Further Considerations [30]
to me and others, good Arguments against putting less Silver into our Coin of the same Denominations, let that Diminution be made what way it will. What Mr. Lowndes says about Gold Coins, p. 88. &c. appears to me highly rational, and I perfectly agree with him; excepting only that I do not think Gold is in regard of Silver risen One third in England; which I think may be thus made out. A Guinea weighing five Penny Weight and nine Grains; or One hundred and twenty-nine Grains; and a Pound Sterling weighing One thousand eight hundred and sixty Grains; A Guinea at twenty Shillings is as One hundred and twenty nine to One thousand eight hundred and sixty; that is, as one to fourteen and an half. A Guinea at two and twenty Shillings, is as One hundred and twenty nine, to Two thousand forty two, i.e. as One to Sixteen. A Guinea at thirty Shillings, is as One hundred twenty nine to Two thousand seven hundred eighty four, i.e. as One to Twenty one and an half, near. He therefore that receives twenty Shillings mill'd Money for a Guinea, receives One thousand eight hundred and sixty Grains Standard Silver, for One hundred twenty nine Grains of Standard Gold, i.e. Fourteen and an half for One. He who receives two and twenty Shillings mill'd Money for a Guinea, has Two thousand forty two Grains Standard Silver, for One hundred twenty nine Grains Standard Gold, i.e. Sixteen for One. He who receives thirty Shillings mill'd Money for a Guinea, has Two thousand seven hundred eighty four Grains Standard Silver, for One hundred twenty nine Grains of Gold, i.e. Twenty one and an half for One. But the current Cash being (upon Tryals made about Midsummer last) computed by Mr. Lowndes p 108. to want half its Standard weight, and not being mended since, it is evident he who receives thirty Shillings of our present clip'd Money, for a Guinea, has but One thousand three hundred ninety two Grains of Standard Silver, for One hundred twenty nine Grains of Gold, i.e. has but Ten and three quarters of Silver for One of Gold. I have left out the utmost precisions of Fractions in these Computations, as not necessary in the present Case, these whole Numbers shewing well enough the difference of the value of Guineas at those several Rates. If it be true what I here assert, viz. That he who receives thirty Shillings in our Current clip'd Money for a Guinea, receives not eleven Grains of Silver for one of Gold; whereas the value of Gold to Silver in all our Neighbouring Countries is about fifteen to one, which is about a Third part more; It will probably be demanded, how comes it to pass that Foreigners, or others, import Gold; when they do not receive as much Silver for it here, as they may have in all other Countries? The reason whereof is visibly this, that they exchange it not here for Silver, but for our Commodities; And our Bargains for Commodities as well as all other Contracts being made in Pounds Shillings and Pence, our clip'd Money retains amongst the People (who know not how to count but by Current Money) a part ofits legal value, whilst it passes for the satisfaction of legal Contracts, as if it were Lawful Money. As long as the king receives it for his Taxes, and the Landlord for his Rent, 'tis no wonder the Farmer and Tenant should receive it for his Commodities: And this perhaps would do well enough, if our Money and Trade were to Circulate only amongst our Selves, and we had no Commerce with the rest of the World, and needed it not. But here lies the loss, when Foreigners shall bring over Gold hither, and with that Pay for our Commodities at the rate of Thirty Shillings the Guinea, when the same quantity of Gold that is in a Guinea is not beyond Sea worth more Silver than is in twenty, or one and twenty and six Pence of our mill'd and lawful Money: By which way of paying for our Commodities England loses near One third of the value of all the Commodities it thus sells. And 'tis all one as if Foreigners paid for them in Money Coin'd and clip'd beyond Sea, wherein was One third less Silver than there ought