Further Considerations [33]
have need of Standard Silver, will not take what is by the Free labour of the Mint ready essaid and adjusted to their use, and melt that down, rather than be at the trouble of melting, mixing, and essaying of Silver for the uses they have? 5. Whether the only cure for this wanton, though criminal melting down our Coin, be not, that the Owners should pay one Moiety of the Sixteen-pence Half-penny, that is, which is paid per Pound Troy for Coinage of Silver, which the King now pays all? 6. Whether by this means Standard Silver in Coin will not be more worth than Standard Silver in Bullion, and so be preserved from this wanton melting down, as soon as an over-balance of our Trade shall bring us Silver to stay here? For till then it is in vain to think of preserving our Coin from melting down, and therefore to no purpose till then to change that Law. 7. Whether any Laws, or any Penalties can keep our Coin from being carried out, when Debts contracted beyond Seas call for it? 8. Whether it be any odds to England, whether it be carried out, melted down into Bullion, or in Specie? 9. Whether, whilst the Exigences of our Occasions and Trade call for it abroad, it will not always be melted down for the conveniency of Exportation, so long as the Law prohibits its Exportation in Specie? 10. Whether Standard Silver in Coin and in Bullion, will not immediately be of the same value as soon as the Prohibition of carrying out Money in Specie is taken off? 11. Whether an Ounce of Silver the more would be carried out in a Year, if that Prohibition were taken off? 12. Whether Silver in our Coin will not always, during the Prohibition of its Exportation, be a little less worth than Silver in Bullion, whilst the Consumption of Foreign Commodities beyond what ours pay for, makes the Exportation of Silver necessary? and so, during such a state, Raise your Money as much and as often as you will, Silver in the Coin will never fetch as much as the Silver in Bullion, as Mr. Lowndes expresses it, p. 100. As to the Inconveniencies and Damages we sustain by clip'd Money passing by Tale, as if it were Lawful, nothing can be more true, more judicious, nor more weighty, than what Mr. Lowndes says under his third General Head; wherein I perfectly agree with him, excepting only where he builds any thing upon the proposed raising our Coin one fifth. And to what he says, p. 114. concerning our being deprived of the use of Our heavy Money, by mens hoarding it, in prospect that the Silver contained in those weighty pieces will turn more to their Profit, than lending it at Interest, Purchasing or Trading therewith; I crave leave to add, That those Hoarders of Money, a great many of them drive no less, but rather a greater Trade by hoarding the weighty Money, than if they let it go abroad. For, by that means all the current Cash being light, clip'd, and hazardous Money, 'tis all tumbled into their Hands, which gives credit to their Bills, and furnishes them to trade for as much as they please, whilst every body else scarce Trades at all (but just as necessity forces) and is ready to stand still. Where he says p. 114. 'Tis not likely the weighty Moneys will soon appear abroad without raising their value and recoining the clip'd Moneys: I should agree with him, if it ran thus; Without recoining the clip'd, and in the mean time making it go for its weight. For that will, I humbly conceive, bring out the heavy Money, without raising its value, as effectually and sooner; for it will do it immediately: His will take up some time. And I fear, if clip'd Money be not stopt all at once, and presently, from passing any way in Tale, the Damage it will bring will be irreparable. Mr Lowndes's Fourth General Head is to propose the means that must be observed, and the proper methods to be used in, and for the Re-establishment of the Silver Coins. The first is, That the Work should be finished in as little time as may be; not only to obviate a farther Damage by clipping in the interim, but also that the needful advantages of the new