Further Considerations [24]
to be convinc'd that it will purchase no more than an Ounce of Silver of sixty Pence. And the ringing of the piece will as soon purchase more Commodities as its change of Denomination, and the multiplied name of Pence, when it is call'd six score instead of sixty. 'Tis propos'd, that the twelve Pence should be raised to fifteen Pence, and the Crown to seventy-five pence, and so proportionably of the rest: But yet that the Pound Sterling should not be raised. If there be any advantage in raising, why should not that be raised too? And as the Crown piece is raised from sixty, to seventy-five Pence, why should not the Pound Sterling be raised in the same proportion, from Two hundred and forty pence, to Three hundred pence? Farther, If this raising our Coin can so stretch our Money and enlarge our pared remainder of it, as to make it more commensurate to the general need thereof, for carrying on the common Traffick and Commerce of the Nation, and to answer Occasions requiring a larger supply of Money, as Mr. Lowndes tells us in his third Reason p. 83. Why are we so niggardly to our selves in this time of occasion, as to stop at One fifth? Why do we not raise it one full Moiety, and thereby double our Money? If Mr. Lowndes's Rule p. 78 That if the value of the Silver in the Coin, should be raised above the Market price of the same Silver reduc'd to Bullion; the Subject would be proportionably injured and defrauded, must keep us from this advantage and the publick care of Justice stop the raising of the Money at One fifth, because if our Money be raised beyond the Market-price of Bullion, it will be so much defrauding of the Subject: I then say it must not be raised One fifth, nor half One fifth, that is, it must not be raised fifteen pence in the Crown; no nor five pence. For I deny that the Market-price of Standard Bullion ever was, or ever can be five Shillings seven Pence of lawful weighty Money the Ounce: So that if our present mill'd Money be raised One fifth, the Subjects will by Mr. Lowndes's Rule, be defrauded Sixteen per Cent. nay, above Eighteen per Cent. For the Market-price of Standard Bullion being ordinarily under five Shillings four Pence the Ounce, when sold for weighty Money (which is but One thirtieth) whatever our present mill'd Money is raised above One thirtieth, it is by Mr. Lowndes's Rule so much defrauding the Subject. For the Market-price of any thing, and so of Bullion, is to be taken from its ordinary rate all the Year round; and not from the extraordinary rise of two or three Market-days in a Year. And that the Market-price of Standard Silver was not found, nor pretended to be above five Shilling and four Pence the Ounce, before Clipping had left none but light running Cash to pay for Bullion, or any thing else, is evident from a Paper then publish'd, which I took the liberty to examine in my Consideration of the consequences of raising the value of Money, &c. Printed 1692. The Author of that Paper, {who,} 'tis manifest, was not ignorant of the price of Silver, nor had a design to lessen its rate, set down the highest price it then bore. If then, Mr. Lowndes's Rule of Justice, and care of the Subject, be to regulate the rise of our mill'd Money, it must not be raised above One thirtieth part. If the advantages he promises, of making our Money, by raising it One fifth, more commensurate to the general need thereof, be to be laid hold on, 'tis reasonable to raise it higher, to make it yet more commensurate to the general need there is of it. Which ever of the two Mr. Lowndes will prefer, either reason of State, or rule of Justice, One fifth must not be his measure of raising our present mill'd Money. If the advantage of making our Money more proportionate to our Trade, and other necessities, be to govern its proposed raising, every one will cry out to Mr. Lowndes, If your way will do what you say, the raising it One half will be much better than One fifth, and therefore pray let a Half Crown be raised to a Crown, and a Six-pence to a Shilling. If equity, and the consideration of the Subjects