Further Considerations [6]
inconveniencies: As the disordering of Trade, raising Foreign Exchange, and a general disturbance which every one feels thereby in his private Affairs. Clipping is so gainful, and so secret a Robbery, that penalties cannot restrain it, as we see by experience. Nothing, I humbly conceive, can put a stop to Clipping, now it is grown so universal, and Men become so skilful in it, but making it unprofitable. Nothing can make Clipping unprofitable, but making all light Money go only for its weight. This stops Clipping in a moment, brings out all the mill'd and weighty Money, deprives us not of any part of our clip'd Money for the use of Trade. And brings it orderly, and by degrees, and without force into the Mint to be recoin'd. If clip'd Money be call'd in all at once, and stop'd from passing by weight, I fear it will stop Trade, put our Affairs all at a stand, and introduce confusion. Whereas, if it be permitted to pass by its weight, till it can by degrees be Coin'd, (the stamp securing its fineness as well then as now, and the Scales determining its weight) it will serve for the paying of great Sums as commodiously almost as weighty Money, and the weighty Money being then brought out will serve for the Market Trade, and less Payments, and also to weigh the clip'd Money by. On the other side; If clip'd Money be allowed to pass current by tale, till it be all recoin'd, one of these two effects will apparently follow: Either that we shall want Money for Trade, as the clip'd Money decreases by being Coin'd into weighty; (for very few, if any body, who get weighty Money into their hands, will part with it, whilst clip'd Money, not of half the value is current) Or if they do, the Coiners and Clippers will pick it up, and new Coin and Clip it; whereby clip'd Money will be increased. So that, by this way, either Money will be wanting to trade, or clip'd Money continued. If clip'd Money be stop'd all at once, there is immediately a stop of Trade. If it be permitted to pass in tale, as if it were lawful weighty Money whilst it is recoining, and till all be recoin'd, that way also there will be an end of Trade, or no end of clip'd Money. But if it be made to pass for its weight till it be all recoin'd, both these evils are avoided, and the weighty Money which we want will be brought out to boot. Money is necessary to the carrying on of Trade. For where Money fails, Men cannot buy, and Trade stops. Credit will supply the defect of it to some small degree for a little while. But Credit being nothing but the expectation of Money within some limited time, Money must be had or Credit will fail. Money also is necessary to us, in a certain proportion to the plenty of it amongst our Neighbours. For if any of our Neighbours have it in a much greater abundance than we, we are many ways obnoxious to them. 1. They can maintain a greater force. 2. They can tempt away our People, by greater wages, to serve them by Land or Sea, or in any Labour. 3. They can command the Markets, and thereby break our Trade, and make us poor. 4. They can on any occasion ingross Naval and Warlike Stores, and thereby endanger us. In Counties where Domestick Mines do not supply it, nothing can bring in Silver but Tribute or Trade. Tribute is the effect of Conquest: Trade, of Skill and Industry. By Commerce Silver is brought in only by an over-ballance of Trade. An Over-ballance of Trade, is when the quantity of Commodities which we send to any Country do more than pay for those we bring from thence: For then the overplus is brought home in Bullion. Bullion is Silver whose workmanship has no value. And thus Foreign Coin hath no value here for its stamp, and our Coin is Bullion in Foreign Dominions. 'Tis useless and labour in vain, to Coin Silver Imported into any Country where it is not to stay. Silver Imported cannot stay in any Country in which, by an overballance of their whole Trade, it is not made theirs, and doth not become a real increase of their Wealth. If by a general Balance of its Trade, England yearly