Further Considerations [25]
Property ought to govern in the case, you must not raise our mill'd Crown to above five Shillings and four Pence. If it here be said to me, that I do then allow that our Money may be raised One thirtieth, i.e. that the Crown piece should be raised to five Shillings and two Pence, and so proportionably of the other species of our Coin; I answer, he that infers so, makes his Inference a little too quick. But let us for once allow the ordinary price of Standard Silver to be five Shillings four Pence the Ounce, to be paid for in weighty Coin (for that must always be remembred, when we talk of the rate of Bullion) and that the rate of Bullion is the just measure of raising our Money. This I say is no reason for the raising our mill'd Crown now to five Shillings four Pence, and recoining all our clip'd Money upon that Foot; unless we intend, as soon as that is done, to new raise, and Coin it again. For whil'st our Trade and Affairs abroad require the exportation of Silver, and the exportation of our Coin'd Silver is prohibited, and made penal by our Law, Standard Bullion will always be sold here for a little more than its weight of Coin'd Silver. So that if we shall endeavour to equal our weighty Coin'd Silver to Standard Bullion, by raising it, whilst there is a necessity of the exportation of Silver, we shall do no otherwise than a Child, who runs to overtake and get up to the top of his shadow, which still advances at the same rate that he does. The priviledge that Bullion has, to be exported freely, will give it a little advance in price above our Coin, let the Denomination of that be raised or fallen as you please, whilst there is need of its Exportation, and the Exportation of our Coin is prohibited by Law. But this advance will be but little, and will always keep within the bounds which the risque and trouble of melting down our Coin shall set to it in the estimate of the Exporter. He that will rather venture to throw an hundred Pound into his Melting-pot, when no body sees him, and reduce it to Bullion, than give an Hundred and Five Pounds for the same weight of the like Bullion, will never give five Shillings and five Pence of mill'd Money for an Ounce of Standard Bullion; nor buy at that price, when he can have it near Five per Cent. cheaper, without any risque, if he will not accuse himself. And I think it may be concluded, that very few, who have Furnaces, and other conveniencies ready for melting Silver, will give One per Cent. for Standard Bullion, which is under Five Shillings and Three pence per Ounce, who can only for the trouble of melting it, reduce our Coin to as good Bullion. The odds of the price in Bullion to Coin on this account (which is the only one, where the Coin is kept to the Standard) can never be a reason for raising our Coin to preserve it from melting down: Because this price above its weight is given for Bullion, only to avoid melting down our Coin; and so this difference of price between Standard Bullion and our Coin, can be no cause of its melting down. These three Reasons which I have examin'd, contain the great advantages, which our Author supposes the propos'd raising of our Coin will produce. And therefore I have dwelt longer upon them. His remaining six Reasons being of less moment, and offering most of them, but some circumstantial conveniencies, as to the computation of our Money, &c. I shall more briefly pass over. Only before I proceed to them, I shall here set down the different value of our Money, collected from our Authors History of the several changes of our Coin, since Edward the First's Reign, quite down to this present time. A curious History indeed, for which I think my self and the World indebted to Mr. Lowndes's great Learning in this sort of knowledge, and his great exactness in relating the particulars. I shall remark only the quantity of Silver was in a Shilling in each of those Changes; that so the Reader may at first sight, without farther trouble, compare the lessening, or increase of the quantity of Silver upon every change. For in propriety of speech,