Further Considerations [10]
more pounds of Tobacco; Amongst the Indians, when it will sell for more yards of Wampompeak, which is their Money; And amongst the English here, when it will exchange for a greater quantity of Silver, than it would before. Rising and falling of Commodities is always between several Commodities of distinct worths. But no body can say that Tobacco (of the same goodness) is risen in respect of it self. One Pound of the same goodness will never exchange for a Pound and a Quarter of the same goodness. And so it is in Silver: An Ounce of Silver will always be of equal value to an Ounce of Silver; nor can it ever rise or fall in respect of it self: An Ounce of Standard Silver can never be worth an Ounce and a Quarter of Standard Silver; nor one Ounce of uncoin'd Silver, exchange for one Ounce and a Quarter of Coin'd Silver: The Stamp cannot so much debase its value. Indeed the stamp hindring its free exportation, may make the Goldsmith (who profits by the return of Money) give one hundred and twentieth, or one sixtieth or perhaps sometimes one thirtieth more (that is 5s. two Pence Half-penny, 5s. 3d. or 5s. 4d. the Ounce) of coin'd Silver for uncoin'd, when there is need of sending Silver beyond Seas; as there always is when the balance of Trade will not supply our wants, and pay our debts there. But much beyond this, the Goldsmith will never give for Bullion; since he can make it out of Coin'd Money at a cheaper rate. 'Tis said Bullion is risen to 6s. 5d. the Ounce, i.e. that an Ounce of uncoin'd Silver will exchange for an Ounce and a Quarter of Coin'd Silver. If any one can believe this, I will put this short Case to him. He has of Bullion or Standard uncoin'd Silver, two round plates, each of the exact size and weight of a Crown piece: He has besides, of the same Bullion, a round plate of the weight and size of a Shilling, and another yet less, of the exact weight and size of a Three-pence. The two great Plates being of equal weight, and fineness, I suppose he will allow to be of equal value, and that the two less, joyn'd to either of them, make it one fifth more worth than the other is by it self, they having all three together one fifth more Silver in them. Let us suppose then, one of the greater, and the two less plates to have received the next moment, (by Miracle, or by the Mill, it matters not how) the mark or stamp of our Crown, our Shilling, and our Three-pence: Can any body say, that now they have got the stamp of our Mint upon them, they are so fallen in value, or the other unstamp'd piece so Risen, that that unstamp'd piece which a moment before was worth only one of the other pieces, is now worth them all three? Which is to say, that an Ounce of uncoin'd Silver is worth an Ounce and a quarter of coin'd. This is what men would persuade us, when they say, that Bullion is raised to 6s. 5d. [of lawful Money] the Ounce, which I say is utterly impossible. Let us consider this a little farther in another instance. The present Mill'd Crown piece, say they, will not exchange for an Ounce of Bullion, without the addition of a Shilling and a Three-pence of weighty Coin added to it. Coin but that Crown piece into 6s. and 3d. and then they say it will buy an Ounce of Bullion, or else they give up their reason and measure of raising the Money. Do that which is allow'd to be equivalent to Coining of a present Mill'd Crown piece into 6s. 3d. (viz.) call it 75 Pence, and then also it must by this Rule of raising buy an Ounce of Bullion. If this be so, the self-same mill'd Crown piece will and will not exchange for an Ounce of Bullion. Call it 60 pence, and it will not: The very next moment call it 75 pence, and it will. I am afraid no body can think change of denomination has such a power. Mr. Lowndes supports this his first reason with these words, p. 68. This reason, which I humbly conceive will appear irrefragable, is grounded uPon a Truth so Apparent, that it may well be compared to an Axiom, even in Mathematical reasoning; to wit, that Whensoever the intrinsick value of Silver in the Coin, hath been, or shall be less