Some Considerations of the Lowering of Interest [48]
for it; he will, in selling his Goods, either contract to be paid in weighty Money, or else raise the Price of his Commodities, according to the diminish'd quantity of Silver in your Current Coin. In Holland, (Ducatoons being the best Money of the Country, as well as the largest Coin) Men in Payments, received and paid those indifferently, with the other Money of the Country, till of late the Coining of other Species of Money, of baser Alloy, and in greater quantities, having made the Ducatoons, either by melting down, or Exportation, scarcer than formerly, it became difficult to change the baser Money into Ducatoons; and since that, no body will pay a Debt in Ducatoons, unless he be allowed Half per Cent. or more, above the value they were Coin'd for. To understand this, we must take notice, That Guilders is the denomination, that in Holland they usually compute by, and make their Contracts in. A Ducatoon formerly passed at Three Guilders, and Three Stuyvers, or Sixty-three Stuyvers. There were then (some Years since) began to be Coin'd another Piece, which was call'd a Three Guilders Piece, and was order'd to pass for Three Guilders or Sixty Stuyvers. But 21 Three Guilders Pieces, which were to pass for 63 Guilders, not having so much Silver in them as 20 Ducatoons, which passed for the same Sum of 63 Guilders; the Ducatoons were either melted down in their Mints, (for the making of these Three Guilder Pieces, or yet baser Money, with Profit) or were carried away by Foreign Merchants; who when they carried back the Product of their Sale in Money, would be sure to receive their Payment of the number of Guilders they contracted for in Ducatoons, or change the Money they received, into Ducatoons: Whereby they carried home more Silver, than if they had taken their Payment in Three Guilder Pieces, or any other Species. Thus Ducatoons became scarce. So that now he that will be paid in Ducatoons must allow Half per Cent. for them. And therefore the Merchants, when they Sell any thing now, either make their Bargain to be paid in Ducatoons, or if they contract for Guilders in general, (which will be sure to be paid them in the baser Money of the Country,) they raise the Price of their Commodities accordingly. By this example in a Neighbour Country we may see, how our new Mill'd Money goes away. When Foreign Trade Imports more than our Commodities will pay for, 'tis certain, we must contract Debts beyond Sea, and those must be paid with Money, when either we cannot furnish, or they will not take our Goods to discharge them. To have Money beyond Sea to pay our Debts, when our Commodities do not raise it, there is no other way but to send it thither. And since a weighty Crown costs no more here than a light one; and our Coin beyond Sea, is valued no otherwise than according to the quantity of Silver it has in it, whether we send it in Specie, or whether wve melt it down here, to send it in Bullion (which is the safest way as being not Prohibited) the weightiest is sure to go. But when so great a quantity of your Money is Clip'd, or so great a part of your weighty Money is carried away, that the Foreign Merchant, or his Factor here cannot have his Price paid in weighty Money, or such as will easily be changed into it, then every one will see, (when Men will no longer take Five clip'd Shillings for a Mill'd or weighty Crown) that it is the quantity of Silver that buys Commodities and Pays Debts, and not the Stamp and Denomination which is put upon it. And then too it will be seen, what a Robbery is committed on the Publick by Clipping, Every Grain diminished from the just weight of our Money, is so much loss to the Nation; which will, one time or other, be sensibly felt: And which, if it be not taken care of, and speedily stopt will, in that enormous course it is now in, quickly, I fear, break out into open ill effects; and at one blow, deprive us of a great part, (perhaps, near One fourth) of our Money. For that will be really the case, when the increase of Clip'd Money makes it hard to get weighty; when Men begin to put