Further Considerations [32]
Money. For if he receives all, how much soever clip'd, I suppose the Clippers Sheers are not so squemish as not to pare away above half. 'Twill be a wonderful conscientiousness in them, no where, that I know, to be parallell'd, if they will content themselves with less profit than they can make, and will leave seven penny worth of Silver in an Half Crown, if six Penny worth and the Stamp be enough to make it pass for Half a Crown. When his Majesty hath Coin'd this into mill'd Money of Standard weight, and paid it out again to the Bankers, Goldsmiths or others, what shall then become of it? Either they will lay it up to get rid of their clip'd Money, for no Body will part with heavy Money, whilst he has any light; nor will any heavy Money come abroad whilst there is light left; for whoever has clip'd Money by him, will sell good Bargains, or borrow at any Rate of those who are willing to part with any weighty, to keep that by him, rather than the clip'd Money he has in his hands. So that as far as this reaches, no mill'd Money, how much soever be Coin'd will appear abroad, or if it does, will it long scape the Coiners and Clippers hands, who will be at work presently upon it to furnish the Exchequer with more clip'd Money at fifty, sixty, seventy, or I know not what advantage. Though this be enough to cut off the hopes of mill'd Money appearing in payment whilst any clip'd is current. Yet to this we may add, that Gold imported at an over-value will sweep it away as fast as it is Coin'd whilst clip'd Money keeps up the rate of Guineas above their former value. This will be the circulation of our Money, whilst clip'd is permitted any way to be Current. And if store enough of clip'd Money from at home or abroad, can be but provided (as 'tis more than probable it may now the Trade is so Universal, and has been so long practised with great advantage, and no great danger, as appears by the few have suffer'd in regard of the great number 'tis evident are ingaged in the Trade, and the vent of it here in England is so known and sure) I do not see how in a little while we shall have any Money or Goods at all left in England, if Clipping be not immediately stop'd. And how Clipping can be stop'd, but by an immediate positive total Prohibition, whereby all clip'd Money shall be forbid to pass in any Payment whatsoever, or to pass for more than its weight, I would be glad to learn. Clipping is the great Leak, which for some time past has contributed more to Sink us, than all the Force of our Enemies could do. 'Tis like a Breach in the Sea-bank, which widens every moment till it be stop'd. And my timerous Temper must be pardon'd if I am frighted with the Thoughts of clip'd Money being Current one moment longer, at any other value but of warrant'd Standard Bullion. And therefore there can be nothing more true and reasonable, nor that deserves better to be consider'd, than what Mr. Lowndes says in his Corollary. p. 90. Whoever desires to know the different ways of Coining Mony by the Hammer and by the Mill, may inform himself in the exact Account Mr. Lowndes has given of both, under his second general Head: Where we may also see the probablest guess that has been made of the quantity of our clip'd Money, and the Silver deficient in it; and an Account of what Silver Money was Coin'd in the Reigns of Queen Elizabeth, King James the first, and Charles the first, more exact than is to be had any where else. There is only one thing which I shall mention, since Mr. Lowndes does it here again under this Head p. 100 and that is, melting down our Coin; concerning which I shall venture humbly to propose these following Questions. 1. Whether Bullion be any thing but Silver, whose Workmanship has no value? 2. Whether that Workmanship, which can be had for nothing, has, or can have any value? 3. Whether, whilst the Money in our Mint is Coin'd for the Owners, without any cost to them, our Coin can ever have any value above Standard Bullion? 4. Whether, whilst our Coin is not of value above Standard Bullion, Goldsmiths and others, who