 ; princes must 
 not suffer their effigies to war- 
 rant falsehood, 127; money 
 viewed as a commodity and as a 
 measure, 128, 401 ; loss to in- 
 dividuals consequent on a de- 
 gradation of the coin, 128, 162, 
 327, 401, 460, 463, 485; loss 
 of revenue, both in receipt and 
 issue, incident to the degrada- 
 tion of money, 129, 134, 460, 
 461 ; uncertainty of the stan- 
 dard destroys the use of money, 
 134, 481 ; questions for the 
 merchants, mint masters, and 
 goldsmiths, concerning the 
 alteration of the silver monies, 
 137 ; general rules concerning 
 money and bullion, 138, 141 ; 
 the whole change, exchange, 
 and re-change of money and 
 bullion, formerly a royal pre- 
 rogative, 145 ; money of all 
 commodities is the worst if it 
 lies still, and if the penny be 
 not daily turned, 152; money 
 of gold and silver is the best 
 rule of commerce, and must be 
 equal, 157 ; all worn and 
 light money should be recalled 
 and re-coined at the public 
 charge, 235 ; reason why the 
 owners should bear the loss in 
 weight, 157, 244 ; reasons why 
 the public should bear it, l.)7, 
 158, 235, 243, 244 ; such are 
 fools, who take money by its 
 name, and not by weight and 
 fineness, 160 ; illustrations, ib.; 
 states which degrade their 
 money compared to bankrupt 
 states, 162; degradation of the 
 n oney of the realm a confisca- 
 tion of property, 163, 436, 462, 
 463; difference between raising 
 "the nominal value of money 
 and degrading the metal of 
 the same, 164, 200, 451; ob- 
 jections to coining small silver 
 money, such as penny pieces, 
 164, 389 ; a nation, like a mer- 
 chant, may have toomuch coined 
 money in hand, 165 ; symp- 
 
 Money: — 
 
 toms of an excess in this way, 
 how perceptible, ib. ; the ex- 
 istence of a bank a remedy for 
 too little money, ib. ; remark- 
 able deceits ami corruptions 
 practised on the coin, temp. 
 Edward I. — light, blanched, 
 plated, rounded, or clipped 
 money, 172, 173; remedies for 
 these mal-practices, 173, 174 ; 
 mode of boring light and 
 clipped money, 173; all light 
 money to be sold to the king's 
 changers to be re-coined, ib. ; 
 mode of recalling, temp. Eliza- 
 beth, base money which had 
 been coined by authority, 174 ; 
 money called by the lawyers 
 Jirmamentum belli et orna- 
 metitum pads, 175 ; its im- 
 portance, ib. ; composition of 
 English money from temp. 20 
 Edward III. to 1 William and 
 Mary, showing the propor- 
 tions of fine gold, silver, and 
 alloy, 180-184 ; changes in 
 extrinsic value of English 
 coins from 28 Edward I. to 1 
 William and Mary, 187-199; 
 resume showing the extrinsic 
 value to be about trebled, 199 ; 
 illustration of Mr. Lowndes' 
 proposed plan of raising the 
 extrinsic value of money, 201- 
 205, 450; his reasons for re- 
 commending it, 206-219 ; 
 hammered money of this coun- 
 try, its history and nature, 221, 
 222; manufactured till 1663, 
 222 ; history of our milled 
 money, and process of its manu- 
 facture, 222 ; account of the 
 silver money coined in the 
 reigns of Elizabeth, James I., 
 and Charles I., amounting to 
 16,109,476Z. 13s. S^d., 225, 
 226 ; estimate of the quantity 
 molten and lost, 227; the 
 whole silver sterling money 
 dipt and unclipt, hoarded and 
 current in England, estimated 
 at 5,600,000/., ib. ; fonr mil- 
 lions of this sum supposed to 
 be clipped, and reduced in 
 weight nearly one-half, 227, 
 229 ; confusion incident to the 
 currency of clipped money, 
 233; proposed method of recoin- 
 ing hammered money, 235 ; 
 
622 
 
 INDEX. 
 
 Honey: — 
 
 necessity for expedition, 236 ; 
 money may be raised by law 
 two ways, and lowered two 
 ways, 306 ; a change ia tlie 
 legal value of money will 
 cause a corresponding change 
 in the value of commodities, 
 306. 393 ; bills of exchange in- 
 vented to avoid the hazard and 
 trouble of carrying money from 
 one country to another, 312; 
 foreigners and merchants re- 
 gard only the rea^ value of gold 
 and silver in coin, 315, 455, 
 470, 472, 479, 480, 484, 487, 
 491, 494 ; scarcity of copper 
 money in Ireland, 316, 318 ; in- 
 convenience suffered there from 
 scarcity of small change, 316, 
 317, 320, 322 ; scarcity of sil- 
 ver money in Ireland, 318- 
 321 ; proper proportion of gold 
 and silver, as the constituent 
 parts of a currency, for carrying 
 on inland commerce conveni- 
 ently, 319; proportion of tlie 
 current money of England and 
 Ireland to their respective 
 populations, 319 ; theories of 
 commerce, money, and ex- 
 changes, 347 ; without some 
 kind of money the arts can 
 make no progress, 369, note ; 
 first step irom mere barter to 
 the invention of money, 369, 
 note ; definition of. as a 
 standard measure, and al.so 
 the value or f-quivaleut by 
 which goods are exchanged, 
 370; how money differs from 
 other measures and from com- 
 modities; 372, 373 ; difference 
 between money and bills, 374 ; 
 base metals not fit materials 
 for money, 376, 376, 517; 
 copper coins are properly not 
 money but tokens, 376, note ; 
 names of coins and integral 
 sums of money taken chiefly 
 from weights, 378, 379 ; our 
 present weights and divisions 
 of money, 379; the ancient 
 denominations in most coun- 
 tries have been continued, but 
 the coins themselves have at 
 different times been greatly de- 
 based or diminished in value, 
 381; farther explanation of 
 the standard of money, 383 ; 
 
 there can be but one standard, 
 either gold or silver, 384; 
 silver the money or standard 
 measure of the greatest part of 
 Europe. 385 ; silier the fittest 
 material for money, ib. ; gold 
 coins should pass as money, 
 388, 389; money finds its 
 own valne according to the 
 whole quantity in circula- 
 tion, 390, 393 ; money is 
 everywhere coveted and never 
 out of fashion, 390 ; the more 
 there is in currency the less 
 will be the value of a given 
 sum in proportion to other 
 things, and vice versA, 391, 
 397 ; illustration, ib., note ; 
 laws cannot regulate or alter 
 the value of money, 393, 394 ; 
 money alters its value by slow 
 degrees, 395, 396, 407 ; money 
 the safest treasure for hoard- 
 ing, 396 ; why the effect of an 
 increase of money is not more 
 sensibly felt, 396-398 ; a na- 
 tion having no foreign com- 
 merce will not SI and in need 
 of any specific quantity of 
 money, 398-400: illustralions, 
 399-400; any sudden fluctua- 
 tion of money would be perni- 
 cious, 400-403 ; money as 
 such, though very useful and 
 necessary in all sorts of trafiic, 
 scarce falls within the idea of 
 riches, 4T)0 ; disadvantage of 
 a sudden flux or toiTent of 
 money, to enrich one part 
 of the community at the ex- 
 pense of another, 401, 402 ; a 
 balance paid in money doth 
 not necessarily infer a loss by 
 trade, 404; the quantity of 
 money everywhere will na- 
 turally find a certain level or 
 proportion. 406-408; disad- 
 vantages of a sudden reduction 
 in the quantity of money, 406 ; 
 any artificial methods of in- 
 creasing tale money beyond 
 its natural bounds, pernicious, 
 408-410; standard money 
 called banlc money after the 
 institution of banks, 413, 457 ; 
 difference between bank money 
 and current money called agio, 
 lb. ; whence come complaints 
 of want of money, 413, 416 ; 
 
INDEX. 
 
 Money: — 
 
 all the scramble is for money, 
 few think they have enough, 
 and many complain, 413 ; the 
 cases of the beggar, the farmer, 
 the shopkeeper, and the manu- 
 facturer stated in illustration, 
 414 1 the complaints of par- 
 ticular persons arise not from a 
 deficiency of money in circula- 
 tion, but from their own want 
 of property, skill, address, or 
 opportunity, 414; merchants 
 should know exactly the 
 true pr >portional value of 
 monies of all countries, 420 ; 
 money is a subject on which 
 more jejune, incoherent,, and 
 dangerous positions have been 
 held, and more glaring absur- 
 dities ad vanced.than perhaps on 
 any other whatever, 435, 510; 
 table showing the several altera- 
 tions in the standard and weight 
 and value of our silver money 
 from the Conquest to 1768, and 
 the proportion borne by fine 
 gold to fine silver during that 
 period, 444; observations 
 thereon, 444, 450 ; several 
 ways by which the standard of 
 money might be debased, 450, 
 452 ; altering the denomina- 
 tions of the coins, putting 
 more alloy in them, lessening 
 the size and weight, or com- 
 pounding these schemes, 451 ; 
 folly and iniquity of such pro- 
 jects, 451, 452, 453, 454, 466, 
 484, 487, 493, 499-503; the 
 established standar.l of money 
 should not be violated under 
 any pretence, 462, 454 ; esta- 
 blished standards should be 
 inviolably kept, more espe- 
 cially that of money, 464, 455, 
 517 ; the public faith is the 
 guarantee of the standai'd of 
 money, 454, 455 ; eflFects of 
 debasingthisstandard more par- 
 ticularly explained, 457-464, 
 617 ; curtailing the standard 
 instead of increasing the quan- 
 tity of money in tale, would oc- 
 casion a greater scarcity in 
 common currency, 478, 479; 
 nature and condition of tale 
 money, 484, 490 ; any infringe- 
 ment of the standard of money, 
 however small, would be pro- 
 
 623 
 
 portionably injurious, 485; it 
 is not the mint but the laws, 
 and the universal concurrence 
 of mankind that make money, 
 489 ; the use of a smaller gold 
 coin suggested, 620 ; superior 
 fitness of gold for the standard 
 money, 522 ; copper is as fit 
 for money as gold and silver, 
 ib. ; convenience and economy 
 of paper money, 523 ; inquiry 
 into the value of the ancient 
 Greek and Koman money, 627- 
 687 — (See Coi7i, Copper, Gold 
 and Silver, Mint, Paper Cur- 
 rency, and Standard) 
 Monnjers, Corporation of — (See 
 
 Monks, substance of the kingdom 
 wasted on these unprofitable 
 members, temp. Edw. III., 70 
 
 Monopoly, necessity for breaking 
 down the barricadoes of local 
 enfranchisements, 367 
 
 Montfaucon's Palceographia Grceca 
 referred to, 543 
 
 Moydores of Portugal, average 
 weight and value of those to 
 be current in Ireland, 270, 
 272; valued highest, and con- 
 sequently alm,ost exclusively 
 the current coin there in 1729, 
 294, 315, 32J, 322; found to 
 be a most inconvenient coin 
 for circulation there, 294, 320, 
 322 
 
 Muscovy— (Bie Bii^sia) 
 
 N. 
 
 Nations, plan of contracting 
 with foreign nations to keep 
 their money at a certain stan- 
 dard, specious but impossible, 
 88-90, 453 ; enfeebling the coin 
 of the realm trenches on na- 
 tional honour, j ustice, and profit, 
 126, 138, 163, 410, 436, 454; 
 public spirit the great fountain 
 of national grandeur and hap- 
 piness, 366 ; mode of breeding 
 and cherishing public spirit 
 among all ranks of the people, 
 367 ; an inviolable mainte- 
 nance of public faith a means 
 of producing industry, ib. ; 
 public spirit should prevail 
 above local and personal in- 
 
624 
 
 Nations: — 
 
 terests, ib. ; national interest, 
 how influenced by the course 
 of exchange, 425, 426 ; the 
 public honour is guarantee 
 of our money standard, and 
 no alteration can be made 
 without an opprobrious breach 
 of public faith with all the 
 world, 455 
 
 Newton, Sir Isaac, by his advice 
 the value of the guinea was 
 reduced by proclamation, in 
 1717, to 21s , 264 ; his repre- 
 sentations on the subject of 
 money (1712 -1717), 269, 279 ; 
 eulogy on Newton, 356 357, 
 notes ; cited as hostile to de- 
 basing the coins, 437 
 
 Nobles, coinage of, 181 
 
 Norway, our trade with that coun- 
 try cannot be carried on with- 
 out exporting bullion thither, 
 151 
 
 "Note on Scotch Money," with 
 tables, 285 
 
 Notej — (See Bank Notes and Paper 
 Ourrency) 
 
 Nuremberg, institution of the 
 bank of, in 1621, 412 
 
 Obsc'vations on coins in general, 
 &o., by Mr. Thomas Prior, 291- 
 338 
 
 Officium Miliiis Argentarii et Fv- 
 soris quoted at length from 
 cap. 21 of the Black Book of 
 Exchequer, 256-258 
 
 Ormond, Duke of, his letter and 
 representation proposing the 
 currency of foreign coins in 
 Ireland, referred to by Sir 
 Isaac Newton, 269 
 
 Oxford, Earl of, 1st and 2ud Re- 
 presentations of Sir Isaac New- 
 ton on money, addressed to 
 him, 269, 271 
 
 Paper Currency, paper credit ren- 
 dered necessary by the scarcity 
 of bullion, 215-319 ; danger 
 and inconvenience attending a 
 paper currency, 374, 409 ; evils 
 of a paper currency when it 
 
 INDBX. 
 
 Paper Currency- — ■ 
 
 does not represent bullion, 408, 
 439; convenience and cheap- 
 ness of paper money, 522. 523 ; 
 it is an assistant towards an 
 augmentation of the people, 
 from the time saved by its use, 
 522 ; were it not certain that 
 paper could command the equi- 
 valent of its agreed for value it 
 could not be used, 523 -(See 
 also Bank Notes and Bills) 
 
 Parliament consulted by many of 
 o.ir kings regarding the coin- 
 age, 127 
 
 Patents for coining copper money 
 in Ireland abused, 318 
 
 Pausanius referred to, 535 
 
 PernJyroke, Lord, his publication 
 relative to the Pembroke col- 
 lection of coins referred to, 
 531, 633, 540, 641, 645, 659, 
 560, 564, 577 
 
 Pensioners prejudiced by raising 
 the price or nominal value of 
 money, 79 
 
 Penny, the silver penny once called 
 a Lundress, as it was coined 
 only in London, and not at 
 country mints, 179 
 
 Perquisites, a dark gnawing tax 
 upon the country, 460 
 
 Persians, early use of coins among 
 them, 16 ; value of tlie Persian 
 daric, 648 / 
 
 Peru, their masses of gold the ruin 
 of the Inoas of Peru, 366 
 
 Petty, Sir William, his " Quan- 
 tulumcwnque concerning Mo- 
 ney," 155-167 
 
 Philip and Mary, proceedings in 
 their reign with regard to 
 money. 182, 186 
 
 Philip le Bel, called Faldficateur 
 de Moneta, for tampering with 
 his coins,127 
 
 Philosophical Transactions, No- 
 465 referred to, 528, note; 
 566 ; Discourse on the Komau 
 Foot referred to, 567 
 
 Pinkerton's Kssay on Medals quoted, 
 287 
 
 Pistoles, average weight and value 
 of this Spanish money current 
 in Ireland in 1712-1717, 269 
 
 Plague, its effects in decreasing 
 exportation from London, 136 
 
 " Plan of English Commerce" re- 
 ferred to, 363, note 
 
 Plate, the conversion of coin into 
 
INDEX. 
 
 625 
 
 Plate .— 
 
 plate a cure for excess of 
 the former, 166; proposal 
 of Mr. Lowndes to force retail- 
 ers ,Df wine, beer, &c., to bring 
 their tankards and plate to the 
 Mint during the recoinage, un- 
 der pain of forfeiture, 255 ; why 
 coins and plate have alloy, 383, 
 384; the accumulation of plate 
 should be encouraged, as a 
 national resource, 411 
 
 Plato cited, 549, referred to, 573 
 
 Plautus quoted, 587 
 
 Pledge, transition from barter to 
 pledge, and to purchase and 
 sale, 369, 370 
 
 Pliny, cited as to the relative value 
 of gold and silver among the 
 Romans, 18 ; referred to re- 
 garding the chalcus, 534; as 
 to the Egyptian talent, 646, 
 552, 559, 564; his account of 
 the Eoman coinage quoted, 
 549, 550, 573, 576, 577, 584 
 
 "Political Reflections upon the 
 Finances and Commerce of 
 France referred to, 73, 74, 
 and note ; 504, and note 
 
 Polybius referred to, 532, 534, 547, 
 575, 582 
 
 Polydore Virgil cited by Lord 
 Coke, as to the origin of the 
 word sterling, 119 
 
 Population, proportion of current 
 money to the population in 
 England and Ireland respec- 
 tively, 319 ; distribution of the 
 population into consumers and 
 labourers, 349, note; expendi- 
 ture per head in England, ib. ; 
 extreme cheapness of labour 
 discourages matrimony among 
 the lower classes, 363 ; the 
 increase of population con- 
 sidered as an increase of 
 wealtt, 367 ; the number of 
 industrious people, and not 
 money, enriches a country, 400 
 
 Portugal, annual imports of gold 
 and silver into Spain and Por- 
 tugal about 1620 valued at 
 £9,000,000, 68; arrogant ex- 
 clusiveness of the Spaniards 
 and Portuguese in the East 
 and West Indies, 72, 73; Sir 
 I. Newton's estimate of the 
 average value, weight, and fine- 
 ness of Portuguese gold coins, 
 270, 272, 278 ; relative value of 
 
 Portugal : — 
 
 gold andsilverin Portugal, 275 ; 
 gold and silver, in a manner, the 
 peculiar commodities of Spain 
 and Portugal, 403, 521 ; bul- 
 lion is there the cheapest and 
 their chief staple, 426 
 
 Poor, the children of the poor 
 should be inured, as early as 
 possible, to some useful labour, 
 354; they shoul'd be taught, 
 with due care, the great prin- 
 ciples of religion and morality, 
 ib. ; all do not think that read- 
 ing and writing are necessary 
 for obtaining these ends, ib. ; 
 when wages are insufficient for 
 the support of the labourer, he 
 has a right to charitable 
 aid of his opulent neighbours, 
 ib. ; a due care of the indigent 
 and feeble a means to promote 
 industry, 367; better regular 
 tiou^ necessary for our poor, 
 368 
 
 Postlethwayt, Mr., extract from his 
 work, "Britain's Commercial 
 Interest Explained and Im- 
 proved," 504,506; characterised 
 as tedious and visionary, 507 ; 
 his absurdities demonstrated, 
 507, 508 
 
 Pound, different divisions of the 
 pound troy of gold, 13, 14, 179, 
 274, 300; of the pound troy 
 of silver, 13, 14, 179, 274, 
 300 ; difference between the 
 pound troy and the pound of 
 the Tower of London, 379; 
 Tower and Saxon weight 
 supposed to be identical, ib., 
 444, note ; the pound troy 
 preferable to avoirdupois, 511 ; 
 the Roman pound, ancient and 
 modern, compared with troy 
 weight, 552, 553 
 
 Power, national power, grandeur, 
 and influence abroad depend 
 chiefly on the number of indus- 
 trious inhabitants at home, 367 
 
 Precious ilfeJafe— (See Gold and 
 Silver) 
 
 Pre/aces— Preface to this collec- 
 tion, V. ; Preface to Part I. of 
 Harris's Essay on Money and 
 Coins, 343 ; I'reface to Part II., 
 435 _ 
 
 Prerogative — (See Princes) 
 
 Price, the price of gold and silver 
 cannot be enhanced or lowered 
 
626 
 
 INDEX. 
 
 Price : — 
 
 so as to alter their relative 
 yalue to other things, 12, 306, 
 393 ; practice among nations 
 to fix the price of gold and 
 silver, 14 ; use and delight the 
 origin of value and price, 18 ; 
 three modes of raising the price 
 of money, 23-29 ; two causes 
 for so doing, 24; practised by- 
 nations in ancient and modern 
 times, 24-28 ; low price of our 
 silver, and causes and effects 
 thereof, 41, 46, 619, 520 ; great 
 increase of prices in the interval 
 between the 25th of Edward 
 III. and 1675, 56, 67; causes 
 thereof, 62 ; variable nature of 
 the prices of com, cattle, fish, 
 &c., 58, 299; the wages of 
 labour an index to prices, 59, 
 352 ; if the value of money be 
 raised, the price of commodities 
 riseth therewith, 12, 59, 78, 87, 
 128, 130, 306, 308, 393, 458, 
 459, 497 ; price of land in Ire- 
 land at different times, 167; 
 when the extrinsic value of 
 silver in coin is less than the 
 price of silver in bullion, the 
 coin will be melted, 206 ; mode 
 of ascertaining mint price of 
 silver, 213 ; prices of dollars 
 of different kinds, 217; con- 
 fusion and contention as to 
 prices in consequence of the 
 vitiated state of the current 
 coin, 233 ; mint price of silver 
 fixed, in 1816, at 5«. 2d. per 
 ounce, 265 ; reasons for rise in 
 the price of silver, 277, 518, 
 519; the price of labour the 
 chief standard that regulates 
 the values of all things, 352 ; 
 the prices of things will na- 
 turally conform to this stan- 
 dard, while the alterations in 
 it are slow and gradual, and 
 not forced, 388; influence of 
 demand and supply on price, 
 306, 390, 618, 520, 521 ; in- 
 fluence of fashion thereon, 390 ; 
 price of bullion little affected 
 by the power of man, 390 ; why 
 the prices of commodities have 
 not risen in proportion to the 
 increase of money and bullion, 
 397, 398; how the price of 
 bullion is influenced, 424, 425; 
 bullion can never be lower, but 
 
 Price : — 
 
 may frequently be higher than 
 its mint price, 469, 470; several 
 causes of the different prices of 
 coin and bullion, 475 ; all con- 
 tracts and the prices of com- 
 modities are measured by the 
 standard, and not by the in- 
 trinsic value of coins where 
 they pass by tale, 490 ; the 
 mint price of gold should be 
 reduced, 494, 497 
 Princes are ever presumed to be 
 the fathers of the common- 
 wealth, and cannot alter the 
 price of the monies to the 
 prejudice of their subjects, 
 without incurring the reproach 
 of being false money ers, 127, 
 141, 186, 456 ; princes must 
 not suffer their effigies to war- 
 rant falsehood, 127, 456; the 
 whole change, exchange, and 
 rechange of money, bullion, 
 &c., formerly a royal preroga- 
 tive in England, 138,146, 147; 
 the king's prerogative in this 
 respect defined, 175, 456 
 Prior, Mr. Tluymas, his Observa- 
 tions on Coin in General, 291- 
 338 
 Proclamations issued, temp. Edw. 
 VI., imposing tyrannical re- 
 strictions on trade in conse- 
 quence of the debased state of 
 Uie coinage, 445, 446 
 Products, admirable adaptation of 
 natural products to their various 
 uses, 347; natural more than ar- 
 tificial products subject to va- 
 riations in their value, 351 ; 
 products of a nation, natural 
 and artificial, to be included in 
 the idea of its riches, 364 
 Professions, professional men pre- 
 judiced by raising the price of 
 money, 79 ; amongst the lower 
 classes some professions will 
 always be oveistocked, 349, 
 note 
 Profits, one great mystery of trade 
 is to keep off new adventurers 
 by concealing its profits, whilst 
 that is done the gains will be 
 large, 362; definition of a 
 merchant's profits, 403, note; 
 any calculations of national 
 profit or loss from the course 
 of exchange must needs be very 
 precarious, 423 
 
INDEX. 
 
 627 
 
 Prohibition of foreign coin one 
 cause of the rarity of money, 
 38 ; arguments for and against 
 the prohibition, 47-51 ; ar- 
 guments for the free exporta- 
 tion of gold and silver in 
 foreign coin and bullion, 146- 
 153; instances of the incon- 
 veniences of prohibiting ex- 
 portation, 150 
 
 Property, degradation of the coin 
 of the realm a confiscation of 
 property, 163, 436, 462, 463, 
 483; the security of private 
 property one of the means of 
 produciog industry, 367 
 
 Protestants, foreign protestants 
 should be invited to settle in 
 this country, 368 
 
 Purcliase, transition from barter to 
 pledge, and to purchase and 
 sale, 369, 370 
 
 Pyx, trial of the pyx described, 62, 
 63 
 
 " Quantidumcunqite concerning Mo- 
 ney," by Sir W. Petty, 165- 
 167 
 
 QiiesUons for the merchants, mint 
 masters, and goldsmiths, con- 
 cerning the alteration of the 
 silver monies, 137 
 
 E. 
 
 Baper, Matthew, Esq., his inquiry 
 into the value of the ancient 
 Greek and Eoman money, ex- 
 tracted from Vol. Ixi. of Philo- 
 sophical Transactions, 525-587 
 
 Reals — (See Moyal and Spain) 
 
 " Mecherches curieuses des Mon- 
 noyes. de France^' referred to, 
 559 
 
 Recoinage of 1696-1699 ; note on, 
 259 
 
 Reflections on coin in general, &c., 
 513-523 
 
 Remedy of weight and fineness ex- 
 plained, 16, 17 ; objections to 
 the allowance for remedies, 
 61, 52 ; remedy proposed to be 
 allowed to mint masters in 
 recoinage of clipped money, 
 237 
 
 Rent, mode of paying crown rents, 
 temp. William I., &c. 171, 172 ; 
 Libris A Ibis, or Blanch Fermes, 
 172; alleged that the receivers 
 of rent could not suffer more 
 from the raising of the extrinsic 
 value of our money than they 
 do from payment in clipped 
 money, 213; suitableness of 
 wheat for a reserved rent, which 
 is designed to be constantly 
 the same in all future ages, 
 387, note 
 Report, by Mr. Lowndes, on the 
 amendment of the silver coins, 
 169 
 BepresentaMons of Sir Isaac Newton 
 on the subject of money, 269, 
 271, 274 
 Revenue, amount of revenue of 
 England 19th Edward III., 
 72,826«. 11«. 5d., 65; in the 
 20 Edw. III., 154,139?. 17«. 5d., 
 66 ; of France, temp. St. Louis, 
 71 ; temp. Louis XIII. ih. ; 
 great injury to the revenue 
 incident to raising the price of 
 money, 79 ; injury sustained by 
 enfeebling the coin, 105, 128, 
 134, 460 ; injury to the customs 
 by the king's revenue through 
 consequent thereon, 129, 460 ; 
 conversion of payments in kind 
 for crown rents, into payments 
 in money by weight, temp. Win. 
 the Conqueror, 171, 172; al- 
 leged that the revenue will not 
 su^r more from raising the 
 extrinsic value of our coin than 
 it does from payments in clip- 
 ped money, 213 ; arrears of re- 
 venue consequent on the cur- 
 rent money being clipped and 
 degraded, 233, 234 ; a govern- 
 ment may be declining while 
 duties and customs are increas- 
 ing, 402, note 
 Richard II., proceedings with re- 
 gard to the coinage in his 
 reign, 20, 27, 181, 189, 206; 
 wages during this reign, 60-64 
 Richard III., proceedings in hia 
 reign regarding the coinage, 
 181, 189, 191 
 Riches — (See Wealth) 
 Bix-dollars, difference between the 
 merchants and officers of the 
 mint, regarding the value of 
 rix-dollars, &c., 132 
 
628 
 
 INDEX. 
 
 Roberts, Mr., his map of commerce 
 referred to, 382 
 
 Rome, payment of money by weight 
 in vogue among the ancient 
 Romans, 15 ; their adoption of 
 moneta, 16 ; relative value of 
 gold and silver among the 
 Eomans, 18, 19, 304, 573, 575, 
 577, 587; examples of the price 
 of money being raised by 
 them, 24, 25 ; a great part 
 of the wealth of England en- 
 grossed by the See of Eome, 
 temp. Edw. III., 70 ; reasons of 
 the ancient Eomans for raising 
 the nominal values of their mo- 
 nies, 81 ; art of coining lost 
 for a time after the overthrow 
 of the Eoman empire, 82 ; their 
 expedient of raising the value 
 of their money in the Punic 
 war, by degrading the value of 
 the as, 115, 549 ; after they 
 adopted the shift of changing 
 the standard, the majesty of the 
 Eoman empire fell by degrees, 
 125; the goodness or badness 
 of coin the criterion of the go- 
 vernment among the Eomans, 
 186; inquiry into the ancient 
 Greek and Roman money, 527- 
 587 ; the Attic drachm heavier 
 than the Roman denarius, 527, 
 528 ; weight of denarii consu- 
 lares, 528, 529; aureus, 529, 
 530, 560 ; denarii very un- 
 equal in weight, 530, 557, 663, 
 565, 566, 567; so far as the 
 weight of the Roman pound 
 depends on their coin it must 
 be obtained from the gold 
 alone, 530; proportion of the 
 Greek obole to the Eoman as, 
 534 ; the Euboic talent equal to 
 80 Roman pounds, 546 ; Pliny's 
 historical account of the Ro- 
 man coinage quoted, 549; de- 
 narius, quinarius, and sesterce, 
 ib. ; the bigati and quadri- 
 gati the most ancient of the 
 denarii, 550 ; the Romans coin- 
 ed their first gold money by 
 the scruple, 561; 84 denarii 
 coined out of a pound of silver, 
 652; ancient Eoman pound 
 divided into 12 oz. and the 07, 
 into 24 scruples, 652 ; Vespa- 
 sian's congius, 562, 554 ; com- 
 parison of the ancient with the 
 
 modem Eoman weight, and 
 with troy and French weight, 
 662, 553, 555, 569, 661, 568, 
 569; weight of different coins, 
 553 ; asses Ubrales, ib ; quad- 
 russis, ib. ; objections to the 
 pound derived from the con- 
 tents of the congius, 555, 567; 
 weights of Eoman gold coins, 
 557, 660, 662 ; the aureus came 
 to be called solidus as the 
 Eoman integer, 562 ; soon after 
 the reign of Alexander Severus 
 the coinage became very irre- 
 gular till Coustantine remodel- 
 led it, 562, 668, 669; the 
 miliarensis substituted for the 
 denarius, 662; weight of Eoman 
 silvercoins, 562,663, 571 ; table 
 shewing the average weight of 
 46 denarii in troy grains, 564, 
 666 ; diflference between im- 
 perial and consular denarii, 
 666; confused and contradic- 
 tory accounts given of the Eo- 
 man weights, 667, 668, 683, 
 585, 687 ; value of the FoUis, 
 571 ; comparative value of 
 silver and copper among the 
 Eomans, 672, 573, 674, 684; 
 pay of the Eoman soldier and 
 deductions therefrom, 674, 675; 
 value of ancient Greek and 
 Eoman money, 577, 581 ; no 
 alloy in use among the ancient 
 Greeks or Eomans till the later 
 Emperors illegally debased the 
 coin, 577 ; Sestertius defined, 
 678, 679 ; comparative values 
 of Eoman and English money, 
 579-681; rules for the con- 
 version of Eoman into English 
 money, 679, 581 ; the Eomans 
 took their weight and money 
 either from the Dorians of Ca- 
 labria or from Sicily, 582 ; 
 comparison of ancient Greek 
 and Eoman money and weights, 
 582, 687; tables showing the 
 denominations of the principal 
 Eoman coins and their value, 
 in sterling money, 592, 693 
 I, Sir Thos., Sir Eobert Cot- 
 ton's speech at the council 
 table in 1626 attributed to Sir 
 T. Eowe in 1640, 123, 449; 
 cited as antagonistic to the 
 project of debasing the coin. 
 437 
 
INDEX. 
 
 629 
 
 Royal of Eight, difference between 
 committee of coujicil, and the 
 mint oflicers as to the value of 
 that coin, 133 
 
 " Ruding on the Goinage," referred 
 to, ]3, note, 123; cited, 192, 
 note 
 
 " Buddimom'a Introduction to An- 
 derson's Diplomata," tables 
 extracted from, 289, 290 
 
 Etdes, general rules concerning 
 money and bullion, 138-141; 
 rules proposed for changing 
 clipped money, 241 ; general 
 rule for determining the pro- 
 portion of the mint or market 
 value of alloyed or tine gold to 
 alloyed or fine silver, 309 ; 
 rules for ascertaining the Jlng- 
 lish values of foreign gold and 
 silver coins, 809-311 
 
 Stissia, no base money used in 
 England and Muscovy, 30, 32 ; 
 though B.ussia takes in a larger 
 extent of country than all 
 Europe, yet till of late she has 
 made no great figure, 364 
 
 Salaried Officers, how they would 
 suffer by the debasement of the 
 coin, 128, 162, 327, 401,460, 
 463 
 
 Sale— {See Purchase) 
 
 Sale, transition from barter to 
 pledge and to purchase and 
 sale, 369, 370 
 
 Salt used as money in Ethiopia, 11, 
 373, 374 
 
 Scotland, the Scotch dollars were, 
 temp. William III., though 
 worth about is, 6d., put away lor 
 5s., 277 ; note on Scotch money, 
 with relative Tables, 287, 290 ; 
 the Scotch derived their sys- 
 tem of coinage from the Eng- 
 lish, 287; value of Scotch in Eng- 
 lish money at various periods, 
 showing how it sunk till, in 
 1600, it was but one-twelfth of 
 the English money of the same 
 denomination, 287 ; 381, note j 
 quantity of coin brought to the 
 Bank of Scotland, to be re- 
 coined, after the Union, 288 
 
 Seignorage, origin and nature of, 
 14 ; amount of, on the first 
 
 Boman money unknown, 16 ; 
 excessive rates of, in this coun- 
 try, 131, 136, 137; seignorage 
 formerly levied in this country 
 on coining or recoining mo- 
 nies, 234 ; amount of seign- 
 orage on silver coinage, 265 
 
 Seneca, de Ira referred to, 559 
 
 Servants' wages of temp. Edward 
 III., &c , 60, 64 
 
 Sestertiiis, value of this Roman 
 money, 16, 18, 24, 549 
 
 Shells used as money in Guinea, 11, 
 373 
 
 state -of this coin at 
 various periods, 25, 619 ; num- 
 ber of shillings coined out of a 
 lb. of standard silver, 619 
 
 to a maritime country 
 the increase of shipping and of 
 mariners is an object of great 
 importance, 362 
 
 Shopkeepers, their usefulness, 358- 
 361 
 
 Silver — (See Gold and Silver) 
 
 Skene, Mr., cited by Lord Coke as 
 to the origin of the term ster- 
 ling, 118 
 
 Skill, though we reckon by money, 
 labour and skill are the main 
 standards by which the values 
 of all or most things are ul- 
 timately ascertained, 373 
 
 Sloth, the suppression of vice, sloth, 
 and all kinds of immoralities, 
 a means of producing industry, 
 367 
 
 Smith, Sir Thomas, the good advice 
 given by Lord Burleigh and 
 him to Elizabeth as to purify- 
 ing the standard, 126 
 
 Smuggling, mode adopted to smug- 
 gle base coin into England, 
 packed in bales of cloth, temp. 
 Edward I., 173; remedy for 
 the evil, ib. 
 
 SneUing's "Gold Coinage" cited, 
 28, note, 262, 263, notes; ex- 
 tract from, 283 ; extract from 
 his " Silver Coins," 284 
 
 Snellius de re Nv/mmaria cited, 
 639, 661 
 
 Society, necessity of, for men associat- 
 ing together, and conveniencies 
 and comforts consequently ac- 
 cruing to individuals, 356, note 
 
 Soldiers, increased expenditure ne- 
 cessary for soldiers', pay when 
 coin is debased, 129 ; pay of 
 
630 
 
 INDEX. 
 
 the Eoman soldier, and de- 
 ductions from its amountj 574, 
 575 — (See Army) 
 
 Soli&us, or 861, value of, 25 ; Solidi 
 aurei, 25 
 
 Somers, Lord, cited as antagonistic 
 to the project for debasing the 
 coin, 437 
 
 Sovereign, difference between the 
 pound soyereign and fin^ so- 
 vereign, 28, note 
 
 Spain, proportional values of gold 
 and silver there, 19, 275, 301 ; 
 base money issued by the 
 Spanish government, to raise 
 a tribute from the people, 
 31, 32; Spain the cistern 
 and receptacle of gold and 
 silver, 47, 70, 403, 426, 521 ; 
 proposal to make Spanisli 
 money current by weight, -50, • 
 annual imports of gold and 
 silver into Spain and Por- 
 tugal, about 1620, valued at 
 i'9,000,000, 68; her arrogant 
 exelusivenesB in the "West In- 
 dies, 72, 73 ; beneiit to Spain 
 arising from a degradation of 
 our coin, 131, 140 ; her adop- 
 tion of our standard, 136; 
 her consumption of our coin, 
 135; her ineffectual enactments 
 against the export of money, 
 148 ; Spain, with mines of gold 
 and silver, for three parts of 
 the year hath scarce sufficient 
 to serve her ordinary occasions, 
 149; Sir I. Newton's estimate 
 of the average weight and 
 value of Spanish pistoles, &c., 
 269, 270, 272, 275; effect 
 of the arrival of a Plate fleet 
 in reducing the price of silver, 
 275, 276, 301, 471; value of 
 Spanish money, 278; Spaniards 
 instanced to prove that a na- 
 tion may be injured, weakened, 
 and impoverished by an over- 
 stock of gold and silver, 404; 
 bullion is cheapest in Spain 
 and Portugal, and their chief 
 staple, 426 
 
 Specie, modes proposed for in- 
 creasing the quantify of spe- 
 cie in tale, 214, 215— (See 
 Bullion and Gold and Silver) 
 
 Speech of Sir Jiohert Cotton, 123- 
 131 ; erroneously attributed to 
 Sir Thomas Eowe, 123, 449 
 
 Stamping, growth of the practice of 
 stamping coin, 16— (See Cain 
 and Mint) 
 
 Standard, ancient English standard 
 of sterling gold, 13 ; the va- 
 rious pretences for debasing 
 the standard of money stated 
 and answered, 31, 35, 466, 468, 
 475-487, 509; enfeebling the 
 coin of the realm dishonour- 
 able and unjust, 125, 138, 
 163, 410, 436, 450, 452, 456, 
 457, 462, 463, 502, 503 ; wis- 
 dom and renown of Edward 
 I., in establishing an uniform 
 standard, 125, 135; when that 
 shift of changing the standard 
 was tried by Home, the ma- 
 jesty of that empire fell by de- 
 grees, 125; after Queen Eliza- 
 beth had restored the stan- 
 dard to its ancient purity, she 
 boasted she had conquered 
 the monster that had so long 
 devoured her people, 126, 183, 
 448, ; if the standard be mu- 
 table, no man can tell what he 
 hath or what he oweth, 127, 
 474; uncertainty of the stan- 
 dard destroys the use of money, 
 134, 445, 503, 517; the stan- 
 dard of Edward I. was of silver 
 as 11 to 1 of gold, 135 ; this 
 adopted by the other states of 
 Europe, ib. ; the words sterling 
 and standard synonymous, 179; 
 composition of the pound of 
 right standard gold, 179, 300, 
 382 ; and of right standard sil- 
 ver, 179, 300, 382; historical 
 sketch of changes in the stan- 
 dard from 20Edw.III. to 1 Will, 
 and Mary, 180-184 ; chief de- 
 viations in the reigns of Henry 
 VIII. and Edward VI., 184, 
 185; recommendations of Mr. 
 Lowndes, 185; proposal to 
 raise the value of the standard, 
 187 , an alteration of the stan- 
 dard of fineness and purity 
 could never be justified by any 
 necessity, 216, 436, 449, 462, 
 474 ; Mr. Eowndes's proposal 
 for degrading the standard of 
 the currency, by raising the 
 nominal value of our coins, 
 defeated chiefly through the 
 vigorous resistance of Mr. 
 Locke, 261, 436 ; rale for as- 
 
INDEX. 
 
 631 
 
 standard ; — 
 
 certaining the relative mint or 
 market value of standard gold 
 to standard silver, 309 ; the 
 price of labour the chief stan- 
 dard that regulates the value of 
 all things, 352, 492 ; money a 
 standard measure, and also the 
 value or equivalent for which 
 goods are exchanged, 370, 372 ; 
 illustrations quoted from Mr. 
 Locke, 371 ; how money differs 
 from other measures, 372, 454, 
 455 ; though we reckon by mo- 
 ney, yet labour and skill are the 
 main standards by which the 
 value of all or most things are 
 ultimately ascertained, 373, 
 492 ; effect of impairing the 
 original standards of coins, 
 381, 445-450, 482, 487, 517; 
 origin and necessity of a cer- 
 tain standard of weight and 
 fineness, 381, 394, 517; farther 
 explanation of the nature of 
 the standard of money, 383 ; 
 there can be but one standard 
 of money, either gold or silver, 
 384 ; the standard measure 
 should be invariable, 384, 454, 
 489, 517 ; silver the standard of 
 most part of Europe, 385, 487 ; 
 silver at present a fitter stan- 
 dard than gold, 387, 488 ; 
 standard money called Bank 
 money after the institution of 
 banks, 413 ; table showing the 
 alterations in the standard and 
 weight of our silver money 
 from the Conquest to 1758, 
 and the proportion home by 
 fine gold to fine silver during 
 that period, 444 ; observations 
 thereon, 444-450; Jerusalem 
 rebuked by the prophet for 
 debasing its coin, 448, note ; 
 interest of the masters of the 
 mint to promote any alteration 
 in the standard of money, 450 ; 
 several ways by which the 
 standard of money might be 
 debased, 450-452 ; folly and 
 iniquity of these projects, 450, 
 453, 454, 456, 457, 484, 4o7, 
 493, 499; the established stan- 
 dard of money should not be 
 violated or altered under any 
 pretence whatever, 452, 454, 
 457, 465, 517; standards of 
 all sorts of measures necessary. 
 
 Standard .• — 
 
 452, 454, 510, 512 ; great con- 
 venience if all nations having 
 commerce together had fixed 
 on the same standard mea- 
 sures, 453 ; quantities of pure 
 metal in each coin settled by 
 the indentures of the mint, 
 456 ; effects of debasing the 
 standard of money more par- 
 ticularly explained, 457-464; 
 injurious to the government 
 and revenue, 459-461 ; in- 
 validates all preceding con- 
 tracts, and injurious to credit, 
 461, 462; injurious to indivi- 
 duals, 462, 463, 484; an en- 
 couragement to culling and 
 transporting, 463, 464 ; such 
 schemes not originated by the 
 court, but by the mint masters, 
 money -jobbers, and bankers, 
 465 ; curtailing the standard, 
 instead of increasing the quan- 
 tity of money in tale, would 
 occasion a greater scarcity in 
 common currency, 478; de- 
 basing the standard would not 
 prevent coins from being 
 melted or exported, 479, 480 ; 
 absurd plea, that because fo- 
 reign nations have debased 
 their coins, we should debase 
 ours, 480-482; we might as 
 well change our language as 
 change our standard, 480, 481 ; 
 the lightness of our coins no 
 reason for altering the stan- 
 dard, 482, 483 ; different effects 
 of legal diminution of coins, 
 and of private clipping or 
 tampering with them, 483, 485 ; 
 any infringement of the stan- 
 dard of money, however small, 
 would be proportionally in- 
 jurious, 485 ; gold, though the 
 standard of merchants, is not 
 therefore the national standard, 
 491, 494 ; the nation being in 
 debt to foreigners is no reason 
 for altering the standard, 498- 
 500 ; it is not so easy to trans- 
 fer the standard of money from 
 one material to another, 500 j 
 the French have learned, by 
 sad experience, the folly and 
 mischief of debasing the stan- 
 dard of money, 507 ; standard 
 measures must, in the nature 
 of things, he units, 510; they 
 
632 
 
 INDEX. 
 
 Standard : — 
 
 and their parts and multiples 
 should be kept in proper places 
 for the comparison of others, 
 510, 61 1 ; plan for making 
 these available to the public, 
 ib., note ; to be regretted that 
 we have two sorts of weights, 
 troy and avoirdupois, 511 ; the 
 pound troy shjuld be made 
 the standard, ib. ; description 
 of a proper standard yard, gal- 
 lon, &c., 512 ; it seems most 
 rational that gold, the most 
 scarce and precious metal, 
 should be the unit or standard, 
 622 ; the Eginean talent the 
 standard of Macedon till Philip 
 changed it for the Attic, 532, 
 545; the Athenian tetra 
 drachm called Stater, or the 
 Standard, 533 ; the ancient 
 standard of Macedon very dif- 
 ferent from that of Athens, 
 537; the Eginean talent ap- 
 pears to have been the stan- 
 dard of the Ptolemaic money 
 in Egypt, and to have been 
 originally Egyptian, 645 ; the 
 Euboic talent the standard used 
 in commerce between Greece 
 and Asia, 547; Vespasian's 
 congius or standard, 554 (See 
 Coins, Fineness, Measures, Mo- 
 ney, and Weight) 
 
 Stephens's Gr^eh Thesaurus referred 
 to, 534, 546 ; appendix referred 
 to, 585 
 
 Sterling, origin of the term, 13, 
 note; 119, 179: 382, note; 
 ancient standards of sterling 
 gold and silver in England, 
 13, 14 ; various authorities 
 cited relative to the derivation 
 of the word, 119, 178, 179; 
 the words sterling and standard 
 synonymous, 179 ; legal mean- 
 ing of the word sterling, 179, 
 180 
 
 Stirling, the term sterling said to 
 be derived from a place or 
 castle in Scotland called Strive- 
 -ling, aHcM Stirling, 119, 178 
 
 St. Lewis, his revenue 300,000 
 French livres, 71 
 
 Strabo, referred to, 535, note 
 
 Stuart, James, his collection of 
 coins brought from Greece re- 
 ferred to, 532, 538, 540, 544, 
 545 
 
 Suetonius cited, 18, 19, 574, 576, 
 577, 579, 580 
 
 Suidas cited, 534, note ; 635, note 
 
 Sumptuary Laws, necessity for 
 them, 28 ; probable effects of 
 them most injurious, 366 ; 
 though vanity is ruinous to 
 individuals, it is yet perhaps 
 beneficial to the community, ib. 
 
 Supply— (See Demand ) 
 
 Sweden, relative value of gold and 
 silver there, 276 
 
 T 
 
 Tables, table showing the common 
 weight of a hundred pounds by 
 tale in ordinary silver money 
 in 1695, 258; tables illus- 
 trative of the successive 
 changes in the standard, &c., 
 in the weight of the coins, and 
 in the relative values of gold 
 and silver in England from the 
 Conquest to 1717, 283, 284; 
 similar tables for Scotland, 
 showing their relative values 
 and the successive degradations 
 of the Scotch coins from 1107 
 to 1707, 289, 290 ; table show- 
 ing the difference per cent, in 
 the value in England and Ire- 
 land, of the various coins cur- 
 rent in Ireland, 325 ; table 
 showing the alterations in our 
 silver money from the Conquest 
 to 1758, 444 ; observations 
 thereon, 444-460 ; table show- 
 ing the average weight of the 
 Philippic in Troy grains, 640 ; 
 table shovping the mean weight 
 of the didrachm, 541 ; table 
 of the weights of the various 
 Denarii in the British Museum, 
 564, 565; Eisenschmid's table 
 of specific gravities referred to, 
 567 ; tables of Greek and Ro- 
 man money, 591, 593 
 
 Tadttts referred to, 551, 574, 575, 
 quoted, 125, 576 
 
 Tale money— (See Money) 
 
 Talent, the talent alluded to in 
 Holy Writ, 15; the Attic 
 Eginean and Euboic talents, 
 532, 545, 547 
 
 Tenants, how they would gain by 
 any measure for raising the 
 nominal value of, money, and 
 
INDEX. 
 
 633 
 
 Tenants .- — 
 
 vice veradk, 323, 324, 329, 
 330 
 
 Theodosius, his code de Pondera- 
 ioribus quoted, 562, 669, 572, 
 cited 568 
 
 Theophrastus referred to, 533, 
 note ; 537, note 
 
 Theories of commerce, money, and 
 exchange, 347 
 
 Thesaurus A ntiquitatumOrmcariim 
 referred to, 539 
 
 Thesaurus Antiquitatum Roman : 
 cited 552 
 
 Thucydides referred to, 535, note 
 
 TiM>uriensem Gervdsium — (See Oer- 
 vase of Tilbury) 
 
 Tin, unfit for money, 376 
 
 Tower, (mint at the Tower) dif- 
 ference between Tower weight 
 and Troy weight, 379, 444, 
 note^See Mint ) 
 
 Towns, relative advantages en- 
 joyed in towns and villages, 
 359, 360 
 
 Trade, Origin of trade, 9, 10, 355 ; 
 intimate connexion of trade 
 and commerce, 12 ; Lycurgus' 
 mode of strangling commerce, 
 by excluding silver and coin 
 from his native city, ih. ; im- 
 pediments to trade one cause of 
 the rarity of money, 38 j in- 
 crease of trade produced by 
 abundance of money, 74 ; coin 
 was devised as a rate and mea 
 sure of merchandize, and should 
 therefore be immutable, 127; 
 serious discouragement to trada 
 incident to a degradation of 
 the coinage, 129, 161, 454, 
 455 ; damage to trade conse- 
 quent on the plague and 
 scarcity of corn, 136 ; effect of 
 the balance of trade on the 
 plenty or scarcity of gold and 
 silver, 140, 145, 218, 219, 316 ; 
 balance of trade defined, 145, 
 210, 313, 403, 405 ; the trade 
 of the world will not be forced, 
 but will make its own way, 
 148, 149; though there be a 
 method in trade, it is held im- 
 possible to describe the same, 
 149; branches of trade in- 
 stanced as requiring the ex- 
 portation of bullion- 150, 161; 
 money of gold and silver is the 
 best rule of commerce, and 
 must therefore be equal, or 
 
 Trade .— 
 
 else it is no rule, 157 ; money 
 will never be exported if 
 manufactures or other com- 
 modities will answer the pur- 
 pose equally well, 161, 162; 
 the art of a merchant, wherein 
 it consists, 162; extent to 
 which our trade has been 
 injured by the war, 210 ; 
 injury suflfered by trade 
 when 'the current coin is 
 vitiated, 233, 454, 455, 461, 
 463 ; Mr. Locke mistaken in 
 stating that silver alone is the 
 measure of commerce, 298, 
 299 ; in trade regard is had 
 only to the real value of gold 
 and silver in coins, 315, 454, 
 455, 474, 475, 479, 480; 
 influence of the course of ex- 
 change on trade, 316; to carry 
 on inland commerce conveni- 
 ently, silver should form one- 
 third and gold two-thirds of 
 the currency, 319 ; from the 
 scarcity of specie in Ireland, 
 the domestic traffic could not 
 be carried on without banker's 
 notes, 319 ; theories of com- 
 merce, jnoney, and exchange, 
 347; nature and origin of 
 wealth and commerce, ih. ; 
 one great mystery of trade is 
 to keep off new adventurers by 
 concealing its profits, 352; 
 usefulness of commerce, 358- 
 361 ; foreign commerce, its 
 wonderful effects and. ad- 
 vantages, 361, 363 ; what trade 
 is most beneficial, and vice 
 vend, 362 ; wise regulations 
 for commerce as well internal 
 as foreign, one of the means to 
 promote industry, 367 ; the 
 first commerce among men 
 carried on by barter, 368 ; a na- 
 tion having no foreign ,com- 
 merce is not in need of any spe- 
 cific quantity of money, 398, 
 400, 401; illustrations, 399, 
 400; money as such, though very 
 useful and necessary in traffic, 
 yet scarce falls within the idea 
 of riches, 400 ; mariners and 
 artificers bred and nourished 
 by commerce, 403 ; a balance 
 paid in money doth not neces- 
 sarily infer a loss by trade, 
 404 ; popular errors regarding 
 
634 
 
 INDEX. 
 
 Trade .— 
 
 trade exposed, 407, 408 ; the 
 genius of trade breathes and 
 requires a certain degree of 
 security and freedom, 413; 
 bills of exchange the greatest 
 encouragement to commerce, 
 and the greatest blow to 
 despotism, 416, note; some- 
 thing selfish, ungenerous, and 
 illiberal in the nature and views 
 of trade, 416, note ; wherein 
 the mystery of exchange doth 
 principally consist, 429 ; ty- 
 rannical restrictions laid on 
 trade in 1550 consequent on 
 the degradation of the coin, 
 445, 447 
 
 Trades, usefulness of different 
 trades illustrated, 356, 358; 
 " Jack-of-all-Trades will nerer 
 be rich," 368, note \ 
 
 Treasury, report by W. Lowndes, 
 Esq , to the Lords Commis- 
 sioners of, on the amendment 
 the coins, 169-255 
 
 Tribute — (See Seignorage) 
 
 Troy, difference between troy and 
 Tower weight, 379, 444 ; com- 
 position of a pound troy of 
 standard gold and silver, 382 ; 
 the pound troy preferable to 
 avoirdupois, 511 — (See Weight) 
 
 Turheij, our trade with her can- 
 not be carried on without the 
 export of bullion thither, 151 
 
 Tuscany — (See Italy) 
 
 U. 
 
 United Provinces — ^(See Holland) 
 
 " Universal Merchant," the work 
 cited and commended, 412, 
 . note 
 
 Use, first use of money, 9 ; second 
 and third uses of money, 9, 10 ; 
 use and delight the origin of 
 value and price, 18 ; admirable 
 adaptation of natural products 
 to their various uses, 347 : but 
 few ready fitted for use, ib; 
 necessity and advantage of la- 
 bour and industry, ib. 
 
 Usury, taking usury for money its 
 most unnatural use, 10 ; usury 
 of place andtimedistinguished, 
 ih. ; absurdity of our laws for 
 limiting interest of money, 
 167 
 
 V. 
 
 Value, Intrinsic and extrinsic value 
 of money, 12, 13, 187, 517; 
 use and delight the origin of 
 value and price, 18; relative 
 value of gold and silver among 
 different nations at different 
 times, 18, 19, 29, 135, 274-279, 
 304, 325; fall of the precious 
 metals in value during interval 
 from 25 Edward III. to 1675, 
 67 ; if the mint value of money 
 be raised the price of commo- 
 dities riseth with it, 78, 87, 
 128; persons who suffer most 
 by the raising of the nominal 
 value of money, 79, 85, 308, 
 323, 327, 330 ; evils and con- 
 fusion that would arise from 
 reducing money to the low- 
 nees of ancient values, 97- 
 101 ; instances of the exces- 
 sive raising of the value of 
 money by different nations, 
 115, 118; how the value in 
 extrinsic denomination of the 
 gold and silver in English 
 coins has been raised from 
 Edward I. to 1 William and 
 Mary, 187-199 ; resume show- 
 ing the extrinsic value to have 
 been trebled in that time, 199, 
 200 ; debasing the coin con- 
 trasted with raising its extrin- 
 sic value, 200, 306; illustra- 
 tions of Mr. Lowndes' plan for 
 
 » raisingthe value of money, 201, 
 219, 237, 238, 241-253; when 
 the extrinsic value of silver in 
 coin is less than its price in 
 bullion, the coin will be melted, 
 206; Mr. Lowndes' proposal 
 for degrading the standard by 
 raising the nominal value of 
 coin chiefly defeated by the 
 vigorous resistance of Mr. 
 Locke, 261 ; there is a change 
 in the value of gold and silver 
 as often as there is a change in 
 their quantities, but this does 
 not hinder them from being 
 measures of value, 299, 306; 
 the values of gold and silver 
 proportional to their weight 
 and scarcity, 303; the legal 
 or mint value of gold and 
 silver is the value put on them 
 by the laws of each country, 
 
INDEX. 
 
 635 
 
 Value : — 
 
 303 ; market values of gold and 
 silver in England and Ireland 
 contrasted, i6. ; the real or na- 
 tural value of gold and silver 
 cannot be raised or lowered by 
 the authority of a prince, 306, 
 393, 394 ; this governed by 
 weight, scarcity, and demand 
 for them 306, 393; money 
 may by law be raised in two 
 ways and lowered in two ways, 
 306 ; a change in the legal 
 value, of money 17111 cause a 
 proportional change in the 
 value of commodities, 306, 393 ; 
 example, 306, 308; general 
 rule for determining the pro- 
 portion of the mint value of 
 alloyed or fine gold to fine 
 silver, 309; examples, ib. ; 
 rules for ascertaining the Eng- 
 lish value of foreign gold and 
 silver coins, 309, 310 ; exam- 
 ples, 310, 311 ; raising the no- 
 minal value of our coin will 
 not prevent one farthing from 
 going out, 315; in trade regard 
 is had only to the real value or 
 weight of gold or silver in coin, 
 315,324, 331, 455; illustrations, 
 lb. ; shrewdness of the Dutch 
 in the time of the Mississippi 
 scheme in buying up French 
 commodities with French mo- 
 ney raised in nominal valvte, 325; 
 in trading countries the values 
 of commodities are governed 
 by the rates which foreigners 
 give for them, ib. ; in wealthy 
 countries the value of labour 
 is much greater than that of 
 land, 348 ; value of labour to 
 that of land in England com- 
 puted as 7 to 2, 349; great 
 value of arts and industrj^ ib., 
 note; value of things, how es- 
 timated, 350; value in use 
 and value in exchange, ■ ib. ; 
 natural more than artificial 
 products subject to variation 
 in their value, 351 ; things are 
 more valued the farther they 
 are from where they were pro- 
 duced, ib. ; the price of labour 
 the chief standard that regu- 
 lates the value of all things, 
 352 ; some estimate of the value 
 of labour, i6.; money a, standard 
 measure and also the value 
 
 Value : — 
 
 or equivalent for which goods 
 are exchanged, 370, 372 ; the 
 value of money shoiild be per- 
 manent or unalterable, 872 ; we 
 reckon by money but labour and 
 skill are the main standards by 
 which the value of things are 
 ultimately ascertained, 373 ; 
 alleged that silver is less sub- 
 ject to variation in its value 
 than gold, 386, 387 ; the more 
 money there is in currency the 
 less the value of a given sum 
 in proportion to other things, 
 and vice verad, 391, 392, 397 j 
 illustration, 391, note, 392, 393; 
 laws cannot regulate or alter the 
 real value of money, 393, 394 ; 
 value of bullion not according 
 to its prime cost, 394, 395, 398; 
 money alters its value by slow 
 degrees, 395, 396, 398; the 
 value of any particular com- 
 modity will bear nearly the 
 same proportion to the sum 
 total of commodities disposed 
 of within a given time as the 
 said value bears to the sum 
 total of money circulating 
 within that time, 398, 408 ; 
 merchants should know exactly 
 the true proportional values 
 of the monies of all countries, 
 420; table showing the pro- 
 portion borne by fine gold to 
 fine silver from the Conquest 
 to 1758, 444; why coin and 
 bullion of the same metal and 
 fineness are not always of the 
 same value, 468, 469 ; all con- 
 tracts and the prices of com- 
 modities are measured by the 
 standard and not by the in- 
 trinsic value of coins where they 
 pass by tale, 490; gold and 
 silver have been continually 
 sinking in value from the con- 
 tinual increase of their quan- 
 tity, 500; the real value of 
 coins depends not on their 
 names, but on what quantity 
 they contain of fine gold or 
 silver, 517; gold and silver 
 coined and uncoined of the 
 same weight and fineness are 
 of equal value, 518 ; inquiry 
 into the value of the ancient 
 Greek and Roman money, 527- 
 587 j tables showing the deno- 
 
636 
 
 INDEX. 
 
 Value ! — 
 
 minations of the principal 
 Greek and Roman coins, and 
 their values in sterling money, 
 589-693— (See also Standard) 
 
 Vanity, though ruinous to indivi- 
 duals is yet perhaps beneficial 
 to the community, 366 
 
 Varro de re Rustica, referred to, 
 652 
 
 Vaughan, Rice, his Discourse of 
 Coin and Coinage, 1; referred 
 to, 509 
 
 Venice, the carat aVenetian weight, 
 382, note ; the Bank of Venice 
 the oldest in Europe, 412 
 
 Vice, the suppression of vice, sloth, 
 and all kinds of immoralities 
 a means of producing industry, 
 367 
 
 Villages, relative advantages en- 
 joyed by towns and villages, 
 359, 360 
 
 Villalpandus cited, 554 ; quoted as 
 to the various weights of de- 
 narii coined at the same time, 
 563 
 
 Vihmviiis, cited with regard to 
 copper oboles, 533, 534, 551 
 
 Vopiscus, cited as to the national 
 degradation consequent on the 
 corruption of its money, 125 
 
 W. 
 
 Wages of labour an index to prices 
 of necessaries, 59 ; wages, temp. 
 Edw. III., and in other reigns, 
 59,60-64; sufferings of labour- 
 ers on statute wages incident 
 to a degradation of the coins, 
 130; the price of labour the 
 chief standard that regulates 
 the value of all things, 352, 492 ; 
 where labour is cheap laud also 
 will be cheap, 353; where the 
 price of labour is insufficient to 
 support the labourer and his 
 family, he has a right to 
 charitable aid from his opulent 
 neighbours, 354 ; mechanics 
 eara more than labourers, 355 ; 
 the wages of day-labour paid 
 in silver, 387, 492 ; this con- 
 duces to preserve an evenness 
 and permanence in the value 
 of this metal, 387 
 
 War, extent to which our trade 
 has been affected by war, 210 ; 
 
 War .— 
 
 consideration of the policy of 
 re-establishing the clipped sil- 
 ver coin during war, 250 
 
 Watch, the balance-spring in a good 
 watch is worth above a million 
 times the value of the steel, 
 348, note 
 
 Wealth, nature and origin of wealth 
 and commerce, 347 ; land and 
 labour the sources of all wealth, 
 347, 348 ; wealth consists either 
 of property in land, or in the 
 products of laud and labpur, 
 348; of the comparative riches 
 or wealth of nations, 363, 365 ; 
 a good government is itself a 
 most valuable treasure and a 
 main source of riches, 363; 
 great mineral wealth of Britain, 
 364, note J the products natural 
 and artificial of a nation, 364 ; 
 it is in the products of arts 
 that riches chiefly consist, 365 ; 
 universal desire to increase in 
 wealth, ib. ; industry the source 
 of wealth, 366; the number 
 of industrious people and not 
 money is what enriches a 
 country, 400 
 
 Wear and Tear, loss by, and rate 
 of wear on silver coins, 305 ; 
 illustration, ib. 
 
 Weight, mode of computing the 
 fineness and weight of gold and 
 silver in Prance and England, 
 13; weight the ancient mode of 
 measuring gold and silver, 14, 
 15, 378, 456 ; instances drawn 
 from Holy Scripture, 15; rela- 
 tive weights of gold, silver, 
 lead, tin, iron, copper, &c., 22, 
 305; arguments in favour of 
 making payments by weight, 
 109 ; money payment of crown 
 rents by weight, temp. William 
 the Conqueror, 172 ; all light 
 money, temp. Edw. I., paid by 
 weight to the king's changer 
 to be recoined, 173; compu- 
 tation of the common weight 
 of a hundred pounds by tale 
 in ordinary silver money in 
 1695, 258, and in 1729, 305 ; 
 weight and fineness of our gold 
 and silver coin, 274, 279, 382 ; 
 the real or natural value of 
 gold and silver governed by 
 weight, scarcity, and demand, 
 306 ; foreigners regard only 
 
Weight .- — 
 
 the real value of gold or silver 
 in coin, 315, 466 ; our pre- 
 sent weights and divisions of 
 money, 379 ; difterence be- 
 tween troy and Tower weight, 
 379, 444; Tower and Saxon 
 weight supposed to be identi- 
 cal, 379, 444, note ; tliis weight 
 abolished, temp. Henty VIII., 
 379, 444, note; composition 
 of a pound troy of gold and 
 silver, 382 ; table showing 
 the several alterations in the 
 standard and weight of our 
 silver money from the Norman 
 Conquest to 1768, 444; ob- 
 servations thereon, 444, 4S0 ; 
 necessity for standard mea- 
 sures of all sorts, both as to 
 weight and extension, 452, 453, 
 510-512; they must be units, 
 510; they and their parts 
 and multiples should be kept 
 in proper places for reference, 
 510, 511; plan for making 
 them available to the public, 
 ib. ; impolicy of having the 
 pound troy and avoirdupois, 
 511 ; weights, &c., of various 
 ancient Greek and Soman 
 coins, 527-593; so far as the 
 discovery of the Roman pound 
 depends on their coins it must 
 be obtained from the gold ones 
 alone, 530; the Greek coins 
 were not only money but 
 weights, 632; comparison of 
 Dutch and English weights, 
 639 and note ; weights of va- 
 rious Egyptian coins, 545, 546; 
 weight of the Euboic talent, 
 646, 682; weight of Eoman 
 gbld money, 661 ; the denarius 
 not used as a weight till adopted 
 as such by "the Greek physi- 
 cians in Eome,i6.; comparison 
 of the ancient with modem 
 Roman weights, and with troy 
 and French weights, 552, 653, 
 656, 569, 561, 568, 569; ob- 
 jections to the pound weight 
 derived from the contents of 
 Vespasian's congius, 565, 667 ; 
 our books of pharmacy call a 
 
 INDEX. 637 
 
 Weight : — 
 
 wine pint of any liquor a 
 pound, 557 ; difference in the 
 specific gravities of various 
 liquids, 557, 567 ; confused and 
 contradictory accounts given of 
 the Eoman weights, 667, 668 ; 
 by treaty between the Romans 
 and Antiochus the weight of 
 the Euboic talent is set at 80 
 Roman pounds, 582 
 West Indies, effect of the discovery 
 of, on wages, &c., 59, 304 ; 
 great quantities of gold and 
 silver brought thence hither, 
 61, 67, 304; consequent glut 
 of these metals, 68 ; one of the 
 Indies drains away a great part 
 of the superfluous bullion of 
 the other, 397 
 Wheat, price of, temp. Edward III., 
 63, 64 ; price of, temp. Henry 
 
 VII. andinl729,299; suitable- 
 ness of wheat for a reserved rent 
 which is designed to be con- 
 stantly the same in all future 
 ages, 387, note 
 
 WiUiam I., payments in kind for 
 crown rents converted into 
 money payments by weight in 
 his tim_e, 171 
 
 WilUam and Mary, proceedings in 
 their reign regarding money, 
 184, 199, 206, note 
 
 Wolsey, Cardinal, one of the Com- 
 missioners appointed by Henry 
 
 VIII. for altering the stan- 
 dard and values of the king's 
 money, 21, 27, 61 
 
 WorJsmen — (See Labourers) 
 
 Xenophon referred to regarding 
 
 the purity of Attic silver, 533, 
 
 as to value of Asiatic siglus, 
 
 648 ; as to value of the Persian 
 
 ' daric, 573 
 
 Tard — (See Measures and Stan- 
 dard)