''^■ 
 
 
 THE UNIVERSITY 
 
 OF ILLINOIS 
 
 LIBRARY 
 
 ^.6 
 
 
 
 !1?
 
 
 ^Wm^f:
 
 ' \ W' "/ ^' 
 
 CONSIDERATIONS 
 
 ON THE 
 
 Silver Currency, 
 
 RELATIVE TO BOTH THE GENERAL EVIL 
 AS AFFECTING THE 
 
 EMPIRE", 
 
 AND THE 
 
 PRESENT ENORMOUS PARTICULAR EVIL 
 
 IN 
 
 IRELAND. 
 
 WITH AN 
 
 APPENDIX, 
 
 CONTAINING A 
 
 REPORT OF SIR ISAAC NEWTON 
 
 ON THE 
 
 STATE OF THE GOLD AND SILVER COIN, 
 IN THE YEAR 1717- 
 
 AND ALSO 
 
 SOME TAi^LES RELATIVl TO THE 
 SAME SUBJECT. 
 
 DUBLIN : 
 P^Tvr.T) roK J. MILIKEN, 5^, G....ton stk.it. 
 
 tS-
 
 JOSFPH HILL, Printer, 
 Copinger's-row.
 
 CONSIDERATIONS 
 
 ON THE 
 
 Silver Currency. 
 
 'pHAT the prefeDt ftaie of the Silver Currency 
 in the greater part of Ireland, is an evil of 
 the firft magnitude, every one feels. When a 
 perfon fuffcrs under a great inconvenience or 
 misfortune, he naturally endeavours to invefti- 
 gate the caufes thereof, with a view, either to 
 find out a remedy, or, if it admit of no prefent 
 remedy, to make up his mind to bear it with 
 patience. What is faid of an individual may in 
 general be faid of tlie community. However in 
 the prefent cafe, the evil which every one has 
 long felt and acknowledged, has not had the cf-^ 
 feil of calling forth any one to explain and lay 
 open to public view the caufes thereof. It often. 
 B
 
 4 
 of courfe becomes a topic of converfation, but 
 is generally iDcniiuned in fuch a Jiianncr as to 
 fhow that little is unclerHood of the true fourcc 
 of the evil, or of the relative natures of the cur- 
 rencies of Gold and Silver. The prefein V^^riter 
 therefore, though late, is induced to offer a few 
 confidcrationson this fubjed ; in which bis ob- 
 jeds arc to endeavour to place in a limple and 
 clear point of view, the taufes of the general 
 fcarcity of the Silver Currency affeding the 
 whole empire, and alfo of that enormous parti- 
 cular fcarcity under which Dublin and the great- 
 er part of Ireland at prcfent labour. By enter- 
 ing into a detail remedies naturally fuggefl them- 
 Iclves. A principal motive alfo with him in 
 drawing up this ffatement, has been the hope 
 that it might induce fome peribn, who by his fu 
 taatiou may have accefs to the beft information, 
 to make plain to the people the caufes of the 
 evil they fo much feel, and if no prcfent remedv^ 
 can be adminiftcred, at leaft to lliow them that 
 iheir fituation is not unattended to. This he thinks 
 is due both to the People and to the Government 
 itfelf, the prefect individuals of which, it can- 
 not be doubted, are as anxious to promote the 
 comforts of the People, as the People are to par- 
 take of every comfort that can be afforded. 
 
 This evil of the Silver Currency is no new 
 evil — the empire at large has fuffered by it much 
 inconvenience for a century nearly ; and once
 
 J) 
 before, Ireland has been aiTcvrled to an extent al- 
 nioft equal to our prefciu niifchief. A remedy 
 was propofcd by the great Newton, a long time 
 Matter ot his Majeflys Mint, for the geneial evil, 
 which, had it then been adopted in its full ex- 
 tent, would in a great nicaturc have been effica- 
 cious. It was not adopted in Ireland even to 
 the extent it was in England, wliich oecafioncd 
 the greatell inconvenience, till at lad a farther 
 remedy became abfolutely neceliary. 
 
 The hiflory of tlxfe two circiimflances will af- 
 ford much illuflration for the prelcnt times — the 
 former is amply detailed in a Report made by 
 Newton himfelf, and which is licre fubjoincd '^. 
 The particulars of the local evil under which 
 Ireland laboured for above ten years, noiuith- 
 ftanding the great exertions of Primate Boulter, 
 are «ilfo hereafter related. 
 
 The current coin of a country generally con. 
 fiPts of Gold and Silver, which are thcmlelves ar- 
 ticles of both foreign commerce and home £on- 
 fumption. If the value of either of them as an 
 article of foreign export or houic confumption, 
 exceed its noUiinal value in coin, it will be 
 converted to thofe purpofcs. Thus if Silver in 
 coin be worth only 5s. ^d. an ounce, and as an 
 article of commerce be worth 5s. 6d. Silver will 
 
 • Vide Appendix,
 
 6 
 
 be withdrawn from circulation ; — and although 
 the Laws of the Country forbid both the expor- 
 tation of coin, and its converfion into bullion, 
 yet intereft will produce an evafion of thefe 
 Laws. The Silver Coin would by degrees difap- 
 pear, and the inconvenience in all the details 
 of trade would increafe as the quantity of Silver 
 Coin decreafe, till at laft, unlcfs remedied, the 
 moft deplorable mifchief might be occafioned. 
 
 As remedies we may reckon, 
 
 Firft, A deteriorated Silver Currency adopted 
 by tacit confent 
 
 Secondly, Supplyijig the place of the Coin by 
 reprefentatives *. 
 
 Thirdly, A legal diminution of the weight of 
 the Silver Coin, fo that its nominal value as 
 Coin Ihall exceed its value as bullion. 
 
 Fourthly, A redu6lion of the bullion price of 
 Silver, by increafmg the quantity iu the market, 
 or by leflening the demand. 
 
 The impropriety of the firft remedy fpeaks for 
 itfelf. 
 
 • Copper Coin and Paper Notes for I'mall lums may be con- 
 iidered as reprefentatives but of a very diiferent nature.
 
 7 
 The inconveniencies of the fctond may be 
 eafily fho^vn. 
 
 The third remedy feems at firft frght extreme- 
 ly fimplc, but a nice adjuftment is requifite. If 
 the diminution be too great, it may incite coin- 
 ing at home, and the pouring in of imitations 
 from abroad. A government under particular 
 ci.rcuniftances might, to ferve a temporary pur* 
 pofe, occafion an exceflive iflue, and above all, 
 a depreciation might take place, by which the 
 remedy would be entirely inefficacious. 
 
 The fourth remedy, when practicable, fecms, 
 generally fpeaking, liable to feweft objedlions. 
 A variable nominal value of the fame piece of 
 Silver can fcarcely be called a remedy, when the 
 very general ufes of Silver in the fmall details 
 of trade are confidered, and therefore is not iic- 
 ticed as fuch. 
 
 Let us apply thefe obfcrvations to the {late of 
 the Gold and Silver Currency of the Briiifh em- 
 pire. Since the reign of Elizabeth no alteration 
 has been made in the purity or weight of the 
 fame denomination of Silver coined at the Mint 
 in the Tower— the pound Troy of flandard 11- 
 ver, that is, ii ounces 2 penny weights of fine 
 lilver, and 18 penny weights alloy, is coii.cd 
 into 62 Shillings. In the reign of Charles II. in 
 the year 1663, when the Guinea was fird coined.
 
 8 ■ 
 it was ordered that a pound Troy of ftandard 
 Gold, that is, ii ounces oi fine Gold, and one 
 ounce of alloy, fhould be coined into 4.4 Guineas 
 and an half» 
 
 From the iBth of Charles II. no charge was 
 made at the Mint for the expenfe of coining An 
 equal weight of Coin was returned for bullion ; 
 henceforward, therefore, the price of the bullion 
 could not be inuch Icfs than its uominal price in 
 Coin : this regulation confequently placed all the 
 foreign Coins upon the fame footing as the Krjg- 
 liih. The Guinea on its firft coinage was in- 
 tended for a 20 fhilling piece, and was iHued as 
 fuch y at which rate * 14 pounds and an half of 
 fine filver was eflimated equal to one pound of 
 fine Gold — »but in the reft of Europe at that time 
 one pound of fine gold exchanged for about 15 
 pounds of fine filver. In China, a pound of gold 
 has been at all times only equivalent to about 
 10 or 1 1 I pounds of filver. 
 
 * It is not ealy now to difcover why the Gold was fixed fo 
 low at the coining ot the Guinea, yet it was much higher then 
 tliaa it was at the firft coinage 6t' Charles II, when 141 grains 
 oi" ftandard Gold were ufed lor the 20 ihillings piece, called 
 a Unit, whereas the Guinea weighed only i 29 grains and an 
 hall. The Units were ot the fame weight as the 2cs. piece 
 of the Commonwealth and ot Charles I. 
 
 t This was about the proportion which exifted in England 
 Iftefore tke difcovery of America.
 
 9 
 
 It might hkve been expefted that the Gui- 
 nea, being iffued at fo low a value as 20s. 
 would have foon difappeared, and filver would 
 have flowed into England rather than gold ; but 
 the contrary happened ; the Guinea foon rofc in 
 value to 21s. 6d. and was | occafionally higher. 
 At us. 6d. a pound of fine gold was equiva- 
 lent to 15 pounds 7 ounces of fine filvcr, which 
 was more than it was worth in the reft of Eu- 
 rope. The eflfecl of this high price of gold was 
 to occafion the importation of gold rather than 
 iilver. 
 
 Il is not eafy to afcertain the precife caufes 
 why gold rofc fo high in value, our prefent en- 
 quiry is only concerned with the effects of it — 
 it certainly tended to leflen confidcrably the im- 
 portation of hivcr; the confequence of which 
 was, that the demand for filver was partly fup- 
 plied by meliing dovvn or exporting the coin * ; 
 
 X Folkes on Englifti Silver Coin, p. 126. 
 
 • From the commencement cf the reign of Charles I. in 
 1625, to the end of the rei^n of William and Mary, in 
 
 1694, above 13,000,000). fler^ing of filver were coined at 
 the Tower. The clipping of filver commenced in the reign 
 of James II. which was much more profitable than export- 
 ing or melting down the fpecie; and therefore afterwards we 
 may fuppofe no great diminution of tlie Silver Currency took 
 place from the latter meihodv— yet, at the great recoinage in 
 
 1695, not more than five rrilHoi.s of fiUer in coin appeared
 
 but fo much filvcr had been coined in the reigns 
 of Charles I. and II. f , that allowing even a con- 
 fidcrable ihare to have been melted down or ex- 
 ported, enough remained for the purpofes of a fil- 
 vcr currency. But an entire ftop to melting down 
 or exporting the fiiver coin foon look place, 
 by its deterioration, principally from clipping. 
 This, which fcems to have commenced, at leaft 
 to have become much noticed J in the reign of 
 James XL became, in the firft years of William 
 III. very general, and extended almoft to all 
 the filver currency of the kingdom. 1 he confe- 
 quence of which was, that the holders of the 
 coin expe6led the lafs would ultimately fall upon 
 themfelvcs, and of courfe a depreciation took 
 place ; — every mark of a depreciated currency 
 foon appeared — every thing rofe in nominal va- 
 lue — the Guinea by degrees reached to 30s. * — 
 
 to exift, as we may conclude from the amount of" the clipped 
 money brought in, which was nearly all the current filver of 
 the nation. Thus then a very coniiderable quantity muft have 
 been melted or exported in the reign of" Charles I. and II. and 
 hence it muft loilow, that filver was then moie valuable as 
 bullion than as coin. 
 
 t Above 12 millions -fterling, 
 
 J See a quotation from lowridess EfTay on Silver Coin, 
 p. 119; Smart's Tables of Inteieft, &c. I have not been able 
 to meet with the Effay itfelf. 
 
 * The predelidion for the Guinea is here again fliown— 
 Silver bullion and exchange only rofe 25 per cent^— th'' Gui- 
 ■ tiea roft Dear 40 per cent.
 
 II 
 filver bullion was at 6s. ^d. an ounce — the eJi:- 
 change with Holland was 25 per cent above 
 par — but the deterioration far exceeded the de- 
 preciation-— it amounted nearly to 50 per cent. 
 Wc find that 4,695,3031, fterling, of clipped 
 lilver only weighed f 790,860 pounds Troy, in- 
 Oead of 1,514,6x4 pounds. At lal^ no hope of 
 remedying the evil was left but by recalling the 
 old, and iffuing a new filver coinage. This was 
 done at vaft trouble and expenfe to the Govern- 
 ment, as well as of great temporary inconveni- 
 ence to the nation J. 
 
 It is curious to remark, how men, conhdcred 
 as the moft capable of judging in ihefe matters 
 differed. Mr. Loundcs, in his Effay for the A- 
 mendment of the Silver Coin, conceived that rhe 
 
 t Folkes on Silver Coin, p. 117. — Alfo the above menti- 
 oned quotation iiom Loy.ndcs's Eflay, 
 
 J I cannot help quoting liere a pafTage in Bifliop Fleet- 
 wood's Chronicon Pretiofuni, p. 57, fpeaki ig ot the recoin- 
 age he fays — " It will be much tor the honour of the late 
 reign to have remedied the gic.:uetl abufe of money, that was 
 ever known in England, at a time of the greateft danger and 
 expenfe, with very litile gric nnce to th^ ijeople. But fure, 
 it is better to prevent a nio;L';;ite miichiel, than ledrefs a very 
 great one : and perhaps, a Proci imalion of ilirce or four line.':, 
 tbrbidding any clipped money to be received into the King's 
 Exchequer in i6go, would ha\e prevented the clipping and 
 fj)oiling five millions."
 
 IS 
 
 incrcafed price offilver bullion nas not occafioh- 
 ed by the depreciation of the currency, but by 
 the increafed value of filver. He recommended 
 therefore, that, at the new coinage, a pound Troy 
 of ftandard filver Ihould be coined into 77 fhil^ 
 lings, inftead of into 62. Had this been done, 
 exacTtly the fame evil would have followed as 
 from the clipped money. Mr. Locke ftrenu- 
 ouOy oppofed this proje6l in his Eflay, entitledj, 
 ** -Further Conliderations concerning raifing the 
 Value of Money," and contended that no altera- 
 tion ought to be made in the ftandard, and that 
 filver bullion could not potfibly exceed its price 
 in Coin, except by a trifling advance, oecafioned 
 by a greater demand for bullion than coin. He 
 obferves — " No body buys bullion at above 
 '^ 5s. 2d. the ounce, (which is the juft value) for 
 '' any other reafon but to avoid the crime and 
 *' hazard ol melting down the coin." The event 
 foon {bowed the fallacy of both their reafon- 
 ings ; but the error of Mr. Locke was trivial 
 compared v/ith that of Mr. Lowndes. 
 
 Many obflacles were oppofed to prevent the pub- 
 lic long deriving advantage from the new coin- 
 age. At the very time this coinage was iffuing, 
 it appears the value of filver in bullion was 
 above the nominal value in the fiew coin, for 
 the Mint was iinpov»/ered by ad of parliament 
 to give 5s, 4d. per ounce for bullion. Thus 
 at'iirft a caufe exifted which would gradually de-
 
 13 
 prive the nation of the benefit naturally cxpc(5^- 
 ed from this reformation of the filver coin Sil- 
 ver was fold in the market at 5s. 4.6. an ounce, 
 certainly not much under, and delivered in coin 
 at the rate of 53 2d. an ounce *. At this time 
 the guinea which had rifen to 30s. was gradual- 
 ly lowered by ad of parliament to 22s. Here it 
 feems parliament unnecefTarily interfered — for 
 great profits alwayvS while they laft produce com- 
 petition, and the guinea foon fell to its old rate 
 of 218. 6d. It is not here neceflary to enter in- 
 to the caufes why it did not fail ftill lowcr-^ 
 while it remained at that price, it was the prin- 
 cipal caufe which prevented the filver buUicii 
 from falling fo low as the filver in coin. Rec- 
 koning the guinea at il. is. 6d. and it is to be 
 remembered, that all fgreign gold coins and bul- 
 lion in England are to be coniidercd as guioeas, 
 the pound of fine gold was equivalent to 15 
 pounds 7 ounces of fine filver nearly ; whereas 
 generally in other countries of Enrope, it was 
 worth only about 15 pounds of fine filver. Thus 
 gold w as more valuable as an article of importa- 
 tion than filver — and filvex more valuable as an 
 
 ^ A profit of 2d. an ounce may aj>pear 100 trifli/ig to in- 
 duse perfor.s 10 venture to melt down Mint fiber. Bu: l';r il 
 be confidered what quick returns mny be made whtn new 
 Mint filver is plentiful, and how ol;en in a fhort fpace a pro- 
 fit of above 3 per cent, may be rejieated, and that without 
 much rifle of difcovery. Thus the n.ii'cLief that has been done 
 may be cafily acco'.inicd tor
 
 H 
 article of exportation than gold. In this way 
 the price of filver in bullion was kept higher 
 than its Mint price — hence a continued tranfi-* 
 tion of the filver from the Mint to the crucible. 
 The comfort to internal trade from the recoin- 
 agc foon began to diminifh, and only the filver 
 which had fuffered by wear remained in circula- 
 tion. The inconvenience occafioned to trade by 
 the fcarcity of the filver currency increafed fo ra- 
 pidly, that only twenty-two years after the re- 
 coinage it was indifpenfably neceflary to feek for 
 fome regulation to prevent the melting of the 
 coin. This happened, notwithftanding above 7 
 millions of pounds Oerling in filver had left the 
 Mint fince the recoinage. Sir Ifaac Newton, 
 who for many years had been at the head of the 
 Mint, was defired to make a report on this oc- 
 calion *. By his report it appears, that at that 
 time the value of filver in bullion was from 2d. 
 to 3d. an ounce greater than in coin — that this 
 great price was occafioned by the demand for 
 filver for exportation rather than gold, becaufe a 
 guinea in England would bring 21s. 6d. whereas 
 it would not on the Continent bring more than 
 20s. 8d. He obferves, that during the preced- 
 ing fifteen years a great quantity of foreign gold 
 had been brought in and coined, but no foreign 
 
 • Vide his Report in the Appendix.
 
 ^5 
 filver f . The remedy he propofed for this in- 
 convenience Avas to lower the value of the gui- 
 nea to 20S. 6d. by which foreign filver would 
 be brought in to purchafe guineas, and guineas 
 exported rather than filver, as they would be 
 worth more than at home. This was on the 
 principle of reducing che market price of filver 
 in bullion to an equality with its price in coin ; 
 for unlels the bullion price of filver was lower- 
 ed, the end propoied, prcferving the filver coin 
 could not be obtained — it was to be effefted by 
 the intervention of gold — gold was increaling 
 in the country, as appeared by rhe quantity that 
 had been brought into the Mint to be coined *, 
 and, therefore, Sir Ifaac Newton's remedy was 
 apparently certain. However the reduftion of 
 the guinea was not adoped to the extent propof- 
 ed. It was only reduced to 21s. This rcdudion 
 
 •j- Above feven millio.ns pounds fier!i;ig were coined in fil- 
 ver in the fix laft yea^s pf King William, ana only about 
 500,000!. during the reigns ot Anne and George I. a f!.,ace 
 oi 26 years. 
 
 • Almoft II millions fterling in gold were coined in ilie 
 reigns of Anne and George I. and only, as was obfcived, 
 about 500,oocl. in fiiver. Ii may be fiid that much of this 
 gold might have been coined alter 1717 — yet ac the guinea 
 was then only lowered to 21s. inftead ol 2cs. 6d. as Newton 
 recommended, this would feive to flrengthen hi- ^rjument.
 
 10 
 
 took place by proclamation on the lid of De- 
 cember, 17 1 7 f. 
 
 Probably the injury the holders of gold would 
 fuffer by fo great a redudion as that propofed, 
 was urged as an objedion. Undoubtedly they 
 would have had a claim to compcnfation. The 
 produce of a tax could never have been better 
 applied than to fuch a purpofe, which would 
 have infured the comfort of a filver currency ; 
 the value of which may be well cftimated by 
 the degree of mifchief occafioned by the want of 
 it. This reduction of the guinea to 21s. feems 
 to have had little eifect in promoting what it wa« 
 intended for, which is partly to be attributed to 
 not doing it ro the extent propofed, and alfo to 
 the increafed demand for filver for the purpofes 
 of trade, which has gradually advanced its bul- 
 lion price when compared with gold ; and like- 
 wife to an accidental circuml^ance, the filing of 
 the gold coin ; which foon following the reduc- 
 tion of the guinea, adled fimilarly to a re-ad- 
 vance. 
 
 It is much, even now, to be regretted, that 
 the Government, inltead of not adopting, did 
 
 t It feeais v or'>y of remark, that till this time the gui- 
 'neas coined a; the Mint were only eftimated at 20s. in the 
 Mint returns, and of coiirfe all the 'guineas coined tor many 
 years mull have been coined for the iJank of England, or in- 
 dividuals.
 
 17 
 i5ot excted the extent of Sir IfaaC Newton's 
 propofed redii<5^io.n, and lower the value of 
 the guinea to 20s. The eifed of this would 
 have produced an abundance of filvcr coin for 
 the purpofes of internal trade, till within a very 
 few years, if not to the prefent time. So much 
 filver would have been coined, that although the 
 beft of it might have been fince remelted, yet 
 enough of worn filverwo-uld doubtlefs have remain- 
 ed in circulation to anfwer every purpofe. Add t© 
 this a convenience, a minor one It is allowed, 
 but in itfelf by no means inconfidcrable — the 
 guinea would then have been what it was fivfi; 
 intended for — a 20s. piece. But it will be ob- 
 je(5^ed, had the guinea been reduced to 2 -s. in 
 ihe year 1718, filvcr might have poured in too 
 faft. It may be granted there would have been 
 a confiderable flow, but not to occahon any fc- 
 rious inconvenience; the increafnig demand for 
 
 filver bullion would foon have remedied it, 
 
 which it was reafonable to expe<5l progreffive 
 from feveral circumllances. 
 
 On the other hand it may be faid, that a pro^ 
 clamation of the^Govcrnn^ent reducing the gui- 
 nea to 20s. would have been inellicacious, that, 
 as happened in the reign of Charles II. the gui- 
 neas would be of higher value in the marke't— 
 they would bear a premium- To this it is an- 
 fwcred, that the circumftances were very differ- 
 ent. In the reign of Charier M, gold feems to
 
 have been fcarce ; it had been flowing into Eng- 
 land for above forty years preceding * 171^; 
 there was then a great quantity at market, and 
 a fuddcn check on its value would have, as in 
 other commodities, a tendency to keep its price 
 rather below the level f. 
 
 Thus we have feen, that circumftances have 
 • exifted for nearly a century and an half, to de- 
 prive us of a filver currency, not deteriorated— 
 this has been effedledlong fmce. A ftranger might 
 alk, how then have all thole mifchiefs been pre- 
 vented, which muft arife from the non-exiftence 
 of a currency of middle value for the details of 
 trade ? It may be anfwered, by help of a deterio- 
 rated currency, viz, by Mint filver much worn— 
 by fmallgold quarter guineas, 7s- pieces^ &c. but 
 principally by the aflidarjce of the coiners, who 
 hav^e fupplied {hillings of every defcription, from 
 thofe intrinfically Morth lod. to thofe not worth 
 id. Lately the afliflance of a foreign filver cur- 
 ' rency has been again adopted. In this way they 
 have been enabled to rub on, but with much in- 
 convenience in England, and alfo in Ireland till- 
 lately. 
 
 « See the ftatement of the coinage in the Appendix. 
 
 f It may be faid that this would have been an expenfive 
 remedy to the nation. It does not appear poffible to have 
 then devifed any other remedy, except that of lowering the 
 
 weight of the fhiHing.
 
 ^9 
 The remedy that might have been adopted in 
 the time of Sir Ifaac Newton, and have been ef- 
 fedual perhaps even to the prefent time, cannot 
 now be applied. We can no longer aft upon 
 the bullion price of filver through the medium 
 of gold. Bullion filver is frequently far above 
 the Mint price, and at the fame time gold not 
 increafing in the market. The bullion price of 
 ftandard gold is now 4I. per ounce, and of 
 filver * 5s. 6d. per ounce paper currency ; or 
 allowing a depreciation of Bank of England pa- 
 per two and an half per cent, the prices will 
 be 3I. 1 8s. and 5s. 4dh. nearly. This w^as the 
 price of bullion filver when Newton wrote, but 
 gold is not now flowing in as then. We are 
 informed from the evidence before the late Com- 
 mittee of the Houfe of Commons, on Irifh ex- 
 change, that the quantity of gold bullion in the 
 Englifli market is very fmall I, while we know 
 
 « Thefe li^'.e been the late price;- — but during the laft fix 
 years the aver:5ge ^price of lilver has been much higher. 
 However, lor I'everal years preceding that period ihe average 
 price of iilver was not much above the Mint price f. The 
 ptices ot both gold and iiher bullion have alfo been for fomc 
 time paft very variable. This variable price would be iatal to 
 a new filver ccin.iee, even il the bullion price Ihould be occali- 
 onally beIo.\ i-. c- Mint price at the prefent ftandard. The 
 price of gold Lul.iun lias once reached 4I. 4s. per our.ce. 
 
 \ Minute. .)! E.idcncc, pages 6 aii'l 42. 
 
 •j- Lord KinjV EIT.iy on Ban!-. Kl-O licl'.or.s. ArirPP..-'.'-: 
 Idit. 2, 
 
 D
 
 20 
 
 that filver is in fufEcieni plenty. This fecms to 
 Ihow that the value of filver relatively to gold 
 in England has now exceeded the relative va- 
 lue in thofc places from which our importati- 
 ons are made, j he above proportioi) of prices 
 gives 14 pounds 7 ounces of fine filver for one 
 pound of fine gold at prefent in England ; where- 
 as in ihe time of Newton, the average on the 
 Continent, and alfo in England (comparing the 
 price of the guinea at il. ss. 6d. with the price 
 oi bullion fiivcr at 3s. 4dh.) was nearly ij 
 pounds of fine filver for one of gold. 
 
 It is apparent no alteration of the guinea can 
 now produce a redudiion of the bullion price 
 oi^ filver *. Were a plentiful coinage of Mint 
 
 * This change fince the time of Newton is probably to be 
 e..;jL.ined from the circumftances of the very extended com-r 
 n.trce of England, combined with the general ufe of paper 
 nioney. Gold and fil\er feem nov/ to have ceafed to regulate 
 each other as formerly, when they conflituted the chief circu- 
 lating medium. They are become independent articles of com- 
 liierce. Without a def)reclation of paper, the fluctuation of 
 I'lC prices oi" gold and filver may occafion at one and the fame 
 time Lie converfion of both gold and filver coin into bullion. 
 This principally occafioncd the Bank reflridlion in England, 
 previoufiy to which t .e prices of gold and filver bullion much 
 exceeded the Mint b/.^es. The Bank, to fulfil its engage- 
 ments to the Public, v>ere obliged to procure bullion at the 
 advanced price, lo covive.t into coin, and iflue therefore at 
 the Mint pr'cc. Such a fitustion neceffarily called for the 
 j/fliltance of the Legiflaluie. Should this reflriiflion be taken 
 oiT, there can Le no reafonable expedation thvTt it will not be
 
 21 
 
 ihillings of the ftandard weight to be iflued im- 
 mediately, and at il^e iame time the guinea re- 
 duced to 20S. 2d. in Mint Silver, (zcs. :d. 'in 
 Mint iilver is equivalent lo as much bullion as 
 2 IS. will purehaie when hiver is at ^s. 4dh.) 
 the Mint (liillings would foon difappear — but 
 guineas would not be ufed in buying ihcm up. 
 
 Under the prefcnt circumflanccs, then, ro 
 hopes can be entertained of reducing the bul- 
 lion price of filver to the ?4int price, fo as to 
 obtain a permanent filver currency. 
 
 The experience of almofl two centuries has 
 fhown, that the Mint price of filver is placed too 
 low. Can then, it may be afkcd, au increafe 
 in the nominal price of Mint filver be adopted 
 with advantage at the prefcnt time ? The follow- 
 ing coufideiations tend, I think, to fhow, that 
 under certain modifications it may. 
 
 The ufcs of filver as an article of currency, 
 and as an article of commerce, are entirely 
 diftindt. It is not neceflary that thefe fhould at 
 at all interfere with each otlier. The ufe of 
 filver in coin ihould be entirely confined to the 
 fmall details of internal trade. Provifion fliould 
 be made that it neither exceeds in quantity, uor 
 
 foon neceflary to renew it, unlefs iome imporiant regulations 
 be made; v.hich, as being rdarive to i- e ^old currencv. i( ii 
 not neccfTarv to notice here.
 
 22 
 
 be liable to be withdrawn to be converted to 
 other ufes., With this view, fuppofe the govern- 
 ment to dircd a pound of ftandard filver to be 
 cut inio 72 pieces |, and let thefe be iflued in 
 fufficient numbers to fupply the place which ihil- 
 lings were intended to fupply. I would call 
 them {hillings ; but if there be any objedion to 
 that, let them be called by any other name. To 
 guard againft an exceffive illue, that part oi l^hc 
 law refpeding coin mult be repealed, by which 
 the Mint returns coined filver for bullion. No 
 coinage of filver fhould take place but by order 
 of Government *. Alfo, more than twenty fhil- 
 lings Ihould not be a legal tender, except to re- 
 ceivers of the taxes. The quantity neceffary to 
 be iflued might at firft be fomewhat difficult to 
 afcertain. Thefe ihillings might be fometime 
 kept back from circulation in the hands of in- 
 terefted individuals, as the new copper coinage 
 is faid to be. This would be prevented by con- 
 tinuing the iflue, and any excefs would be cor- 
 redted by their being received in the colledion 
 of taxes. By this method the Mint fhillings 
 might be faid to be deteriorated, but not depre- 
 
 t This is at the rate of 6s. an ource for flandard iilver, 
 which price it adually, loi a fhort time, reached in 1802. 
 
 • If the Government ftiould increafe the iflue for financial 
 purpofes, this remedy would fail. But no mifchief of that 
 Jcind could be appieherided in tliefe times, and in this Empire.
 
 ciated. The fmall ilTue neceflary iov ihe pur- 
 pofe intended, would guard againft depreciati- 
 
 on. 
 
 Such appears to me to be a remcdj' for the 
 evil that has fo long exiiied. After an attentive 
 cou^^ deration of the lubjeCl, no material objec- 
 tion te Its application has occurred. But I am 
 well aware how difhcull it is to form juO opini- 
 ons on fucb fubjedb- The fimplicity of the pro- 
 ject feems tat<i: .o its pia^ticability, iov otner- 
 wiie what appears fo eaiy, furely would have 
 been auopted long fince. The above is not very 
 difterent from a plan propoled by Adam Smith *, 
 and feem& preferable to another recommended 
 by him, of a fmall dedudion being made at tlic 
 Mini from the bullion brought to be coined, by 
 way of feignorage, and not allowing more than 
 20 {hillings to be a legal tender. 
 
 What has prevented a plan fiuiilar to unc or 
 other of the above having been long ago adopted, 
 it is not eafy to fee. Judging from fomc writers 
 of eminence vague ideas refpeding filvcr in coin 
 being a ilandard of value and of exchange have 
 been adopted, which may have led to an unwil- 
 lingnefs to change what has fo long exifted in the 
 nation, viz. the coining of a pound Troy of flan- 
 dardfilvei into 62 fhillings. But hiverin coin at 
 that ratcevidendy, has not anfwered as a flandard 
 
 • Wealth of Nations, Chap- 5, Book 1.
 
 24 
 
 of value for the purpofes of internal commerce; 
 and as a (landard for the purpofes of foreign 
 commerce, filver coin muft ultimately be eflt- 
 matcd like bullion, by weight. It is not necef- 
 fary to conlider coined fjlver as a ftandard of 
 exchange, nor in fa6l is it now fo ufcd. Suppof- 
 ing when bullion filver has been for fome time 
 5s. 6d. the ounce in the Englifh market, a mer- 
 chant at Hamburgh is to receive a fum of mo- 
 ney from England, which, computed by a com- 
 parifon of filver coin at Hamburgh (fuppofe for 
 the argument fake, exac^tly of the fame value 
 there as bullion) with Mint fhillings, now ideal, 
 of 62 to the pound Troy, amounts to /^loo, will 
 he be fatisfied to have this remitted to him iii 
 fihcr bullion purchafed with that ;£ioo? Cer- 
 tainly not— he would fay, 1 charge you for filver 
 bullion only 5s. 2d. an ounce, and you charge 
 me 5s. 6d. So then, even now, exchange is 
 reckoned by bullion, not by coin. The par of 
 exchange, indeed, as it now (lands, is computed 
 by the nominal price of coin, but fo computed, 
 it means nothing. 
 
 But it is faid, a depreciated currency fhows it- 
 felf in the rate of foreign exchange. It does, as 
 far as the home price of bullion is affefled by 
 that depreciated currency. Ihc Mint fhillings 
 propofed, although they might be faid to be de» 
 teriorated, would not be depreciated. The 
 wretched fhillings now in circulation are dete-
 
 ^5 
 riorated, not depreciated; tbpir deterioration has 
 no effed on exchange. 'I'hus, before the re- 
 coinage of the filver in the reign of King Wil. 
 liam, it was both, deteriorated and depreciated ; 
 it was deteriorated 50 per cent. *, and depreci- 
 25 per cent, mea uring the depreciation by the 
 iaereafed price of filver bullion, and we know 
 exchange with Holland was raifed jufl 25 per 
 cent, w^hen computed according to the ftandard 
 of their refpedtive Mints. 
 
 Guineas in England may now be faid to be 
 ■deteriorated, by being reprefenied by paper, and 
 alfo depreciated ; the deterioration is extremely 
 near cent, per cent. — the depreciation only two 
 one-half, when eftimated by bullion. If much 
 of the currency of a country is deteriorated, 
 there is danger of depreciation — hut depiecia- 
 tion is in no wife a neceffary confequence. If 
 only a fmail part of the currency is deteriorated, 
 and the caufe of that deterioration is knovvn to 
 be to promote the convenience of trade, there 
 can be no danger that fuch deierioraiion will 
 produce depreciation. Witnefs the prefent de- 
 teriorated hlver coin. 
 
 • 'Dr. Adam Siirlii (Wealth ol Naiirns, Hook :;, Chap. 
 3. Part i) has e::, refleil himie.f" fomeu hat inaccurattly on 
 this fubjc(5l — he C'ts not Icem at all aware, that the deterioia- 
 tion of the filx^rcoin iiorn clipping, was much greater than th« 
 depreciation; which a. lo Items not lu ha\ebeen remarked in 
 the E\idtnce btloie th.e Commitlto ot the Houl'e of Com- 
 n)oris.
 
 26 
 
 When, the principal part of the currency of a 
 country is deteriorated, experience ihows that 
 depreciation often ' follows ; but it is not always 
 eafy to explain the caufe of that depreciation, 
 and how it is regulated. Hence arifes the dan- 
 ger. The depreciation of the clipped money in 
 the time of King William 111. originated, it is 
 eafy to fee, from the fears that ultimately the 
 lofs would fall on individuals. The prefent de- 
 preciation of Bank paper in Ireland, when mea- 
 fured by gold, doubtlefs arifes from an exceffive 
 iflue of the circulating medium; which has raifed 
 the nominal price of produce and manuta6lures. 
 The prices of this produce and manufa6lures, 
 when ufed for foreign, purpofes, are not increaf- 
 ed ; they will be only equivalent to the fame 
 bullion as before. Hence the paper currency, 
 meafured by bullion, is depreciated — a neceflary 
 confequence of which is a nominal high rate of 
 exchange *. Caufes of this fort could have no 
 effc(5t on a limited filver currency under the mo- 
 difications propofed. 
 
 «. A high rate ot exchange in confequence of 3. depreciated 
 currency cannot, with propriety, have the term unfavourable 
 applied to it. Mr. Fofter, in his Eflay on Exchange, &c. has 
 ably fhown that the amount of balance of debt is entirely un- 
 connedled with unfavourable exchange in the mercantile ac- 
 ceptation oi the term unfavourable exchange. Indeed it feems 
 iurprizing how an opinion could be entertained, that our late 
 high rate of exchange was to be attributed to our balance of 
 debt. A balance of debt produces, however, an exchange, to 
 ■which, with much greater propriety, the term unfavourable 
 may be applied.
 
 27 
 
 The above remedy has been propofed on the 
 Ajppofition, that the bullion price of filver will 
 not exceed the Mint price thus regulated. But 
 the paper currency, which is now fo extended, 
 having no relation to gold and iilver fniiilar to 
 the relation beween thefe metals, acknowledged 
 by the common confent of mankind, may have 
 a very important effe6l upon the metal currency 
 of a country. It may, unlefs its ilTue be pro- 
 perly regulated, entirely banilb the currency of 
 gold and filver, and raife the bullion price to 
 any height above the Mint price. We find that, 
 fince the Bank reftridion commenced, the bul- 
 lion price has much exceeded the Mint price in 
 both England and Ireland — but to a greater ex- 
 tent in Ireland. In England the price of gui- 
 neas or gold bullion has not been much more 
 than three per cent, above the nominal Mint va- 
 lue, whereas in Ireland it has exceeded more 
 than lo per cent. The fame is to be faid of bul- 
 lion filver. An encrcafing dilTcrence of this fort, 
 it is ealy to fee, niuft be fatal to any iilver coin- 
 age, however regulated. But the caufe of this 
 involves a confideration of much greater impor- 
 tance than even the exigence of a filver coin- 
 age. It is occafioned, as is now well undcrftood, 
 by a depreciation of the paper medium, not 
 through want of confidence, but through an ex- 
 ceflive iflue. The eftedl of an exceflive ifliie is 
 an tinntQejjary increafe of price in the articles of 
 E
 
 28 
 
 produce and manufafture. It is unneceflary, 
 becaufe it is not an increafe relative to an in- 
 creafe iu other couatiies. Ihe mifchiefs that this 
 increafe occalions to a very numerous clafs of 
 fociety, thofe who depeud on fixed incomes, and 
 among whom, perhaps, are the moft deferving 
 and the moft helplefs, demand, in a particular 
 manner, the notice and attention of Government. 
 The number of individuals who poffefs property 
 which cannot rife in nominal value, muft appear 
 to be very great, when the amount of the nati- 
 onal debt is confidered. The national faith is, 
 in a manner, pledged to them, that their pro- 
 perty fhall not be unnecefTarily, injured. Their 
 claim to the interference of Government muft 
 appear ftill ftronger, when we confider how 
 much the prices of the articles of neceflary con- 
 fumption have within a few years increafed, by 
 the general increafe of prices in the market of 
 the world, and by the taxes *. 
 
 ^ * This great increafe of price in die naarlcct of the world 
 is attributed by Mr. Wheatley (Remarho on Currency and 
 Commerce) to the general depreciation of money that has ta- 
 licn place, not fo much by the increafed quantity of gold and 
 iilver, as in confequence of the general ufe of paper as a cir- 
 culating medium. He' computes, that in England the value of 
 moiiey, from this general caufe, has been leiTened one-half 
 within the laft fifty \ears, and one-fourth within the laft twen- 
 ty — and tliat the national debt has been reduced in the courfe 
 of laft century above one hundred millionc, by the deprecia- 
 tion of money. To this increafe is to be added the increafe 
 from taxes.
 
 29 
 
 It may be faid, that the effed^ of the general 
 increafe of prices has been a wonderful reduc- 
 tion of the real debt of the nation, and that the 
 unnecefTary increafe a.6ls in the fame way. But 
 furely, the high national character of the Britifh 
 Empire can never admit fuch an advantage to 
 be put in competition with the injury thereby 
 occafioned to individuals. Ihe Government will, 
 undoubtedly, interfere either to reduce an excef- 
 five illue, er guard againft its future increafe *. 
 Thus the remedy for one evil will alfo prove a 
 remedy for the other, and at the fame time the 
 rights of individuals are protected, provifion will 
 be made for the permanency of a filver coinage^ 
 
 The above confidcrations apply only to the 
 general evil which has fo long exifted in the 
 •whole Empire. The local evil which now affeds 
 great part of Ireland, demands in a much more 
 imperious manner to be remedied. 
 
 • It is not eafy to afcertain the limit where an iffue ot pa- 
 per begins to be cxceflive; — but a permanent rile in the price 
 of bullion above the Mint price, and a permancr.t increafe in 
 the rate of exchange, are certain tells of its exiftence. This 
 has been ably (houn by Mr. Tiiointon, in his Enquiry into 
 the Nature and Effeds ot Paper Credit f •, — and alfo by Lord 
 King, in his Eflay on liank Rtllridions ]. 
 
 t Page 70, and note, [>. 2yK 
 
 t. Page 113.
 
 30 
 It is with difiiculty that the reprefentative of a 
 ihilling of the weight of 2 penny weight 16 grains 
 and an half can be now procured in Dublin ; 
 thofe of a lefs weight are not current. The weight 
 a Mint (hilling 133 penny weight 21 grains; 
 hence a deterioration of nearly one-third is al- 
 lowed by tacit confent ; and yet that coin fo ne- 
 cefTary in the internal details of trade, has al- 
 moft difappeared, to the inconceivable mifchief 
 of the lower clafles of fociety, and the general 
 inconvenience of ail. An intercourfe of buy- 
 ing and felling can, however, in fome meafure 
 be carried on among the wealthy ; the alfillancc 
 ot arithmetic enables them to make a proper 
 combination of guinea and half notes, thirty fhil- 
 ling notes, guinea notes, pound notes, fix Ihilling 
 tokens, and dollars, partly fupply the place of 
 Ihillings. The afiiftance derived from the cop- 
 per currency is too Imall to de'erve notice. In- 
 deed that is in fo miferable a (late, and fo little 
 confidence is placed in it by the people, that it 
 is more likely to produce mifchief than any thing 
 elfe. 
 
 The origin of this local evil is very eafily trac- 
 ed. Many years previoufly to the Bank reftric- 
 tion in 1797, the filver currency of Ireland was 
 much in the fame ftaie as that of England. Per- 
 haps it was a little more deteriorated than in Eng-
 
 31 
 land *. A fcarcity of lilver alryoft immediately 
 followed the Bank reftridion, which was not at 
 firft to be attributed thereto, but rather to the 
 internal iroubles of the country. The filver was 
 then hoarded and became very fcarce. It re-^ap' 
 pearcd again on tranquillity being reflored. At 
 this time the depreciation of Bnnk paper began 
 to be vifible, judging by the criterion of the ex- 
 change, and the price of guineas. Now the 
 fhilHngs in circulation partook of the fame de- 
 preciation- as the paper, for we never he»ird of 
 lefs than twenty-one lilver fhillings having been 
 given for a guinea note ; — whereas the fame 
 fhillings that were then current here, were alfo 
 current in England, and twenty-one of them 
 would there exchange for a guinea;— of courfe 
 rhey were of lefs value here than in England, in 
 the proportion of an Iiifh guinea note to a guinea 
 in Ejgland ; — hence they naturally flowed to- 
 wards England, where they were of greater va- 
 lue. So J. at our fhillings went to England, be- 
 taufe they were of greater value ihere, and our 
 guineas, becaufc tiey were not wanted here f . 
 
 ♦ Mr. Frank ihinki about five per cent. Minutes ot Evi- 
 dence ot Iriflj Excljapgc, 
 
 ■f Three millions in fj.ecie is fuppofed to have left Ireland 
 fince the coininencci.erit of i!iel>:<nk reftridlion, and this, be- 
 caufe it was not viai.teci tor the j)urpofes ot" currency, (vide 
 Mr. Fofter's LfTay, p. 52.) Guineas irom t!ic firft bare « 
 premium, and therefore v. ere r.ot ex[inrtcd ui)on the fame j^rin-
 
 32 
 In the capital and parts adjacent, no immedi- 
 ate inconvenience followed the lofs of thefe fhil- 
 lings. Their places were foon fupplied by others, 
 and of which there was no danger that they 
 would follow their predeceflbrs to England — 
 mofl of them were not intrinfically worth 4d. — 
 but a defcription is unnecefTary ; the impreffion> 
 their effeds occaiioned, is indelibly fixed in the 
 miuds of the inhabitants of Dublin, and for ma- 
 ny years hence the memory of them will be re- 
 garded with the fame abhorrence as that of the 
 clipped filver was by the people of England. 1 
 know it is faid, that which was called good fil- 
 ver, was melted to form the Ihillicgs of bafe me- 
 tal. It is extremely improbable that this was 
 done to any extent, becaufe it would have been 
 cheaper to the coiners to have purchafed bullion 
 at 7?. 6d. per ounce Irilh, than to have melted 
 down the current filver*. Much profit always 
 produces adventurers, and the new filver coinage 
 flowed in at a great rate. For about two years 
 
 ciple as the {hillings. Had the fhillings in circulation at the 
 end of 1799 ^^^" raited to i^iWi. or i4d. probably v;e fliould 
 novv be lei's inconvenienced than thej are in England, and the 
 niilcbief occafionei in the fpring of 1804, by the bafe fhil- 
 lings, would have been avoided. 
 
 * Latterly, indeed, bullion filver rofe in Dublin to eight 
 Irifh (hillings an ounce, which mull have been entirely owing 
 to the great demand of the coiners. This was long after the 
 wood filver had difappeared.
 
 33 
 
 the inhabitants of Dublin enjoyed the comfort of 
 a plentiful iilver curreney, "which neither Kng- 
 land or Ireland had enjoyed fince the days of 
 King \^ illiani. Few confidercd the mifchicf 
 that muft one day happen, or if they confidcred. 
 put off the evil day. At laft, in a good hour, 
 an official order was iffucd, to the Pcft Of- 
 fice which deprived us of this deceitful com- 
 fort. Some individuals in the adniiniilration of 
 the Government, however, feemed alarmed at 
 what they had done — it was too late — the blow 
 was ftruek, and the bubble burfl. The bafe 
 Ihillings difappeared, never to reappear again as 
 coin. 
 
 In the South and Weft of Ireland another re- 
 medy was adopted to fupply the place of a filver 
 currency. Notes were iffued for a few fhillings. 
 This remedy was doubly milchievous; — they 
 were iflbed by thofc who probably when they 
 W'ere called on to pay either, ran away, or be~ 
 came bankrupts ; fo that the'e notes were of lefs 
 value than bafe money : and from the facility of 
 iffuing, or rather of coinii:g thefe notes, a laci* 
 lity infinitely greater than that of coining bafe 
 money, they by their abundance, added to an 
 evil already fevercly felt in this country, an ex- 
 teffive iflue of paper turicncy. The interfe- 
 rence of Government in procuiing a law to be 
 enabled againd the iffuing tlicfc notes, cannot be 
 fufficiently commended.
 
 34 
 On the deftru6lion of the bafe (hillings, a few 
 
 {hillings that weighed againft half-a-guinea, that 
 
 is, weighed about 64 grains, were adopted, but 
 
 thefe have probably gone to England, as they 
 
 have uioilly difappeared. 
 
 If it be allowed, that the depreciation of 
 Bank of Ireland paper, occafioned by an ex- 
 ceflive iflue, has been the caufe of our filver 
 being carried away, and I think it cannot 
 be doubted, it will follow, that if, when that 
 depreciation ceafes, we could obtain a fhare 
 of the Englilh lilver currency, it would re- 
 main here, and our local evil would ceafe ; we 
 (liould only then participate in the general evil 
 of the empire. The mifchiefs of an exceffive 
 iflue of paper are fo great, that we cannot doubt 
 that the Legillature will interfere, and provide 
 fuch regulations as will be effedlual in reducing 
 it *. Some time muft elapfe before this delira- 
 
 ♦ Wliat regulation have we in Ireland during the Bank re- 
 fiiiftion to guard againft an illue ot Bankers paper to ary ex- 
 tent ? The lianker;^ tbemfeJves, as appears, by their evidence 
 before the Committee oi' the Houfe et" Commons, contend that 
 an jntie.ife of the price of bullion or gold coin, when meafured 
 by paper, is no proof of -depreciatior:, but ;s only indicative of 
 the increafed value of bullion— and that a high rate of ex- 
 change is only indicative of a balance of debt. What then 
 prevents the Bankers from increafing their iffues to any a- 
 mount in the way of difcount and private loans, when fuffici- 
 ent fecurity is offered ? They may alTert, that the increafed 
 facility to individuals of offering fecurity, occafioned by the
 
 35 
 ble event will take place. What is to be done 
 in the interim ? If the Government do not think 
 it advifeable dire<fll7 to interfere in producing a 
 remedy, that is required to be only temporary *, 
 might not the Bank of Ireland be employed on 
 the occafion ? Much benefit has arilcn from 
 their fix fhilling tokens ; and why cannot they 
 iffue tokens for one Ihilling and 2s. 6d. ? 
 
 It may be anrwercd, that the coft of coin- 
 age would not admit fuch an iflue to be advanta- 
 geous to them ; — on rhe contrary, it would in- 
 volve them in confiderable expenfe. If fo, let 
 them be reimburfed. But if the expenfe would 
 not prove great, although attended with conH- 
 derable trouble, they ought not to ilirink from 
 performing fo great a general benefit. It is, I 
 
 increafe ot Government fiock, is a proof that the circulating 
 medium ot the country ilaruls in need ci iuch an acceflion ot 
 paper. The individual mifery cr.n be more eafily imagined 
 than defcribed that v.ould Le occafiontd, fliould Ear;k paper 
 in Ireland, inflead ot being depieeiated lo per cent, be depre- 
 ciated 40 or 53 per cent. What lecurity have we that it -will 
 not? The only remedy would be, that adopted in t'le North 
 of Iieland — a retufal to receive it. I fpeak not here ot a de- 
 preciation occafioi ed by a waM < t lorfidence, but by an ex- 
 ceflive iflTue. The miferics occafioned by the ibrnjer will ne- 
 ver, I truft, be expeiiericul in ih's count' v as they\ve:e ip 
 1'' ranee in the cale ol the alligrats. ^ 
 
 • Lov.ciing the wtitht of the fi.i'lirg lor tl.c whole emj)ire 
 vould not aflord any benefit to Irtlai.d, while l!ar,k paper i> 
 much depreciated there.
 
 3^^ 
 thinkj inconteftably proved, iliat an cxccfiive if- 
 fue of Bank paper has taken place in Ireland, 
 and the Bank of Ireland has increaftd its ilTue 
 five fold fiijce the rcllridon to paying in fpecie ; 
 yet I do not think it, by any means, proved, 
 that blame attaches to the Bank on that account. 
 It may be true what is faid, that if they had cir- 
 cumfcribed their iffjes, private banks would 
 have made it up. However this may be, cer- 
 tainly vaft profits both from this iflfue and from 
 what has been termed a national misfortune, the 
 Bank reftridion, have accrued to them. A di-. 
 vidend of 12 one-half per cent, in one year, and 
 the great expenfe of the new Bank, may be con- 
 fidcred as fuinifhing a6ual demonftration. Sure- 
 ly, then, when they have gained fo much, partly 
 at the national expenfe, and partly by the nati* 
 onal confidence, they ought not to be backward 
 in making fome fmall returns. ]f the iflfue of 
 fuch fmall tokens be obje^lionable, might they 
 not procure a quantity of fuch fhillings as are 
 current in England, and bring them over here 
 and iffue them, with permiifion, at I3dh. or I4d.* 
 
 » Sucli a temporary change in the nominal value oi the 
 Englifh fhilling could not occafion much inconvenience. It 
 is 10 be hoped the time is fail approaching, when all dillinfli- 
 on will ceafe between Irifh and Englifti money. No difficulty 
 ot" confequence could interfere to prevent fo defirable an alter- 
 ation. For a period of abo\e iilty years, viz. from 1637 to 
 1689, no diftindion exilied. Before 1637 an Engiifli fhil- 
 ling was equal to i6d. Iri ... — .xi which year Loid Strafford, if-
 
 37 
 The expenfe would not be great — not much more 
 than that of procuring an equal iuni in guineas, 
 and therefore ought by them to be confidered of 
 uo account. T hey fhould receive thefe fhilliiigs 
 again at the fame till exchange became perma- 
 nently near par. There could be no danger that, 
 while a high rate of exchange continued, thefe 
 fhillings would flow in too fafl from England — 
 the increafe of their nominal value would be on- 
 ly about four per cent. 
 
 fued a proc!air..ition, (fee the proclamation in Sin on on Coin 
 page Ii6,) directing all payments to be reckoned by Englilli 
 money, making the proper reduftion by accouniii.g I2d. iler- 
 ling for i6d, IriQi — and alio dirediirg all liiture agreements, 
 after the ift of Maiy, 1637, ^^ '^^ underftood in Englifti mo- 
 ney, although the word y?<;r/7«^fliould not be eriprefled. This 
 identity of Iiifli and Englifti money continued till the abdica- 
 tion of James II. who, foon after he landed in Jreland, raif- 
 ed the Englifh fluiling to 13d. by a proclamation dattd, Dub- 
 lin CafUc, Mai-ch 35, 1689, (fee Simon on Coin, page 151.) 
 At the conciufion of the viar in Ireland, money beir)g very 
 fcarce, with a view ot bringing it into the country, ail ioreign 
 coins were raifed by prociamaiion in i^>95. The Engliib 
 flii'.ling then role to i^d. aliliough only foreign money was 
 mentioned in the proclamation. The ioreign coin was lowered 
 again by proclnmation in 1701, when the Englifh fliilling 
 feems to have fillen of itfelt to tjd. at which it hss remain- 
 ed ever fince. The proclamation of James apptars to ba\e 
 been the only dire<5t authority for any diftindlion, an autho- 
 rity, in other matters, not long held ot any weight — and even 
 kis proclamation did not go to the other points mentioned in 
 that of Lord Strafford.
 
 35 
 But for our local evil it is eafy to find out re- 
 medies, the difficulty is to apply them. 
 
 I fhall conclude with giving the hiflory of a for- 
 mer local evil under which Ireland labouied, 
 and for which the remedy w^as extremely fiinplc 
 and obvious j yet jarring interefls protra<fted the 
 exiftence of that evil above ten years. 
 
 When in England in the year 1717 the guinea 
 was lowered from 21s. 6d. to 21s. the moidore 
 to 27s. and other foreign gold coins, then in cir- 
 culation, proper tionably, a fimilar redu61ion vas 
 not made in Ireland — inftead of the guinea be- 
 ing reduced to 22s. ^d. it continued at £35. the 
 moidore inflead of being reduced to 29. 3d. 
 pafled for 30s. The confequence of which was, 
 that gold being more valuable in proportion than 
 filver, it flowed in from England in exchange for 
 filver, and the Bankers made their remittances 
 in filver rather than in gold *. A fcarcity of fil- 
 ver, therefore, was foon felt, and it was one of 
 the objedls of the patent granted to Wood for a 
 coinage of halfpence to remedy that fcarcity ; 
 upon which account that patent was for a larger 
 fum than it would otherwife have been for. The 
 oppofition, headed by Dean Swift, which this 
 
 * This was exactly on the fame principle as that above 
 mentioned by which our filver has lately difappeared.
 
 39 
 coinage met on the grounds of the quantity be- 
 ing exceflive, the intrinfic vaUie being too fmall, 
 and the danger of its being imitated at pleafure 
 either by Wood or others, is weU known. 
 
 If its opponents had confiued themfelvcs to en- 
 deavours to remedy the two firft objccilons, they 
 would have deferved the thanks of the nation, 
 which would thereby have avoided the extreme 
 inconvenience it fuffered for thirteen yeais af- 
 ter, till the proper redudiion w'a?3 niade in the 
 nominal value of the gold, and alfo a coinage 
 of copper was ifliied from the Mint. The 
 third objedion might eafily have been reme- 
 died, and there was a fecuriiy againO it in the 
 fuperior execution of the coinage, and good- 
 nefs of the copper. On tlie authority of Sir 
 Ifaac Kewion (than whom no better judge, 
 on account of his long experience at the Mint,) 
 they excelled the Englifh coin in every thing bui 
 lize. However, nothing would ferve but an en- 
 tire rejcdion, and primate Boulier, on his arrival 
 in Ireland in 1724, found the nation fo enraged 
 againfl: ihcm, that, as he obferves, no peifon 
 could have been punifhed for Icdiiious writing, 
 if he but mixed a little of Wood in it. 'i he I'm- 
 mate therefore ft rongly advifed the withdrawij.g 
 of the patent, which was accordingly done. It 
 foon became one of the chief objtcls of his ad-
 
 40 
 miniftration *, to remedy the growing evil, the 
 fcarcity of the filver currency. 
 
 He writes, Dec. 21, 1726, to Lord Carteret, 
 Lord Lieutenant, then in England — he flates, 
 " That the fcarcity of filver had increaled to the 
 " great detriment of trade among the lower peo- 
 " pie and manuradlurers, and to the putting all 
 "' degrees under great difficulties to find money 
 " for the common marketting; and that without 
 " fome fpeedy remedy, the evil will be of dan- 
 " gerous confequence." The matter, however, 
 feems to have been dropped till the fpring of 1728, 
 
 • I know that Primate Boulter has been confidered as hav- 
 ing been anxious to promote the intereft of England in oppo- 
 fition to thai oi" Ireland. It his Letters which have been pub- 
 iifhed be impartially read and confidered, I think no perfon 
 can acquiefce in that opinion. Thofe Letters, certainly not 
 written with an expeftation of their being publifhed, {how 
 a man anxioufly and Ileadiiy purfuing that line of conduft 
 which he conceived to be beft fuited to ftrengthen the mutual 
 dependence of the two countries, to each of which feparation 
 would have been abfolute ruin. Adling as an individual, his 
 conducl, from the time he came to Ireland, Ihowed he confi- 
 dered himfeli in that country, which he was for the future to 
 call his own. In his lifetime, his great income was devoted to 
 its fervices, and at his death his property was all bequeathed 
 for the benefit of the nation. Let his Letters, not defigned 
 for publication, be read und weighed with fome of Dean 
 Swift's pieces, which were tiefigned for publication, and then 
 let it be faid which fhould be raskoned the truer friend of 
 Ireland.
 
 41 
 wheii he ftates in a letter to the Duke of New- 
 caiUe, that the fcarcity had become fo great, that 
 premiums were paid for exchanging guineas and 
 inoidores. In the fuccceding autumn he defcribes, 
 in a letter to Sir Robert Walpole, the oppofiiion 
 of the Bankers againil reducing the gold. They 
 exerted all their intereft, which was very great ^ 
 they owned they gained two per cent, in their 
 remittances to England, and the popular argu- 
 ment they ufed againft the redudlion was, that 
 the abfentees got two per cent, lefs than they 
 orherwife would He averts, that the manufac- 
 tures muft daily decreafe, and rents link, unlefs 
 the power of altering the prefent currency of 
 gold and filver (principally by reducing the gui- 
 nea 3d. and the moidore gd.) be granted ; while 
 the whole profit of the prefent inequality will 
 reft in the Bankers hands. 
 
 - In the fpring of 1729, the Bankers {Irenuoufly 
 exerted themlelves again!!: the propoTed reduc- 
 tion, and in a letter dated May r , the Primate fays, 
 they are fetting about petitions againft the reduc- 
 tion, and playing the whole game of Wood's 
 halfpence. At laft it was propofed on the fide 
 of the Bankers, that the fhilling fhould be raifed 
 to I3dh. After difcwir.i.g the affair in Council, 
 it was agreed, ibat alilio' the lowering gold was 
 certainly for the advantage of the kingdom, yet, 
 confidering the prefent clamour and uncafmcfs, 
 it was moft prudent to let the affair reft. The
 
 42 
 
 people were pofTefled of an opinion, that it was 
 a projcd formed by the Primate and others in 
 the Englifh intereft, to draw away their gold as 
 they had done their lilver ! — The Priinate was 
 nearer the truth when he faid — that the proje<5l 
 of the Bankers, in wifhing to raife the fhilling, 
 .*'as to obtain the benefit of carrying out the 
 gold and bringing back the lilver, as they had 
 before carried out filver and brought in gold* 
 The chief objeftion urged by the Bankers againft 
 lowering the gold, was the advantage it would 
 be to abfentees. 1 hey did not urge the injury 
 they would faflain by the gold in their bands 
 being lowered in value — whence it is probable 
 they did not then keep much. 
 
 Dean Swift at this time, fent out a pa- 
 per in the Intelligencer, in which he, per- 
 fonatin^ a country Gentleman from the North 
 of Ireland, has forcibly defcribed the inconve- 
 niences fuffered from a want of liiver. In this 
 paper, in which be has mixed much invedive 
 againft England, he plainly expreffes himfelf, 
 that lo'wering of the gold would have prevent- 
 ed the evil ; and yet afterwards he was extreme- 
 ly adive in influencing the nation againft that 
 meafure. 
 
 In Dec. 1729, the intereft of the Bankers fo 
 far prevailed, that a refolution of the Houfe of 
 Commons was paffed, that the moidore (hould
 
 43 
 continue at 30?. The Houfe of Lords refolved, 
 that the want of filver \vas occafioned by gold 
 and filvcr not bearing a proportionable value to 
 what they bear in England, and that the lord 
 Lieutenant fhould be deiired to get this reme- 
 died in the proper rneihod. When the Com- 
 mons met on the laft day of the I'eflion, they 
 were much difpleafed at the Refolution of the 
 Lords, and talked of laying the key of their 
 Houfc on the table, in order not to be in- 
 terrupted by a mefTage from the Lord Lieute- 
 nant ; and paffed a vote againfl: lowering the 
 gold— of courfe the nation continued to fuffer 
 under the evil. Seven years after *, the attempt 
 to lower the gold was again refumed. It may 
 be obferved that, in the interim, the Primate 
 had been ad^ive in endeavouring to obtain a 
 coinage of copper. In 1736, the Primate was fo 
 alTiduous in his endeavours, that in fpite of the 
 flrongeft oppoftion, he fucceeded in what he 
 confide red as one of the molt ufeful tranladlions 
 of his life. By a p;oclamaticn Sept. 10, 1737, 
 the guinea was reduced to 22s. 9d. — the moi- 
 dore to 29s. 3d. — the larger foreign gold coins 
 were fet rather at a !efs proportionable value 
 than the fmaller. 
 
 • During this long interval we may I'uppofc a fmall <juan. 
 lity of liiver remained in the country, in coniequence oi the 
 premiums paid i'of clianging moidores and guiricas. Cop^ er 
 Tokens for 3d. and 4d. were alio ufed. 
 
 G
 
 4+ 
 In a letter of Feb. ri, 1738, he thanks the 
 Duke of Dorfe! ^ ;i his o'vn name, md that of 
 every hoiieft anJ uijderftaucling pcrfon in tbe na- 
 tion, for h,^ving at laft brough» about lowering 
 the g.id. He mentions the clamours raifed a- 
 gairf*. it, and the iniuk to the Government by 
 Dean Swift on that occafion. He obferves that 
 he had a great fhare of fuffering on this account, 
 as iar as the moft virulent papers, and the curfes 
 of a deluded and enraged multitude could go. 
 He concludes his letter with obferving, that the 
 good effedls of this alteration were already felt, 
 particularly thatfilver was in much greater plen- 
 ty than it had been f . 
 
 t For a fpace of ten years, exchange (London on Dub- 
 lin) had been nearly fteady at about two per cent, above 
 par •. Immediately on the redudlion of the gold taking j.Iace, 
 exchange fell nearly to par, and remained fo with much ftea- 
 dinefs for feveral years. This cannot be attributed to a fud- 
 den alteration in the balance of debt, but to an alteration in 
 the value oi fiher, by which the excl)3nge was reckoned. 
 The depiecidtion of the filver had bte.i, with refpeft to tlic 
 larger gold pieces, of which the current coin was then niofily 
 compoied, about two per cent. Upon the filver being reftor- 
 W to the fame value ?s in England, its effed was immedi- 
 ately perceived in the rate of exchange. This appears to af- 
 ford a ftriking confutation ot the opinions v.hich been lately 
 held, that oui high rate of exchange has been occafioned by 
 the balance of debt. 
 
 • Rates of Exchange fince 1728, in Appendix to the Re-
 
 45 
 It ought, however, to be remarked, that this 
 redudion was complained of twelve years after, 
 in 1749, by Mr. Simon, in his Eflay on Coin, as 
 not having been efficacious. He aflcrts, that it 
 would have been better to have raifcd the lliil- 
 lings — but it is eafy to fee, by a ref'^ ,i]ce to the 
 paflage in his book, (page 76,") that he confounds 
 :he general evil with the local one. On the con- 
 trary, Bryan Robinfon, in his ingenious Eflay on 
 Coin, written in 1747, although, not publifhed 
 til^ I757> fpeaks of it (page 93) as an important, 
 ufeful, and, indeed, neceflary regulation. 
 
 bu. 
 if in/ 
 
 -b
 
 
 Report of Sir Ifaac Newton^ 
 
 Dated September 21, 1717. 
 
 To the Rignl Honourable the Lords Cojnmij[Jioners of 
 his Majefifs 'Revenue. 
 
 May it p leaf e your Lord/hips^ 
 
 IN obedience to your Lordlhips order of refe- 
 rence of Aiiguft 1 2th, that I fhould lay be- 
 fore your Lordfhips a ft ate of the gold and filver 
 coin$ of this kingdom, in weight and finenefs, 
 and the value of gold in proportion to filver, 
 with my obfervations and opinion, and what 
 nieihod may be beft for preventing the melting 
 down of the filver coin, I humbly reprefent, 
 that a pound weight Troy of gold, 11 ounces 
 fine, and one alloy, is cut into 44 guineas and a 
 half; — and a pound^weight of filver, 11 ounces 
 two pennyweights fine, and i8 pennyweights al-
 
 47 
 \oy, is cut into 62 fliillings: and according to 
 this rate, a pound weight of fine gold is woith 
 15 pounds weight 6 ounces 17 penny v/eigli is and 
 ftve grains of fine filver, reckoning a guinea at 
 il. IS. td. in fiJver money. But filver in bullion 
 exponable is ufually worth 2d. or 3d. per ounce 
 more than in coin i\nd if at a medium, fuch 
 bullion of ftandard alloy be valued at 5s. 4dh. 
 per ounce, a pound weight of fine gold will be 
 worth but 14 pouuds weight ir ounces 12 pen- 
 nyweights nine grains of fine lilver in bullion — 
 and at this rate a guinea is worth but fo much 
 filver as would make 20s. ^d. When fliips are 
 lading for the Faft Indies, the demand of filver 
 for exportation railes the price to 5s. 6d. or 5s. 
 8d. per ounce or above ; but I confider not thofe 
 extraordinary cafes. 
 
 A Spanifh Pifiole was coined for 32 Peas, or 
 4 pieces of e^ht Keas, ufually called P/eas of 
 Eight, and is of equal alloy, and the fixteenth 
 part of the v\eight thereof. i\nd a Doppio 
 Moeda of Portugal was coined for 10 Crufadoes 
 of filver, and is of equal alloy, and the fixteenth 
 part of the weight thereof. Gold is therefore in 
 Spain and Poriugal of fixtcen times more value 
 than filver of equal weight and alu:.}', acf brding 
 to the fiandard of thele kingdonis ; at w.'..- 1^. rate 
 a guinea is worth 22s. id. 3''Ut 'hi!= high price 
 keeps their god at home in vc^d plenty, and 
 carries away the Spanilh 4iiver into all ruropc;
 
 48 
 fo that at home they make their payments in 
 gold, and will not pay in lilver without a pre- 
 mium. Upon the coming in of a Plate Fleet, 
 the premium ceafes, oris but fmall ; but as their 
 filvcr goes away and becomes fcarce, the pre- 
 mium increaTes, and is moft commonly about 6 
 per cent, which being abated, a guinea becomes 
 worth about 2Cs. gd. in Spain and Portugal. In 
 France a pound weight of fine gold is reckoned 
 worth 15 pounds of fine filver ; in raifing or fall- 
 ing their money, their King's edids have fome- 
 limes varied a litile from this proportion, in ex- 
 cefs or defed ; but the variations have been fo 
 litile that I do not here confider them. By the 
 edict of May 1709, a new Piftole was coined for 
 four new Louis, and is of equal alloy, and the 
 fifteenth part of the weight thereof, except the 
 errors of their Mints — and by the fame edidl, 
 fine gold is valued at fifteen times its weight of 
 fine filver, and at this rate a guinea is worth 
 2CS. 8dh. I confider not here the confufion 
 made in the monies in France, by frequent 
 edi6h to fend them to the Mint, and give the 
 King a tax out of them — ^^I confider the value 
 only of gold and filver in proportion to one ano* 
 ther. 
 
 Tlie Ducats of Holland and Hungary and the 
 Empire, were lately current in Holland among 
 the common people, in their markets and ordi- 
 nary affairs, at five Guilders 'm fpecie and five
 
 4.9 
 Stivers, and commonly changed for To much hl- 
 ver monies in three Guilder pices, and Guilder 
 pieces, as Guineas are with us for 21s. 6d. fter- 
 ling ; at which rate a Guinea is worth 2cs. ^dh. 
 
 According to the rates of gold to filver in Ita- 
 ly, Germany, Poland, Denmark and Sweden, a 
 guinea is worth about los. and nd. — 6d. — ^d. 
 or 4d. for the proportion varies a little wiihin 
 the feveral Governments in thofe coumiies. In 
 Sweden, gold is lowcft in proportion to filver, 
 and this hath made that kingdom, which for- 
 merly ^\as content with copper money, abound 
 of late with filver, fent thither (I fufpeci) for na- 
 val ftores. 
 
 In the end of King William's reign, and the 
 firft year of tjjc late Queen, when foreign coins 
 abounded in England, I caufcd a great many of 
 ibcm to be afl^iycd in the Mint, and found bv 
 t he a (fay, that line gold was to fine filver in 
 Spain, Portugal, France, Holland, Italy, Ger- 
 many and the Nortlicin kingdoms, in the pro- 
 portion above mcniioned, errors 01 the Mint ex- 
 cepted. 
 
 In China and Japan, one pound weight oi fiiic 
 gold is worth but nine or ten pounds weight 
 of fine filver; and in the Eaft Indies ir uia}' be 
 worth twelve ; and this low price of gold iu
 
 proportion to filver, carries away the filver frdtti 
 all Europe. 
 
 So then, by the courfe of tra^.Ie and exchange 
 between nation and nation in all Rurope, fine 
 gold is to fine liiver as 14 four-fifths, or i^ cO one; 
 a gLiiiiea at tlie fame rate is worth between 20s. 
 S^. and 20s. Sdh. except in extraordinary cafes, 
 as when a Plate Fleet is juft arrived in Spain, or 
 fhips are lading hei-e for the Eafl Indies, which 
 cafes I do not here coniider. And it appears 
 by experience, as well as reafon, that filver 
 flows from thofe places, where its value is loweft 
 in proportion to gold, as from Spain to all Eu- 
 rope, and from ali Europe to the Eaft Indies, 
 China and Japan — and that gold is mod plenti- 
 ful in thofe places, in whicn its value is higheft 
 in proportion to filver, as in Spain and England. 
 
 It is the demand for exportation which hath 
 raifed the price of exportable filver about 2d. 
 or 3d. an ounce above that of filver in coin, and 
 hath thereby created a temptation to export or 
 melt down the fiiver coin, rather than give 2d. 
 or 3d. more for foreign iilver ; — and the demand 
 for exportation aiifes from the higher price of 
 .filver in other places than in England, in pro- 
 portion to gold ; that is, from the higher price 
 of gold in Fngland than in other places, in pro- 
 portion to filver, and therefore may be diminifh- 
 ed by lowering the value of gold in proportion
 
 5'i 
 to filver. If gold in England, or filver in Eaft 
 
 India, could be brought down fo low as to bear 
 the fame proportion to one another in both 
 places, there would be here no greater demand 
 for filver than for gold to be exported to India; 
 and if gold were lowered only fo as to have the 
 fame proportion to the filver money in England, 
 which it hath to filver in the reft of Europe, 
 there would be no temptation to export iilver 
 rather than gold to any other part of Europe. 
 And to compafs this lali, there feems nothing 
 more requifite, than to take off about lod, or 
 1 2d. from the guinea, fo that gold may bear the 
 the fame proportion to the filver money in Eng- 
 land, which it ought to do by the courfc of 
 trade and exchange in Europe ; — but if only 6d. 
 were taken off at prefcnt, it would diminifh the 
 temptation to export or melt down the filver 
 coin, and by the effedls would fhow hereafter, 
 belter than can appear at prefcnt, what farther 
 redu6liou would be moft convenient for the 
 public. 
 
 In the lad year of King William, the dollars 
 of Scotland, Morth aboui 4s 6dh. were put away 
 in the North of England for 5s. and at this price 
 began io flow in upon us. I gave notice there- 
 of to the Lords Conimilfioners of the Treafury, 
 and they ordered the collcclors of taxes to for- 
 bear taking them, and thereby put a Hop to th& 
 
 mifchief. 
 
 H
 
 52 
 At the iaiiie tune the Lewidors of Franccj 
 v^liich were worth bur about 17s. o|cl. a piece, 
 palled in England for 17s. 6d. I gave noiice 
 thereof to the Lords Commiffioners of the 1 rea- 
 fury, and his late Majefty put out a Proclamation, 
 tliat they fhould go but at 17s. and therefore 
 they came to the Mint, and ^1,4.00,000 were 
 coined out of them; and if the advantage of 5^d. 
 a Lewidor fufficed at that time to bring into 
 l.iigland fo great a quantity of French money, 
 and the advantage of three farthings in a Lewi- 
 dor to bring it to the Mint, the advantage of 
 9dh. in a guinea, or above, may have been fuf- 
 hcient to bring the great quantity of gold which 
 hath been coined in thefe laft fifteen years with- 
 out any foreign filver. 
 
 Some years ?.go the Portugal Moidores were 
 received in the Weft of England at iZs. a piece; 
 upon notice from the Mint thar they were worth 
 only about 27s. jd. the Lords Commiffioners of 
 the Treafury ordered the receivers of taxes to 
 take them at no more than 27s. 6d. After- 
 wards many Gentlemen in the Weft fent up to 
 the Treafury a petition, that the receivers might 
 take them again at 28s. and promifed to get re- 
 turns 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 Commiffioners of the Treafury, confidering 
 that at 28s. the nation would lofe 5d. a piece^
 
 53 
 rejeded the Petition. And if an advantage ro 
 the merchant of ^d. in a8s. did pour that mo- 
 ney in upon us, much more hath an advantage 
 to the merchant of pdh. in a guinea, or above, 
 becD able >o bring into the Mint great quanti- 
 ties of gold without any foreign filvcr, and may 
 be able to do ftill, till the caufe be rrmoved. 
 
 If things be let alone till fihcr money be a 
 little fcarcer, the gold will fall of itfclf; for 
 people are already backward to give filver for 
 gold, and will, in a little time, refufc to make 
 payments in filver without a premium, as rhey 
 do in Spain; and this premium will be an abate- 
 ment in the value of the gold : — and fo the quef- 
 lion is, whether gold fhall be lowered by the 
 Government, or let alone till it falls of iiTeif, by 
 the W'ant of filver money ? 
 
 It may be faid, that there are great CjUaiitities 
 of filver in plate, and if the plate were coined, 
 there would be no want of iilvcr money- But 
 I reckon that filver is fafcr from exportation in 
 the form of plate than in the lorm of money, 
 becaufe of the greater value of the filver and 
 fafiiion together; — and therefore I am not io; 
 coining the plate till the temptation to export 
 the money (which is a profit of 2d. or 3d. an 
 ounce) be diminifhed : — for as often «s men arc 
 ncceffitated to fend away money for anfwcring
 
 54 
 debts abroad, there will be a temptation to fend 
 away filver rather than gold, becaufe of the pro- 
 fit, which is almoft four per cent. And for the 
 fame reafons, foreigners will choofe to fend hi- 
 ther their gold rather than their filver. 
 
 All which is moft 
 
 Humbly fubmitted to 
 
 Your Lordlhips great wifdom, 
 
 ISAAC NEWTON, 
 Mint-Office, 
 Sept. 21, 17 17.
 
 55 
 
 A Table of gold and filver coined fince ihe com- 
 mencement of the reign of Qoeen Elizabeth. 
 
 : In the Reign of 
 
 Silver. 
 
 Gold. 
 
 
 £• 
 
 £' 
 
 Elizabeth . . 
 
 4>7i8,579 
 
 795.138 
 
 James I. 
 
 ^ 1,765,961 
 
 3,666,3i^9 
 
 Charles I. . . 
 
 t 8,776,544 
 
 3>3i9'^77 
 
 Commonwealth 
 
 Unknown 
 
 Unknown 
 
 From ReftoratiO 
 
 
 
 1 on to death of > 
 
 I 3,722,180 
 
 4^177.253 
 
 j Charles IT. ) 
 
 
 
 James II. . . 
 
 518,316 
 
 2,ii3.^'38 
 
 Will and Mary 
 
 79,026 
 
 443.538 
 
 j William . . 
 
 § 7.014.047 
 
 2,975'550 
 
 1 Anne . 
 
 207,094 
 
 2,484.531 
 
 George I. . . 
 
 233.045 
 
 8,494,876 
 
 George II. , . 
 George Ill.^/.y^ 
 
 
 
 '7 63,419 
 
 57,274,617 
 
 / 
 
 The above, except the laft, is colledcd from 
 Mr. Folkes's Table of Englilh Silver Coins. 
 
 • A remarliable fcarcity of filver prevailed for fome part df 
 fhis reign, infomuch that, at one time, fteps were ial<eii for 
 coining the pound Troy of ftandard filver into C6 fhillings; 
 but the defign v/as dropped upon confuliing the merchants, 
 (Folkes, p. 69, 70.) 
 
 f All this was coined at the Tower. 
 
 J Of this above 8co,OQ^l. did not come to the Mint in the 
 ufuil channels — nearly 500,000!. from filver re-coined, and 
 above joo.oool. from the fale of Dunkirk. 
 
 § Moll of this filver was coined at the great re coinage.
 
 5^ 
 
 s. d. 
 
 3 i6 
 
 /-.;• 
 
 4 
 
 4 2 
 
 4 4 
 
 5 o 
 
 5 2 
 
 5 4 
 5, 6 
 
 i5'34 
 14,84 
 
 15.74 
 i5>23 
 
 16,15 
 
 16,55 
 16,02 
 
 16,95 
 i6,4z 
 
 14.38 
 13,94 
 
 14,76 
 14.31 
 
 15. H 
 14,68 
 
 13,04 
 
 15.89 
 15,40 
 
 5 B 
 
 5 lo. 
 
 6 o 
 
 13,53 
 13,15 
 
 12,78 
 
 13.89 
 i3'49 
 13,12 
 
 H,25 
 13,84 
 i3>45 
 
 14,60 
 14,18 
 t3>79 
 
 14,95 
 14.52 
 14.13 
 
 The above table is intended to {how the pro- 
 portion of Jine gold to fne filver, from the 
 market prices per ounce of ftandard gold and 
 ftardard filver. Thus, when ftandard filver is 
 5S» 6d. an ounce, and ftandavd gold at the fame 
 tijBe is 4I. 2S. an ounce, 15,04 lb. of fine filver 
 IS equivalent to one lb. of Jim gold. Aboiu the 
 end of the year 1795, ^^^^ ^^^^ ^^^ fcarcity of 
 gold buiiion, that the Bank of Englai.d were 
 obliged, for the preffing demands of the Bank, 
 to buy it at the rate of 4I. 4s. an ounce. At that 
 time ftandard filver was 5s. 6d. an ounce, and 
 therefore 15,4 of fine filver was then equivalent 
 to one of fine gold— at which rate the value of 
 gold was fomewhat higher than the Mint pto- 
 portion, 15,21 lb. of filver to 1 lb» of gold.
 
 57 
 
 Average price of ftandard filver lince the year 
 1789, computed from the Table of Prices gi- 
 ven by Lord King, p. 163, &c. 
 
 1789 
 1790 
 1791 
 1792 
 
 1793 
 1794 
 
 1795 
 1796 
 
 1797 
 
 1798 
 
 1799 
 
 1800 
 
 1801 
 
 1802 
 
 1803 
 
 s. cl 
 
 5 3 
 
 5 S 
 
 5 2' 
 
 5 I- 
 
 5 3 
 
 5 4I }> An Ounce, 
 
 5 n 
 5 I 
 
 5 51 
 5.9 
 
 6 o 
 
 5 H 
 
 5 74
 
 58 
 
 .Price ot" an 
 
 Price in Mint 
 
 Piofit in ex- 
 
 ounce of 
 
 Shillings ot 
 
 chanc;ing a 
 
 Silver in 
 
 the Guinea, 
 
 Guinea tor 
 
 Bull. on. 
 
 at its legal 
 
 Mint Shil- 
 
 
 value 2 IS. 
 
 lings. 
 
 S. d. 
 
 S. d. 
 
 S. d. 
 
 5 2 
 
 11 o 
 
 o o 
 
 5 3 
 
 20 8 
 
 o 4 
 
 5 4 
 
 20 4 
 
 o 8j 
 
 5 5 
 
 20 O^ 
 
 I o\ 
 
 5 6 
 
 19 8| 
 
 I 4t 
 
 5 7 
 
 19 5t 
 
 I 8t 
 
 5 8 
 
 19 n 
 
 2 0| 
 
 5 9 
 
 i8 lo^ 
 
 2 4^ 
 
 5 lo 
 
 i8 7t 
 
 2 8t 
 
 5 II 
 
 i8 4 
 
 3 o\ 
 
 6 o 
 
 l8 T 
 
 3 4l 
 
 This Table (hows the price ot the guinea in 
 IVIint fhillings, according to the different values 
 of filver bullion, reckoning the guinea at its le- 
 gal value of 2 IS. alfo the profit in exchanging a 
 guinea for Mint fhillings. Thus when filvcr bul- 
 lion is 5s. 7d ^n ounce, the guinea reckoned at 
 2 IS. is only , rth 19s. 5^d. and the profit in 
 exchanging it for Mint fhillings is is. Sj^d. Com- 
 paring this table with the above f^u61uating prices 
 of filver, the impoffibility of a permanent filver- 
 currency, at the prefcnt Mint ftandard of weight, 
 is readily feen. 
 
 FINIS.
 
 
 
 
 1 
 
 .^^r 
 
 '/■■■ 
 
 
 ■^v 
 
 % 
 
 
 ' - 1" - 
 
 .'' 
 
 ^ 
 
 ^ - <. 
 
 v: 
 
 
 •' V 
 
 v^ 
 
 
 f^ 

 
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