Further Considerations [21]
Bullion to Export, than the Mint can give for it to Coin; and so none of that will come to the Mint. But says our Author, p. 83. An Half-penny an Ounce profit, which will be in the proposed Coin, above the present price of Sterling Bullion, will be an encouragement to those who have English Plate, to bring it in to be Coin'd. I doubt whether there will be any such profit; for I imagine that Standard Bullion cannot now be bought per Ounce for Six Shillings and five Pence of our clip'd running Cash, which is the Measure whereby Mr. Lowndes determines of the price of Sterling Silver. But taking this Half-penny an Ounce profit for granted, it will not bring to the Mint any Plate, whose fashion is valued by the Owner at above an Half-penny per Ounce; and how much then it is like to bring to the Mint, is easie to guess. The true and only good reason that brings Bullion to the Mint to be Coin'd, is the same that brings it to England to stay there, viz. The gain we make by an over-balance of Trade. When our Merchants carry Commodities abroad, to a greater value than those they bring home, the over-plus comes to them in Foreign Coin or Bullion, which will stay here, when we gain by the Balance of our whole Trade. For then we can have no Debts beyond Sea to be paid with it: In this thriving posture of our Trade, those to whose share this Bullion falls, not having any use of it whil'st it is in Bullion, choose to carry it to the Mint to have it Coin'd there, whereby it is of more use to them for all the business of Silver in Trade, or purchasing Land; the Mint having ascertained the weight and fineness of it: So that on any occasion, every one is ready to take it at its known value, without any scruple; a convenience that is wanting in Bullion. But when our Trade runs on the other side, and our Exported Commodities will not pay for those Foreign ones we consume, our Treasure must go; and then it is in vain to bestow the labour of Coining on Bullion that must be Exported again. To what purpose is it to make it pass through our Mint, when it will away? The less pains and charge it costs us, the better. His Third reason p. 83. is, that this raising our Coin by making it more in tale will make it more commensurate to the general need thereof, and thereby hinder the increase of hazardous Paper-credit, and the inconveniency of Bartering. Just as the Boy cut his Leather into five quarters (as he called them) to cover his Ball, when cut into four quarters it fell short: But after all his pains, as much of his Ball lay bare as before. If the quantity of Coin'd Silver employ'd in England falls short, the arbitrary denomination of a greater number of Pence given to it, or which is all one, to the several Coin'd pieces of it, will not make it commensurate to the size of our Trade, or the greatness of our occasions. This is as certain, as that if the quantity of a Board which is to stop a Leak of a Ship fifteen Inches square, be but twelve Inches square, it will not be made to do it, by being measured by a Foot that is divided into fifteen Inches instead of twelve, and so having a larger Tale or number of Inches in denomination given to it. This indeed would be a convincing Reason, if Sounds will give weight to Silver, and the noise of a greater number of Pence (less in quantity proportionably as they are more in number) were a larger supply of Money, which our Author p. 84. says our occasions require, and which he by an increase of the tale of Pence hopes to provide. But that Mistake is very visible, and shall be further shewn in the business of Bartering. The necessity of Trust and Bartering is one of the many inconveniencies springing from the want of Money. This inconvenience, the multiplying arbitrary denominations will no more supply, nor any ways make our scarcity of Coin commensurate to the need there is of it, than if the Cloth which was provided for clothing the Army, falling short, one should hope to make it commensurate to that need there is of it, by measuring it by a Yard One fifth shorter than the Standard, or