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Read Ebook: The Regulating Silver Coin Made Practicable and Easie to the Government and Subject by Pratt Samuel
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Ebook has 126 lines and 20284 words, and 3 pages
Writing on so curious, and intricate a Subject, I have great Reason to bespeak the Candour of the Reader.
They that know little are Jealous, and they that know much Opiniatre, and whilst one will not take Pains to comprehend a thing, another taketh too much to overthrow it.
But as I hope I shall say nothing here, to be pity'd; so I am on the other side pretty secure from Envy, because, the greatest Credit that can be gotten, by a thing of this Nature, doth already seem to be engross'd by a late learned and industrious Writer upon this Subject.
But I must do my self that little piece of Justice too, as to acknowledge the main Design of these Papers was laid before I could have a sight of that Book:
And now I am ready enough to confess my own Weakness, and Insufficiency, for so great an Undertaking; nor do I pretend to write a Stile equal to that experienc'd Minister, but am contented to be understood without shining, and to offer Mathematical Reasoning, without polishing and Ornament.
I affect Truth and Plainness, and a sincere Love to my Country.
DEFINITIONS.
TWO things are now under Consideration. 1. The Badness of our Silver Coin.
For every Man now is destitute of a sufficient Pledge and Security for his Personal Estate, unless he will take Personal Security, or find out a Mortgage, or rely upon a Bank.
Personal Security is now less than ever, the publick Banks have so drain'd or so engag'd at least the Traders in Money.
Mortgages are very hard to be found, for small Summs, and much harder for great ones, since the establishment of the new Banks.
And as for a sole reliance on the Credit of the new Banks I leave that for other Heads to discuss; I am of the Opinion it was never intended that they should be the only Security for Personal Estates, and that People should carry in their Money to 'em out of necessity, and not choice.
And how dishonourable it is to the King and Kingdom that our Money should be so suddenly debased to such a shameful Degree, foreign States will soon determine:
Now that it doth not become so by publick Authority but by Connivence of the Sovereignty, or Necessities of the Nation, is not stating the thing at all less Dishonourably.
For Connivence at a Fault discovers either an Ignorance of it, or Inability to correct it, or design in making use of it.
'Tis plain enough the Government is not Ignorant of it.
His Majesty in His Speech to both Houses of Parliament, shews He hath no design in making use of it, because He recommends the redressing of it to their Consideration, and therefore the not redressing it, can be only imputable to the Weakness and Poverty of the State:
No Body will believe that we can long subsist at this rate; and indeed 'tis impossible we should, for if 'tis now much harder to redress than it was a year ago, and that means cannot be yet found out to do it, what Hopes shall we have of ever doing it 'till the War is ended? and what Hopes shall we have of bringing our Enemies to Terms, whilst they are sensible of our great Poverty.
Besides all this, we are in apparent Danger hereby of being more effectually and suddenly ruin'd by our Friends.
For if this Sessions of Parliament should break up without regulating the Coin, what Consequences may possibly ensue?
Such an Importation of Money would I fear, be of worse Consequence than all our Exportation of Silver and Gold can prove.
This is a Danger which the easiness and small Charge of counterfeiting old Clipp'd Money threatens very much, unless it be speedily cry'd down.
And in the mean time, let us consider the Condition of the other Coin among us, not counterfeited, but Clipp'd, fil'd, or otherwise diminish'd.
'Tis plainly demonstrable by the Receipts of Money in His Majesty's Exchequer, that one half of the Silver is already Clipp'd away, and there is no Security why half what remains wo'nt be taken off too.
Nor will preaching do much Good, upon those that never come to Church.
Clipping is the gainfulest Sin that ever was invented, and sits the easiest upon the Sinner's Mind, and 'tis never to be remedied but by making it impracticable, which Mill'd Money only can do.
And what a perpetual Discontent and Confusion must it end in, if People shall come at last to proffer a Groat for a Shilling?
And what fatal Consequences may it have in the mean time at home let us consider.
And now we have two Thirds less than we should have, and if that two Thirds, which is cry'd down at the Owner's Loss, should be carry'd to the Mint, and new coin'd, it would scarce yield a twelfth Part of what we should then want.
Let the matter be canvas'd never so much, it must at last come to this Conclusion.
And this will appear several Ways, but chiefly by the high Price or Guineas and the Causes thereof.
Now if so much as concerns the Scarcity of Silver be granted me, then I have nothing to do upon this Article, but shew that the present high Price of Gold is dangerous to the Nation, and more dangerous will a farther Advance of the Price thereof be.
Again, suppose he sells his Mum for Gold, or is to exchange his Silver for Gold, that which he was wont to sell for 3 Guineas, he expects 3 Guineas for still; or if you are to pay him in Silver, he expects as much as he can change for 3 Guineas, he wo'nt be fobb'd off with less: So the Merchant sells as cheap as ever; but we pay more, because what we pay, is dearer than it was.
You'll object against this way of reasoning, and say 'tis the Risques of the Sea, and Obstructions of Trade now in Time or War, makes all foreign Commodities dearer.
But I hope I don't err in saying, that the Merchant notwithstanding the War wou'd take less of our Silver Coin for the same Commodities if it were better, and less Gold of us if it wou'd buy as much Silver in his own Country.
And there are Reasons which may ballance the Dangers of the Seas in Times of War in Reference to our Commerce with the Subjects of Neutral Princes.
On our side Taxes are great, and the Subject cannot afford to buy so many foreign Commodities as at other times: And on their side they have not so good a Vent as they had; so their Commodities must stick on hand unless sold so cheap as may make amends for the Hazards of the Sea, and the Cheapness of Commodities wou'd be the natural Effects of Scarcity of Money, if our Money had the same real Value as formerly.
And now 'tis the Country Gentlemen, Artizans and Day-Labourers have the hardest Bargain of all.
The Farmer sells his own Corn and Cattle according to the Value of Gold and Silver, and the Mercer his Silks, and the Draper his Cloth, and the Tanner his Leather; but the Farmer in the mean time pays his Rent, and Husbandmen, and Artizans, according to the Value of our present Coin, and when he paid 28 Guineas a Quarter formerly, twenty shall serve turn now; and the Scrivener buys the Country Gentlemen's Lands, according to the Valuation of Coin; and not Metal; and the Land which cost the Father 600 Guineas, is now sold by the Son for 430; and half a Year hence it may be proffered for 300. This is nothing but Ruine and Confusion to the Landed Men of the Kingdom.
But if the Buyers of Land, as the Merchants, Bankers and Scriveners are, were Sellers too, we should find Land rise in Proportion to every thing else.
But this with some unthinking People is the Effect of War; and because some things are dearer upon this Account than others, therefore every thing else that is dearer must have the same Cause assigned; but a general Cheapness of things should, methinks, be the Natural Effect of our War, if our Money with which we go to Market were as it should be.
The Taxes, as I said, are great Inducements to Frugality, and the Advantages People have of late made of Money, have been no less.
These and other such like things if the Price of Gold and Silver had not risen, must have occasion'd a Fall of most other Commodities.
And now let us consider the Danger of the high Price of Gold as it stands at present.
Coin is the most portable Commodity, and Gold the most portable Coin; but we have run it up high, and therefore do'nt at present fear Exportation; but then, if 'tis considerably higher than among our Neighbours, there is great Reason to fear too great an Importation may be as dangerous, as a disadvantagious one doth already prove.
It seems to me so curious and nice a Commodity that always there may be Danger in it.
If in the great Thirst that's now upon us, we take in too much that will occasion a still more dangerous Rise of Silver: For considering the present Balance of Trade, the more Gold is imported, the less there will be of Silver; and if we import too little, we leave our selves destitute of a Way of Trading.
And if the Gold which is our present Support, should by the Craft of Foreigners, or necessities of the War follow the Silver out of the Nation, we should be left, I doubt in a very bad Condition.
And if its Value should rise, as it must needs do if the Silver Coin grow worse and worse, then by how much it rises, by so much more all the Inconveniences and Dangers of its late Rise among us will encrease.
The melancholly Letters which their Factors abroad daily send 'em makes the Case plain.
And now what is the plain Inference? but inevitable Ruine to the whole Trade of the Nation. Here's an End of Merchandise, and all Use of Shipping.
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