Further Considerations [5]
be paid their past Debts and the Rents for Leases already made, in clip'd Money, twenty per Cent. lighter than it should be? Both ways they lose twenty per Cent. of their due, and with equal Justice. The case would be the same, and legal Contracts be voided, if the Standard should be altred on the other side, and each species of our Coin be made One fifth heavier. For then he that had borrow'd or contracted for any Sum, could not be discharged by paying the quantity he agreed for, but be liable to be forced to pay 20 per Cent. more than he bargained for, that is, more than he ought. On the other side; Whether the Creditor be forced to receive less, or the Debtor forced to pay more than his Contract, the damage and injury is the same, whenever a Man is defrauded of his due. And whether this will not be a publick failure of Justice, thus arbitrarily to give one Man's Right and Possession to another, without any fault on the suffering Man's side, and without any the least advantage to the publick, I shall leave to be considered. Raising of Coin is but a specious word to deceive the unwary. It only gives the usual denomination of a greater quantity of Silver to a less, (v.g. calling Four Grains of Silver a Penny to day, when Five Grains of Silver made a Penny yesterday) but adds no worth or real value to the Silver Coin, to make amends for its want of Silver. That is impossible to be done. For it is only the quantity of the Silver in it that is, and eternally will be, the measure of its value. And to convince any one of this I ask, whether he that is forced to receive but 320 Ounces of Silver under the denomination of 100 l. (for 400 Ounces of Silver which he lent under the like denominarion of 100 l.) will think these 320 Ounces of Silver, however denominated, worth those 400 Ounces he lent? If any one can be supposed so silly, he need but go to the next Market or Shop to be convinced, that Men value not Money by the denomination, but by the quantity of Silver that is in it. One may as rationally hope to lengthen a foot by dividing it into Fifteen parts, instead of Twelve; and calling them inches; as to increase the value of the Silver that is in a Shilling, by dividing it into Fifteen parts instead of Twelve, and calling them Pence. This is all that is done when a Shilling is raised from Twelve to Fifteen Pence. Clipping of Money is raising it without publick Authority; the same denomination remaining to the piece, that hath now less Silver in it, than it had before. Altering the Standard, by Coining pieces under the same denomination with less Silver in them than they formerly had, is doing the same thing by publick Authority. The only odds is, that by Clipping the loss is not forced on any one (for no body is obliged to receive Clip'd Money;) By altering the Standard it is. Altering the Standard, by raising the Money, will not get to the Publick or bring to the Mint to be Coin'd one Ounce of Silver: But will defraud the King, the Church, the Universities and Hospitals, &c. of so much of their setled Revenue, as the Money is raised, v.g. 20 per Cent. if the Money (as is propos'd) be raised One fifth. It will weaken, if not totally destroy the publick Faith, when all that have trusted the Publick, and assisted our present necessities, upon Acts of Parliament, in the Million Lottery, Bank Act, and other Loans, shall be defrauded of 20 per Cent. of what those Acts of Parliament were security for. And to conclude, this raising our Money will defraud all private Men of 20 per Cent. in all their Debts and setled Revenues. Clipping by English Men is robbing the honest Man who receives clip'd Money, and transferring the Silver, i.e. the value {which} is pared off from it into the Clippers pocket. Clipping by Foreigners is robbing England it self. And thus the Spaniards lately rob'd Portugal of a great part of its Treasure or Commodities (which is the same thing) by importing upon them clip'd Money of the Portugal stamp. Clipping, and clip'd Money, have besides this robbery of the Publick other great