Further Considerations [27]
of Silver in the Coin to promote the work of the Mint? As I remember, suitable to this Policy of the Mint, there was, some two Years since, a complaint of a worthy Gentleman, not ignorant of it, that the Mill in the Mint stood still; And therefore there was a proposal offer'd for bringing Grist to the Mill. The business of Money, as in all times, even in this our quicksighted Age, hath been thought a Mystery: Those imploy'd in the Mint must, by their places, be supposed to penetrate deepest into it. 'Tis no impossible thing then to imagine, that it was not hard, in the Ignorance of past Ages, when Money was little, and Skill in the Turns of Trade less, for those versed in the Business and Policy of the Mint, to perswade a Prince, especially if Money were scarce, that the Fault was in the Standard of the Mint, and that the way to increase the Plenty of Money, was to raise (a well sounding Word) the Value of the Coin. This could not but be willingly enough hearkned to; when, besides the Hopes of drawing an increase of Silver into the Realm, it brought present Gain by the Part which the king got of the Money, which was hereupon all Coined anew, and the Mint Officers lost nothing, since it promoted the work of the Mint. This Opinion Mr. Lowndes himself gives sufficient ground for in his Book, particularly p. 29. where we read these Words, Although the former Debasements of the Coins by publick Authority, especially those in the Reign of King Henry VIII. and King Edward VI. might be projected for the Profit of the Crown, and the Projectors might measure that Profit by the excessive Quantities of Allay that were mixed with the Silver and the Gold (and let me add, or by the Quantity of Silver lessened in each Species, which is the same thing) And though this was enterprized by a Prince, who could stretch his Prerogative very far upon his People; and was done in Times when the Nation had very little Commerce, Inland or Foreign, to be injured and prejudiced thereby; yet Experience presently shewed, that the Projectors were mistaken, and that it was absolutely necessary to have the base Money reformed. This at least they were not mistaken in, that they brought Work to the Mint, and a Part of the Money Coin'd to the Crown for Seigniorage; in both which there was Profit. Mr. Lowndes tells us, p. 44. that Henry VIII. had to the value of fifty Shillings for every Pound Weight of Gold Coin'd: I have met with it somewhere that formerly the King might take what he pleased for Coinage. I know not too but the flattering Name of raising Money might prevail then as it does now; and impose so far on them, as to make them think the raising, i.e. diminishing the Silver in their Coin, would bring it into the Realm, or stay it here when they found it going out. For if we may guess at the other, by Henry VIII's raising, it was probably when, by reason of Expence in Foreign Wars, or ill managed Trade, they found Money begin to grow scarce. The having the Species of our Coin One fifth bigger, or One fifth less than they are at present, would be neither good nor harm to England, if they had always been so. Our Standard has continued in weight and fineness just as it is now, for very near this hundred Years last past: And those who think the Denomination and Size of our Money have any Influence on the State of our Wealth, have no reason to change the present Standard of our Coin; since under that we have had a greater Increase, and longer Continuance of Plenty of Money, than perhaps any other Country can shew; I see no reason to think, that a little bigger or less Size of the pieces Coin'd, is of any moment one way or t'other. The Species of Money in any Country, of what soever Sizes, fit for Coining, if their Proportions to one another be suited to Arithmetick and Calculations, in whole Numbers, and the Ways of Account in that Country; if they are adapted to small Payments, and carefully kept to their just Weight and Fineness, can have no Harm in them. The Harm comes by the change, which unreasonably and unjustly gives away and transfers