Some Considerations of the Lowering of Interest [52]
enter into a more particular Enquiry. Only this I will confidently affirm, That it is the Interest ofevery Country, that all the current Money of it should be of one and the same Metal; That the several Species should be all of the same Alloy, and none of a baser mixture: And that the Standard once thus settled, should be Inviolably and Immutably kept to perpetuity. For whenever that is alter'd, upon what pretence soever, the Publick will lose by it. Since then it will neither bring us in more Money, Bullion, nor Trade; nor keep that we have here; nor hinder our weighty Money, of what Denomination soever, from being melted, to what purpose should the kingdom be at the charge of Coining all our Money a-new? For I do not suppose any Body can propose, that we should have two sorts of Money at the same time, one heavier, and the other lighter, as it comes from the Mint. That is very absurd to imagine. So that if all your old Money must be Coin'd over again, it will indeed be some advantage, and that a very considerable one, to the Officers of the Mint. For they being allow'd Sixteen pence half-penny for the Coinage of every Pound Troy, which is very near Five and an half per Cent. If our Money be Six Millions, and must be Coin'd all over again, it will cost the Nation to the Mint One hundred thirty thousand pounds. If the clip'd Money must scape, because it is already as light as your new Standard; do you not own that this design of new Coinage is just of the Nature of Clipping? This business of Money and Coinage is by some Men, and amongst them some very Ingenious Persons, thought a great Mystery, and very hard to be understood. Not that truly in it self it is so: But because interessed People that treat of it, wrap up the Secret they make advantage of in mystical, obscure, and unintelligible ways of Talking; Which Men, from a preconceiv'd opinion of the difficulty of the subject, taking for Sense, in a matter not easie to be penetrated, but by the Men of Art, let pass for Current without Examination. Whereas, would they look into those Discourses, enquire what meaning their Words have, they would find, for the most part, either their Positions to be false; their Deductions to be wrong; or (which often happens) their words to have no distinct meaning at all. Where none of these be, there their plain, true, honest Sense, would prove very easie and intelligible, if express'd in ordinary and direct Language. That this is so, I shall shew, by examining a Printed Sheet on this Subject, Intituled, Remarks on a Paper given in to the Lords, &c. Remarks. 'Tis certain, That what place soever will give most for Silver by weight, it will thither be carried and Sold: And if of the Money which now passes in England, there can be 5 s. 5 d. the Ounce, given for Standard Silver at the Mint; when but 5 s. 4 d. ofthe very same Money can be given elsewhere for it, it will be certainly brought to the Mint; and when Coin'd, cannot be Sold, (having one Penny over-value set upon it by the Ounce) for the same that other Plate may be bought for, so will be left unmelted; at least, 'twill be the Interest of any Exporters, to buy Plate to send out, before Money; whereas now 'tis his Interest to buy Money to send out before Plate. Answ. The Author would do well to make it intelligible, how, of the Money that now passes in England, at the Mint can be given 5 s. 5 d. the Ounce, for Standard Silver, when but 5 s. 4 d. of the same Money can be given elsewhere for it. Next, How it has one Penny over-value set wpon it by the Ounce; So that, When Coin'd it cannot be Sold? This, to an ordinary Reader, looks very Mysterious; and, I fear, is so, as either signifying nothing at all, or nothing that will hold. For; 1. I ask who is it at the Mint, that can give 5 s. 5d. per Ounce, for Standard Silver, when no body else can give above 5 s. 4 d.? Is it the king, or is it the Master Worker, or any ofthe Officers? For to give 5 s. 5 d. for what will yield but 5 s 4 d. to any body else, is to give One sixty fifth part more than it is worth. For so