Further Considerations [31]
to be. And thus we lose near One third in all our Exportation, whilst Foreign Gold Imported is received in Payment for Thirty Shillings a Guinea. To make this appear, we need but trace this way of Commerce a lirrle, and there can be no doubt of the loss we suffer by it. Let us suppose, for Example, a Bale of Holland Linnen worth there, One hundred and eighty Ounces of our Standard Silver; And a Bale of Serge here worth also the same weight of One hundred eighty Ounces of the same Standard Silver: 'Tis evident, these two Bales are exactly of the same value. Mr. Lowndes tell us, p. 88. That at this time the Gold that is in a Guinea (if it were carried to Spain, Italy, Barbary, and some other places,) would not purchase so much Silver there, as is equal to the Standard of twenty of our Shillings, i.e. would be in value there to Silver scarce as one to fourteen and an half: And I think, I may say, that Gold in Holland is, or lately was, as one to fifteen, or not much above: Taking then Standard Gold in Holland to be in proportion to Standard Silver, as one to about fifteen, or a little more; Twelve Ounces of our Standard Gold, or as much Gold as is in Forty four Guineas and an half, must be given for that Bale of Holland-Linnen, if any one will pay for it there in Gold: But if he buys that Bale of Serge here for One hundred and eighty Ounces of Silver, which is Forty eight Pounds Sterling, if he pays for it in Gold at Thirty Shillings the Guinea, two and Thirty Guineas will pay for it. So that in all the Goods that we sell beyond Seas for Gold Imported, and Coin'd into Guineas, unless the Owners raise them One third above what they would Sell them for in mill'd Money, we lose twelve in Forty four and an half, which is very near One third. This loss is wholly owing to the permitting clip'd Money in Payment. And this loss we must unavoidably suffer whilst clip'd Money is Current amongst us. And this robbing of England of near One third of the value of the Commodities we Sell out, will continue whilst People had rather receive Guineas at Thirty Shillings, than Silver Coin (no other being to be had) that is not worth half what they take it for: And yet this clip'd Money, as bad as it is, and however unwilling People are to be charg'd with it, will always have Credit enough to pass, whilst the Goldsmiths and Bankers receive it; and they will always receive it, whilst they can pass it over again to the King with advantage, and can have hopes to prevail, that at last when it can be born no longer, but must be call'd in, no part of the loss of light Money, which shall be found in their hands shall fall upon them, though they have for many Years dealt in it, and by reason of its being clip'd have had all the running Cash of the Kingdom in their Hands, and made profit of it. I say, clip'd Money, however bad it be, will always pass whilst the King's Receivers, the Bankers of any kind, and at last the Exchequer takes it. For who will not receive clip'd Money, rather than have none for his necessary Occasions, whilst he sees the great Receipt of the Exchequer admits it, and the Bank and Goldsmiths will take it of him, and give him Credit for it, so that he needs keep no more of it by him than he pleases. In this State, whilst the Exchequer receives clip'd Money, I do not see how it can be stop'd rom passing. A clip'd Half Crown that goes at the Exchequer, will not be refused by any one who has hopes by his own or others hands to convey it thither, and who, unless he take it, cannot trade, or shall not be paid. Whilst therefore the Exchequer is open to clip'd Money, it will pass, and whilst clip'd Money passes, Clippers will certainly be at work; and what a gap this leaves to Foreigners, if they will make use of it to pour in clip'd Money upon us (as its Neighbours did into Portugal) as long as we have either Goods or weighty Money left to be carri'd away at fifty per Cent. or greater profit, its easie to see. I will suppose the King receives clip'd Money in the Exchequer, and at half or three quarters loss Coins it into mill'd