Further Considerations [12]
be confounded and uncertain, when the Measure it self is lost. For we have now no lawful Silver Money current among us: And therefore cannot talk nor judge right, by our present uncertain clip'd Money, of the value and price of things, in reference to our lawful regular Coin, adjusted and kept to the unvarying Standard of the Mint. The price of Silver in Bullion above the value of Silver in Coin, when Clipping has not defac'd our current Cash (for then the odds is very rarely above a Penny or two Pence the Ounce) is so far from being a cause of melting down our Coin, that this price given above the value of the Silver in our Coin, is given only to preserve our Coin from being melted down: For no body buys Bullion at above 5s. 2d. the Ounce, (which is just the value) for any other reason, but to avoid the crime and hazard of melting down our Coin. I think it will be agreed on all hands, that no body will melt down our Money, but for profit. Now profit can be made by melting down our Money, but only in two cases. First, When the current Pieces of the same denomination are unequal, and of different Weights; some heavier, some lighter: For then the Traders in Money, cull out the heavier, and melt them down with profit. This is the ordinary fault of Coining by the Hammer; wherein it usually sufficed, That a Bar of Silver was cut into as many Halfcrowns, or Shillings, as answer'd its whole weight; without being very exact in making each particular piece of its due weight; whereby some pieces came to be heavier, and some lighter, than by the Standard they should. And then the heavier pieces were cull'd out, and there was profit to be made (as one easily perceives) in melting them down. But this cause of melting down our Money is easily prevented, by the exacter way of Coining by the Mill, in which each single piece is brought to its just weight. This inequality of pieces of the same denomination, is to be found in our Money, more than ever, since Clipping has been in fashion: And therefore 'tis no wonder, that in this irregular State of our Money, one complaint is, that the heavy Money is melted down. But this also the making clip'd Money go at present for its Weight, (which is a suddain reducing it to the Standard) and then, by degrees, recoining it into mill'd Money (which is the ultimate and more compleat reducing it to the Standard) perfectly cures. The other case wherein our Money comes to be melted down, is a losing Trade; Or, which is the same thing in other words, an over-great Consumption of Foreign Commodities. Whenever the over-ballance of Foreign Trade makes it difficult for our Merchants to get Bills of Exchange, the Exchange presently rises, and the Returns of Money raise them in proportion to the want of Money English men have in any parts beyond Seas. They who thus furnish them with Bills, not being able to satisfie their Correspondents on whom those Bills are drawn, with the product of our Commodities there, must send Silver from hence to reimburse them, and repay the Money they have drawn out of their hands. Whilst Bullion may be had for a small price more than the weight of our current Cash, these Exchangers generally choose rather to buy Bullion, than run the risque of melting down our Coin, which is Criminal by the Law. And thus the matter for the most part went, whilst mill'd and clipt Money passed promiscuously in payment: For so long a clipt Half-crown was as good here as a mill'd one, since one passed, and could be had as freely as the other. But as soon as there began to be a distinction between clipt and unclipt Money, and weighty Money could no longer be had for the light, Bullion (as was natural) rose; And it would fall again to morrow to the price it was at before, if there were none but weighty Money to pay for it. In short, whenever the whole of our Foreign Trade and Consumption exceeds our Exportation of Commodities, our Money must go to pay our Debts so contracted, whether melted, or not melted down. If the Law makes the Exportation of our Coin Penal, it will be melted down; if it leaves