Further Considerations [13]
the Exportation of our Coin free, as in Holland, it will be carried out in specie. One way or other go it must, as we see in Spain; but whether melted down, or not melted down, it matters little: Our Coin and Treasure will be both ways equally diminished, and can be restor'd only by an over-balance of our whole Exportation, to our whole Importation of consumable Commodities. Laws made against Exportation of Money or Bullion, will be all in vain. Restraint, or Liberty in that matter, makes no Country Rich or Poor: As we see in Holland; which had plenty of Money under the free liberty of its Exportation; and Spain, in great want of Money under the severest penalties against carrying of it out. But the Coining, or not Coining our Money, on the same foot it was before, or in bigger or less pieces, and under whatsoever denominations you please, contributes nothing to, or against its melting down or Exportation, so our Money be all kept each species in its full weight of Silver, according to the Standard: For if some be heavier, and some lighter allow'd to be current, so, under the same denomination the heavier will be melted down, where the temptation of profit is considerable, which in well regulated Coin kept to the Standard, cannot be. But this melting down carries not away one Grain of our Treasure out of England. The coming and going of that depends wholly upon the Balance of our Trade; and therefore it is a wrong Conclusion which we find, p. 71. That continuing either old or new Coins on the present foot, will be nothing else but furnishing a Species to melt down at an extravagant profit, and will encourage a violent Exportation of our Silver for sake of the gain only, till we shall have little or none left. For example; Let us suppose all our light Money new Coin'd, upon the foot that this Gentleman would have it, and all our old mill'd Crowns going for 75 Pence, as he proposes, and the rest of the old mill'd Money proportionably; I desire it to be shewed how this would hinder the Exportation of one Ounce of Silver, whilst our Affairs are in the present posture. Again, on the other side, supposing all our Money were now mill'd Coin upon the present foot, and our Ballance of Trade changing, our Exportation of Commodities were a Million more than our Importation, and like to continue so yearly'. whereof one halfwas to Holland, and the other to Flanders, there being an equal Ballance between England and all other parts of the World we Trade to; I ask, what possible gain could any English Man make, by melting down and carrying out our Money to Holland and Flanders, when a Million was to come thence hither, and English Men had more there already than they knew how to use there, and could not get home without paying dear there for Bills of Exchange? If that were the case of our Trade, the Exchange would presently fall here, and rise there beyond the Par of their Money to ours, i.e. An English Merchant must give in Holland more Silver for the Bills he bought there, than he should receive upon those Bills here, if the two Sums were weigh'd one against the other; or run the risque of bringing it home in specie. And what then could any English man get by Exporting of our Money or Silver thither? These are the only two Cases, wherein our Coin can be melted down with profit; and I challenge any one living to shew me any other. The one of them is removed only by a regular just Coin kept equal to the Standard; be that what it will, it matters not, as to the point of melting down of the Money. The other is to be removed only by the Balance of our Trade kept from running us behind-hand, and contracting Debts in Foreign Counties by an over-consumption of their Commodities. To those who say that the Exportation of our Money, whether melted down, or not melted down, depends wholly upon our Consumption of Foreign Commodities, and not at all upon the Sizes of the several Species of our Money, which will be equally Exported, or not Exported, whether Coin'd upon the old, or the proposed new Foot: Mr. Lowndes replies, p. 72. First,