Further Considerations [20]
Silver has a price. I answer; Silver to Silver can have no other price, but quantity for quantity. If there be any other difference in value, it is or can be nothing but one of these two: First, Either the value of the labour imploy'd about one parcel of Silver more than another, makes a difference in their price; and thus fashion'd Plate sells for more than its weight of the same Silver; and in Counties where the Owners pay for the Coinage, Silver in Coin is more worth than its weight in Bullion; but here, where the Publick pays the Coinage, they are of very near equal value, when there is no need of Exportation: For then there is no more odds than the trouble of carrying the Bullion to the Mint, and fetching again, is worth; or the charge of refining so much of it, as will bring it to Standard, if it be worse than Standard. Or Secondly, Some Priviledge belonging to one parcel of Silver which is denied to another, viz. Here in England a liberty of Exportation allowed to Silver in Bullion, denied to Silver Stamp'd. This, when there is need of Exportation of Silver, gives some small advantage of value to uncoin'd Silver here, above Coin'd; but that is ordinarily very inconsiderable; and can never reach to One fifth, nor half One fifth, as has been already shewn. And this I think will answer all that is said about the price of Silver in that place. 'Tis true what Mr. Lowndes says in the next words, p. 81. That five Shillings coin'd upon the Foot proposed, will actually contain more real and intrinsick value of Silver by a great deal, than is in the current Money now commonly applied to the Payment of the said Rents, Revenues and Debts. But will he hence conclude, because there is now lost in those Rents, Revenues and Debts, a great deal more than Twenty per Cent. under the present irregularity of our Coin, and the Robbery in clip'd Money, without any the least neglect or miscarriage in the Owner that intitled him to that loss, that therefore it is just that the loss of Twenty per Cent. be establish'd on him by Law for the future, in the reforming of our Coin? Mr. Lowndes's Second reason for lessening our Coin we have p. 82. in these words, The value of the Silver in the Coin ought to be raised, to encourage the ringing of Bullion to the Mint to be Coin'd. This raising of Money is in effect, as has been seen, nothing but giving a denomination of more Pence to the same quantity of Silver, viz. That the same quantity of Silver shall here-after be called Seventy-five Pence, which is now called but sixty Pence. For that is all is done: As is manifest, when a Crown piece which now goes but for sixty Pence, shall be made to go for seventy-five Pence; for 'tis plain, it contains nothing of Silver or worth in it, more than it did before. Let us suppose, that all our Silver Coin now in England were Six-pences, Shillings, Halfcrowns and Crowns, all mill'd Money full weight according to the present Standard; And that it should be ordered, that for the future, the Crown-piece instead of going for sixty pence, should go for seventy-five pence, and so proportionably of all the other Pieces; I ask then, how such a change of denomination shall bring Bullion to the Mint to be Coin'd, and from whence? I suppose this change of names, or ascribing to it more imaginary parts of any denomination, has no Charms in it to bring Bullion to the Mint to be Coin'd: For whether you call the piece Coin'd twelve pence, or fifteen pence, sixty or seventy-five, a Crown or a Scepter, it will buy no more Silk, Salt or Bread than it would before. That therefore cannot tempt People to bring it to the Mint. And if it will pay more Debt, that is perfect Defrauding, and ought not to be permitted. Next, I ask, from whence shall this raising fetch it? For Bullion cannot be brought hither to stay here, whil'st the Balance of our Trade requires all the Bullion we bring in, to be Exported again, and more Silver out of our former Stock with it, to answer our exigencies beyond Seas. And whilst it is so, the Goldsmiths and Returners of Money will give more for