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

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.

This I think is the natural and the present Effect of the Rise of Guineas.

Again, the Want of Silver Coin occasions the taking of Gold at such high Rates; and the Value of Gold Coin being uncertain, which Silver Coin hath not hitherto been, the Receiver will always allow himself for a probable Loss: that Allowance makes things bought so much the dearer, and that Dearness puts a Damp upon Trade.

So that the Scarcity of Silver is not only at present too visible, but so long as the Balance of Trade is lightest on our Side, is like to be more and more felt.

Yet the great Naval Stores we buy from abroad, the great Remittances to be provided for the Subsistence of our Armies and Fleets, are things inevitable, and 'tis impossible to hinder the Exportation of Bullion.

But 'tis very easie to hinder the Exportation of Money.

We must not only stop a present Gap, but provide for the future, and so I lay it down as a Conclusion.

That which encourages the Importation of any Commodity is the Certainty and Quickness of a Market at a good Price.

And the fear of Plate's being call'd in, to the Disadvantage of the Owner, puts too great a Damp upon the Silver-Smiths' Trade.

And the actual calling it in, upon such Terms, would very little mend the Matter; People will not be very fond of buying more, for fear at least the same Trick should be serv'd 'em twice.

And yet our Coin being altogether insufficient, we must provide for a considerable Quantity more.

It cannot be soon enough imported in such great Quantities as we at present want, and yet if we could immediately buy it from abroad, we could not afford to coin what we buy, without altering our Coin from the old Standard, seeing our Necessity of having it, will make its Price rise abroad.

There are Three Ways of altering our Coin.

This is such a devouring Expedient as will immediately swallow down a Part of every Man's Estate, and at last consume the Nation.

The Price of every thing will rise instead of falling.

Two Crown-Pieces do not buy a Yard of Cloth, because they contain Ten Shillings, but because they contain almost two Ounces of Silver.

Gold and Silver are the universal Pledges and Security of all Trade, in every Nation, and what's wanting in their Value must some way or other be made Good, more than in Name or Supposition.

The Arguments that may be made use of against such an imaginary Valuation of Money, are perhaps invincible, and almost innumerable; but were there no other but this, I think it might be sufficient without any more; considering our present Case.

I would I had nothing to do but to make out that.

I thought now to have done with this Article, but can't omit one thing.

I speak nothing of the Confusions and Jealousie which will arise from hence, but there's a long Chain of ill Consequences, and therefore I hope it will be allow'd as a Maxime.

But this Exportation would not be at all prejudicial to us, if the Importation could be made equal to the Exportation, and a Balance in this Particular only would do our Business.

But if we can balance a little between that Article of Trade which relates to the Importation of Bullion, it will be soon much better with us than it is at present, 'tis something if we can give present ease, and not increase the Danger; and more if we can lessen the Danger which the want of ease seems to threaten.

And if other Nations must get by us, they had better get any thing than our Money; if what they get by us they must be forced to spend among us, 'twill lessen I hope the Calamity, as will appear more hereafter.

This I think is plain, but as yet there is more in it than so; and suppose it, any other Nations turn to want Silver as much as we now do, and Silver should be there at an higher price than with us, then our Money becomes good Merchandice, and he gets most who carries most over: And the lower the value of our Coyn is the less Foreign Commodities we shall have for it.

And if after all we should be very severe in the execution of such prohibitory Laws, it would put such a damp to Foreign Trade as every body is not aware of.

And indeed if Money were not allowed to be a commodity, yet 'tis a Pledge and Surety of every Traders Property, and I am not reconciled to the Justice of that Law which forbids a man to take his Pledge along with him.

Such a Law makes money nothing but a Commodity, and then we must pay dear for what we buy of Foreigners, for most men will sell Cheaper than they will Barter.

This Article needs I think no more illustration, if it doth the Merchants can tell more of it than I, and I hope they will grant me this Conclusion.

Another great grievance of the Nation in the matters of Coyn may be thought the melting of it down.

This hath been a vile and great practice for many Years.

The Criminals have been under two temptations:

But that sort of money being almost all gone and never like to be coyned again, I shall altogether wave the consideration of it.

To make this plain upon which so much depends, put the Case thus.

So that without going farther upon this Topick, I may lay it down as a Conclusion or Maxim.

People who have several uneasinesses upon 'em at one and the same time, are very apt to attribute 'em all to one, which is the most hated, the most invidious, or at least the most visible cause, though in reality every one may have sprung from a several and very different root.

These and many more to the better part of the Nation are the advantages of this necessary tho' expensive War.

But there are some that look upon it with an evil eye, and then the badness of money, and the scarcity of it, and the Exporting and melting down, and hoarding it, and the rise of Gold, and the dearness of Commodities, and the badness of Trade are all as evident effects of the War as the Taxes are.

Ever since the extraordinary abasement of Coyn by an unparalleled Counterfeit and Clipping, people have hoarded up Money apace, not knowing how far the debasement would run; and fearing if they put their good Money out they should at the long run be forced to be paid back in they know not what themselves.

Nor hath the beauty and rarity of uncorrupted and undiminished Coyn, added a little to the humour of hoarding it up.

Undefaced and weighty pieces are now as so many Medals, people think it a great happiness to have a store of 'em. And as the Coyn degenerates these are more charily preserved, and will be so till the intrinsick value of 'em diminishes. I could give a shrewd guess where this weighty Money is to be found in great quantities, but be it where it will as I said before, I think every man hath a right do what he will with his own, so far as it is his own.

All that I at present aim at is to show.

POSTULATA.

Or if they shall not think fit to give a full Compensation for the Clipt Money, I have nothing to say, it would be great presumption in a private man to dictate.

The second Project I designed by the former Axiom to obviate is,

Which would be an attempt I doubt of pernicious Consequence, and instead of that I have made a provision; whereby questionless as much Plate will be crouded into the Mint with all the speed imaginable, as shall make up in tale the two millions of Pounds Sterling of clipt money which when melted down produced but one; and then I presume the extraordinariness of the encouragement may, and ought to Cease.

PROPOSITION.

Theorem.

For the effecting all the aforesaid Articles,

This may conveniently and safely enough be done before any new Money be coin'd.

It may be thought, that a great deal of this may be saved, and perhaps Six-pence in an ounce, which amounts to One hundred thousand Pounds, and that Six shillings and seven pence would be Temptation enough, when the Price of Silver is like to Fall.

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